Document:

Exhibit 10.7

 

EXECUTION VERSION

 

Amended and Restated

Issue and Paying Agency

Agreement 

 

between

 

RENTOKIL INITIAL PLC

as Issuer

 

and

 

HSBC BANK PLC

as Issue and Paying Agent

 

relating to

 

a £1,000,000,000 Euro-Commercial
Paper Programme

  

	Simmons &
    Simmons LLP

    Citypoint, 1 Ropemaker Street

    London, EC2Y 9SS

    United Kingdom	T
    +44 207 628 2020

    F +44 207 628 2070	 

 

     

     

    

 

CONTENTS

 

	1.	DEFINITIONS	1
	2.	APPOINTMENT OF THE AGENT	3
	3.	ISSUE OF NOTES	4
	4.	ISSUE OF REPLACEMENT NOTES	6
	5.	PAYMENT	7
	6.	INSUFFICIENT PAYMENT	8
	7.	WITHHOLDING TAX	9
	8.	INFORMATION COLLECTION	10
	9.	INFORMATION REPORTING AND SHARING	10
	10.	CANCELLATION, DESTRUCTION AND RECORDS	10
	11.	DOCUMENTS	11
	12.	INDEMNITY	11
	13.	GENERAL	12
	14.	CHANGES IN AGENTS	14
	15.	COMMISSIONS, FEES AND EXPENSES	15
	16.	NOTICES	15
	17.	INCREASE IN THE MAXIMUM AMOUNT OF THE PROGRAMME	16
	18.	AMENDMENTS AND COUNTERPARTS	16
	19.	ENTIRE AGREEMENT	16
	20.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	17
	21.	GOVERNING LAW	17
	22.	ENFORCEMENT	17
	Schedule 1
    FORM OF MULTICURRENCY BEARER PERMANENT GLOBAL NOTE	19
	Schedule 2
    FORM OF MULTICURRENCY DEFINITIVE NOTE	28
	Schedule 3 FORM OF CONFIRMATION TO ISSUE
    AND PAYING AGENT	37

 

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THIS AGREEMENT is
dated 11 October 2021 and made

 

BETWEEN:

 

		(1)	RENTOKIL
                                            INITIAL PLC, (the “Issuer”), registered in England and Wales as
                                            company number 05393279 and having its registered office at Compass House, Manor Royal, Crawley,
                                            West Sussex, RH10 9PY, United Kingdom; and

 

		(2)	HSBC
                                            BANK PLC, (the “Issue and Paying Agent”), registered in England
                                            and Wales as company number 00014259 and having its registered office at 8 Canada Square,
                                            London E14 5HQ, United Kingdom.

 

BACKGROUND:

 

		(A)	The
                                            parties hereto entered into an agency agreement on 27 March 2020 (the “Original
                                            Issue and Paying Agency Agreement”) in respect of a £1,000,000,000 Euro-Commercial
                                            Paper Programme for the issue of Notes (as defined below) (the “Programme”)
                                            of the Issuer.

 

		(B)	The
                                            parties hereto have agreed to make certain modifications to the Original Issue and Paying
                                            Agency Agreement as set forth in this amended and restated agency agreement (the “Issue
                                            and Paying Agency Agreement” or the “Agreement”).

 

		(C)	Each
                                            Note will be substantially in one of the forms set out in the Schedules hereto.

 

		(D)	This
                                            Agreement amends and restates the Original Issue and Paying Agency Agreement. Any Notes issued
                                            under the Programme on or after the date hereof shall have the benefit of this Agreement.
                                            This does not affect any Notes issued under the Programme prior to the date of this Agreement
                                            or any Notes issued on or after the date of this Agreement which are to be consolidated and
                                            form a single series with the Notes of any series issued prior to the date of this Agreement.
                                            Subject to such amendment and restatement, the Original Issue and Paying Agency Agreement
                                            shall continue in full force and effect in respect of Notes issued prior to the date of this
                                            Agreement.

 

1.       DEFINITIONS

 

		1.1	All
                                            terms defined in the Dealer Agreement shall, unless the context otherwise requires, have
                                            the same meanings mutatis mutandis where used herein.

 

		1.2	References
                                            herein to the Dealer Agreement shall mean the amended and restated Dealer Agreement dated
                                            11 October 2021 between the Issuer, the Arranger and the Dealers as the same may be supplemented,
                                            amended, restated or replaced from time to time. The term “Dealers” shall
                                            include any dealer thereunder and the term “Notes” shall include any notes
                                            issued thereunder and to the extent the context so requires other terms defined under the
                                            Dealer Agreement in relation thereto shall have the corresponding meaning mutatis mutandis
                                            in relation to the Dealer Agreement.

 

		1.3	References
                                            in this Issue and Paying Agency Agreement to the face amount of any Note shall be deemed
                                            to include any additional amounts which may become payable in respect thereof pursuant to
                                            the terms of such Note.

 

“Agent”
means the Issue and Paying Agent and any successor or additional agent appointed by the Issuer in accordance with Clause 14.

 

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“Applicable
Law” means any law or regulation including, but not limited to (i) any statute or regulation; (ii) any rule or practice of
any Authority by which any Party is bound or with which it is accustomed to comply; (iii) any agreement between any Authorities; and
(iv) any agreement between any Authority and any Party that is customarily entered into by institutions of a similar nature.

 

“Authority”
means any competent regulatory, prosecuting, tax or governmental authority in any jurisdiction.

 

“Business Day”
has the meaning provided in Schedule 1.

 

“Clearing
System” means Euroclear and Clearstream or any other relevant clearing system from time to time agreed between the Issuer,
the relevant Dealer and the Issue and Paying Agent or Paying Agent that complies, as of the relevant issue date in respect of any Notes.

 

“Clearstream”
means Clearstream Banking S.A.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

“Deed
of Covenant” means the deed of covenant dated 11 October 2021 entered into by the Issuer in favour of certain holders of Notes.

 

“Definitive
Note” means a security printed bearer Note in definitive form substantially in the form set out in Schedule 2.

 

“euro”
means the single currency of those member states of the European Union participating in the third stage of European economic and monetary
union.

 

“Euroclear”
means Euroclear Bank SA/NV.

 

“FATCA”
means Sections 1471 to 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, an IGA or an
agreement described in Section 1471(b) of the Code.

 

“FATCA
Withholding” means any withholding or deduction required pursuant to FATCA or required pursuant to an agreement described in
Section 1471(b) of the Code.

 

“FFI” means
a foreign financial institution for the purposes of FATCA.

 

“Global
Note” means a bearer Note in global form which may be issued by the Issuer from time to time pursuant to this Agreement.

 

“IGA”
means an intergovernmental agreement between the United States and another jurisdiction to improve tax compliance and to implement FATCA.

 

“Issue
Date” means in respect of any Note, the date for the issue and purchase of such Note.

 

“local
time” means, in relation to any payment, the time in the city in which the relevant Agent or the relevant branch or office
thereof is located.

 

“London
Business Day” means any day (other than a Saturday or Sunday) on which commercial banks are open for general business in London.

 

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“Maximum
Amount” means, £1,000,000,000 or the equivalent amount denominated in any currency other than euro, as may be increased
from time to time pursuant to the Dealer Agreement.

 

“Maturity Date”
means, in relation to any Note, the last day of the Tenor thereof.

 

“Note”
means a bearer note issued by the Issuer and purchased or to be purchased by a Dealer under the Dealer Agreement, in definitive or global
form, substantially in the relevant form scheduled hereto or such other form as may be agreed from time to time between the Issuer and
the Issue and Paying Agent.

 

“Participating
FFI” means a FFI that has agreed to comply with the terms of an FFI agreement for the purposes of FATCA (or is otherwise deemed
to be compliant).

 

“Payment Business
Day” has the meaning provided in Schedule 1.

 

“TARGET
Business Day” means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (“TARGET”)
System, or any successor thereto, is open.

 

“Tax”
means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld
or assessed by or on behalf of any Authority having power to tax.

 

“Tenor”
means in relation to any Note, the period from its Issue Date to its Maturity Date being a period of days of not less than one nor more
than 364 days.

 

		1.4	Headings
                                            shall be ignored in construing this Agreement.

 

		1.5	References
                                            in this Agreement to this Agreement or any other document are to this Agreement or those
                                            documents as amended, supplemented or replaced from time to time in relation to the Programme
                                            and include any document which amends, supplements or replaces them.

 

		1.6	The
                                            Schedules are part of this Agreement and have effect accordingly and terms defined therein
                                            and not in the main body of this Agreement shall have the meaning given to them therein.

 

		1.7	References
                                            in this Agreement to Euroclear and/or Clearstream shall, as the context so permits, be deemed
                                            to include reference to any additional or alternative clearing system approved by the Issuer
                                            and the Issue and Paying Agent.

 

		1.8	Words
                                            denoting the singular shall include the plural and vice versa.

 

		1.9	No
                                            Other Regulated Activity: The Issue and Paying Agent is authorised by the Prudential
                                            Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority
                                            and PRA. Nothing in this Agreement shall require the Issue and Paying Agent to carry on an
                                            activity of the kind specified by any provision of Part II (other than article 5 (accepting
                                            deposits)) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001,
                                            or to lend money to the Issuer.

 

		2.	APPOINTMENT
                                            OF THE AGENT

 

		2.1	The
                                            Issuer hereby appoints the Issue and Paying Agent as issuing agent for the Notes and as its
                                            agent for making payments in respect of the Notes in accordance with the provisions hereof
                                            and of the Notes. The Issue and Paying Agent accepts such appointments.

 

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		2.2	The
                                            Issuer agrees that Notes may be completed, issued, authenticated, delivered, kept and generally
                                            handled by the Issue and Paying Agent on the instructions of the Issuer in the manner contemplated
                                            by this Agreement.

 

		2.3	The
                                            Agent shall be entitled to deal with money paid to it by the Issuer for the purposes of the
                                            appointment in the same manner as other money paid to a banker by its customers except: (a)
                                            that it shall not exercise any right of set-off, lien or similar claim in respect of the
                                            money; (b) that it shall not be liable to account to the Issuer for any interest or other
                                            amounts in respect of the money; and (c) money held by it need not be segregated except as
                                            required by law.

 

		2.4	Nothing
                                            in this Issue and Paying Agency Agreement shall require the Agents to assume an obligation
                                            of the Issuer arising under any provision of the listing, prospectus, disclosure or transparency
                                            rules (or equivalent rules of any other competent authority besides the Prudential Regulation
                                            Authority and the Financial Conduct Authority).

 

		2.5	The
                                            Agent shall be obliged to perform such duties and only such duties as are expressly set out
                                            in this Issue and Paying Agency Agreement and no implied duties or obligations of any kind
                                            (including without limitation duties or obligations of a fiduciary or equitable nature) shall
                                            be read into this Issue and Paying Agency Agreement against the Agents.

 

		2.6	The
                                            obligations of the Agents under this Issue and Paying Agency Agreement shall be several and
                                            not joint.

 

		2.7	The
                                            Issue and Paying Agent acknowledges and agrees that it shall be named as Calculation Agent
                                            in respect of each series of floating rate Notes unless the Issue and Paying Agent notifies
                                            the Issuer that it is unable to act as Calculation Agent in respect of a particular series
                                            of floating rate Notes at least two London Business Days after receipt by it of the relevant
                                            confirmation notice.

 

		3.	ISSUE
                                            OF NOTES

 

		3.1	Each
                                            Note issued hereunder:

 

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		(A)	may
                                            be initially represented by a Global Note exchangeable in accordance with its terms for Definitive
                                            Notes following the Issuer's instructions to the Issue and Paying Agent given by the Issuer
                                            in connection with that issue of Notes;

 

		(B)	shall
                                            be substantially in the form set out in Schedule 1 or Schedule 2, respectively;

 

		(C)	shall
                                            be executed manually or by facsimile on behalf of the Issuer; and

 

		(D)	shall
                                            be manually authenticated by an authorised signatory of the Issue and Paying Agent.

 

		3.2	The
                                            Issuer may use and shall be bound by the manual or facsimile signature on any Note of any
                                            person who on the date of the preparation or printing of such Note was duly authorised to
                                            execute such Note notwithstanding that at the date of issue of the relevant Note such person
                                            may for any reason cease to be so authorised and Notes so executed and authenticated shall
                                            upon issue nevertheless be valid, binding and enforceable obligations of the Issuer. The
                                            Issuer may change the name(s) of the person(s) whose manual or facsimile signature(s) are
                                            to be used on any Note to bind the Issuer by delivering to the Issue and Paying Agent, no
                                            later than 15 days before the first date on which there is to be issued any Note in respect
                                            of which such replacement manual or facsimile signature(s) is to be used, a copy of such
                                            replacement signature(s) in such form as the Issue and Paying Agent may require.

 

		3.3	The
                                            Issuer shall, no later than 2:00 p.m. (London time) or such later time as may be agreed between
                                            the Issuer and the Issue and Paying Agent on the day falling two London Business Days prior
                                            to any Issue Date or, in the case of Notes denominated in euro, Sterling, Canadian dollars,
                                            Swiss francs or U.S. Dollars, no later than 10:00 a.m. (London time) on the day falling one
                                            London Business Day prior to any Issue Date, notify the Issue and Paying Agent by electronic
                                            communication, authenticated SWIFT message or any other method acceptable to the Issue and
                                            Paying Agent and shall specify (in substantially the form of the confirmation set out in
                                            Schedule 3):

 

		(A)	the
                                            total principal amount and currency of the Notes to be issued;

 

		(B)	the
                                            Tenor of such Notes;

 

		(C)	the
                                            Issue Date of such Notes (which is to be a London Business Day);

 

		(D)	the
                                            Maturity Date of such Notes; and

 

		(E)	other
                                            details which the Issue and Paying Agent may reasonably require,

 

such notification shall be
irrevocable.

 

		3.4	The
                                            receipt of the details specified in Clause 3.3 from the Issuer shall be sufficient authority
                                            for the Issue and Paying Agent:

 

		(A)	to
                                            complete the relevant Global Note or, should the Notes be represented by Definitive Notes,
                                            the Definitive Notes in the specified principal amount by inserting in the appropriate places
                                            on the face thereof:

 

		(1)	the
                                            serial number;

 

		(2)	the
                                            Maturity Date;

 

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		(3)	the
                                            Issue Date; and

 

		(4)	the
                                            principal amount and currency;

 

		(B)	to
                                            authenticate such Notes in accordance with Clause 3.1; and

 

		(C)	to
                                            deliver such Notes on behalf of the Issuer in accordance with Clause 3.6.

 

		3.5	On
                                            or before the relevant Issue Date, the Issue and Paying Agent shall arrange for each Note
                                            to be duly signed by an authorised signatory. The Issue and Paying Agent shall be entitled
                                            to treat a communication from a person purporting to be an authorised representative of the
                                            Issuer named in the list of authorised representatives delivered to the Issue and Paying
                                            Agent by the Issuer from time to time as sufficient instructions and authority of the Issuer.

 

		3.6	Against
                                            payment of the purchase price to the Issue and Paying Agent by the relevant Dealer in respect
                                            of any Notes to be subscribed by such Dealer (except where such Dealer is the Issuer), the
                                            Issue and Paying Agent will deliver the relevant Global Note or, if Definitive Notes are
                                            issued, Definitive Notes in accordance with instructions received by it from such Dealer.
                                            The Issue and Paying Agent shall remit the proceeds of the purchase price in respect of any
                                            Notes received by it hereunder to such account or accounts of the Issuer in the principal
                                            financial centre of the currency concerned (being in the case of euro, a principal financial
                                            centre in Europe where the Issuer maintains its euro account). Such account information will
                                            be specified from time to time by the Issuer three London Business Days prior to any such
                                            payment being made.

 

		3.7	Subject
                                            to Clause 3.6, the Issue and Paying Agent shall on receipt of the notification referred to
                                            in Clause 3.3 deliver the relevant Global Note or, if Definitive Notes are issued, Definitive
                                            Notes as applicable in accordance with instructions received by it from the Dealer in each
                                            case not later than the time specified by the relevant depositary, Clearing System or the
                                            Dealer in accordance with its normal procedures.

 

		3.8	For
                                            all Global Notes delivered to depositaries under Clauses 3.6 and 3.7, instructions shall
                                            be given to the relevant Clearing System to credit the underlying Notes represented by the
                                            relevant Global Note to the Issue and Paying Agent's distribution account with the relevant
                                            Clearing System. Save where otherwise agreed between the Issuer and the relevant Dealer,
                                            each Note credited to the Issue and Paying Agent's distribution account following the delivery
                                            of a Global Note to a depositary in accordance with Clauses 3.6 and 3.7 shall be held to
                                            the order of the Issuer, pending delivery to the relevant subscriber on a delivery against
                                            payment basis in accordance with the normal procedures of the Clearing System.

 

		3.9	The
                                            Issuer shall ensure that the Issue and Paying Agent shall at all times have available to
                                            it a sufficient supply of duly executed but unauthenticated blank Notes (in both global form
                                            and, should the Notes be represented by Definitive Notes, in definitive form) for the purpose
                                            of issue hereunder and if the Issue and Paying Agent does not have a sufficient supply as
                                            aforesaid it shall immediately notify the Issuer.

 

		4.	ISSUE
                                            OF REPLACEMENT NOTES

 

		4.1	The
                                            Issue and Paying Agent shall issue and authenticate any replacement Notes in place of Notes
                                            which have been lost, stolen, mutilated, defaced or destroyed. The Issuer shall provide the
                                            Issue and Paying Agent with sufficient executed but uncompleted and unauthenticated Notes
                                            for such purpose.

 

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		4.2	The
                                            Issue and Paying Agent shall endeavour to obtain verification, in the case of an allegedly
                                            lost, stolen or destroyed Note in respect of which the serial number is known, that the Note
                                            has not previously been redeemed or paid. The Issue and Paying Agent shall not issue, complete
                                            or authenticate any replacement Note unless and until the applicant therefor shall have:

 

		(A)	paid
                                            such costs as may be incurred by the Issuer and/or the Issue and Paying Agent;

 

		(B)	furnished
                                            the Issuer and the Issue and Paying Agent with the serial number and denomination of any
                                            Note lost or stolen and with such evidence and indemnity as the Issuer and Issue and Paying
                                            Agent may require; and

 

		(C)	surrendered
                                            any mutilated or defaced Notes.

 

Replacement
Notes shall be delivered to a recognised clearing system for credit to such account with such clearing system as the applicant may require
or, at the option and expense of such applicant, in such other manner as such applicant may direct.

 

		4.3	The
                                            Issue and Paying Agent shall cancel any mutilated or defaced Notes replaced and shall (unless
                                            otherwise instructed in writing by the Issuer), destroy the same and shall inform the Issuer
                                            of the denomination (if appropriate), the total principal amount (in the case of the Global
                                            Notes), serial numbers, Issue Dates and Maturity Dates of any replacement Notes issued and
                                            the denomination (if appropriate), Issue Dates and Maturity Dates of the replaced Notes and
                                            of the dates of their cancellation and destruction.

 

		5.	PAYMENT

 

		5.1	The
                                            Issuer will (in immediately available, freely transferable funds):

 

		(A)	before
                                            10.00 a.m. (London time) on each date on which any payment in euro in respect of any Note
                                            becomes due, transfer to an account specified by the Issue and Paying Agent such amount in
                                            euro as shall be sufficient for the purpose of such payment in funds settled through TARGET2;

 

		(B)	before
                                            10.00 a.m. (local time in the relevant principal financial centre of the country of the relevant
                                            payment) on each date on which any payment in Sterling, Canadian dollars, Swiss francs or
                                            U.S. Dollars respect of any Note becomes due, transfer to an account specified by the Issue
                                            and Paying Agent the amount in such currency as shall be sufficient for the purpose of such
                                            payment in funds settled through such payment system as the Issue and Paying Agent and the
                                            Issuer may agree;

 

		(C)	before
                                            10.00 a.m. (local time in the relevant principal financial centre of the country of the relevant
                                            currency) one Business Day prior to each date on which any payment in Japanese Yen or any
                                            other currency (other than euro, Sterling, Canadian dollars, Swiss francs or U.S. Dollars)
                                            in respect of any Notes becomes due, transfer to an account specified by the Issue and Paying
                                            Agent the amount in such currency as shall be sufficient for the purpose of such payment
                                            in funds settled through such payment system as the Issue and Paying Agent and the Issuer
                                            may agree.

 

		5.2	The
                                            Issuer shall ensure that by no later than the time as specified in Schedule 1 for the payment
                                            instruction to be given to the Issue and Paying Agent, the Issue and Paying Agent shall receive
                                            a copy of an irrevocable payment instruction to or a payment confirmation from the paying
                                            bank of the Issuer.

 

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		5.3	Subject
                                            to receipt of payment from the Issuer pursuant to Clause 5.1, the Issue and Paying Agent
                                            will act as paying agent of the Issuer and pay or cause to be paid on behalf of the Issuer
                                            on and after the due date for payment the amounts due to be paid on presentation of the Notes.

 

		5.4	The
                                            Issue and Paying Agent shall forthwith notify by fax or email each of the other Agents and
                                            the Issuer if it has not received the confirmation referred to in Clause 5.2 by the time
                                            specified for its receipt, unless it is satisfied that it will receive the amount referred
                                            to in Clause 5.1.

 

		5.5	If
                                            the Issue and Paying Agent pays an amount (an “Advance”) to the Issuer
                                            on the basis that a payment has been, or will be, received from a Dealer and if the payment
                                            has not been, or is not, received by the Issue and Paying Agent on the date the Issue and
                                            Paying Agent pays the Issuer, the Issuer shall repay to the Issue and Paying Agent the Advance
                                            (unless prior to this repayment the payment is received by the Issue and Paying Agent) and
                                            shall pay interest thereon at such rate as the Issue and Paying Agent shall specify as its
                                            cost of funds from time to time for the currency in which the Notes are denominated (which
                                            rate shall be notified to the Issuer, together with evidence of the basis for calculation)
                                            until the earlier of repayment in full of the Advance and receipt in full by the Issue and
                                            Paying Agent of the payment (or payment to the Issue and Paying Agent of a sum equal to the
                                            amount of the Advance). For the avoidance of doubt, the Issue and Paying Agent shall not
                                            be obliged to pay any amount to or for the Issuer if it has not received satisfactory confirmation
                                            that it is to receive that amount.

 

		5.6	If
                                            on presentation by a holder of a Note the full amount due for payment is not paid, the Issue
                                            and Paying Agent to whom the Note is presented shall procure that such Note is enfaced with
                                            a memorandum of the amount and date of the part payment that has been made.

 

		5.7	Sums
                                            paid to the Issue and Paying Agent by the Issuer for the payment of any Note and not claimed
                                            by five Payment Business Days after the Maturity Date thereof shall be held by the Issue
                                            and Paying Agent. Any such sums remaining unclaimed at the end of 12 months from the relevant
                                            Maturity Date shall be repaid to the Issuer. The Issuer may request the repayment of any
                                            sums remaining unclaimed for more than one year after the Maturity Date of the Note to which
                                            they relate provided that arrangements satisfactory to the Issue and Paying Agent are agreed
                                            between it and the Issuer to ensure that any note presented after such repayment is paid
                                            upon its presentation.

 

		5.8	In
                                            respect of moneys paid to it hereunder, the Issue and Paying Agent:

 

		(A)	shall
                                            not be entitled to exercise any lien, right of set-off or similar claim;

 

		(B)	shall
                                            not be liable to any person for interest thereon except as otherwise agreed in writing; and

 

		(C)	shall
                                            not be required to segregate monies held by it except as required by law.

 

		6.	INSUFFICIENT
                                            PAYMENT

 

		6.1	If
                                            for any reason the Issue and Paying Agent considers in its sole discretion that the amounts
                                            to be received by it will be, or the amounts actually received by it are, insufficient to
                                            satisfy all claims in respect of all payments then falling due in respect of the Notes, the
                                            Issue and Paying Agent shall not be obliged to pay any such claims until the Issue and Paying
                                            Agent has received the full amount of all such payments.

 

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		6.2	If
                                            the Issue and Paying Agent has not received the full amount payable under any Note on its
                                            Maturity Date but receives, or is satisfied that it will receive, the full amount later,
                                            it may, in its sole discretion and in respect of which it is under no obligation, as paying
                                            agent of the Issuer pay on behalf of the Issuer on and after each due date for payment the
                                            amount due to be paid on presentation or surrender of the Notes in accordance with their
                                            terms.

 

		6.3	If
                                            at any time the Issue and Paying Agent makes a partial payment in respect of any Note presented
                                            to it, it shall, in the case of a Global Note or a Definitive Note, procure that a statement
                                            indicating the date and amount of such payment is written and stamped on the face of such
                                            Note and shall notify the Issuer of the amount paid.

 

		6.4	If
                                            the Issue and Paying Agent pays any amounts to the holders of Notes or to any other Agent
                                            at a time when it has not received payment in full in respect of the relevant Notes (the
                                            excess of the amounts so paid over the amounts so received being the “Shortfall”),
                                            the Issuer will upon demand, in addition to paying amounts due, pay to the Issue and Paying
                                            Agent on demand interest (at a rate which represents the Issue and Paying Agent's cost of
                                            funding the Shortfall) on the Shortfall (or the unreimbursed portion thereof) until the receipt
                                            in full by the Issue and Paying Agent of the Shortfall.

 

		7.	WITHHOLDING
                                            TAX

 

		7.1	If
                                            any of the Issuer or the Issue and Paying Agent is, in respect of any payment in respect
                                            of the Notes, required to withhold or deduct any amount for or on account of any Taxes, the
                                            Issuer shall give written notice of that fact to the Issue and Paying Agent as soon as reasonably
                                            practicable after the Issuer becomes aware of the requirement to make the withholding or
                                            deduction and shall give to the Issue and Paying Agent such information as the Issue and
                                            Paying Agent shall reasonably require to enable it to assess and comply with the requirement.
                                            Until such time, the Issuer confirms that all payments made by the Issuer shall be made free
                                            and clear of and without withholding or deduction of any such amounts.

 

		7.2	Notwithstanding
                                            any other provision of this Agreement, the Issue and Paying Agent shall be entitled to make
                                            a deduction or withholding from any payment which it makes under this Issue and Paying Agency
                                            Agreement for or on account of any Tax, if and to the extent so required by Applicable Law,
                                            in which event the Issue and Paying Agent shall make such payment after such withholding
                                            or deduction has been made and shall account to the relevant Authority for the amount so
                                            withheld or deducted or, at its option, shall reasonably promptly after making such payment
                                            return to the Issuer the amount so deducted or withheld, in which case, the Issuer shall
                                            so account to the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding
                                            is a deduction or withholding which is deemed to be required by Applicable Law for the purposes
                                            of this Clause 7.2.

 

		7.3	Notwithstanding
                                            any other provision of this Agreement, the Issuer shall indemnify the Issue and Paying Agent
                                            against any liability or loss howsoever incurred in connection with the Issuer’s obligation
                                            to withhold or deduct an amount on account of tax, including, without limitation, FATCA.

 

		7.4	If,
                                            for any reason, the Issuer determines (acting reasonably) that it is required to deduct or
                                            withhold for or on account of any Tax required by Applicable Law in connection with any payment
                                            due to the Issue and Paying Agent on any Notes, then the Issuer will be entitled to re-direct
                                            or reorganise any such payment in any way that it sees fit in order that the payment may
                                            be made without such deduction or withholding provided that any such redirected or reorganised
                                            payment is made through a recognised institution of international standing and otherwise
                                            made in accordance with this Agreement. The Issuer will promptly notify the Issue and Paying
                                            Agent of any such redirection or reorganisation. The Issue and Paying Agent shall not be
                                            liable to any party for any loss or liability incurred by such party as a consequence of
                                            any re-direction or re-organisation by the Issuer.

 

    9

     

    

 

		7.5	The
                                            Issue and Paying Agent undertakes to inform the Issuer as soon as reasonably practicable
                                            if it fails to become, or ceases to be, a Participating FFI.

 

		8.	INFORMATION
                                            COLLECTION

 

If the
Issuer or the Agent is, in respect of any payment in respect of the Notes, required to withhold or deduct any amount for or on account
of any taxes, duties, assessments or governmental charges, the Issuer shall give written notice of that fact to the Agent as soon as
the Issuer becomes aware of the requirement to make the withholding or deduction and shall give to the Agent such information as the
Agent shall require to enable it to assess and comply with the requirement. Until such time, the Issuer confirms that all payments made
by or on behalf of the Issuer shall be made free and clear of and without withholding or deduction of any such amounts.

 

		9.	INFORMATION
                                            REPORTING AND SHARING

 

Each
party shall, within ten business days of a written request by another party, supply to that other party such forms, documentation and
other information relating to it, its operations, or the Notes as that other party reasonably requests for the purposes of that other
party’s compliance with Applicable Law and shall notify the relevant other party reasonably promptly in the event that it becomes
aware that any of the forms, documentation or other information provided by such party is (or becomes) inaccurate in any material respect;
provided, however, that no party shall be required to provide any forms, documentation or other information pursuant to this Clause to
the extent that:

 

		(A)	any
                                            such form, documentation or other information (or the information required to be provided
                                            on such form or documentation) is not reasonably available to such party and cannot be obtained
                                            by such party using reasonable efforts; or

 

		(B)	doing
                                            so would or might in the reasonable opinion of such party constitute a breach of any:

 

		(1)	Applicable
                                            Law;

 

		(2)	fiduciary
                                            duty; or

 

		(3)	duty
                                            of confidentiality.

 

		10.	CANCELLATION,
                                            DESTRUCTION AND RECORDS 

 

		10.1	Any
                                            Notes redeemed by the Issue and Paying Agent shall be cancelled by such Issue and Paying
                                            Agent.

 

		10.2	As
                                            soon as possible, and in any event within one month after the Maturity Date of any Note,
                                            the Issue and Paying Agent shall, upon receipt of the relevant disposal authorisation from
                                            the Clearing Systems and unless otherwise instructed by the Issuer, destroy the cancelled
                                            Notes in its possession and furnish to the Issuer, upon written request, a certificate stating
                                            (i) the aggregate principal amount of Notes which have been redeemed, cancelled and destroyed
                                            and (ii) the serial numbers of such Notes in numerical sequence.

 

    10

     

    

 

		10.3	The
                                            Issue and Paying Agent shall keep a full and complete record of all Notes and of their issue,
                                            replacement, redemption, cancellation, payment or destruction (as the case may be) and shall
                                            make such record available at all reasonable times to the Issuer.

 

		11.	DOCUMENTS

 

		11.1	The
                                            Issuer shall upon request provide to the Agents specimen Notes.

 

		11.2	The
                                            Issue and Paying Agent shall procure that, so long as any Note is outstanding, copies of
                                            this Issue and Paying Agency Agreement and the Deed of Covenant (i) are available for inspection
                                            by the holder of any Note during usual business hours at the specified office of the Issue
                                            and Paying Agent or (ii) may be provided by email to such holder requesting copies of such
                                            documents, subject to the Issue and Paying Agent being supplied by the Issuer with copies
                                            of such documents.

 

		11.3	Before
                                            the first issue of Notes, the Issuer shall supply to the Issue and Paying Agent confirmation
                                            that all condition precedent documents required to be delivered under the Dealer Agreement
                                            have been delivered.

 

		12.	INDEMNITY

 

		12.1	The
                                            Issuer undertakes to indemnify each Agent against all losses, liabilities, costs, claims,
                                            actions, demands or expenses (together, “Losses”) (including, but not
                                            limited to, all reasonable costs, legal fees, charges and expenses (together, “Expenses”)
                                            paid or incurred in disputing or defending any Losses) which such Agent may incur or which
                                            may be made against it as a result of or in connection with its appointment or the exercise
                                            of its powers or duties under this Issue and Paying Agency Agreement except for any Losses
                                            or Expenses resulting from such Agent’s wilful default, negligence, fraud or bad faith
                                            or that of its officers, directors or employees or the material breach by such Agent of the
                                            terms of this Issue and Paying Agency Agreement. The relevant Agent shall consult with the
                                            Issuer as to the conduct of any claim brought against such Agent in respect of which it may
                                            look to the Issuer for indemnification. Notwithstanding any other provision of this Issue
                                            and Paying Agency Agreement, the Issuer shall indemnify each Agent against any liability
                                            or loss howsoever incurred in connection with the Issuer’s obligation to withhold or
                                            deduct an amount on account of tax.

 

		12.2	Each
                                            Agent shall severally indemnify the Issuer against any Losses (including, but not limited
                                            to, all reasonable Expenses paid or incurred in disputing or defending any Losses) that the
                                            Issuer may incur or that may be made against it as a result of the material breach by such
                                            Agent of this Issue and Paying Agency Agreement or such Agent’s wilful default, negligence,
                                            fraud or bad faith or that of its officers, directors or employees. In no event shall any
                                            Agent be liable to indemnify the Issuer for any loss of profits, goodwill, reputation, business
                                            opportunity or anticipated saving, or for special or consequential damages, whether or not
                                            the relevant Agent has been advised of the possibility of such losses.

 

		12.3	The
                                            indemnity set out above shall survive any termination of this Issue and Paying Agency Agreement.

 

		12.4	Each
                                            Agent will only be liable to the Issuer for losses, liabilities, costs, expenses and demands
                                            arising directly from the performance of its obligations under this Agreement suffered by
                                            or occasioned to the Issuer (“Liabilities”) to the extent that the relevant
                                            Agent has been negligent, fraudulent or in wilful default in respect of its obligations under
                                            this Agreement. No Agent shall otherwise be liable or responsible for any Liabilities or
                                            inconvenience which may result from anything done or omitted to be done by it in connection
                                            with this Agreement. For the avoidance of doubt the failure of an Agent to make a claim for
                                            payment of interest and principal on the Issuer, or to inform any other Agent or clearing
                                            system of a failure on the part of the Issuer to meet any such claim or to make a payment
                                            by the stipulated date, shall not be deemed to constitute negligence, fraud or wilful default
                                            on the part of the relevant Agent.

 

    11

     

    

 

		12.5	Liabilities
                                            arising under Clause 12.4 shall be limited to the amount of the Issuer’s actual loss.
                                            Such actual loss shall be determined (a) as at the date of default of the relevant Agent
                                            or, if later, the date on which the loss arises as a result of such default and (b) without
                                            reference to any special conditions or circumstances known to the relevant Agent at the time
                                            of entering into this Agreement, or at the time of accepting any relevant instructions, which
                                            increase the amount of the loss.

 

In no
event shall any Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special,
punitive or consequential damages, whether or not the Issue and Paying Agent has been advised of the possibility of such loss or damages.

 

		12.6	The
                                            liability of each Agent under Clause 12.4 will not extend to any Liabilities arising through
                                            any acts, events or circumstances not reasonably within its control, or resulting from the
                                            general risks of investment in or the holding of assets in any jurisdiction, including, but
                                            not limited to, Liabilities arising from: nationalisation, expropriation or other governmental
                                            actions; any law, order or regulation of a governmental, supranational or regulatory body;
                                            regulation of the banking or securities industry including changes in market rules or practice,
                                            currency restrictions, devaluations or fluctuations; market conditions affecting the execution
                                            or settlement of transactions or the value of assets; breakdown, failure or malfunction of
                                            any third party transport, telecommunications, computer services or systems; natural disasters
                                            or acts of God; war, terrorism, insurrection or revolution; and strikes or industrial action.

 

		12.7	For
                                            the avoidance of doubt each Agent’s liability under this Clause 12 shall be limited
                                            in the manner set out in Clauses 12.5 and 12.6.

 

		13.	GENERAL

 

		13.1	In
                                            acting under this Agreement and in connection with the Notes, the Agents shall act solely
                                            as agents of the Issuer. The Agents shall have no obligations towards or relationship of
                                            agency or trust with any holder of any Note or the accountholders of any Clearing System
                                            and shall only be responsible for performance of the duties and obligations expressly imposed
                                            upon them herein.

 

		13.2	Each
                                            Agent shall be obliged to perform such duties as are herein specifically set forth, and no
                                            implied duties or obligations shall be read into this Issue and Paying Agency Agreement against
                                            the Agents other than the duty to act honestly and in good faith and to exercise the diligence
                                            of a reasonably prudent agent in comparable circumstances.

 

		13.3	Notwithstanding
                                            anything to the contrary herein or in any other agreement, if in the Issue and Paying Agent’s
                                            opinion, acting reasonably, it deems it appropriate to delegate any of its roles, duties
                                            or obligations created hereunder or under any other agreement (or any part thereof) to a
                                            third party, the Issuer hereby acknowledges the potential for, and acquiesces to, such delegation
                                            under the Issue and Paying Agent’s continued responsibility for such delegated role,
                                            duty or obligation.

 

		13.4	In
                                            the event that Definitive Notes are issued and the Agent informs the Issuer that it is unable
                                            to perform its obligations under this Agreement, the Issuer shall forthwith appoint an additional
                                            agent in accordance with Clause 14 which is able to perform such obligations.

 

    12

     

    

 

		13.5	In
                                            the case of any default by the Issuer, the Agents shall have no duty or responsibility in
                                            respect of the performance of the Issuer's obligations under the Notes.

 

		13.6	Except
                                            as otherwise instructed by the Issuer or as ordered by a court of competent jurisdiction
                                            or otherwise required by law, the Agents shall be entitled to treat the bearer of any Note
                                            as the absolute owner of it for all purposes (whether or not it is overdue and notwithstanding
                                            any notice of ownership or writing on it or any notice of previous loss or theft of it).

 

		13.7	Each
                                            Agent may consult with legal and other professional advisers and the opinion of such advisers
                                            shall be full and complete protection in respect of any action taken, omitted or suffered
                                            under this Issue and Paying Agency Agreement in good faith and in accordance with the opinion
                                            of such advisers. Failure to consult such advisers on any matter shall not be construed as
                                            evidence of any Agent not acting in good faith.

 

		13.8	Any
                                            of the Agents and their respective officers, directors and employees may become the owner
                                            of, and/or acquire any interest in, any Notes with the same rights that they would have had
                                            if the Agents were not appointed under this Issue and Paying Agency Agreement, and may engage
                                            or be interested in any financial or other transaction with the Issuer, and may act on, or
                                            as depositary, trustee or agent for, any committee or body of holders of Notes or other obligations
                                            of the Issuer, as freely as if the Agents were not appointed under this Issue and Paying
                                            Agency Agreement without regard to the interests of the Issuer and shall be entitled to retain
                                            and shall not in any way be liable to account for any profit made or share of brokerage or
                                            commission or remuneration or other amount or benefit received thereby or in connection therewith.

 

		13.9	Each
                                            Agent shall be protected and shall incur no liability for or in respect of any action taken,
                                            omitted or suffered in reliance upon any telephone (to be confirmed by facsimile or e-mail),
                                            facsimile, e-mail communication, instruction or document which it reasonably believes to
                                            be genuine and is from a person purporting to be (and whom the relevant Agent believes in
                                            good faith to be) the authorised representative of the Issuer as sufficient instructions
                                            and authority of the Issuer for the relevant Agent to act.

 

		13.10	The
                                            Agents shall not be responsible to anyone with respect to the legality of this Issue and
                                            Paying Agency Agreement or the validity or legality of the Notes.

 

		13.11	On
                                            behalf of, and at the request and expense of, the Issuer, the Issue and Paying Agent shall
                                            cause to be published all notices required to be given by the Issuer to the holders of Notes
                                            in accordance with the terms of the relevant Global Note.

 

		13.12	An
                                            Agent shall not be under any obligation to take any action under this Issue and Paying Agency
                                            Agreement which it expects will result in any expense or liability accruing to it, the payment
                                            of which within a reasonable time is not, in its opinion, assured to it.

 

		13.13	Any
                                            corporation into which an Agent may be merged or converted, or any corporation with which
                                            an Agent may be consolidated, or any corporation resulting from any merger, conversion or
                                            consolidation to which an Agent shall be a party, or any corporation to which an Agent shall
                                            sell or otherwise transfer all or substantially all of its assets shall, on the date when
                                            the merger, conversion, consolidation or transfer becomes effective and to the extent permitted
                                            by any applicable laws, become the successor Agent under this Issue and Paying Agency Agreement
                                            without the execution or filing of any paper or any further act on the part of the parties
                                            to this Issue and Paying Agency Agreement, unless otherwise required by the Issuer, and after
                                            the said effective date all references in this Issue and Paying Agency Agreement to the relevant
                                            Agent shall be deemed to be references to such successor corporation. Written notice of any
                                            such merger, conversion, consolidation or transfer shall immediately be given to the Issuer
                                            by the relevant Agent.

 

    13

     

    

 

 

		13.14	The
                                            Issuer agrees to pay any and all stamp, registration and other documentary taxes, duties,
                                            assessments or government charges (including any interest and penalties thereon or in connection
                                            therewith) which may be payable in connection with the execution, delivery, performance and
                                            enforcement of this Issue and Paying Agency Agreement by the Agents.

 

		13.15	Notwithstanding
                                            any other provision of this Issue and Paying Agency Agreement, each Agent shall be entitled
                                            to take any action or to refuse to take any action which the relevant Agent regards as necessary
                                            for the relevant Agent to comply with any applicable law, regulation or fiscal requirement
                                            or FATCA, or the rules, operating procedures or market practice of any relevant stock exchange
                                            or other market or clearing system.

 

14.         CHANGES
IN AGENTS

 

		14.1	The
                                            Issuer may at any time:

 

		(A)	appoint
                                            additional Agents; and

 

		(B)	terminate
                                            the appointment of the Issue and Paying Agent or any Agent by giving to the Issue and Paying
                                            Agent or such Agent not less than 30 days' prior written notice.

 

		14.2	Notwithstanding
                                            the provisions of Clause 14.1, if at any time the Issue and Paying Agent or an Agent becomes
                                            incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition
                                            in bankruptcy or makes an assignment for the benefit of its creditors or consents to the
                                            appointment of an administrator, liquidator or administrative or other receiver of all or
                                            any substantial part of its property, or if an administrator, liquidator or administrative
                                            or other receiver of it or of all or a substantial part of its property is appointed, or
                                            it admits in writing its inability to pay or meet its debts as they may mature or suspends
                                            payment of its debts, or if an order of any court is entered approving any petition filed
                                            by or against it under the provisions of any applicable bankruptcy or insolvency law or if
                                            a public officer takes charge or control of the Issue and Paying Agent or relevant Agent
                                            or of its property or affairs for the purpose of rehabilitation, administration or liquidation,
                                            the Issuer may forthwith without notice terminate the appointment of the Issue and Paying
                                            Agent or relevant Agent.

 

		14.3	Each
                                            Agent may (subject as herein provided) at any time resign its appointment under this Issue
                                            and Paying Agency Agreement by giving at least 45 days' written notice to the Issuer specifying
                                            the date on which its resignation shall become effective.

 

		14.4	Notwithstanding
                                            the foregoing, no such resignation or termination shall take effect (a) in the case of the
                                            Issue and Paying Agent, until a new Issue and Paying Agent with a specified office outside
                                            the United States shall have been appointed, and (b) in the case of a paying agent, until
                                            a successor Agent shall have been appointed such that there shall be at all times an Agent
                                            with a specified office in a European Union member state (if any).

 

		14.5	The
                                            Issuer agrees that if, by the day falling 10 days before the expiry of any notice under Clause
                                            14.3 above, the Issuer has not appointed a successor Agent then the relevant Agent shall
                                            be entitled, on behalf of the Issuer, to appoint in its place as a successor Agent a reputable
                                            financial institution of good standing which the Issuer shall approve.

 

		14.6	Any
                                            Agent may change the address of its office within a particular city, in which event it shall
                                            give to the Issuer not less than 30 days' prior written notice to that effect, giving the
                                            address of the new office and the date upon which such change is to take effect.

 

    14

     

    

 

		14.7	If
                                            the appointment of the Issue and Paying Agent is terminated or the Issue and Paying Agent
                                            shall resign, it shall on the date on which such termination or resignation takes effect
                                            deliver to the Issuer or as it may direct all records maintained by it, and all incomplete
                                            Notes in its possession, pursuant hereto. If the appointment of any Agent is terminated or
                                            any Agent shall resign, it shall on the date on which such termination or resignation takes
                                            effect deliver to the Issuer, or as it may direct, all records maintained by it, and all
                                            Notes in its possession, pursuant hereto, and pay to or to the order of the Issuer any amount
                                            held by it and received from the Issuer for payment in respect of the Notes. Upon its resignation
                                            or termination of appointment taking effect, the relevant Agent shall be entitled to the
                                            payment by the Issuer of its commissions, fees and expenses accrued and/or outstanding on
                                            that date but unpaid.

 

		14.8	The
                                            Issuer shall give notice to each other party to this Issue and Paying Agency Agreement (and
                                            to any additional or other Agent) and to the Dealer in accordance with Clause 5.8 of the
                                            Dealer Agreement of any change of any of the Agents or their specified offices.

 

15.         COMMISSIONS,
FEES AND EXPENSES

 

		15.1	The
                                            Issuer shall pay to each Agent such fees and commissions as the Issuer and the Issue and
                                            Paying Agent shall separately agree in writing in respect of the services of the Agents under
                                            this Agreement together with any properly incurred out of pocket expenses (including legal,
                                            printing, postage, fax, cable and advertising expenses) incurred by the Issue and Paying
                                            Agent in connection with its services. The Issuer shall also pay to the Issue and Paying
                                            Agent an amount equal to any irrecoverable value added tax which may be payable in respect
                                            of such fees and commissions and/or such properly incurred out of pocket expenses incurred
                                            by the Issue and Paying Agent in connection with its services under this Agreement.

 

		15.2	The
                                            Issuer shall not be responsible for any payment or reimbursement by the Issue and Paying
                                            Agent to the other Agents. The fees, commissions and expenses payable to each Agent for services
                                            rendered and the performance of its obligations under this Issue and Paying Agency Agreement
                                            shall not be abated by any remuneration or other amounts or profits receivable by the relevant
                                            Agent (or to its knowledge by any of its associates) in connection with any transaction effected
                                            by the relevant Agent with or for the Issuer.

 

16.         NOTICES

 

Save
as otherwise provided herein, any notice to be given hereunder shall be delivered in person or sent by post, email or through the SWIFT
information transmittal system. Any such notice shall be sent to the relevant party as follows:

 

	If to the Issuer to it at:	Compass House
	 	Manor Royal
	 	Crawley
	 	West Sussex, RH10 9PY
	 	United Kingdom
	Telephone:	01293 858000
	Email:	secretariat@rentokil-initial.com / treasury.front-office@rentokil-initial.com
	Attention:	Company Secretary / Group Treasurer

 

If to the Issue and

	Paying Agent to it at:	8 Canada Square
	 	London E14 5HQ
	 	United Kingdom
	Email:	ctla.payingagency@hsbc.com / ctlondon.conventional@hsbc.com
	Attention:	Issuer Services Client Service Management Team

 

or to
any other address or email address of which notice in writing has been given to the parties hereto in accordance with the provisions
of this Clause 16. Any obligation the Issuer (and any Agent on its behalf) may have to publish a notice to holders of Notes shall have
been met upon delivery of the notice to the relevant clearing system. Any notices provided by the Issuer to any Agent to be published
will be in the English language and (where necessary) an English translation will be provided by the Issuer.

 

    15

     

    

 

The Internet
cannot guarantee the integrity and safety of the transferred data nor the delay in which they will be processed. The Issue and Paying
Agent shall not therefore be liable for any operational incident and its consequences arising from the use of Internet.

 

Any notice
from one party to another party will take effect, in the case of a letter, when delivered or, in the case of an email when sent, subject
to a no delivery failure notification being received by the sender within 24 hours of the time of sending or, in the case of transmission
through the SWIFT information transmittal system, when received by such other party. Any communication which is received after 4.00 p.m.
(in the city of the addressee) on any particular day or on a day on which commercial banks and foreign exchange markets do not settle
payments in the city of the addressee shall be deemed to have been received and shall take effect from 10.00 a.m. on the next following
day on which commercial banks and foreign exchange markets settle payments in the city of the addressee or on the next Business Day.

 

17.         INCREASE
IN THE MAXIMUM AMOUNT OF THE PROGRAMME

 

Clause
2.7 of the Dealer Agreement provides for increase the Maximum Amount of Notes that may be issued under the Dealer Agreement, subject
to the satisfaction of certain conditions. In the event of such an increase, the Agents agree to act as agents hereunder in relation
to Notes issued in respect of such increased Maximum Amount and the provisions of this Issue and Paying Agency Agreement shall be deemed
to apply accordingly.

 

18.         AMENDMENTS
AND COUNTERPARTS

 

		18.1	This
                                            Issue and Paying Agency Agreement may only be amended by an agreement in writing between
                                            the parties to this Issue and Paying Agency Agreement.

 

		18.2	This
                                            Issue and Paying Agency Agreement may be signed in counterparts, all of which when taken
                                            together shall constitute a single agreement.

 

		18.3	If
                                            a provision of this Issue and Paying Agency Agreement or any Note is or becomes illegal,
                                            invalid or unenforceable in any jurisdiction that shall not affect the validity or enforceability
                                            in that jurisdiction or in any other jurisdiction of any other provision of this Issue and
                                            Paying Agency Agreement.

 

19.         ENTIRE
AGREEMENT

 

This
Agreement constitutes the complete and exclusive written agreement of the parties. It supersedes and terminates as of the date of its
execution all prior oral or written agreements, arrangements or understandings between the parties in relation to the services to be
provided hereunder.

 

    16

     

    

 

20.         CONTRACTS
(RIGHTS OF THIRD PARTIES) ACT 1999

 

A person
who is not a party to this Issue and Paying Agency Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
any term of this Issue and Paying Agency Agreement, but this does not affect any right or remedy of a third party which exists or is
available apart from this Act.

 

21.         GOVERNING
LAW

 

This
Issue and Paying Agency Agreement and any non-contractual obligations arising out of or in connection with any of them shall be governed
by, and construed in accordance with, English law.

 

22.          ENFORCEMENT

 

		22.1	Jurisdiction
                                            

 

		(A)	Subject
                                            to paragraph (C) below, the English courts have exclusive jurisdiction to settle any dispute
                                            arising out of or in connection with this Issue and Paying Agency Agreement (including a
                                            dispute regarding its existence, validity or termination and any dispute relating to any
                                            non-contractual obligations arising out of or in connection with this Issue and Paying Agency
                                            Agreement) and each party submits to the exclusive jurisdiction of the English courts.

 

		(B)	Subject
                                            to paragraph (C) below, the parties to this Issue and Paying Agency Agreement agree that
                                            the English courts are the most appropriate and convenient courts to settle any such dispute
                                            and accordingly no such party will argue to the contrary.

 

		(C)	To
                                            the extent allowed by law, the Issue and Paying Agent or Agent may take:

 

		(1)	proceedings
                                            in any other court with jurisdiction; and

 

		(2)	concurrent
                                            proceedings in any number of jurisdictions.

 

		22.2	Waiver
                                            of rights 

 

No failure
or delay of the Issuer or any Agent in exercising any right or remedy under this Agreement shall constitute a waiver of that right. Any
waiver of any right will be limited to the specific instance. The exclusion or omission of any provision or term from this Agreement
shall not be deemed to be a waiver of any right or remedy the Issuer or any Agent may have under applicable law.

 

    17

     

    

 

IN WITNESS WHEREOF this
Issue and Paying Agency Agreement has been entered into on the day and year as first above written.

 

The Issuer

 

RENTOKIL INITIAL PLC

 

	By: 	 	 

 

Address:               Compass
House

Manor Royal

Crawley

West Sussex, RH10 9PY

United Kingdom

 

	Email:	secretarial@rentokil-initial.com / treasury.front-office@rentokil-initial.com

 

	Contact:	Company Secretary / Group Treasurer

 

	The Issue and Paying Agent	 	

    

	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	HSBC BANK PLC	)

 

    18

     

    

 

SCHEDULE
1 FORM OF MULTICURRENCY BEARER PERMANENT GLOBAL NOTE

 

(Interest
Bearing/Discounted/Premium)

 

THE SECURITIES
REPRESENTED BY THIS GLOBAL NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
 “SECURITIES ACT”) OR ANY U.S. STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES
OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES AND ANY OTHER JURISDICTION. THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION
OF THE DISTRIBUTION OF ALL THE SECURITIES OF THE TRANCHE OF WHICH THIS SECURITY FORMS PART.

 

[Purchasers
of Renminbi denominated Notes should note that the Renminbi is not a freely convertible currency. All payments in respect of Renminbi
denominated Notes will be made solely by transfer to a Renminbi bank account maintained outside of the PRC (as defined below) in accordance
with prevailing rules and regulations. The Issuer cannot be required to make payment by any other means (including in another currency
or by bank transfer to a bank account in the PRC). In addition, there can be no assurance that access to Renminbi funds for the purposes
of making payments on Renminbi denominated Notes or generally may not remain or become restricted. For these purposes the “PRC”
means the People’s Republic of China (excluding Hong Kong Special Administrative Region of the People’s Republic of China
(“Hong Kong”), the Macau Special Administrative Region of the People’s Republic of China and Taiwan).]1

 

[Notification
under Section 309B(1)(c) of the Securities and Futures Act (Chapter 289) of Singapore (the “SFA”), as modified or
amended from time to time - In connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products)
Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has determined the classification of the Notes
as capital markets products other than prescribed capital markets products (as defined in the CMP Regulations 2018) and Specified Investment
Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations
on Investment Products).]2

 

RENTOKIL
INITIAL PLC

(incorporated
in England and Wales)

 

Legal
Entity Identifier (LEI): 549300VN4WV7Z6T14K68

 

£1,000,000,000

Euro-Commercial
Paper Programme

 

ISIN:
________________________

 

	Issue Date:________________________	Maturity Date3: ___________________

 

 

		1	Only
                                            use the text in square brackets if the Notes are denominated in Renminbi. 

 

		2	Relevant
                                            Dealer(s) to consider whether it / they have received the necessary product classification
                                            from the Issuer prior to the launch of the offer, pursuant to Section 309B of the SFA. To
                                            insert notice if the Notes are “capital markets products other than prescribed capital
                                            markets products” and “Specified Investment Products”. 

 

		3	Not
                                            to be more than 364 days from (and including) the Issue Date. For Hong Kong dollar or Renminbi
                                            denominated Fixed Rate Notes consider applying modified following business day convention
                                            to the Interest Payment Date and the Maturity Date. 

 

    19

     

    

 

	Specified Currency: _______________	Nominal Amount: _________________
	 	(words and figures if a Sterling denominated Note)

 

	Reference Rate: _________________ month 	Interest Payment Date(s): _______________

EURIBOR/CNH
HIBOR[OTHER]4:

 

______________

 

	Reference Rate Screen Page:5 _______	Interest Determination Date:6___________
	Relevant Time:7 _____________________	Day Count Fraction:8__________________
	Fixed Interest Rate:9__________ % per annum
  	Margin: 10_________%
	Calculation Agent:11_____________________	 

 

		1.	For
                                            value received, Rentokil Initial plc (the “Issuer”) promises to pay to
                                            the bearer of this Global Note on the Maturity Date the Nominal Amount, together with interest
                                            thereon at the rate and at the times (if any) specified herein.

 

All
such payments shall be made in accordance with an amended and restated issue and paying agency agreement dated 11 October 2021 (as amended,
restated or supplemented from time to time, the “Agency Agreement”) between the Issuer and the issue and paying agent
referred to therein, a copy of which is available for inspection at the office of HSBC Bank plc (the “Issue and Paying Agent”)
at 8 Canada Square, London E14 5HQ, United Kingdom, and subject to and in accordance with the terms and conditions set forth below. All
such payments shall be made upon presentation and surrender of this Global Note at the office of the Issue and Paying Agent referred
to above by transfer to an account denominated in the Specified Currency maintained by the bearer with (i) a bank in the principal financial
centre in the country of the Specified Currency or, (ii) if this Global Note is denominated or payable in euro by transfer to a euro
account (or any other account to which euro may be credited or transferred) maintained by the payee with, a bank in the principal financial
centre of any member state of the European Union or, (iii) if this Global Note is denominated or payable in Renminbi, to a Renminbi account
maintained in accordance with the applicable laws and regulations at such bank in Hong Kong.

 

Notwithstanding
the foregoing, presentation and surrender of this Global Note shall be made outside the United States and no amount shall be paid by
transfer to an account in the United States, or mailed to an address in the United States. In the case of a Global Note denominated in
U.S. dollars, payments shall be made by transfer to an account denominated in U.S. Dollars in the principal financial centre of any country
outside of the United States that the Issuer or Issue and Paying Agent so chooses.

 

 

		4	Complete/delete
                                            as appropriate. 
		5	Complete
                                            for floating rate interest bearing Notes only if a Reference Rate other than EURIBOR or CNH
                                            HIBOR is specified. If the specified Reference Rate is EURIBOR or CNH HIBOR leave blank as
                                            these provisions are covered in paragraph 12. 
		6	Complete
                                            for floating rate interest bearing Notes only if a Reference Rate other than EURIBOR or CNH
                                            HIBOR is specified. If the specified Reference Rate is EURIBOR or CNH HIBOR leave blank as
                                            these provisions are covered in paragraph 12. 
		7	Complete
                                            for floating rate interest bearing Notes only if a Reference Rate other than EURIBOR or CNH
                                            HIBOR is specified. If the specified Reference Rate is EURIBOR or CNH HIBOR leave blank as
                                            these provisions are covered in paragraph 12. 
		8	Complete
                                            for floating rate interest bearing Notes only if a Reference Rate other than EURIBOR or CNH
                                            HIBOR is specified. If the specified Reference Rate is EURIBOR or CNH HIBOR leave blank as
                                            these provisions are covered in paragraph 12. 
		9	Complete
                                            for fixed rate interest bearing Notes only. 
		10	Complete
                                            for floating rate interest bearing Notes only. 
		11	Complete
                                            for all floating rate interest bearing Notes and for fixed rate interest Notes denominated
                                            in Renminbi only. 

 

    20

     

    

 

		2.	This
                                            Global Note is issued in representation of an issue of Notes in the aggregate Nominal Amount.

 

		3.	All
                                            payments in respect of this Global Note will be subject in all cases to any applicable fiscal
                                            or other laws, regulations and directives in any jurisdiction (whether by operation of law
                                            or agreement of the Issuer) and the Issuer will not be liable for any taxes or duties of
                                            whatever nature imposed or levied by such laws, regulations, directives or agreements, but
                                            without prejudice to the provisions of paragraph 4.

 

		4.	All
                                            payments in respect of this Global Note by or on behalf of the Issuer shall be made without
                                            set-off, counterclaim, fees, liabilities or similar deductions and free and clear of, and
                                            without deduction or withholding for or on account of, taxes, levies, duties, assessments
                                            or charges of any nature now or hereafter imposed, levied, collected, withheld or assessed
                                            by or on behalf of Issuer's taxing jurisdiction or any political subdivision or taxing authority
                                            thereof or therein (“Taxes”), unless the withholding or deduction of Taxes
                                            is required by law. In that event, the Issuer shall, to the extent permitted by applicable
                                            law or regulation, pay such additional amounts as shall be necessary in order that the net
                                            amounts received by the bearer of this Global Note after such deduction or withholding shall
                                            equal the amount which would have been receivable hereunder in the absence of such deduction
                                            or withholding, except that no such additional amounts shall be payable where this Global
                                            Note is presented for payment:

 

		(A)	by
                                            or on behalf of a holder which is liable to such Taxes by reason of its having some connection
                                            with the jurisdiction imposing the Taxes other than the mere holding of this Global Note;
                                            or

 

		(B)	more
                                            than 15 days after the Maturity Date or, if applicable, the relevant Interest Payment Date
                                            or (in either case) the date on which payment hereof is duly provided for, whichever occurs
                                            later, except to the extent that the holder would have been entitled to such additional amounts
                                            if it had presented this Global Note on the last day of such period of 15 days.

 

		5.	If
                                            the Maturity Date or, if applicable, the relevant Interest Payment Date is not a Payment
                                            Business Day (as defined herein) payment in respect hereof will not be made and credit or
                                            transfer instructions shall not be given until the next following Payment Business Day (unless
                                            that date falls more than 364 days after the Issue Date, in which case payment shall be made
                                            on the immediately preceding Payment Business Day) and neither the bearer of this Global
                                            Note nor the holder or beneficial owner of any interest herein or rights in respect hereof
                                            shall be entitled to any interest or other sums in respect of such postponed payment. 

 

As
                                            used in this Global Note:

 

“Payment
Business Day” means any day other than a Saturday or Sunday which is either (i) if the above-mentioned Specified
Currency is any currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open
for general business (including dealings in foreign exchange and foreign currency deposits) in the principal financial centre of the
country of the relevant Specified Currency (which, if the Specified Currency is Australian dollars, New Zealand dollars or Renminbi,
shall be Sydney, Auckland or Hong Kong respectively) or (ii) if the Specified Currency is euro, a day which is a TARGET Business
Day; and

 

“TARGET
Business Day” means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET)
System or any successor thereto, is operating credit or transfer instructions in respect of payments in euro.

 

    21

     

    

 

Provided
that if the Issue and Paying Agent determines with the agreement of the Issuer that the market practice in respect of euro denominated
internationally offered securities is different from that specified above, the above shall be deemed to be amended so as to comply with
such market practice and the Issue and Paying Agent shall procure that a notice of such amendment is published in accordance with paragraph
12(F) not less than 15 days prior to the date on which any payment in euro falls due to be made in such manner as the Issue and Paying
Agent may determine.

 

		6.	The
                                            payment obligation of the Issuer represented by this Global Note constitutes and at all times
                                            shall constitute a direct and unsecured obligation of the Issuer ranking at least pari
                                            passu with all present and future unsecured and unsubordinated obligations of the Issuer
                                            other than obligations mandatorily preferred by law applying to companies generally.

 

		7.	This
                                            Global Note is negotiable and, accordingly, title hereto shall pass by delivery and the bearer
                                            shall be treated as being absolutely entitled to receive payment upon due presentation hereof
                                            free and clear of any equity, set-off or counterclaim on the part of the Issuer against any
                                            previous bearer hereof.

 

		8.	This
                                            Global Note is issued in respect of an issue of Notes of the Issuer and is exchangeable in
                                            whole (but not in part only) for duly executed and authenticated bearer Notes in definitive
                                            form (whether before, on or, subject as provided below, after the Maturity Date):

 

		(A)	if
                                            one or both of Euroclear Bank SA/NV and Clearstream Banking S.A. or any other relevant clearing
                                            system(s) in which this Global Note is held at the relevant time is closed for business for
                                            a continuous period of 14 days or more (other than by reason of weekends or public holidays,
                                            statutory or otherwise) or if any such clearing system announces an intention to, or does
                                            in fact, permanently cease to do business; or

 

		(B)	if
                                            default is made in the payment of any amount payable in respect of this Global Note.

 

Upon
presentation and surrender of this Global Note during normal business hours to the Issuer at the office of the Issue and Paying Agent
(or to any other person or at any other office outside the United States as may be designated in writing by the Issuer to the bearer),
the Issue and Paying Agent shall authenticate and deliver, in exchange for this Global Note, bearer definitive notes denominated in the
Specified Currency in an aggregate nominal amount equal to the Nominal Amount of this Global Note.

 

		9.	If,
                                            upon any such event and following such surrender, definitive Notes are not issued in full
                                            exchange for this Global Note before 5.00 p.m. (London time) on the thirtieth day after surrender,
                                            this Global Note (including the obligation hereunder to issue definitive notes) will become
                                            void and the bearer will have no further rights under this Global Note (but without prejudice
                                            to the rights which the bearer or any other person may have under a Deed of Covenant dated
                                            11 October 2021 (as amended, restated or supplemented as of the date of issue of the Notes)
                                            entered into by the Issuer).

 

		10.	If
                                            this is an interest bearing Global Note, then:

 

		(A)	notwithstanding
                                            the provisions of paragraph 1 above, if any payment of interest in respect of this Global
                                            Note falling due for payment prior to the Maturity Date remains unpaid on the fifteenth day
                                            after falling so due, the Nominal Amount shall be payable on such fifteenth day;

 

    22

     

    

 

		(B)	upon
                                            each payment of interest (if any) prior to the Maturity Date in respect of this Global Note,
                                            the Schedule hereto shall be duly completed by the Issue and Paying Agent to reflect such
                                            payment; and

 

		(C)	if
                                            no Interest Payment Dates are specified on this Global Note, the Interest Payment Date shall
                                            be the Maturity Date.

 

		11.	If
                                            this is a fixed rate interest bearing Global Note, interest shall be calculated on the Nominal
                                            Amount as follows:

 

		(A)	interest
                                            shall be payable on the Nominal Amount in respect of each successive Interest Period (as
                                            defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest
                                            Payment Date, on the basis of the actual number of days in such Interest Period and a year
                                            of 360 days or, if this Global Note is denominated in Sterling or Renminbi, 365 days at the
                                            Fixed Interest Rate with the resulting figure being rounded to the nearest amount of the
                                            Specified Currency which is available as legal tender in the country or countries (in the
                                            case of the euro) of the Specified Currency (with halves being rounded upwards); and

 

		(B)	the
                                            period beginning on (and including) the Issue Date and ending on (but excluding) the first
                                            Interest Payment Date and each successive period beginning on (and including) an Interest
                                            Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is an
                                            “Interest Period” for the purposes of this paragraph 11.

 

		12.	If
                                            this is a floating rate interest bearing Global Note, interest shall be calculated on the
                                            Nominal Amount as follows:

 

		(A)	in
                                            the case of a Global Note which specifies EURIBOR as the Reference Rate on its face, the
                                            Rate of Interest will be the aggregate of EURIBOR and the Margin (if any) above or below
                                            EURIBOR. Interest shall be payable on the Nominal Amount in respect of each successive Interest
                                            Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the
                                            relevant Interest Payment Date, on the basis of the actual number of days in such Interest
                                            Period and a year of 360 days.

 

As used
in this Global Note, “EURIBOR” shall be equal to EUR-EURIBOR (as defined in the latest version of the 2021 ISDA Interest
Rate Derivatives Definitions, including each Matrix (as defined therein) (and any successor thereto) each as published by the International
Swaps and Derivatives Association, Inc. (the “ISDA Definitions”) as at the Issue Date) as at 11.00 a.m. (Brussels
time) or as near thereto as practicable on the second TARGET Business Day before the first day of the relevant Interest Period (a “EURIBOR
Interest Determination Date”), as if the Reset Date (as defined in the ISDA Definitions) was the first day of such Interest
Period and the Designated Maturity (as defined in the ISDA Definitions) was the number of months specified on the face of this Global
Note in relation to the Reference Rate;

 

		(B)	in
                                            the case of a Global Note which specifies CNH HIBOR as the Reference Rate on its face, the
                                            Rate of Interest will be the aggregate of CNH HIBOR and the Margin (if any) above or below
                                            CNH HIBOR. Interest shall be payable on the Nominal Amount in respect of each successive
                                            Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear
                                            on the relevant Interest Payment Date, on the basis of the actual number of days in such
                                            Interest Period and a year of 365 days.

 

    23

     

    

 

As used in this Global Note:

 

“CNH
HIBOR” shall be equal to the CNH-HIBOR (as defined in the ISDA Definitions) as 11.15 a.m. (Hong Kong time) or if, at or
around that time it is notified that such rate will be published at 2.30 p.m. (Hong Kong time), then as of 2.30 p.m. or as near
thereto as practicable on the second Hong Kong Banking Day before the first day of the relevant Interest Period (a “CNH
HIBOR Interest Determination Date”), as if the Reset Date (as defined in the ISDA Definitions) was the first day of such
Interest Period and the Designated Maturity (as defined in the ISDA Definitions) was the number of months specified on the face of
this Global Note in relation to the Reference Rate; and

 

“Hong
Kong Banking Day” shall mean a day on which commercial banks are open for general business (including dealings in foreign exchange
and foreign currency deposits) in Hong Kong;

 

		(C)	in
                                            the case of a Global Note which specifies any other Reference Rate on its face, the Rate
                                            of Interest will be the aggregate of such Reference Rate and the Margin (if any) above or
                                            below such Reference Rate. Interest shall be payable on the Nominal Amount in respect of
                                            each successive Interest Period (as defined below) from the Issue Date to the Maturity Date
                                            only, in arrear on the relevant Interest Payment Date, on the basis of the Day Count Fraction
                                            specified hereon. As used in this Global Note, the Reference Rate shall be equal to the Reference
                                            Rate which appears on the Reference Rate Screen Page as at the Relevant Time on the Interest
                                            Determination Date as each such term is specified hereon;

 

		(D)	the
                                            Calculation Agent will, as soon as practicable after 11.00 a.m. (Brussels time) on each EURIBOR
                                            Interest Determination Date or 11.15 a.m. (Hong Kong time) or if, at or around that time
                                            it is notified that the CNH HIBOR rate will be published at 2.30 p.m. (Hong Kong time), then
                                            as of 2.30 p.m. on each CNH HIBOR Interest Determination Date or at the Relevant Time on
                                            each other specified Interest Determination Date (as the case may be), determine the Rate
                                            of Interest and calculate the amount of interest payable (the “Amount of Interest”)
                                            for the relevant Interest Period. “Rate of Interest” means the rate which
                                            is determined in accordance with the provisions of paragraph 12(A), (B) or (C) (as the case
                                            may be). The Amount of Interest payable per Note shall be calculated by applying the Rate
                                            of Interest to the Nominal Amount, multiplying such product by the actual number of days
                                            in the Interest Period concerned divided by 360 or, if this Global Note is denominated in
                                            Sterling or Renminbi, by 365 or the relevant Day Count Fraction and rounding the resulting
                                            figure to the nearest amount of the Specified Currency which is available as legal tender
                                            in the country or countries (in the case of the euro) of the Specified Currency (with halves
                                            being rounded upwards);

 

		(E)	the
                                            period beginning on (and including) the Issue Date and ending on (but excluding) the first
                                            Interest Payment Date and each successive period beginning on (and including) an Interest
                                            Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is called
                                            an “Interest Period” for the purposes of this paragraph 12; and

 

		(F)	the
                                            Issuer will procure that a notice specifying the Rate of Interest payable in respect of each
                                            Interest Period be published in accordance with paragraph 13 as soon as practicable after
                                            the determination of the Rate of Interest.

 

		13.	Notices
                                            to holders will be delivered to the clearing system(s) in which this Global Note is held
                                            or, if this Global Note has been exchanged for bearer definitive Notes pursuant to paragraph
                                            8, will be published in a leading English language daily newspaper published in London (which
                                            is expected to be the Financial Times). Any such notice shall be deemed to have been
                                            given on the date of such delivery or publication.

 

    24

     

    

 

		14.	The
                                            determination of an applicable Rate of Interest and/or Amount of Interest by the Calculation
                                            Agent for any Interest Period pursuant to paragraph 12 shall (in the absence of manifest
                                            error) be final and binding upon the Issuer and the bearer of this Global Note.

 

		15.	If
                                            the proceeds of this Global Note are accepted in the United Kingdom, the Nominal Amount shall
                                            be not less than £100,000 (or the equivalent in any other currency).

 

		16.	Instructions
                                            for payment must be received before 10.00 a.m. (local time in the relevant principal financial
                                            centre of the country of the relevant payment) at the office of the Issue and Paying Agent
                                            referred to above together with this Global Note as follows:

 

		(A)	If
                                            the Global Note is denominated in Australian dollars, New Zealand dollars, Hong Kong dollars,
                                            Renminbi or Japanese Yen, at least two Business Days prior to the relevant payment date;

 

		(B)	if
                                            this Global Note is denominated in United States dollars, Canadian dollars, Swiss francs,
                                            euro or Sterling, at least one Business Day prior to the relevant payment date; and

 

		(C)	in
all other cases, at least two Business Days prior to the relevant payment date. 

 

As used in
                                            this paragraph 16, “Business Day” means:

 

		(1)	a
                                            day other than a Saturday or Sunday on which commercial banks are open for general business
                                            (including dealings in foreign exchange and foreign currency deposits) in London; and

 

		(2)	in
                                            the case of payments in euro, a TARGET Business Day, in the case of payments in Renminbi
                                            a day on which commercial banks are open for general business (including clearing and settlement
                                            of Renminbi) in Hong Kong, and, in all other cases, a day on which commercial banks are open
                                            for general business (including dealings in foreign exchange and foreign currency deposits)
                                            in the principal financial centre in the country of the Specified Currency.

 

		17.	This
                                            Global Note shall not be validly issued unless manually authenticated by the Issue and Paying
                                            Agent.

 

		18.	This
                                            Global Note and any non-contractual obligations arising out of or in connection with it are
                                            governed by, and shall be construed in accordance with, English law.

 

The
English courts have exclusive jurisdiction to settle any dispute arising out of or in connection with this Global Note and any non-contractual
obligations arising from or connected with it (including a dispute regarding the existence, validity or termination of this Global Note).
The Issuer agrees and the bearer of this Global Note is deemed to agree that the English courts are the most appropriate and convenient
courts to settle any such dispute and accordingly will not argue to the contrary.

 

		19.	No
                                            person shall have any right to enforce any provision of this Global Note under the Contracts
                                            (Rights of Third Parties) Act 1999 but this does not affect any right or remedy of any person
                                            which exists or is available apart from that Act.

 

    25

     

    

 

Signed on behalf of:

RENTOKIL INITIAL PLC

 

	By:	 	 
	 	(Authorised Signatory)	 

 

AUTHENTICATED
by

 

HSBC
BANK PLC

 

without
recourse, warranty or liability and for authentication purposes only

 

	By:	 	 
	 	(Authorised Signatory)	 

 

    26

     

    

 

SCHEDULE
1 : PAYMENTS OF INTEREST

 

The following payments of interest in
respect of this Global Note have been made:

 

FIXED
RATE INTEREST PAYMENTS

 

	Date
    of	Period
    From	Period
    To	Amount
    of Interest	Notation
    on
	Payment	 	 	Paid	behalf
    of Issue
	 	 	 	 	and
    Paying Agent
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

FLOATING
RATE INTEREST PAYMENTS

 

	Period
    From	Period
    To	Date
    of	Interest	Amount
    of	Notation
    on
	 	 	Payment	Rate
    per	Interest
    Paid	behalf
    of
	 	 	 	annum	 	Issue
    and
	 	 	 	 	 	Paying
	 	 	 	 	 	Agent
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

    27

     

    

 

 

SCHEDULE
2 FORM OF MULTICURRENCY DEFINITIVE NOTE

 

(Interest
Bearing/Discounted/Premium)

 

THE
SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) OR ANY U.S. STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED
STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) UNLESS AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES AND ANY OTHER JURISDICTION. THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE
COMPLETION OF THE DISTRIBUTION OF ALL THE SECURITIES OF THE TRANCHE OF WHICH THIS SECURITY FORMS PART.

 

[Purchasers
of Renminbi denominated Notes should note that the Renminbi is not a freely convertible currency. All payments in respect of Renminbi
denominated Notes will be made solely by transfer to a Renminbi bank account maintained outside of the PRC (as defined below) in accordance
with prevailing rules and regulations. The Issuer cannot be required to make payment by any other means (including in another currency
or by bank transfer to a bank account in the PRC). In addition, there can be no assurance that access to Renminbi funds for the purposes
of making payments on Renminbi denominated Notes or generally may not remain or become restricted. For these purposes the “PRC”
means the People’s Republic of China (excluding Hong Kong Special Administrative Region of the People’s Republic of China
(“Hong Kong”), the Macau Special Administrative Region of the People’s Republic of China and Taiwan).]12

 

[Notification
under Section 309B(1)(c) of the Securities and Futures Act (Chapter 289) of Singapore (the “SFA”), as modified or
amended from time to time - In connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products)
Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has determined the classification of the Notes
as capital markets products other than prescribed capital markets products (as defined in the CMP Regulations 2018) and Specified Investment
Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations
on Investment Products).]13

 

RENTOKIL
INITIAL PLC 

(incorporated
in England and Wales) 

Legal
Entity Identifier (LEI): 549300VN4WV7Z6T14K68

 

£1,000,000,000

Euro-Commercial
Paper Programme

 

ISIN: ________________________

  

 

		12	Only
                                            use the text in square brackets if the Notes are denominated in Renminbi. 

		13	Relevant
                                            Dealer(s) to consider whether it / they have received the necessary product classification
                                            from the Issuer prior to the launch of the offer, pursuant to Section 309B of the SFA. To
                                            insert notice if the Notes are “capital markets products other than prescribed capital
                                            markets products” and “Specified Investment Products”. 

 

    28

     

    

 

	Issue Date:                                                              	 	Maturity Date14:                                                              
	 	 	 
	Specified Currency:                                   	 	Nominal Amount:                                   
	 	 	(words and figures if a
    Sterling denominated Note)
	 	 	 
	Reference Rate:                                                       month
    	 	Interest Payment Date(s):                                
	EURIBOR/CNH HIBOR[OTHER]15:	 	 
	                               	 	 
	 	 	 
	Reference Rate Screen Page:16                                    	 	Interest Determination Date:17                               
	 	 	 
	Relevant Time:18                                         	 	Day Count Fraction:19                               
	 	 	 
	Fixed Interest Rate:20                        %
    per annum 	 	Margin: 21                                %
	 	 	 
	Calculation Agent:22                                 	 	 

 

		1.	For
                                            value received, Rentokil Initial plc (the “Issuer”) promises to pay to
                                            the bearer of this Note on the Maturity Date the Nominal Amount, together with interest thereon
                                            at the rate and at the times (if any) specified herein.

 

All
such payments shall be made in accordance with an amended and restated issue and paying agency agreement dated 11 October 2021 (as amended,
restated or supplemented from time to time, the “Agency Agreement”) between the Issuer and the issue and paying agent
referred to therein, a copy of which is available for inspection at the office of HSBC Bank plc (the “Issue and Paying Agent”)
at 8 Canada Square, London E14 5HQ, United Kingdom, and subject to and in accordance with the terms and conditions set forth below. All
such payments shall be made upon presentation and surrender of this Note at the offices of the Issue and Paying Agent referred to above
by transfer to an account denominated in the Specified Currency maintained by the bearer with (i) a bank in the principal financial centre
in the country of the Specified Currency or, (ii) if this Note is denominated or payable in euro by transfer to a euro account (or any
other account to which euro may be credited or transferred) maintained by the payee with, a bank in the principal financial centre of
any member state of the European Union or, (iii) if this Note is denominated or payable in Renminbi, to a Renminbi account maintained
in accordance with the applicable laws and regulations at such bank in Hong Kong.

 

 

		14	Not
                                            to be more than 364 days from (and including) the Issue Date. For Hong Kong dollar or Renminbi
                                            denominated Fixed Rate Notes consider applying modified following business day convention
                                            to the Interest Payment Date and the Maturity Date. 

		15	Complete/delete
                                            as appropriate. 
		16	Complete
                                            for floating rate interest bearing Notes only if a Reference Rate other than EURIBOR or CNH
                                            HIBOR is specified. If the specified Reference Rate is EURIBOR or CNH HIBOR leave blank as
                                            these provisions are covered in paragraph 9. 
		17	Complete
                                            for floating rate interest bearing Notes only if a Reference Rate other than EURIBOR or CNH
                                            HIBOR is specified. If the specified Reference Rate is EURIBOR or CNH HIBOR leave blank as
                                            these provisions are covered in paragraph 9. 
		18	Complete
                                            for floating rate interest bearing Notes only if a Reference Rate other than EURIBOR or CNH
                                            HIBOR is specified. If the specified Reference Rate is EURIBOR or CNH HIBOR leave blank as
                                            these provisions are covered in paragraph 9. 
		19	Complete
                                            for floating rate interest bearing Notes only if a Reference Rate other than EURIBOR or CNH
                                            HIBOR is specified. If the specified Reference Rate is EURIBOR or CNH HIBOR leave blank as
                                            these provisions are covered in paragraph 9. 
		20	Complete
                                            for fixed rate interest bearing Notes only. 
		21	Complete
                                            for floating rate interest bearing Notes only. 
		22	Complete
                                            for all floating rate interest bearing Notes and for fixed rate interest Notes denominated
                                            in Renminbi only. 

 

    29

     

    

 

Notwithstanding
the foregoing, presentation and surrender of this Note shall be made outside the United States and no amount shall be paid by transfer
to an account in the United States, or mailed to an address in the United States. In the case of a Note denominated in U.S. dollars,
payments shall be made by transfer to an account denominated in U.S. Dollars in the principal financial centre of any country outside
of the United States that the Issuer or Issue and Paying Agent so chooses.

 

		2.	All
                                            payments in respect of this Note will be subject in all cases to any applicable fiscal or
                                            other laws, regulations and directives in any jurisdiction (whether by operation of law or
                                            agreement of the Issuer) and the Issuer will not be liable for any taxes or duties of whatever
                                            nature imposed or levied by such laws, regulations, directives or agreements, but without
                                            prejudice to the provisions of paragraph 3.

 

		3.	All
                                            payments in respect of this Note by or on behalf of the Issuer shall be made without set-off,
                                            counterclaim, fees, liabilities or similar deductions and free and clear of, and without
                                            deduction or withholding for or on account of, taxes, levies, duties, assessments or charges
                                            of any nature now or hereafter imposed, levied, collected, withheld or assessed by or on
                                            behalf of Issuer's taxing jurisdiction or any political subdivision or taxing authority thereof
                                            or therein (“Taxes”), unless the withholding or deduction of Taxes is
                                            required by law. In that event, the Issuer shall, to the extent permitted by applicable law
                                            or regulation, pay such additional amounts as shall be necessary in order that the net amounts
                                            received by the bearer of this Note after such deduction or withholding shall equal the amount
                                            which would have been receivable hereunder in the absence of such deduction or withholding,
                                            except that no such additional amounts shall be payable where this Note is presented for
                                            payment:

 

		(A)	by
                                            or on behalf of a holder which is liable to such Taxes by reason of its having some connection
                                            with the jurisdiction imposing the Taxes other than the mere holding of this Note; or

 

		(B)	more
                                            than 15 days after the Maturity Date or, if applicable, the relevant Interest Payment Date
                                            or (in either case) the date on which payment hereof is duly provided for, whichever occurs
                                            later, except to the extent that the holder would have been entitled to such additional amounts
                                            if it had presented this Note on the last day of such period of 15 days.

 

		4.	If
                                            the Maturity Date or, if applicable, the relevant Interest Payment Date is not a Payment
                                            Business Day (as defined herein) payment in respect hereof will not be made and credit or
                                            transfer instructions shall not be given until the next following Payment Business Day (unless
                                            that date falls more than 364 days after the Issue Date, in which case payment shall be made
                                            on the immediately preceding Payment Business Day) and neither the bearer of this Note nor
                                            the holder or beneficial owner of any interest herein or rights in respect hereof shall be
                                            entitled to any interest or other sums in respect of such postponed payment.

 

As used
in this Note:

 

“Payment
Business Day” means any day other than a Saturday or Sunday which is either (i) if the above-mentioned Specified Currency is
any currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open for general business
(including dealings in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant
Specified Currency (which, if the Specified Currency is Australian dollars, New Zealand dollars or Renminbi, shall be Sydney, Auckland
or Hong Kong respectively) or (ii) if the Specified Currency is euro, a day which is a TARGET Business Day; and

 

    30

     

    

 

“TARGET
Business Day” means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET)
System or any successor thereto, is operating credit or transfer instructions in respect of payments in euro.

 

Provided
that if the Issue and Paying Agent determines with the agreement of the Issuer that the market practice in respect of euro denominated
internationally offered securities is different from that specified above, the above shall be deemed to be amended so as to comply with
such market practice and the Issue and Paying Agent shall procure that a notice of such amendment is published in accordance with paragraph
9(F) not less than 15 days prior to the date on which any payment in euro falls due to be made in such manner as the Issue and Paying
Agent may determine.

 

		5.	The
                                            payment obligation of the Issuer represented by this Note constitutes and at all times shall
                                            constitute a direct and unsecured obligation of the Issuer ranking at least pari passu
                                            with all present and future unsecured and unsubordinated obligations of the Issuer other
                                            than obligations mandatorily preferred by law applying to companies generally.

 

		6.	This
                                            Note is negotiable and, accordingly, title hereto shall pass by delivery and the bearer shall
                                            be treated as being absolutely entitled to receive payment upon due presentation hereof free
                                            and clear of any equity, set-off or counterclaim on the part of the Issuer against any previous
                                            bearer hereof.

 

		7.	If
                                            this is an interest bearing Note, then:

 

		(A)	notwithstanding
                                            the provisions of paragraph 1 above, if any payment of interest in respect of this Note falling
                                            due for payment prior to the Maturity Date remains unpaid on the fifteenth day after falling
                                            so due, the Nominal Amount shall be payable on such fifteenth day;

 

		(B)	upon
                                            each payment of interest (if any) prior to the Maturity Date in respect of this Note, the
                                            Schedule hereto shall be duly completed by the Issue and Paying Agent to reflect such payment;
                                            and

 

		(C)	if
                                            no Interest Payment Dates are specified on this Note, the Interest Payment Date shall be
                                            the Maturity Date.

 

		8.	If
                                            this is a fixed rate interest bearing Note, interest shall be calculated on the Nominal Amount
                                            as follows:

 

		(A)	interest
                                            shall be payable on the Nominal Amount in respect of each successive Interest Period (as
                                            defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant Interest
                                            Payment Date, on the basis of the actual number of days in such Interest Period and a year
                                            of 360 days or, if this Note is denominated in Sterling or Renminbi, 365 days at the Fixed
                                            Interest Rate with the resulting figure being rounded to the nearest amount of the Specified
                                            Currency which is available as legal tender in the country or countries (in the case of the
                                            euro) of the Specified Currency (with halves being rounded upwards); and

 

		(B)	the
                                            period beginning on (and including) the Issue Date and ending on (but excluding) the first
                                            Interest Payment Date and each successive period beginning on (and including) an Interest
                                            Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is an
                                            “Interest Period” for the purposes of this paragraph 8.

 

    31

     

    

 

		9.	If
                                            this is a floating rate interest bearing Note, interest shall be calculated on the Nominal
                                            Amount as follows:

 

		(A)	in
                                            the case of a Note which specifies EURIBOR as the Reference Rate on its face, the Rate of
                                            Interest will be the aggregate of EURIBOR and the Margin (if any) above or below EURIBOR.
                                            Interest shall be payable on the Nominal Amount in respect of each successive Interest Period
                                            (as defined below) from the Issue Date to the Maturity Date only, in arrear on the relevant
                                            Interest Payment Date, on the basis of the actual number of days in such Interest Period
                                            and a year of 360 days.

 

As used
in this Note, “EURIBOR” shall be equal to EUR-EURIBOR (as defined in the latest version of the 2021 ISDA Interest
Rate Derivatives Definitions, including each Matrix (as defined therein) (and any successor thereto) each as published by the International
Swaps and Derivatives Association, Inc. (the “ISDA Definitions”) as at the Issue Date) as at 11.00 a.m. (Brussels
time) or as near thereto as practicable on the second TARGET Business Day before the first day of the relevant Interest Period (a “EURIBOR
Interest Determination Date”), as if the Reset Date (as defined in the ISDA Definitions) was the first day of such Interest
Period and the Designated Maturity (as defined in the ISDA Definitions) was the number of months specified on the face of this Note in
relation to the Reference Rate;

 

		(B)	in
                                            the case of a Note which specifies CNH HIBOR as the Reference Rate on its face, the Rate
                                            of Interest will be the aggregate of CNH HIBOR and the Margin (if any) above or below CNH
                                            HIBOR. Interest shall be payable on the Nominal Amount in respect of each successive Interest
                                            Period (as defined below) from the Issue Date to the Maturity Date only, in arrear on the
                                            relevant Interest Payment Date, on the basis of the actual number of days in such Interest
                                            Period and a year of 365 days.

 

As used
in this Note:

 

“CNH
HIBOR” shall be equal to the CNH-HIBOR (as defined in the ISDA Definitions) as 11.15 a.m. (Hong Kong time) or if, at or around
that time it is notified that such rate will be published at 2.30 p.m. (Hong Kong time), then as of 2.30 p.m. or as near thereto as practicable
on the second Hong Kong Banking Day before the first day of the relevant Interest Period (a “CNH HIBOR Interest Determination
Date”), as if the Reset Date (as defined in the ISDA Definitions) was the first day of such Interest Period and the Designated
Maturity (as defined in the ISDA Definitions) was the number of months specified on the face of this Note in relation to the Reference
Rate; and

 

“Hong
Kong Banking Day” shall mean a day on which commercial banks are open for general business (including dealings in foreign exchange
and foreign currency deposits) in Hong Kong;

 

		(C)	in
                                            the case of a Note which specifies any other Reference Rate on its face, the Rate of Interest
                                            will be the aggregate of such Reference Rate and the Margin (if any) above or below such
                                            Reference Rate. Interest shall be payable on the Nominal Amount in respect of each successive
                                            Interest Period (as defined below) from the Issue Date to the Maturity Date only, in arrear
                                            on the relevant Interest Payment Date, on the basis of the Day Count Fraction specified hereon.
                                            As used in this Note, the Reference Rate shall be equal to the Reference Rate which appears
                                            on the Reference Rate Screen Page as at the Relevant Time on the Interest Determination Date
                                            as each such term is specified hereon;

 

    32

     

    

 

		(D)	the
                                            Calculation Agent will, as soon as practicable after 11.00 a.m. (Brussels time) on each EURIBOR
                                            Interest Determination Date or 11.15 a.m. (Hong Kong time) or if, at or around that time
                                            it is notified that the CNH HIBOR rate will be published at 2.30 p.m. (Hong Kong time), then
                                            as of 2.30 p.m. on each CNH HIBOR Interest Determination Date or at the Relevant Time on
                                            each other specified Interest Determination Date (as the case may be), determine the Rate
                                            of Interest and calculate the amount of interest payable (the “Amount of Interest”)
                                            for the relevant Interest Period. “Rate of Interest” means the rate which
                                            is determined in accordance with the provisions of paragraph 9(A), (B) or (C) (as the case
                                            may be). The Amount of Interest payable per Note shall be calculated by applying the Rate
                                            of Interest to the Nominal Amount, multiplying such product by the actual number of days
                                            in the Interest Period concerned divided by 360 or, if this Note is denominated in Sterling
                                            or Renminbi, by 365 or the relevant Day Count Fraction and rounding the resulting figure
                                            to the nearest amount of the Specified Currency which is available as legal tender in the
                                            country or countries (in the case of the euro) of the Specified Currency (with halves being
                                            rounded upwards);

 

		(E)	the
                                            period beginning on (and including) the Issue Date and ending on (but excluding) the first
                                            Interest Payment Date and each successive period beginning on (and including) an Interest
                                            Payment Date and ending on (but excluding) the next succeeding Interest Payment Date is called
                                            an “Interest Period” for the purposes of this paragraph 9; and

 

		(F)	the
                                            Issuer will procure that a notice specifying the Rate of Interest payable in respect of each
                                            Interest Period be published in accordance with paragraph 10 as soon as practicable after
                                            the determination of the Rate of Interest.

 

		10.	Notices
                                            to holders will be delivered to the bearer of this Note, or if that is not possible, it will
                                            be published in a leading English language daily newspaper published in London (which is
                                            expected to be the Financial Times). Any such notice shall be deemed to have been
                                            given on the date of such delivery or publication.

 

		11.	The
                                            determination of an applicable Rate of Interest and/or Amount of Interest by the Calculation
                                            Agent for any Interest Period pursuant to paragraph 9 shall (in the absence of manifest error)
                                            be final and binding upon the Issuer and the bearer of this Note.

 

		12.	If
                                            the proceeds of this Note are accepted in the United Kingdom, the Nominal Amount shall be
                                            not less than £100,000 (or the equivalent in any other currency).

 

		13.	Instructions
                                            for payment must be received before 10.00 a.m. (local time in the relevant principal financial
                                            centre of the country of the relevant payment) at the office of the Issue and Paying Agent
                                            referred to above together with this Note as follows:

 

		(A)	If
                                            the Note is denominated in Australian dollars, New Zealand dollars, Hong Kong dollars, Renminbi
                                            or Japanese Yen, at least two Business Days prior to the relevant payment date;

 

		(B)	if
                                            this Note is denominated in United States dollars, Canadian dollars, Swiss francs, euro or
                                            Sterling, at least one Business Day prior to the relevant payment date; and

 

		(C)	in
                                            all other cases, at least two Business Days prior to the relevant payment date.

 

    33

     

    

 

As used
in this paragraph 13, “Business Day” means:

 

		(1)	a
                                            day other than a Saturday or Sunday on which commercial banks are open for general business
                                            (including dealings in foreign exchange and foreign currency deposits) in London; and

 

		(2)	in
                                            the case of payments in euro, a TARGET Business Day, in the case of payments in Renminbi
                                            a day on which commercial banks are open for general business (including clearing and settlement
                                            of Renminbi) in Hong Kong, and, in all other cases, a day on which commercial banks are open
                                            for general business (including dealings in foreign exchange and foreign currency deposits)
                                            in the principal financial centre in the country of the Specified Currency.

 

		14.	This
                                            Note shall not be validly issued unless manually authenticated by the Issue and Paying Agent.

 

		15.	This
                                            Note and any non-contractual obligations arising out of or in connection with it are governed
                                            by, and shall be construed in accordance with, English law.

 

The
English courts have exclusive jurisdiction to settle any dispute arising out of or in connection with this Note and any non-contractual
obligations arising from or connected with it (including a dispute regarding the existence, validity or termination of this Note). The
Issuer agrees and the bearer of this Note is deemed to agree that the English courts are the most appropriate and convenient courts to
settle any such dispute and accordingly will not argue to the contrary.

 

		16.	No
                                            person shall have any right to enforce any provision of this Note under the Contracts (Rights
                                            of Third Parties) Act 1999 but this does not affect any right or remedy of any person which
                                            exists or is available apart from that Act.

 

    34

     

    

 

	Signed on behalf of:	 
	RENTOKIL INITIAL PLC	 
	 	 
	By:	 	 
	 	(Authorised Signatory)	 
	 	 	 
	AUTHENTICATED by	 
	HSBC BANK PLC	 
	without recourse, warranty or liability
    and for authentication purposes only	 
	 	 
	By:	 	 
	 	(Authorised Signatory)	 

 

    35

     

    

 

SCHEDULE
1 : PAYMENTS OF INTEREST

 

The following payments of interest in
respect of this Note have been made:

 

FIXED
RATE INTEREST PAYMENTS

 

	Date
    of 

    Payment	Period
    From	Period
    To	Amount
    of Interest 

    Paid	Notation
    on 

    behalf of Issue 

    and Paying Agent
	 	 	 	 	
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

FLOATING
RATE INTEREST PAYMENTS

 

	Period
    From	Period
    To	Date
    of	Interest	Amount
    of	Notation
    on
	 	 	Payment	Rate
    per	Interest
    Paid	behalf
    of
	 	 	 	annum 	 	Issue
    and
	 	 	 	 	 	Paying
	 	 	 	 	 	Agent
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

    36

     

    

 

SCHEDULE
3 FORM OF CONFIRMATION TO ISSUE AND PAYING AGENT

 

	To:	HSBC BANK PLC
	 	 
	Attention:	Issuer Services New Issues Team (Email: ctla.newissues@hsbc.com)
	 	 
	Date:	[·]

 

RENTOKIL
INITIAL PLC 

£1,000,000,000
Euro-Commercial Paper Programme

 

We hereby confirm
our [telephone/e-mail] instruction to prepare, complete, authenticate and issue Global Notes / Definitive Notes (in accordance with the
terms of the above Issue and Paying Agency Agreement). We hereby instruct you to:

 

		(a)	Credit
                                            the account of [name of Dealer] with [Euroclear/Clearstream] with the following underlying
                                            Notes:

 

	 	(i)	Currency
    and Amount:	[          ]	 
	 	(ii)	Denomination:	[          ]	 
	 	(iii)	Euro
    Equivalent:	[          ]	 
	 	(iv)	Trade
    Date:	[          ]	 
	 	(v)	Issue
    Date:	[          ]	 
	 	(vi)	Maturity
    Date:	[          ]	 
	 	(vii)	Interest
    payment date (if any):	[          ]	 
	 	(viii)	Yield/Interest
    Rate:	[          ]	 
	 	[against
    payment of [·]
    / free of payment].	 	 
	(b)	Hold
    the following Definitive Notes available for collection by [name of Dealer]:
	 	(i)	Currency
    and Amount:	[          ]	 
	 	(ii)	Denomination:	[          ]	 
	 	(iii)	Euro
    Equivalent:	[          ]	 
	 	(iv)	Trade
    Date:	[          ]	 
	 	(v)	Issue
    Date:	[          ]	 
	 	(vi)	Maturity
    Date:	[          ]	 
	 	(vii)	Interest
    payment date (if any):	[          ]	 
	 	(viii)	Yield/Interest
    Rate:	[          ]	 

 

against
an undertaking from such Dealer or of the paying bank for such Dealer to make payment of [·]
on the Issue Date.

 

For and on behalf of

RENTOKIL INITIAL PLC

 

	By:	 	 
	 	 
	Date:	 	 
	 	 

 

    37Exhibit 10.8

 

EXECUTION VERSION

 

Amended and Restated

Dealer Agreement

 

between

 

RENTOKIL INITIAL PLC 

as Issuer

 

HSBC BANK PLC 

as Arranger

 

and

 

BANK OF AMERICA EUROPE DAC

BARCLAYS BANK PLC

BAYERISCHE LANDESBANK 

BNP PARIBAS

HSBC BANK PLC

ING BANK N.V. 

STANDARD CHARTERED BANK 

as Programme Dealers

 

relating to a

 

£1,000,000,000 

Euro-Commercial Paper Programme

 

	Simmons
    & Simmons LLP	 	
	Citypoint, 1 Ropemaker
    Street	 
	London, EC2Y 9SS	T +44 207 628 2020
	United Kingdom	F +44 207 628 2070

 

     

     

    

 

CONTENTS

 

	1.	Interpretation	2
	2.	Issue	5
	3.	Representations and warranties	8
	4.	Conditions precedent	12
	5.	Covenants and agreements	12
	6.	Obligations of the Dealers	17
	7.	Termination and appointment	17
	8.	Calculation Agent	18
	9.	Status of the Dealers and the Arranger	18
	10.	Notices	18
	11.	Partial invalidity	19
	12.	Remedies and waivers	19
	13.	Recognition of the U.S. Special Resolution Regimes	20
	14.	Contractual recognition of EU Bail-in Powers	20
	15.	Counterparts	21
	16.	Rights of third parties	21
	17.	Governing law	21
	18.	Jurisdiction	21

 

	Schedule 1 : Condition Precedent Documents	22
	 	 
	Schedule 2 : Selling Restrictions	23
	 	 
	Schedule 3 : Notification Letter for an Increase in
  the Maximum Amount	25
	 	 
	Schedule 4 : Dealer Accession Letter	26
	 	 
	Schedule 5 : Form of Calculation Agency Agreement	28

 

    i

     

    

 

THIS AGREEMENT is dated
11 October 2021 and made

 

BETWEEN:

 

		(1)	RENTOKIL
                                            INITIAL PLC, (the “Issuer”), registered in England and Wales as
                                            company number 05393279 and having its registered office at Compass House, Manor Royal, Crawley,
                                            West Sussex, RH10 9PY, United Kingdom; and

 

		(2)	HSBC
                                            BANK PLC, (the “Arranger”); and

 

		(3)	BANK
                                            OF AMERICA EUROPE DAC, BARCLAYS BANK PLC, BAYERISCHE LANDESBANK,
                                            BNP PARIBAS, HSBC BANK PLC, ING BANK N.V. and STANDARD
                                            CHARTERED BANK (the “Programme Dealers”).

 

WHEREAS:

 

		(A)	The
                                            Issuer, HSBC Bank plc and Barclays Bank PLC entered into a dealer agreement on 27 March 2020
                                            (the “Original Dealer Agreement”) in respect of a £1,000,000,000
                                            Euro-Commercial Paper Programme.

 

		(B)	The
                                            parties hereto have agreed to make certain modifications to the Original Dealer Agreement,
                                            including adding Bank of America Europe DAC, Bayerische Landesbank, BNP Paribas, ING Bank
                                            N.V. and Standard Chartered Bank as Programme Dealers, as set forth in this amended and restated
                                            Dealer Agreement (the “Agreement”).

 

BACKGROUND:

 

		1.	Interpretation

 

		1.1	Definitions
                                            

 

In this
Agreement:

 

“Additional
Dealer” means any institution appointed as a Dealer in accordance with Clause 7.2.

 

“Agency
Agreement” means the issue and paying agency agreement, dated on or about the date of this Agreement, between the Issuer and
the Agent, providing for the issuance of and payment on the Notes.

 

“Agent”
means HSBC Bank plc acting as issue and paying agent for the Notes and any successor or additional agent appointed in accordance with
the Agency Agreement.

 

“Australian
Dollars” and “AUD” denote the lawful currency of Australia; and “Australian Dollar Note”
means a Note denominated in Australian Dollars.

 

“Business
Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London.

 

“Canadian
Dollars” and “CAD” denote the lawful currency of Canada; and “Canadian Dollar Note” means
a Note denominated in Canadian Dollars.

 

“Clearing
System” means Clearstream Banking S.A. (“Clearstream, Luxembourg”), Euroclear Bank SA/NV (“Euroclear”)
or any other clearing system from time to time agreed between the Dealers and the Issuer.

 

    2 

     

    

 

“Covered Affiliate”
has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. §1841(k).

 

“Covered
Entity” means any of the following:

 

		(A)	a
                                            “covered entity” as that term is defined in, and interpreted in accordance with,
                                            12 C.F.R. §252.82(b);

 

		(B)	a
                                            “covered bank” as that term is defined in, and interpreted in accordance with,
                                            12 C.F.R. §47.3(b); or

 

		(C)	a
                                            “covered FSI” as that term is defined in, and interpreted in accordance with,
                                            12 C.F.R. §382.2(b).

 

“Dealer”
means a Programme Dealer (including HSBC Bank plc in its capacity as Arranger) or an Additional Dealer but excluding any institution
whose appointment as a dealer has been terminated under Clause 7.1 provided that where any such institution has been appointed as Dealer
in relation to a particular issue of Notes or period of time, the expression “Dealer” or “Dealers”
shall only mean or include such institution in relation to such Notes or that time period.

 

“Deed
of Covenant” means the Deed of Covenant, dated on or about the date of this Agreement, executed by the Issuer in respect of
Global Notes issued under the Agency Agreement.

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81,
47.2 or 382.1, as applicable.

 

“Definitive
Note” means a Note, security printed or otherwise, issued by the Issuer.

 

“Disclosure
Documents” means, at any particular date:

 

		(A)	the
                                            Information Memorandum; and

 

		(B)	any
                                            other document delivered or notified pursuant to clause 5.2 by the Issuer to a Dealer which
                                            the Issuer has expressly authorised in writing to be distributed to actual or potential purchasers
                                            of Notes.

 

“Dollars”
and “U.S.$” denote the lawful currency of the United States of America; and “Dollar Note” means
a Note denominated in Dollars.

 

“euro”
and “€” denote the lawful currency introduced at the start of the third stage of European Economic and Monetary
union pursuant to the Treaty on the Functioning of the European Union, as amended from time to time; and “euro Note”
means a Note denominated in euro.

 

“FSMA”
means the Financial Services and Markets Act 2000.

 

“Global
Note” means a Note in global form, representing an issue of commercial paper.

 

“Group”
means the Issuer and its Subsidiaries.

 

“Hong
Kong Dollars” and “HKD” denote the lawful currency of Hong Kong; and “Hong Kong Dollar Note”
means a Note denominated in Hong Kong Dollars.

 

    3 

     

    

 

“Information Memorandum”
means the most recently published information memorandum containing information about the Issuer and the Notes (including information
incorporated therein by reference), as prepared by or on behalf of the Issuer for use by the Dealers in connection with the transactions
contemplated by this Agreement.

 

“Maximum
Amount” means £1,000,000,000 or such other amount as may apply in accordance with Clause 2.7.

 

“New
Zealand Dollars” and “NZD” denote the lawful currency of New Zealand; and “New Zealand Dollar Note”
means a Note denominated in New Zealand Dollars.

 

“Note”
means a Definitive Note or a Global Note issued under the Agency Agreement to a Dealer.

 

“Note
Transaction” means the issue by the Issuer and the subscription by a Dealer of Note(s) in accordance with Clause 2.

 

“Programme”
means the euro-commercial paper programme of the Issuer established by the Programme Agreements.

 

“Programme
Agreement” means this Agreement, any agreement for a Note Transaction, the Deed of Covenant or the Agency Agreement.

 

“Ratings
Agency” means S&P Global Ratings UK Limited (“S&P”) or any other statistical ratings organisation
which rates the Issuer’s debt securities.

 

“Relevant
Party” means in respect of each Dealer, each of its affiliates and each person who controls them (within the meaning of section
15 of the Securities Act or section 20 of the United States Securities Exchange Act of 1934, as amended), together with each of its directors,
officers, employees and agents.

 

“Renminbi”
and “CNY” denote the lawful currency of the People’s Republic of China; and “Renminbi Note”
means a Note denominated in Renminbi.

 

“Sanctions”
means any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. State Department,
the United Nations, the United Kingdom, the European Union or Her Majesty’s Treasury.

 

“Sterling”
and “£” denote the lawful currency of the United Kingdom; and “Sterling Note” means a Note
denominated in Sterling.

 

“Sterling
Equivalent” means on any day:

 

		(A)	in
                                            relation to any Sterling Note, the nominal amount of such Note; and

 

		(B)	in
                                            relation to any Note denominated or to be denominated in any other currency, the amount in
                                            Sterling which would be required to purchase the nominal amount of such Note as expressed
                                            in such other currency at the spot rate of exchange for the purchase of such other currency
                                            with Sterling, as quoted by the Agent at or about 11.00 a.m. (London time) on such day.

 

“Subsidiary”
means any company which is for the time being a subsidiary (within the meaning of Section 1159 of the Companies Act 2006) or a subsidiary
undertaking (within the meaning of Section 1162 of the Companies Act 2006).

 

    4 

     

    

 

“U.S.
Special Resolution Regime” means each of (i) the U.S. Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

“Yen”
and “¥” denote the lawful currency of Japan; and “Yen Note” means a Note denominated in Japanese
Yen.

 

		1.2	Construction
                                            

 

		(A)	In
                                            this Agreement, unless the contrary intention appears, a reference to:

 

		(1)	a
                                            provision of a law is a reference to that provision as amended, extended, applied or re-enacted
                                            and includes any subordinate legislation;

 

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

 

		(3)	a
                                            “person” includes any individual, company, corporation, unincorporated
                                            association or body (including a partnership, trust, joint venture or consortium), government,
                                            state, agency, organisation or any other entity whether or not having separate legal personality,
                                            and references to any person shall include its successors in title, permitted assigns and
                                            permitted transferees;

 

		(4)	“assets”
                                            includes present and future properties, revenues and rights of every description;

 

		(5)	an
                                            “authorisation” includes any authorisation, consent, approval, resolution,
                                            licence, exemption, filing, notarisation or registration;

 

		(6)	a
                                            “regulation” includes any regulation, rule, official directive, request
                                            or guideline (whether or not having the force of law) of any governmental, inter-governmental
                                            or supranational body, agency, department or authority; and

 

		(7)	any
                                            “Programme Agreement” or other document is a reference to that Programme
                                            Agreement or other document as amended, novated, restated, superseded or supplemented.

 

		(B)	The
                                            index to and the headings in this Agreement are for convenience only and are to be ignored
                                            in construing this Agreement.

 

		2.	Issue

 

		2.1	Appointment
                                            of Dealers 

 

The
Issuer hereby appoints the Dealers with respect to the issue of Notes under this Agreement.

 

		2.2	The
                                            Uncommitted Programme 

 

		(A)	The
                                            Issuer shall not be under any obligation to issue any Notes, and a Dealer shall not be under
                                            any obligation to subscribe for or procure the subscription for any Notes, until such time
                                            as an agreement for a Note Transaction has been reached between the Issuer and that Dealer.

 

		(B)	Each
                                            of the Issuer and the Dealers agree that solely by virtue of appointment as Arranger or Dealer,
                                            as applicable, on this Programme, neither the Arranger nor the Dealers nor any of their respective
                                            affiliates will be a manufacturer for the purpose of EU Delegated Directive 2017/593 and/or
                                            the FCA Handbook Product Intervention and Product Governance Sourcebook.

 

    5 

     

    

 

		2.3	Issue
                                            of Notes 

 

		(A)	Subject
                                            to the terms of this Agreement, the Issuer may issue Notes to any of the Dealers from time
                                            to time at such prices and upon such terms as the Issuer and the relevant Dealer may agree.
                                            The Issuer acknowledges that the Dealers may resell Notes subscribed for by such Dealers.

 

		(B)	Each
                                            issue of Notes having the same Issue Date, Maturity Date, currency and yield and redemption
                                            basis will be represented by one or more Global Notes or by Definitive Notes having the aggregate
                                            principal amount of such issue as may be agreed between the Issuer and the relevant Dealer.

 

		(C)	The
                                            tenor of each Note shall not be less than one day nor greater than 364 days, with that tenor
                                            being calculated from (and including) the issue date to (but excluding) the maturity date
                                            of that Note.

 

		(D)	Global
                                            Notes and Definitive Notes (if any) shall be issued in the following denominations (or integral
                                            multiples thereof):

 

		(1)	for
                                            Australian Dollar Notes, AUD 1,000,000;

 

		(2)	for
                                            Canadian Dollar Notes, CAD 500,000;

 

		(3)	for
                                            euro Notes, €500,000;

 

		(4)	for
                                            Hong Kong Dollar Notes, HKD 2,000,000;

 

		(5)	for
                                            New Zealand Dollar Notes, NZD 1,000,000;

 

		(6)	for
                                            Renminbi Notes, CNY1,000,000;

 

		(7)	for
                                            Sterling Notes, £100,000;

 

		(8)	for
                                            Swiss Franc Notes, CHF500,000;

 

		(9)	for
                                            U.S. Dollar Notes, U.S.$500,000; or

 

		(10)	for
                                            Yen Notes, Yen 100,000,000,

 

or such
other conventionally accepted denominations in those currencies or such other currency as may be agreed between the Issuer and the relevant
Dealer from time to time, subject in each case to compliance with all applicable legal and regulatory requirements and provided that
the equivalent of that denomination in Sterling as at the Issue Date is not less than £100,000.

 

		(E)	The
                                            aggregate amount of Notes outstanding at any time will not exceed the Maximum Amount. For
                                            the purposes of calculating the Maximum Amount of Notes issued under this Agreement, the
                                            principal amount of any outstanding Note denominated in any currency other than Sterling
                                            shall be taken as the Sterling Equivalent of such principal amount as at the Issue Date of
                                            the Notes then to be issued.

 

 

    6 

     

    

 

		2.4	Agreements
                                            for Note Transactions 

 

If the
Issuer and any Dealer shall agree on the terms of the subscription for any Note by that Dealer (including agreement with respect to the
issue date, aggregate principal or nominal amount, denomination, currency, price, redemption basis, maturity date and discount or interest
basis), then:

 

		(A)	the
                                            Issuer shall instruct the Agent to issue that Note and deliver it in accordance with the
                                            terms of the Agency Agreement;

 

		(B)	the
                                            relevant Dealer shall pay the subscription price of such Note on the issue date:

 

		(1)	in
                                            the case of a euro Note, by transfer of same-day funds settled through the Trans-European
                                            Automated Real-Time Gross Settlement Express Transfer (TARGET2) System (or any successor
                                            thereto) to such euro account as the Agent shall from time to time have specified for this
                                            purpose; or

 

		(2)	in
                                            the case of a Sterling Note, by transfer of same-day funds to the Sterling account in London
                                            as the Agent shall from time to time have specified for this purpose; or

 

		(3)	in
                                            the case of a Dollar Note, by transfer of funds settled through the New York Clearing House
                                            Interbank Payments System (or such other same-day value funds as at the time shall be customary
                                            for the settlement in New York City of international banking transactions denominated in
                                            Dollars) to the account in New York denominated in Dollars as the Agent shall from time to
                                            time have specified for this purpose; or

 

		(4)	in
                                            all other cases, by transfer of freely transferable same-day funds in the relevant currency
                                            to the account of the Agent at such bank in the applicable jurisdiction for such currency
                                            as the Agent may from time to time have specified for this purpose; and

 

		(C)	the
                                            relevant Dealer shall notify the Agent and the Issuer of the payment and delivery instructions
                                            applicable to such Note in accordance with prevailing market practice and in sufficient time
                                            to enable the Agent to deliver such Note(s) (or make the same available for collection) on
                                            the relevant issue date.

 

		2.5	Failure
                                            to issue 

 

If,
for any reason (including, without limitation, the failure of the relevant trade), a Note is not to be issued in accordance with a Note
Transaction, the Issuer and the relevant Dealer shall immediately notify the Agent of that fact.

 

		2.6	Optional
                                            currencies 

 

		(A)	Any
                                            agreement for a Note Transaction for a Note denominated in a currency other than Sterling,
                                            Dollars, euro, AUD, CAD, CHF, HKD, NZD, Renminbi or Yen shall be conditional upon:

 

		(1)	it
                                            being lawful and in compliance with all requirements of any relevant central bank and any
                                            other relevant fiscal, monetary, regulatory or other authority from time to time, for deposits
                                            to be made in such currency and for such Note to be issued, offered for sale, sold and delivered
                                            as contemplated by such Note Transaction;

 

    7 

     

    

 

		(2)	such
                                            other currency being freely transferable and freely convertible into Sterling;

 

		(3)	the
                                            consent of the Agent to that currency having been given; and

 

		(4)	any
                                            appropriate amendments which the relevant Dealer and/or the Issuer shall require having been
                                            made to this Agreement and any appropriate amendments which the Issuer and/or the Agent shall
                                            require having been made to the Agency Agreement.

 

		2.7	Increase
                                            in Maximum Amount 

 

The
Issuer may from time to time increase the Maximum Amount by:

 

		(A)	giving
                                            at least 10 days’ notice by letter in substantially the form of Schedule 3 to each
                                            Dealer and to the Agent; and

 

		(B)	delivering
                                            to each Dealer with that letter the documents referred to in that letter, in each case in
                                            form and substance acceptable to each Dealer.

 

		2.8	Global
                                            Notes and Definitive Notes 

 

		(A)	Each
                                            Note issued will be represented initially by one or more Global Notes.

 

		(B)	Global
                                            Notes will be exchangeable, in accordance with their terms, for Definitive Notes only upon
                                            default by the Issuer in the payment of any amount payable in respect of the Notes represented
                                            by such Global Notes or if one or both of Euroclear and Clearstream, Luxembourg or any other
                                            relevant Clearing System in which the relevant Global Note is held is closed for business
                                            for a continuous period of 14 days or more (other than by reason of weekends or public holidays,
                                            statutory or otherwise) or if any such Clearing System announces an intention to, or does
                                            in fact, permanently cease to do business.

 

3.           Representations
and warranties

 

The Issuer makes the representations
and warranties in this Clause 3 to each Dealer.

 

		3.1	Status
                                            

 

The
Issuer is a limited liability company duly incorporated and validly existing under the laws of its jurisdiction of incorporation and
has the power to own its assets and carry on its business as it is being conducted.

 

		3.2	Powers
                                            and authority 

 

The
Issuer has the power to enter into, perform and deliver, and has taken all necessary action to authorise the entry into, performance
and delivery of, the Notes and the Programme Agreements and the transactions contemplated by those Notes and Programme Agreements.

 

		3.3	Binding
                                            obligations 

 

The
obligations expressed to be assumed by the Issuer in each of the Programme Agreements and (when the Notes have been issued and delivered
under the Agency Agreement and have been paid for) the Notes are, subject to any general principles of law limiting its obligations
which are specifically referred to in any legal opinion delivered under Schedule 1, legal, valid, binding and enforceable obligations.

 

    8 

     

    

 

		3.4	Authorisations
                                            

 

All
authorisations required by the Issuer:

 

		(A)	to
                                            enable it lawfully to enter into, exercise its rights and comply with its obligations under,
                                            the Notes and Programme Agreements; and

 

		(B)	to
                                            make the Programme Agreements and Notes admissible in evidence in its jurisdiction of incorporation,

 

have been obtained or effected
and are in full force and effect.

 

		3.5	Non-conflict
                                            

 

The
entry into, delivery and performance by the Issuer of its obligations under the Notes and the Programme Agreements and the transactions
contemplated by the Programme Agreements will not conflict with, or constitute a default under:

 

		(A)	the
                                            constitutional documents of the Issuer; or

 

		(B)	any
                                            law or regulation applicable to the Issuer; or

 

		(C)	any
                                            agreement or instrument by which the Issuer or any of its assets are bound.

 

		3.6	Ranking
                                            

 

The
obligations of the Issuer under the Programme Agreements rank, and the Notes (when issued) will rank, at least pari passu with
all present and future unsecured and unsubordinated obligations of the Issuer other than obligations mandatorily preferred by law applying
to companies generally.

 

		3.7	Disclosure
                                            Documents 

 

		(A)	In
                                            the context of the Programme Agreements and the transactions contemplated by the Programme
                                            Agreements, the information contained or incorporated by reference in the Disclosure Documents
                                            is true and accurate in all material respects and not misleading in any material respect
                                            and there are no other facts in relation to the Issuer or any Notes the omission of which
                                            makes the Disclosure Documents or any such information contained or incorporated by reference
                                            therein misleading in any material respect.

 

		(B)	Any
                                            statements of intention, opinion, belief or expectation contained in the Disclosure Documents
                                            are, or will be at the date of its publication, honestly and reasonably made by the Issuer.

 

		3.8	Financial
                                            information 

 

The
most recently published financial statements of the Issuer which are incorporated by reference in the Information Memorandum:

 

		(A)	were
                                            prepared in accordance with the requirements of applicable law and with generally accepted
                                            accounting principles in the jurisdiction of incorporation of the Issuer and are consistently
                                            applied throughout the periods involved; and

 

		(B)	fairly
                                            represent the financial condition and operations of the Issuer as at the date to which they
                                            were prepared.

 

    9 

     

    

 

		3.9	Adverse
                                            change and litigation 

 

Except
as otherwise disclosed by any Disclosure Documents:

 

		(A)	there
                                            has been no adverse change in the business, financial or other condition or prospects of
                                            any member of the Group since the date of the most recently published audited consolidated
                                            financial statements of the Issuer; and

 

		(B)	there
                                            is no litigation, arbitration or administrative proceeding pending or, to the knowledge of
                                            the Issuer, threatened against or affecting any member of the Group,

 

which
in any case could reasonably be expected to be material in the context of the Programme Agreements and the transactions contemplated
by the Programme Agreements.

 

		3.10	No
                                            default 

 

No member
of the Group is in breach of the terms of, or in default under, any instrument, agreement or order to which it is a party or by which
it or its property is bound which might be material in the context of the Programme and/or the issue and offering of Notes under the
Programme and no event has occurred which with the giving of notice or lapse of time or other condition would constitute a default under
any such instrument, agreement or order which might be material in the context of the Programme and/or the issue and offering of Notes
under the Programme.

 

		3.11	No
                                            withholding tax 

 

The
Issuer is not required by any law or regulation of, or any relevant taxing authority or any political subdivision or any authority thereof
having the power to tax in, the jurisdiction in which the Issuer is resident for tax purposes to make any withholding or deduction from
any payment due under the Notes or any Programme Agreement for or on account of any taxes or duties of whatever nature.

 

		3.12	Maximum
                                            Amount 

 

The
aggregate outstanding principal amount of the Notes on the date of issue of any Note does not exceed the Maximum Amount.

 

		3.13	Anti-Bribery
                                            

 

Neither
the Issuer nor any of its Subsidiaries, nor any director, officer, agent, employee or other person associated with or acting on behalf
of the Issuer or any of its Subsidiaries, has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful
expense relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic government official or
employee from corporate funds; violated or is in violation of any provision of any applicable anti-bribery or anti-corruption law, rule
or regulation enacted in any jurisdiction; or made, offered or promised to make, or authorised the payment or giving of any bribe, rebate,
payoff, influence payment, facilitation payment, kickback or other unlawful payment or gift of money or anything of value prohibited
under any applicable law, rule or regulation.

 

    10 

     

    

 

		3.14	Sanctions
                                            

 

Neither
the Issuer nor any of its Subsidiaries nor, to the best of the knowledge of the Issuer, any director, officer, agent, employee, affiliate
of or person acting on behalf of the Issuer or any of its Subsidiaries (i) has engaged in any activity or conduct which would violate
any applicable anti-bribery, anti-corruption or money-laundering law or regulation and the Issuer and its Subsidiaries have instituted
and maintain policies and procedures designed to prevent violation of such laws, regulations and rules by the Group and by persons associated
with the Group; or (ii) is currently the target of any Sanctions or operating in a country which is the target of any Sanctions, where
such operations are in violation of such Sanctions

 

		3.15	Money
                                            Laundering Laws 

 

The
operations of the Issuer and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record
keeping and reporting requirements and money laundering statutes in the jurisdiction of Issuer and of all jurisdictions in which the
Issuer and its Subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any applicable governmental agency (collectively, “Money Laundering Laws”).

 

		3.16	United
                                            States Investment Company Act 

 

The
Issuer is not, and will not as a result of any issue of Notes or the receipt or application of the proceeds thereof be, an investment
company as defined in the United States Investment Company Act of 1940.

 

		3.17	U.S.
                                            selling restrictions 

 

The
Issuer represents, warrants and agrees:

 

		(A)	that
                                            neither it, nor any of its affiliates (as defined in Rule 405 under the U.S. Securities Act
                                            of 1933, as amended (the “Securities Act”)), nor any person (other than
                                            the Dealers, as to whom no representation or warranty is made) acting on its behalf or on
                                            behalf of any of its affiliates, has engaged or will engage in any directed selling efforts
                                            (as defined in Regulation S under the Securities Act (“Regulation S”))
                                            in the United States with respect to any Notes; and

 

		(B)	that
                                            it is a foreign issuer (as such term is defined in Regulation S) and that it, its affiliates
                                            (as defined in Rule 405 under the Securities Act) and any person (other than the Dealers,
                                            as to whom no representation or warranty is made) acting on its behalf or on behalf of any
                                            of its affiliates, have complied and will comply with the offering restrictions requirement
                                            of Regulation S under the Securities Act; and

 

		(C)	that
                                            it will not offer or sell, nor solicit offers to buy, securities under circumstances that
                                            would require registration of the Notes under the Securities Act.

 

		3.18	Times
                                            for making representations and warranties 

 

The
representations and warranties set out in this Clause 3:

 

		(A)	are
                                            made on the date of this Agreement; and

 

		(B)	are
                                            deemed to be repeated on each date upon which the Maximum Amount is increased, each date
                                            a Note Transaction is agreed and each date upon which any Note is, or is to be issued, in
                                            each case, by reference to the facts and circumstances then existing.

 

    11 

     

    

 

When a representation or
warranty under Clauses 3.7 and 3.9 is repeated under paragraph (B) above, the reference to Disclosure Documents shall be deemed
to be only the Disclosure Documents which have been published before the date on which a relevant Note Transaction is made (in the case
of that Note Transaction and the corresponding issue of Notes) or the date on which the letter purporting to increase the Maximum Amount
is delivered (in the case of that increase).

 

		3.19	Notice
                                            of inaccuracy 

 

If,
before a Note is issued and delivered to or for the account of the relevant Dealer, an event occurs which would render any of the representations
and warranties in this Clause 3 immediately, or with the lapse of time, untrue or incorrect, the Issuer will inform the relevant Dealer
as soon as practicable of the occurrence of such event. In either case, the relevant Dealer shall inform the Issuer without any undue
delay whether it wishes to continue or discontinue the issuance and delivery of the respective Notes.

 

4.           Conditions
precedent

 

		4.1	Conditions
                                            precedent 

 

By a
date no later than five Business Days before the date upon which the Issuer and any Dealer shall first agree terms for a Note Transaction
(or such other period as may be agreed between the Issuer and that Dealer), the Issuer shall deliver to that Dealer each of the documents
listed in Schedule 1, in form and substance satisfactory to that Dealer.

 

		4.2	Further
                                            conditions precedent 

 

The
obligations of any Dealer in respect of any agreement for a Note Transaction and each issue of Notes shall be conditional upon:

 

		(A)	the
                                            representations and warranties of the Issuer contained in Clause 3 being true and correct:

 

		(1)	on
                                            each date upon which an agreement for a Note Transaction is made; and

 

		(2)	on
                                            each date on which Notes are issued,

 

by reference to the facts
and circumstances then subsisting;

 

		(B)	there
                                            being no breach as at the issue date of those Notes in the performance of the obligations
                                            of the Issuer under any of the Programme Agreements or any Note; and

 

		(C)	except
                                            as disclosed in any Disclosure Document issued before the date upon which an agreement for
                                            a Note Transaction is made, no Ratings Agency having, in respect of any short-term debt securities
                                            of the Issuer, issued any notice downgrading such securities or put any such rating on its
                                            “Creditwatch” list or other similar publication of formal review (including
                                            a notice confirming a change of outlook), in each case with negative implications.

 

		5.	Covenants
                                            and agreements 

 

		5.1	Duration
                                            

 

The
undertakings in this Clause 5 remain in force from the date of this Agreement for so long as any Programme Agreement is in force and
any amount is or may be outstanding under any Programme Agreement or any Note.

 

    12 

     

    

 

		5.2	Information
                                            

 

Whenever
the Issuer publishes or makes available to its shareholders (or any class of them) or to its creditors generally (or any class of them)
or to the public (by filing with any regulatory authority, securities exchange or otherwise) any information which could reasonably be
expected to be material in the context of the Programme Agreements and the Notes and the transactions contemplated by the Programme Agreements
and the Notes, the Issuer shall:

 

		(A)	notify
                                            each Dealer as to the nature of such information;

 

		(B)	make
                                            a reasonable number of copies of such information available to each Dealer upon request and
                                            permit distribution of that information to actual or potential purchasers of Notes unless
                                            and until the appointment of such Dealer is terminated in accordance with Clause 7.1 (Termination);
                                            and

 

		(C)	take
                                            such action as may be necessary to ensure that the representation and warranty contained
                                            in Clause 3.7 is true and accurate on the dates when it is made or deemed to be repeated.

 

		5.3	Authorisation
                                            information 

 

Whenever
the Issuer is required to obtain or effect any authorisation in order to comply with the representation and warranty contained in Clause
3.4, the Issuer shall:

 

		(A)	notify
                                            each Dealer as to the nature of such authorisation; and

 

		(B)	upon
                                            request by a Dealer, make a reasonable number of copies of such authorisation available to
                                            that Dealer.

 

		5.4	Ratings
                                            

 

The
Issuer undertakes promptly to notify the Dealers of any change in the rating given by any Ratings Agency of its short-term debt securities
or upon it becoming aware that such rating has been put on a “Creditwatch” list or other similar publication of formal
review (including a notice of change of outlook) by any Ratings Agency.

 

		5.5	Indemnification
                                            

 

		(A)	Without
                                            prejudice to the other rights or remedies of the Dealers, the Issuer undertakes to each Dealer
                                            that if that Dealer or any of its Relevant Parties incurs any liability, damages, cost, loss
                                            or expense (including, without limitation, legal fees, costs and expenses) (a “Loss”)
                                            arising out of or in connection with or based on:

 

		(1)	the
                                            Issuer’s failure to make due payment under the Notes or the Deed of Covenant; or

 

		(2)	any
                                            Notes not being issued for any reason (other than as a result of the failure of any Dealer
                                            to pay for such Notes) after an agreement for that Note Transaction has been made; or

 

		(3)	any
                                            breach or alleged breach of the representations, warranties, covenants or agreements made
                                            or deemed to be repeated by the Issuer in this Agreement or any other Programme Agreement
                                            unless, in the case of an alleged breach only, the allegation is being made by the relevant
                                            Dealer or its Relevant Party; or

 

    13 

     

    

 

		(4)	any
                                            untrue statement or alleged untrue statement of any material fact contained in the Disclosure
                                            Documents or the omission or alleged omission to state therein a material fact necessary
                                            in order to make the statements therein, in the light of the circumstances under which they
                                            were made, not misleading in any material respect unless, in the case of an alleged untrue
                                            statement or omission, the allegation is being made by the relevant Dealer or its Relevant
                                            Party,

 

the
Issuer shall pay to that Dealer on demand an amount equal to such Loss on an after tax basis. No Dealer shall have any duty or obligation,
whether as fiduciary or trustee for any Relevant Party or otherwise, to recover any such payment or to account to any other person for
any amounts paid to it under this paragraph (A).

 

		(B)	In
                                            case any allegation as described in sub-paragraphs (A)(3) or (A)(4) above is made or any
                                            action is brought against any Dealer or its Relevant Party in respect of which recovery may
                                            be sought from the Issuer under this Clause 5.5, the relevant Dealer shall promptly notify
                                            the Issuer in writing but failure to do so will not relieve the Issuer from any liability
                                            under this Agreement. If any such allegation is made, the parties agree to consult in good
                                            faith with respect to the nature of the allegation. Subject to paragraph (C) below, the Issuer
                                            may participate at its own expense in the defence of any action.

 

		(C)	If
                                            it so elects within a reasonable time after receipt of the notice referred to in paragraph
                                            (B) above, the Issuer may, subject as provided below, assume the defence of the action with
                                            legal advisers chosen by it and approved by the relevant Dealer (such approval not to be
                                            unreasonably withheld or delayed). Notwithstanding any such election a Dealer or its Relevant
                                            Party may employ separate legal advisers reasonably acceptable to the Issuer and the Issuer
                                            shall not be entitled to assume such defence and shall bear the reasonable fees and expenses
                                            of such separate legal advisers if:

 

		(1)	the
                                            use of the legal advisers chosen by the Issuer to represent the Dealer or Relevant Party
                                            would present such legal advisers with a conflict of interest;

 

		(2)	the
                                            actual or potential defendants in, or targets of, any such action include both the Dealer
                                            or its Relevant Party and the Issuer and the Dealer concludes that there may be legal defences
                                            available to it and/or other Relevant Parties which are different from or additional to those
                                            available to the Issuer; or

 

		(3)	the
                                            Issuer has not employed legal advisers reasonably satisfactory to the Dealer to represent
                                            the Dealer or its Relevant Party within a reasonable time after notice of the institution
                                            of such action.

 

		(D)	If
                                            the Issuer assumes the defence of the action, the Issuer shall not be liable for any fees
                                            and expenses of legal advisers of the relevant Dealer or its Relevant Party incurred thereafter
                                            in connection with the action, except as stated in paragraph (C) above.

 

		(E)	The
                                            Issuer shall not be liable in respect of any settlement of any action effected without its
                                            written consent, such consent not to be unreasonably withheld or delayed. The Issuer shall
                                            not, without the prior written consent of the relevant Dealer (such consent not to be unreasonably
                                            withheld or delayed), settle or compromise or consent to the entry of any judgment with respect
                                            to any pending or threatened claim or action in respect of which recovery may be sought (whether
                                            or not the relevant Dealer or its Relevant Party is an actual or potential party to such
                                            claim or action) unless such settlement, compromise or consent includes an unconditional
                                            release of each Dealer and its Relevant Party from all liability arising out of such claim
                                            or action and does not include a statement as to or an admission of fault, culpability or
                                            failure to act by or on behalf of a Dealer or its Relevant Party.

 

    14 

     

    

 

		5.6	Costs
                                            and expenses 

 

The
Issuer will on demand:

 

		(A)	pay,
                                            or reimburse the Arranger for, all reasonable costs and expenses (including value added tax
                                            and any other taxes or duties and fees and disbursements of counsel to the Arranger) incurred
                                            by the Arranger in connection with the preparation, negotiation, printing, execution and
                                            delivery of the Programme Agreements and the Notes and all documents contemplated by the
                                            Programme Agreements and the Notes;

 

		(B)	pay,
                                            or reimburse each Dealer for, all costs and expenses (including value added tax and any other
                                            taxes or duties and fees and disbursements of counsel to such Dealer) incurred by that Dealer
                                            in connection with the enforcement or protection of its rights under the Programme Agreements,
                                            the Notes and all documents contemplated by the Programme Agreements and the Notes; and

 

		(C)	pay
                                            any stamp duty or other similar taxes (including any penalties and interest in respect thereof)
                                            payable in connection with the entry into, delivery and performance of any Programme Agreement
                                            or any Notes, and will indemnify and hold harmless each Dealer on demand, on an after tax
                                            basis, from all liabilities arising from any failure to pay or delay in paying such duty
                                            or taxes.

 

		5.7	Changes
                                            to the Programme 

 

		(A)	The
                                            Issuer will notify each Dealer of:

 

		(1)	any
                                            change in an Agent, or any change in any of the offices of such Agent; and

 

		(2)	any
                                            amendment to or termination of the Agency Agreement or the Deed of Covenant,

 

by no later than 10 Business
Days before the making of that change, amendment or termination.

 

		(B)	The
                                            Issuer will not permit to become effective any change, amendment or termination to the Agency
                                            Agreement or Deed of Covenant which could reasonably be expected to adversely affect the
                                            interests of any Dealer or the holder of any Notes then outstanding.

 

		5.8	Continuing
                                            obligations 

 

The
Issuer will take such steps (in conjunction with the Dealers, where appropriate) to ensure that any laws and regulations or requirements
of any governmental agency, authority or institution which may from time to time be applicable to any Notes shall be fully observed and
complied with, including (without limitation) its obligations under Clauses 3.17, 5.9, 5.10 and 5.11.

 

		5.9	Yen
                                            Notes 

 

		(A)	Subject
                                            to paragraph (B) below, the Issuer will in respect of Yen Notes comply with any applicable
                                            laws, regulations and guidelines of Japanese governmental and regulatory authorities relevant
                                            in the context of the issue of Yen Notes, as amended from time to time, and shall submit
                                            (or procure the submission on its behalf of) such reports or information as may be required
                                            for compliance with such laws, regulations and guidelines from time to time.

 

    15 

     

    

 

 

		(B)	Yen
                                            Notes may be offered or sold in circumstances which would not be so permissible at the date
                                            of this Agreement if permitted by any change or amendment which is made after the date of
                                            this Agreement in such laws, regulations and guidelines or in such other rules or directives
                                            as are applicable to Yen Notes from time to time.

 

		5.10	Renminbi
                                            Notes 

 

The
Issuer will, in respect of Renminbi Notes, comply with any applicable laws, regulations and guidelines of any governmental and regulatory
authorities in the People’s Republic of China relevant in the context of the issue of Renminbi Notes, as amended from time to time,
and shall submit (or procure the submission on its behalf of) such applications, reports or information as may be required for (i) the
obtaining of such relevant approvals or consents, or (ii) compliance with such laws, regulations and guidelines from time to time.

 

		5.11	United
                                            Kingdom 

 

The
Issuer will issue Notes under the Programme only if the following conditions apply (or the Notes can otherwise be issued without contravention
of Section 19 of the FSMA):

 

		(A)	the
                                            relevant Dealer covenants in the terms set out in paragraph 3(A) of Schedule 2; and

 

		(B)	the
                                            redemption value of each Note is not less than £100,000 (or an amount of equivalent
                                            value denominated wholly or partly in a currency other than Sterling), and no part of any
                                            Note may be transferred unless the redemption value of that part is not less than £100,000
                                            (or such an equivalent amount).

 

		5.12	Sanctions
                                            

 

The
Issuer will not directly or indirectly lend, contribute or otherwise make available to any person or entity (whether or not related to
the Issuer) the proceeds raised in connection with any issue of Notes for the purpose of financing the activities of any person or entity
or for the benefit of any country currently the target of any Sanctions, where such activities are in violation of such Sanctions.

 

Each
Dealer and the Issuer agrees and confirms that it is not entitled to the benefit of or does not make or repeat, as appropriate, the representation
and warranty contained in Clause 3.14 or the undertaking contained in Clause 5.12 to the extent that those provisions would result in
a violation of (i) EU Regulation (EC) No 2271/96 of 22 November 1996 (including as it forms part of domestic law in the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”)) and/or (ii) any associated and applicable national
law, instrument or regulation related thereto in the European Union and/or any similar anti-boycott law in the United Kingdom. The representation
and warranty given in Clause 3.14 and the undertaking contained in this Clause 5.12 shall not be made to any Dealer incorporated in Germany
insofar as they would result in a violation of, or conflict with, section 7 of the German Foreign Trade Ordinance (Außenwirtschaftsverordnung)
or any similar applicable anti-boycott law or regulation.

 

    16 

     

    

 

		6.	Obligations
                                            of the Dealers

 

		6.1	Selling
                                            restrictions

 

Each
Dealer represents and agrees that it has complied and will comply with the selling restrictions set out in Schedule 2. Subject to those
restrictions, each Dealer is authorised by the Issuer to circulate the Disclosure Documents to actual or potential purchasers of Notes.

 

		6.2	Obligations
                                            several 

 

The
obligations of each Dealer under this Agreement are several.

 

		7.	Termination
                                            and appointment

 

		7.1	Termination
                                            

 

		(A)	The
                                            Issuer may terminate the appointment of any Dealer on not less than 30 days’ written
                                            notice to the relevant Dealer. The Dealer may resign on not less than 30 days’ written
                                            notice to the Issuer. The Issuer shall promptly inform the other Dealers and the Agent of
                                            such termination or resignation.

 

		(B)	The
                                            rights and obligations of each party to this Agreement shall not terminate in respect of
                                            any rights or obligations accrued or incurred before the date on which such termination takes
                                            effect and the provisions of Clauses 5.5 and 5.6 shall survive termination of this Agreement
                                            and delivery against payment for any of the Notes.

 

		7.2	Appointment
                                            of Dealers 

 

		(A)	The
                                            Issuer may appoint one or more Additional Dealers upon the terms of this Agreement by sending
                                            a dealer accession letter to the Additional Dealer substantially in the form of Schedule
                                            4. The appointment will only become effective if the Additional Dealer confirms acceptance
                                            of its appointment to the Issuer by signing that dealer accession letter and delivering it
                                            to the Issuer. The Issuer may limit that appointment to a particular issue of Notes or for
                                            a particular period of time (which need not be a finite period of time).

 

		(B)	The
                                            Additional Dealer shall become a party to this Agreement on the later of:

 

		(1)	the
                                            date of the signature of the dealer accession letter by the Additional Dealer in accordance
                                            with paragraph (A) above; and

 

		(2)	the
                                            date specified in the dealer accession letter as the date of appointment,

 

and
the Additional Dealer shall then be vested with all the authority, rights, powers, duties and obligations as if originally named as a
Dealer under this Agreement.

 

		(C)	If
                                            the appointment of that Additional Dealer is limited to a particular issue of Notes or period
                                            of time:

 

		(1)	such
                                            authority, rights, powers, duties and obligations shall extend to the relevant Notes or period
                                            only; and

 

		(2)	following
                                            the relevant issue of Notes or the expiry of the time period, the relevant Additional Dealer
                                            shall have no further authority, rights, powers, duties or obligations except such as may
                                            have accrued or been incurred prior to, or in connection with, the issue of such Notes or
                                            during that time period.

 

		(D)	The
                                            Issuer shall promptly notify the Agent of any appointment. If the appointment of the Dealer
                                            is not limited to a particular issue of Notes or for a particular period of time, the Issuer
                                            shall also notify the other Dealers of that appointment. The Issuer agrees to supply to such
                                            Additional Dealer, upon appointment, a copy of the conditions precedent documents specified
                                            in Schedule 1, if requested by the Additional Dealer.

 

    17 

     

    

 

		7.3	Transfers
                                            to affiliates 

 

If,
at any time, a Dealer transfers all or substantially all of its euro commercial paper business to any of its affiliates then, on the
date that transfer becomes effective, the relevant affiliate shall become the successor to that Dealer under this Agreement without the
execution or filing of any paper or any further act on the part of the parties to this Agreement. Upon that transfer becoming effective,
all references in this Agreement to the relevant Dealer shall be deemed to be references to the relevant affiliate. The relevant Dealer
shall, promptly following that effective date, give notice of the transfer to the Issuer with a copy to the Agent.

 

		8.	Calculation
                                            Agent

 

		8.1	If
                                            floating rate Notes are to be issued, the Issuer will, at its discretion, appoint either
                                            the relevant Dealer or the Agent or any other person to be the Calculation Agent in respect
                                            of such floating rate Notes. The prior consent of that Dealer, Agent or other person is required
                                            for this appointment.

 

		8.2	If
                                            a Dealer has agreed to be the Calculation Agent, its appointment as such shall be on the
                                            terms of the form of agreement set out in Schedule 5, and that Dealer will be deemed to have
                                            entered into an agreement in that form for a particular calculation if it is named as Calculation
                                            Agent in the redemption calculation attached to or endorsed on the relevant Note.

 

		8.3	If
                                            the Agent has agreed to be the Calculation Agent, its appointment shall be on the terms set
                                            out in the Agency Agreement.

 

		8.4	If
                                            the person who has agreed to act as Calculation Agent is not a Dealer or the Agent, that
                                            person shall execute (if it has not already done so) an agreement substantially in the form
                                            of the agreement set out in Schedule 5.

 

		9.	Status
                                            of the Dealers and the Arranger

 

		9.1	The
                                            Arranger shall have only those duties, obligations and responsibilities expressly specified
                                            in this Agreement. Each of the Dealers agrees that the Arranger has only acted in an administrative
                                            capacity to facilitate the establishment and/or maintenance of the Programme and has no responsibility
                                            to it for:

 

		(A)	the
                                            adequacy, accuracy, completeness or reasonableness of any representation, warranty, undertaking,
                                            agreement, statement or information in the Information Memorandum, this Agreement or any
                                            information provided by it in connection with the Programme; or

 

		(B)	the
                                            nature and suitability to it of all legal, tax and accounting matters and all documentation
                                            in connection with the Programme or any Notes.

 

		10.	Notices

 

		10.1	Written
                                            Communication 

 

Any
communication to be made under this Agreement shall be made in writing and, unless otherwise agreed, be made by email, letter or by telephone
(to be confirmed promptly by email or letter).

 

    18 

     

    

 

		10.2	Delivery
                                            

 

		(A)	Any
                                            communication by letter shall be made to the intended recipient and marked for the attention
                                            of the person, or any one of them, at its relevant address and shall be deemed to have been
                                            made upon delivery.

 

		(B)	Any
                                            communication to be made by email shall be made to the intended recipient at the relevant
                                            email address from time to time designated by that party to the other parties for the purpose
                                            of this Agreement and shall be deemed to have been received when the email communication
                                            has been received by the intended recipient in legible form at the correct email address.

 

		10.3	Contact
                                            details 

 

For
purposes of Clause 10.2, the relevant contact details of each party to this Agreement shall be as set out in the signatory pages to this
Agreement, or as otherwise notified by any party to each other party to this Agreement.

 

		10.4	Receipt
                                            

 

		(A)	A
                                            communication given under this Agreement but received on a non-Business Day or after business
                                            hours in the place of receipt will only be deemed to be given on the next Business Day in
                                            that place.

 

		(B)	A
                                            communication under this Agreement to a Dealer will only be effective on actual receipt by
                                            that Dealer.

 

		10.5	Language
                                            

 

		(A)	Any
                                            notice given in connection with a Programme Agreement or Note must be in English.

 

		(B)	Any
                                            other document provided in connection with a Programme Agreement or Note must be:

 

		(1)	in
                                            English; or

 

		(2)	if
                                            not in English, (unless the Dealers otherwise agree) accompanied by a certified English translation.
                                            In this case, the English translation prevails unless the document is a constitutional, statutory
                                            or other official document.

 

		11.	Partial
                                            invalidity

 

If, at
any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision
under the law of any other jurisdiction will in any way be affected or impaired.

 

		12.	Remedies
                                            and waivers

 

No failure
to exercise, nor any delay in exercising, on the part of any Dealer, any right or remedy under the Programme Agreements shall operate
as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of
any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies
provided by law.

 

    19 

     

    

 

		13.	Recognition
                                            of the U.S. Special Resolution Regimes

 

		13.1	In
                                            the event that any Dealer that is a Covered Entity becomes subject to a proceeding under
                                            a U.S. Special Resolution Regime, the transfer from such Dealer of this Agreement, and any
                                            interest and obligation in or under this Agreement, will be effective to the same extent
                                            as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
                                            and any interest and obligation, were governed by the laws of the United States or a state
                                            of the United States.

 

		13.2	In
                                            the event that any Dealer that is a Covered Entity or a Covered Affiliate of such Dealer
                                            becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under
                                            this Agreement that may be exercised against such Dealer are permitted to be exercised to
                                            no greater extent than such Default Rights could be exercised under the U.S. Special Resolution
                                            Regime if this Agreement were governed by the laws of the United States or a state of the
                                            United States.

 

		14.	Contractual
                                            recognition of EU Bail-in Powers

 

		14.1	Notwithstanding
                                            and to the exclusion of any other term of this Agreement or any other agreements, arrangements,
                                            or understanding between the Issuer and the Dealers, the Issuer acknowledges and accepts
                                            that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in
                                            Powers by the Relevant Resolution Authority, and acknowledges, accepts, agrees to be bound
                                            by:

 

		(A)	the
                                            effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation
                                            to any BRRD Liability of the relevant Dealer(s) owed to the Issuer under this Agreement,
                                            that (without limitation) may include and result in any of the following, or some combination
                                            thereof:

 

		(1)	the
                                            reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

 

		(2)	the
                                            conversion of all, or a portion, of the BRRD Liability into shares, other securities or other
                                            obligations of the relevant Dealer(s) or another person, and the issue to or conferral on
                                            the Issuer of such shares, securities or obligations;

 

		(3)	the
                                            cancellation of the BRRD Liability; and/or

 

		(4)	the
                                            amendment or alteration of any interest, if applicable, thereon, the maturity or the dates
                                            on which any payments are due, including by suspending payment for a temporary period; and

 

		(B)	the
                                            variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution
                                            Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

 

For these purposes:

 

“Bail-in
Legislation” means in relation to a member state of the EEA which has implemented, or which at any time implements, the BRRD,
the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time.

 

“Bail-in
Powers” means any Write- down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the Bail-in
Legislation.

 

“BRRD”
means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

 

    20 

     

    

 

“BRRD
Liability” means a liability in respect of which the relevant Bail-in Powers may be exercised.

 

“EU
Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association
(or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499.

 

“Relevant
Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the relevant
Dealer(s).

 

		14.2	For
                                            the purpose of this Clause 14 and any defined terms used in this Clause 14, references to
                                            “this Agreement” shall be deemed to include every agreement for the issue and
                                            purchase of Notes as referred to in Clause 2.3.

 

	15.	Counterparts

 

This
Agreement may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a
single copy of this Agreement.

 

	16.	Rights
                                            of third parties

 

A person
who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit
of any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from
that Act.

 

	17.	Governing
                                            law

 

This
Agreement, any agreement for a Note Transaction and the Notes and any non-contractual obligations arising out of or in connection with
any of them shall be governed by, and construed in accordance with, English law.

 

	18.	Jurisdiction

 

		18.1	Subject
                                            to paragraph 18.3 below, the English courts have exclusive jurisdiction to settle any dispute
                                            arising out of or in connection with this Agreement and any agreement for a Note Transaction
                                            (including a dispute regarding their existence, validity or termination and any dispute relating
                                            to any non-contractual obligations arising out of or in connection with this Agreement and
                                            any agreement for a Note Transaction) and each party submits to the exclusive jurisdiction
                                            of the English courts.

 

		18.2	Subject
                                            to paragraph 18.3 below, the parties to this Agreement agree that the English courts are
                                            the most appropriate and convenient courts to settle any such dispute and accordingly no
                                            such party will argue to the contrary.

 

		18.3	To
                                            the extent allowed by law, a Dealer may take:

 

		(A)	proceedings
                                            in any other court with jurisdiction; and

 

		(B)	concurrent
                                            proceedings in any number of jurisdictions.

 

This Agreement has been entered
into on the date stated at the beginning of this Agreement.

 

    21 

     

    

 

SCHEDULE
1 : CONDITION PRECEDENT DOCUMENTS

 

		1.	Certified
                                            copies of the Issuer’s constitutional documents.

 

		2.	Certified
                                            copies of all documents evidencing the internal authorisations required to be granted by
                                            the Issuer:

 

		(A)	approving
                                            the terms of, and the transactions contemplated by, the Notes and Programme Agreements and
                                            resolving that it execute the Notes and Programme Agreements;

 

		(B)	authorising
                                            a specified person or persons to execute the Notes and Programme Agreements on its behalf;
                                            and

 

		(C)	authorising
                                            a specified person, or persons on its behalf, to sign and/or despatch all documents and notices
                                            to be signed and/or despatched by it under or in connection with Notes and Programme Agreements.

 

		3.	Certified
                                            copies of any governmental or other consents required for the issue of Notes and for the
                                            Issuer to enter into, deliver and perform its obligations under the Notes and the Programme
                                            Agreements (as applicable).

 

		4.	Conformed
                                            copies of:

 

		(A)	this
                                            Agreement, as executed;

 

		(B)	the
                                            Agency Agreement, as executed; and

 

		(C)	the
                                            Deed of Covenant, as executed.

 

		5.	A
                                            copy of:

 

		(A)	the
                                            confirmation from the Agent that a duly executed copy of the Deed of Covenant has been delivered
                                            to the Agent;

 

		(B)	the
                                            confirmation from the Agent that the relevant forms of Global Note have been prepared and
                                            have been delivered to the Agent; and

 

		(C)	the
                                            confirmation of acceptance of appointment from the agent for service of process.

 

		6.	A
                                            legal opinion from Allen & Overy LLP, English legal advisers to the Dealers.

 

		7.	The
                                            Information Memorandum.

 

		8.	A
                                            list of the names and titles and specimen signatures of the persons authorised:

 

		(A)	to
                                            sign on behalf of the Issuer the Notes and the Programme Agreements;

 

		(B)	to
                                            sign on behalf of the Issuer all notices and other documents to be delivered in connection
                                            with the Programme Agreements and the Notes; and

 

		(C)	to
                                            take any other action on behalf of the Issuer in relation to the euro-commercial paper programme
                                            established by the Programme Agreements.

 

		9.	Written
                                            confirmation that S&P has granted a rating for the Issuer’s long-term debt.

 

    22 

     

    

 

SCHEDULE
2 : SELLING RESTRICTIONS

 

		1.	General
                                            

 

Each
Dealer represents and agrees that it will observe all applicable laws and regulations in any jurisdiction in which it may offer, sell,
or deliver Notes and it will not directly or indirectly offer, sell, resell, re-offer or deliver Notes or distribute any Disclosure Document,
circular, advertisement or other offering material in any country or jurisdiction except under circumstances that will result, to the
best of its knowledge and belief, in compliance with all applicable laws and regulations.

 

		2.	United
                                            States of America 

 

Each
Dealer understands that the Notes have not been and will not be registered under the Securities Act and may not be offered or sold within
the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S. Each Dealer represents
and agrees that it has not offered or sold, and will not offer or sell, any Notes constituting part of its allotment within the United
States except in accordance with Rule 903 of Regulation S. Terms used above have the meaning given to them by Regulation S. Each Dealer
also represents and agrees that it has offered and sold the Notes, and will offer and sell the Notes (i) as part of their distribution
at any time and (ii) otherwise until 40 days after the later of the commencement of the offering and the closing date (the “distribution
compliance period”), only in accordance with Rule 903 of Regulation S. Each Dealer agrees that, at or prior to confirmation of
sale of Notes, it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that
purchases Notes from it during the distribution compliance period a confirmation or notice to substantially the following effect:

 

“The
Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”),
and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution
at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the closing date, except in either
case in accordance with Regulation S under the Securities Act. Terms used above have the meanings given to them by Regulation S.”

 

Each
Dealer also represents and agrees that neither it, its affiliates nor any persons acting on its or their behalf have engaged or will
engage in any directed selling efforts with respect to the Notes, and that it and they have complied and will comply with the offering
restrictions requirement of Regulation S. Terms used above have the meaning given to them by Regulation S.

 

		3.	The
                                            United Kingdom 

 

Each
Dealer represents and agrees that:

 

(A)

 

		(1)	it
                                            is a person whose ordinary activities involve it in acquiring, holding, managing or disposing
                                            of investments (as principal or agent) for the purposes of its business; and

 

		(2)	it
                                            has not offered or sold and will not offer or sell any Notes other than to persons whose
                                            ordinary activities involve them in acquiring, holding, managing or disposing of investments
                                            (as principal or agent) for the purposes of their businesses or who it is reasonable to expect
                                            will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes
                                            of their businesses where the issue of the Notes would otherwise constitute a contravention
                                            of section 19 of the Financial Services and Markets Act 2000 (the “FSMA”)
                                            by the Issuer;

 

    23 

     

    

 

		(B)	it
                                            has only communicated or caused to be communicated and will only communicate or cause to
                                            be communicated any invitation or inducement to engage in investment activity (within the
                                            meaning of section 21 of the FSMA) received by it in connection with the issue or sale of
                                            any Notes in circumstances in which section 21(1) of the FSMA does not apply to the Issuer;
                                            and

 

		(C)	it
                                            has complied and will comply with all applicable provisions of the FSMA with respect to anything
                                            done by it in relation to such Notes in, from or otherwise involving the United Kingdom.

 

		4.	Japan
                                            

 

The
Notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended;
the “FIEA”). Accordingly, each Dealer represents and agrees that it has not, directly or indirectly, offered or sold
and will not, directly or indirectly, offer or sell any Notes in Japan or to, or for the benefit of, any resident of Japan (which term
as used herein means any person resident in Japan, including any corporation or other entity organised under the laws of Japan), or to
others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan except pursuant
to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations
and ministerial guidelines of Japan.

 

		5.	Singapore
                                            

 

Each
Dealer acknowledges that the Information Memorandum has not been registered as a prospectus with the Monetary Authority of Singapore.
Accordingly, each Dealer represents, warrants and agrees that it has not offered or sold any Notes or caused the Notes to be made the
subject of an invitation for subscription or purchase and will not offer or sell any Notes or cause the Notes to be made the subject
of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, the Information
Memorandum or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of any
Notes, whether directly or indirectly, to any person in Singapore other than (a) to an institutional investor (as defined in Section
4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the “SFA”))
pursuant to Section 274 of the SFA, (b) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of
the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the
SFA, or (c) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

 

    24 

     

    

 

SCHEDULE
3 : NOTIFICATION LETTER FOR AN INCREASE IN THE MAXIMUM AMOUNT

 

[Letterhead
of Issuer]

 

To:    The
Dealers referred to below

 

cc.     HSBC
Bank plc (as “Agent”)

 

cc.     HSBC
Bank plc (as “Arranger”)

 

[Date]

 

Dear Sirs

 

RENTOKIL
INITIAL PLC

 

£1,000,000,000
Euro-Commercial Paper Programme

 

We refer
to an amended and restated dealer agreement dated 11 October 2021 (the “Dealer Agreement”) between ourselves as Issuer,
Bank of America Europe DAC, Barclays Bank PLC, Bayerische Landesbank, BNP Paribas, HSBC Bank plc, ING Bank N.V. and Standard Chartered
Bank as Dealers and the Arranger relating to a £1,000,000,000 Euro-Commercial Paper Programme. Terms used in the Dealer Agreement
shall have the same meaning in this letter.

 

In
accordance with Clause 2.7 of the Dealer Agreement, we hereby notify each of the addressees listed above that the Maximum Amount is to
be increased from [·]
to [·]
with effect from [·],
subject to delivery to the Dealers, the Arranger and the Agent of the following documents:

 

		(A)	a
                                            certificate from a duly authorised officer of the Issuer confirming that no changes have
                                            been made to the constitutional documents of the Issuer since the date of the Dealer Agreement
                                            or, if there has been a change, a certified copy of the constitutional documents currently
                                            in force;

 

		(B)	certified
                                            copies of all documents evidencing the internal authorisations and approvals required to
                                            be granted by the Issuer for such an increase in the Maximum Amount;

 

		(C)	certified
                                            copies of [specify any applicable governmental or other consents required by the Issuer
                                            in relation to the increase];

 

		(D)	a
                                            list of names, titles and specimen signatures of the persons authorised to sign on behalf
                                            of the Issuer all notices and other documents to be delivered in connection with such an
                                            increase in the Maximum Amount;

 

		(E)	[an
                                            updated or supplemental Information Memorandum reflecting the increase in the Maximum Amount
                                            of the Programme;]

 

		(F)	legal
                                            opinion from Dealers’ English law counsel; and

 

		(G)	confirmation
                                            that S&P Global Ratings UK Limited is maintaining its current ratings for the Issuer’s
                                            long-term debt.

 

	Yours faithfully,	 
	 	 

 

for and on behalf of

 

RENTOKIL INITIAL PLC

 

    25 

     

    

 

SCHEDULE
4 : DEALER ACCESSION LETTER

 

[Letterhead
of Issuer]

 

[Date]

 

To:     [Name
of Dealer]

 

cc.:     [list
all permanent Dealers]

 

cc.:     HSBC
Bank plc as Agent

 

Dear Sirs

 

RENTOKIL
INITIAL PLC

 

£1,000,000,000
Euro-Commercial Paper Programme

 

We refer to an
amended and restated dealer agreement dated 11 October 2021 (the “Dealer Agreement”) between ourselves as Issuer,
HSBC Bank plc as Arranger, Bank of America Europe DAC, Barclays Bank PLC, Bayerische Landesbank, BNP Paribas, HSBC Bank plc, ING Bank
N.V. and Standard Chartered Bank as Dealers relating to a £1,000,000,000 Euro-Commercial Paper Programme. Terms used in the Dealer
Agreement shall have the same meaning in this letter.

 

In
accordance with Clause 7.2 and upon the terms of the Dealer Agreement, we hereby appoint you as an Additional Dealer [for the Programme
[with immediate effect][with effect from [·]]/[for
the issue of [description of issue][for the period [·]
to [·]].
[Copies of each of the condition precedent documents set out in Schedule 1 to the Dealer Agreement have been sent to you, as requested].

 

Please confirm
acceptance of your appointment upon such terms by signing and returning to us the enclosed copy of this letter, whereupon you will, in
accordance with Clause 7.2 of the Dealer Agreement, become a party to the Dealer Agreement vested with all the authority, rights, powers,
duties and obligations set out in that Clause 7.2.

 

	Yours faithfully	 
	 	 

 

for and on behalf of

 

RENTOKIL INITIAL PLC

 

    26 

     

    

 

We hereby confirm
acceptance of our appointment as a Dealer upon the terms of the Dealer Agreement referred to above. For the purposes of Clause 10 of
the Dealer Agreement our contact details are as follows:

 

[NAME OF DEALER]

 

	Address:	[	]	 
	Telephone:	[	]	 
	Email:	[	]	 
	Contact:	[	]	 

	Dated: 		 
	Signed:		 

 

for [Name of new Dealer]

 

    27 

     

    

 

 

SCHEDULE
5 : FORM OF CALCULATION AGENCY AGREEMENT

 

THIS
AGREEMENT is made on [·]

 

BETWEEN:

 

		(1)	RENTOKIL
                                            INITIAL PLC as Issuer (the “Issuer”); and

 

		(2)	[CALCULATION
                                            AGENT], as the Calculation Agent appointed pursuant to the terms hereof (the “Calculation
                                            Agent”, which expression shall include any successor thereto).

 

WHEREAS:

 

		(A)	Under
                                            an amended and restated dealer agreement (as amended, supplemented and/or restated from time
                                            to time, the “Dealer Agreement”) dated 11 October 2021 and made between,
                                            among others, the Issuer and the Dealer(s) referred to therein, and an amended and restated
                                            issue and paying agency agreement (as amended, supplemented and/or restated from time to
                                            time, the “Agency Agreement”) dated 11 October 2021 and made between,
                                            among others, the Issuer and the agent[s] referred to therein, the Issuer established a euro-commercial
                                            paper programme (the “Programme”).

 

		(B)	The
                                            Dealer Agreement contemplates, inter alia, the issue under the Programme of floating
                                            rate notes and provides for the appointment of calculation agents in relation thereto. Each
                                            such calculation agent’s appointment shall be on substantially the terms and subject
                                            to the conditions of this Agreement.

 

IT IS AGREED as follows:

 

		1.	Interpretation
                                            

 

		(A)	Terms
                                            not expressly defined herein shall have the meanings given to them in the Dealer Agreement
                                            or the Agency Agreement.

 

		(B)	Any
                                            reference in this Agreement to a statute, any provision thereof or to any statutory instrument,
                                            order or regulation made thereunder shall be construed as a reference to such statute, provision,
                                            statutory instrument, order or regulation as the same may have been, or may from time to
                                            time be, amended or re-enacted.

 

		(C)	“Relevant
                                            Notes” means such floating rate notes in respect of which the Calculation Agent
                                            is appointed.

 

		2.	Appointment
                                            of Calculation Agent 

 

The
Issuer appoints the Calculation Agent as its agent for the purpose of calculating the amount of interest in respect of the Relevant Notes
upon the terms and subject to the conditions of this Agreement. The Calculation Agent accepts such appointment.

 

		3.	Determination
                                            and notification 

 

		(A)	The
                                            Calculation Agent shall determine the amount of interest payable on, each Relevant Note in
                                            accordance with the redemption calculation applicable thereto.

 

		(B)	The
                                            Calculation Agent shall as soon as it has made its determination as provided for in paragraph
                                            (a) above (and, in any event, no later than the close of business on the date on which the
                                            determination is made) notify the Issuer and the Agent (if other than the Calculation Agent)
                                            of the amount of interest so payable.

 

    28

     

    

 

		4.	Stamp
                                            duties 

 

The
Issuer will pay any stamp, registration and other similar taxes and duties (including any interest and penalties thereon or in connection
therewith) payable in connection with the execution, delivery and performance of this Agreement.

 

		5.	Indemnity
                                            and liability 

 

		5.1	The
                                            Issuer shall indemnify and hold harmless on demand the Calculation Agent, on an after tax
                                            basis, against any claim, demand, action, liability, damages, cost, loss or expense (including,
                                            without limitation, legal fees and any applicable value added tax) which it may incur arising
                                            out of, in connection with or based upon the exercise of its powers and duties as Calculation
                                            Agent under this Agreement, except such as may result from its own negligence, default or
                                            bad faith or that of its officers, employees or agents.

 

		5.2	The
                                            Calculation Agent shall indemnify and hold harmless on demand the Issuer, on an after tax
                                            basis, against any claim, demand, action, liability, damages, cost, loss or expense (including,
                                            without limitation, legal fees and any applicable value added tax) which it may incur or
                                            which may be made against the Issuer as a result of or in connection with the appointment
                                            or the exercise of the powers and duties of the Calculation Agent under this Agreement resulting
                                            from the negligence, default or bad faith of the Calculation Agent or that of its officers,
                                            employees or agents.

 

		5.3	The
                                            Calculation Agent may, after prior written notice to the Issuer, consult as to legal matters
                                            with lawyers selected by it, who may be employees of, or lawyers to, the Issuer. If such
                                            consultation is made, the Calculation Agent shall be protected and shall incur no liability
                                            for action taken or not taken by it as Calculation Agent or suffered to be taken with respect
                                            to such matters in good faith (after consultation with the Issuer), without negligence and
                                            in accordance with the opinion of such lawyers, as addressed to both parties.

 

		6.	Conditions
                                            of appointment

 

		6.1	The
                                            Calculation Agent and the Issuer agree that its appointment will be subject to the following
                                            conditions:

 

		(A)	in
                                            acting under this Agreement, the Calculation Agent shall act as an independent expert and
                                            shall not assume any obligations towards or relationship of agency or trust for the Issuer
                                            or the owner or holder of any of the Relevant Notes or any interest therein;

 

		(B)	unless
                                            otherwise specifically provided in this Agreement, any order, certificate, notice, request,
                                            direction or other communication from the Issuer made or given under any provision of this
                                            Agreement shall be sufficient if signed or purported to be signed by a duly authorised employee
                                            of the Issuer;

 

		(C)	the
                                            Calculation Agent shall be obliged to perform only those duties which are set out in this
                                            Agreement;

 

		(D)	the
                                            Calculation Agent and its officers and employees, in its individual or any other capacity,
                                            may become the owner of, or acquire any interest in, any Relevant Notes with the same rights
                                            that the Calculation Agent would have if it were not the Calculation Agent hereunder; and

 

    29

     

    

 

		(E)	all
                                            calculations and determinations made pursuant to this Agreement by the Calculation Agent
                                            shall (save in the case of manifest error) be binding on the Issuer, the Calculation Agent
                                            and (if other than the Calculation Agent) the holder(s) of the Relevant Notes and no liability
                                            to such holder(s) shall attach to the Calculation Agent in connection with the exercise by
                                            the Calculation Agent of its powers, duties or discretion under or in respect of the Relevant
                                            Notes in accordance with the provisions of this Agreement.

 

		7.	Alternative
                                            appointment 

 

If,
for any reason, the Calculation Agent ceases to act as such or fails to comply with its obligations under Clause 3, the Issuer shall
appoint the Agent as Calculation Agent in respect of the Relevant Notes.

 

		8.	[Contractual
                                            recognition of EU Bail-in Powers

 

Notwithstanding
and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding between the Issuer and
the Calculation Agent, the Issuer acknowledges and accepts that a BRRD Liability arising under this Agreement may be subject to the exercise
of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, agrees to be bound by:

 

		(A)	the
                                            effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation
                                            to any BRRD Liability of the Calculation Agent owed to the Issuer under this Agreement, that
                                            (without limitation) may include and result in any of the following, or some combination
                                            thereof:

 

		(1)	the
                                            reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

 

		(2)	the
                                            conversion of all, or a portion, of the BRRD Liability into shares, other securities or other
                                            obligations of the Calculation Agent or another person, and the issue to or conferral on
                                            the Issuer of such shares, securities or obligations;

 

		(3)	the
                                            cancellation of the BRRD Liability; and/or

 

		(4)	the
                                            amendment or alteration of any interest, if applicable, thereon, the maturity or the dates
                                            on which any payments are due, including by suspending payment for a temporary period; and

 

		(B)	the
                                            variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution
                                            Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

 

For these purposes:

 

“Bail-in
Legislation” means in relation to a member state of the EEA which has implemented, or which at any time implements, the BRRD,
the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time.

 

“Bail-in
Powers” means any Write- down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the Bail-in
Legislation.

 

“BRRD”
means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

 

    30

     

    

 

“BRRD
Liability” means a liability in respect of which the relevant Bail-in Powers may be exercised.

 

“EU
Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association
(or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499.

 

“Relevant
Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the Calculation
Agent.]

 

		9.	Contracts
                                            (Rights of Third Parties) Act 1999 

 

A person
who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
Agreement, but this does not affect any right or remedy of any person which exists or is available apart from that Act.

 

		10.	Governing
                                            law 

 

This
Agreement and every agreement for the issue and purchase of Notes and any non-contractual obligations arising out of or in connection
with any of them shall be governed by, and construed in accordance with, English law.

 

		11.	Jurisdiction
                                            

 

		11.1	The
                                            English courts have exclusive jurisdiction to settle any dispute arising out of or in connection
                                            with this Agreement (including a dispute regarding the existence, validity or termination
                                            of this Agreement and any dispute relating to any non-contractual obligations arising out
                                            of or in connection with this Agreement) and each party submits to the exclusive jurisdiction
                                            of the English courts.

 

		11.2	The
                                            parties to this Agreement agree that the English courts are the most appropriate and convenient
                                            courts to settle any such dispute and accordingly no such party will argue to the contrary.

 

		11.3	To
                                            the extent allowed by law, the Calculation Agent may take:

 

		(A)	proceedings
                                            in any other court with jurisdiction; and

 

		(B)	concurrent
                                            proceedings in any number of jurisdictions.

 

		12.	Partial
                                            invalidity 

 

If,
at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision
under the law of any other jurisdiction will in any way be affected or impaired.

 

		13.	Counterparts
                                            

 

This
Agreement may be signed in any number of counterparts. This has the same effect as if the signatures on the counterpart were on a single
copy of this Agreement.

 

    31

     

    

 

This Agreement has been entered into
on the date stated at the beginning of this Agreement.

 

	RENTOKIL INITIAL PLC	 
	 	 
	By:	 	 
	 	 
	[NAME OF CALCULATION AGENT]	 
	 	 
	By:	 	 

 

    32

     

    

 

SIGNATORIES

 

	The Issuer	 	 
	 	 	 
	RENTOKIL INITIAL
    PLC	 
	 	 	 
	By:		 
	 	 	 
	Address:	Compass
    House	 
	 	Manor
    Royal 	 
	 	Crawley	 
	 	West
    Sussex, RH10 9PY 	 
	 	United
    Kingdom	 

 

	Telephone:	+44
    (0) 129 385 8000
	 	 
	Email:	secretariat@rentokil-initial.com 
    /  treasury.front-office@rentokil-initial.com
	 	 
	Contact:	Company
    Secretary / Group Treasurer

 

	The Arranger	 	 
	 	 	 
	HSBC BANK PLC	 
	 	 	 
	By:		 
	 	 	 
	Address:	8
    Canada Square	 
	 	London
    E14 5HQ 	 
	 	United
    Kingdom	 
	 	 	 
	Telephone:	+44
    (0)20 7991 8888	 
	 	 	 
	Email:	transaction.management@hsbcib.com	 
	 	 	 
	Contact:	Head
    of DCM Legal	 

 

    33

     

    

 

	The Dealers	 	 
	 	 	 
	BANK OF AMERICA
    EUROPE DAC	 
	 	 	 
	By: 		 
	 	 	 
	Address:	Two Park Place	 
	 	Hatch Street	 
	 	Dublin 2	 
	 	Ireland	 
	 	 	 
	Telephone:	+353 (0) 1 243 8500	 
	 	 	 
	Email:	STFIDeskSupport@bofa.com	 
	 	 	 
	Contact:	ECP Desk	 

 

	BARCLAYS BANK
    PLC	 
	 	 	 
	By:		 
	 	 	 
	Address:	5 The North Colonnade	 
	 	Canary Wharf	 
	 	London E14 4BB	 
	 	United Kingdom	 
	 	 	 
	Telephone:	+44 (0)20 7773 5757	 
	 	 	 
	Email:	ecpdesk@barclays.com	 
	 	 	 
	Contact:	ECP Trading Desk	 

 

	BAYERISCHE
    LANDESBANK	 
	 	 	 
	By:		 
	 	 	 
	Address:	Brienner Straße
    18	 
	 	80333 Munich	 
	 	Federal Republic of Germany	 
	 	 	 
	Telephone:	+49 89 2171 23268	 
	 	 	 
	Email:	andreas.lange@bayernlb.de	 
	 	 	 
	Contact:	Team 5211 / Origination Corporates	 

 

    34

     

    

 

	BNP PARIBAS	 	 	 
	 	 	 	 
	By:		 	By:	
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Address:	20, boulevard des ltaliens	 	 
	 	75009 Paris 	 	 
	 	France	 	 
	 	 	 	 
	Email:	dl.cp.desk@bnpparibas.com	 	 
	 	 	 	 
	Contact:	Commercial Paper Desk	 	 

 

	HSBC BANK PLC	 
	 	 	 
	By:		 
	 	 	 
	Address:	8 Canada Square	 
	 	London E14 5HQ	 
	 	United Kingdom	 
	 	 	 
	Telephone:	+44 (0)20 7991 1398	 
	 	 	 
	Email:	transaction.management@hsbcib.com	 
	 	 	 
	Contact:	Stephen Larkin / ECP Desk	 

 

	ING BANK N.V.	 	 	 
	 	 	 	 
	By:  		 	By:	
		William De Vreede	 	 	Martijn Brinkhuis
	 	 	 	 
	Address:  	Foppingadreef 7	 	 
	 	1102 BD Amsterdam	 	 
	 	The Netherlands	 	 
	 	 	 	 
	Telephone:	+31 20 563 8181	 	 
	 	 	 	 
	Email:	FM.Documentation@ing.nl	 	 
	 	 	 	 
	Contact:	ECP Desk/TRC 00.114	 	 

  

STANDARD CHARTERED BANK

 

	By:		 
	 	 	 
	Address:	1 Basinghall Avenue	 
	 	London EC2V 5DD	 
	 	United Kingdom	 
	 	 	 
	Telephone:	+44 20 7885 8888	 
	 	 	 
	Email:	primary.debt@sc.com	 
	 	 	 
	Contact:	Capital Markets	 

 

    35

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