Document:

EX-4.(a)(ii)

 Exhibit 4(a)(ii) 

16 June 2015 

INTERCONTINENTAL HOTELS GROUP PLC 

(the Issuer) 

and 
 SIX CONTINENTS
LIMITED 
 and 

INTERCONTINENTAL HOTELS LIMITED 

(together, the Guarantors) 

and 
 HSBC CORPORATE
TRUSTEE COMPANY (UK) LIMITED 
 (the Trustee) 

 
  

AMENDED AND RESTATED TRUST DEED 

relating to a £1,500,000,000 

EURO MEDIUM TERM NOTE PROGRAMME 
  

 
  

 

 CONTENTS 
  

							
	CLAUSE	 	 	  	PAGE	 
			
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	3	  
			
	 2.
	 	AMOUNT AND ISSUE OF THE NOTES	  	 	12	  
			
	 3.
	 	COVENANT TO REPAY	  	 	13	  
			
	 4.
	 	GUARANTEE	  	 	15	  
			
	 5.
	 	THE NOTES	  	 	17	  
			
	 6.
	 	CANCELLATION OF NOTES AND RECORDS	  	 	19	  
			
	 7.
	 	COVENANT TO COMPLY WITH THE TRUST DEED	  	 	20	  
			
	 8.
	 	COVENANTS BY THE ISSUER AND THE GUARANTORS	  	 	21	  
			
	 9.
	 	AMENDMENTS AND SUBSTITUTION	  	 	26	  
			
	 10.
	 	BREACH	  	 	30	  
			
	 11.
	 	ENFORCEMENT	  	 	30	  
			
	 12.
	 	APPLICATION OF MONEYS	  	 	31	  
			
	 13.
	 	TERMS OF APPOINTMENT	  	 	33	  
			
	 14.
	 	COSTS AND EXPENSES	  	 	41	  
			
	 15.
	 	APPOINTMENT AND RETIREMENT	  	 	44	  
			
	 16.
	 	NOTICES	  	 	46	  
			
	 17.
	 	LAW AND JURISDICTION	  	 	47	  
			
	 18.
	 	SEVERABILITY	  	 	47	  
			
	 19.
	 	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	  	 	47	  
			
	 20.
	 	COUNTERPARTS	  	 	48	  
		
	 SCHEDULE 1 TERMS AND CONDITIONS OF THE NOTES
	  	 	49	  
		
	 SCHEDULE 2 FORM OF GLOBAL NOTES
	  	 	94	  
		
	 SCHEDULE 3 PROVISIONS FOR MEETINGS OF NOTEHOLDERS
	  	 	123	  

  
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 THIS AMENDED AND RESTATED TRUST DEED is made on 16 June 2015 (this TRUST
DEED) 
 BETWEEN 
  

	(1)	INTERCONTINENTAL HOTELS GROUP PLC (the Issuer); 

  

	(2)	SIX CONTINENTS LIMITED (Six Continents); 

  

	(3)	INTERCONTINENTAL HOTELS LIMITED (InterContinental, and together with Six Continents, the Guarantors); and 

 

	(4)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED (the Trustee, which expression includes, where the context admits, all persons for the time being the trustee or trustees of this Trust Deed).

 WHEREAS 

(A) The Issuer, the Guarantors and the Trustee are party to a trust deed dated 27 November 2009, as supplemented by the first supplemental trust deed
dated 7 July 2011 and the second supplemental trust deed dated 9 November 2012 (the Principal Trust Deed) relating to the Euro Medium Term Note Programme established by the Issuer, pursuant to which, the Issuer may issue from
time to time Notes as set out herein (the Programme). The Issuer, the Guarantors and the Trustee desire to amend and restate the Principal Trust Deed in its entirety as set forth in this Trust Deed. 

(B) The Trustee has agreed to act as trustee of this Trust Deed on the following terms and conditions. 

(C) Notes up to a maximum nominal amount from time to time outstanding of £1,500,000,000 (subject to increase as provided in the Dealer Agreement (as
defined below)) (the Authorised Amount) may be issued pursuant to the Programme. Any Notes issued under the Programme on or after the date hereof shall be issued pursuant to this Trust Deed. This does not affect any Notes issued under
the Programme or any rights or obligations accrued or incurred under the Principal Trust Deed prior to the date of this Trust Deed. 
 NOW THIS TRUST
DEED WITNESSES AND IT IS HEREBY DECLARED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Trust Deed the following expressions have the following meanings: 

Additional Rating Agency means Moody’s and Fitch; 

Agency Agreement means, in relation to the Notes of any Series, the amended and restated agency agreement dated 16 June 2015
(as further amended, modified and restated from time to time) between the Issuer, the Guarantors, the Trustee and HSBC 

  
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Bank plc as Principal Paying Agent appointing the initial Paying Agent and the Calculation Agent in relation to such Series and any other agreement for the time being in force appointing
Successor paying agents or a Successor calculation agent in relation to such Series, together with any agreement for the time being in force amending or modifying with the prior written approval of the Trustee any of the aforesaid agreements in
relation to such Series; 
 Agents means, in relation to the Notes of any Series, the Principal Paying Agent, the other Paying
Agents, the Calculation Agent or any of them; 
 Appointee means any attorney, manager, agent, delegate, nominee, custodian,
receiver or other person appointed by the Trustee under this Trust Deed; 
 Auditors means the auditors for the time being of
the Issuer or, as the case may be, a Guarantor and, in the event of any of them being unable or unwilling to carry out any action requested of them pursuant to this Trust Deed, means such other firm of chartered accountants in England as may be
nominated in writing by the Trustee for the purpose; 
 Authorised Signatory means any person who (a) is a Director of the
Issuer or, as the case may be, the relevant Guarantor or (b) has been notified to the Trustee by any such Director as being an Authorised Signatory pursuant to sub-clause 8(p) (Authorised Signatories); 

Calculation Agent means, in relation to the Notes of any Series, the institution at its Specified Office initially appointed as
calculation agent in relation to such Notes pursuant to the Agency Agreement and/or, if applicable, Successor calculation agent in relation to such Notes at its Specified office; 

CGN Permanent Global Note means a Permanent Global Note representing Notes for which the relevant Final Terms specify that the
New Global Note form is not applicable; 
 CGN Temporary Global Note means a Temporary Global Note representing Notes for which
the relevant Final Terms specify that the New Global Note form is not applicable; 
 Change of Control has the meaning given to
such term in Condition 2(a) (Interpretation - Definitions); 
 Clearstream,
Luxembourg means Clearstream Banking, société anonyme; 
 the Code means the U.S. Internal Revenue
Code of 1986, as amended; 
 Common Safekeeper means an ICSD in its capacity as common safekeeper or a person nominated by the
ICSDs to perform the role of common safekeeper; 
 Conditions means the terms and conditions to be endorsed on, or incorporated
by reference in, the Notes of any Series, in the form set out in Schedule 1 or in such other form, having regard to the terms of the Notes of the relevant Series, as may be agreed 

  
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between the issuer, the Principal Paying Agent, the Trustee and the relevant Dealer(s) as modified and supplemented by the Final Terms(s) applicable to such Series, as any of the same may from
time to time be modified in accordance with this Trust Deed and any reference in this Trust Deed to a particular numbered Condition shall be construed in relation to the Notes of such Series accordingly; 

Contractual Currency means, in relation to any payment obligation of any Note, the currency in which that payment obligation is
expressed and, in relation to Clause 14.1 (Remuneration), pounds sterling or such other currency as may be agreed between the Issuer and the Trustee from time to time; 

Couponholder means the holder of a Coupon; 

Coupons means any bearer interest coupons in or substantially in the form set out in Part E of Schedule 2 appertaining to the
Notes of any Series and for the time being outstanding or, as the context may require, a specific number thereof and includes any replacement Coupons issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons) and, where the
context so permits, the Talons appertaining to the Notes of such Series; 
 Dealer Agreement means the agreement between the
Issuer and the Dealers named therein concerning the purchase of Notes to be issued pursuant to the Programme as amended from time to time or any restatement thereof for the time being in force; 

Dealers means any person appointed as a Dealer by the Dealer Agreement and any other person which the Issuer may appoint as a
Dealer and notice of whose appointment has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Dealer Agreement but excluding any entity whose appointment has been terminated in accordance
with the terms of the Dealer Agreement and notice of whose termination has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Dealer Agreement and references to the relevant Dealer(s)
mean, in relation to any Note, the Dealer(s) with whom the Issuer has agreed the issue and purchase of such Note; 
 Director
means any Director of the Issuer or, as the case may be, a Guarantor, from time to time; 
 Drawdown Prospectus means a
prospectus specific to a Tranche of Notes which may be constituted either (a) by a single document or (b) by a registration document, a securities note and, if applicable, a summary; 

Euroclear means Euroclear Bank SA/NV; 

Event of Default means any one of the circumstances described in Condition 12 (Events of Default); 

Extraordinary Resolution has the meaning set out in Schedule 3 (Provisions for Meetings of Noteholders); 

  
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 FATCA means Sections 1471 through 1474 of the Code (including any regulations
thereunder or official interpretation thereof), intergovernmental agreements between the United States and other jurisdictions facilitating the implementation thereof, and any law implementing any such intergovernmental agreement; 

FATCA Information has the meaning given to it in Clause 8(ff); 

FATCA Withholding means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the
Code or otherwise imposed pursuant to FATCA; 
 Final Terms has the meaning ascribed to it in the Dealer Agreement; 

Fitch means Fitch Ratings Ltd or any successor; 

Fixed Rate Note means a Note on which interest is calculated at a fixed rate payable in arrear on a fixed date or dates in each
year and on redemption or on such other dates as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as indicated in the relevant Final Terms); 

Floating Rate Note means a Note on which interest is calculated at a floating rate payable at intervals of one, two, three, six
or twelve months or at such other intervals as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as indicated in the relevant Final Terms); 

FSMA means the Financial Services and Markets Act 2000; 

Global Note means a CGN Temporary Global Note, a CGN Permanent Global Note, an NGN Temporary Global Note or an NGN Permanent
Global Note; 
 ICSDs means Clearstream, Luxembourg and Euroclear; 

Issue Date means, in relation to any Note, the date of issue of such Note pursuant to the Dealer Agreement or any other relevant
agreement between the Issuer and the relevant Dealer(s); 
 Interest Commencement Date means, in relation to any
interest-bearing Note, the date specified in the relevant Final Terms from which such Note bears interest or, if no such date is specified therein, the Issue Date; 

Liabilities or Liability means any loss, damage, cost, charge, claim, demand, expense, judgment, action, proceeding
or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including any value added tax or similar tax charged or chargeable in respect thereof and legal fees and expenses on a
full indemnity basis; 
 London Stock Exchange means the London Stock Exchange plc; 

Material Subsidiary has the meaning set out in Condition 2(a) (Interpretation -
Definitions); 

  
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 Moody’s means Moody’s Investors Service, Inc. or any successor; 

NGN Permanent Global Note means a Permanent Global Note representing Notes for which the relevant Final Terms specify that the
New Global Note form is applicable; 
 NGN Temporary Global Note means a Temporary Global Note representing Notes for which the
relevant Final Terms specify that the New Global Note form is applicable; 
 Noteholder and (in relation to a Note)
holder means the bearer of a Note; 
 Notes means the bearer notes of each Series constituted in relation to or
by this Trust Deed which shall be in or substantially in the form set out in Schedule 2 and, for the time being outstanding or, as the case may be, a specific number thereof and includes any replacement Notes of such Series issued pursuant to
Condition 14 (Replacement of Notes, Coupons and Talons) and (except for the purposes of Clause 5.1 (Global Notes) and 5.3 (Signature)) each Global Note in respect of such Series for so long as it has not been exchanged in
accordance with the terms thereof; 
 outstanding means, in relation to the Notes of any Series, all the Notes of such Series
other than: 
  

	 	(a)	those which have been redeemed in accordance with this Trust Deed; 

  

	 	(b)	those in respect of which the date for redemption in accordance with the provisions of the Conditions has occurred and for which the redemption moneys (including all interest accrued thereon to the date for such
redemption) have been duly paid to the Trustee or the Principal Paying Agent in the manner provided for in the Agency Agreement (and, where appropriate, notice to that effect has been given to the Noteholders in accordance with Condition 18
(Notices)) and remain available for payment in accordance with the Conditions; 

  

	 	(c)	those which have been purchased and surrendered for cancellation as provided in Condition 9(k) (Redemption and Purchase - Cancellation) and notice of the cancellation of
which has been given to the Trustee; 

  

	 	(d)	those which have become void under Condition 13 (Prescription); 

  

	 	(e)	those mutilated or defaced Notes which have been surrendered or cancelled and in respect of which replacement Notes have been issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons); or

  

	 	(f)	(for the purpose only of ascertaining the aggregate nominal amount of Notes outstanding and without prejudice to the status for any other purpose of the relevant Notes) those Notes which are alleged to have been lost,
stolen or destroyed and in respect of which replacements have been issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons); 

  
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 provided that for each of the following purposes, namely: 

 

	 	(i)	the right to attend and vote at any meeting of the holders of Notes of any Series; 

  

	 	(ii)	the determination of how many and which Notes of any Series are for the time being outstanding for the purposes of Clauses 11.1 (Legal Proceedings) and 9.1 (Waiver), Conditions 12 (Events of
Default) and 16 (Meetings of Noteholders; Modification and Waiver) and Schedule 3 (Provisions for Meetings of Noteholders); 

  

	 	(iii)	any discretion, power or authority, whether contained in this Trust Deed or provided by law, which the Trustee is required to exercise in or by reference to the interests of the holders of the Notes of any Series or any
of them; and 

  

	 	(iv)	the determination by the Trustee whether any event, circumstance, matter or timing is, in its opinion, materially prejudicial to the interests of the holders of the Notes of any Series; 

those Notes (if any) of the relevant Series which are for the time being held by any person (including but not limited to the Issuer, any
Guarantor or any Subsidiary) for the benefit of the Issuer, any Guarantor or any Subsidiary shall (unless and until ceasing to be so held) be deemed not to remain outstanding; 

Paying Agents means, in relation to the Notes of any Series, the several institutions (including, where the context permits, the
Principal Paying Agent) at their respective Specified Offices appointed pursuant to the relative Agency Agreement and/or, if applicable, any additional and/or Successor paying agents in relation to such Series at their respective Specified Offices;

 Permanent Global Note means, in relation to any Series, a Global Note to be issued pursuant to Clause 5.1 (Global
Notes) in the form or substantially in the form set out in Part B of Schedule 2; 
 Potential Event of Default means
an event or circumstance which could, with the giving of notice, lapse of time, the issuing of a certificate and/or fulfilment of any other requirement provided for in Condition 12 (Events of Default), become an Event of Default; 

Principal Paying Agent means, in relation to the Notes of any Series, the institution at its Specified Office initially appointed
as issuing and principal paying agent in relation to such Series pursuant to the relative Agency Agreement or, if applicable, any Successor principal paying agent in relation to such Series at its Specified Office; 

Put Option has the meaning given to such term in Condition 9(f) (Redemption and Purchase – Redemption at the option of
Noteholders); 
 Rating Agency means S&P or any of its respective successors or any Substitute Rating Agency and, for
the purposes of Condition 9(g) (Redemption and Purchase – Change of Control Redemption), includes any Additional Rating Agency; 

  
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 Relevant Date has the meaning ascribed to it in Condition 2(a) (Interpretation - Definitions); 
 Reserved Matter has the meaning set out in paragraph 1 of
Schedule 3 (Provisions for Meetings of Noteholders); 
 repay includes redeem and vice versa
and repaid, repayable, repayment, redeemed, redeemable and redemption shall be construed accordingly; 

Series means a Tranche of Notes together with any further Tranche or Tranches of Notes expressed to be consolidated and form a
single series with the Notes of the original Tranche and the terms of which are identical (save for the issue Date and/or the Interest Commencement Date but including as to whether or not the Notes are listed); 

Specified Office means, in relation to any Agent in respect of any Series, either the office identified with its name in
Condition 2(a) (Interpretation - Definitions) of such Series or any other office notified to any relevant parties pursuant to the Agency Agreement; 

Subsidiary has the meaning set out in Condition 2(a) (Interpretation -
Definitions); 
 Substitute Rating Agency means any rating agency of international standing substituted for the Rating
Agency by the Issuer from time to time with the prior written approval of the Trustee, such approval not to be unreasonably withheld or delayed; 

Successor means, in relation to the Paying Agents, such other or further person as may from time to time be appointed pursuant to
the Agency Agreement as a Paying Agent; 
 Successor in Business means in respect of a company (the Original
Company): 
  

	 	(a)	a company or other entity to whom the Original Company validly and effectually, in accordance with all enactments, orders and regulations in force for the time being and from time to time, transfers the whole or
substantially the whole of its business, undertaking and assets for the purpose of assuming and conducting the business of the Original Company in its place; or 

  

	 	(b)	any other entity which acquires in any other manner the whole or substantially the whole of the undertaking, property and assets of the Original Company and carries on as a successor to the Original Company the whole or
substantially the whole of the business carried on by the Original Company prior thereto; 

 S&P means
Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies Inc. or any successor; 
 Talonholder
means the holder of a Talon; 

  
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 Talons means any bearer talons appertaining to the Notes of any Series or, as the
context may require, a specific number thereof and includes any replacement Talons issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons); 

Temporary Global Note means, in relation to any Series, a Global Note to be issued pursuant to Clause 5.1 (Global Notes)
in the form or substantially in the form set out in Part A of Schedule 2; 
 this Trust Deed means this Trust Deed
and the Schedules (as from time to time modified in accordance with the provisions contained herein) and (unless the context requires otherwise) includes any deed or other document executed in accordance with the provisions hereof (as from time to
time modified as aforesaid) and expressed to be supplemental hereto; 
 Tranche means all Notes of the same Series with the
same Issue Date and Interest Commencement Date; 
 Trustee Acts means both the Trustee Act 1925 and the Trustee Act 2000 of
England and Wales; 
 Written Resolution means, in relation to any Series, a resolution in writing signed by or on behalf of
the holders of 75 per cent. of the aggregate principal amount of the Notes of such Series for the time being outstanding, whether contained in one document or several documents in like form, each signed by or on behalf of one or more such
Noteholders; and 
 Zero Coupon Note means a Note on which no interest is payable. 

1.2 Principles of interpretation 

In this Trust Deed: 
  

	 	(a)	Statutory modification: a provision of any statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under
such modification or re-enactment; 

  

	 	(b)	Additional amounts: principal and/or interest in respect of the Notes of any Series shall be deemed also to include references to any additional amounts, any redemption amounts and any premium which may be
payable under the Conditions; 

  

	 	(c)	Relevant Currency: relevant currency shall be construed as a reference to the currency in which payments in respect of the Notes and/or Coupons of the relevant Series are to be made as indicated in the relevant
Final Terms; 

  

	 	(d)	Tax: costs, charges or expenses shall include any value added tax or similar tax charged or chargeable in respect thereof; 

  
 - 10 - 

	 	(e)	Enforcement of rights: an action, remedy or method of judicial proceedings for the enforcement of rights of creditors shall include, in respect of any jurisdiction other than England, references to such action,
remedy or method of judicial proceedings for the enforcement of rights of creditors available or appropriate in such jurisdictions as shall most nearly approximate thereto; 

 

	 	(f)	Clauses and Schedules: a Schedule or a Clause, sub-clause, paragraph or sub-paragraph is, unless otherwise stated, to a schedule hereto or a clause, sub-clause, paragraph or sub-paragraph hereof respectively;

  

	 	(g)	Clearing systems: Euroclear and/or Clearstream, Luxembourg shall, wherever the context so admits (but not in the case of any Notes in NGN form), be deemed to include references to any additional or alternative
clearing system approved by the Issuer and the Trustee; 

  

	 	(h)	Trust corporation: a trust corporation denotes a corporation entitled by rules made under the Public Trustee Act 1906 to act as a custodian trustee or entitled pursuant to any other legislation applicable to a
trustee in any jurisdiction other than England to act as trustee and carry on trust business under the laws of the country of its incorporation; 

  

	 	(i)	Gender: words denoting the masculine gender shall include the feminine gender also, words denoting individuals shall include companies, corporations and partnerships, words importing the singular number shall
include the plural and, in each case, vice versa; 

  

	 	(j)	Records: any reference to the records of an ICSD shall be to the records that each of the ICSDs holds for its customers which reflect the amount of such customers’ interests in the Notes (but excluding any
interest in any Notes of one ICSD shown in the records of another ICSD); 

  

	 	(k)	Drawdown Prospectus: each reference to Final Terms shall, in the case of a Series of Notes which is the subject of a Drawdown Prospectus be read and construed as a reference to the final terms of the Notes set
out in such Drawdown Prospectus; 

  

	 	(l)	Guarantees: all references in this Trust Deed to guarantees or to an obligation being guaranteed shall be deemed to include respectively references to indemnities or to an indemnity being given in respect
thereof; and 

  

	 	(m)	Proceedings: all references in these presents to taking proceedings against the Issuer and/or the Guarantors shall be deemed to include references to proving in the winding up of the Issuer and/or any Guarantor
(as the case may be). 

 1.3 The Conditions 

In this Trust Deed, unless the context requires or the same are otherwise defined, words and expressions defined in the Conditions and not
otherwise defined herein shall have the same meaning in this Trust Deed. 

  
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 1.4 Headings 

The headings and sub-headings are for ease of reference only and shall not affect the construction of this Trust Deed. 

1.5 The Schedules 
 The schedules
are part of this Trust Deed and shall have effect accordingly. 
 1.6 Written Notices/Approvals 

Any reference to a written notice or approval being given by the Trustee shall, for the avoidance of doubt, be deemed to include such notice
being given by email. 
 2. AMOUNT AND ISSUE OF THE
NOTES 
 2.1 Amount of the Notes 

The Notes will be issued in Series in an aggregate nominal amount from time to time outstanding not exceeding the Authorised Amount and, for
the purpose of determining such aggregate nominal amount, Clause 14 of the Dealer Agreement shall apply. 
 2.2 Prior to each Issue Date

 By not later than 3.00 p.m. (London time) on the fourth business day in London (which for this purpose shall be a day on which commercial
banks are open for business in London) preceding each proposed Issue Date, the Issuer shall: 
  

	 	(a)	deliver or cause to be delivered to the Trustee a draft of the relevant Final Terms and, if applicable, notify the Trustee of any proposed changes to the draft Final Terms delivered to the Trustee; and

  

	 	(b)	notify the Trustee in writing without delay of the Issue Date and the nominal amount of the Notes of the relevant Tranche. 

For the avoidance of doubt, the Trustee shall not be required in any case to approve such Final Terms. 

2.3 Constitution of Notes 
 Upon
the issue of the Temporary Global Note, initially representing the Notes of any Tranche, such Notes shall become constituted by this Trust Deed without further formality. 

2.4 Further legal opinions 

After each anniversary of this Trust Deed and prior to the first issue of any Notes, on each occasion when a legal opinion is delivered to a
Dealer pursuant to Clause 5.11 of the Dealer Agreement and on such other occasions as the Trustee so requests, the Issuer will procure, at no cost to the Trustee, that further legal opinions in such form and with such content as the Trustee may
require from the legal advisers specified in 

  
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the Dealer Agreement or in the relevant jurisdiction approved by the Trustee are delivered to the Trustee, provided that the Trustee shall not be required to approve the applicable legal
opinions. In each such case, receipt by the Trustee of the relevant opinion shall be a condition precedent to the issue of Notes pursuant to this Trust Deed. 

3. COVENANT TO REPAY 

3.1 Covenant to repay 
 The Issuer
covenants with the Trustee that it shall, as and when the Notes of any Series or any of them become due to be redeemed or any principal on the Notes of any Series or any of them becomes due to be repaid in accordance with the Conditions,
unconditionally pay or procure to be paid to or to the order of the Trustee in immediately available freely transferable funds in the relevant currency the principal amount of the Notes of such Series or any of them becoming due for payment on that
date and shall (subject to the provisions of the Conditions and except in the case of Zero Coupon Notes), until all such payments (both before and after judgment or other order of a court of competent jurisdiction) are duly made, unconditionally pay
or procure to be paid to or to the order of the Trustee as aforesaid on the dates provided for in the Conditions interest (which shall accrue from day to day) on the principal amount (or such other amount as may be specified in the Final Terms) of
the Notes or any of them of such Series outstanding from time to time as set out in the Conditions (subject to Clause 3.3 (Interest on Floating Rate Notes following Event of Default)) provided that: 

 

	 	(a)	every payment of principal, interest or other sum due in respect of such Notes or any of them made to the Principal Paying Agent in the manner provided in the Agency Agreement shall satisfy pro tanto, to the
extent of such payment, the relevant covenant by the Issuer contained in this Clause except to the extent that there is default in the subsequent payment thereof to the relevant Noteholders or Couponholders (as the case may be) in accordance with
the Conditions; 

  

	 	(b)	if any payment of principal or interest in respect of such Notes or any of them is made after the due date, payment shall be deemed not to have been made until either the full amount is paid to the relevant Noteholders
or Couponholders (as the case may be) or, if earlier, the seventh day after notice has been given to the relevant Noteholders in accordance with the Conditions that the full amount has been received by the Principal Paying Agent or the Trustee
except, in the case of payment to the Principal Paying Agent, to the extent that there is failure in the subsequent payment to the Noteholders or Couponholders (as the case may be) under the Conditions; and 

 

	 	(c)	 in any case where payment of the whole or any part of the principal amount due in respect of any Note is improperly withheld or refused upon due
presentation of the relevant Note interest shall accrue on the whole or such part of such principal amount (except in the case of Zero Coupon Notes, to which the provision of Condition 8 (Zero Coupon Note Provisions) shall apply) from the
date of such withholding or refusal until the date either on 

  
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which such principal amount due is paid to the relevant Noteholders or, if earlier, the seventh day after which notice is given to the relevant Noteholders in accordance with the Conditions that
the full amount payable in respect of the said principal amount is available for collection by the relevant Noteholders provided that on further due presentation of the relevant Note such payment is in fact made. 

The Trustee will hold the benefit of this covenant and the other covenants in this Trust Deed on trust for the Noteholders in accordance with
their respective interests. 
 3.2 Following an Event of Default 

At any time after any Event of Default or Potential Event of Default shall have occurred or the Notes of all or any Series shall otherwise have
become due and repayable or the Trustee shall have received any money which it proposes to pay under Clause 12 (Application of Moneys) to the relevant Noteholders and/or Couponholders, the Trustee may: 

 

	 	(a)	by notice in writing to the Issuer, the Guarantors, the Principal Paying Agent and the other Agents require the Principal Paying Agent and the other Agents or any of them: 

 

	 	(i)	to act thereafter, until otherwise instructed by the Trustee, as Agents of the Trustee under the provisions of this Trust Deed on the terms provided in the Agency Agreement (with consequential amendments as necessary
and save that the Trustee’s liability under any provisions thereof for the indemnification, remuneration and payment of out-of-pocket expenses of the Agents shall be limited to amounts for the time being held by the Trustee on the trusts of
this Trust Deed in relation to the Notes on the terms of this Trust Deed and available to the Trustee for such purpose) and thereafter to hold all Notes and Coupons and all sums, documents and records held by them in respect of Notes and Coupons on
behalf of the Trustee; and/or 

  

	 	(ii)	to deliver up all Notes and Coupons and all sums, documents and records held by them in respect of Notes and Coupons to the Trustee or as the Trustee shall direct in such notice provided that such notice shall be
deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and 

  

	 	(b)	by notice in writing to the Issuer and the Guarantors require each of them to make all subsequent payments in respect of Notes and Coupons to or to the order of the Trustee and, with effect from the issue of any such
notice until such notice is withdrawn, proviso 3.1(a) to Clause 3.1 (Covenant to repay) and (so far as it concerns payments by the Issuer and the Guarantors) Clause 12.4 (Payments to Noteholders and Couponholders) shall cease to have
effect. 

  
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 3.3 Interest on Floating Rate Notes following Event of Default 

If Floating Rate Notes become immediately due and repayable under Condition 12 (Events of Default) the rate and/or amount of interest
payable in respect of them will be calculated at the same intervals as if such Notes had not become due and repayable, the first of which will commence on the expiry of the Interest Period (as defined in the Conditions) during which the Notes of the
relevant Series become so due and repayable in accordance with Condition 12 (Events of Default) (with consequential amendments as necessary) except that the rates of interest need not be published. 

3.4 Currency of payments 
 All
payments in respect of, under and in connection with this Trust Deed and the Notes to the relevant Noteholders and Couponholders shall be made in the relevant currency as required by the Conditions. 

3.5 Separate Series 
 The Notes
of each Series shall form a separate Series of Notes and accordingly, unless for any purpose the Trustee in its absolute discretion shall otherwise determine, all the provisions of this Trust Deed shall apply mutatis mutandis separately and
independently to the Notes of each Series and in such Clauses and Schedule the expressions “Notes”, “Noteholders”, “Coupons”, “Couponholders”,
“Talons” and “Talonholders” shall be construed accordingly. 
 4.
GUARANTEE 
 4.1 The Guarantors hereby irrevocably and unconditionally and on a joint and several basis,
and notwithstanding the release of any other guarantor or any other person under the terms of any composition or arrangement with any creditors of the Issuer, guarantee to the Trustee: 

 

	 	(a)	the due and punctual payment in accordance with the provisions of this Trust Deed of the principal of and premium (if any) and interest on the Notes and of any other amounts payable by the Issuer under this Trust Deed;
and 

  

	 	(b)	the due and punctual performance and observance by the Issuer of each of the other provisions of this Trust Deed on the Issuer’s part to be performed or observed. 

4.2 If the Issuer fails for any reason whatsoever punctually to pay any such principal, premium, interest or other amount, the Guarantors
shall cause each and every such payment to be made as if the Guarantors instead of the Issuer were expressed to be the primary obligor under this Trust Deed and not merely as surety (but without affecting the nature of the Issuer’s obligations)
to the intent that the holder of the relevant Note or Coupon or the Trustee (as the case may be) shall receive the same amounts in respect of principal, premium, interest or such other amount as would have been receivable had such payments been made
by the Issuer. 

  
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 4.3 If any payment received by the Trustee or any Noteholder or Couponholder under the provisions
of this Trust Deed shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of the Issuer or, without limitation, on any other event) be avoided or set aside for any reason, such payment shall not be considered as
discharging or diminishing the liability of the Guarantors and this guarantee shall continue to apply as if such payment had at all times remained owing by the Issuer and the Guarantors shall indemnify the Trustee and the Noteholders and/or
Couponholders (as the case may be) in respect thereof provided that the obligations of the Issuer and/or the Guarantors under this sub-clause shall, as regards each payment made to the Trustee or any
Noteholder or Couponholder which is avoided or set aside, be contingent upon such payment being reimbursed to the Issuer or other persons entitled through the Issuer. 

4.4 Each of the Guarantors hereby agrees that its obligations under this Clause shall be unconditional and that it shall be fully liable
irrespective of the validity, regularity, legality or enforceability against the Issuer of, or of any defence or counter-claim whatsoever available to the Issuer in relation to, its obligations under this
Trust Deed, whether or not any action has been taken to enforce the same or any judgment obtained against the Issuer, whether or not any of the other provisions of this Trust Deed have been modified, whether or not any time, indulgence, wavier,
authorisation or consent has been granted to the Issuer by or on behalf of the Noteholders or the Couponholders or the Trustee, whether or not any determination has been made by the Trustee pursuant to Clause 9 (Amendments and
Substitution) whether or not there have been any dealings or transactions between the Issuer, any of the Noteholders or Couponholders or the Trustee, whether or not the Issuer has been dissolved, liquidated, merged, consolidated, bankrupted or
has changed its status, functions, control or ownership, whether or not the Issuer has been prevented from making payment by foreign exchange provisions applicable at its place of registration or incorporation and whether or not any other
circumstances have occurred which might otherwise constitute a legal or equitable discharge of or defence to any guarantor. Accordingly, the validity of this guarantee shall not be affected by reason of any invalidity, irregularity, illegality or
unenforceability of all or any of the obligations of the Issuer under this Trust Deed and this guarantee shall not be discharged nor shall the liability of a Guarantor under this Trust Deed be affected by any act, thing or omission or means whatever
whereby its liability would not have been discharged if it had been the principal debtor. 
 4.5 Without prejudice to the provisions of
Clause 11 (Enforcement) the Trustee may determine from time to time whether or not it will enforce this guarantee which it may do without making any demand of or taking any proceedings against the Issuer and may from time to time make
any arrangement or compromise with the Guarantors in relation to this guarantee which the Trustee may consider expedient in the interests of the Noteholders. 

4.6 The Guarantors waive diligence, presentment, demand of payment, filing of claims with a court in the event of dissolution, liquidation,
merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to this Trust Deed or the indebtedness evidenced thereby and all demands whatsoever and covenants that this guarantee
shall be a continuing guarantee, shall 

  
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extend to the ultimate balance of all sums payable and obligations owed by the Issuer under this Trust Deed, shall not be discharged except by complete performance of the obligations in this
Trust Deed and is additional to, and not instead of, any security or other guarantee or indemnity at any time existing in favour of any person, whether from the Guarantors or otherwise. 

4.7 If any moneys shall become payable by the Guarantors under this guarantee the Guarantors shall not, so long as the same remain unpaid,
without the prior written consent of the Trustee: 
  

	 	(a)	in respect of any amounts paid by it under these guarantees, exercise any rights of subrogation or contribution or, without limitation, any other right or remedy which may accrue to it in respect of or as a result of
any such payment; or 

  

	 	(b)	in respect of any other moneys for the time being due to the Guarantors by the Issuer, claim payment thereof or exercise any other right or remedy. 

(including in either case claiming the benefit of any security or right of set-off or, on the
liquidation of the Issuer, proving in competition with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or liquidation of the Issuer, any payment or distribution of assets of the Issuer of any kind or character,
whether in cash, property or securities, shall be received by the Guarantors before payment in full of all amounts payable under this Trust Deed shall have been made to the Noteholders, the Couponholders and the Trustee, such payment or distribution
shall be received by the Guarantors on trust to pay the same over immediately to the Trustee for application in or towards the payment of all sums due and unpaid under this Trust Deed in accordance with Clause 12 (Application of Moneys).

 4.8 Until all amounts which may be or become payable by the Issuer under this Trust Deed have been irrevocably paid in full, the Trustee
may: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by the Trustee in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against
those amounts or otherwise), and the Guarantors shall not be entitled to the benefit of the same; and 

  

	 	(b)	hold in a suspense account any moneys received from the Guarantors or an account of the Guarantors’ liability under this guarantee, without liability to pay interest on those moneys. 

5. THE NOTES 

5.1 Global Notes 
  

	 	(a)	The Notes of each Tranche will initially be together represented by a Temporary Global Note. Each Temporary Global Note shall (save as may be specified in the relevant Final Terms) be exchangeable, in accordance with
its terms, for interests in a Permanent Global Note or Notes in definitive form together with, where applicable, (except in the case of Zero Coupon Notes) Coupons, and where applicable Talons attached. 

  
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	 	(b)	Each Permanent Global Note shall be exchangeable, in accordance with its terms, for Notes in definitive form. 

All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the case of
a NGN) for Euroclear and Clearstream, Luxembourg in accordance with the provisions of the Dealer Agreement or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and, in each case,
the Agency Agreement. 
 5.2 Notes in definitive form 

Notes in definitive form will be security printed in accordance with applicable legal and stock exchange requirements substantially in the form
set out in Part C of 0. Any Coupons and Talons will also be security printed in accordance with the same requirements and will be attached to the Notes in definitive form at the time of issue. Notes in definitive form will be endorsed with the
Conditions and shall have endorsed thereon or attached thereto a copy of the applicable Final Terms (or the relevant provisions thereof). 

5.3 Signature 
 The Global Notes
and the Notes in definitive form will be signed manually or in facsimile by a duly authorised person designated by the Issuer and will be authenticated manually by or on behalf of the Principal Paying Agent and if applicable, will be effectuated
manually by or on behalf of the Common Safekeeper. The Issuer may use the facsimile signature of a person who at the date such signature was originally produced was such a duly authorised person even if at the time of issue of any Global Note or
Note in definitive form he is no longer so authorised. Global Notes and Notes in definitive form so executed, duly authenticated and, if applicable, duly effectuated will be binding and valid obligations of the Issuer and title thereto shall pass by
delivery. 
 5.4 Entitlement to treat holder as owner 

The Issuer, the Guarantors, the Trustee and any Paying Agent may deem and treat the holder of any Note and the holder of any Coupon as the
absolute owner of such Note or Coupon, as the case may be, free of any equity, set-off or counterclaim on the part of the Issuer or any Guarantor against the original or any intermediate holder of such Note or Coupon (whether or not such Note or
Coupon shall be overdue and notwithstanding any notation of ownership or other writing thereon or any notice of previous loss or theft of such Note or Coupon) for all purposes and, except as ordered by a court of competent jurisdiction or as
required by applicable law, the Issuer, the Guarantors, the Trustee and any Paying Agent shall not be affected by any notice to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to
satisfy and discharge the liability for the moneys payable upon the Notes. 

  
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 5.5 Further Notes 

The Issuer shall be at liberty from time to time (but subject always to the provisions of this Trust Deed) without the consent of the
Noteholders or Couponholders to create and issue further Notes having terms and conditions the same as the Notes of any Series (or the same in all respects save for the amount and date of the first payment of interest thereon) and so that the same
shall be consolidated and form a single series with the outstanding Notes of a particular Series. 
 6. CANCELLATION
OF NOTES AND RECORDS 
 6.1 The Issuer shall procure that all
Notes issued by it which are (a) redeemed or (b) purchased by or on behalf of the Issuer, a Guarantor or any Subsidiary and surrendered for cancellation or (c) which, being mutilated or defaced, have been surrendered and replaced
pursuant to Condition 14 (Replacement of Notes, Coupons and Talons) (together in each case, in the case of Definitive Notes, with all unmatured Coupons attached thereto or delivered therewith), and all Coupons paid in accordance with the
relevant Conditions or which, being mutilated or defaced, have been surrendered and replaced pursuant to Condition 14 (Replacement of Notes, Coupons and Talons), shall forthwith be cancelled by or on behalf of the Issuer and a certificate
stating: 
  

	 	(i)	the aggregate nominal amount of Notes which have been redeemed and the aggregate amounts in respect of Coupons which have been paid; 

 

	 	(ii)	the serial numbers of such Notes in definitive form; 

  

	 	(iii)	the total numbers (where applicable, of each denomination) by maturity date of such Coupons; 

  

	 	(iv)	the aggregate amount of interest paid (and the due dates of such payments) on Global Notes; 

  

	 	(v)	the aggregate nominal amount of Notes (if any) which have been purchased by or on behalf of the Issuer, any Guarantor or any Subsidiary and cancelled and the serial numbers of such Notes in definitive form and, in the
case of Notes in definitive form, the total number (where applicable, of each denomination) by maturity date of the Coupons and Talons attached thereto or surrendered therewith; 

 

	 	(vi)	the aggregate nominal amounts of Notes and the aggregate amounts in respect of Coupons which have been so surrendered and replaced and the serial numbers of such Notes in definitive form and the total number (where
applicable, of each denomination) by maturity date of such Coupons and Talons; 

  

	 	(vii)	the total number (where applicable, of each denomination) by maturity date of the unmatured Coupons missing from Notes in definitive form bearing interest at a fixed rate which have been redeemed or surrendered and
replaced and the serial numbers of the Notes in definitive form to which such missing unmatured Coupons appertained; and 

  
 - 19 - 

	 	(viii)	the total number (where applicable, of each denomination) by maturity date of Talons which have been exchanged for further Coupons, 

shall be given to the Trustee by or on behalf of the Issuer as soon as possible and in any event within one month after the end of each
calendar quarter during which any such redemption, purchase, payment, exchange or replacement (as the case may be) takes place. The Trustee may accept such certificate as conclusive evidence of redemption, purchase, payment, exchange or replacement
pro tanto of the Notes or payment of interest thereon or exchange of the relative Talons respectively and of cancellation of the relative Notes and Coupons. 

6.2 The Issuer shall procure (a) that the Principal Paying Agent shall keep a full and complete record of all Notes, Coupons and Talons
issued by it (other than serial numbers of Coupons) and of their redemption, any cancellation or any payment (as the case may be) and of all replacement notes, coupons or talons issued in substitution for lost, stolen, mutilated, defaced or
destroyed Notes, Coupons or Talons, (b) that the Principal Paying Agent shall in respect of the Coupons of each maturity retain (in the case of Coupons other than Talons) until the expiry of ten years from the Relevant Date in respect of such
Coupons and (in the case of Talons indefinitely) either all paid or exchanged Coupons of that maturity or a list of the serial numbers of Coupons of that maturity still remaining unpaid or unexchanged and (c) that such records and Coupons (if
any) shall be made available to the Trustee at all reasonable times. 
 7. COVENANT TO
COMPLY WITH THE TRUST DEED 
 7.1 Covenant to
comply with the Trust Deed 
 Each of the Issuer and each Guarantor severally covenants with the Trustee to comply with those provisions of
this Trust Deed and the Conditions which are expressed to be binding on it and to perform and observe the same. The Notes and the Coupons are subject to the provisions contained in this Trust Deed, all of which shall be binding upon the Issuer, the
Guarantors, the Noteholders, the Couponholders and all persons claiming through or under them respectively. The Trustee shall hold the benefit of this covenant upon trust for itself and the Noteholders and the Couponholders according to its and
their respective interests. 
 7.2 Trustee may enforce Conditions 

The Trustee shall itself be entitled to enforce the obligations of the Issuer and each Guarantor under the Notes and the Conditions as if the
same were set out and contained in this Trust Deed which shall be read and construed as one document with the Notes. 

  
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 8. COVENANTS BY THE ISSUER
AND THE GUARANTORS 
 So long as any of the Notes remains outstanding, the
Issuer and the Guarantors will each: 
  

	 	(a)	Books of account: at all times keep and procure that all its Subsidiaries keep such books of account as may be necessary to comply with all applicable laws and so as to enable the financial statements of the
Issuer or, as the case may be, the relevant Guarantor to be prepared and, if the Trustee, in its sole opinion, determines that it is necessary to request access to such books of account, allow the Trustee and any person appointed by it, to whom the
Issuer, the relevant Guarantor or the relevant Subsidiary (as the case may be) shall have no reasonable objection, free access to the same at all reasonable times during normal business hours and to discuss the same with responsible officers of the
Issuer; 

  

	 	(b)	Event of Default: give notice in writing to the Trustee forthwith of the coming into existence of any security interest which would require any security to be given to the Notes pursuant to Condition 5
(Negative Pledge) or of the occurrence of any Event of Default, Potential Event of Default, Change of Control or Change of Control Put Event and without waiting for the Trustee to take any further action; 

 

	 	(c)	Certificate of Compliance: provide to the Trustee within seven days of any request by the Trustee and at the time of the despatch to the Trustee of its annual balance sheet and profit and loss account, and in any
event not later than 180 days after the end of its financial year, a certificate, signed by two Authorised Signatories of the Issuer or, as the case may be, the relevant Guarantor certifying that up to a specified date not earlier than seven days
prior to the date of such certificate (the Certified Date) the Issuer or, as the case may be, the relevant Guarantor has complied with its obligations under this Trust Deed and the Notes (or, if such is not the case, giving details of
the circumstances of such non-compliance) and that as at such date there did not exist nor had there existed at any time prior thereto since the Certified Date in respect of the previous such certificate (or, in the case of the first such
certificate, since the date of this Trust Deed) any Event of Default, Potential Event of Default, Change of Control Put Event, Change of Control or other matter which could affect the ability of the Issuer or, as the case may be, the relevant
Guarantor to perform its obligations under this Trust Deed or (if such is not the case) specifying the same; 

  

	 	(d)	 Financial statements: send to the Trustee and to the Principal Paying Agent (if the same are produced) as soon as practicable after their date
of publication and in the case of annual financial statements in any event not more than 180 days after the end of each financial year, two copies of the Issuer’s or, as the case may be, the relevant Guarantor’s consolidated annual balance
sheet and profit and loss account and of every balance sheet, profit and loss account, report or other notice, statement or circular issued (or which under any legal or contractual obligation should be issued) to the members or holders of debentures
or creditors (or any class of them) of the Issuer or, as the case may be, the relevant Guarantor in their capacity as such at the time of the actual (or legally or contractually required) issue or publication thereof and procure that the same are
made available for inspection by Noteholders and Couponholders at the Specified Offices of the Paying Agents as soon as practicable thereafter; 

  
 - 21 - 

	 	(e)	Information: so far as permitted by applicable law, at all times give to the Trustee such information, opinions, certificates and other evidence as it shall require in accordance with its fiduciary duties and
obligations to the Noteholders and in such form as it shall require (including, without limitation, the certificates called for by the Trustee pursuant to Clause 8(c) (Certificate of Compliance) for the exercise of its duties, trusts, powers,
authorities and discretions vested in it under this Trust Deed or by operation of law; 

  

	 	(f)	Notes held by Issuer and the Guarantors: send to the Trustee forthwith upon being so requested in writing by the Trustee a certificate of the Issuer or, as the case may be, the relevant Guarantor (signed on its
behalf by two Authorised Signatories) setting out the total number of Notes of each Series which at the date of such certificate are held by or for the benefit of the Issuer, the relevant Guarantor or any Subsidiary; 

 

	 	(g)	Execution of further Documents: so far as permitted by applicable law, at all times execute all such further documents and do all such further acts and things as may be necessary at any time or times in the
opinion of the Trustee to give effect to the provisions of this Trust Deed; 

  

	 	(h)	Notices to Noteholders: send or procure to be sent to the Trustee not less than three business days in London prior to the date of publication, for the Trustee’s approval, one copy of each notice to be given
to the Noteholders in accordance with Condition 18 (Notices) and not publish such notice without such approval (such approval not to be unreasonably withheld or delayed) and, upon publication, send to the Trustee two copies of such
notice (such approval, unless so expressed, not to constitute approval of such notice for the purpose of Section 21 of the Financial Services and Markets Act 2000); 

 

	 	(i)	Notification of non-payment: use its reasonable endeavours to procure that the Principal Paying Agent notifies the Trustee forthwith in the event that it does not, on or before the due date for payment in respect
of the Notes or Coupons of any Series or any of them receive unconditionally the full amount in the relevant currency of the moneys payable on such due date on all such Notes or Coupons; 

 

	 	(j)	Notification of late payment: in the event of the unconditional payment to the Principal Paying Agent or the Trustee of any sum due in respect of any of the Notes or the Coupons or any of them being made after
the due date for payment thereof, forthwith give notice to the Noteholders that such payment has been made in accordance with Condition 18 (Notices); 

  

	 	(k)	Notification of redemption or payment: not less than the number of days specified in the relevant Condition prior to the redemption or payment date in respect of any Note or Coupon give to the Trustee notice in
writing of the amount of such redemption or payment pursuant to the Conditions and duly proceed to redeem or pay such Notes or Coupons accordingly; 

  

	 	(l)	 Tax or optional redemption: if the Issuer gives notice to the Trustee that it intends to redeem the Notes pursuant to Conditions 9(b) (Redemption and

  
 - 22 - 

	 	
Purchase – Redemption for tax reasons) and 9(c) (Redemption and Purchase – Redemption at the option of the Issuer (Issuer Call Option)) and prior to the Issuer giving such
notice to the Noteholders, provide such information to the Trustee as the Trustee requires in order to satisfy itself of the matters referred to in such Condition; 

 

	 	(m)	Obligations of Agents: observe and comply with its obligations and use all reasonable endeavours to procure that the Agents observe and comply with all their obligations under the Agency Agreement and notify the
Trustee immediately it becomes aware of any material breach or failure by an Agent in relation to the Notes or Coupons and at all times maintain Paying Agents and a Calculation Agent in accordance with the Conditions; 

 

	 	(n)	Change of taxing jurisdiction: if before the Relevant Date for any Note or Coupon the Issuer or any Guarantor shall become subject generally to the taxing jurisdiction of any territory or any political
sub-division thereof or any authority therein or thereof having power to tax other than or in addition to the United Kingdom, immediately upon becoming aware thereof notify the Trustee of such event and (unless the Trustee otherwise agrees) enter
forthwith into a trust deed supplemental hereto, giving to the Trustee an undertaking or covenant in form and manner satisfactory to the Trustee in terms corresponding to the terms of Condition 11 (Taxation) with the substitution for (or, as
the case may be, the addition to) the references therein to the United Kingdom of references to that other or additional territory to whose taxing jurisdiction, or that of a political subdivision thereof or an authority therein or thereof, the
Issuer or, as the case may be, the relevant Guarantor shall have become subject as aforesaid, such trust deed also to modify Condition 11 (Taxation) so that such Condition shall make reference to that other or additional territory;

  

	 	(o)	Listing: at all times use reasonable endeavours to maintain the admission to listing, trading and/or quotation of the Notes of each Series by the relevant competent authority, stock exchange and/or quotation
system on which they are admitted to listing, trading and/or quotation on issue as indicated in the relevant Final Terms or, if it is unable to do so having used all reasonable endeavours or, if the Trustee considers that the maintenance of such
admission to listing, trading and/or quotation is agreed by the Trustee to be unduly burdensome or impractical and the Trustee is of the opinion that to do so would not be materially prejudicial to the interests of the Noteholders, use reasonable
endeavours to obtain and maintain admission to listing, trading and/or quotation of the Notes on such other competent authority, stock exchange and/or quotation system as the Issuer and the Guarantors may (with the approval of the Trustee decide and
give notice of the identity of such other competent authority, stock exchange or quotation system to the Noteholders; 

  

	 	(p)	 Authorised Signatories: upon the execution hereof and thereafter forthwith upon any change of the same, deliver to the Trustee (with a copy to
the Principal Paying Agent) a list of the Authorised Signatories of the Issuer and each Guarantor, together with certified specimen signatures of the same; 

  
 - 23 - 

	 	(q)	Payments: pay moneys payable by it to the Trustee hereunder without set off, counterclaim, deduction or withholding, unless otherwise compelled by law and in the event of any deduction or withholding compelled by
law pay such additional amount as will result in the payment to the Trustee of the amount which would otherwise have been payable by it to the Trustee hereunder; and 

 

	 	(r)	Notification of amendment to agreements: notify the Trustee of any amendment to the Dealer Agreement, and any amendment(s) to or waiver(s) of the terms of this Trust Deed and the Agency Agreement;

  

	 	(s)	Auditor’s certificates: cause to be prepared and certified by the Auditors in respect of each financial accounting period accounts in such form as will comply with all relevant legal and accounting
requirements and all requirements for the time being of the relevant stock exchange; 

  

	 	(t)	Further documents: at all times execute and do all such further documents, acts and things as may be necessary at any time or times in the reasonable opinion of the Trustee to give effect to this Trust Deed;

  

	 	(u)	Appointment and removal of Agents: give notice to the Noteholders in accordance with Condition 18 (Notices) of any appointment, resignation or removal of any Paying Agent or Calculation Agent (other than
the appointment of the initial Agents and Calculation Agent) after having obtained the prior written approval of the Trustee thereto or any change of any Paying Agent’s specified office and (except as provided by the Agency Agreement or the
Conditions) at least 30 days prior to such event taking effect; provided always that so long as any of the Notes remains outstanding in the case of the termination of the appointment of the Calculation Agent or so long as any of the Notes or
Coupons remains liable to prescription in the case of the termination of the appointment of the Principal Paying Agent no such termination shall take effect until a new Calculation Agent or Principal Paying Agent (as the case may be) has been
appointed on terms previously approved in writing by the Trustee; 

  

	 	(v)	Subsidiaries: procure its Subsidiaries to comply with all applicable provisions of Condition 9 (Redemption and Purchase); 

 

	 	(w)	Documents available for inspection: use reasonable endeavours to procure that each Paying Agent makes available for inspection by Noteholders and Couponholders at its specified office copies of this Trust Deed,
the Agency Agreement and the then latest audited balance sheet and profit and loss account (consolidated if applicable) of the Issuer and the Guarantors; 

  

	 	(x)	U.S. Paying Agent: if, in accordance with the provisions of the Conditions, interest in respect of the Notes becomes payable at the specified office of any Paying Agent in the United States of America promptly
give notice thereof to the relative Noteholders in accordance with Condition 18 (Notices); 

  

	 	(y)	 Dealer Agreement: promptly provide the Trustee with copies of all supplements and/or amendments and/or restatements of the Dealer Agreement;

  
 - 24 - 

	 	(z)	List of Material Subsidiaries: give to the Trustee (i) on the date hereof and (ii) at the same time as sending to it the certificates referred to in paragraph (c) above, a certificate signed by two
Authorised Signatories of the Issuer addressed to the Trustee (with a form and content satisfactory to the Trustee) listing those Subsidiaries of the Issuer which as at the date hereof, as at the Certified Date (as defined in paragraph
(c) above) of the relevant certificate given under paragraph (c) above or, as the case may be, as at the first day on which the then latest audited consolidated accounts of the Issuer became available were Material Subsidiaries for the
purposes of Condition 12 (Events of Default); 

  

	 	(aa)	Change in Material Subsidiaries: give to the Trustee, as soon as reasonably practicable after the acquisition or disposal of any company which thereby becomes or ceases to be a Material Subsidiary or after any
transfer is made to any Subsidiary of the Issuer which thereby becomes a Material Subsidiary, a certificate by two Authorised Signatories of the Issuer addressed to the Trustee (with a form and content satisfactory to the Trustee) to such effect;

  

	 	(bb)	Coupons: upon due surrender in accordance with the Conditions, pay the face value of all Coupons (including Coupons issued in exchange for Talons) appertaining to all Notes purchased by the Issuer, the Guarantors
or any other Subsidiary of the Issuer; 

  

	 	(cc)	Legal Opinions: prior to making any modification or amendment or supplement to this Trust Deed, procure the delivery of (a) legal opinion(s) as to English and any other relevant law, addressed to the
Trustee, dated the date of such modification or amendment or supplement, as the case may be, and in a form acceptable to the Trustee from legal advisers acceptable to the Trustee; 

 

	 	(dd)	Euroclear and Clearstream: use all reasonable endeavours to procure that Euroclear and/or Clearstream, Luxembourg (as the case may be) issue(s) any record, certificate or other document requested by the Trustee
as soon as practicable after such request; 

  

	 	(ee)	Notice of rating downgrade: promptly notify the Trustee upon becoming aware that any of the ratings assigned to the Notes has been downgraded or withdrawn; 

 

	 	(ff)	 FATCA Information: to the extent it is legally permissible to do so to take commercially reasonable efforts to provide upon request by the
Trustee to the Trustee, and consents to the collection and processing by the Trustee of, any authorisations, waivers, forms, documentation and other information relating to its status and required to be collected or reported by the Trustee under
FATCA (FATCA Information). The Trustee shall treat such forms, documentation or other information relating to or provided by the Issuer as confidential, but the Issuer consents, solely to the extent required for or in connection with
the Trustee’s compliance with FATCA, to the disclosure, transfer and reporting of such FATCA Information to any relevant government or taxing authority, any member of the Trustee’s Group, any sub-contractors, agents, service providers or
associates of the Trustee’s Group, and a member 

  
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of the Trustee’s Group, including transfers to jurisdictions which do not have strict data protection or similar laws. The Issuer agrees to inform the Trustee promptly in writing if there
are any changes to the FATCA Information supplied to the Trustee from time to time; and 

  

	 	(gg)	FATCA Withholding: use commercially reasonable efforts to provide to the Trustee, upon reasonable request by the Trustee, with information necessary and required for the Trustee to determine whether it is
required by applicable law to make any FATCA Withholding from a payment it makes under this Agreement. 

 9.
AMENDMENTS AND SUBSTITUTION 
 9.1 Waiver 

Without prejudice to Clause 9.4 (Rating Confirmations), the Trustee may, without any consent or sanction of the Noteholders or
Couponholders and without prejudice to its rights in respect of any subsequent breach, Event of Default or Potential Event of Default, from time to time and at any time, but only if and in so far as in its opinion the interests of the Noteholders
shall not be materially prejudiced thereby, authorise or waive, on such terms and conditions (if any) as shall seem expedient to it, any breach or proposed breach by the Issuer or any Guarantor of any of the covenants or provisions contained in this
Trust Deed or the Notes or Coupons (other than a proposed breach or breach relating to the subject of a Reserved Matter) or determine that any Event of Default or Potential Event of Default shall not be treated as such for the purposes of this Trust
Deed; any such authorisation, waiver or determination shall be binding on the Noteholders and the Couponholders and, if, but only if, the Trustee shall so require, the Issuer shall cause such authorisation, waiver or determination to be notified to
the Noteholders as soon as practicable thereafter in accordance with the Conditions; provided that the Trustee shall not exercise any powers conferred upon it by this Clause in contravention of any express direction by an Extraordinary
Resolution or of a request in writing made by the holders of not less than 20 per cent. in aggregate principal amount of the Notes then outstanding (but so that no such direction or request shall affect any authorisation, waiver or
determination previously given or made) or so as to authorise or waive any such breach or proposed breach relating to any of the matters the subject of the Reserved Matters as specified and defined in Schedule 3 (Provisions for Meetings of
Noteholders). 
 9.2 Modifications 

Without prejudice to Clause 9.4 (Rating Confirmations), the Trustee may from time to time and at any time without any consent or
sanction of the Noteholders or Couponholders concur with the Issuer and the Guarantors in making (a) any modification to this Trust Deed (other than in respect of Reserved Matters as specified and defined in Schedule 3 or any provision of
this Trust Deed referred to in that specification) or the Notes which in the opinion of the Trustee it may be proper to make provided the Trustee is of the opinion that such modification will not be materially prejudicial to the interests of the
Noteholders or (b) any modification to this Trust Deed or the Notes if in the opinion of the Trustee such modification is of a formal, minor or technical nature or made to correct a manifest error or an error which

  
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is, in the opinion of the Trustee, proven. Any such modification shall be binding on the Noteholders and the Couponholders and, unless the Trustee otherwise agrees, the Issuer shall cause such
modification to be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 18 (Notices). 
 9.3
Substitution 
  

	 	(a)	Procedure: Without prejudice to Clause 9.4 (Rating Confirmations), the Trustee may (1) without the consent of the Noteholders or the Couponholders, agree to the substitution, in place of the Issuer
(or of any previous substitute under this Clause) of a Guarantor or its successor in business or any Subsidiary of the Issuer (hereinafter called the Substituted Obligor) as the principal debtor under this Trust Deed in relation to the
Notes and Coupons of any Series and under the Notes and Coupons of that Series and (2) without the consent of the Noteholders or the Couponholders, agree to the substitution of any Subsidiary of any Guarantor (also a Substituted
Obligor) in place of a Guarantor (or any previous substitute under this Clause) as the guarantor under this Trust Deed in relation to the Notes and Coupons of any Series and under the Notes and Coupons of that Series, in each case
provided that: 

  

	 	(i)	a trust deed is executed or some other written form of undertaking is given by the Substituted Obligor to the Trustee, in form and manner satisfactory to the Trustee, agreeing to be bound by the terms of this Trust
Deed, the Notes and the Coupons (with any consequential amendments which the Trustee may deem appropriate) as fully as if the Substituted Obligor had been named in this Trust Deed and on the Notes and the Coupons as the principal debtor in place of
the Issuer or, as the case may be, as the guarantor in place of the relevant Guarantor (or of any previous substitute under this Clause); 

  

	 	(ii)	the Issuer, the Guarantors and the Substituted Obligor execute such other deeds, documents and instruments (if any) as the Trustee may require in order that the substitution is fully effective and comply with such other
requirements as the Trustee may direct in the interests of the Noteholders and the Couponholders; 

  

	 	(iii)	an unconditional and irrevocable guarantee in form and substance satisfactory to the Trustee shall have been given (x) in the case of the substitution of the Issuer as provided in (1) above, by the Issuer and
each of the Guarantors or, if one of the Guarantors or its successor in business has become the Substituted Obligor, by the Issuer and the remaining Guarantor or (y) in the case of the substitution of a Guarantor as provided in (2) above,
by each of the Guarantors, of the obligations of the Substituted Obligor under this Trust Deed and the Notes; 

  

	 	(iv)	 the Trustee is satisfied that (i) the Substituted Obligor has obtained all governmental and regulatory approvals and consents necessary for its
assumption of liability as principal debtor or, as the case may be, as a guarantor in respect of this Trust Deed and the Notes and the Coupons 

  
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in place of the Issuer and/or, as the case may be, the Guarantors or the relevant Guarantor (or such previous substitute as aforesaid) and (ii) the Issuer and/or, as the case may be, the
Guarantors or the relevant Guarantor has obtained all governmental and regulatory approvals and consents necessary for the guarantee to be fully effective as referred to in sub-clause 9.3(c) and (iii) such approvals and consents are at the time
of substitution in full force and effect; 

  

	 	(v)	(without prejudice to the generality of the preceding sub-clauses of this sub-clause 9.3(a)) where the Substituted Obligor is incorporated, domiciled or resident in or is otherwise subject generally to the taxing
jurisdiction of any territory or any political sub-division thereof or any authority of or in such territory having power to tax (the Substituted Territory) other than or in addition to the territory, the taxing jurisdiction of which
(or to any such authority of or in which) the Issuer or, as the case may be, the relevant Guarantor is subject generally (the Issuer’s Territory), the Substituted Obligor will (unless the Trustee otherwise agrees) give to the
Trustee an undertaking in form and manner satisfactory to the Trustee in terms corresponding to the terms of Condition 11 (Taxation) with the substitution for the reference in that Condition to the Issuer’s Territory of references to the
Substituted Territory and in such event the Trust Deed and Notes and Coupons will be interpreted accordingly; 

  

	 	(vi)	without prejudice to the rights of reliance of the Trustee under sub-clause 9.3(d) (Directors’ certification) the Trustee is satisfied that the said substitution is not materially prejudicial to the
interests of the Noteholders; 

  

	 	(vii)	the Rating Agency has confirmed in writing to the Trustee that the substitution of the Substituted Obligor will not result in: 

  

	 	(A)	in respect of any Series of Notes which is not specifically rated by any rating agency, a downgrading of the then current credit rating of any rating agency applicable to the class of debt represented by the Notes; or

  

	 	(B)	in respect of any Series of Notes which is specifically rated by any rating agency, a downgrading of the then current credit rating applicable to such Series of Notes by such rating agency; 

 

	 	(b)	 Change of law: in connection with any proposed substitution of the Issuer or any Guarantor or any previous substitute, the Trustee may, in its
absolute discretion and without the consent of the Noteholders or the Couponholders agree to a change of the law from time to time governing the Notes and the Coupons and this Trust Deed provided that such change of law, in the opinion of the
Trustee, would not be materially prejudicial to the interests of the Noteholders; 

  
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	 	(c)	Extra duties: the Trustee shall be entitled to refuse to approve any Substituted Obligor if, pursuant to the law of the country of incorporation of the Substituted Obligor, the assumption by the Substituted
Obligor of its obligations hereunder imposes responsibilities on the Trustee over and above those which have been assumed under this Trust Deed; 

  

	 	(d)	Directors’ certification: if any two directors of the Substituted Obligor certify that immediately prior to the assumption of its obligations as Substituted Obligor under this Trust Deed the Substituted
Obligor is solvent after taking account of all prospective and contingent liabilities resulting from its becoming the Substituted Obligor, the Trustee need not have regard to the financial condition, profits or prospects of the Substituted Obligor
or compare the same with those of the Issuer or, as the case may be, the relevant Guarantor (or of any previous substitute under this Clause); 

  

	 	(e)	Interests of Noteholders: in connection with any proposed substitution, the Trustee shall not have regard to, or be in any way liable for, the consequences of such substitution for individual Noteholders or the
Couponholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory and no Noteholder or Couponholder shall, in connection with any such
substitution, be entitled to claim from the Issuer or, as the case may be, the relevant Guarantor any indemnification or payment in respect of any tax consequence of any such substitution upon individual Noteholders or Couponholders;

  

	 	(f)	Release of Issuer or, as the case may be, the relevant Guarantor: any agreement by the Trustee pursuant to sub-clause 9.3(a) (Procedure) shall, if so expressed, operate to release the Issuer or, as the
case may be, the relevant Guarantor (or such previous substitute as aforesaid) from any or all of its obligations as principal debtor or, as the case may be, as guarantor, in respect of the Notes and Coupons and this Trust Deed (but without
prejudice to its liabilities under any guarantee given pursuant to sub-clause 9.3(c) (Extra duties)). Not later than fourteen days after the execution of any such documents as aforesaid and after compliance with the said requirements of the
Trustee, the Substituted Obligor shall cause notice thereof to be given to the Noteholders; and 

  

	 	(g)	Completion of substitution: upon the execution of such documents and compliance with the said requirements, the Substituted Obligor shall be deemed to be named in this Trust Deed and the Notes and Coupons as the
principal debtor in place of the Issuer or, as the case may be, the guarantor in place of the relevant Guarantor (or in each case of any previous substitute under this Clause) and this Trust Deed, the Notes and the Coupons shall thereupon be deemed
to be amended in such manner as shall be necessary to give effect to the substitution and without prejudice to the generality of the foregoing any references in this Trust Deed, in the Notes and Coupons to the Issuer or, as the case may be, the
relevant Guarantor shall be deemed to be references to the Substituted Obligor. 

  
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 9.4 Rating Confirmations 

For the purposes of determining whether or not the exercise by the Trustee of any of its trusts, powers, authorities, duties and discretions
under this Trust Deed (including, without limitation, any modification, waiver, authorisation, determination or substitution), is materially prejudicial to the interests of the Noteholders of any Series of Notes, the Trustee shall be entitled to
rely on (but is not bound by) any S&P or any Substituted Rating Agency confirmation received in respect thereof. 
 10.
BREACH 
 Any breach of or failure to comply by the Issuer or the Guarantors with any such terms and
conditions as are referred to in Clauses 8 (Covenants by the Issuer and the Guarantors) and 9 (Amendments and Substitution) shall constitute a default by the Issuer or the Guarantors (as the case may be) in the performance or
observance of a covenant or provision binding on it under or pursuant to this Trust Deed. 
 11.
ENFORCEMENT 
 11.1 Legal proceedings 

The Trustee may at any time, at its discretion and without further notice, institute such proceedings against the Issuer and the Guarantors as
it may think fit to recover any amounts due in respect of the Notes which are unpaid or to enforce any of its rights under this Trust Deed or the Conditions but it shall not be bound to take any such proceedings or any other action under this Trust
Deed or the Notes unless (a) it shall have been so directed by an Extraordinary Resolution or so requested in writing by the holders of at least one-fifth in principal amount of the outstanding Notes and (b) it shall have been indemnified
and/or secured and/or prefunded to its satisfaction against all Liabilities to which it may thereby become liable and all Liabilities incurred by it in connection therewith and provided that the Trustee shall not be held liable for the
consequence of taking any such action and may take such action without having regard to the effect of such action on individual Noteholders or Couponholders. Only the Trustee may enforce the provisions of the this Trust Deed and the Notes and
Coupons and no Noteholder or Couponholder shall be entitled to proceed directly against the Issuer and/or any Guarantor unless the Trustee, having become bound so to proceed, fails to do so within a reasonable time and such failure is continuing.

 11.2 Evidence of default 

Proof that: 
  

	 	(a)	as regards any specified Note the Issuer has made default in paying any principal due in respect of such Note shall (unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as
regards all other Notes in respect of which a corresponding payment is then due; 

  

	 	(b)	as regards any specified Coupon the Issuer has made default in paying any interest due in respect of such Coupon shall (unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as
regards all other Coupons in respect of which a corresponding payment is then due; and 

  
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	 	(c)	as regards any Talon, the Issuer has made default in exchanging such Talon for further Coupons and a further Talon as provided by its terms shall (unless the contrary be proved) be sufficient evidence that the Issuer
has made the like default as regards all other Talons which are then available for exchange, 

 and for the purposes of
Subclauses 11.2(a) and 11.2(b) a payment shall be a “corresponding” payment notwithstanding that it is due in respect of a Note of a different denomination from that in respect of the above specified Note. 

12. APPLICATION OF MONEYS 

12.1 Application of moneys 
 All
moneys received by the Trustee in respect of the Notes of any Series or amounts payable under this Trust Deed will despite any appropriation of all or part of them by the Issuer (including any moneys which represent principal or interest in respect
of Notes or Coupons which have become void under the Conditions shall, unless and to the extent attributable, in the opinion of the Trustee, to a particular Series of the Notes, be apportioned pari passu and rateably between each Series of
the Notes, and all moneys received by the Trustee under this Trust Deed from the Issuer or, as the case may be, the Guarantors to the extent attributable in the opinion of the Trustee to a particular Series of the Notes or which are apportioned to
such Series as aforesaid, be held by the Trustee on trust to apply them (subject to Clause 12.2 (Investment of moneys): 
  

	 	(a)	first, in payment or satisfaction of those Liabilities incurred by the Trustee or any Appointee in the preparation, maintenance and execution of the trusts of this Trust Deed (including remuneration and any additional
remuneration of the Trustee); 

  

	 	(b)	secondly, in or towards payment pari passu and rateably of all interest remaining unpaid in respect of the Notes of the relevant Series and all principal moneys due on or in respect of the Notes of that Series
provided that where the Notes of more than one Series become so due and payable, such monies shall be applied as between the amounts outstanding in respect of the different Series pari passu and rateably (except where, in the opinion
of the Trustee, such monies are paid in respect of a specific Series or several specific Series, in which event such monies shall be applied solely to the amounts outstanding in respect of that Series or those Series respectively); and

  

	 	(c)	thirdly, the balance (if any) in payment to the Issuer (without prejudice to, or liability in respect of, any question as to how such payments shall be dealt with as between the Issuer and the Guarantors and any other
person). 

 Without prejudice to this Clause 12, if the Trustee holds any moneys which represent principal or interest in
respect of Notes which have become void or in respect of which claims have been prescribed under Condition 13 (Prescription), the Trustee will hold such moneys on the above trusts. 

  
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 12.2 Investment of moneys 

If the amount of the moneys at any time available for payment of principal and interest in respect of the Notes of any Series under Clause 12.1
(Application of moneys) shall be less than a sum sufficient to pay at least one-tenth of the principal amount of the Notes of such Series then outstanding, the Trustee may, at its discretion, invest such moneys upon some or one of the
investments hereinafter authorised with power from time to time, with like discretion, to vary such investments; and such investment with the resulting income thereof may be accumulated until the accumulations together with any other funds for the
time being under the control of the Trustee and available for the purpose shall amount to a sum sufficient to pay at least one-tenth of the principal amount of the Notes of such Series then outstanding and such accumulation and funds (after
deduction of any taxes and any other deductibles applicable thereto) shall then be applied in the manner aforesaid. 
 12.3 Authorised
Investments 
 Any moneys which under this Trust Deed may be invested by the Trustee may be invested in the name or under the control of the
Trustee in any of the investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments, whether similar to those aforesaid or not, which may be selected by the Trustee or by placing
the same on deposit in the name or under the control of the Trustee with such bank or other financial institution as the Trustee may think fit and in such currency as the Trustee in its absolute discretion may determine and the Trustee may at any
time vary or transfer any of such investments for or into other such investments or convert any moneys so deposited into any other currency and shall not be responsible for any Liability occasioned by reason of any such investments or such deposit
whether by depreciation in value, fluctuation in exchange rates or otherwise. If that bank or institution is the Trustee or a subsidiary, holding company or associated company of the Trustee, it need only account for an amount of interest equal to
the amount of interest that would be payable by it on such deposit to an independent customer. 
 12.4 Payment to Noteholders and
Couponholders 
 The Trustee shall give notice to the Noteholders in accordance with Condition 18 (Notices) of the date fixed for any
payment under Clause 12.1 (Application of Moneys). Any payment to be made in respect of the Notes or Coupons of any Series by the Issuer, any Guarantor or the Trustee may be made in the manner provided in Condition 10 (Payments), the
Agency Agreement and this Trust Deed and any payment so made shall be a good discharge of such payment to the extent of such payment by the Issuer, the relevant Guarantor or the Trustee (as the case may be).

  
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 12.5 Production of Notes and Coupons 

Upon any payment under Clause 12.4 (Payment to Noteholders and Couponholders) of principal or interest, the Note or Coupon in respect of
which such payment is made shall, if the Trustee so requires, be produced to the Trustee or the Paying Agent by or through whom such payment is made and the Trustee shall in respect of a Note or Coupon (a) in the case of part payment, enface or
cause such Paying Agent to enface a memorandum of the amount and date of payment thereon (or, in the case of part payment of an NGN Temporary Global Note or an NGN Permanent Global Note cause the Principal Paying Agent to procure that the ICSDs make
appropriate entries in their records to reflect such payment) or (b) in the case of payment in full, cause such Note or Coupon to be surrendered or shall cancel or procure the same to be cancelled and shall certify or procure the certification
of such cancellation. 
 12.6 Noteholders to be treated as holding all Coupons 

Wherever in this Trust Deed the Trustee is required or entitled to exercise a power, trust, authority or discretion under this Trust Deed, the
Trustee shall, notwithstanding that it may have express notice to the contrary assume that each Noteholder is the holder of all Coupons and Talons appertaining to each Note of which he is the holder. 

12.7 Regulated Activities 

Notwithstanding anything in this Trust Deed to the contrary, the Trustee shall not be required to do anything which might constitute a
regulated activity for the purpose of the FSMA, unless it is authorised under the FSMA to do so. 
 The Trustee shall have the discretion at
any time (i) to delegate any of the functions which fall to be performed by an authorised person under the FSMA to any agent or person which has the necessary authorisations and licences and (ii) to apply for authorisation under the FSMA
and perform any or all such functions itself if, in its absolute discretion, it considers it necessary, desirable or appropriate to do so. 

Nothing in this Trust Deed shall require the Trustee 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 Financial Conduct Authority). 

13. TERMS OF APPOINTMENT 

By way of supplement to the Trustee Acts, it is expressly declared as follows: 

13.1 Reliance on Information 
  

	 	(a)	 Advice: the Trustee may in relation to this Trust Deed act on the opinion or advice of or a certificate or any information obtained from any
lawyer, banker, valuer, surveyor, broker, auctioneer, accountant or other expert (whether obtained by the Trustee, the Issuer, any Guarantor, any Subsidiary or any Agent) and shall not be responsible for any Liability occasioned by so acting; any
such opinion, advice, certificate or information may be sent or obtained by 

  
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letter, telegram, telex, email or facsimile transmission and the Trustee shall not be liable for acting on any opinion, advice, certificate or information purporting to be so conveyed although
the same shall contain some error or shall not be authentic; 

  

	 	(b)	Certificate of Directors or Authorised Signatories: the Trustee may call for and shall be at liberty to accept a certificate signed by two Directors and/or two Authorised Signatories of the Issuer or any
Guarantor, as the case may be, or other person duly authorised on its behalf as to any fact or matter prima facie within the knowledge of the Issuer or the relevant Guarantor, as the case may be, as sufficient evidence thereof and a like certificate
to the effect that any particular dealing, transaction or step or thing is, in the opinion of the person so certifying expedient, as sufficient evidence that it is expedient and the Trustee shall not be bound in any such case to call for further
evidence or be responsible for any Liability that may be occasioned by its failing so to do; 

  

	 	(c)	Certificate of Auditors: a certificate of the Auditors of the Issuer that in their opinion a Subsidiary is or is not or was or was not at any particular time or during any particular period a Material Subsidiary
shall, in the absence of manifest error, be conclusive and binding on the Issuer, the Guarantors, the Trustee, the Noteholders and the Couponholders; 

  

	 	(d)	Resolution or direction of Noteholders: the Trustee shall not be responsible for acting upon any resolution purporting to be a Written Resolution or to have been passed at any meeting of the Noteholders in
respect whereof minutes have been made and signed or a direction of a specified percentage of Noteholders, even though it may subsequently be found that there was some defect in the constitution of the meeting or the passing of the resolution or the
making of the directions or in the case of a Written Resolution in writing or a direction or a request it was not signed by the requisite number of Noteholders or that for any reason the resolution purporting to be a Written Resolution or to have
been passed at any Meeting or the making of the directions was not valid or binding upon the Noteholders and the Couponholders; 

  

	 	(e)	Reliance on certification of clearing system: the Trustee may call for any certificate or other document issued by Euroclear, Clearstream, Luxembourg or any other relevant clearing system in relation to any
matter. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records provided
by the relevant clearing system (including Euroclear’s EUCLID or Clearstream, Luxembourg’s Cedcom system) in accordance with its usual procedures and in which the holder of a particular principal or nominal amount of the Notes is clearly
identified together with the amount of such holding. The Trustee shall not be liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by Euroclear or
Clearstream, Luxembourg or any other relevant clearing system and subsequently found to be forged or not authentic; 

  
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	 	(f)	Noteholders as a class: whenever in this Trust Deed the Trustee is required in connection with any exercise of its powers, trusts, authorities or discretions to have regard to the interests of the Noteholders, it
shall have regard to the interests of the Noteholders as a class and in particular, but without prejudice to the generality of the foregoing, shall not be obliged to have regard to the consequences of such exercise for any individual Noteholder
resulting from his or its being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political sub-division thereof and the Trustee shall not be entitled to
require, nor shall any Noteholder or Couponholder be entitled to claim, from the Issuer, the Guarantors, the Trustee or any other person any indemnification or payment in respect of any tax consequence of any such exercise upon individual
Noteholders or Couponholders except to the extent already provided for in Condition 11 (Taxation) and/or any undertaking given in addition thereto or in substitution therefor under this Trust Deed; 

 

	 	(g)	Trustee not responsible for investigations: the Trustee shall not be responsible for, or for investigating any matter which is the subject of, any recital, statement, representation, warranty or covenant of any
person contained in this Trust Deed, the Notes or any other agreement or document relating to the transactions herein or therein contemplated or for the execution, legality, effectiveness, adequacy, genuineness, validity, enforceability or
admissibility in evidence thereof; 

  

	 	(h)	No obligation to monitor: the Trustee shall be under no obligation to monitor or supervise the functions of any other person under the Notes or any other agreement or document relating to the transactions herein
or therein contemplated and shall be entitled, in the absence of actual knowledge of a breach of obligation, to assume that each such person is properly performing and complying with its obligations; 

 

	 	(i)	Notes held by the Issuer: in the absence of knowledge or express notice to the contrary, the Trustee may assume without enquiry (other than requesting a certificate of the Issuer or any Guarantor under sub-clause
8(f) (Notes held by Issuer and the Guarantors), that no Notes are for the time being held by or for the benefit of the Issuer, any Guarantor or any Subsidiary; 

 

	 	(j)	Forged Notes: the Trustee shall not be liable to the Issuer, any Guarantor or any Noteholder or Couponholder by reason of having accepted as valid or not having rejected any Note or Coupon as such and
subsequently found to be forged or not authentic; 

  

	 	(k)	Events of Default: the Trustee shall not be bound to give notice to any person of the execution of this Trust Deed or to take any steps to ascertain whether any Event of Default, Potential Event of Default,
Change of Control or Change of Control Put Event has happened and, until it shall have actual knowledge or express notice to the contrary, the Trustee shall be entitled to assume that no such Event of Default, or Potential Event of Default, Change
of Control or Change of Control Put Event has happened and that the Issuer and each Guarantor is observing and performing all the obligations on its part contained in the Notes and Coupons and under this Trust Deed and no event has happened as a
consequence of which any of the Notes may become repayable; 

  
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	 	(l)	Legal Opinions: the Trustee shall not be responsible to any person for failing to request, require or receive any legal opinion relating to any Notes or for checking or commenting upon the content of any such
legal opinion and shall not be responsible for any Liability incurred thereby; 

  

	 	(m)	Authorised Amount: the Trustee shall not be concerned, and need not enquire, as to whether or not any Notes are issued in breach of the Authorised Amount; 

 

	 	(n)	Trustee not Responsible: the Trustee shall not be responsible for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of this Trust Deed
or any other document relating thereto and shall not be liable for any failure to obtain any rating of Notes (where required), any licence, consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness,
validity, performance, enforceability or admissibility in evidence of this Trust Deed or any other document relating thereto. In addition the Trustee shall not be responsible for the effect of the exercise of any of its powers, duties and
discretions hereunder; 

  

	 	(o)	Freedom to Refrain: notwithstanding anything else herein contained, the Trustee may refrain from doing anything which would or might in its opinion be contrary to any law of any jurisdiction or any directive or
regulation of any agency or any state of which would or might otherwise render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation; 

 

	 	(p)	Right to Deduct or Withhold: notwithstanding anything contained in this Trust Deed, to the extent required by any applicable law, if the Trustee is or will be required to make any deduction or withholding from
any distribution or payment made by it hereunder or if the Trustee is or will be otherwise charged to, or is or may become liable to, tax as a consequence of performing its duties hereunder whether as principal, agent or otherwise, and whether by
reason of any assessment, prospective assessment or other imposition of liability to taxation of whatsoever nature and whensoever made upon the Trustee, and whether in connection with or arising from any sums received or distributed by it or to
which it may be entitled under this Trust Deed (other than in connection with its remuneration as provided for herein) or any investments or deposits from time to time representing the same, including any income or gains arising therefrom or any
action of the Trustee in connection with the trusts of this Trust Deed (other than the remuneration herein specified) or otherwise, then the Trustee shall be entitled to make such deduction or withholding or, as the case may be, to retain out of
sums received by it an amount sufficient to discharge any liability to tax which relates to sums so received or distributed or to discharge any such other liability of the Trustee to tax from the funds held by the Trustee upon the trusts of this
Trust Deed; 

  
 - 36 - 

	 	(q)	FATCA Withholding: the Trustee shall be entitled to deduct FACTA Withholding and shall have no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such FACTA Withholding;
and 

  

	 	(r)	Reliance by Trustee: any certificate or report of the Auditors or any other person called for by or provided to the Trustee (whether or not addressed to the Trustee) in accordance with or for the purposes of this
Trust Deed may be relied upon by the Trustee as sufficient evidence of the facts stated therein notwithstanding that such certificate or report and/or any engagement letter or other document entered into by the Trustee in connection therewith
contains a monetary or other limit on the liability of the Auditors or such other person in respect thereof and notwithstanding that the scope and/or basis of such certificate or report may be limited by any engagement or similar letter or by the
terms of the certificate or report itself. 

 13.2 Trustee’s powers and duties 

 

	 	(a)	Trustee’s determination: The Trustee may determine whether or not a default in the performance or observance by the Issuer or any Guarantor of any obligation under the provisions of this Trust Deed or
contained in the Notes or Coupons is capable of remedy and if the Trustee shall certify that any such default is, in its opinion, not capable of remedy such certificate shall be conclusive and binding upon the Issuer, the Guarantors, the Noteholders
and the Couponholders; 

  

	 	(b)	Determination of questions: the Trustee as between itself and the Noteholders and the Couponholders shall have full power to determine all questions and doubts arising in relation to any of the provisions of this
Trust Deed and every such determination, whether made upon a question actually raised or implied in the acts or proceedings of the Trustee, shall be conclusive and shall bind the Trustee, the Noteholders and the Couponholders; 

 

	 	(c)	Trustee’s discretion: the Trustee shall (save as expressly otherwise provided herein) as regards all the trusts, powers, authorities and discretions vested in it by this Trust Deed or by operation of law
have absolute and uncontrolled discretion as to the exercise or non-exercise thereof and the Trustee shall not be responsible for any Liability that may result from the exercise or non-exercise thereof but, whenever the Trustee is under the
provisions of this Trust Deed bound to act at the request or direction of the Noteholders, the Trustee shall nevertheless not be so bound unless first indemnified and/or provided with security and/or prefunded to its satisfaction against all
actions, proceedings, claims and demands to which it may render itself liable and all Liabilities which it may incur by so doing; 

  

	 	(d)	 Trustee’s consent: any consent or approval given by the Trustee for the purposes of this Trust Deed may be given on such terms and subject
to such conditions (if any) as the Trustee may require. The Trustee may give any 

  
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consent or approval, exercise any power, authority or discretion or take any similar action (whether or not such consent, approval, power, authority, discretion or action is specifically referred
to in this Trust Deed) if it is satisfied that the interests of the Noteholders will not be materially prejudiced thereby. For any avoidance of doubt, the Trustee shall not have any duty to the Noteholders in relation to such matters other than that
which is contained in the preceding sentence; 

  

	 	(e)	Conversion of currency: where it is necessary or desirable for any purpose in connection with this Trust Deed to convert any sum from one currency to another it shall (unless otherwise provided by this Trust Deed
or required by law) be converted at such rate(s) of exchange, in accordance with such method and as at such date for the determination of such rate(s) of exchange as may be specified by the Trustee in its absolute discretion as relevant and any rate
of exchange, method and date so specified shall be binding on the Issuer, the Guarantors, the Noteholders and the Couponholders; 

  

	 	(f)	Application of proceeds: the Trustee shall not be responsible for the receipt or application by the Issuer of the proceeds of the issue of the Notes, the exchange of any Temporary Global Note for any Permanent
Global Note or Notes in definitive form, the exchange of any Permanent Global Note for Notes in definitive form or the delivery of any Note or Coupon to the persons entitled to them; 

 

	 	(g)	Error of judgment: the Trustee shall not be liable for any error of judgment made in good faith by any officer or employee of the Trustee assigned by the Trustee to administer its corporate trust matters;

  

	 	(h)	Agents: the Trustee may, in the conduct of the trusts of this Trust Deed instead of acting personally, employ and pay an agent on any terms, whether or not a lawyer or other professional person, to transact or
conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts required to be done by the Trustee (including the receipt and payment of money) and the Trustee shall not be responsible for any Liability incurred
by reason of the misconduct, omission or default on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of any such person; 

 

	 	(i)	Delegation: the Trustee may, in the execution and exercise of all or any of the trusts, powers, authorities and discretions vested in it by this Trust Deed, act by responsible officer(s) for the time being of the
Trustee and the Trustee may also whenever it thinks fit, whether by power of attorney or otherwise, delegate to any person(s) or fluctuating body of persons (whether being a joint trustee of this Trust Deed or not) all or any of the trusts, powers,
authorities and discretions vested in it by this Trust Deed and any such delegation may be made upon such terms and conditions and subject to such regulations (including power to sub-delegate with the consent of the Trustee) as the Trustee may think
fit in the interests of the Noteholders and the Trustee shall not be bound to supervise the proceedings or acts of and shall not in any way or to any extent be responsible for any Liability incurred by reason of the misconduct, omission or default
on the part of such delegate or sub-delegate; 

  
 - 38 - 

	 	(j)	Custodians and nominees: the Trustee may appoint and pay any person to act as a custodian or nominee on any terms in relation to such assets of the trust as the Trustee may determine, including for the purpose of
depositing with a custodian this Trust Deed or any document relating to the trust created hereunder and the Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct,
omission or default on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of any such person; the Trustee is not obliged to appoint a custodian if the Trustee invests in securities payable to bearer;

  

	 	(k)	Maintenance of ratings: the Trustee shall have no responsibility whatsoever to the Issuer, the Guarantors, any Noteholder or Couponholder or any other person for the maintenance of or failure to maintain any
rating of any of the Notes by any rating agency; 

  

	 	(l)	Confidential information: the Trustee shall not (unless required by law or ordered so to do by a court of competent jurisdiction) be required to disclose to any Noteholder or Couponholder confidential information
or other information made available to the Trustee by the Issuer or any Guarantor in connection with this Trust Deed and no Noteholder or Couponholder shall be entitled to take any action to obtain from the Trustee any such information; and

  

	 	(m)	Responsibility for loss: the Trustee shall not be liable or responsible for any Liabilities or inconvenience which may result from anything properly done or properly omitted to be done by it in accordance with
the provisions of this Trust Deed. 

 13.3 Financial matters 

 

	 	(a)	Professional charges: Any trustee being a banker, lawyer, broker or other person engaged in any profession or business shall be entitled to charge and be paid all usual professional and other charges for business
transacted and acts done by him or his partner or firm on matters arising in connection with the trusts of this Trust Deed and also his properly incurred charges in addition to disbursements for all other work and business done and all time spent by
him or his partner or firm on matters arising in connection with this Trust Deed, including matters which might or should have been attended to in person by a trustee not being a banker, lawyer, broker or other professional person;

  

	 	(b)	 Expenditure by the Trustee: nothing contained in this Trust Deed shall require the Trustee to expend or risk its own funds or otherwise incur
any financial liability in the performance of its duties or the exercise of any right, power, authority or discretion hereunder if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or
liability is not assured to it; and 

  
 - 39 - 

	 	(c)	Trustee may enter into financial transactions with the Issuer and Guarantors: no Trustee and no director or officer of any corporation being a Trustee hereof shall by reason of the fiduciary position of such
Trustee be in any way precluded from making any contracts or entering into any transactions in the ordinary course of business with the Issuer, any Guarantor or any Subsidiary, or any person or body corporate directly or indirectly associated with
the Issuer, any Guarantor, or any Subsidiary, or from accepting the trusteeship of any other debenture stock, debentures or securities of the Issuer or any Subsidiary, any Guarantor or any person or body corporate directly or indirectly associated
with the Issuer or any Subsidiary, and neither the Trustee nor any such director or officer shall be accountable to the Noteholders, the Couponholders, the Issuer, any Guarantor or any Subsidiary, or any person or body corporate directly or
indirectly associated with the Issuer, any Guarantor or any Subsidiary, for any profit, fees, commissions, interest, discounts or share of brokerage earned, arising or resulting from any such contracts or transactions and the Trustee and any such
director or officer shall also be at liberty to retain the same for its or his own benefit. 

 13.4 Disapplication 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by this Trust Deed.
Where there are any inconsistencies between the Trustee Acts and the provisions of this Trust Deed, the provisions of this Trust Deed shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000,
the provisions of this Trust Deed shall constitute a restriction or exclusion for the purposes of that Act. 
 13.5 Trustee Liability 

 

	 	(a)	Nothing in this Trust Deed shall in any case in which the Trustee has failed to show the degree of care and diligence required of it as trustee having regard to the provisions of this Trust Deed conferring on it any
trusts, powers, authorities or discretions exempt the Trustee from or indemnify it against any liability for breach of trust of which it may be guilty in relation to its duties under this Trust Deed. 

 

	 	(b)	Notwithstanding any provision of this Trust Deed to the contrary, the Trustee shall not in any event be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits, goodwill, reputation, business opportunity or anticipated saving), whether or not foreseeable, even if the Trustee has been advised of the likelihood of such loss or damage and regardless of whether the claim for loss or
damage is made in negligence, for breach of contract, breach of trust or otherwise; provided however, that this clause shall not be deemed to apply in the event of a determination of fraud on the part of the Trustee in a judgement by a court
having jurisdiction. 

  
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 14. COSTS AND EXPENSES 

14.1 Remuneration 
  

	 	(a)	Normal remuneration: The Issuer shall pay to the Trustee remuneration for its services as trustee as from the date of this Trust Deed, such remuneration to be at such rate as may from time to time be agreed
between the Issuer and the Trustee. Such remuneration shall be payable in advance on the anniversary of the date hereof in each year and the first payment shall be made on the date hereof. Such remuneration shall accrue from day to day and be
payable (in priority to payments to the Noteholders or Couponholders up to and including the date when, all the Notes having become due for redemption, the redemption moneys and interest thereon to the date of redemption have been paid to the
Principal Paying Agent or the Trustee, provided that if upon due presentation (if required pursuant to the Conditions) of any Note or Coupon or any cheque, payment of the moneys due in respect thereof is improperly withheld or refused,
remuneration will be deemed not to have ceased to accrue and will commence again to accrue until payment to such Noteholder or Couponholder is made). 

  

	 	(b)	Extra remuneration: In the event of the occurrence of an Event of Default, a Potential Event of Default, a Change of Control or a Change of Control Put Event or the Trustee considering it expedient or necessary
or being requested by the Issuer or any Guarantor to undertake duties which the Trustee and the Issuer or such Guarantor agree to be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under this Trust Deed,
the Issuer shall pay to the Trustee such additional remuneration as shall be agreed between them. 

  

	 	(c)	Value added tax: The Issuer shall in addition pay to the Trustee an amount equal to the amount of any value added tax or similar tax chargeable in respect of its remuneration under this Trust Deed.

  

	 	(d)	Failure to agree: In the event of the Trustee and the Issuer failing to agree: 

  

	 	(i)	(in a case to which sub-clause 14.1(a) (Normal remuneration) applies) upon the amount of the remuneration; or 

  

	 	(ii)	(in a case to which sub-clause 14.1(b) (Extra remuneration) applies) upon whether such duties shall be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under this Trust
Deed, or upon such additional remuneration, 

  

	 	such matters shall be determined by a merchant bank (acting as an expert and not as an arbitrator) selected by the Trustee and approved by the Issuer or, failing such approval, nominated (on the application of the
Trustee) by the President for the time being of The Law Society of England and Wales (the expenses involved in such nomination and the fees of such merchant bank being payable by the Issuer) and the determination of any such merchant bank shall be
final and binding upon the Trustee and the Issuer. 

  
 - 41 - 

	 	(e)	Expenses: The Issuer shall also pay or discharge all costs, charges and expenses properly incurred by the Trustee in relation to the preparation and execution of, the exercise of its powers and the performance of
its duties under, and in any other manner in relation to, this Trust Deed, including but not limited to legal and travelling expenses and any stamp, issue, registration, documentary and other taxes or duties paid or payable by the Trustee in
connection with any action taken or contemplated by or on behalf of the Trustee for enforcing, or resolving any doubt concerning, or for any other purpose in relation to, this Trust Deed. 

 

	 	(f)	Indemnity: Without prejudice to the right of indemnity by law given to trustees, the Issuer shall indemnify the Trustee and every Appointee and keep it or him indemnified against all Liabilities to which it or he
may be or become subject or which may be properly incurred by it or him in the preparation or execution or purported execution of any of its or his trusts, powers authorities and discretions under this Trust Deed or its or his functions under any
such appointment or in respect of any other matter or thing done or omitted in any way relating to the Trust Deed or any such appointment (including all Liabilities incurred in disputing or defending the foregoing). The Trustee may use reasonable
endeavours to provide to the Issuer written evidence of any Liabilities referred to in this Clause. 

  

	 	(g)	Payment of amounts due: All amounts due and payable pursuant to sub-clauses 14.1(e) (Expenses) and 14.1(f) (Indemnity) shall be payable by the Issuer on the date specified in a demand by the
Trustee; the rate of interest applicable to such payments shall be one per cent. per annum above the base rate from time to time of HSBC Bank plc and interest shall accrue: 

 

	 	(i)	in the case of payments made by the Trustee prior to the date of the demand, from the date on which the payment was made or such later date as specified in such demand; 

 

	 	(ii)	in the case of payments made by the Trustee on or after the date of the demand, from the date specified in such demand, which date shall not be a date earlier than the date such payments are made. 

All remuneration payable to the Trustee shall carry interest at the rate specified in this Clause 14.1(g) (Payment of amounts due) from
the due date thereof. 
  

	 	(h)	Apportionment of expenses: The Trustee shall apportion the costs, charges, expenses and liabilities incurred by the Trustee in the preparation and execution of the trusts of this Trust Deed (including
remuneration of the Trustee) between the several Series of Notes in such manner and in such amounts as it shall, in its absolute discretion, consider appropriate. 

 

	 	(i)	 Discharges: Unless otherwise specifically stated in any discharge of this Trust Deed the provisions of this Clause 14 (Costs and
Expenses) shall continue in full force and effect notwithstanding such discharge. 

  
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	 	(j)	Payments: All payments to be made by the Issuer to the Trustee under this Trust Deed shall be made free and clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental
charges of whatever nature imposed, levied, collected, withheld or assessed by or within any relevant jurisdiction or any authority therein or thereof having power to tax, unless such withholding or deduction is required by law. In that event, the
Issuer shall pay such additional amount as will, after such deduction or withholding has been made, leave the Trustee with the full amount which would have been received by it had no such withholding or deduction been required. 

14.2 Stamp duties 
 The Issuer
will pay all stamp duties, registration taxes, capital duties and other similar fees, duties or taxes (if any), including interest and penalties, payable on or in connection with (a) the constitution and issue of the Notes and Coupons,
(b) the initial delivery of the Notes, (c) any action taken by the Trustee (or any Noteholder or Couponholder where permitted or required under this Trust Deed so to do) to enforce the provisions of the Notes or this Trust Deed and
(d) the execution and delivery of this Trust Deed. If the Trustee (or any Noteholder, or Couponholder where permitted under this Trust Deed so to do) shall take any proceedings against the Issuer in any other jurisdiction and if for the purpose
of any such proceedings this Trust Deed or any Note is taken into any such jurisdiction and any stamp duties or other duties or taxes become payable thereon in any such jurisdiction, the Issuer will pay (or reimburse the person making payment of)
such stamp duties or other duties or taxes (including penalties). 
 14.3 Exchange rate indemnity 

 

	 	(a)	Currency of Account and Payment: The Contractual Currency is the sole currency of account and payment for all sums payable by the Issuer and the Guarantors under or in connection with this Trust Deed, the Notes
and the Coupons including damages; 

  

	 	(b)	Extent of Discharge: an amount received or recovered in a currency other than the Contractual Currency (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the
winding up or dissolution of the Issuer or any Guarantor or otherwise) by the Trustee or any Noteholder or Couponholder in respect of any sum expressed to be due to it from the Issuer or any Guarantor will only discharge the Issuer or any Guarantor
to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on
that date, on the first date on which it is practicable to do so); 

  

	 	(c)	Indemnity: if that Contractual Currency amount is less than the Contractual Currency amount expressed to be due to the recipient under this Trust Deed or the Notes or the Coupons, the Issuer and the Guarantor
will indemnify the Trustee or any Noteholder or Couponholder against any Liability sustained by it as a result. In any event, the Issuer and the Guarantor will indemnify the recipient against the cost of making any such purchase; and

  
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	 	(d)	any deficiency arising or resulting from any variation in rates of exchange between (i) the date as of which the local currency equivalent of the amounts due or contingently due under this Trust Deed (other than
this Clause) is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Issuer or, as the case may be, the Guarantor and (ii) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or
liquidation. The amount of such deficiency shall be deemed not to be reduced by any variation in rates of exchange occurring between the said final date and the date of any distribution of assets in connection with any such bankruptcy, insolvency or
liquidation. 

 14.4 Indemnities separate 

The indemnities in this Clause 14 (Costs and Expenses) constitute separate and independent obligations from the other obligations in
this Trust Deed, will give rise to separate and independent causes of action, will apply irrespective of any indulgence granted by the Trustee and/or any Noteholder or Couponholder and will continue in full force and effect despite any judgment,
order, claim or proof for a liquidated amount in respect of any sum due under this Trust Deed or the Notes or the Coupons or any other judgment or order. Any such Liability as referred to in sub-clause 14.3(c) (Indemnity) shall be deemed to
constitute a Liability suffered by the Trustee, the Noteholders and the Couponholders and no proof or evidence of any actual Liability shall be required by the Issuer or any Guarantor or its liquidator or liquidators. 

15. APPOINTMENT AND RETIREMENT 

15.1 Appointment of Trustees 
 The
power of appointing new trustees of this Trust Deed shall be vested in the Issuer but no person shall be appointed who shall not previously have been approved by an Extraordinary Resolution of the Noteholders. A trust corporation may be appointed
sole trustee hereof but subject thereto there shall be at least two trustees hereof one at least of which shall be a trust corporation. Any appointment of a new trustee hereof shall as soon as practicable thereafter be notified by the Issuer to the
Agents and the Noteholders. The Noteholders shall together have the power, exercisable by Extraordinary Resolution, to remove any trustee or trustees for the time being hereof. The removal of any trustee shall not become effective unless there
remains a trustee hereof (being a trust corporation) in office after such removal. If, in such circumstances, no appointment of such a new trustee has become effective within 60 days of the date of such Extraordinary Resolution, the Trustee shall be
entitled to appoint a Trust Corporation as trustee of this Trust Deed, but no such appointment shall take effect unless previously approved by an Extraordinary Resolution. 

15.2 Co-trustees 

Notwithstanding the provisions of Clause 15.1 (Appointment of Trustees), the Trustee may, upon giving prior notice to the Issuer and the
Guarantors but without the consent 

  
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of the Issuer or the Guarantors or the Noteholders or the Couponholders, appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a
separate trustee or as a co-trustee jointly with the Trustee: 
  

	 	(a)	if the Trustee considers such appointment to be in the interests of the Noteholders or the Couponholders; or for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in
which any particular act or acts are to be performed; or 

  

	 	(b)	for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction either of a judgment already obtained or of this Trust Deed. 

15.3 Attorneys 
 The Issuer and
each Guarantor hereby irrevocably appoints the Trustee to be its attorney in its name and on its behalf to execute any such instrument of appointment. Such a person shall (subject always to the provisions of this Trust Deed) have such trusts,
powers, authorities and discretions (not exceeding those conferred on the Trustee by this Trust Deed) and such duties and obligations as shall be conferred on such person or imposed by the instrument of appointment. The Trustee shall have power in
like manner to remove any such person. Such remuneration as the Trustee may pay to any such person, together with any attributable Liabilities incurred by it in performing its function as such separate trustee or co-trustee, shall for the purposes
of this Trust Deed be treated as Liabilities incurred by the Trustee. 
 15.4 Retirement of Trustees 

Any Trustee for the time being of this Trust Deed may retire at any time upon giving not less than 60 days’ notice in writing to the
Issuer without assigning any reason thereof and without being responsible for any Liabilities occasioned by such retirement. The retirement of any Trustee shall not become effective unless there remains a trustee hereof (being a trust corporation)
in office after such retirement. The Issuer hereby covenants that in the event of the only trustee hereof which is a trust corporation giving notice under this Clause it shall use its reasonable endeavours to procure a new trustee, being a trust
corporation, to be appointed and if the Issuer has not procured the appointment of a new trustee within 30 days of the expiry of the Trustee notice referred to in this Clause 15.4, the Trustee shall be entitled to procure forthwith a new trustee.

 15.5 Competence of a majority of Trustees 

Whenever there shall be more than two trustees hereof the majority of such trustees shall (provided such majority includes a trust corporation)
be competent to execute and exercise all the trusts, powers, authorities and discretions vested by this Trust Deed in the Trustee generally. 

  
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 15.6 Powers additional 

The powers conferred by this Trust Deed upon the Trustee shall be in addition to any powers which may from time to time be vested in it by
general law or as the holder of any of the Notes or the Coupons. 
 15.7 Merger 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Clause, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

16. NOTICES 

16.1 Addresses for notices 
 All
notices and other communications hereunder shall be made in writing and in English (by letter, telex or fax) and shall be sent as follows: 
  

	 	(a)	Issuer: if to the Issuer, to it at: 

 InterContinental Hotels Group PLC 

Broadwater Park 
 Denham 

Buckinghamshire UB9 5HR 
 Fax:
01895 512 101 
 Attention: The General Counsel and Company Secretary 

 

	 	(b)	Guarantors: if to the Guarantors, to them c/o the Issuer 

  

	 	(c)	Trustee: if to the Trustee, to it at: 

 HSBC Corporate Trustee Company (UK) Limited 

8 Canada Square 
 London E14 5HQ

 Fax: +44 20 7991 4350 

Attention: CTLA Trustee Service Administration 

  
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 16.2 Effectiveness 

Every notice or other communication sent in accordance with Clause 16.1 (Addresses for Notices) shall be effective as follows: 

 

	 	(a)	Letter or fax: if sent by letter, it shall be deemed to have been delivered 7 days after the time of despatch and if sent by fax it shall be deemed to have been delivered at the time of despatch; and

  

	 	(b)	Telex: if sent by telex, upon receipt by the sender of the addressee’s answerback at the end of transmission; 

provided that any such notice or other communication which would otherwise take effect after 4.00 p.m. on any particular day shall not
take effect until 10.00 a.m. on the immediately succeeding business day in the place of the addressee. 
 16.3 No Notice to Couponholders

 Neither the Trustee nor the Issuer nor any Guarantor shall be required to give any notice to the Couponholders for any purpose under this
Trust Deed and the Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to the Noteholders in accordance with Condition 18 (Notices). 

17. LAW AND JURISDICTION 

17.1 Governing law 
 This Trust
Deed and the Notes, and any non-contractual obligations arising out of or in connection with this Trust Deed and the Notes, are governed by English law. 

17.2 English courts 
 The courts
of England have exclusive jurisdiction to settle any dispute (a Dispute), arising out of or in connection with this Trust Deed or the Notes (including a dispute regarding the existence, validity or termination of this Trust Deed or the
Notes or any non-contractual obligation arising out of or in connection with them) or the consequences of their nullity. 
 17.3 Appropriate
forum 
 The parties agree that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly,
that they will not argue to the contrary. 
 18. SEVERABILITY 

In case any provision in or obligation under this Trust Deed shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

19. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT
1999 
 No person shall have any right to enforce any provision of this Trust Deed under the Contracts (Rights of Third Parties) Act
1999, but this does not affect any right or remedy of a third party which exists or is available apart from that Act. 

  
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 20. COUNTERPARTS 

This Trust Deed may be executed in any number of counterparts, each of which shall be deemed an original. 

IN WITNESS WHEREOF this Trust Deed has been executed as a deed by the parties hereto and is intended to be and is hereby delivered on
the date first before written. 

  
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 SCHEDULE 1 

TERMS AND CONDITIONS OF THE NOTES 
  

	1.	Introduction 

  

	(a)	Programme 

 InterContinental Hotels Group PLC (the “Issuer”) has
established a Euro Medium Term Note Programme (the “Programme”) for the issuance of up to £1,500,000,000 in aggregate principal amount of notes (the “Notes”) unconditionally and irrevocably guaranteed by Six
Continents Limited (“Six Continents”) and by InterContinental Hotels Limited (“Intercontinental” and, together with Six Continents, each a “Guarantor” and together, the
“Guarantors”). 
  

	(b)	Final Terms 

 Notes issued under the Programme are issued in series (each a
“Series”) and each Series may comprise one or more tranches (each a “Tranche”) of Notes. Each Tranche is the subject of final terms (the “Final Terms”) which supplements these terms and conditions
(the “Conditions”). The terms and conditions applicable to any particular Tranche of Notes are these Conditions as supplemented and amended by the relevant Final Terms. 

 

	(c)	Trust Deed 

 The Notes are constituted by, have the benefit of and are in all
respects subject to an amended and restated trust deed dated 16 June 2015 (as amended, restated and/or supplemented from time to time, the “Trust Deed”) between the Issuer, the Guarantors and HSBC Corporate Trustee Company (UK)
Limited (the “Trustee”, which expression shall include all persons for the time being the trustee or trustees under the Trust Deed) as trustee for the Noteholders (as defined below). 

 

	(d)	Agency Agreement 

 The Notes are the subject of an agency agreement dated
16 June 2015 (the “Agency Agreement”) between the Issuer, the Guarantors, HSBC Bank plc as principal paying agent (the “Principal Paying Agent”, which expression includes any successor principal paying agent
appointed from time to time in connection with the Notes) and the Trustee. 
  

	(e)	Guarantees 

 Each of the Guarantors has in the Trust Deed given an unconditional
and irrevocable guarantee (each a “Guarantee” and together, the “Guarantees”) on a joint and several basis for the due payment of all sums expressed to be payable by the Issuer under the Trust Deed, the Notes and
the Coupons. 

  
 - 49 - 

	(f)	The Notes 

 All subsequent references in these Conditions to
“Notes” are to the Notes which are the subject of the relevant Final Terms. Copies of the relevant Final Terms are available for viewing during normal business hours and copies may be obtained from the Specified Office(s) of the
Paying Agent(s), the initial Specified Office of the Principal Paying Agent being set out at the end of these Conditions. If the Notes are to be admitted to trading on the regulated market of the London Stock Exchange, the relevant Final Terms will
be published on the website of the London Stock Exchange through a regulatory information service. 
  

	(g)	Summaries 

 Certain provisions of these Conditions are summaries of the Trust Deed
and the Agency Agreement and are subject to their detailed provisions. The holders of the Notes (the “Noteholders”) and the holders of the related interest coupons, if any, (the “Coupon holders” and the
“Coupons”, respectively) are entitled to the benefit of, are bound by, and are deemed to have notice of, all the provisions of the Trust Deed and the Agency Agreement applicable to them. Copies of the Trust Deed and the Agency
Agreement are available for inspection by Noteholders during normal business hours at the Specified Office(s) of the Paying Agent(s). 
  

	2.	Interpretation 

  

	(a)	Definitions 

 In these Conditions the following expressions have the following
meanings: 
 “Accrual Yield” has the meaning given in the relevant Final Terms; 

“Additional Business Centre(s)” means the city or cities specified as such in the relevant Final Terms; 

“Additional Financial Centre(s)” means the city or cities specified as such in the relevant Final Terms; 

“Additional Rating Agency” means Moody’s and Fitch; 

“Borrowings” means, as at any particular time, the aggregate outstanding principal, capital or nominal amount (and any fixed
or minimum premium payable on redemption) of the Financial Indebtedness of members of the Group, other than: 
  

	 	(a)	any indebtedness referred to in paragraph (g) of the definition of Financial Indebtedness; 

  

	 	(b)	any Project Finance Indebtedness; and 

  
 - 50 - 

	 	(c)	any indebtedness referred to in paragraphs (i) and (j) of the definition of Financial Indebtedness except to the extent any such obligation or liability specified in such paragraphs has been provided for in
the annual audited consolidated financial statements or interim unaudited consolidated financial statements of the Group or is disclosed as a contingency in the notes thereto and is quantified, 

and deducting, to the extent included, amounts attributable to interests of third parties in members of the Group. 

For this purpose, any amount outstanding or repayable in a currency other than U.S.$ shall on that day be taken into account in its U.S.$
equivalent at the rate of exchange that would have been used had an audited consolidated balance sheet of the Group been prepared as at that day in accordance with IFRS as applicable to the Original Financial Statements and taking into
account the mark-to-market value of any derivative instruments taken out by a member of the Group specifically to hedge currency movements of any Financial Indebtedness otherwise constituting Borrowings and not denominated in U.S.$; 

“Business Day” means: 
  

	 	(a)	in relation to any sum payable in euro, a TARGET Settlement Day and a day on which commercial banks and foreign exchange markets settle payments generally in each (if any) Additional Business Centre; and

  

	 	(b)	in relation to any sum payable in a currency other than euro, a day on which commercial banks and foreign exchange markets settle payments generally, in the Principal Financial Centre of the relevant currency and in
each (if any) Additional Business Centre; 

 “Business Day Convention”, in relation to any particular date,
has the meaning given in the relevant Final Terms and, if so specified in the relevant Final Terms, may have different meanings in relation to different dates and, in this context, the following expressions shall have the following meanings: 

 

	 	(a)	“Following Business Day Convention” means that the relevant date shall be postponed to the first following day that is a Business Day; 

 

	 	(b)	“Modified Following Business Day Convention” or “Modified Business Day Convention” means that the relevant date shall be postponed to the first following day that is a Business Day
unless that day falls in the next calendar month in which case that date will be the first preceding day that is a Business Day; 

  

	 	(c)	“Preceding Business Day Convention” means that the relevant date shall be brought forward to the first preceding day that is a Business Day; 

  
 - 51 - 

	 	(d)	“FRN Convention”, “Floating Rate Convention” or “Eurodollar Convention” means that each relevant date shall be the date which numerically corresponds to the preceding
such date in the calendar month which is the number of months specified in the relevant Final Terms as the Specified Period after the calendar month in which the preceding such date occurred, provided, however, that: 

 

	 	(i)	if there is no such numerically corresponding day in the calendar month in which any such date should occur, then such date will be the last day which is a Business Day in that calendar month; 

 

	 	(ii)	if any such date would otherwise fall on a day which is not a Business Day, then such date will be the first following day which is a Business Day unless that day falls in the next calendar month, in which case it will
be the first preceding day which is a Business Day; and 

  

	 	(iii)	if the preceding such date occurred on the last day in a calendar month which was a Business Day, then all subsequent such dates will be the last day which is a Business Day in the calendar month which is the specified
number of months after the calendar month in which the preceding such date occurred; and 

  

	 	(e)	“No Adjustment” means that the relevant date shall not be adjusted in accordance with any Business Day Convention; 

“Calculation Agent” means the Principal Paying Agent or such other Person specified in the relevant Final Terms as the party
responsible for calculating the Rate(s) of Interest and/or Interest Amount(s) and/or Redemption Amount(s); 
 “Calculation
Amount” has the meaning given in the relevant Final Terms; 
 a “Change of Control” will be deemed to have occurred
if: 
  

	 	(a)	any person or any persons acting in concert (as defined in the City Code on Takeovers and Mergers), other than a holding company (as defined in Section 1159 of the Companies Act 2006) whose shareholders are or are
to be substantially similar to the pre-existing shareholders of the Issuer, shall become interested (within the meaning of Part 22 of the Companies Act 2006) in (A) more than 50 per cent. of the issued or allotted ordinary share capital of
the Issuer or (B) shares in the capital of the Issuer carrying more than 50 per cent. of the voting rights normally exercisable at a general meeting of the Issuer; or 

 

	 	(b)	 any person or any persons acting in concert (as defined in the City Code on Takeovers and Mergers), other than a holding company (as defined in
Section 1159 of the Companies Act 2006) whose 

  
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shareholders are or are to be substantially similar to the pre-existing shareholders of any direct or indirect holding company of the Issuer, shall become interested (within the meaning of Part
22 of the Companies Act 2006) in (A) more than 50 per cent. of the issued or allotted ordinary share capital of any direct or indirect holding company of the Issuer or (B) shares in the capital of any direct or indirect holding
company of the Issuer carrying more than 50 per cent. of the voting rights normally exercisable at a general meeting of the any such direct or indirect holding company of the Issuer; 

“Change of Control Optional Redemption Amount” means, in respect of any Note, its principal amount or such other amount as may
be specified in the relevant Final Terms; 
 “Change of Control Optional Redemption Date” has the meaning given in the
relevant Final Terms; 
 “Change of Control Period” means the period commencing on the Relevant Announcement Date and ending
90 days after the Change of Control (or such longer period for which the Notes are under consideration (such consideration having been announced publicly within the period ending 90 days after the Change of Control) for rating review or, as the case
may be, rating by a Rating Agency, such period not to exceed 60 days after the public announcement of such consideration); 
 a
“Change of Control Put Event” will be deemed to occur if a Change of Control has occurred and: 
  

	 	(a)	on the Relevant Announcement Date, the Notes carry from any Rating Agency: 

  

	 	(i)	an investment grade credit rating (Baa3/BBB-, or equivalent, or better), and such rating from any Rating Agency is, within the Change of Control Period, either downgraded to a Non-Investment Grade Rating or withdrawn
and is not, within the Change of Control Period, subsequently (in the case of a downgrade) upgraded or (in the case of a withdrawal) reinstated to an investment grade credit rating by such Rating Agency; or 

 

	 	(ii)	a Non-Investment Grade Rating and such rating from any Rating Agency is, within the Change of Control Period, either downgraded by one or more notches (by way of example, Ba1 to Ba2 being one notch) or withdrawn and is
not, within the Change 

  

	 	of Control Period, subsequently (in the case of a downgrade) upgraded or (in the case of a withdrawal) reinstated to its earlier credit rating or better by such Rating Agency; or 

  
 - 53 - 

	 	(iii)	no credit rating and a Negative Rating Event also occurs within the Change of Control Period, provided that if, at the time of the occurrence of the Change of Control, the Notes carry a credit rating from more than one
Rating Agency, at least one of which is investment grade, then subparagraph (i) will apply; and 

  

	 	(b)	in making any decision to downgrade or withdraw a credit rating pursuant to paragraphs (i) and (ii) above or not to award a credit rating of at least investment grade as described in paragraph (ii) of the
definition of “Negative Rating Event”, the relevant Rating Agency announces publicly or confirms in writing to the Issuer or the Trustee that such decision(s) resulted, in whole or in part, from the occurrence of the Change of Control or
the Relevant Potential Change of Control Announcement; 

 “Change of Control Put Event Notice” means the
notice to be given pursuant to Condition 9(f) (Change of Control redemption) by the Issuer or, as the case may be, the Trustee to the Noteholders in accordance with Condition 18 (Notices) specifying the nature of the Change of Control
Put Event and the procedure for exercising the Change of Control Put Option; 
 “Change of Control Put Option” means the
option of the Noteholders exercisable pursuant to Condition 9(g) (Change of Control redemption); 
 “Change of Control Put
Period” means the period of 45 days after a Change of Control Put Event Notice is given; 
 “Consolidated Gross
Assets” means the consolidated current assets plus consolidated non-current assets of the Group; 
 “Coupon Sheet”
means, in respect of a Note, a coupon sheet relating to the Note; 
 “Day Count Fraction” means, in respect of the
calculation of an amount for any period of time (the “Calculation Period”), such day count fraction as may be specified in these Conditions or the relevant Final Terms and: 

 

	 	(a)	if “Actual/Actual (ICMA)” is so specified, means: 

  

	 	(i)	where the Calculation Period is equal to or shorter than the Regular Period during which it falls, the actual number of days in the Calculation Period divided by the product of (1) the actual number of days in such
Regular Period and (2) the number of Regular Periods in any year; and 

  

	 	(ii)	 where the Calculation Period is longer than one Regular Period, the sum of: (A) the actual number of days in such Calculation Period falling in
the Regular Period in which it begins divided by the product of (1) the actual number of days in such Regular 

  
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Period and (2) the number of Regular Periods in any year; and (B) the actual number of days in such Calculation Period falling in the next Regular Period divided by the product of
(a) the actual number of days in such Regular Period and (2) the number of Regular Periods in any year; 

  

	 	(b)	if “Actual/Actual (ISDA)” is so specified, means the actual number of days in the Calculation Period divided by 365 (or, if any portion of the Calculation Period falls in a leap year, the sum of
(A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365);

  

	 	(c)	if “Actual/365 (Fixed)” is so specified, means the actual number of days in the Calculation Period divided by 365; 

  

	 	(d)	if “Actual/360” is so specified, means the actual number of days in the Calculation Period divided by 360; 

  

	 	(e)	if “30/360” is so specified, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows: 

 
 

 
 where: 

“Y1” is the year, expressed as a number, in which the first day of
the Calculation Period falls; 
 “Y2” is the year, expressed as a
number, in which the day immediately following the last day included in the Calculation Period falls; 
 “M1” is the calendar month, expressed as a number, in which the first day of the Calculation Period falls; 

“M2” is the calendar month, expressed as number, in which the day
immediately following the last day included in the Calculation Period falls; 

“D1” is the first calendar day, expressed as a number, of the
Calculation Period, unless such number would be 31, in which case D1 will be 30; and 
 “D2” is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31 and D1 is greater than 29, in which case
D2 will be 30”; 

  
 - 55 - 

	 	(f)	if “30E/360” or “Eurobond Basis” is so specified, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows: 

 
 

 
 where: 

“Y1” is the year, expressed as a number, in which the first day of
the Calculation Period falls; 
 “Y2” is the year, expressed as a
number, in which the day immediately following the last day included in the Calculation Period falls; 
 “M1” is the calendar month, expressed as a number, in which the first day of the Calculation Period falls; 

“M2” is the calendar month, expressed as a number, in which the day
immediately following the last day included in the Calculation Period falls; 

“D1” is the first calendar day, expressed as a number, of the
Calculation Period, unless such number would be 31, in which case D1 will be 30; and 
 “D2” is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31, in which case D2 will be 30; and 

 

	 	(g)	if “30E/360 (ISDA)” is so specified, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows: 

 
 

 
 where: 

“Y1” is the year, expressed as a number, in which the first day of
the Calculation Period falls; 
 “Y2” is the year, expressed as a
number, in which the day immediately following the last day included in the Calculation Period falls; 
 “M1” is the calendar month, expressed as a number, in which the first day of the Calculation Period falls; 

  
 - 56 - 

 “M2” is the calendar
month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls; 
 “D1” is the first calendar day, expressed as a number, of the Calculation Period, unless (i) that day is the last day of February or (ii) such number would be 31, in which case D1
will be 30; and 
 “D2” is the calendar day, expressed as a number,
immediately following the last day included in the Calculation Period, unless (i) that day is the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D2 will be 30, 

PROVIDED, HOWEVER, THAT in each such case the number of days in the Calculation Period is calculated from and including the first day of
the Calculation Period to but excluding the last day of the Calculation Period; 
 “Early Redemption Amount (Tax)” means, in
respect of any Note, its principal amount or such other amount as may be specified in the relevant Final Terms; 
 “Early Termination
Amount” means, in respect of any Note, its principal amount or such other amount as may be specified in the relevant Final Terms; 

“EBITDA” means, in relation to any Relevant Period, the total consolidated operating profit of the Group for that Relevant
Period: 
  

	 	(a)	before taking into account: 

  

	 	(i)	Net Interest Payable; 

  

	 	(ii)	Tax; and 

  

	 	(iii)	all exceptional items; and 

  

	 	(b)	after adding back all amounts provided for depreciation and amortisation; and 

  

	 	(c)	deducting, to the extent included, amounts attributable to interests of third parties in members of the Group; 

“Extraordinary Resolution” has the meaning given in the Trust Deed; 

“Final Redemption Amount” means, in respect of any Note, its principal amount or such other amount as may be specified in the
relevant Final Terms; 
 “Financial Indebtedness” means any indebtedness (without double counting) for or in respect of:

  

	 	(a)	moneys borrowed; 

  
 - 57 - 

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock, commercial paper or any similar instrument (entered into or issued primarily as a method of raising finance)
PROVIDED THAT Notes from time to time issued and outstanding under the Programme shall at the relevant time be valued as Financial Indebtedness having regard to the net effect of the marked-to-market value of any related interest and currency
hedging arrangements in effect at that time; 

  

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with IFRS (as at the date of this Base Prospectus), be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) required by IFRS to be shown as a borrowing in the audited consolidated balance sheet of the Group: 

 

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked-to-market
value shall be taken into account); 

  

	 	(h)	shares which are expressed to be redeemable prior to 20 March 2020; 

  

	 	(i)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank or financial institution; and 

 

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above, 

but excluding indebtedness owing by a member of the Group to another member of the Group; 

“First Interest Payment Date” means the date specified in the relevant Final Terms; 

“Fitch” means Fitch Ratings Ltd. or any successor; 

“Fixed Coupon Amount” has the meaning given in the relevant Final Terms; 

“Group” means the Issuer and its Subsidiaries for the time being; 

“Gross Redemption Yield” on the Notes and on the Reference Stock will be expressed as a percentage and will be calculated by
the Calculation Agent on the basis as published by the Treasury Publisher on an annual compounding basis rounded up (if necessary) to three decimal places, 0.0005 being rounded up, or on such other basis as the Trustee may in its sole discretion
approve; 

  
 - 58 - 

 “Guarantee” and “Guarantees” have the meaning stated in
Condition 1(e); 
 “Guarantor” and “Guarantors” have the meaning stated in Condition 1(a); 

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/ 2002 to the extent applicable to
the relevant financial statements; 
 “Indebtedness” means any indebtedness (whether being principal, premium, interest or
other amounts) for or in respect of any notes, bonds, debentures, debenture stock, loan stock or other securities or any borrowed money or any liability under or in respect of any acceptance or acceptance credit; 

“Interest Amount” means, in relation to a Note and an Interest Period, the amount of interest payable in respect of that Note
for that Interest Period; 
 “Interest Commencement Date” means the Issue Date of the Notes or such other date as may be
specified as the Interest Commencement Date in the relevant Final Terms; 
 “Interest Determination Date” has the meaning
given in the relevant Final Terms; 
 “Interest Payment Date” means the First Interest Payment Date and any date or dates
specified as such in, or determined in accordance with the provisions of, the relevant Final Terms and, if a Business Day Convention is specified in the relevant Final Terms: 
  

	 	(a)	as the same may be adjusted in accordance with the relevant Business Day Convention; or 

  

	 	(b)	if the Business Day Convention is the FRN Convention, Floating Rate Convention or Eurodollar Convention and an interval of a number of calendar months is specified in the relevant Final Terms as being the Specified
Period, each of such dates as may occur in accordance with the FRN Convention, Floating Rate Convention or Eurodollar Convention at such Specified Period of calendar months following the Interest Commencement Date (in the case of the first Interest
Payment Date) or the previous Interest Payment Date (in any other case); 

 “Interest Period” means each
period beginning on (and including) the Interest Commencement Date or any Interest Payment Date and ending on (but excluding) the next Interest Payment Date; 

“ISDA Definitions” means the 2006 ISDA Definitions (as amended and updated as at the date of issue of the first Tranche of the
Notes of the relevant Series (as specified in the relevant Final Terms) as published by the International Swaps and Derivatives Association, Inc.); 

  
 - 59 - 

 “Issue Date” has the meaning given in the relevant Final Terms; 

“Make Whole Amount” means, in respect of any Note, the higher of: 

 

	 	(a)	its principal amount; or 

  

	 	(b)	an amount equal to the product of the Calculation Amount and the price, expressed as a percentage (rounded to three decimal places, 0.0005 being rounded up), at which the Gross Redemption Yield on the Note, if it were
to be purchased at such price on the third dealing day prior to the date of publication of the notice of redemption, would be equal to the sum of the Make Whole Premium (expressed as a percentage) and the Gross Redemption Yield on such dealing day
of the Reference Treasury or, if such stock is no longer in issue, of such other government stock issued by the central government of such sovereign country that issued the Reference Treasury as the Trustee, with the advice of three leading brokers
operating in the Reference Treasury market and/or the Reference Treasury market makers or such other three persons operating in the Reference Treasury market as the Trustee may approve, shall determine to be appropriate (the “Reference
Stock”) on the basis of the middle market price of the Reference Stock prevailing at 11.00 a.m. on such dealing day as determined by the Calculation Agent; 

“Make Whole Premium” has the meaning given in the relevant Final Terms; 

“Margin” has the meaning given in the relevant Final Terms; 

“Material Subsidiary” means, at any time, any Subsidiary of the Issuer: 

 

	 	(a)	 whose gross assets represent 10 per cent. or more of Consolidated Gross Assets or whose EBITDA represents 5 per cent. or more of
consolidated EBITDA of the Group, in each case, as calculated by reference to the latest financial statements of such Subsidiary (which shall be audited if such statements are prepared by that Subsidiary) and the latest audited consolidated
financial statements of the Group adjusted in such manner as the auditors of the Issuer may determine (which determination shall be conclusive in the absence of manifest error) (i) to reflect the gross assets and EBITDA of any person which has
become or ceased to be a member of the Group since the end of the financial year to which the latest audited consolidated financial statements of the Group relate where such adjustment is requested by the Issuer and (ii) so that for the
purposes of this definition, the gross assets of the relevant Subsidiary shall be calculated on the same basis as Consolidated Gross Assets are calculated and/or, as the case may be, EBITDA of the relevant Subsidiary shall be calculated on the same
basis as consolidated EBITDA for the Group (but, in each case, 

  
 - 60 - 

	 	
relating only to the relevant Subsidiary) and making such adjustments and eliminations as are required to show the same as the contribution of the relevant Subsidiary to Consolidated Gross Assets
and/or, as the case may be, consolidated EBITDA of the Group; or 

  

	 	(b)	to which is transferred all or substantially all of the business, undertaking or assets of a Subsidiary which immediately prior to such transfer is a Material Subsidiary, whereupon the transferor Subsidiary shall cease
to be a Material Subsidiary and the transferee Subsidiary shall become a Material Subsidiary under this sub-paragraph (b) upon the completion of such transfer; 

Any determination made by the auditors of the Issuer as to whether a Subsidiary of the Issuer is or is not a Material Subsidiary at any time
shall be conclusive in the absence of manifest error. The Trustee may rely on a report of the auditors of the Issuer, whether or not addressed to the Trustee, that, in their opinion, a Subsidiary is a Material Subsidiary, without liability to any
person and without further enquiry or evidence, notwithstanding that such report and/or any engagement letter or other document entered into by the Trustee in connection therewith contains a monetary or other limit on the liability of the auditors
of the Issuer and notwithstanding that the scope and/or basis of such a report may be limited by any engagement or similar letter or by the terms of the report itself. 

“Maturity Date” has the meaning given in the relevant Final Terms; 

“Maximum Redemption Amount” has the meaning given in the relevant Final Terms; 

“Minimum Redemption Amount” has the meaning given in the relevant Final Terms; 

“Moody’s” means Moody’s Investors Service, Inc. or any successor; 

a “Negative Rating Event” shall be deemed to have occurred if at such time as there is no rating assigned to the Notes by a
Rating Agency (i) the Issuer does not, either prior to, or not later than 21 days after, the occurrence of the Change of Control seek, and thereafter throughout the Change of Control Period use all reasonable endeavours to obtain, a rating of
the Notes, or any other unsecured and unsubordinated debt of the Issuer or (ii) if the Issuer does so seek and use such endeavours, it is unable to obtain such a rating of at least investment grade by the end of the Change of Control Period;

 “Net Interest Payable” means, in relation to any Relevant Period, the aggregate amount of interest and any other finance
charges accrued by the Group in that Relevant Period in respect of Borrowings including: 
  

	 	(a)	the interest element of leasing and hire purchase payments; 

  

	 	(b)	commitment fees, commissions and guarantee fees; and 

  
 - 61 - 

	 	(c)	amounts in the nature of interest payable in respect of any shares other than equity share capital, 

adjusted (but without double counting) by: 
  

	 	(i)	deducting interest income of the Group in respect of that Relevant Period; 

  

	 	(ii)	adding back the net amount payable (or deducting the net amount receivable) by members of the Group in that Relevant Period as a result of close-out or termination of any interest or (so far as they relate to interest)
currency hedging activities; 

  

	 	(iii)	adding back the amount payable as a premium on any bond buy-back by members of the Group in that Relevant Period; 

  

	 	(iv)	deducting, to the extent included, the amount payable by members of the Group in that Relevant Period for arrangement or related fees in respect of Borrowings (to include, for the avoidance of doubt, underwriting,
syndication and fees of a similar nature); and 

  

	 	(v)	deducting, to the extent included, the amount of interest and other finance charges attributable to interests of third parties in members of the Group and adjusting, as appropriate, the additions or deductions specified
in paragraphs (i) to (iv) (inclusive) above as a consequence of interests of third parties in members of the Group, 

but shall exclude in relation to the Relevant Period (A) net mark-to-market gains or losses on revaluation of financial instruments, and
(B) for the avoidance of doubt, any amount of interest paid to the Group’s loyalty programme on the accumulated balance of cash received in advance of the redemption of loyalty points awarded; 

“Non-Investment Grade Rating” means a non-investment grade credit rating (Ba1/BB+, or equivalent, or worse); 

“Optional Redemption Amount (Call)” means, in respect of any Note, its principal amount or, if specified in the relevant Final
Terms, the Make Whole Amount; 
 “Optional Redemption Amount (Put)” means, in respect of any Note, its principal amount or
such other amount as may be specified in the relevant Final Terms; 
 “Optional Redemption Date (Call)” has the meaning
given in the relevant Final Terms; 
 “Optional Redemption Date (Put)” has the meaning given in the relevant Final Terms;

  
 - 62 - 

 “Original Financial Statements” means the audited consolidated financial
statements of the Group for the financial period ended 31 December 2008; 
 “Participating Member State” means a Member
State of the European Communities which adopts the euro as its lawful currency in accordance with the Treaty; 
 “Paying
Agents” means the Principal Paying Agent and any substitute or additional paying agents appointed in accordance with the Agency Agreement and a “Paying Agent” means any of them; 

“Payment Business Day” means: 
  

	 	(a)	if the currency of payment is euro, any day which is: 

  

	 	(i)	a day on which banks in the relevant place of presentation are open for presentation and payment of bearer debt securities and for dealings in foreign currencies; and 

 

	 	(ii)	in the case of payment by transfer to an account, a TARGET Settlement Day and a day on which dealings in foreign currencies may be carried on in each (if any) Additional Financial Centre; or 

 

	 	(b)	if the currency of payment is not euro, any day which is: 

  

	 	(i)	a day on which banks in the relevant place of presentation are open for presentation and payment of bearer debt securities and for dealings in foreign currencies; and 

 

	 	(ii)	in the case of payment by transfer to an account, a day on which dealings in foreign currencies may be carried on in the Principal Financial Centre of the currency of payment and in each (if any) Additional Financial
Centre; 

 “Person” means any individual, company, corporation, firm, partnership, joint venture, association,
organisation, state or agency of a state or other entity, whether or not having separate legal personality; 
 “Principal Financial
Centre” means, in relation to any currency, the principal financial centre for that currency, PROVIDED, HOWEVER, THAT: 
  

	 	(a)	in relation to euro, it means the principal financial centre of such Participating Member State of the European Communities as is selected (in the case of a payment) by the payee or (in the case of a calculation) by the
Calculation Agent; and 

  

	 	(b)	 in relation to Australian dollars, it means either Sydney or Melbourne and, in relation to New Zealand dollars, it means either Wellington or

  
 - 63 - 

	 	
Auckland; in each case as is selected (in the case of a payment) by the payee or (in the case of a calculation) by the Calculation Agent; 

“Project Finance Indebtedness” means Financial Indebtedness (in respect of which Security has been given) incurred by a member
of the Group (a “Project Group Member”) for the purposes of financing the acquisition, construction, development and/or operation of an asset (a “Project Asset”) where the provider of the Financial Indebtedness has
no recourse against any member of the Group, except for recourse to: 
  

	 	(a)	the Project Asset of the Project Group Member or receivables arising from the Project Asset; 

  

	 	(b)	a Project Group Member for the purpose of enforcing Security given by it so long as: 

  

	 	(i)	the recourse is limited to recoveries in respect of the Project Asset; and 

  

	 	(ii)	if the Project Asset does not comprise all or substantially all of the business of that Project Group Member, the provider of the Financial Indebtedness does not have the right to take any steps towards its winding up
or dissolution or the appointment of a liquidator, administrator, receiver or similar officer or person, other than in respect of the Project Asset or receivables arising therefrom; or 

 

	 	(c)	a member of the Group to the extent only of its shareholding in a Project Group Member; 

“Project Group Member” has the meaning given to it in the definition of Project Finance Indebtedness provided that the
principal assets and business of such member of the Group is constituted by Project Assets and it has no other Financial Indebtedness except Project Finance Indebtedness; 

“Put Option Notice” means a notice which must be delivered to a Paying Agent by any Noteholder wanting to exercise a right to
redeem a Note at the option of the Noteholder pursuant to Condition 9(f) (Redemption at the option of Noteholders); 
 “Put
Option Receipt” means a receipt issued by a Paying Agent to a depositing Noteholder upon deposit of a Note with such Paying Agent by any Noteholder wanting to exercise a right to redeem a Note at the option of the Noteholder; 

“Rate of Interest” means the rate or rates (expressed as a percentage per annum) of interest payable in respect of the Notes
specified in the relevant Final Terms or calculated or determined in accordance with the provisions of these Conditions; 

  
 - 64 - 

 “Rating Agency” means S&P or any of its respective successors or any
Substitute Rating Agency and, for the purposes of Condition 9(g) (Change of Control redemption), includes any Additional Rating Agency; 

“Redemption Amount” means, as appropriate, the Final Redemption Amount, the Early Redemption Amount (Tax), the Optional
Redemption Amount (Call), the Optional Redemption Amount (Put), the Early Termination Amount or such other amount in the nature of a redemption amount as may be specified in the relevant Final Terms; 

“Redemption of Relevant Debt” means the redemption in whole of the £400,000,000 3.875 per cent. notes due
28 November 2022 by the Issuer pursuant to their terms; 
 “Reference Price” has the meaning given in the relevant
Final Terms; 
 “Reference Rate” has the meaning given in the relevant Final Terms; 

“Reference Treasury” has the meaning given in the relevant Final Terms; 

“Regular Period” means: 
  

	 	(a)	in the case of Notes where interest is scheduled to be paid only by means of regular payments, each period from and including the Interest Commencement Date to but excluding the first Interest Payment Date and each
successive period from and including one Interest Payment Date to but excluding the next Interest Payment Date; 

  

	 	(b)	in the case of Notes where, apart from the first Interest Period, interest is scheduled to be paid only by means of regular payments, each period from and including a Regular Date falling in any year to but excluding
the next Regular Date, where “Regular Date” means the day and month (but not the year) on which any Interest Payment Date falls; and 

  

	 	(c)	in the case of Notes where, apart from one Interest Period other than the first Interest Period, interest is scheduled to be paid only by means of regular payments, each period from and including a Regular Date falling
in any year to but excluding the next Regular Date, where “Regular Date” means the day and month (but not the year) on which any Interest Payment Date falls other than the Interest Payment Date falling at the end of the irregular
Interest Period; 

 “Relevant Announcement Date” means the date that is the earlier of (a) the date of
the first public announcement of the relevant Change of Control and (b) the date of the earliest Relevant Potential Change of Control Announcement (if any); 

“Relevant Date” means, in relation to any payment, whichever is the later of (a) the date on which the payment in
question first becomes due and (b) if the full amount payable has not been received in the Principal Financial Centre of 

  
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the currency of payment by the Principal Paying Agent on or prior to such due date, the date on which (the full amount having been so received) notice to that effect has been given to the
Noteholders; 
 “Relevant Financial Centre” has the meaning given in the relevant Final Terms; 

“Relevant Indebtedness” means (i) any present or future indebtedness (whether being principal, premium, interest or other
amounts) for or in respect of any notes, bonds, debentures, debenture stock, loan stock or other securities which have an initial stated maturity of not less than one year and which are or are of a type which is customarily quoted, listed or
ordinarily dealt in on any stock exchange, over-the-counter or other securities market, and (ii) any guarantee or indemnity in respect of any such indebtedness; 

“Relevant Period” means: 
  

	 	(a)	each financial year of the Issuer; and 

  

	 	(b)	each period beginning on the first day of the second half of a financial year of the Issuer and ending on the last day of the first half of its next financial year; 

“Relevant Potential Change of Control Announcement” means any public announcement or statement by or on behalf of the Issuer,
any actual or potential bidder or any adviser acting on behalf of any actual or potential bidder relating to any potential Change of Control where within 180 days following the date of such announcement or statement, a Change of Control occurs; 

“Reserved Matter” means any proposal: 
  

	 	(a)	to change any date fixed for payment of principal or interest in respect of the Notes, to reduce the amount of principal or interest payable on any date in respect of the Notes or to alter the method of calculating the
amount of any payment in respect of the Notes on redemption or maturity; 

  

	 	(b)	to effect the exchange or substitution of the Notes for, or the conversion of the Notes into, shares, bonds or other obligations or securities of the Issuer or any other person or body corporate formed or to be formed
(other than as permitted under Clause 7.3 of the Trust Deed); 

  

	 	(c)	to change the currency in which amounts due in respect of the Notes are payable; 

  

	 	(d)	to change the quorum required at any meeting of Noteholders or the majority required to pass an Extraordinary Resolution; or 

  
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	 	(e)	to amend this definition; 

 “S&P” means Standard & Poor’s
Rating Services, a division of The McGraw-Hill Companies Inc. or any successor; 
 “Security” means a mortgage, pledge,
lien, hypothecation, security interest or other charge or encumbrance entered into for the purpose of securing any obligation of any person; 

“Security Interest” means any mortgage, charge, pledge, lien or other security interest including, without limitation,
anything analogous to any of the foregoing under the laws of any jurisdiction; 
 “Specified Currency” has the meaning given
in the relevant Final Terms; 
 “Specified Denomination(s)” has the meaning given in the relevant Final Terms; 

“Specified Office” has the meaning given in the Agency Agreement; 

“Specified Period” has the meaning given in the relevant Final Terms; 

“Step Down Rating Change” means the first public announcement after a Step Up Rating Change by the Rating Agency of an
increase in, or as the case may be the reinstatement of, the credit rating of the Issuer’s senior unsecured long-term debt with the result that, following such public announcement(s), the Rating Agency rates the Issuer’s senior unsecured
long-term debt as BBB- or higher. For the avoidance of doubt, any further increases in the credit rating of the Issuer’s senior unsecured long-term debt by the Rating Agency above BBB- shall not constitute a Step Down Rating Change; 

“Step Up Rating Change” means the first public announcement by the Rating Agency of a decrease in the credit rating of the
Issuer’s senior unsecured long-term debt to below BBB-. For the avoidance of doubt, any further decrease in the credit rating of the Issuer’s senior unsecured long-term debt by the Rating Agency from below BBB- shall not constitute a Step
Up Rating Change; 
 “Step Up/Step Down Margin” has the meaning given in the relevant Final Terms; 

“Subsidiary” means any company where the Issuer. 

 

	 	(a)	holds a majority of the voting rights in the company; or 

  

	 	(b)	is a member of the company and has the right to appoint or remove a majority of its board of directors, or 

  

	 	(c)	is a member of the company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in it, or if the company is a subsidiary of a company that is itself a subsidiary of the
Issuer; 

  
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 “Substitute Rating Agency” means any rating agency of international standing
substituted for the Rating Agency by the Issuer from time to time with the prior written approval of the Trustee, such approval not to be unreasonably withheld or delayed; 

“Talon” means a talon for further Coupons; 

“TARGET2” means the Trans-European Automated Real-Time Gross Settlement Express Transfer payment system which utilises a
single shared platform and which was launched on 19 November 2007; 
 “TARGET Settlement Day” means any day on which
TARGET2 is open for the settlement of payments in euro; 
 “Tax” means any tax, levy, impost, duty or other charge or
withholding of a similar nature (including any penalty or interest payable in connection with any failure by the Issuer to pay or any delay in paying by the Issuer any of the same); 

“Treasury Publisher” has the meaning given in the relevant Final Terms; 

“Treaty” means the Treaty on the functioning of the European Union, as amended; 

“Wholly-Owned Subsidiary” means any Person in which the Issuer, and/or one or more of its Wholly-Owned Subsidiaries, controls,
directly or indirectly, all of the stock with ordinary voting power to elect the board of directors of that Person; and 
 “Zero
Coupon Note” means a Note specified as such in the relevant Final Terms. 
  

	(b)	Interpretation 

 In these Conditions: 

 

	 	(i)	if the Notes are Zero Coupon Notes, references to Coupons and Couponholders are not applicable; 

  

	 	(ii)	if Talons are specified in the relevant Final Terms as being attached to the Notes at the time of issue, references to Coupons shall be deemed to include references to Talons; 

 

	 	(iii)	if Talons are not specified in the relevant Final Terms as being attached to the Notes at the time of issue, references to Talons are not applicable; 

  
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	 	(iv)	any reference to principal shall be deemed to include the Redemption Amount, any additional amounts in respect of principal which may be payable under Condition 11 (Taxation), any premium payable in respect of a
Note and any other amount in the nature of principal payable pursuant to these Conditions; 

  

	 	(v)	any reference to interest shall be deemed to include any additional amounts in respect of interest which may be payable under Condition 11 (Taxation) and any other amount in the nature of interest payable
pursuant to these Conditions; 

  

	 	(vi)	references to Notes being “outstanding” shall be construed in accordance with the Trust Deed; 

  

	 	(vii)	if an expression is stated in Condition 2(a) (Definitions) to have the meaning given in the relevant Final Terms, but the relevant Final Terms gives no such meaning or specifies that such expression is “not
applicable” then such expression is not applicable to the Notes; and 

  

	 	(viii)	any reference to the Agency Agreement or the Trust Deed shall be construed as a reference to the Agency Agreement or the Trust Deed, as the case may be, as amended and/or supplemented up to and including the Issue Date
of the Notes. 

  

	3.	Form, Denomination and Title 

 The Notes are in bearer form in the Specified
Denomination(s) with Coupons and, if specified in the relevant Final Terms, Talons attached at the time of issue. In the case of a Series of Notes with more than one denomination (the “Specified Denomination”) specified in the
relevant Final Terms, Notes of one Specified Denomination will not be exchangeable for Notes of another Specified Denomination. Title to the Notes and the Coupons will pass by delivery. The holder of any Note or Coupon shall (except as otherwise
required by law) be treated as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any other interest therein, any writing thereon or any notice of any previous loss or theft thereof)
and no Person shall be liable for so treating such holder. No person shall have any right to enforce any term or condition of any Note or the Trust Deed under the Contracts (Rights of Third Parties) Act 1999 but this does not affect any right or
remedy of a third party which exists or is available apart from that Act. 
  

	4.	Status of the Notes and Guarantees 

 The Notes and Coupons constitute direct, general,
unsubordinated and unconditional obligations of the Issuer which will at all times rank pari passu among themselves and at least pari passu with all other present and future unsecured obligations of the Issuer, save for such
obligations as may be preferred by provisions of law that are both mandatory and of general application. 

  
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 The payment obligations of the Guarantors rank pari passu with all other present and
future unsecured obligations of the Guarantors, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application. 
  

	5.	Negative Pledge 

 So long as any of the Notes remains outstanding neither the Issuer nor
any Guarantor nor any Material Subsidiary will create or have outstanding any Security Interest upon, or with respect to, any of the present or future business, undertaking, assets or revenues (including any uncalled capital) of the Issuer or any
Guarantor or any Material Subsidiary to secure any Relevant Indebtedness, unless the Issuer or, as the case may be, such Guarantor or such Material Subsidiary, in the case of the creation of a Security Interest, before or at the same time and, in
any other case, promptly, takes any and all action necessary to ensure that: 
  

	 	(a)	all amounts payable by it under the Notes, the Coupons and the Trust Deed are secured by the Security Interest equally and rateably with the Relevant Indebtedness to the satisfaction of the Trustee; or

  

	 	(b)	such other Security Interest or other arrangement (whether or not it includes the giving of a Security Interest) is provided either (A) as the Trustee in its absolute discretion deems not materially less beneficial
to the interest of the Noteholders or (B) as is approved by an Extraordinary Resolution (which is defined in the Trust Deed as a resolution duly passed by a majority of not less than three-quarters of the votes cast thereon at a meeting of the
Noteholders or by a resolution in writing signed by or on behalf of the holders of not less than three quarters of the nominal amount of the Notes) of the Noteholders. 

 

	6.	Fixed Rate Note Provisions 

  

	 	(a)	Application 

 This Condition 6 is applicable to the Notes only if the Fixed Rate
Note provisions are specified in the relevant Final Terms as being applicable. 
  

	 	(b)	Accrual of interest 

 The Notes bear interest from the Interest Commencement Date
at the Rate of Interest payable in arrear on each Interest Payment Date, subject as provided in Condition 10 (Payments). Each Note will cease to bear interest from the due date for final redemption unless, upon due presentation, payment of
the Redemption Amount is improperly withheld or refused, in which case it will continue to bear interest in accordance with this Condition 6 (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due
in respect of such Note up to that day are received by or on behalf of the relevant Noteholder and (ii) the day which is seven days after the Principal Paying Agent has notified the Noteholders that it has received all sums due in respect of
the Notes up to such seventh day (except to the extent that there is any subsequent default in payment). 

  
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	 	(c)	Fixed Coupon Amount 

 The amount of interest payable in respect of each Note for
any Interest Period shall be the relevant Fixed Coupon Amount and, if the Notes are in more than one Specified Denomination, shall be the relevant Fixed Coupon Amount in respect of the relevant Specified Denomination. 

 

	 	(d)	Calculation of interest amount 

 The amount of interest payable in respect of
each Note for any period for which a Fixed Coupon Amount is not specified shall be calculated by applying the Rate of Interest to the Calculation Amount, multiplying the product by the relevant Day Count Fraction, rounding the resulting figure to
the nearest sub-unit of the Specified Currency (half a sub-unit being rounded upwards) and multiplying such rounded figure by a fraction equal to the Specified Denomination of such Note divided by the Calculation Amount. For this purpose a
“sub-unit” means, in the case of any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, in the case of euro, means one cent. 

 

	 	(e)	Step Up/Step Down provisions 

  

	 	(i)	If the Step Up/Step Down provisions are specified in the relevant Final Terms as being applicable, the Rate of Interest payable on the Notes will be subject to adjustment from time to time in the event of a Step Up
Rating Change or a Step Down Rating Change, as the case may be, in accordance with the provisions of this Condition 6(e). 

  

	 	(ii)	From and including the first Interest Payment Date following the date of a Step Up Rating Change, if any, the Rate of Interest payable on the Notes shall, subject to any adjustment pursuant to a Step Down Rating Change
and provided that either Redemption of Relevant Debt is specified in the relevant Final Terms as being not applicable or Redemption of Relevant Debt is specified in the relevant Final Terms as being applicable but has not yet occurred, be increased
by the Step Up/Step Down Margin. 

  

	 	(iii)	Furthermore, in the event of a Step Down Rating Change following a Step Up Rating Change or, as the case may be, a Redemption of Relevant Debt having occurred following a Step Up Rating Change where Redemption of
Relevant Debt has been specified in the relevant Final Terms as being applicable, with effect from and including the first Interest Payment Date following the date of such Step Down Rating Change or, as the case may be, Redemption of Relevant Debt,
the Rate of Interest payable on the Notes shall be decreased by the Step Up/Step Down Margin. 

  

	 	(iv)	 The Issuer shall use all reasonable efforts to maintain a credit rating for its senior unsecured long-term debt from the Rating Agency. If,
notwithstanding such reasonable efforts, the Rating Agency fails to or 

  
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ceases to assign a credit rating to the Issuer’s senior unsecured long-term debt, the Issuer shall use all reasonable efforts to obtain a credit rating of its senior unsecured long-term debt
from a Substitute Rating Agency, and references in this Condition 6(e) to the Rating Agency, or the credit ratings thereof, shall be to such Substitute Rating Agency and, as the case may be, the equivalent credit ratings thereof. Notwithstanding
anything else in this Condition 6(e), if there is at any time no current rating by a Rating Agency for a period of 90 consecutive days, the Rate of Interest accruing to the Notes, with effect from and including the first Interest Payment Date
immediately following such period of 90 consecutive days shall be as though a Step Up Rating Change had occurred unless such a rating is obtained on or prior to such Interest Payment Date. For the avoidance of doubt, the provisions of this
sub-paragraph (iv) remain subject in all cases to the provisions relating to the Step Down Rating Change set out in sub-paragraphs (ii) and (iii) above. 

 

	 	(v)	The Issuer will cause the occurrence of a Step Up Rating Change or a Step Down Rating Change to be notified to the Trustee and the Principal Paying Agent and notice thereof to be published in accordance with Condition
18 (Notices) as soon as possible after the occurrence of the Step Up Rating Change or the Step Down Rating Change (whichever the case may be) but in no event later than the fifth Business Day thereafter. 

 

	 	(vi)	The Step Up Rating Change may occur only once during the term of the Notes. 

  

	 	(vii)	The Trustee is under no obligation to ascertain whether a change in the rating assigned to the Notes by the Rating Agency or any Substitute Rating Agency has occurred or whether there has been a failure or a ceasing by
the Rating Agency or any Substitute Rating Agency to assign a credit rating to the Issuer’s senior unsecured long-term debt and until it shall have actual knowledge or express notice pursuant to the Trust Deed to the contrary, the Trustee may
assume that no such change to the credit rating assigned to the Notes has occurred or no such failure or ceasing by the Rating Agency or any Substitute Rating Agency has occurred. 

 

	 	(viii)	If the rating designations employed by the Rating Agency are changed from those which are described in the definitions of “Step Down Rating Change” and “Step Up Rating Change”, or if a
rating is procured from a Substitute Rating Agency, the Issuer shall determine, with the agreement of the Trustee (not to be unreasonably withheld or delayed), the rating designations of the Rating Agency or such Substitute Rating Agency (as
appropriate) as are most equivalent to the prior rating designations of the Rating Agency, and this Condition 6(e) shall be construed accordingly. 

  
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	7.	Floating Rate Note Provisions 

  

	 	(a)	Application 

 This Condition 7 is applicable to the Notes only if the Floating
Rate Note provisions are specified in the relevant Final Terms as being applicable. 
  

	 	(b)	Accrual of interest 

 The Notes bear interest from the Interest Commencement Date
at the Rate of Interest payable in arrear on each Interest Payment Date, subject as provided in Condition 10 (Payments). Each Note will cease to bear interest from the due date for final redemption unless, upon due presentation, payment of
the Redemption Amount is improperly withheld or refused, in which case it will continue to bear interest in accordance with this Condition 7 (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due
in respect of such Note up to that day are received by or on behalf of the relevant Noteholder and (ii) the day which is seven days after the Principal Paying Agent has notified the Noteholders that it has received all sums due in respect of
the Notes up to such seventh day (except to the extent that there is any subsequent default in payment). 
  

	 	(c)	ISDA Determination 

 The Rate of Interest applicable to the Notes for each
Interest Period will be the sum of the Margin and the relevant ISDA Rate where “ISDA Rate” in relation to any Interest Period means a rate equal to the Floating Rate (as defined in the ISDA Definitions) that would be determined by
the Calculation Agent under an interest rate swap transaction if the Calculation Agent were acting as Calculation Agent for that interest rate swap transaction under the terms of an agreement incorporating the ISDA Definitions and under which: 

 

	 	(i)	the Floating Rate Option (as defined in the ISDA Definitions) is as specified in the relevant Final Terms; 

  

	 	(ii)	the Designated Maturity (as defined in the ISDA Definitions) is a period specified in the relevant Final Terms; and 

  

	 	(iii)	the relevant Reset Date (as defined in the ISDA Definitions) is either (A) if the relevant Floating Rate Option is based on the London inter-bank offered rate (LIBOR) for a currency, the first day of that Interest
Period or (B) in any other case, as specified in the relevant Final Terms. 

  

	 	(d)	Maximum or Minimum Rate of Interest 

 If any Maximum Rate of Interest or Minimum
Rate of Interest is specified in the relevant Final Terms, then the Rate of Interest shall in no event be greater than the maximum or be less than the minimum so specified. 

  
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	 	(e)	Calculation of Interest Amount 

 The Calculation Agent will, as soon as
practicable after the time at which the Rate of Interest is to be determined in relation to each Interest Period, calculate the Interest Amount payable in respect of each Note for such Interest Period. The Interest Amount will be calculated by
applying the Rate of Interest for such Interest Period to the Calculation Amount, multiplying the product by the relevant Day Count Fraction, rounding the resulting figure to the nearest sub-unit of the Specified Currency (half a sub-unit being
rounded upwards) and multiplying such rounded figure by a fraction equal to the Specified Denomination of the relevant Note divided by the Calculation Amount. For this purpose a “sub-unit” means, in the case of any currency other
than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, in the case of euro, means one cent. 
  

	 	(f)	Calculation of other amounts 

 If the relevant Final Terms specifies that any
other amount is to be calculated by the Calculation Agent, the Calculation Agent will, as soon as practicable after the time or times at which any such amount is to be determined, calculate the relevant amount. The relevant amount will be calculated
by the Calculation Agent in the manner specified in the relevant Final Terms. 
  

	 	(g)	Publication 

 The Calculation Agent will cause each Rate of Interest and Interest
Amount determined by it, together with the relevant Interest Payment Date, and any other amount(s) required to be determined by it together with any relevant payment date(s) to be notified to the Paying Agents and each competent authority, stock
exchange and/or quotation system (if any) by which the Notes have then been admitted to listing, trading and/or quotation as soon as practicable after such determination but (in the case of each Rate of Interest, Interest Amount and Interest Payment
Date) in any event not later than the first day of the relevant Interest Period. Notice thereof shall also promptly be given to the Noteholders. The Calculation Agent will be entitled to recalculate any Interest Amount (on the basis of the foregoing
provisions) without notice in the event of an extension or shortening of the relevant Interest Period. If the Calculation Amount is less than the minimum Specified Denomination the Calculation Agent shall not be obliged to publish each Interest
Amount but instead may publish only the Calculation Amount and the Interest Amount in respect of a Note having the minimum Specified Denomination. 
  

	 	(h)	Notifications etc. 

 All notifications, opinions, determinations, certificates,
calculations, quotations and decisions given, expressed, made or obtained for the purposes of this Condition 7 by the Calculation Agent will (in the absence of manifest error) be binding on the Issuer, the Guarantors, the Trustee, the Paying Agents,
the Noteholders and the Couponholders and (subject as aforesaid) no liability to any such Person will attach to the Calculation Agent in connection with the exercise or non-exercise by it of its powers, duties and discretions for such purposes. 

  
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	 	(i)	Determination or Calculation by Trustee 

 If the Calculation Agent
fails at any time to determine a Rate of Interest or to calculate an Interest Amount, the Trustee or a person appointed by the Trustee for that purpose (but without any liability accruing to the Trustee as a result) will determine such Rate of
Interest and make such determination or calculation which shall be deemed to have been made by the Calculation Agent. In doing so, the Trustee or a person appointed by the Trustee for that purpose (but without any liability accruing to the Trustee
as a result) shall apply all of the provisions of these Conditions with any necessary consequential amendments to the extent that, in its sole opinion and with absolute discretion, it can do so and in all other respects it shall do so in such manner
as it shall deem fair and reasonable in all the circumstances and will not be liable for any loss, liability, cost, charge or expense which may arise as a result thereof. Any such determination or calculation made by the Trustee shall be binding on
the Issuer, the Guarantors, the Noteholders and the Couponholders. 
  

	8.	Zero Coupon Note Provisions 

  

	 	(a)	Application 

 This Condition 8 is applicable to the Notes only if
the Zero Coupon Note provisions are specified in the relevant Final Terms as being applicable. 
  

	 	(b)	Late payment on Zero Coupon Notes 

 If the Redemption Amount payable in respect
of any Zero Coupon Note is improperly withheld or refused, the Redemption Amount shall thereafter be an amount equal to the sum of: 
  

	 	(i)	the Reference Price; and 

  

	 	(ii)	the product of the Accrual Yield (compounded annually) being applied to the Reference Price on the basis of the relevant Day Count Fraction from (and including) the Issue Date to (but excluding) whichever is the earlier
of (i) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the relevant Noteholder and (ii) the day which is seven days after the Principal Paying Agent or, as the case may be, the Trustee
has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that there is any subsequent default in payment). 

  
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	9.	Redemption and Purchase 

  

	 	(a)	Scheduled redemption 

 Unless previously redeemed, or purchased and cancelled in
accordance with Condition 9(k) (Cancellation), the Notes will be redeemed at their Final Redemption Amount on the Maturity Date, subject as provided in Condition 10 (Payments). 

 

	 	(b)	Redemption for tax reasons 

 The Notes may be redeemed at the option of the
Issuer in whole, but not in part: 
  

	 	(i)	at any time (if the Floating Rate Note provisions are not specified in the relevant Final Terms as being applicable); or 

  

	 	(ii)	on any Interest Payment Date (if the Floating Rate Note provisions are specified in the relevant Final Terms as being applicable), 

on giving not less than 30 nor more than 60 days’ notice to the Noteholders (which notice shall be irrevocable), at their Early
Redemption Amount (Tax), together with interest accrued (if any) to the date fixed for redemption, if: 
  

	 	(A)	as a result of any change in, or amendment to, the tax laws or regulations of the United Kingdom or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or
official interpretation of such laws or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective on or after the date of issue of the first Tranche of the Notes on the next Interest Payment
Date either (i) the Issuer would be obliged to pay additional amounts as provided or referred to in Condition 11 (Taxation) or (ii) each Guarantor would be unable for reasons outside its control to procure payment by the Issuer and
in making payment itself would be required to pay such additional amounts; and 

  

	 	(B)	such obligation cannot be avoided by the Issuer or, as the case may be, each of the Guarantors taking reasonable measures available to it, 

PROVIDED, HOWEVER, THAT no such notice of redemption shall be given earlier than: 

 

	 	(I)	where the Notes may be redeemed at any time, 90 days prior to the earliest date on which the Issuer or, as the case may be, the relevant Guarantor would be obliged to pay such additional amounts if a payment in
respect of the Notes were then due; or 

  

	 	(II)	where the Notes may be redeemed only on an Interest Payment Date, 60 days prior to the Interest Payment Date occurring immediately before the earliest date on which the Issuer or, as the case may be, the relevant
Guarantor would be obliged to pay such additional amounts if a payment in respect of the Notes were then due. 

  
 - 76 - 

 Prior to the publication of any notice of redemption pursuant to this paragraph, the Issuer
shall deliver to the Trustee (i), if the Trustee so requests, an opinion of independent legal advisers of recognised standing to the effect that the Issuer or, as the case may be, a Guarantor has or will become obliged to pay such additional amounts
as a result of such change or amendment and (ii) a certificate signed by two authorised officers of the Issuer or, as the case may be, each of the Guarantors, as the case may be, stating that the obligation referred to in (A) above cannot
be avoided by the Issuer or, as the case may be, each of the Guarantors taking reasonable measures available to it and the Trustee shall be entitled to accept such certificate as sufficient evidence of the satisfaction of the condition precedent set
out in (B) above in which event it shall be conclusive and binding on the Noteholders and Couponholders. Upon the expiry of any such notice as is referred to in this Condition 9(b), the Issuer shall be bound to redeem the Notes in accordance
with this Condition 9(b). 
  

	 	(c)	Redemption at the option of the Issuer (Issuer Call Option) 

 If Issuer Call
Option is specified in the relevant Final Terms as being applicable, the Notes may be redeemed at the option of the Issuer in whole or, if so specified in the relevant Final Terms, in part on any Optional Redemption Date (Call) at the relevant
Optional Redemption Amount (Call) on the Issuer giving not less than 30 nor more than 60 days’ notice (or such other period of notice as is specified in the relevant Final Terms as being applicable) to the Noteholders and the Trustee (which
notice shall be irrevocable and shall oblige the Issuer to redeem the Notes or, as the case may be, the Notes specified in such notice on the relevant Optional Redemption Date (Call) at the Optional Redemption Amount (Call) plus accrued interest (if
any) to such date). 
  

	 	(d)	Redemption at the option of the Issuer (Issuer Maturity Par Call Option) 

 If
Issuer Maturity Par Call Option is specified in the relevant Final Terms as being applicable, the Notes may be redeemed at the option of the Issuer in whole, but not in part, at any time during the period commencing on (and including) the day that
is 90 days prior to the Maturity Date to (but excluding) the Maturity Date, at the Final Redemption Amount specified in the relevant Final Terms, plus accrued interest (if any) to the date fixed for redemption, upon the Issuer having given not less
than 30 nor more than 60 days’ notice (or such other period of notice as is specified in the relevant Final Terms as being applicable) to the Noteholders and the Trustee (which notice shall be irrevocable and shall specify the date fixed for
redemption). 
  

	 	(e)	Partial redemption 

 If the Notes are to be redeemed in part only on any date in
accordance with Condition 9(c) (Redemption at the option of the Issuer (Issuer Call Option)), 

  
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the Notes to be redeemed shall be selected by the drawing of lots in such place and in such manner as the Trustee approves, subject to compliance with applicable law, the rules of each competent
authority, stock exchange and/or quotation system (if any) by which the Notes have then been admitted to listing, trading and/or quotation and the notice to Noteholders referred to in Condition 9(c) (Redemption at the option of the Issuer (Issuer
Call Option)) shall specify the serial numbers of the Notes so to be redeemed. If any Maximum Redemption Amount or Minimum Redemption Amount is specified in the relevant Final Terms, then the Optional Redemption Amount (Call) shall in no event
be greater than the maximum or be less than the minimum so specified. 
  

	 	(f)	Redemption at the option of Noteholders 

 If Put Option is specified in the
relevant Final Terms as being applicable, the Issuer shall, at the option of the holder of any Note redeem such Note on the Optional Redemption Date (Put) specified in the relevant Put Option Notice at the relevant Optional Redemption Amount (Put)
together with interest (if any) accrued to such date. In order to exercise the option contained in this Condition 9(f), the holder of a Note must, not less than 30 nor more than 60 days before the relevant Optional Redemption Date (Put), deposit
with any Paying Agent such Note together with all unmatured Coupons relating thereto and a duly completed Put Option Notice in the form obtainable from any Paying Agent. The Paying Agent with which such Note is so deposited shall deliver a duly
completed Put Option Receipt to the depositing Noteholder. No Note, once deposited with a duly completed Put Option Notice in accordance with this Condition 9(f), may be withdrawn; PROVIDED, HOWEVER, THAT if, prior to the relevant Optional
Redemption Date (Put), any such Note becomes immediately due and payable or, upon due presentation of any such Note on the relevant Optional Redemption Date (Put), payment of the redemption moneys is improperly withheld or refused, the relevant
Paying Agent shall mail notification thereof to the depositing Noteholder at such address as may have been given by such Noteholder in the relevant Put Option Notice and shall hold such Note at its Specified Office for collection by the depositing
Noteholder against surrender of the relevant Put Option Receipt. For so long as any outstanding Note is held by a Paying Agent in accordance with this Condition 9(f), the depositor of such Note and not such Paying Agent shall be deemed to be the
holder of such Note for all purposes. 
 If the Note is in definitive form and held through Euroclear or Clearstream, Luxembourg, to
exercise the right to require redemption or, as the case may be, purchase of a Note under this Condition 9(f) the holder of the Note must, not less than 30 nor more than 60 days before the relevant Optional Redemption Date (Put), give notice to the
Principal Paying Agent of such exercise in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on his instruction by Euroclear or Clearstream, Luxembourg or any common depositary for
them to the Principal Paying Agent by electronic means) in a form acceptable to Euroclear and Clearstream, Luxembourg from time to time. 

  
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	 	(g)	Change of Control redemption 

 If Change of Control Put Option is specified in
the relevant Final Terms as being applicable and a Change of Control Put Event occurs, the holder of each Note will have the option (unless prior to the giving of the relevant Change of Control Put Event Notice the Issuer has given notice of
redemption under Condition 9(b) (Redemption for tax reasons) or 9(c) (Redemption at the option of the Issuer), if applicable) to require the Issuer to redeem or, at the Issuer’s option, purchase (or procure the purchase of) that
Note on the Change of Control Optional Redemption Date at its Change of Control Optional Redemption Amount together with interest accrued to (but excluding) the Change of Control Optional Redemption Date. 

Promptly upon, and in any event within 14 days after, the Issuer becoming aware that a Change of Control Put Event has occurred the Issuer
shall, and at any time upon the Trustee becoming similarly so aware the Trustee may, and if so requested by the holders of at least one-quarter in principal amount of the Notes then outstanding or if so directed by an Extraordinary Resolution of the
Noteholders, shall, (subject in each case to the Trustee being indemnified, secured and/or prefunded to its satisfaction) give the Change of Control Put Event Notice to the Noteholders. 

To exercise the Change of Control Put Option, the holder of the Note must deliver such Note to the specified office of any Paying Agent at any
time during normal business hours of such Paying Agent falling within the Change of Control Put Period, accompanied by a duly signed and completed notice of exercise in the form (for the time being current) obtainable from the specified office of
any Paying Agent (an “Exercise Notice”). The Note should be delivered together with all Coupons appertaining thereto maturing after the Change of Control Optional Redemption Date, failing which the Paying Agent will require payment
from or on behalf of the Noteholder of an amount equal to the face value of any such missing Coupon. Any amount so paid will be reimbursed by the Paying Agent to the Noteholder against presentation and surrender of the relevant missing Coupon (or
any replacement issued therefor pursuant to Condition 14 (Replacement of Notes and Coupons)) at any time after such payment, but before the expiry of the period of ten years from the date on which such Coupon would have become due, but not
thereafter. If the Note is in definitive form and held through Euroclear or Clearstream, Luxembourg, to exercise the right to require redemption or, as the case may be, purchase of a Note under this Condition 9(g) the holder of the Note must, within
the Change of Control Put Period, give notice to the Principal Paying Agent of such exercise in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on his instruction by Euroclear or
Clearstream, Luxembourg or any common depositary for them to the Principal Paying Agent by electronic means) in a form acceptable to Euroclear and Clearstream, Luxembourg from time to time. The Paying Agent to which such Note and Exercise Notice are
delivered will issue to the Noteholder concerned a non-transferable receipt in respect of the Note so delivered or, in the case of a Note held through 

  
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Euroclear and/or Clearstream, Luxembourg, notice received. Payment in respect of any Note so delivered will be made, if the holder duly specified a bank account in the Exercise Notice to which
payment is to be made, on the Change of Control Optional Redemption Date by transfer to that bank account and, in every other case, on or after the Change of Control Optional Redemption Date against presentation and surrender or (as the case may be)
endorsement of such receipt at the specified office of any Paying Agent. For the purposes of these Conditions, receipts issued pursuant to this Condition 9(g) shall be treated as if they were Notes. The Issuer shall redeem or purchase (or procure
the purchase of) the Notes in respect of which the Change of Control Put Option has been validly exercised in accordance with the provisions of this Condition 9(g) on the Change of Control Optional Redemption Date unless previously redeemed (or
purchased) and cancelled. 
 Any Exercise Notice, once given, shall be irrevocable except where prior to the Change of Control Optional
Redemption Date an Event of Default shall have occurred and the Trustee shall have accelerated the Notes, in which event such holder, at its option, may elect by notice to the Issuer to withdraw the Exercise Notice and instead to treat its Notes as
being forthwith due and payable pursuant to Condition 12 (Events of Default). 
 If 80 per cent. or more in principal amount of
the Notes then outstanding have been redeemed or purchased pursuant to this Condition 9(g), the Issuer may, on giving not less than 30 nor more than 60 days’ notice to the Noteholders (such notice being given within 30 days after the Change of
Control Optional Redemption Date), redeem or purchase (or procure the purchase of), at its option, all but not some only of the remaining outstanding Notes at their principal amount, together with interest accrued to (but excluding) the date fixed
for such redemption or purchase. 
 If the rating designations employed by any Rating Agency are changed from those which are described in
paragraph (ii) of the definition of “Change of Control Put Event”, or if a rating is procured from a Substitute Rating Agency, the Issuer shall determine, with the agreement of the Trustee, the rating designations of such Rating
Agency or such Substitute Rating Agency (as appropriate) as are most equivalent to the prior rating designations of the relevant Rating Agency and this Condition 9(g) shall be construed accordingly. 

The Trustee is under no obligation to ascertain whether a Change of Control Put Event or Change of Control or any event which could lead to
the occurrence of or could constitute a Change of Control Put Event or Change of Control has occurred, or to seek any confirmation from any Rating Agency pursuant to the definition of Negative Rating Event below, and, until it shall have actual
knowledge or notice pursuant to the Trust Deed to the contrary, the Trustee may assume that no Change of Control Put Event or Change of Control or other such event has occurred. 

  
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	 	(h)	No other redemption 

 The Issuer shall not be entitled to redeem the Notes
otherwise than as provided in Conditions 9(a) (Scheduled redemption) to 9(g) (Change of control redemption) above. 
  

	 	(i)	Early redemption of Zero Coupon Notes 

 Unless otherwise specified in the
relevant Final Terms, the Redemption Amount payable on redemption of a Zero Coupon Note at any time before the Maturity Date shall be an amount equal to the sum of: 
  

	 	(i)	the Reference Price; and 

  

	 	(ii)	the product of the Accrual Yield (compounded annually) being applied to the Reference Price from (and including) the Issue Date to (but excluding) the date fixed for redemption or (as the case may be) the date upon
which the Note becomes due and payable. 

 Where such calculation is to be made for a period which is not a whole number of
years, the calculation in respect of the period of less than a full year shall be made on the basis of such Day Count Fraction as may be specified in the Final Terms for the purposes of this Condition 9(i) or, if none is so specified, a Day Count
Fraction of 30E/360. 
  

	 	(j)	Purchase 

 The Issuer or any of its Subsidiaries may at any time purchase Notes
in the open market or otherwise and at any price, PROVIDED THAT all unmatured Coupons are purchased therewith. 
  

	 	(k)	Cancellation 

 All Notes so redeemed or purchased by the Issuer or any of its
Subsidiaries and any unmatured Coupons attached to or surrendered with them shall be cancelled and may not be reissued or resold. 
  

	10.	Payments 

  

	 	(a)	Principal 

 Payments of principal shall be made only against presentation and
(PROVIDED THAT payment is made in full) surrender of Notes at the Specified Office of any Paying Agent outside the United States by cheque drawn in the currency in which the payment is due on, or by transfer to an account denominated in that
currency (or, if that currency is euro, any other account to which euro may be credited or transferred) and maintained by the payee with, a bank in the Principal Financial Centre of that currency (in the case of a sterling cheque, a town clearing
branch of a bank in the City of London). 

  
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	 	(b)	Interest 

 Payments of interest shall, subject to Condition 10(h) (Payments
other than in respect of matured Coupons), be made only against presentation and (PROVIDED THAT payment is made in full) surrender of the appropriate Coupons at the Specified Office of any Paying Agent outside the United States in the
manner described in Condition 10(a) (Principal). 
  

	 	(c)	Payments in New York City 

 Payments of principal or interest may be made at the
Specified Office of a Paying Agent in New York City as specified in Part B of the relevant Final Terms if (i) the Issuer has appointed Paying Agents outside the United States with the reasonable expectation that such Paying Agents will be able
to make payment of the full amount of the interest on the Notes in the currency in which the payment is due when due, (ii) payment of the full amount of such interest at the offices of all such Paying Agents is illegal or effectively precluded
by exchange controls or other similar restrictions and (iii) payment is permitted by applicable United States law. 
  

	 	(d)	Payments subject to fiscal laws 

 All payments in respect of the Notes are
subject in all cases to any applicable fiscal or other laws and regulations in the place of payment, but without prejudice to the provisions of Condition 11 (Taxation). No commissions or expenses shall be charged to the Noteholders or
Couponholders in respect of such payments. 
  

	 	(e)	Deductions for unmatured Coupons 

 If the relevant Final Terms specify that the
Fixed Rate Note provisions are applicable and a Note is presented without all unmatured Coupons relating thereto: 
  

	 	(i)	if the aggregate amount of the missing Coupons is less than or equal to the amount of principal due for payment, a sum equal to the aggregate amount of the missing Coupons will be deducted from the amount of principal
due for payment; PROVIDED HOWEVER, THAT if the gross amount available for payment is less than the amount of principal due for payment, the sum deducted will be that proportion of the aggregate amount of such missing Coupons which the gross
amount actually available for payment bears to the amount of principal due for payment; 

  

	 	(ii)	if the aggregate amount of the missing Coupons is greater than the amount of principal due for payment: 

  

	 	(A)	 so many of such missing Coupons shall become void (in inverse order of maturity) as will result in the aggregate amount of the remainder of such
missing Coupons (the “Relevant 

  
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Coupons”) being equal to the amount of principal due for payment; PROVIDED HOWEVER, THAT where this sub-paragraph would otherwise require a fraction of a missing Coupon to
become void, such missing Coupon shall become void in its entirety; and 

  

	 	(B)	a sum equal to the aggregate amount of the Relevant Coupons (or, if less, the amount of principal due for payment) will be deducted from the amount of principal due for payment; PROVIDED, HOWEVER, THAT, if the
gross amount available for payment is less than the amount of principal due for payment, the sum deducted will be that proportion of the aggregate amount of the Relevant Coupons (or, as the case may be, the amount of principal due for payment) which
the gross amount actually available for payment bears to the amount of principal due for payment. 

 Each sum of principal so
deducted shall be paid in the manner provided in Condition 10(a) (Principal) against presentation and (PROVIDED THAT payment is made in full) surrender of the relevant missing Coupons. 

 

	 	(f)	Unmatured Coupons void 

 If the relevant Final Terms specifies that this
Condition 10(f) is applicable or that the Floating Rate Note provisions are applicable, on the due date for final redemption of any Note or early redemption in whole of such Note pursuant to Condition 9(b) (Redemption for tax reasons),
Condition 9(f) (Redemption at the option of Noteholders), Condition 9(c) (Redemption at the option of the Issuer (Issuer Call Option)) or Condition 12 (Events of Default), all unmatured Coupons relating thereto (whether or not
still attached) shall become void and no payment will be made in respect thereof. 
  

	 	(g)	Payments on business days 

 If the due date for payment of any amount in respect
of any Note or Coupon is not a Payment Business Day in the place of presentation, the holder shall not be entitled to payment in such place of the amount due until the next succeeding Payment Business Day in such place and shall not be entitled to
any further interest or other payment in respect of any such delay. 
  

	 	(h)	Payments other than in respect of matured Coupons 

 Payments of interest other
than in respect of matured Coupons shall be made only against presentation of the relevant Notes at the Specified Office of any Paying Agent outside the United States (or in New York City if permitted by Condition 10(c) (Payments in New York
City) above). 

  
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	 	(i)	Partial payments 

 If a Paying Agent makes a partial payment in respect of any
Note or Coupon presented to it for payment, such Paying Agent will endorse thereon a statement indicating the amount and date of such payment. 
  

	 	(j)	Exchange of Talons 

 On or after the maturity date of the final Coupon which is
(or was at the time of issue) part of a Coupon Sheet relating to the Notes, the Talon forming part of such Coupon Sheet may be exchanged at the Specified Office of the Principal Paying Agent for a further Coupon Sheet (including, if appropriate, a
further Talon but excluding any Coupons in respect of which claims have already become void pursuant to Condition 13 (Prescription)). Upon the due date for redemption of any Note, any unexchanged Talon relating to such Note shall become void
and no Coupon will be delivered in respect of such Talon. 
  

	11.	Taxation 

  

	 	(a)	Gross up 

 All payments of principal and interest in respect of the Notes and the
Coupons by or on behalf of the Issuer or any Guarantor shall be made free and clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed,
levied, collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision therein or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments, or
governmental charges is required by law. In that event, the Issuer or, as the case may be, such Guarantor, shall pay such additional amounts as will result in receipt by the Noteholders and the Couponholders after such withholding or deduction of
such amounts as would have been received by them had no such withholding or deduction been required, except that no such additional amounts shall be payable in respect of any Note or Coupon: 

 

	 	(i)	presented for payment by or on behalf of a holder which is liable to such taxes, duties, assessments or governmental charges in respect of such Note or Coupon by reason of its having some connection with the
jurisdiction by which such taxes, duties, assessments or charges have been imposed, levied, collected, withheld or assessed other than the mere holding of the Note or Coupon; or 

 

	 	(ii)	where such withholding or deduction is imposed on a payment to or for an individual and is required to be made pursuant to Council Directive 2003/48/EC or any law implementing or complying with, or introduced in order
to conform to, such Directive; or 

  
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	 	(iii)	presented for payment by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant Note or Coupon to another Paying Agent (if any); or 

 

	 	(iv)	presented for payment more than 30 days after the Relevant Date except to the extent that the holder of such Note or Coupon would have been entitled to such additional amounts on presenting such Note or Coupon for
payment on the last day of such period of 30 days. 

  

	 	(b)	Taxing jurisdiction 

 If the Issuer or any Guarantor becomes subject at any time
to any taxing jurisdiction other than the United Kingdom, references in these Conditions to the United Kingdom shall be construed as references to the United Kingdom and/or such other jurisdiction. 

 

	12.	Events of Default 

 If any of the following events occurs and is continuing then the
Trustee may at its discretion and shall, if so requested in writing by the holders of at least one fifth of the aggregate principal amount of the outstanding Notes, or if so directed by an Extraordinary Resolution (subject to the Trustee having been
indemnified and/or provided with security and/or prefunded by the Noteholders to its satisfaction) by written notice to the Issuer, declare the Notes to be immediately due and payable, whereupon they shall become immediately due and payable at their
Early Termination Amount together with accrued interest (if any) without further action or formality: 
  

	 	(a)	Non-payment 

 the Issuer fails to pay any amount of principal in respect of the
Notes within ten days of the due date for payment thereof or any amount of interest in respect of the Notes within ten days of the due date for payment thereof; or 
  

	 	(b)	Breach of other obligations 

 the Issuer or any Guarantor does not comply with
any of their other obligations under or in respect of the Notes or the Trust Deed and (except in any case where, in the opinion of the Trustee, such failure is incapable of remedy in which case no continuation or notice as is hereinafter provided
will be required) such failure to comply continues unremedied for 30 days (or such longer period as the Trustee may permit) after written notice thereof has been delivered by the Trustee to the Issuer or such Guarantor, as the case may be; or 

 

	 	(c)	Cross Default 

  

	 	(i)	any Indebtedness of the Issuer or any Guarantor or any Material Subsidiary becomes due and repayable prematurely by reason of an event of default (however described); 

  
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	 	(ii)	the Issuer or any Guarantor or any Material Subsidiary fails to make any payment in respect of any Indebtedness on the due date for payment or, as the case may be, within any applicable grace period as originally
provided; 

  

	 	(iii)	any security given by the Issuer or any Guarantor or any Material Subsidiary for any Indebtedness is enforced; or 

  

	 	(iv)	default is made by the Issuer or any Guarantor or any Material Subsidiary in making any payment due under any guarantee and/or indemnity given by it in relation to any Indebtedness of any other person,

 provided that (i) no event described in this Condition 12(c) shall constitute an Event of Default where the Issuer or
the relevant Guarantor or the relevant Material Subsidiary, as the case may be, satisfies the Trustee that it is contesting such Event of Default in good faith and by appropriate action and (ii) no event described in this Condition 12(c) shall
constitute an Event of Default unless the Indebtedness or other relative liability, either alone or when aggregated with other Indebtedness and/or other liabilities relative to all (if any) other events described in this Condition 12(c) which have
occurred and are continuing (excluding where the Issuer and/or the relevant Guarantor and/or the relevant Material Subsidiary, as the case may be, has satisfied the Trustee that it is contesting such event in good faith and by appropriate action),
amounts to at least U.S.$50,000,000 (or its equivalent in any other currency); or 
  

	 	(d)	Security enforced 

 a secured party takes possession, or a receiver, manager or
other similar officer is appointed, of all or substantially all of the undertaking, assets and revenues of the Issuer, a Guarantor or any Material Subsidiary; or 
  

	 	(e)	Creditor’s process 

 any expropriation, attachment, sequestration, distress
or execution affects any asset or assets of the Issuer, any Guarantor or a Material Subsidiary having an aggregate value of and in respect of indebtedness aggregating at least U.S.$50,000,000 (or its equivalent in any other currency or currencies)
and is not discharged within 30 days; or 
  

	 	(f)	Insolvency etc. 

  

	 	(i)	 the Issuer, any Guarantor or any Material Subsidiary becomes insolvent or is unable to pay its debts as they fall due, (ii) an administrator or
liquidator of the Issuer, any Guarantor or any Material Subsidiary of all or substantially all of the undertaking, assets and revenues of the Issuer, such Guarantor or such Material Subsidiary is appointed (otherwise than for the purposes of or
pursuant to an amalgamation, reorganisation or restructuring whilst solvent on terms previously approved in writing by the Trustee or by an Extraordinary 

  
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Resolution); or (iii) the Issuer, any Guarantor or any Material Subsidiary makes a general assignment or an arrangement or composition with or for the benefit of its creditors generally or
declares a moratorium in respect of any of its Indebtedness given by it; or (iv) a person presents a petition for the winding up, liquidation, dissolution, administration or suspension of payments of the Issuer, any Guarantor or any Material
Subsidiary (excluding where the Issuer, such Guarantor or such Material Subsidiary has satisfied the Trustee that it is contesting such petition in good faith and by appropriate action); or 

 

	 	(g)	Winding up etc. 

 an order is made or an effective resolution is passed for the
winding up, liquidation or dissolution of the Issuer, any Guarantor or any Material Subsidiary (otherwise than for the purposes of or pursuant to an amalgamation, reorganisation or restructuring whilst solvent on terms previously approved in writing
by the Trustee or by an Extraordinary Resolution); or 
  

	 	(h)	Failure to take action etc. 

 any action, condition or thing at any time required
to be taken, fulfilled or done in order (i) to enable the Issuer or the Guarantors lawfully to enter into, exercise their respective rights and perform and comply with their respective obligations under and in respect of the Notes, the Coupons
and the Trust Deed, (ii) to ensure that those obligations are legal, valid, binding and enforceable and (iii) to make the Notes, the Coupons and the Trust Deed admissible in evidence in the courts of England is not taken, fulfilled or
done; or 
  

	 	(i)	Cessation of business etc. 

 the Issuer, any Guarantor or any Material Subsidiary
ceases or threatens to cease to carry on all or substantially all of its business, save for (i) the purposes of or pursuant to an amalgamation, reorganisation or restructuring neither involving nor arising out of the insolvency of the Issuer
or, as the case may be, such Guarantor or Material Subsidiary, (ii) any transfer of assets by the Issuer, any Guarantor or any Material Subsidiary to any other member of the Group, (iii) any transfer of assets by the Issuer, any Guarantor
or any Material Subsidiary to a third party or parties (whether associated or not) on an arm’s length basis, (iv) any transfer of assets by the Issuer, any Guarantor or any Material Subsidiary whereby the transferee is or immediately upon
such transfer becomes a Material Subsidiary, or (v) any transfer of assets by the Issuer, any Guarantor or any Material Subsidiary the terms of which have been previously approved by the Trustee or by an Extraordinary Resolution of the
Noteholders; or 
  

	 	(j)	Guarantee etc. 

 any Guarantee ceases to be, or is claimed by a Guarantor not to
be, in full force and effect; or 

  
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	 	(k)	Guarantors etc. 

 any Guarantor ceases to be a Subsidiary controlled, directly or
indirectly, by the Issuer, 
 provided that, in the case of Conditions 12(b), (d) and (f) to (i) inclusive, the Trustee shall
have certified in writing that such event is in its opinion materially prejudicial to the interests of the Noteholders. 
  

	13.	Prescription 

 Claims for principal shall become void unless such claims are made within
ten years of the appropriate Relevant Date. Claims for interest shall become void unless such claims are made within five years of the appropriate Relevant Date. 
  

	14.	Replacement of Notes, Coupons and Talons 

 If any Note, Coupon or Talon is lost, stolen,
mutilated, defaced or destroyed, it may be replaced at the Specified Office of the Principal Paying Agent (and, if the Notes are then admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system
which requires the appointment of a Paying Agent, as specified in Part B of the relevant Final Terms, in any particular place, a Paying Agent having its Specified Office in the place required by such competent authority, stock exchange and/or
quotation system), subject to all applicable laws and competent authority, stock exchange and/or quotation system requirements, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms as to
evidence, security, indemnity and otherwise as the Issuer and the Guarantors may reasonably require. Mutilated or defaced Notes, Coupons or Talons must be surrendered before replacements will be issued. 

 

	15.	Trustee and Agents 

 The Trust Deed contains provisions for the indemnification of the
Trustee and for its relief from responsibility, including provisions relieving it from any obligation to take proceedings to enforce repayment unless indemnified, secured and/or prefunded to its satisfaction and to be paid its costs and expenses in
priority to the claims of Noteholders. The Trust Deed also contains provisions pursuant to which the Trustee is entitled, inter alia, (i) to enter into business transactions with the Issuer, the Guarantors and/or any other Subsidiary
and/or any related entity thereof and to act as trustee for the holders of any other securities issued or guaranteed by or relating to the Issuer, the Guarantors or any other Subsidiary, (ii) to exercise and enforce its rights, comply with its
obligations and perform its duties under or in relation to any such transactions or, as the case may be, any such trusteeship without regard to the interests of, or consequences for, the Noteholders or Couponholders, and (iii) to retain and not
be liable to account for any profit made or any other amount or benefit received thereby or in connection therewith. 
 In the exercise of
its powers and discretions under these Conditions and/or the Trust Deed, the Trustee will have regard to the interests of the Noteholders as a class and will not be responsible for any consequences for individual holders of Notes, Coupons or Talons
as a result of such holders being connected in any way with a particular territory or taxing jurisdiction. 

  
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 In acting under the Agency Agreement and in connection with the Notes and the Coupons, the Paying
Agents and the Calculation Agent (if any) act solely as agents of the Issuer or, following the occurrence of an Event of Default, the Trustee and do not assume any obligations towards or relationship of agency or trust for or with any of the
Noteholders or Couponholders. 
 The Principal Paying Agent and its initial Specified Office is set out below. If any additional Paying Agent
is appointed in connection with any Series, the name of such Paying Agent will be specified in Part B of the relevant Final Terms. The initial Calculation Agent (if any) is specified in the relevant Final Terms. The Issuer reserves the right at any
time, with the prior written consent of the Trustee, to vary or terminate the appointment of any Paying Agent or Calculation Agent and to appoint a successor principal paying agent or calculation agent and additional or successor paying agents;
PROVIDED HOWEVER, THAT 
  

	 	(a)	the Issuer shall at all times maintain a Principal Paying Agent; and 

  

	 	(b)	the Issuer shall at all times maintain a Paying Agent in an EU member state that will not be obliged to withhold or deduct tax pursuant to Council Directive 2003/48/EC or any other Directive implementing the conclusions
of the ECOFIN Council meeting of 26-27 November 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive; and 

  

	 	(c)	if a Calculation Agent is specified in the relevant Final Terms, the Issuer shall at all times maintain a Calculation Agent; and 

  

	 	(d)	if and for so long as the Notes are admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system which requires the appointment of a Paying Agent in any particular
place, the Issuer shall maintain a Paying Agent having its Specified Office in the place required by such competent authority, stock exchange and/or quotation system. 

Notice of any appointment of, or change in, any of the Paying Agents or in their Specified Offices shall promptly be given to the Noteholders
in accordance with Condition 18 (Notices). 
  

	16.	Meetings of Noteholders; Modification and Waiver 

  

	 	(a)	Meetings of Noteholders 

 The Trust Deed contains provisions for convening
meetings of Noteholders to consider matters relating to the Notes, including the modification of any provision of these Conditions or the Trust Deed. Any such modification may be made if sanctioned by an Extraordinary Resolution. Such a meeting may
be convened by the Issuer or the Trustee and shall be convened by the Trustee upon the request in writing of Noteholders holding not less than one-tenth of 

  
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the aggregate principal amount of the outstanding Notes. The quorum at any meeting convened to vote on an Extraordinary Resolution will be two or more Persons holding or representing more than
half of the aggregate principal amount of the outstanding Notes or, at any adjourned meeting, two or more Persons being or representing Noteholders whatever the principal amount of the Notes held or represented; PROVIDED HOWEVER, THAT
Reserved Matters may only be sanctioned by an Extraordinary Resolution passed at a meeting of Noteholders at which two or more Persons holding or representing not less than three-quarters or, at any adjourned meeting, not less than one quarter of
the aggregate principal amount of the outstanding Notes form a quorum. Any Extraordinary Resolution duly passed at any such meeting shall be binding on all the Noteholders and Couponholders, whether present or not. 

In addition, a resolution in writing signed by or on behalf of at least 75 per cent. of the Noteholders who for the time being are
entitled to receive notice of a meeting of Noteholders under the Trust Deed will take effect as if it were an Extraordinary Resolution. Such a resolution in writing may be contained in one document or several documents in the same form, each signed
by or on behalf of one or more Noteholders. 
  

	 	(b)	Modification and waiver 

 The Trustee may agree, without the consent of the
Noteholders or Couponholders, to (i) any modification to or of these Conditions, the Notes or the Trust Deed (other than in respect of a Reserved Matter) which is, in the opinion of the Trustee, proper to make if, in the opinion of the Trustee,
such modification will not be materially prejudicial to the interests of Noteholders, (ii) any modification of these Conditions, the Notes or the Trust Deed that is of a formal, minor or technical nature or is made to correct a manifest error
or to correct an error which, in the opinion of the Trustee, is proven, and (iii) any waiver or authorisation of any breach or proposed breach, of any of the provisions of these Conditions, the Notes or the Trust Deed (other than a proposed
breach or breach relating to the subject of a Reserved Matter) that is in the opinion of the Trustee not materially prejudicial to the interests of the Noteholders. Any such modification, authorisation or waiver shall be binding on the Noteholders
and the Couponholders and, if the Trustee so requires, such modification, authorisation or waiver shall be notified to the Noteholders as soon as practicable in accordance with Condition 18 (Notices). 

 

	 	(c)	Substitution 

 The Trust Deed contains provisions permitting the Trustee to
agree, without the consent of the Noteholders, the Receiptholders or the Couponholders, to the substitution of certain other entities in place of the Issuer or any Guarantor (or in either case any previously substituted company) as principal debtor
or, as the case may be, guarantor under the Trust Deed in relation to the Notes and Coupons of any Series of Notes, subject to (i) the Notes being unconditionally and irrevocably guaranteed by the Issuer or, as the case may be, the relevant
Guarantor, (ii) the Trustee being satisfied that such substitution is not materially prejudicial to the interests of Noteholders; and (iii) certain other conditions set out in the Trust Deed being complied with. 

  
 - 90 - 

 No Noteholder or Couponholder shall, in connection with any substitution, be entitled to claim
any indemnification or payment in respect of any tax consequence thereof for such Noteholder or (as the case may be) Couponholder except to the extent provided for in Condition 11 (Taxation) (or any undertaking given in addition to or
substitution for it pursuant to the provisions of the Trust Deed). 
  

	17.	Enforcement 

 The Trustee may, at any time, at its discretion and without further notice,
institute such proceedings against the Issuer and/or the Guarantors as it thinks fit to enforce any obligation, condition or provision binding on the Issuer and/or the Guarantors under these Conditions, the Notes or the Trust Deed, but shall not be
bound to do so unless: 
  

	 	(a)	it has been so directed by an Extraordinary Resolution or it has been so requested in writing by the holders of at least one fifth of the nominal amount of the Notes outstanding; and 

 

	 	(b)	it has been indemnified and/or secured and/or prefunded by the Noteholders to its satisfaction. 

No Noteholder or Couponholder shall be entitled to institute proceedings directly against the Issuer or a Guarantor unless the Trustee, having
become bound to proceed as aforesaid, fails to do so within a reasonable time and such failure is continuing. 
  

	18.	Notices 

  

	 	(a)	Valid Notices 

 Notices to the Noteholders shall be valid if published in a
leading English language daily newspaper published in London (which is expected to be the Financial Times) or, if such publication is not practicable, in a leading English language daily newspaper having general circulation in Europe. Any such
notice shall be deemed to have been given on the date of first publication (or if required to be published in more than one newspaper, on the first date on which publication shall have been made in all the required newspapers). 

 

	 	(b)	Other Methods 

 Notwithstanding Condition 18(a) (Valid Notices), the
Trustee may approve some other method of giving notice to the Noteholders if, in its opinion, that other method is reasonable having regard to market practice then prevailing and to the requirements of any stock exchange on which Notes are then
listed and PROVIDED THAT notice of that other method is given to the Noteholders in the manner required by the Trustee. 

  
 - 91 - 

	 	(c)	Couponholders 

 Couponholders shall be deemed for all purposes to have notice of
the contents of any notice given to the Noteholders. 
  

	19.	Rounding 

 For the purposes of any calculations referred to in these Conditions (unless
otherwise specified in these Conditions), (a) all percentages resulting from such calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (with 0.000005 per cent, being rounded up to
0.00001 per cent.), (b) all United States dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one half cent being rounded up), (c) all Japanese Yen amounts used in or resulting from
such calculations will be rounded downwards to the next lower whole Japanese Yen amount, and (d) all amounts denominated in any other currency used in or resulting from such calculations will be rounded to the nearest two decimal places in such
currency, with 0.005 being rounded upwards. 
  

	20.	Further Issues 

 The Issuer may from time to time without the consent of the Noteholders
or Couponholders create and issue further securities either having the same terms and conditions as the Notes in all respects (or in all respects except for the first payment of interest on them) and so that such further issue shall be consolidated
and form a single series with the outstanding securities of any series (including the Notes) or upon such terms as the Issuer may determine at the time of their issue. References in these Conditions to the Notes include (unless the context requires
otherwise) any other securities issued pursuant to this Condition and forming a single series with the Notes. The Trust Deed contains provisions for convening a single meeting of the Noteholders and the holders of securities of other series where
the Trustee so decides. 
  

	21.	Governing Law and Jurisdiction 

  

	 	(a)	Governing law 

 The Notes and the Trust Deed, and any non-contractual obligations
arising out of or in connection with the Notes and the Trust Deed, are governed by, and construed in accordance with, English law. 
  

	 	(b)	English courts 

 The courts of England have exclusive jurisdiction to settle any
dispute (a “Dispute”) arising out of or in connection with the Notes and the Trust Deed (including a dispute relating to the existence, validity or cancellation of the Notes or any non-contractual obligation arising out of or in
connection with the Notes or the Trust Deed) or the consequences of their nullity. 

  
 - 92 - 

	 	(c)	Appropriate forum 

 The Issuer and each of the Guarantors agree that the courts
of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they will not argue to the contrary. 

  
 - 93 - 

 SCHEDULE 2 

FORM OF GLOBAL NOTES 

Part A Form of Temporary Global Note 

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED
IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1 
 INTERCONTINENTAL
HOTELS GROUP PLC 
 (incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 

(incorporated in England and Wales with company number 913450) 

and 
 INTERCONTINENTAL
HOTELS LIMITED 
 (incorporated in England and Wales with company number 4551528) 

TEMPORARY GLOBAL NOTE 
  

	1.	INTRODUCTION 

  

	1.1	The Notes 

 This Temporary Global Note is issued in respect of the notes (the Notes) of
InterContinental Hotels Group PLC (the Issuer) and guaranteed by Six Continents Limited and InterContinental Hotels Limited (together, the Guarantors) described in the final terms (the Final Terms) or
drawdown prospectus (the Drawdown Prospectus) or securities note (Securities Note) a copy of which is annexed hereto. If a Drawdown Prospectus or a Securities Note is annexed hereto, each reference in this Temporary
Global Note to “Final Terms” shall be read and construed as a reference to the final terms of the Notes set out in such Drawdown Prospectus or Securities Note. The Notes: 

 

	(a)	Trust Deed: (insofar as they are represented by this Temporary Global Note) are subject to and have the benefit of an amended and restated trust deed made on 16 June 2015 (as further amended, supplemented or
restated from time to 

  

	1 	 Legend to appear on every Note with a maturity of more than one year. 

  
 - 94 - 

	 	
time, the Trust Deed) made between the Issuer, the Guarantors and HSBC Corporate Trustee Company (UK) Limited as trustee (the Trustee, which expression shall include
all persons for the time being the trustee or trustees appointed under the Trust Deed); and 

  

	(b)	Agency Agreement: are the subject of an amended and restated agency agreement dated 16 June 2015 (as further amended, supplemented or restated from time to time, the Agency Agreement) made
between the Issuer, the Guarantors, the Trustee and HSBC Bank plc as principal paying agent (the Principal Paying Agent, which expression includes any successor or additional principal paying agent appointed from time to time in
connection with the Notes, and together with any additional or successor paying agents appointed from time to time in connection with the Notes, the Paying Agents). 

 

	1.2	Construction 

 All references in this Temporary Global Note to an agreement, instrument or other document
(including the Agency Agreement and the Trust Deed) shall be construed as a reference to that agreement, instrument or other document as the same may be amended, supplemented, replaced or novated from time to time provided that, in the case
of any amendment, supplement, replacement or novation made after the date hereof, it is made in accordance with the Conditions and the Trust Deed. Headings and sub-headings are for ease of reference only and shall not affect the construction of this
Temporary Global Note. 
  

	1.3	References to Conditions 

 Any reference herein to the Conditions is to the Conditions as defined in the Trust
Deed, as supplemented, amended and/or replaced by the Final Terms and any reference to a numbered “Condition” is to the correspondingly numbered provision thereof. Words and expressions defined in Condition 2(a)
(Interpretation - Definitions) shall have the same meanings when used in this Temporary Global Note. 
  

	2.	PROMISE TO PAY 

  

	2.1	Pay to bearer 

 The Issuer, for value received, promises to pay to the bearer of this Temporary Global Note, in
respect of each Note represented by this Temporary Global Note, on each instalment date (if the Notes are repayable in instalments) and on the Maturity Date or on such earlier date or dates as the same may become payable in accordance with the
Conditions, the Redemption Amount or such lesser amount as is repayable upon any such redemption or repayment (or to pay such other amounts of principal on such dates as may be specified in the Final Terms), and to pay interest (if any) on the
nominal amount of the Notes from time to time represented by this Temporary Global Note on the dates and in the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in
accordance with the Conditions; provided, however, that such interest shall be payable only: 

  
 - 95 - 

	(a)	Before the Exchange Date: in the case of interest falling due before the Exchange Date (as defined below), to the extent that a certificate or certificates issued by Euroclear Bank SA/NV (Euroclear)
and/or Clearstream Banking, société anonyme (Clearstream, Luxembourg and, together with Euroclear, the international central securities depositaries or ICSDs) and/or any other relevant clearing system
dated not earlier than the date on which such interest falls due and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream, Luxembourg Certification) hereto is/are delivered to the Specified Office of the
Principal Paying Agent; or 

  

	(b)	Failure to exchange: in the case of interest falling due at any time, to the extent that the Issuer has failed to procure the exchange for a permanent global note of that portion of this Temporary Global Note in
respect of which such interest has accrued. 

  

	2.2	NGN Principal Amount 

 If the Final Terms specify that the New Global Note form is applicable, this Temporary
Global Note shall be a “New Global Note” or “NGN” and the principal amount of Notes represented by this Temporary Global Note shall be the aggregate amount from time to time entered in the records of
both ICSDs. The records of the ICSDs (which expression in this Temporary Global Note means the records that each ICSD holds for its customers which reflect the amount of such customers’ interests in the Notes (but excluding any interest in any
Notes of one ICSD shown in the records of another ICSD)) shall be conclusive evidence of the principal amount of Notes represented by this Temporary Global Note and, for these purposes, a statement issued by an ICSD (which statement shall be made
available to the bearer upon request) stating the principal amount of Notes represented by this Temporary Global Note at any time shall be conclusive evidence of the records of the ICSD at that time. 

 

	2.3	CGN Principal Amount 

 If the Final Terms specify that the New Global Note form is not applicable, this
Temporary Global Note shall be a “Classic Global Note” or “CGN” and the principal amount of Notes represented by this Temporary Global Note shall be the amount stated in the Final Terms or, if lower,
the principal amount most recently entered by or on behalf of the Issuer in the relevant column in Schedule 1 (Payments, Exchange and Cancellation of Notes). 
  

	3.	NEGOTIABILITY 

 This Temporary Global Note is negotiable and, accordingly, title to this
Temporary Global Note shall pass by delivery. 
  

	4.	EXCHANGE 

  

	4.1	Permanent Global Note 

 If the Final Terms specify the form of Notes as being “Temporary Global Note
exchangeable for a Permanent Global Note”, then on or after the day following the 

  
 - 96 - 

	 	
expiry of 40 days after the date of issue of this Temporary Global Note (the Exchange Date), the Issuer shall procure (in the case of first exchange) the delivery of a Permanent
Global Note (which expression has the meaning given in the Trust Deed) in accordance with the Agency Agreement to the bearer of this Temporary Global Note or (in the case of any subsequent exchange) an increase in the principal amount of the
Permanent Global Note in accordance with its terms against: 

  

	(a)	Presentation and surrender: presentation and (in the case of final exchange) surrender of this Temporary Global Note to or to the order of the Principal Paying Agent; and 

 

	(b)	Certification: receipt by the Principal Paying Agent of a certificate or certificates issued by Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system dated not earlier than the
Exchange Date and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream, Luxembourg Certification) hereto. 

The principal amount of Notes represented by the Permanent Global Note shall be equal to the aggregate of the principal amounts specified in the certificates
issued by Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system and received by the Principal Paying Agent; provided, however, that in no circumstances shall the principal amount of Notes represented by the
Permanent Global Note exceed the initial principal amount of Notes represented by this Temporary Global Note. 
  

	4.2	Definitive Notes; Not D Rules 

 If the Final Terms specify the form of Notes as being “Temporary
Global Note exchangeable for Definitive Notes” and also specifies that the C Rules are applicable or that neither the C Rules or the D Rules are applicable, then on or after the day following the expiry of 40 days after the date of
issue of this Temporary Global Note (the Exchange Date), the Issuer shall procure the delivery of Definitive Notes (which expression has the meaning given in the Agency Agreement) in accordance with the Agency Agreement with Coupons
and Talons (if so specified in the Final Terms) attached and in an aggregate principal amount equal to the principal amount of Notes represented by this Temporary Global Note to the bearer of this Temporary Global Note against presentation and
surrender of this Temporary Global Note to or to the order of the Principal Paying Agent. 
  

	4.3	Definitive Notes; D Rules 

 If the Final Terms specify the form of Notes as being “Temporary Global
Note exchangeable for Definitive Notes” and also specifies that the D Rules are applicable, then on or after the day following the expiry of 40 days after the date of issue of this Temporary Global Note (the Exchange
Date), the Issuer shall procure the delivery of Definitive Notes (which expression has the meaning given in the Agency Agreement) in accordance with the Agency Agreement with Coupons and Talons (if so specified in the Final Terms) attached
against: 

  
 - 97 - 

	(a)	Presentation and surrender: presentation and (in the case of final exchange) surrender of this Temporary Global Note to or to the order of the Principal Paying Agent; and 

 

	(b)	Certification: receipt by the Principal Paying Agent of a certificate or certificates issued by Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system dated not earlier than the
Exchange Date and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream, Luxembourg Certification) hereto. 

The Definitive Notes so delivered from time to time shall be in an aggregate principal amount equal to the aggregate of the principal amounts specified in the
certificates issued by Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system and received by the Principal Paying Agent; provided, however, that in no circumstances shall the aggregate principal amount of
Definitive Notes so delivered exceed the initial principal amount of Notes represented by this Temporary Global Note. 
  

	5.	DELIVERY OF PERMANENT GLOBAL OR DEFINITIVE NOTES 

 

	5.1	Permanent Global Note 

 Whenever any interest in this Temporary Global Note is to be exchanged for an interest
in a Permanent Global Note, the Issuer shall procure (in the case of first exchange) the prompt delivery (free of charge to the bearer) of such Permanent Global Note, duly authenticated, to the bearer of this Temporary Global Note or (in the case of
any subsequent exchange) an increase in the principal amount of Notes represented by such Permanent Global Note in accordance with its terms, in each case in an aggregate principal amount equal to the aggregate of the principal amounts specified in
the certificates issued by Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system and received by the Principal Paying Agent against presentation and (in the case of final exchange) surrender of this Temporary Global Note
to or to the order of the Principal Paying Agent within 7 days of the bearer requesting such exchange. 
  

	5.2	Definitive Notes 

 Whenever this Temporary Global Note is to be exchanged for Definitive Notes, the Issuer shall
procure the prompt delivery (free of charge to the bearer) of such Definitive Notes, duly authenticated and with Coupons and Talons attached (if so specified in the Final Terms), in an aggregate principal amount equal to the principal amount of
Notes represented by this Temporary Global Note to the bearer of this Temporary Global Note against the surrender of this Temporary Global Note to or to the order of the Principal Paying Agent within 30 days of the bearer requesting such exchange.

  
 - 98 - 

	6.	WRITING DOWN 

 On each occasion on which: 

 

	6.1	Permanent Global Note: the Permanent Global Note is delivered or the principal amount of Notes represented thereby is increased in accordance with its terms in exchange for a further portion of this Temporary
Global Note; or 

  

	6.2	Definitive Notes: Definitive Notes are delivered in exchange for this Temporary Global Note; or 

  

	6.3	Cancellation: Notes represented by this Temporary Global Note are to be cancelled in accordance with Condition 9(k) (Redemption and Purchase - Cancellation),

 the Issuer shall procure that: 
  

	(a)	if the Final Terms specify that the New Global Note form is not applicable, (i) the principal amount of Notes represented by the Permanent Global Note, the principal amount of such increase or (as the case may be)
the aggregate principal amount of such Notes and (ii) the remaining principal amount of Notes represented by this Temporary Global Note (which shall be the previous principal amount of Notes represented by this Temporary Global Note less the
aggregate of the amounts referred to in (i) above) are entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto, whereupon the principal amount of Notes represented by this Temporary Global Note shall for all
purposes be as most recently so entered; and 

  

	(b)	if the Final Terms specify that the New Global Note form is applicable, details of the exchange or cancellation shall be entered pro rata in the records of the ICSDs. 

 

	7.	PAYMENTS 

  

	7.1	Recording of Payments 

  

	Upon	any payment being made in respect of the Notes represented by this Temporary Global Note, the Issuer shall procure that: 

  

	(a)	CGN: if the Final Terms specify that the New Global Note form is not applicable, details of such payment shall be entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto and, in
the case of any payment of principal, the principal amount of the Notes represented by this Temporary Global Note shall be reduced by the principal amount so paid; and 

 

	(b)	NGN: if the Final Terms specify that the New Global Note form is applicable, details of such payment shall be entered pro rata in the records of the ICSDs and, in the case of any payment of principal, the
principal amount of the Notes entered in the records of ICSDs and represented by this Temporary Global Note shall be reduced by the principal amount so paid. 

  
 - 99 - 

	7.2	Discharge of Issuer’s obligations 

 Payments due in respect of Notes for the time being represented by this
Temporary Global Note shall be made to the bearer of this Temporary Global Note and each payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred to above shall not affect such
discharge. 
  

	8.	CONDITIONS APPLY 

 Until this Temporary Global Note has been exchanged as
provided herein or cancelled in accordance with the Agency Agreement, the bearer of this Temporary Global Note shall be subject to the Conditions and the Trust Deed and, subject as otherwise provided herein, shall be entitled to the same rights and
benefits under the Conditions and the Trust Deed as if the bearer were the holder of Definitive Notes and any related Coupons and Talons in the smallest Specified Denomination and in an aggregate principal amount equal to the principal amount of the
Notes represented by this Temporary Global Note. 
  

	9.	NOTICES 

 Notwithstanding Condition 18 (Notices), while all the Notes are
represented by this Temporary Global Note (or by this Temporary Global Note and the Permanent Global Note) and this Temporary Global Note is (or this Temporary Global Note and the Permanent Global Note are) deposited with a depositary or a common
depositary for Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system or a Common Safekeeper (which expression has the meaning given in the Agency Agreement), notices to Noteholders may be given by delivery of the
relevant notice to Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system and, in any case, such notices shall be deemed to have been given to the Noteholders in accordance with the Condition 18 (Notices) on the
date of delivery to Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system; provided, however, that, so long as the Notes are listed on the London Stock Exchange and its rules so require, notices will also be
published in a leading newspaper having general circulation in London (which is expected to be the Financial Times). 
  

	10.	MEETINGS 

 The holders of this Temporary Global Note shall, at any meeting of the
Noteholders, be treated as having one vote in respect of each £1 in principal amount of the Notes represented by this Temporary Global Note. 
  

	11.	TRUSTEE’S POWERS 

 In considering the interests of
Noteholders while this Temporary Global Note is held on behalf of a clearing system, the Trustee may have regard to any information provided to it by any such clearing system or its operator as to the identity (either individually or by category) of
its accountholders with entitlements to this Temporary Global Note and may consider such interests as if such accountholders were the holders of this Temporary Global Note. 

  
 - 100 - 

	12.	AUTHENTICATION 

 This Temporary Global Note shall not be valid for any purpose until it
has been authenticated by and on behalf of HSBC Bank plc as principal paying agent. 
  

	13.	EFFECTUATION 

 If the Final Terms specify that the New Global Note form is applicable,
this Temporary Global Note shall not be valid for any purpose until it has been effectuated for and on behalf of the entity appointed as common safekeeper by the ICSDs. 
  

	14.	GOVERNING LAW 

 This Temporary Global Note and any non-contractual
obligations arising out of or in connection with it are governed by English law. 
 AS WITNESS the [manual/facsimile] signature of a duly authorised
person on behalf of the Issuer. 
  

					
	INTERCONTINENTAL HOTELS	  	)	  	
	GROUP PLC	  	)	  	
		  	)	  	
			
	 By:
	  		  	
	 [manual or facsimile signature]
	  		  	
	 (duly authorised)
	  		  	
			
	 ISSUED on the Issue Date
	  		  	
			
	AUTHENTICATED by and on behalf of	  	)	  	
	HSBC BANK PLC	  	)	  	
	as principal paying agent without	  	)	  	
	recourse, warranty or liability	  	)	  	
			
	By:	  		  	
	[manual signature]	  		  	
	(duly authorised)	  		  	
			
	[EFFECTUATED for and on behalf of	  	)	  	
	EUROCLEAR BANK SA/NV	  	)	  	
	as common safekeeper without recourse,	  	)	  	
	 warranty or liability
	  	)	  	
			
	By:	  		  	
	[manual signature]	  		  	
	(duly authorised)	  		  	
		  		  	

  
 - 101 - 

 SCHEDULE 12 

TO THE TEMPORARY GLOBAL NOTE 

Payments, Exchange and Cancellation of Notes 
  

											
	 Date of payment,

delivery or cancellation
	 	 Amount of interest

then paid
	 	 Principal amount of
Permanent Global Note
then delivered or
by
which Permanent Global
Note then increased or
aggregate principal
amount of Definitive
Notes then delivered
	 	 Aggregate principal
amount of Notes then
cancelled
	 	 Remaining principal
amount of this Temporary
Global
Note
	 	 Authorised Signature

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	

  
  

	2 	Schedule 1 should only be completed where the Final Terms specify that the New Global Note form is not applicable. 

  
 - 102 - 

 SCHEDULE 2 

TO THE TEMPORARY GLOBAL NOTE 

Form of Accountholder’s Certification 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

This is to certify that as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account (a) are owned by
persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (United
States persons), (b) are owned by United States person(s) that (i) are foreign branches of a United States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (financial
institutions) purchasing for their own account or for resale, or (ii) acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions
on the date hereof (and in either case (i) or (ii), each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise the issuer or the issuer’s agent that it will comply with the
requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (c) are owned by United States or foreign financial institution(s) for purposes of resale
during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of the Securities is a United States or foreign financial institution described in clause (c) (whether or
not also described in clause (a) or (b)) this is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States
or its possessions. 
 If the Securities are of the category contemplated in Section 230.903(c)(3) of Regulation S under the Securities Act of 1933, as
amended (the Act), then this is also to certify that, except as set forth below, the Securities are beneficially owned by (1) non-U.S. person(s) or (2) U.S. person(s) who purchased the Securities in transactions which did not
require registration under the Act. As used in this paragraph the term U.S. person has the meaning given to it by Regulation S under the Act. 

As used herein, United States means the United States of America (including the States and the District of Columbia); and its
possessions include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

  
 - 103 - 

 We undertake to advise you promptly by electronic transmission on or prior to the date on which you intend to
submit your certification relating to the Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be
assumed that this certification applies as of such date. 
 This certification excepts and does not relate to [currency] [amount] of such interest in the
above Securities in respect of which we are not able to certify and as to which we understand exchange and delivery of definitive Securities (or, if relevant, exercise of any rights or collection of any interest) cannot be made until we do so
certify. 
 We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings or official enquiries are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this certification
to any interested party in such proceedings. 
 Dated:
[                    ]] 
 [name of account
holder]  
 as, or as agent for, 
 the
beneficial owner(s) of the Securities 
 to which this certificate relates. 

 

			
		
	By:	 	 
		 	Authorised signatory

  
 - 104 - 

 SCHEDULE 3 

TO THE TEMPORARY GLOBAL NOTE 

FORM OF EUROCLEAR/CLEARSTREAM, LUXEMBOURG 

CERTIFICATION 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 
 This is to
certify that, based solely on certifications we have received in writing, by electronic transmission from member organisations appearing in our records as persons being entitled to a portion of the principal amount set forth below (our Member
Organisations) substantially to the effect set forth in the temporary global note issued in respect of the securities, as of the date hereof, [currency] [amount] principal amount of the above-captioned Securities (a) is owned by persons
that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (United States
persons), (b) is owned by United States persons that (i) are foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (financial institutions)
purchasing for their own account or for resale, or (ii) acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof
(and in either case (i) or (ii), each such United States financial institution has agreed, on its own behalf or through its agent, that we may advise the Issuer or the Issuer’s agent that it will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (c) is owned by United States or foreign financial institutions for purposes of resale during the restricted
period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that United States or foreign financial institutions described in clause (c) (whether or not also described in clause (a) or
(b)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

If the Securities are of the category contemplated in Section 230.903(c)(3) of Regulation S under the Securities Act of 1933, as amended (the
Act), then this is also to certify with respect to the principal amount of Securities set forth above that, except as set forth below, we have received in writing, by electronic transmission, from our Member Organisations entitled to a
portion of such principal amount, certifications with respect to such portion substantially to the effect set forth in the temporary global note issued in respect of the Securities. 

  
 - 105 - 

 We further certify (1) that we are not making available herewith for exchange (or, if relevant, exercise of
any rights or collection of any interest) any portion of the temporary global security excepted in such certifications and (2) that as of the date hereof we have not received any notification from any of our Member Organisations to the effect
that the statements made by such Member Organisations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and cannot be relied upon as of
the date hereof. 
 We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the
United States. In connection therewith, if administrative or legal proceedings or official enquiries are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this
certification to any interested party in such proceedings. 
 Dated:
[                    ]] 
 Euroclear Bank SA/NV

 or 
 Clearstream Banking,
société anonyme 
  

			
		
	By:	 	 
		 	Authorised signatory

  
 - 106 - 

 Part B 

Form of Permanent Global Note 
 [ANY UNITED
STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]3 
 INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 

(incorporated in England and Wales with company number 913450) 

and 
 INTERCONTINENTAL
HOTELS LIMITED 
 (incorporated in England and Wales with company number 4551528) 

PERMANENT GLOBAL NOTE 
  

	1.	INTRODUCTION 

  

	1.1	The Notes 

 This Global Note is issued in respect of the notes (the Notes) of
InterContinental Hotels Group PLC (the Issuer) and guaranteed by Six Continents Limited and InterContinental Hotels Limited (together, the Guarantors) described in the final terms (the Final Terms) or
drawdown prospectus (Drawdown Prospectus) or securities note (Securities Note) a copy of which is annexed hereto. If a Drawdown Prospectus or a Securities Note is annexed hereto, each reference in this Global Note to
“Final Terms” shall be read and construed as a reference to the final terms of the Notes set out in such Drawdown Prospectus or Securities Note. The Notes: 

 

	 	(a)	Trust Deed: (insofar as they are represented by this Global Note) are subject to and have the benefit of an amended and restated trust deed made on 16 June 2015 (as further amended, supplemented or restated
from time to time, the Trust Deed) made between the Issuer, the Guarantors and HSBC Corporate Trustee Company (UK) Limited as trustee (the Trustee, which expression shall include all persons for the time being the trustee
or trustees appointed under the Trust Deed); and 

  

 

	3 	Legend to appear on every Note with a maturity of more than one year. 

  
 - 107 - 

	 	(b)	Agency Agreement: are the subject of an amended and restated agency agreement dated 16 June 2015 (as further amended, supplemented or restated from time to time) (the Agency Agreement) made
between the Issuer, the Guarantors, the Trustee and HSBC Bank plc as principal paying agent (the Principal Paying Agent, which expression includes any successor or additional principal paying agent appointed from time to time in
connection with the Notes, and, together with any additional or successor paying agents appointed from time to time in connection with the Notes, the Paying Agents). 

 

	1.2	Construction 

 All references in this Global Note to an agreement, instrument or other document
(including the Agency Agreement and the Trust Deed) shall be construed as a reference to that agreement, instrument or other document as the same may be amended, supplemented, replaced or novated from time to time provided that, in the case
of any amendment, supplement, replacement or novation made after the date hereof, it is made in accordance with the Conditions and the Trust Deed. Headings and sub-headings are for ease of reference only and shall not affect the construction of this
Global Note. 
  

	1.3	References to Conditions 

 Any reference herein to the Conditions is to the Terms
and Conditions of the Notes set out in Schedule 2 (Terms and Conditions of the Notes) hereto, as supplemented, amended and/or replaced by the Final Terms and any reference to a numbered Condition is to the correspondingly
numbered provision thereof. Words and expressions defined in the Conditions shall have the same meanings when used in this Global Note. 
  

	2.	PROMISE TO PAY 

  

	2.1	Pay to bearer 

 The Issuer, for value received, promises to pay to the bearer of this Global
Note, in respect of each Note represented by this Global Note, on each instalment date (if the Notes are repayable in instalments) and on the Maturity Date or on such earlier date or dates as the same may become payable in accordance with the
Conditions, the Redemption Amount or such lesser amount as is repayable upon any such redemption or repayment of instalment (or to repay such other amounts of principal on such dates as may be specified in the Final Terms and to pay interest (if
any) on the nominal amount of the Notes from time to time represented by this Global Note on the dates and in the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and
in accordance with the Conditions. 

  
 - 108 - 

	2.2	NGN Principal Amount 

 If the Final Terms specify that the New Global Note form is applicable,
this Global Note shall be a “New Global Note” or “NGN” and the principal amount of Notes represented by this Global Note shall be the aggregate amount from time to time entered in the records of both
ICSDs. The records of the ICSDs (which expression in this Global Note means the records that each ICSD holds for its customers which reflect the amount of such customers’ interests in the Notes (but excluding any interest in any Notes of one
ICSD shown in the records of another ICSD)) shall be conclusive evidence of the principal amount of Notes represented by this Global Note and, for these purposes, a statement issued by an ICSD (which statement shall be made available to the bearer
upon request) stating the principal amount of Notes represented by this Global Note at any time shall be conclusive evidence of the records of the ICSD at that time. 
  

	2.3	CGN Principal Amount 

 If the Final Terms specify that the New Global Note form is not
applicable, this Global Note shall be a “Classic Global Note” or “CGN” and the principal amount of Notes represented by this Global Note shall be the amount stated in the Final Terms or, if lower, the
principal amount most recently entered by or on behalf of the Issuer in the relevant column in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto. 
  

	3.	NEGOTIABILITY 

 This Global Note is negotiable and,
accordingly, title to this Global Note shall pass by delivery. 
  

	4.	EXCHANGE 

 This Global Note will become exchangeable, in
whole but not in part only and at the request of the bearer of this Global Note, for Definitive Notes (which expression has the meaning given in the Trust Deed) in accordance with the Agency Agreement: 

 

	4.1	Upon notice: on the expiry of such period of notice as may be specified in the Final Terms; or 

  

	4.2	Upon demand: at any time, if so specified in the Final Terms; or 

  

	4.3	In limited circumstances: if the Final Terms specify “in the limited circumstances described in the Permanent Global Note”, then if either of the following events occurs:

  

	 	(a)	Closure of clearing systems: Euroclear Bank SA/NV (Euroclear) or Clearstream Banking, société anonyme (Clearstream, Luxembourg and, together with Euroclear, the
international central securities depositaries or ICSDs) or any other relevant clearing system is closed for business for a continuous period of 14 days (other than by reason of legal holidays) or announces an intention permanently to
cease business and no successor clearing system approved by the Trustee is available; or 

  

	 	(b)	Event of Default: any of the circumstances described in Condition 12 (Events of Default) occurs; or 

  
 - 109 - 

	 	(c)	Adverse tax consequences: the Issuer has or will become subject to adverse tax consequences which would not be suffered were the Notes represented by the Permanent Global Note in definitive form.

  

	5.	DELIVERY OF DEFINITIVE NOTES 

Whenever this Global Note is to be exchanged for Definitive Notes, the Issuer shall procure the prompt delivery (free of charge to the bearer)
of such Definitive Notes, duly authenticated and with Coupons and Talons attached (if so specified in the Final Terms), in an aggregate principal amount equal to the principal amount of Notes represented by this Global Note to the bearer of this
Global Note against the surrender of this Global Note to or to the order of the Principal Paying Agent within 30 days of the bearer requesting such exchange. 
  

	6.	WRITING DOWN 

 On each occasion on which:

  

	6.1	Payment of principal: a payment of principal is made in respect of this Global Note; 

  

	6.2	Definitive Notes: Definitive Notes are delivered; or 

  

	6.3	Cancellation: Notes represented by this Global Note are to be cancelled in accordance with Condition 9(k) (Redemption and Purchase - Cancellation),

  

	    	the Issuer shall procure that: 

  

	 	(a)	if the Final Terms specify that the New Global Note Form is not applicable, (i) the amount of such payment and the aggregate principal amount of such Notes; and (ii) the remaining principal amount of Notes
represented by this Global Note (which shall be the previous principal amount hereof less the aggregate of the amounts referred to in (i) above) are entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto, whereupon
the principal amount of Notes represented by this Global Note shall for all purposes be as most recently so entered; and 

  

	 	(b)	if the Final Terms specify that the New Global Note Form is applicable, details of the exchange or cancellation shall be entered pro rata in the records of the ISCDs. 

 

	7.	WRITING UP 

  

	7.1	Initial Exchange 

 If this Global Note was originally issued in exchange for part only of a
temporary global note representing the Notes, then all references in this Global Note to the principal amount of Notes represented by this Global Note shall be construed as references to the principal amount of Notes represented by the part of the
temporary global note in exchange for which this Global Note was originally issued which the Issuer shall procure: 
  

	 	(a)	CGN: if the Final Terms specify that the New Global Note form is not applicable, is entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto, whereupon the principal amount of Notes
represented by this Global Note shall for all purposes be as most recently so entered; and 

  
 - 110 - 

	 	(b)	NGN: if the Final Terms specify that the New Global Note form is applicable, is entered by the ICSDs in their records. 

  

	7.2	Subsequent Exchange 

 If at any subsequent time any further portion of such temporary global
note is exchanged for an interest in this Global Note, the principal amount of Notes represented by this Global Note shall be increased by the amount of such further portion, and the Issuer shall procure that the principal amount of Notes
represented by this Global Note (which shall be the previous principal amount of Notes represented by this Global Note plus the amount of such further portion) is: 
  

	 	(a)	CGN: if the Final Terms specify that the New Global Note form is not applicable, entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto, whereupon the principal amount of this Global
Note shall for all purposes be as most recently so entered; and 

  

	 	(b)	NGN: if the Final Terms specify that the New Global Note form is applicable, entered by the ICSDs in their records. 

  

	8.	PAYMENTS 

  

	8.1	Recording of Payments 

  

	    	Upon any payment being made in respect of the Notes represented by this Global Note, the Issuer shall procure that: 

  

	 	(a)	CGN: if the Final Terms specify that the New Global Note form is not applicable, details of such payment shall be entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto and, in the
case of any payment of principal, the principal amount of the Notes represented by this Global Note shall be reduced by the principal amount so paid; and 

  

	 	(b)	NGN: if the Final Terms specify that the New Global Note form is applicable, details of such payment shall be entered pro rata in the records of the ICSDs and, in the case of any payment of principal, the
principal amount of the Notes entered in the records of ICSDs and represented by this Global Note shall be reduced by the principal amount so paid. 

  
 - 111 - 

	8.2	Discharge of Issuer’s obligations 

 Payments due in respect of Notes for the time being
represented by this Global Note shall be made to the bearer of this Global Note and each payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred to above shall not affect such
discharge. 
  

	9.	CONDITIONS APPLY 

 Until this Global Note
has been exchanged as provided herein or cancelled in accordance with the Agency Agreement, the bearer of this Global Note shall be subject to the Conditions and, subject as otherwise provided herein, shall be entitled to the same rights and
benefits under the Conditions as if the bearer were the holder of Definitive Notes and any related Coupons and Talons in the smallest Specified Denomination and in an aggregate principal amount equal to the principal amount of Notes represented by
this Global Note. 
  

	10.	EXERCISE OF PUT OPTION OR CHANGE OF CONTROL PUT
OPTION 

 For so long as all of the Notes are represented by one or both of the Global Notes
and such Global Note(s) is/are held on behalf of Euroclear and/or Clearstream, Luxembourg, the option of the Noteholders provided for in Condition 9(f) (Redemption and Purchase - Redemption at the option of
the Noteholders) or, as the case may be, the option of the Noteholders provided for in Condition 9(g) (Redemption and Purchase - Change of Control redemption) may be exercised by an accountholder
giving notice to the Principal Paying Agent in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on his instructions by Euroclear or Clearstream, Luxembourg or any common
depositary for them to the Principal Paying Agent by electronic means) of the principal amount of the Notes in respect of which such option is exercised and at the same time presenting or procuring the presentation of the relevant Global Note to the
Principal Paying Agent for notation accordingly within the time limits set forth in the relevant Condition. 
  

	11.	EXERCISE OF CALL OPTION 

For so long as all of the Notes are represented by one or both of the temporary global note and this Global Note and such Global Note(s) is/are
held on behalf of Euroclear and/or Clearstream, Luxembourg, no drawing of Notes will be required under Condition 9(e) (Redemption and Purchase - Partial redemption) in the event that the Issuer
exercises its call option pursuant to Condition 9(c) (Redemption and Purchase - Redemption at the option of the Issuer (Issuer Call Option)) in respect of less than the aggregate principal amount of the
Notes outstanding at such time. In such event, the standard procedures of Euroclear and/or Clearstream, Luxembourg shall operate to determine which interests in the Global Note(s) are to be subject to such option. 

  
 - 112 - 

	12.	NOTICES 

 Notwithstanding Condition 18 (Notices),
while all the Notes are represented by this Global Note (or by this Global Note and a temporary global note) and this Global Note is (or this Global Note and the temporary global note are) deposited with a depositary or a common depositary for
Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system or a Common Safekeeper (which expression has the meaning given in the Agency Agreement), notices to Noteholders may be given by delivery of the relevant notice to
Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system and, in any case, such notices shall be deemed to have been given to the Noteholders in accordance with Condition 18 (Notices) on the date of delivery to
Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system; provided, however, that, so long as the Notes are listed on the London Stock Exchange and its rules so require, notices will also be published in a leading
newspaper having general circulation in London (which is expected to be the Financial Times). 
 Whilst any Notes held by a Noteholder
are represented by a Global Note, notices to be given by such Noteholder may be given by such Noteholder to the Principal Paying Agent through Euroclear and/or Clearstream, Luxembourg, as the case may be, in such a manner as the Principal Paying
Agent and Euroclear and/or Clearstream, Luxembourg, as the case may be, may approve for this purpose. 
  

	13.	MEETINGS 

 The holders of this Global Note shall, at any
meeting of the Noteholders, be treated as having one vote in respect of each £1 in principal amount of the Notes represented by this Global Note. 
  

	14.	TRUSTEE’S POWERS 

 In
considering the interests of Noteholders while this Global Note is held on behalf of a clearing system, the Trustee may have regard to any information provided to it by any such clearing system or its operator as to the identity (either individually
or by category) of its accountholders with entitlements to this Global Note and may consider such interests as if such accountholders were the holders of this Global Note. 
  

	15.	AUTHENTICATION 

 This Global Note shall not be valid for
any purpose until it has been authenticated by and on behalf of HSBC Bank plc as principal paying agent. 
  

	16.	EFFECTUATION 

 If the Final Terms specify that the New
Global Note form is applicable, this Permanent Global Note shall not be valid for any purpose until it has been effectuated for and on behalf of the entity appointed as Common Safekeeper (which expression has the meaning given in the Agency
Agreement). 
  

	17.	GOVERNING LAW 

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

  
 - 113 - 

 AS WITNESS the [manual/facsimile] signature of a duly authorised person on behalf of the Issuer. 

 

					
	INTERCONTINENTAL HOTELS	 	)
	GROUP PLC	 	)
			
	By:	 	 	 	
	 [manual or facsimile signature]

(duly authorised)
	 	

 ISSUED on the Issue Date 
  

					
	AUTHENTICATED for and on behalf of	 	)
	HSBC BANK PLC	 	)
	as principal paying agent	 	)
	without recourse, warranty or liability	 	)
			
	By:	 	 	 	
	 [manual signature]
 (duly
authorised)
	 	

  

					
	[EFFECTUATED for and on behalf of	 	)
	EUROCLEAR BANK SA/NV	 	)
	as common safekeeper without recourse,	 	)
	warranty or liability	 	)
			
	By:	 	 	 	
	 [manual signature]
 (duly
authorised)
	 	

  
 - 114 - 

 SCHEDULE 14 

TO THE PERMANENT GLOBAL NOTE 

PAYMENTS, EXCHANGE AND CANCELLATION OF NOTES 
  

															
	 Date of
payment,
exchange,
delivery or
cancellation
	 	 Amount
of
interest
then paid
	 	 Amount
of
principal
then paid
	 	 Principal
amount of
Temporary
Global
Note then
exchanged
	 	 Aggregate
principal
amount
of
Definitive
Notes
then
delivered
	 	 Aggregate
principal
amount of
Notes
then
cancelled
	 	 New
principal
amount
of this
Global
Note
	 	 Authorised
signature

		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	

  
  

	4 	Schedule 1 should only be completed where the Final Terms specify that the New Global Note form is not applicable. 

  
 - 115 - 

 SCHEDULE 2 

TO THE PERMANENT GLOBAL NOTE 

Terms and Conditions of the Notes 

[As set out in Schedule 1 to the Trust Deed] 

  
 - 116 - 

 Part C 

Form of Definitive Note 
 [On the face
of the Note:] 
 [currency][denomination] 
 [ANY
UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.] 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 

(incorporated in England and Wales with company number 913450) 

and 
 INTERCONTINENTAL
HOTELS LIMITED 
 (incorporated in England and Wales with company number 4551528) 

This Note is one of a series of notes (the Notes) of InterContinental Hotels Group PLC (the Issuer) and guaranteed by Six
Continents Limited and InterContinental Hotels Limited (together, the Guarantors) as described in the final terms (the Final Terms) or drawdown prospectus (Drawdown Prospectus) or securities note
(Securities Note) a copy of the relevant particulars of which is endorsed on this Note. Any reference herein to the Conditions is to the Terms and Conditions of the Notes endorsed on this Note, as supplemented, amended and/or replaced
by the Final Terms or Drawdown Prospectus or Securities Note and any reference to a numbered “Condition” is to the correspondingly numbered provision thereof. Words and expressions defined in Condition 2(a) (Interpretation
- Definitions) shall have the same meanings when used in this Note. 
 This Note is issued subject to, and with
the benefit of, the Conditions and an amended and restated trust deed (as further modified and/or supplemented and/or novated from time to time, the Trust Deed) dated 16 June 2015 and made between the Issuer, the Guarantors and
HSBC Corporate Trustee Company (UK) Limited as trustee for the holders of the Notes. 
 The Issuer, for value received, promises to pay to the bearer of
this Note the Redemption Amount on the Maturity Date or on such earlier date or dates as the same may become payable in accordance with the Conditions (or to pay such other amounts 

  
 - 117 - 

 
of principal on such dates as may be specified in the Final Terms or Drawdown Prospectus or Securities Note), and to pay interest (if any) on the nominal amount of this Note on the dates and in
the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions. 

This Note shall not be valid for any purpose until it has been authenticated by and on behalf of HSBC Bank plc as principal paying agent. 

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

AS WITNESS the facsimile signature of a duly authorised person on behalf of the Issuer. 

 

					
	INTERCONTINENTAL HOTELS	 	)
	GROUP PLC	 	)
		 		 	)
			
	By:	 	 	 	
	 [manual or facsimile signature]

(duly authorised)
	 	

 ISSUED on the Issue Date 
  

					
	AUTHENTICATED by and on behalf of	 	)
	HSBC BANK PLC as principal	 	)
	paying agent without recourse, warranty or	 	)
	liability	 	)
			
	By:	 	 	 	
	 [manual signature]
 (duly
authorised)
	 	

  
 - 118 - 

 [On the reverse of the Note:] 

FINAL TERMS 
 The following is a copy of
the relevant particulars of the Final Terms or Drawdown Prospectus or Securities Note. 
 TERMS AND CONDITIONS 

[As set out in Schedule 1 to the Trust Deed] 

[At the foot of the Terms and Conditions:] 

PRINCIPAL PAYING AGENT 

HSBC Bank plc 
 8 Canada
Square, 
 London E14 5HQ. 

  
 - 119 - 

 Part D 

Form of Coupon 
 [On the face of the
Coupon:] 
 [For Fixed Rate Notes] 

INTERCONTINENTAL HOTELS GROUP PLC  

[Title of Notes] 
 unconditionally and
irrevocably guaranteed by 
 SIX CONTINENTS LIMITED 

and 
 INTERCONTINENTAL HOTELS LIMITED 

Coupon for [currency][amount of interest payment] due on [interest payment date]. 

Such amount is payable, subject to the terms and conditions (the Conditions) endorsed on the Note to which this Coupon relates (which are binding on the
holder of this Coupon whether or not it is for the time being attached to such Note), against presentation and surrender of this Coupon at the specified office for the time being of any of the agents shown on the reverse of this Coupon (or any
successor or additional agents appointed from time to time in accordance with the Conditions). 
 [For Floating Rate Notes] 

INTERCONTINENTAL HOTELS GROUP PLC  

[Title of Notes] 
 unconditionally and
irrevocably guaranteed by 
 SIX CONTINENTS LIMITED 

and 
 INTERCONTINENTAL HOTELS LIMITED 

This Coupon relates to a Note in the denomination of [currency] [amount]. 

Coupon for the amount of interest due on the Interest Payment Date falling in [month and year]. 

Such amount is payable, subject to the terms and conditions (the Conditions) endorsed on the Note to which this Coupon relates (which are
binding on the holder of this Coupon whether or not it is for the time being attached to such Note), against presentation and surrender of this Coupon at the specified office for the time being of any of the agents shown on the reverse of this
Coupon (or any successor or additional agents appointed from time to time in accordance with the Conditions). 

  
 - 120 - 

 The Note to which this Coupon relates may, in certain circumstances specified in the Conditions), fall due for
redemption before the maturity date of this Coupon. In such event, this Coupon shall become void and no payment will be made in respect hereof. 
 [ANY
UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]5 
 [On the reverse of the Coupon:] 

Principal Paying Agent: HSBC Bank plc, 8 Canada Square, London E14 5HQ. 
  

 

	5 	Legend to appear on every Note with a maturity of more than one year. 

  
 - 121 - 

 Part E 

Form of Talon 
 [On the face of the
Talon:] 
 INTERCONTINENTAL HOTELS GROUP PLC  

[Title of Notes] 
 unconditionally and
irrevocably guaranteed by 
 SIX CONTINENTS LIMITED 

and 
 INTERCONTINENTAL HOTELS LIMITED 

Talon for further Coupons. 
 On or after the maturity date of
the final Coupon which is (or was at the time of issue) part of the Coupon Sheet to which this Talon is (or was at the time of issue) attached, this Talon may be exchanged at the specified office for the time being of the principal paying agent
shown on the reverse of this Talon (or any successor principal paying agent appointed from time to time in accordance with the terms and conditions (the Conditions) of the Notes to which this Talon relates) for a further Coupon Sheet
(including a further Talon but excluding any Coupons in respect of which claims have already become void pursuant to the Conditions). 
 The Note to which
this Talon relates may, in certain circumstances specified in the Conditions, fall due for redemption before the maturity date of such final Coupon. In such event, this Talon shall become void and no Coupon will be delivered in respect hereof. 

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]6 
 [On the reverse of
the Talon:] 
 Principal Paying Agent: HSBC Bank plc, 8 Canada Square, London E14 5HQ. 

 
  

	6 	Legend to appear on every Note with a maturity of more than one year. 

  
 - 122 - 

 SCHEDULE 3 

PROVISIONS FOR MEETINGS OF NOTEHOLDERS 
  

	1.	DEFINITIONS 

 In this Trust Deed and the Conditions, the following expressions have the
following meanings: 
 Block Voting Instruction means, in relation to any Meeting, a document in the English language issued by a Paying
Agent: 
  

	(a)	certifying that the Deposited Notes have been deposited with such Paying Agent (or to its order at a bank or other depositary) or blocked in an account with a clearing system and will not be released until the earlier
of: 

  

	 	(i)	the conclusion of the Meeting specified in such Block Voting Instruction; and 

  

	 	(ii)	the surrender to such Paying Agent, not less than 48 hours before the time fixed for the Meeting (or, if the Meeting has been adjourned, the time fixed for its resumption), of the receipt for the deposited held to its
order or under its control or blocked Notes and notification thereof by such Paying Agent to the Issuer and the Trustee; and 

  

	(b)	certifying that the depositor of each Deposited Note or a duly authorised person on its behalf has instructed the relevant Paying Agent that the votes attributable to such Deposited Note are to be cast in a particular
way on each resolution to be put to the Meeting and that, during the period of 48 hours before the time fixed for the Meeting and ending at the conclusion or adjournment thereof, such instructions may not be amended or revoked; 

 

	(c)	listing the aggregate nominal amount and (if in definitive form) the certificate numbers of the Deposited Notes, distinguishing for each resolution between those in respect of which instructions have been given to vote
for, or against, the resolution; and 

  

	(d)	authorising a named individual or individuals to vote in respect of the Deposited Notes in accordance with such instructions; 

Chairman means, in relation to any Meeting, the individual who takes the chair in accordance with paragraph 7 (Chairman); 

Deposited Notes means certain specified Notes which have been deposited with a Paying Agent (or to its order at a bank or other depositary) held
to its order or under its control or blocked in an account with a clearing system, for the purposes of a Block Voting Instruction or a Voting Certificate; 

  
 - 123 - 

 Extraordinary Resolution means a resolution passed at a Meeting duly convened and held in
accordance with this Schedule by a majority of not less than three quarters of the persons voting thereat upon a show of hands or if a poll is duly demanded by a majority consisting of not less than
three-quarters of the votes cast on such poll; 
 Meeting means a meeting of Noteholders (whether
originally convened or resumed following an adjournment); 
 Proxy means, in relation to any Meeting, a person appointed to vote under a Block
Voting Instruction other than: 
  

	(a)	any such person whose appointment has been revoked and in relation to whom the relevant Paying Agent has been notified in writing of such revocation by the time which is 48 hours before the time fixed for such Meeting;
and 

  

	(b)	any such person appointed to vote at a Meeting which has been adjourned for want of a quorum and who has not been re-appointed to vote at the Meeting when it is resumed; 

Relevant Fraction means: 
  

	(a)	for all business other than voting on an Extraordinary Resolution, one tenth; 

  

	(b)	for voting on any Extraordinary Resolution other than one relating to a Reserved Matter, more than half; and 

  

	(c)	for voting on any Extraordinary Resolution relating to a Reserved Matter, not less than three quarters; 

provided, however, that, in the case of a Meeting which has resumed after adjournment for want of a quorum, it means: 

 

	 	(i)	for all business other than voting on an Extraordinary Resolution relating to a Reserved Matter, the fraction of the aggregate principal amount of the outstanding Notes represented or held by the Voters actually present
at the Meeting; and 

  

	 	(ii)	for voting on any Extraordinary Resolution relating to a Reserved Matter, not less than one quarter; 

Reserved Matter means any proposal: 
  

	(a)	to change any date fixed for payment of principal or interest in respect of the Notes, to reduce the amount of principal or interest payable on any date in respect of the Notes or to alter the method of calculating the
amount of any payment in respect of the Notes on redemption or maturity; 

  

	(b)	to effect the exchange or substitution of the Notes for, or the conversion of the Notes into, shares, bonds or other obligations or securities of the Issuer or any other person or body corporate formed or to be formed
(other than as permitted under Clause 9.3 of this Trust Deed); 

  
 - 124 - 

	(c)	to change the currency in which amounts due in respect of the Notes are payable; 

  

	(d)	to change the quorum required at any Meeting or the majority required to pass an Extraordinary Resolution; or 

  

	(e)	to amend this definition; 

 Voter means, in relation to any Meeting, the bearer of a Voting
Certificate, Proxy or the bearer of a definitive Note who produces such definitive Note at the Meeting; 
 Voting Certificate means, in
relation to any Meeting, a certificate in the English language issued by a Paying Agent and dated in which it is stated: 
  

	(a)	that the Deposited Notes have been deposited with such Paying Agent (or to its order or under its control at a bank or other depositary) or blocked in an account with a clearing system and will not be released until the
earlier of: 

  

	 	(i)	the conclusion of the Meeting; and 

  

	 	(ii)	the surrender of such certificate to such Paying Agent; and 

  

	(b)	that the bearer of such certificate is entitled to attend and vote at the Meeting in respect of the Deposited Notes; 

Written Resolution means a resolution in writing signed by or on behalf of at least 75 per cent. of the holders of Notes who for the time
being are entitled to receive notice of a Meeting in accordance with the provisions of this Schedule, whether contained in one document or several documents in the same form, each signed by or on behalf of one or more such holders of the Notes; 

24 hours means a period of 24 hours including all or part of a day (disregarding for this purpose the day upon which such Meeting is to be held)
upon which banks are open for business in both the place where the relevant Meeting is to be held and in each of the places where the Paying Agents have their Specified Offices and such period shall be extended by one period or, to the extent
necessary, more periods of 24 hours until there is included as aforesaid all or part of a day upon which banks are open for business as aforesaid; and 

48 hours means 2 consecutive periods of 24 hours. 
  

	2.	ISSUE OF VOTING CERTIFICATES AND BLOCK VOTING INSTRUCTIONS 

The holder of a Note may obtain a Voting Certificate from any Paying Agent or require any Paying Agent to issue a Block Voting Instruction by depositing such
Note with such Paying Agent or arranging for such Note to be (to its satisfaction) held to its order or under its control or blocked in an account with a clearing system not later than 48 hours before the time fixed for the relevant Meeting. A
Voting Certificate or Block Voting Instruction shall be valid until the release of the Deposited Notes to which it relates. So long as a Voting Certificate or Block Voting Instruction is valid, 

  
 - 125 - 

 
the bearer thereof (in the case of a Voting Certificate) or any Proxy named therein (in the case of a Block Voting Instruction) shall be deemed to be the holder of the Notes to which it relates
for all purposes in connection with the Meeting. A Voting Certificate and a Block Voting Instruction cannot be outstanding simultaneously in respect of the same Note. 
  

	3.	REFERENCES TO DEPOSIT/RELEASE OF NOTES 

Where Notes are represented by a Global Note or are held in definitive form within a clearing system, references to the deposit, or release, of Notes shall be
construed in accordance with the usual practices (including blocking the relevant account) of such clearing system. 
  

	4.	VALIDITY OF BLOCK VOTING INSTRUCTIONS 

A Block Voting Instruction shall be valid only if deposited at the Specified Office of the relevant Paying Agent or at some other place approved by the
Trustee, at least 24 hours before the time fixed for the relevant Meeting or the Chairman decides otherwise before the Meeting proceeds to business. If the Trustee so requires, a notarised copy of each Block Voting Instruction and satisfactory proof
of the identity of each Proxy named therein shall be produced at the Meeting, but the Trustee shall not be obliged to investigate the validity of any Block Voting Instruction or the authority of any Proxy. 

 

	5.	CONVENING OF MEETING 

 The Issuer or the Trustee may
convene a Meeting at any time, and the Trustee shall be obliged to do so subject to its being indemnified and/or secured and/or prefunded to its satisfaction upon the request in writing of Noteholders holding not less than one tenth of the aggregate
principal amount of the outstanding Notes. Every Meeting shall be held on a date, and at a time and place, approved by the Trustee. 
  

	6.	NOTICE 

 At least 21 days’ notice (exclusive of the day on which the notice is given
and of the day on which the relevant Meeting is to be held) specifying the date, time and place of the Meeting shall be given to the Noteholders and the Paying Agents (with a copy to the Issuer) where the Meeting is convened by the Trustee or, where
the Meeting is convened by the Issuer, the Trustee. The notice shall set out the full text of any resolutions to be proposed unless the Trustee agrees that the notice shall instead specify the nature of the resolutions without including the full
text and shall state that the Notes may be deposited with, or to the order of, any Paying Agent for the purpose of obtaining Voting Certificates or appointing Proxies not later than 48 hours before the time fixed for the Meeting. A copy of the
notice shall be sent by post to the Trustee (unless the meeting is convened by the Trustee), to the Issuer (unless the meeting is convened by the Issuer) and to each Guarantor (unless the meeting is convened by that Guarantor). 

  
 - 126 - 

	7.	CHAIRMAN 

 An individual (who may, but need not, be a Noteholder) nominated in writing by
the Trustee may take the chair at any Meeting but, if no such nomination is made or if the individual nominated is not present within 15 minutes after the time fixed for the Meeting, those present shall elect one of themselves to take the chair
failing which, the Issuer may appoint a Chairman. The Chairman of an adjourned Meeting need not be the same person as was the Chairman of the original Meeting. 
  

	8.	QUORUM 

 The quorum at any Meeting shall be at least two Voters representing or holding
not less than the Relevant Fraction of the aggregate principal amount of the outstanding Notes; provided, however, that, so long as at least the Relevant Fraction of the aggregate principal amount of the outstanding Notes is represented by
the Global Note(s), a Voter appointed in relation thereto or being the holder of the Notes represented thereby shall be deemed to be two Voters for the purpose of forming a quorum. 

 

	9.	ADJOURNMENT FOR WANT OF QUORUM 

If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may decide) after the time fixed for any Meeting a quorum is not present,
then: 
  

	(a)	in the case of a Meeting requested by Noteholders, it shall be dissolved; and 

  

	(b)	in the case of any other Meeting (unless the Issuer and the Trustee otherwise agree), it shall be adjourned for such period (which shall be not less than 14 days and not more than 42 days) and to such place as the
Chairman determines (with the approval of the Trustee); provided, however, that: 

  

	 	(i)	the Meeting shall be dissolved if the Issuer and the Trustee together so decide; and 

  

	 	(ii)	no Meeting may be adjourned more than once for want of a quorum. 

  

	10.	ADJOURNED MEETING 

 The Chairman may, with the consent of, and shall if
directed by, any Meeting adjourn such Meeting from time to time and from place to place, but no business shall be transacted at any adjourned Meeting except business which might lawfully have been transacted at the Meeting from which the adjournment
took place. 
  

	11.	NOTICE FOLLOWING ADJOURNMENT 

 Paragraph 6 (Notice) shall
apply to any Meeting which is to be resumed after adjournment for want of a quorum save that: 
  

	(a)	10 days’ notice (exclusive of the day on which the notice is given and of the day on which the Meeting is to be resumed) shall be sufficient; and 

  
 - 127 - 

	(b)	the notice shall specifically set out the quorum requirements which will apply when the Meeting resumes. 

 It
shall not be necessary to give notice of the resumption of a Meeting which has been adjourned for any other reason. 
  

	12.	PARTICIPATION 

 The following may attend and speak but not vote at a Meeting: 

 

	(a)	Voters; 

  

	(b)	representatives of the Issuer, the Guarantors and the Trustee; 

  

	(c)	the financial advisers of the Issuer, the Guarantors and the Trustee; 

  

	(d)	the legal counsel to the Issuer, the Guarantors and the Trustee and such advisers; and 

  

	(e)	any other person approved by the Meeting or the Trustee. 

  

	13.	SHOW OF HANDS 

 Every question submitted to a Meeting shall
be decided in the first instance by a show of hands. Unless a poll is validly demanded before or at the time that the result is declared, the Chairman’s declaration that on a show of hands a resolution has been passed, passed by a particular
majority, rejected or rejected by a particular majority shall be conclusive, without proof of the number of votes cast for, or against, the resolution. Where there is only one Voter, this paragraph shall not apply and the resolution will immediately
be decided by means of a poll. 
  

	14.	POLL 

 A demand for a poll shall be valid if it is made by the Chairman, the Issuer, any
Guarantor, the Trustee or one or more Voters representing or holding not less than one fiftieth of the aggregate principal amount of the outstanding Notes. The poll may be taken immediately or after such adjournment as the Chairman directs, but any
poll demanded on the election of the Chairman or on any question of adjournment shall be taken at the Meeting without adjournment. A valid demand for a poll shall not prevent the continuation of the relevant Meeting for any other business as the
Chairman directs. 
  

	15.	VOTES 

 Every Voter shall have: 

 

	(a)	on a show of hands, one vote; and 

  

	(b)	on a poll, the number of votes obtained by dividing the aggregate principal amount of the outstanding Note(s) represented or held by him by the unit of currency in which the Notes are denominated. 

  
 - 128 - 

 In the case of a voting tie the Chairman shall have a casting vote. 

Unless the terms of any Block Voting Instruction state otherwise, a Voter shall not be obliged to exercise all the votes to which he is entitled or to cast
all the votes which he exercises in the same way. 
 In the case of any Meeting of holders of more than one Series of Notes where not all such Series are in
the same currency, the principal amount of such Notes shall for all purposes in this Schedule 3 (whether inter alia in respect of the Meeting or any poll resulting therefrom), be the equivalent in pounds sterling translated at the spot rate of a
bank nominated by the Trustee for the sale of the relevant currency or currencies for pounds sterling on the seventh dealing day prior to such Meeting, or in the case of a written request pursuant to paragraph 5, the date of such request. In such
circumstances, on any poll each person present shall have one vote for each Unit of Notes (converted as above) which he holds. 
 In this paragraph, a
“Unit” means the lowest denomination of the Notes as stated in the Applicable Supplement or in the case of a meeting of Noteholders of more than one Series, shall be the lowest common denominator of the lowest denomination of
the Notes. 
  

	16.	VALIDITY OF VOTES BY PROXIES 

Any vote by a Proxy in accordance with the relevant Block Voting Instruction shall be valid even if such Block Voting Instruction or any instruction pursuant
to which it was given has been amended or revoked, provided that neither the Issuer, the Trustee nor the Chairman has been notified in writing of such amendment or revocation by the time which is 24 hours before the time fixed for the
relevant Meeting. Unless revoked, any appointment of a Proxy under a Block Voting Instruction in relation to a Meeting shall remain in force in relation to any resumption of such Meeting following an adjournment; provided, however, that no
such appointment of a Proxy in relation to a Meeting originally convened which has been adjourned for want of a quorum shall remain in force in relation to such Meeting when it is resumed. Any person appointed to vote at such a Meeting must be
re-appointed under a Block Voting Instruction to vote at the Meeting when it is resumed. 
  

	17.	POWERS 

 A Meeting shall have power (exercisable only by Extraordinary Resolution),
without prejudice to any other powers conferred on it or any other person: 
  

	(a)	to approve any Reserved Matter; 

  

	(b)	to approve any proposal by the Issuer for any modification, abrogation, variation or compromise of any provisions of this Trust Deed or the Conditions or any arrangement in respect of the obligations of the Issuer or
any Guarantor under or in respect of the Notes; 

  

	(c)	(other than as permitted under Clause 9.3 of this Trust Deed) to approve the substitution of any person for the Issuer (or any previous substitute) as principal obligor under the Notes or the substitution of any person
for any Guarantor (or any previous substitute) as guarantor under the Notes; 

  
 - 129 - 

	(d)	(other than as permitted under Clause 9.3 of this Trust Deed) to waive any breach or authorise any proposed breach by the Issuer or any Guarantor of its obligations under or in respect of this Trust Deed or the Notes or
any act or omission which might otherwise constitute an Event of Default under the Notes; 

  

	(e)	to remove any Trustee; 

  

	(f)	to approve the appointment of a new Trustee; 

  

	(g)	to authorise the Trustee (subject to its being indemnified and/or secured to its satisfaction) or any other person to execute all documents and do all things necessary to give effect to any Extraordinary Resolution;

  

	(h)	to discharge or exonerate the Trustee from any liability in respect of any act or omission for which it may become responsible under this Trust Deed or the Notes; 

 

	(i)	to give any other authorisation or approval which under this Trust Deed or the Notes is required to be given by Extraordinary Resolution; 

 

	(j)	to appoint any persons as a committee to represent the interests of the Noteholders and to confer upon such committee any powers which the Noteholders could themselves exercise by Extraordinary Resolution;

  

	(k)	to sanction any scheme or proposal for the exchange or sale of the Notes for or the conversion of the Notes into or the cancellation of the Notes in consideration of shares, stock, notes, bonds, debentures, debenture
stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed, or for or into or in consideration of cash, or partly for or into or in consideration of such shares, stock, notes, bonds, debentures,
debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash; and 

  

	(l)	to approve the substitution of any entity for the Issuer and/or a Guarantor (or any previous substitute) as principal debtor and/or guarantor, as the case may be, under this Trust Deed and the Notes and Coupons.

  

	18.	EXTRAORDINARY RESOLUTION BINDS ALL HOLDERS 

An Extraordinary Resolution shall be binding upon all Noteholders and Couponholders, whether or not present at such Meeting, and each of the Noteholders shall
be bound to give effect to it accordingly. Notice of the result of every vote on an Extraordinary Resolution shall be given to the Noteholders and the Paying Agents (with a copy to the Issuer and the Trustee) within 14 days of the conclusion of the
Meeting. 

  
 - 130 - 

	19.	MINUTES 

 Minutes of all resolutions and proceedings at each Meeting shall be made. The
Chairman shall sign the minutes, which shall be prima facie evidence of the proceedings recorded therein. Unless and until the contrary is proved, every such Meeting in respect of the proceedings of which minutes have been summarised and signed
shall be deemed to have been duly convened and held and all resolutions passed or proceedings transacted at it to have been duly passed and transacted. 
  

	20.	WRITTEN RESOLUTION 

 A Written Resolution shall take effect as if it were
an Extraordinary Resolution. 
  

	21.	FURTHER REGULATIONS 

 Subject to all other provisions contained in this
Trust Deed, the Trustee may without the consent of the Issuer or the Noteholders prescribe such further regulations regarding the holding of Meetings of Noteholders and attendance and voting at them as the Trustee may in its sole discretion
determine. 
  

	22.	SEVERAL SERIES 

 The following provisions shall apply where outstanding
Notes belong to more than one Series: 
  

	(a)	Business which in the opinion of the Trustee affects the Notes of only one Series shall be transacted at a separate Meeting of the holders of the Notes of that Series. 

 

	(b)	Business which in the opinion of the Trustee affects the Notes of more than one Series but does not give rise to an actual or potential conflict of interest between the holder of Notes or one such Series and the holders
of Notes of any other such Series shall be transacted either at separate Meetings of the holders of the Notes of each such Series or at a single Meeting of the holders of the Notes of all such Series, as the Trustee shall in its absolute discretion
determine. 

  

	(c)	Business which in the opinion of the Trustee affects the Notes of more than one Series and gives rise to an actual or potential conflict of interest between the holders of Notes of one such Series and the holders of
Notes of any other such Series shall be transacted at separate Meetings of the holders of the Notes of each such Series. 

  

	(d)	The preceding paragraphs of this Schedule shall be applied as if references to the Notes and Noteholders were to the Notes of the relevant Series and to the holders of such Notes. 

 

	(e)	In this paragraph, “business” includes (without limitation) the passing or rejection of any resolution. 

  
 - 131 - 

 TRUST DEED 

EXECUTION CLAUSES 
  

					
	The Issuer	  		  	
			
	EXECUTED and DELIVERED as a DEED by	  	)	  	
		  	)	  	
	as attorney for	  	)	  	/s/ Nicolette Henfrey
	INTERCONTINENTAL HOTELS GROUP PLC        	  	)	  	

  

							
		
	Witness: 	  	Signature: /s/ Tim Redman
		
		  	Name:     TIM REDMAN

  

					
	The Guarantors	  		  	
			
	EXECUTED and DELIVERED as a DEED by	  	)	  	
	INTERCONTINENTAL HOTELS LIMITED	  	)	  	
	a company incorporated in England and Wales acting by	  	)	  	/s/ Nicolette Henfrey
			
		  	)	  	
	a director of the Company	  	)	  	

  

			
	Witness: 	  	Signature: /s/ Tim Redman
		
		  	Name:     TIM REDMAN

  

					
	EXECUTED and DELIVERED as a DEED by	  	)	  	
	SIX CONTINENTS LIMITED	  	)	  	
	INTERCONTINENTAL HOTELS LIMITED	  	)	  	/s/ Nicolette Henfrey
	a company incorporated in England and Wales acting by	  	)	  	
			
		  	)	  	
	a director of the Company	  	)	  	

  

			
	Witness: 	  	Signature: /s/ Tim Redman
		
		  	Name:     TIM REDMAN

  
 - 132 - 

					
	The Trustee	  		  	
			
	EXECUTED as a DEED by	  	)	  	
	as attorney for	  	)	  	
	HSBC CORPORATE TRUSTEE	  	)	  	/s/ Jason Blondell
	COMPANY (UK) LIMITED	  	)	  	

  

					
	Witness: 	  	Signature: /s/ Philip Cooper	  	
			
		  	Name:     PHILIP COOPER	  	

  
 - 133 -EX-4.(a)(iii)

 Exhibit 4(a)(iii) 

Facility Agreement 
 EXECUTION
VERSION 
 DATED 30 MARCH 2015 

INTERCONTINENTAL HOTELS GROUP PLC 

AND CERTAIN OF ITS SUBSIDIARIES 

AS BORROWERS AND/OR GUARANTORS 

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 

BARCLAYS BANK PLC 

CITIBANK, N.A. LONDON BRANCH 

COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH 

DBS BANK LTD., LONDON BRANCH 

HSBC BANK PLC 
 SUNTRUST
BANK 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

THE ROYAL BANK OF SCOTLAND PLC 

U.S. BANK NATIONAL ASSOCIATION 

WELLS FARGO BANK N.A., LONDON BRANCH 

AS ORIGINAL LENDERS 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

AS FACILITY AGENT 

AND 

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 

BARCLAYS BANK PLC 
 HSBC
BANK PLC 
 SUNTRUST ROBINSON HUMPHREY 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

THE ROYAL BANK OF SCOTLAND PLC 

AS MANDATED LEAD ARRANGERS AND JOINT
BOOKRUNNERS 
  
  

$1,275,000,000 
 FACILITY
AGREEMENT 
  
  

 
 

 

 CONTENTS 
  

							
	CLAUSE	  	PAGE	 
			
	1.	 	 DEFINITIONS AND INTERPRETATION
	  	 	4	  
			
	2.	 	 THE FACILITY
	  	 	4	  
			
	3.	 	 PURPOSE
	  	 	7	  
			
	4.	 	 CONDITIONS OF UTILISATION
	  	 	7	  
			
	5.	 	 UTILISATION
	  	 	8	  
			
	6.	 	 OPTIONAL CURRENCIES
	  	 	30	  
			
	7.	 	 REPAYMENT
	  	 	30	  
			
	8.	 	 PREPAYMENT AND CANCELLATION
	  	 	33	  
			
	9.	 	 INTEREST
	  	 	37	  
			
	10.	 	 INTEREST PERIODS
	  	 	38	  
			
	11.	 	 CHANGES TO THE CALCULATION OF INTEREST
	  	 	38	  
			
	12.	 	 FEES
	  	 	41	  
			
	13.	 	 TAX GROSS-UP AND INDEMNITIES
	  	 	42	  
			
	14.	 	 INCREASED COSTS
	  	 	52	  
			
	15.	 	 OTHER INDEMNITIES
	  	 	53	  
			
	16.	 	 MITIGATION BY THE LENDERS
	  	 	54	  
			
	17.	 	 COSTS AND EXPENSES
	  	 	55	  
			
	18.	 	 GUARANTEE AND INDEMNITY
	  	 	55	  
			
	19.	 	 REPRESENTATIONS
	  	 	58	  
			
	20.	 	 INFORMATION UNDERTAKINGS
	  	 	61	  
			
	21.	 	 FINANCIAL COVENANTS
	  	 	65	  
			
	22.	 	 GENERAL UNDERTAKINGS
	  	 	68	  
			
	23.	 	 EVENTS OF DEFAULT
	  	 	74	  
			
	24.	 	 CHANGES TO THE LENDERS
	  	 	77	  
			
	25.	 	 CHANGES TO THE OBLIGORS
	  	 	82	  
			
	26.	 	 ROLE OF THE FACILITY AGENT AND THE ARRANGER
	  	 	84	  
			
	27.	 	 CONDUCT OF BUSINESS BY THE FINANCE PARTIES
	  	 	92	  
			
	28.	 	 SHARING AMONG THE FINANCE PARTIES
	  	 	92	  
			
	29.	 	 PAYMENT MECHANICS
	  	 	93	  
			
	30.	 	 SET-OFF
	  	 	97	  
			
	31.	 	 NOTICES
	  	 	98	  
			
	32.	 	 CALCULATIONS AND CERTIFICATES
	  	 	100	  

  
 - i - 

							
			
	33.	 	 PARTIAL INVALIDITY
	  	 	100	  
			
	34.	 	 REMEDIES AND WAIVERS
	  	 	100	  
			
	35.	 	 AMENDMENTS AND WAIVERS
	  	 	101	  
			
	36.	 	 CONFIDENTIALITY
	  	 	104	  
			
	37.	 	 CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS
	  	 	108	  
			
	38.	 	 COUNTERPARTS
	  	 	110	  
			
	39.	 	 GOVERNING LAW
	  	 	111	  
			
	40.	 	 ENFORCEMENT
	  	 	111	  
		
	SCHEDULE 1 THE ORIGINAL LENDERS	  	 	112	  
		
	Part A The Original Lenders (other than UK Non Bank Lenders)	  	 	112	  
		
	Part B The Original Lenders (UK Non Bank Lenders)	  	 	113	  
		
	SCHEDULE 2 CONDITIONS PRECEDENT	  	 	114	  
		
	Part A Conditions Precedent to Initial Utilisation	  	 	114	  
		
	Part B Conditions Precedent Required to be Delivered by an Additional Obligor	  	 	116	  
		
	SCHEDULE 3 UTILISATION REQUEST	  	 	117	  
		
	SCHEDULE 4 FORM OF TRANSFER CERTIFICATE	  	 	118	  
		
	SCHEDULE 5 FORM OF ACCESSION LETTER	  	 	121	  
		
	SCHEDULE 6 FORM OF RESIGNATION LETTER	  	 	122	  
		
	SCHEDULE 7 FORM OF COMPLIANCE CERTIFICATE	  	 	123	  
		
	SCHEDULE 8 SECURITY	  	 	124	  
		
	SCHEDULE 9 TIMETABLES	  	 	125	  
		
	SCHEDULE 10 FORM OF MARGIN CERTIFICATE	  	 	127	  
		
	SCHEDULE 11 FORM OF INCREASE CONFIRMATION	  	 	128	  

  
 - ii - 

 THIS AGREEMENT is dated ___March 2015 

BETWEEN: 
  

	(1)	INTERCONTINENTAL HOTELS GROUP PLC incorporated in England and Wales with registration number 05134420 (the Company); 

 

	(2)	SIX CONTINENTS LIMITED incorporated in England and Wales with registration number 913450 and INTERCONTINENTAL HOTELS LIMITED incorporated in England and Wales with registration number 4551528 (together
with the Company, the Original Borrowers); 

  

	(3)	SIX CONTINENTS LIMITED incorporated in England and Wales with registration number 913450 and INTERCONTINENTAL HOTELS LIMITED incorporated in England and Wales with registration number 4551528 (together
with the Company, the Original Guarantors); 

  

	(4)	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED, BARCLAYS BANK PLC, HSBC BANK PLC, SUNTRUST ROBINSON HUMPHREY, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. and THE ROYAL BANK OF SCOTLAND PLC as mandated lead
arrangers and joint bookrunners (the Mandated Lead Arranger and Joint Bookrunner and, whether acting individually or together, the Arranger); 

 

	(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders (the Original Lenders); and 

  

	(6)	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. as agent of the other Finance Parties (the Facility Agent). 

IT IS AGREED as follows: 
  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 In this Agreement: 

Acceptable Bank means a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt
obligations of A-1 or higher by Standard & Poor’s Rating Services Limited or Fitch Ratings Ltd or P-1 or higher by Moody’s or a comparable rating from an internationally recognised credit rating agency. 

Accession Letter means a document substantially in the form set out in Schedule 5 (Form of Accession Letter). 

Additional Borrower means a company which becomes an Additional Borrower in accordance with Clause 25 (Changes to the
Obligors). 
 Additional Guarantor means a company which becomes an Additional Guarantor in accordance with Clause 25
(Changes to the Obligors). 

  
 - 4 - 

 Additional Obligor means an Additional Borrower or an Additional Guarantor. 

Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other
Subsidiary of that Holding Company. 
 Notwithstanding the foregoing, in relation to The Royal Bank of Scotland plc, the term
Affiliate shall not include (i) the UK government or any member or instrumentality thereof, including Her Majesty’s Treasury and UK Financial Investments Limited (or any directors, officers, employees or entities thereof) or
(ii) any persons or entities controlled by or under common control with the UK government or any member or instrumentality thereof (including Her Majesty’s Treasury and UK Financial Investments Limited) and which are not part of The Royal
Bank of Scotland Group plc and its subsidiaries or subsidiary undertakings. 
 Agent’s Spot Rate of Exchange means the
Facility Agent’s spot rate of exchange for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day. 

Applicable Accounting Principles means those accounting principles, standards and practices on which the preparation of the
Original Financial Statements was based and those accounting policies which were used in the preparation of those financial statements. 

Authorisation means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

 Availability Period means the period from and including the date of this Agreement to and including the date falling one
month prior to the Termination Date. 
 Available Commitment means a Lender’s Commitment minus: 

 

	 	(a)	the Base Currency Amount of its participation in any outstanding Loans; and 

  

	 	(b)	in relation to any proposed Utilisation, the Base Currency Amount of its participation in any Loans that are due to be made on or before the proposed Utilisation Date, 

other than that Lender’s participation in any Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date. 

Available Facility means the aggregate for the time being of each Lender’s Available Commitment. 

Base Currency or $ means US Dollars. 

Base Currency Amount means, in relation to a Loan, the amount specified in the Utilisation Request delivered by a Borrower for
that Loan (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent’s Spot Rate of Exchange on the date which is three Business Days before the Utilisation Date or, if later,
on the date the Facility Agent receives the Utilisation Request) adjusted to reflect any repayment or prepayment or consolidation or division of the Loan. 

  
 - 5 - 

 Basel III means: 

 

	 	(a)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III:
International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision on
16 December 2010, each as amended, supplemented or restated; 

  

	 	(b)	the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published by the
Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	 	(c)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”. 

Borrower means an Original Borrower or an Additional Borrower, unless it has ceased to be a Borrower in accordance with
Clause 25 (Changes to the Obligors). 
 Borrowings has the meaning given to it in Clause 21 (Financial
covenants). 
 Break Costs means the amount (if any) by which: 

 

	 	(a)	the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest
Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

exceeds: 
  

	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a period starting
on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. 

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

	 	(a)	(in relation to any date for payment, purchase or sale of a currency other than euro) the principal financial centre of the country of that currency; or 

 

	 	(b)	(in relation to any date for payment, purchase or sale of euro) any TARGET Day. 

Cash has the meaning given to it in Clause 21 (Financial covenants). 

Cash Equivalents has the meaning given to it in Clause 21 (Financial covenants). 

  
 - 6 - 

 Code means the US Internal Revenue Code of 1986. 

Commitment means: 
  

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Commitment” in Schedule 1 (The Original Lenders) and the amount of any other Commitment
transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and 

  

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase), 

to the extent not cancelled, reduced or transferred by it under this Agreement. 

Compliance Certificate means a certificate substantially in the form set out in Schedule 7 (Form of Compliance
Certificate). 
 Confidential Information means all information relating to the Company, any Obligor, the Group, the
Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party
under, the Finance Documents or the Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers, 

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes: 
  

	 	(i)	information that: 

  

	 	(A)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 36 (Confidentiality); or 

 

	 	(B)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or 

  

	 	(C)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source
which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and

  
 - 7 - 

	 	(ii)	any Funding Rate or Reference Bank Quotation. 

 Confidentiality Undertaking means
a confidentiality undertaking substantially in the form recommended by the LMA as at the date that the relevant confidentiality undertaking is entered into or in any other form agreed between the Company and the Facility Agent. 

Consolidated Gross Assets means the consolidated current assets plus consolidated non-current assets of the Group. 

CRD IV means: 
  

	 	(a)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms; and 

 

	 	(b)	Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms,
amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, 

 each as amended, supplemented or restated
from time to time. 
 CTA 2009 means the Corporation Tax Act 2009. 

CTA 2010 means the Corporation Tax Act 2010. 

Default means an Event of Default or any event or circumstance specified in Clause 23 (Events of Default) which would
(with the expiry of a grace period and/or the giving of notice) be an Event of Default. 
 Defaulting Lender means any Lender:

  

	 	(a)	which has failed to make its participation in a Loan available or has notified the Facility Agent that it will not make its participation in a Loan available by the Utilisation Date of that Loan in accordance with
Clause 5.4 (Lenders’ participation); 

  

	 	(b)	which has otherwise rescinded or repudiated a Finance Document; or 

  

	 	(c)	with respect to which an Insolvency Event has occurred and is continuing, 

 unless, in the case
of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

  

	 	payment	is made within five Business Days of its due date; or 

  

	 	(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in question. 

  
 - 8 - 

 Disruption Event means either or both of: 

 

	 	(a)	a material disruption to those payment or communication systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise
in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: 

 

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

EBITDA has the meaning given to it in Clause 21 (Financial covenants). 

EURIBOR means, in relation to any Loan in euro: 
  

	 	(a)	the applicable Screen Rate as of the Specified Time for euro and for a period equal in length to the Interest Period of that Loan; or 

 

	 	(b)	as otherwise determined pursuant to Clause 11.1 (Unavailability of Screen Rate), 

 and
if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero. 
 euro or € means the
single currency of the Participating Member States. 
 Event of Default means any event or circumstance specified as such in
Clause 23 (Events of Default). 
 Existing Facility means the $1,070,000,000 revolving facility agreement dated
7 November 2011 between, among others, the Company, certain lenders and certain arrangers named in it and Bank of America Merrill Lynch International Limited (formerly Banc of America Securities Limited) as agent. 

Facility means the revolving credit facility made available under this Agreement, as described in Clause 2.1 (The
Facility). 
 Facility Office means the office or offices notified by a Lender to the Facility Agent in writing on or
before the date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 

Fallback Interest Period means one week. 

  
 - 9 - 

 FATCA means: 
  

	 	(a)	sections 1471 to 1474 of the Code or any associated regulations; 

  

	 	(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or
regulation referred to in paragraph (a) above; or 

  

	 	(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation
authority in any other jurisdiction. 

 FATCA Application Date means: 

 

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2017; or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2017, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any
change in FATCA after the date of this Agreement. 
 FATCA Deduction means a deduction or withholding from a payment under a
Finance Document required by FATCA. 
 FATCA Exempt Party means a Party that is entitled to receive payments free from any
FATCA Deduction. 
 Fee Letter means any letter or letters dated on or about the date of this Agreement between the Arranger
and the Company (or the Facility Agent and the Company) setting out any of the fees referred to in Clause 12 (Fees). 

Finance Document means this Agreement, any Fee Letter, any Accession Letter, any Resignation Letter and any other document
designated as such by the Facility Agent and the Company. 
 Finance Party means the Facility Agent, the Arranger or a Lender.

 Financial Indebtedness means any indebtedness (without double counting) for or in respect of: 

 

	 	(a)	moneys borrowed; 

  
 - 10 - 

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock, commercial paper or any similar instrument (entered into or issued primarily as a method of raising finance)
provided that, for all purposes under this Agreement (other than for the purposes of Clause 23.5 (Cross default)), any bonds from time to time issued and outstanding under the GBP 750m Bond Programme shall at the relevant time be valued
as Financial Indebtedness having regard to the net effect of the marked-to-market value of any related interest and currency hedging arrangements in effect at that time; 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with IFRS (as at the date of this Agreement), be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) required by IFRS to be shown as a borrowing in the audited consolidated balance sheet of the Group; 

 

	 	(g)	for the purpose of Clause 23.5 (Cross default) only, any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the
value of any derivative transaction, only the marked to market value shall be taken into account); 

  

	 	(h)	shares which are expressed to be redeemable prior to the Termination Date; 

  

	 	(i)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank or financial institution; and 

 

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above, 

but excluding indebtedness owing by a member of the Group to another member of the Group. 

Funding Rate means any individual rate notified by a Lender to the Facility Agent pursuant to paragraph (a)(ii) of
Clause 11.4 (Cost of Funds). 
 GBP, £ or Sterling means the lawful currency for
the time being of the United Kingdom of Great Britain and Northern Ireland. 
 GBP 750m Bond Programme means the Company’s
£750,000,000 Euro Medium Term Note programme as outlined in the prospectus dated 7 July 2011 as amended or extended from time to time. 

Group means the Company and its Subsidiaries for the time being. 

  
 - 11 - 

 Guarantor means an Original Guarantor or an Additional Guarantor, unless it has
ceased to be a Guarantor in accordance with Clause 25 (Changes to the Obligors). 
 Historic Screen Rate means, in
relation to any Loan, the most recent applicable Screen Rate for the currency of that Loan and for a period equal in length to the Interest Period of that Loan and which is as of a day which is no more than 2 days before the Quotation Day. 

Holding Company means, in relation to a company or corporation, any other company or corporation in respect of which it is a
Subsidiary. 
 IFRS means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent
applicable to the relevant financial statements. 
 Impaired Agent means the Facility Agent at any time when: 

 

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; 

 

	 	(b)	the Facility Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Facility Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition of Defaulting Lender; or 

 

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Facility Agent, 

unless, in the case of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

 payment is made within five Business Days of its due date; or 

 

	 	(ii)	the Facility Agent is disputing in good faith whether it is contractually obliged to make the payment in question. 

Increase Confirmation means a confirmation substantially in the form set out in Schedule 11 (Form of Increase
Confirmation). 
 Increase Lender has the meaning given to that term in Clause 2.2 (Increase). 

Insolvency Event in relation to a Finance Party means that the Finance Party: 

 

	 	(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

  
 - 12 - 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

  

	 	(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or
organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official; 

  

	 	(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not prescribed in paragraph (d)
above and: 

  

	 	(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or 

 

	 	(ii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; 

  

	 	(f)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(g)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets;

  

	 	(h)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all
its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; or 

 

	 	(i)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (h) above.

 Interest Period means, in relation to a Loan, each period determined in accordance with Clause 10
(Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.3 (Default interest). 

  
 - 13 - 

 Interpolated Historic Screen Rate means, in relation to any Loan, the rate (rounded
to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	the most recent applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and 

 

	 	(b)	the most recent applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, 

each for the currency of that Loan and each of which is as of a day which is no more than 2 days before the Quotation Day. 

Interpolated Screen Rate means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two
relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and 

 

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, 

each as of the Specified Time for the currency of that Loan. 

ITA means the Income Tax Act 2007. 

Lender means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 2.2 (Increase) or Clause 24 (Changes to the Lenders), 

which in each case has not ceased to be a Party in accordance with the terms of this Agreement. 

LIBOR means, in relation to any Loan: 
  

	 	(a)	the applicable Screen Rate as of the Specified Time for the currency of that Loan and for a period equal in length to the Interest Period of that Loan; or; 

 

	 	(b)	as otherwise determined pursuant to Clause 11.1 (Unavailability of Screen Rate), 

 and
if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero. 
 LMA means the Loan Market Association.

 Loan means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan,
as the context requires. 
 Majority Lenders means a Lender or Lenders whose Commitments aggregate more than 662/3 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662/3 per cent. of the Total Commitments immediately prior to the reduction). 

  
 - 14 - 

 Managed Assets means any assets (including, for the avoidance of doubt, any equity
interest in any such asset) of a member of the Group which are sold and become, or remain, the subject of a management or franchise agreement in favour of the Group. 

Margin means at any time the rate per annum determined by reference to the ratio of Net Borrowings, as at the last day of the
last preceding Margin Period, to EBITDA for that Margin Period (the Margin Ratio) in accordance with the following table: 
  

			
	Net Borrowings/EBITDA	  	Margin (per cent. p.a.)
	 Higher than 3.00:1
	  	1.00
	 Equal to or lower than 3.00:1 but higher than 2.50:1
	  	0.75
	 Equal to or lower than 2.50:1 but higher than 2.00:1
	  	0.60
	 Equal to or lower than 2.00:1 but higher than 1.50:1
	  	0.50
	 Equal to or lower than 1.50:1
	  	0.40

 However: 
  

	 	(a)	until the delivery of the first Margin Certificate required pursuant to Clause 20.3 (Margin Certificate) the applicable Margin shall be 0.60 per cent. per annum; 

 

	 	(b)	any increase or decrease in the applicable Margin, as the case may be, will take effect for all purposes under this Agreement from the date falling two Business Days after receipt by the Facility Agent of a Margin
Certificate as required pursuant to Clause 20.3 (Margin Certificate); 

  

	 	(c)	if the Company does not deliver the relevant Margin Certificate to the Facility Agent in accordance with the terms of Clause 20.3 (Margin Certificate), the Margin shall, as from the date immediately
following the last date on which such Margin Certificate should have been delivered until the date such Margin Certificate is delivered, be 1.00 per cent. per annum; 

 

	 	(d)	if at any time an Event of Default is continuing, the Margin shall, until the date such Event of Default ceases to be continuing, be 1.00 per cent. per annum; 

 

	 	(e)	if at any time a decrease in the Margin is to take effect a Default is continuing, such decrease shall not take effect at that time but such decrease shall take effect with effect from the date such Default ceases to be
continuing; and 

  

	 	(f)	in this definition, EBITDA shall have the same meaning as EBITDA as defined in Clause 21.3 (Definitions) save that the reference to Relevant Period in that definition shall, for
the purposes of calculating the Margin, be substituted with Margin Period and EBITDA shall be adjusted to take into account the pro forma impact of any acquisitions or disposals (other than of Managed Assets) made during the Margin
Period by a member of the Group. 

  
 - 15 - 

 Margin Certificate means a certificate substantially in the form set out in
Schedule 10 (Form of Margin Certificate). 
 Margin Period means the period of 12 months ending on each Quarter Date.

 Margin Ratio has the meaning given to it in the definition of Margin. 

Material Adverse Effect means a material adverse effect on: 

 

	 	(a)	the ability of the Obligors (taken as a whole) to perform and comply with their payment obligations under any Finance Document; or 

  

	 	(b)	the ability of the Company to perform and comply with its obligations under Clause 21 (Financial covenants). 

Material Subsidiary means, at any time, any Subsidiary of the Company: 

 

	 	(a)	whose gross assets represent 5 per cent. or more of Consolidated Gross Assets or whose EBITDA represents 5 per cent. or more of consolidated EBITDA of the Group, in each case, as calculated by reference to the
latest financial statements of such Subsidiary (which shall be audited if such statements are prepared by that Subsidiary) and the latest audited consolidated financial statements of the Group adjusted in such manner as the auditors of the Company
may determine (which determination shall be conclusive in the absence of manifest error) (i) to reflect the gross assets and EBITDA of any person which has become or ceased to be a member of the Group since the end of the financial year to
which the latest audited consolidated financial statements of the Group relate where such adjustment is requested by the Company and (ii) so that for the purposes of this definition, the gross assets of the relevant Subsidiary shall be
calculated on the same basis as Consolidated Gross Assets are calculated and/or, as the case may be, EBITDA of the relevant Subsidiary shall be calculated on the same basis as consolidated EBITDA for the Group (but, in each case, relating only to
the relevant Subsidiary) and making such adjustments and eliminations as are required to show the same as the contribution of the relevant Subsidiary to Consolidated Gross Assets and/or, as the case may be, consolidated EBITDA of the Group; or

  

	 	(b)	to which is transferred all or substantially all of the business, undertaking or assets of a Subsidiary which immediately prior to such transfer is a Material Subsidiary, whereupon the transferor Subsidiary shall cease
to be a Material Subsidiary and the transferee Subsidiary shall become a Material Subsidiary under this sub-paragraph (b) upon the completion of such transfer. 

Any determination made by the auditors of the Company as to whether a Subsidiary of the Company is or is not a Material Subsidiary at any time
shall be conclusive in the absence of manifest error. 

  
 - 16 - 

 Month means a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	subject to paragraph (c), if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if
there is not, on the immediately preceding Business Day; 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and 

 

	 	(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. 

The above rules will only apply to the last Month of any period. 

Moody’s means Moody’s Investors Services Inc. 

Net Borrowings has the meaning given to it in Clause 21 (Financial covenants). 

Net Interest Payable has the meaning given to it in Clause 21 (Financial covenants). 

New Lender has the meaning given to it in Clause 24.1 (Assignments and transfers by the Lenders). 

NZD means the lawful currency for the time being of New Zealand. 

Obligor means the Company, a Borrower or a Guarantor. 

OFAC means the Office of Foreign Assets Control of the US Department of the Treasury. 

Optional Currency means a currency (other than the Base Currency) which complies with the conditions set out in Clause 4.3
(Conditions relating to Optional Currencies). 
 Original Financial Statements means the audited consolidated financial
statements of the Group for the financial year ended 31 December 2014. 
 Original Obligor means an Original Borrower or
an Original Guarantor. 
 Participating Member State means any member state of the European Union that has the euro as its
lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 
 Party means a
party to this Agreement. 

  
 - 17 - 

 Project Finance Indebtedness means Financial Indebtedness (in respect of which
Security has been given) incurred by a member of the Group (a Project Group Member) for the purposes of financing the acquisition, construction, development and/or operation of an asset (a Project Asset) where the
provider of the Financial Indebtedness has no recourse against any member of the Group, except for recourse to: 
  

	 	(a)	the Project Asset of the Project Group Member or receivables arising from the Project Asset; 

  

	 	(b)	a Project Group Member for the purpose of enforcing Security given by it so long as: 

  

	 	(i)	the recourse is limited to recoveries in respect of the Project Asset; and 

  

	 	(ii)	if the Project Asset does not comprise all or substantially all of the business of that Project Group Member, the provider of the Financial Indebtedness does not have the right to take any steps towards its winding up
or dissolution or the appointment of a liquidator, administrator, receiver or similar officer or person, other than in respect of the Project Asset or receivables arising therefrom; or 

 

	 	(c)	a member of the Group to the extent only of its shareholding in a Project Group Member. 

Project Group Member has the meaning given to it in the definition of Project Finance Indebtedness provided that the
principal assets and business of such member of the Group is constituted by Project Assets and it has no other Financial Indebtedness except Project Finance Indebtedness. 

Qualifying Lender has the meaning given to it in Clause 13 (Tax gross-up and indemnities). 

Quarter Date means each 31 March, 30 June, 30 September and 31 December in each financial year of the
Company. 
 Quotation Day means, in relation to any period for which an interest rate is to be determined: 

 

	 	(a)	(if the currency is Sterling) the first day of that period; 

  

	 	(b)	(if the currency is euro) two TARGET Days before the first day of that period; or 

  

	 	(c)	(for any other currency), two Business Days before the first day of that period, 

 (unless
market practice differs in the Relevant Interbank Market, in which case the Quotation Day will be determined by the Facility Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given on more
than one day, the Quotation Day will be the last of those days)). 
 Reference Bank Quotation means any quotation supplied to
the Facility Agent by a Reference Bank. 

  
 - 18 - 

 Reference Bank Rate means the arithmetic mean of the rates (rounded upwards to four
decimal places) as supplied to the Facility Agent at its request by the Reference Banks: 
  

	 	(a)	in relation to LIBOR: 

  

	 	(i)	(other than where paragraph (ii) below applies) as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in the relevant currency and for the relevant period were it to do
so by asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period; or 

  

	 	(ii)	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant currency and period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator; or

  

	 	(b)	in relation to EURIBOR: 

  

	 	(i)	(other than where paragraph (ii) below applies) as the rate at which the relevant Reference Bank believes one prime bank is quoting to another prime bank for interbank term deposits in euro within the Participating
Member States for the relevant period; or 

  

	 	(ii)	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator.

 Reference Banks means, in relation to LIBOR and EURIBOR, the principal London office of each Lender appointed
as such by the Facility Agent in agreement with (a) the Company (such agreement not to be unreasonably withheld) and (b) such Lender. 

Relevant Interbank Market means, in relation to euro, the European interbank market and, in relation to any other currency, the
London interbank market. 
 Relevant Period has the meaning given to it in Clause 21 (Financial covenants). 

Repeating Representations means each of the representations set out in Clauses 19.1 (Status) to 19.4 (Power and
authority), paragraph (a) of Clause 19.6 (No default), Clause 19.8 (Pari passu ranking) and Clause 19.11 (Sanctions). 

Representative means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian. 

Resignation Letter means a letter substantially in the form set out in Schedule 6 (Form of Resignation Letter). 

  
 - 19 - 

 Rollover Loan means one or more Loans: 

 

	 	(a)	made or to be made on the same day that one or more maturing Loans is or are due to be repaid; 

  

	 	(b)	the aggregate amount of which is equal to or less than the maturing Loan(s) (unless it is more than the maturing Loan(s) solely because it arose as a result of the operation of Clause 6.2 (Unavailability of a
currency)); 

  

	 	(c)	in the same currency as the maturing Loan(s) (unless it arose as a result of the operation of Clause 6.2 (Unavailability of a currency)); and 

 

	 	(d)	made or to be made to the same Borrower for the purpose of refinancing the maturing Loan(s). 

Sanctioned Person means any person, organization or vessel: 

 

	 	(a)	designated on the OFAC list of Specially Designated Nationals and Blocked Persons, the Consolidated List of Financial Sanctions Targets maintained by Her Majesty’s Treasury or on any list of targeted persons
maintained by any Sanctions Authority under any Sanctions Law; 

  

	 	(b)	that is, or is part of, a government of a Sanctioned Territory; 

  

	 	(c)	owned or controlled by, or acting on behalf of, any of the persons referred to in paragraphs (a) or (b) above; 

  

	 	(d)	located within or operating from a Sanctioned Territory; or 

  

	 	(e)	otherwise targeted under any Sanctions Law. 

 Sanctioned Territory means any
country or other territory subject to a general export, import, financial or investment embargo under Sanctions Law from time to time, which countries and territories, as of the date of this Agreement, comprise Crimea, Cuba, Iran, North Korea, Sudan
and Syria. 
 Sanctions Authority means: 
  

	 	(a)	the US; 

  

	 	(b)	the United Nations; 

  

	 	(c)	the European Union or any member state thereof; 

  

	 	(d)	the United Kingdom; or 

  

	 	(e)	the respective Governmental Authorities of any of the foregoing, including without limitation, OFAC, the US State Department and Her Majesty’s Treasury. 

Sanctions Law means any trade, economic or financial sanctions, regulations, embargoes or restrictive measures administered or
enacted by any Sanctions Authority. 

  
 - 20 - 

 Screen Rate means: 

 

	 	(a)	in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period
displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); and 

 

	 	(b)	in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed
(before any correction, recalculation or republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate), 

or, in each case, on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson
Reuters. If such page or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after consultation with the Company. 

Security means a mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance entered into for the
purpose of securing any obligation of any person. 
 Separate Loan has the meaning given to that term in Clause 7.1
(Repayment of Loans). 
 Specified Time means a time determined in accordance with Schedule 9 (Timetables). 

Subsidiary means a subsidiary within the meaning of section 1159 of the Companies Act 2006 and, for the purpose of Clause 21
(Financial covenants) and in relation to financial statements of the Group, a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006, but in this Agreement Subsidiary shall for all purposes exclude
each Project Group Member. 
 Super-Majority Lenders means a Lender or Lenders whose Commitments aggregate
more than 85 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 85 per cent. of the Total Commitments immediately prior to the reduction). 

TARGET2 means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single
shared platform and which was launched on 19 November 2007. 
 TARGET Day means any day on which TARGET2 is open for the
settlement of payments in euro. 
 Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature
(including any penalty or interest payable in connection with any failure by an Obligor to pay or any delay in paying by an Obligor any of the same). 

  
 - 21 - 

 Termination Date means, subject to Clause 7.2 (Extension of the Termination
Date) the date which is 60 Months after the date of this Agreement. 
 Total Commitments means the aggregate of the
Lenders’ Commitments being $1,275,000,000 at the date of this Agreement. 
 Transfer Certificate means a certificate
substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between the Facility Agent and the Company. 

Transfer Date means, in relation to a transfer, the later of: 

 

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Facility Agent executes the Transfer Certificate. 

 Unpaid
Sum means any sum due and payable but unpaid by an Obligor under the Finance Documents. 
 US means the United States
of America. 
 US Dollars or $ means the lawful currency for the time being of the United States of America. 

Utilisation means a utilisation of the Facility. 

Utilisation Date means the date of a Utilisation, being the date on which the relevant Loan is to be made. 

Utilisation Level means the Base Currency Amount of all Loans expressed as a percentage of the Total Commitments. 

Utilisation Request means a notice substantially in the form set out in Schedule 3 (Utilisation Request). 

VAT means: 
  

	 	(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and 

 

	 	(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

  

	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears, any reference in this Agreement to: 

  

	 	(i)	the Facility Agent, the Arranger, any Finance Party, any Guarantor, any Lender, any Obligor or any Party shall be
construed so as to include its successors in title, permitted assigns and permitted transferees; 

  
 - 22 - 

	 	(ii)	assets includes present and future properties, revenues and rights of every description; 

  

	 	(iii)	a Finance Document or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended, restated (however fundamentally
and whether or not more onerously) or replaced and includes any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under that Finance Document or other agreement or instrument;

  

	 	(iv)	a group of Lenders includes all the Lenders; 

  

	 	(v)	indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

	 	(vi)	a person includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(vii)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, which is generally complied with by those
to whom it is addressed) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

	 	(viii)	a subsidiary has the meaning given to it in section 1159 of the Companies Act 2006 and subsidiary undertaking has the same meaning given to it in section 1162 of the Companies Act 2006;

  

	 	(ix)	a provision of law is a reference to that provision as amended or re-enacted; and 

  

	 	(x)	a time of day is a reference to London time. 

  

	 	(b)	The determination of the extent to which a rate is for a period equal in length to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined
pursuant to the terms of this Agreement. 

  

	 	(c)	Section, Clause and Schedule headings are for ease of reference only. 

  

	 	(d)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this
Agreement. 

  

	 	(e)	A Default or an Event of Default is “continuing” if it has not been remedied or waived. 

  
 - 23 - 

	1.3	Third Party Rights 

  

	 	(a)	Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the Third Parties Act) to enforce or to
enjoy the benefit of any term of this Agreement. 

  

	 	(b)	Subject to paragraph (b) Clause 35.2 (Exceptions) but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this
Agreement at any time. 

  

	2.	The Facility 

  

	2.1	The Facility 

 Subject to the terms of this Agreement, the Lenders make available to the
Borrowers a multicurrency revolving loan facility in an aggregate amount equal to the Total Commitments. 
  

	2.2	Increase 

  

	 	(a)	The Company may by giving prior notice to the Facility Agent after the effective date of a cancellation of: 

  

	 	(i)	the Available Commitments of a Defaulting Lender in accordance with Clause 8.7 (Right of cancellation in relation to a Defaulting Lender); 

 

	 	(ii)	all or part of the Commitments of a Lender in accordance with Clause 8.5 (Right of repayment and cancellation in relation to, or replacement of, a single Lender); or 

 

	 	(iii)	the Commitments of a Lender in accordance with Clause 8.1 (Illegality), 

 request
that the Total Commitments be increased (and the Total Commitments under the Facility shall be so increased) in an aggregate amount in the Base Currency of up to the amount of the Available Commitments or Commitments so cancelled as follows: 

 

	 	(A)	the increased Commitments may be assumed by one or more Lenders or other banks, financial institutions, trusts, funds or other entities (each an Increase Lender) selected by the Company (each of which
shall not be a member of the Group) and each of which confirms its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which it is to assume, as if it had been an Original
Lender; 

  
 - 24 - 

	 	(B)	each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the
Increase Lender been an Original Lender; 

  

	 	(C)	each Increase Lender shall become a Party as a Lender and any Increase Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase
Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender; 

  

	 	(D)	the Commitments of the other Lenders shall continue in full force and effect; and 

  

	 	(E)	any increase in the Total Commitments shall take effect on the date specified by the Company in the notice referred to above or any later date on which the conditions set out in paragraph (b) below are satisfied.

  

	 	(b)	An increase in the Total Commitments will only be effective on: 

  

	 	(i)	the execution by the Facility Agent of an Increase Confirmation from the relevant Increase Lender and the Facility Agent shall execute an Increase Confirmation within five Business Days of receipt by it of an Increase
Confirmation duly executed by the Increase Lender; 

  

	 	(ii)	in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase, the performance by the Facility Agent of all necessary “know your customer” or other similar checks under all
applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender, the completion of which the Facility Agent shall promptly notify to the Company and the Increase Lender. 

 

	 	(c)	Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on
behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective. 

  

	 	(d)	The Company may (but shall be under no obligation to) pay to the Increase Lender a fee in the amount and at the times agreed between the Company and the Increase Lender in a letter between the Company and the Increase
Lender setting out that fee. A reference in this Agreement to a Fee Letter shall include any letter referred to in this paragraph. 

  
 - 25 - 

	 	(e)	Clause 24.5 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an Increase Lender as if references in that Clause to:

  

	 	(i)	an Existing Lender were references to all the Lenders immediately prior to the relevant increase; 

  

	 	(ii)	the New Lender were references to that Increase Lender; and 

  

	 	(iii)	a re-transfer and re-assignment were references to respectively a transfer and assignment. 

 

	2.3	Finance Parties’ rights and obligations 

  

	 	(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under
the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

  

	 	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a
separate and independent debt. 

  

	 	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

 

	2.4	Obligors’ agent 

  

	 	(a)	Each Obligor (other than the Company) by its execution of this Agreement or an Accession Letter irrevocably appoints the Company to act on its behalf as its agent in relation to the Finance Documents and irrevocably
authorises: 

  

	 	(i)	the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions (including, if relevant, any Utilisation Request), to
execute on its behalf any Accession Letter, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor
(including, without limitation, by increasing the obligations of such Obligor howsoever fundamentally, whether by increasing the liabilities guaranteed or otherwise), without further reference to or the consent of that Obligor; and

  

	 	(ii)	each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Company, 

and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without
limitation, any 

  
 - 26 - 

 
Utilisation Request) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. 

 

	 	(b)	Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligors’ agent or given to the Obligors’ agent under any
Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be
binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Obligors’ agent and any other Obligor, those of the
Obligors’ agent shall prevail. 

  

	3.	Purpose 

  

	3.1	Purpose 

 Each Borrower shall apply all amounts borrowed by it under the Facility towards
general corporate purposes of the Group. 
  

	3.2	Monitoring 

 No Finance Party is bound to monitor or verify the application of any amount
borrowed pursuant to this Agreement. 
  

	4.	Conditions of Utilisation 

  

	4.1	Initial conditions precedent 

 The Lenders will only be obliged to comply with
Clause 5.4 (Lenders’ participation) in relation to the first Utilisation if on or before the Utilisation Date for that Utilisation, the Facility Agent has received all of the documents and other evidence listed in Part A
(Conditions Precedent to Initial Utilisation) of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent. The Facility Agent shall notify the Company and the Lenders promptly upon being so satisfied.

  

	4.2	Further conditions precedent 

 The Lenders will only be obliged to comply with
Clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 
  

	 	(a)	in the case of a Rollover Loan, no notice has been served by the Facility Agent on the Company under Clause 23.13 (Acceleration) and, in the case of any other Loan, no Default is continuing or would result
from the proposed Loan; and 

  

	 	(b)	the Repeating Representations to be made by each Obligor are true in all material respects. 

  
 - 27 - 

	4.3	Conditions relating to Optional Currencies 

  

	 	(a)	A currency will constitute an Optional Currency in relation to a Loan if it is euro or Sterling or: 

  

	 	(i)	it is readily available in the amount required and freely convertible into the Base Currency in the Relevant Interbank Market on the Quotation Day and the Utilisation Date for that Loan; and 

 

	 	(ii)	it has been approved by the Facility Agent (acting on the instructions of all the Lenders) on or prior to receipt by the Facility Agent of the relevant Utilisation Request for that Loan. 

 

	 	(b)	If by the Specified Time the Facility Agent has received a written request from the Company for a currency to be approved under paragraph (a)(ii) above, the Facility Agent will notify the Lenders of that request by
the Specified Time. Based on any responses received by the Facility Agent by the Specified Time, the Facility Agent will confirm to the Company by the Specified Time: 

 

	 	(i)	whether or not the Lenders have granted their approval; and 

  

	 	(ii)	if approval has been granted, the minimum amount (and, if required, integral multiples) for any subsequent Utilisation in that currency. 

 

	4.4	Maximum number of Loans 

  

	 	(a)	A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 15 Loans would be outstanding. 

 

	 	(b)	Any Loan made by a single Lender under Clause 6.2 (Unavailability of a currency) shall not be taken into account in this Clause 4.4. 

 

	 	(c)	Any Separate Loan shall not be taken into account in this Clause 4.4. 

  

	5.	Utilisation 

  

	5.1	Delivery of a Utilisation Request 

 A Borrower may utilise the Facility by delivery to
the Facility Agent of a duly completed Utilisation Request not later than the Specified Time. 
  

	5.2	Completion of a Utilisation Request 

  

	 	(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	(ii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); 

  
 - 28 - 

	 	(iii)	the proposed Interest Period complies with Clause 10 (Interest Periods); and 

  

	 	(iv)	it specifies the account and bank (which must be in the principal financial centre of the country of the currency of the Utilisation or, in the case of euro, the principal financial centre of a Participating Member
State in which banks are open for general business on that day or London or, such other financial centre as the relevant Borrower, with the consent of the Facility Agent, may select) to which the proceeds of the Utilisation are to be credited.

  

	 	(b)	Only one Loan may be requested in each Utilisation Request. 

  

	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency. 

  

	 	(b)	The amount of the proposed Loan must be: 

  

	 	(i)	if the currency selected is the Base Currency, a minimum of $20,000,000 and in multiples of $1,000,000, or if less, the Available Facility; 

 

	 	(ii)	if the currency selected is Sterling, a minimum of £10,000,000 and in multiples of £1,000,000, or, if less the Available Facility; or 

 

	 	(iii)	if the currency selected is euro, a minimum of €15,000,000, and in multiples of €1,000,000, or if less, the Available Facility; or 

 

	 	(iv)	if the currency selected is an Optional Currency other than Sterling or euro, the minimum amount (and, if required, integral multiple) as agreed between the Facility Agent, the Lenders and the Company provided that if
no such agreement is reached between the Facility Agent, the Lenders and the Company the minimum amount shall be the equivalent at that time of $20,000,000 and multiples of $2,000,000, such amount to be rounded as reasonably determined by the
Facility Agent and notified to the Company; and 

  

	 	(v)	in any event such that its Base Currency Amount is less than or equal to the Available Facility. 

  

	5.4	Lenders’ participation 

  

	 	(a)	If the conditions set out in this Agreement have been met, and subject to Clause 7.1 (Repayment of Loans), each Lender shall make its participation in each Loan available by the Utilisation Date through its
Facility Office. 

  

	 	(b)	The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the Loan. 

  
 - 29 - 

	 	(c)	The Facility Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional Currency and shall notify each Lender of the amount, currency and the Base Currency Amount of each Loan and the
amount of its participation in that Loan, in each case by the Specified Time. 

  

	5.5	Cancellation of Commitment 

 The Commitments which, at that time, are unutilised shall be
immediately cancelled at the end of the Availability Period. 
  

	6.	Optional Currencies 

  

	6.1	Selection of currency 

 A Borrower (or the Company on behalf of a Borrower) shall select
the currency of a Loan in a Utilisation Request. 
  

	6.2	Unavailability of a currency 

 If before the Specified Time on any Quotation Day: 

 

	 	(a)	a Lender notifies the Facility Agent that the Optional Currency requested is not readily available to it in the amount required; or 

  

	 	(b)	a Lender notifies the Facility Agent that compliance with its obligation to participate in a Loan in the proposed Optional Currency would contravene a law or regulation applicable to it, 

the Facility Agent will give notice to the relevant Borrower to that effect by the Specified Time on that day. In this event, any Lender that
gives notice pursuant to this Clause 6.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender’s proportion of the Base Currency Amount or, in respect of a Rollover Loan, an amount equal to
that Lender’s proportion of the Base Currency Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the Base Currency during that Interest Period. 

 

	6.3	Participation in a Loan 

 Each Lender’s participation in a Loan will be determined
in accordance with paragraph (b) of Clause 5.4 (Lenders’ participation). 
  

	7.	Repayment 

  

	7.1	Repayment of Loans 

  

	 	(a)	Subject to paragraph (c) below, each Borrower which has drawn a Loan shall repay that Loan on the last day of its Interest Period. 

  
 - 30 - 

	 	(b)	Without prejudice to each Borrower’s obligation under paragraph (a) above, if one or more Loans are to be made available to a Borrower: 

 

	 	(i)	on the same day that a maturing Loan is due to be repaid by that Borrower; 

  

	 	(ii)	in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause 6.2 (Unavailability of a currency)); and 

 

	 	(iii)	in whole or in part for the purpose of refinancing the maturing Loan, 

 the aggregate amount of
the new Loans shall be treated as if applied in or towards repayment of the maturing Loan so that: 
  

	 	(A)	if the amount of the maturing Loan exceeds the aggregate amount of the new Loans: 

  

	 	(B)	the relevant Borrower will only be required to pay an amount in cash in the relevant currency equal to that excess; and 

  

	 	(C)	each Lender’s participation (if any) in the new Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender’s participation (if any) in the maturing
Loan and that Lender will not be required to make its participation in the new Loans available in cash; and 

  

	 	(D)	if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loans: 

  

	 	(I)	the relevant Borrower will not be required to make any payment in cash; and 

  

	 	(II)	each Lender will be required to make its participation in the new Loans available in cash only to the extent that its participation (if any) in the new Loans exceeds that Lender’s participation (if any) in the
maturing Loan and the remainder of that Lender’s participation in the new Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender’s participation in the maturing Loan.

  

	 	(c)	At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that Lender in the Loans then outstanding will be automatically extended to the Termination Date and will be
treated as separate Loans (the Separate Loans) denominated in the currency in which the relevant participations are outstanding. 

  

	 	(d)	A Borrower to whom a Separate Loan is outstanding may prepay that Loan by giving five Business Days’ prior notice to the Facility Agent. The Facility Agent will forward a copy of a prepayment notice received in
accordance with this paragraph (d) to the Defaulting Lender concerned as soon as practicable on receipt. 

  
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	 	(e)	Interest in respect of a Separate Loan will accrue for successive Interest Periods selected by the Borrower by the time and date specified by the Facility Agent (acting reasonably) and will be payable by that Borrower
to the Defaulting Lender on the last day of each Interest Period of that Separate Loan. 

  

	 	(f)	The terms of this Agreement relating to Loans generally shall continue to apply to Separate Loans other than to the extent inconsistent with paragraphs (c) to (e) above, in which case those paragraphs shall
prevail in respect of any Separate Loan. 

  

	7.2	Extension of the Termination Date 

  

	 	(a)	In this Agreement: 

 Extension Request means a written notice from the Company to
the Facility Agent requesting an extension to the Termination Date in accordance with this Clause 7.2. 
 First Extended
Termination Date means the date which is twelve Months after the Termination Date or, if such date is not a Business Day, the immediately preceding Business Day. 

Second Extended Termination Date means the date which is twelve Months after the First Extended Termination Date, or if such
date is not a Business Day, the immediately preceding Business Day. 
  

	 	(b)	The Company may, by delivering an irrevocable Extension Request to the Facility Agent not less than 30 days (and not more than 90 days) before the date falling 12 Months after the date of this Agreement,
request the extension of the Termination Date to the First Extended Termination Date. 

  

	 	(c)	The Company may, by delivering an irrevocable Extension Request to the Facility Agent not less than 30 days (and not more than 90 days) prior to the date falling 24 Months after the date of this
Agreement: 

  

	 	(i)	if previously extended pursuant to paragraph (b) above, request that each Lender extends the Termination Date to the Second Extended Termination Date; or 

 

	 	(ii)	if the Company has not requested (or if a Lender has not agreed to) an extension of the Termination Date pursuant to paragraph (b) above, request that each Lender extends the Termination Date to either the First
Extended Termination Date or the Second Extended Termination Date. 

  

	 	(d)	The Facility Agent will promptly notify each Lender if the Company delivers an Extension Request pursuant to paragraphs (b) or (c) above. 

 

	 	(e)	 The agreement to an extension of the Termination Date pursuant to paragraphs (b) or (c) above is at the sole discretion of each Lender. A
Lender who rejects an Extension Request or who does not respond to an Extension 

  
 - 32 - 

	 	
Request by the date falling 15 Business Days after the date the Extension Request is delivered to the Facility Agent will be repaid, and its Commitment will be cancelled, on the original
Termination Date or the First Extended Termination Date (as applicable). 

  

	8.	Prepayment and Cancellation 

  

	8.1	Illegality 

 If it becomes unlawful in any applicable jurisdiction for a Lender to
perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan: 
  

	 	(a)	that Lender shall promptly notify the Facility Agent upon becoming aware of that event; 

  

	 	(b)	upon the Facility Agent notifying the Company, the Commitment of that Lender will be immediately cancelled; and 

  

	 	(c)	each Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the Facility Agent has notified the Company or, if
earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law). 

 

	8.2	Change of control 

  

	 	(a)	If at any time any person or group of persons acting in concert gains control of the Company: 

  

	 	(i)	the Company shall promptly notify the Facility Agent upon becoming aware of that event; 

  

	 	(ii)	a Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan); and 

  

	 	(iii)	if a Lender so requires and notifies the Facility Agent within 30 days of the Company notifying the Facility Agent of the event, the Facility Agent shall, by not less than 30 days’ notice to the Company, cancel the
Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of that
Lender will be cancelled and all such outstanding amounts will become immediately due and payable. 

  

	 	(b)	For the purpose of paragraph (a) above control has the meaning given to it in section 1124 of the CTA 2010. 

  

	 	(c)	For the purpose of paragraph (a) above acting in concert has the meaning given to it in the City Code on Takeovers and Mergers. 

  
 - 33 - 

	8.3	Voluntary cancellation 

 The Company may, if it gives the Facility Agent not less than
three Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice in writing, cancel the whole or any part (being a minimum amount of $40,000,000 and in multiples of $10,000,000) of the Available Facility. Any
cancellation under this Clause 8.3 shall reduce the Commitments of the Lenders rateably. 
  

	8.4	Voluntary prepayment of Loans 

 A Borrower to which a Loan has been made, may, if it
gives the Facility Agent not less than three Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice in writing, prepay the whole or any part of a Loan (but, if in part, being an amount that reduces the Base
Currency Amount of the Loan by a minimum amount of $40,000,000 and in multiples of $10,000,000). Any prepayment of a Loan pursuant to this Clause 8.4 shall be applied pro rata to each Lender’s participation in that Loan. 

 

	8.5	Right of repayment and cancellation in relation to, or replacement of, a single Lender 

  

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 13.2 (Tax gross-up) or 

 

	 	(ii)	any Lender claims indemnification from the Company under Clause 13.3 (Tax indemnity) or Clause 14.1 (Increased costs) 

the Company may, whilst the circumstance giving rise to the requirement or indemnification continues, give the Facility Agent notice of: 

 

	 	(A)	cancellation of the Commitment of that Lender; and/or 

  

	 	(B)	its intention to procure the repayment of that Lender’s participation in the Loans; and/or 

  

	 	(C)	its intention to procure the repayment of that Lender’s participation in the Loans to the specified Borrower in relation to which an event referred to in paragraphs (i) or (ii) has occurred; and/or

  

	 	(D)	its intention to replace that Lender in accordance with paragraph (d) below. 

  

	 	(b)	On receipt of a notice referred to in paragraph (a) above (other than one providing only for repayment of the Lender’s participation in the Loans to a specified Borrower), the Commitment of that Lender shall
immediately be reduced to zero. 

  

	 	(c)	On the last day of each Interest Period which ends after the Company has given notice under paragraph (a) above (or, if earlier, the date specified by the Company in that notice), each Borrower (or, as the case may
be, the specified Borrower) to which a Loan is outstanding shall repay that Lender’s participation in that Loan. 

  
 - 34 - 

	 	(d)	The Company may, in the circumstances set out in paragraph (a) above, on five Business Days’ prior notice to the Facility Agent and that Lender, replace that Lender by requiring that Lender to (and, to the
extent permitted by law, that Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund
or other entity selected by the Company (which shall not be a member of the Group) and which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 24 (Changes to the
Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Loans and all accrued interest (to the extent that
the Facility Agent has not given a notification under Clause 24.9 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents. 

 

	 	(e)	The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions: 

  

	 	(i)	no Finance Party shall have any obligation to find a replacement Lender; 

  

	 	(ii)	any replacement pursuant to this Clause 8.5 (but subject to the other provisions of this Agreement) of a Lender which is the Facility Agent shall not affect its role as the Facility Agent; and 

 

	 	(iii)	any Lender replaced pursuant to this Clause 8.5 shall not be required to refund, or to pay or surrender to any other Lender, any of the fees or other amounts received by that Lender under any Finance Document.

  

	8.6	Replacement of a Non-Consenting Lender 

  

	 	(a)	In this Clause 8.6, Non-Consenting Lender means any Lender which does not agree to a consent, waiver or amendment if: 

 

	 	(i)	the Company or the Facility Agent has requested a consent under or waiver or amendment of any provision of any Finance Document; 

  

	 	(ii)	that consent, waiver or amendment requires the agreement of all the Lenders; and 

  

	 	(iii)	the Super-Majority Lenders have agreed to that consent, waiver or amendment. 

  

	 	(b)	If any Lender becomes a Non-Consenting Lender, the Company may, if it gives the Facility Agent and that Lender not less than 5 Business Days’ prior notice, arrange for
the transfer of the whole (but not part only) of that Lender’s Commitment and participations in the Utilisations at par to a new or existing Lender willing to accept that transfer and acceptable to the Company and the remaining Lenders.

  
 - 35 - 

	 	(c)	The replacement of a Lender pursuant to this Clause 8.6 shall be subject to the following conditions: 

  

	 	(i)	no Finance Party shall have any obligation to find a replacement Lender; 

  

	 	(ii)	any replacement of a Non-Consenting Lender must take place no later than 180 days after the earlier of (A) the date the Non-Consenting
Lender notified the Facility Agent of its refusal to agree to the relevant consent, waiver or amendment and (B) the deadline (being not less than 15 Business Days after the Lender received the request for the relevant consent, waiver or
amendment) by which the Non-Consenting Lender failed to reply to that request; and 

  

	 	(iii)	any Lender replaced pursuant to this Clause 8.6 shall not be required to refund, or to pay or surrender to any other Lender, any of the fees or other amounts received by that Lender under any Finance Document.

  

	 	(d)	Any replacement pursuant to this Clause 8.6 (but subject to the other provisions of this Agreement) of a Lender which is the Facility Agent shall not affect its role as the Facility Agent. 

 

	8.7	Right of cancellation in relation to a Defaulting Lender 

  

	 	(a)	If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent five Business Days’ notice of cancellation of that
Lender’s Available Commitment. 

  

	 	(b)	On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero. 

 

	 	(c)	The Facility Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. 

 

	8.8	Restrictions 

  

	 	(a)	Any notice of cancellation, prepayment or replacement given by any Party under this Clause 8 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon
which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

	 	(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty. 

  
 - 36 - 

	 	(c)	Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid may be reborrowed in accordance with the terms of this Agreement. 

 

	 	(d)	The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. 

 

	 	(e)	Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

 

	 	(f)	If the Facility Agent receives a notice under this Clause 8 it shall promptly forward a copy of that notice to either the Company or the affected Lender, as appropriate. 

 

	 	(g)	If all or part of any Lender’s participation in a Loan is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (Further conditions precedent)), an amount of that
Lender’s Commitments (equal to the Base Currency Amount of the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. 

 

	9.	Interest 

  

	9.1	Calculation of interest 

 The rate of interest on each Loan for each Interest Period is
the percentage rate per annum which is the aggregate of the applicable: 
  

	 	(a)	Margin; and 

  

	 	(b)	LIBOR or, in relation to any Loan in euro, EURIBOR. 

  

	9.2	Payment of interest 

 The Borrower to which a Loan has been made shall pay accrued
interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six monthly intervals after the first day of the Interest Period). 

 

	9.3	Default interest 

  

	 	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after
judgment) at a rate which, subject to paragraph (b) below, is the sum of 1 per cent. and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue
amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 9.3 shall be immediately payable by the Obligor on demand by the Facility Agent.

  
 - 37 - 

	 	(b)	If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: 

 

	 	(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and 

 

	 	(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be the sum of 1 per cent. and the rate which would have applied if the overdue amount had not become due.

  

	 	(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

  

	9.4	Notification of rates of interest 

  

	 	(a)	The Facility Agent shall promptly notify the Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement; 

 

	 	(b)	The Facility Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Loan. 

  

	10.	Interest Periods 

  

	10.1	Selection of Interest Periods 

  

	 	(a)	A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan. 

 

	 	(b)	Subject to this Clause 10, a Borrower (or the Company) may select an Interest Period of 1, 2, 3 or 6 Months or any other period agreed between the Company and the Facility Agent (acting on the instructions of
all the Lenders). 

  

	 	(c)	An Interest Period for a Loan shall not extend beyond the Termination Date. 

  

	 	(d)	A Loan has one Interest Period only. 

  

	 	(e)	Each Interest Period shall start on the Utilisation Date. 

  

	10.2	Non-Business Days 

 If an Interest Period would otherwise end on a day which is not a
Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	11.	Changes to the Calculation of Interest 

  

	11.1	Unavailability of Screen Rate 

  

	 	(a)	Interpolated Screen Rate: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR for the Interest Period of a Loan, the applicable LIBOR or EURIBOR shall be the Interpolated Screen Rate for a period
equal in length to the Interest Period of that Loan. 

  
 - 38 - 

	 	(b)	Shortened Interest Period: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR for: 

  

	 	(i)	for the currency of a Loan; or 

  

	 	(ii)	the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, 

the Interest Period of that Loan shall (if it is longer than the applicable Fallback Interest Period) be shortened to the applicable Fallback
Interest Period and the applicable LIBOR or EURIBOR for that shortened Interest Period shall be determined pursuant to the definition of LIBOR. 
  

	 	(c)	Shortened Interest Period and Historic Screen Rate: If the Interest Period of a Loan is, after giving effect to paragraph (b) above, either the applicable Fallback Interest Period or shorter than the
applicable Fallback Interest Period and, in either case, no Screen Rate is available for LIBOR or, if applicable, EURIBOR for: 

  

	 	(i)	the currency of that Loan; or 

  

	 	(ii)	the Interest Period of that Loan and it is not possible to calculate the Interpolated Screen Rate, 

the applicable LIBOR or EURIBOR shall be the Historic Screen Rate for that Loan. 

 

	 	(d)	Shortened Interest Period and Interpolated Historic Screen Rate: If paragraph (c) above applies but no Historic Screen Rate is available for the Interest Period of the Loan, the applicable LIBOR or EURIBOR
shall be the Interpolated Historic Screen Rate for a period equal in length to the Interest Period of that Loan. 

  

	 	(e)	Reference Bank Rate: If paragraph (d) above applies but it is not possible to calculate the Interpolated Historic Screen Rate, the Interest Period of that Loan shall, if it has been shortened pursuant to
paragraph (b) above, revert to its previous length and the applicable LIBOR or EURIBOR shall be the Reference Bank Rate as of the Specified Time for the currency of that Loan and for a period equal in length to the Interest Period of that Loan.

  

	 	(f)	Cost of funds: If paragraph (e) above applies but no Reference Bank Rate is available for the currency of that Loan or the relevant Interest Period there shall be no LIBOR or EURIBOR for that Loan and
Clause 11.4 (Cost of funds) shall apply to that Loan for that Interest Period. 

  

	11.2	Calculation of Reference Bank Rate 

  

	 	(a)	Subject to paragraph (b) below, if LIBOR or EURIBOR is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be
calculated on the basis of the quotations of the remaining Reference Banks. 

  
 - 39 - 

	 	(b)	If at or about noon on the Quotation Day, none or only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest Period. 

 

	11.3	Market disruption 

 If before close of business in London on the Quotation Day for the
relevant Interest Period the Facility Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to it of funding its participation in that Loan from whatever source it
may reasonably select would be in excess of LIBOR or, if applicable, EURIBOR then Clause 11.4 (Cost of funds) shall apply to that Loan for the relevant Interest Period. 

 

	11.4	Cost of funds 

  

	 	(a)	If this Clause 11.4 applies, the rate of interest on each Lender’s share of the relevant Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of: 

 

	 	(i)	the Margin; and 

  

	 	(ii)	the rate notified to the Facility Agent by that Lender as soon as practicable and in any event within 5 Business Days of the first day of that Interest Period (or, if earlier, on the date falling 5 Business Days before
the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its participation in that Loan from whatever source it may
reasonably select. 

  

	 	(b)	If this Clause 11.4 applies and the Facility Agent or the Company so requires, the Facility Agent and the Company shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a
substitute basis for determining the rate of interest. 

  

	 	(c)	Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Company, be binding on all Parties. 

 

	 	(d)	If this Clause 11.4 applies but any Lender does not supply a quotation by the time specified in paragraph (a)(ii) above the rate of interest applicable to that Lender shall be calculated on the basis of the quotations
of the remaining Lenders. 

  

	11.5	Break Costs 

  

	 	(a)	Each Borrower shall, within five Business Days of a demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other
than the last day of an Interest Period for that Loan or Unpaid Sum. 

  

	 	(b)	Each Lender shall, together with its demand provide a certificate confirming the amount and basis of calculation of its Break Costs for any Interest Period in which they accrue. 

  
 - 40 - 

	12.	Fees 

  

	12.1	Commitment fee 

  

	 	(a)	The Company shall pay to the Facility Agent (for the account of each Lender) a fee in the Base Currency computed on a day to day basis at a percentage rate per annum equal to 35 per cent. of the relevant Margin
which would apply to a Loan drawn on that day on that Lender’s Available Commitment for the Availability Period. 

  

	 	(b)	The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the Availability Period, on the last day of the Availability Period and, if cancelled in full, on the
cancelled amount of the relevant Lender’s Available Commitment at the time the cancellation is effective. 

  

	 	(c)	No commitment fee is payable to the Facility Agent (for the account of a Lender) on any Available Commitment of that Lender for any day on which that Lender is a Defaulting Lender. 

 

	12.2	Participation fee 

  

	 	The	Company shall pay, or shall procure that the same is paid, to the Facility Agent (for the account of each Original Lender) a fee in the amount and at the times agreed in a Fee Letter. 

 

	12.3	Utilisation Fee 

 The Borrower shall pay a utilisation fee which: 

 

	 	(a)	shall be calculated daily from the date of this Agreement and at the rate per annum (on the basis of a 360 day year) determined in accordance with the following table upon the daily Utilisation Level:

  

					
	 Utilisation Level (%)
	  	Rate
(%)	 
	 Equal to or lower than 33.34%
	  	 	0.10	  
	 Higher than 33.34% but equal to or lower than 66.67%
	  	 	0.20	  
	 Higher than 66.67%
	  	 	0.40	  

  

	 	(b)	shall be paid in arrear to the Facility Agent for the account of the Lenders on: 

  

	 	(i)	the date falling three months after the date of this Agreement; 

  

	 	(ii)	each date falling at three monthly intervals thereafter; and 

  

	 	(iii)	the Termination Date; and 

  

	 	(c)	shall be paid in arrear to the Facility Agent for the account of a particular Lender on the date on which that Lender’s participations in the Facility are repaid. 

  
 - 41 - 

	12.4	Agency fee 

 The Company shall pay, or procure that the same is paid, to the Facility
Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter. 
  

	13.	Tax Gross-Up and Indemnities 

  

	13.1	Definitions 

 In this Agreement: 

Borrower DTTP Filing means an HM Revenue & Customs’ Form DTTP2 duly completed and filed by the relevant Borrower,
which: 
  

	 	(a)	where it relates to a Treaty Lender that is an Original Lender, contains the scheme reference number and jurisdiction of tax residence stated opposite that Lender’s name in Part A of Schedule 1 (The Original
Parties (Other than UK Non-Bank Lenders)); and 

  

	 	(i)	where the Borrower is an Original Borrower, is filed with HM Revenue & Customs within 30 days of the date of this Agreement; or 

 

	 	(ii)	where the Borrower is an Additional Borrower, is filed with HM Revenue & Customs within 30 days of the date on which that Borrower becomes an Additional Borrower; or 

 

	 	(iii)	where it relates to a Treaty Lender that is a New Lender or an Increase Lender, contains the scheme reference number and jurisdiction of tax residence stated in respect of that Lender in the relevant Transfer
Certificate or Increase Confirmation; and 

  

	 	(b)	where the Borrower is a Borrower as at the relevant Transfer Date or Increase Date (as set out in the relevant Increase Confirmation), is filed with HM Revenue & Customs within 30 days of that Transfer Date or
Increase Date; or 

  

	 	(c)	where the Borrower is not a Borrower as at the relevant Transfer Date or Increase Date, is filed with HM Revenue & Customs within 30 days of the date on which that Borrower becomes an Additional Borrower.

 Protected Party means a Finance Party which is or will be subject to any liability, or required to make any
payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. 

Qualifying Lender means: 
  

	 	(a)	a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: 

 

	 	(i)	a Lender: 

  

	 	(A)	 which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance Document and is within the charge to United
Kingdom corporation tax as 

  
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respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA 2009; or 

in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at
the time that that advance was made, 
  

	 	(B)	and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or 

  

	 	(ii)	a Lender which is: 

  

	 	(A)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(B)	a partnership each member of which is: 

  

	 	(I)	a company so resident in the United Kingdom; or 

  

	 	(II)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (for the purposes of
section 19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA 2009; or 

  

	 	(C)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA 2009) of that company; or 

  

	 	(D)	a Treaty Lender; or 

  

	 	(iii)	a Lender which is a building society (as defined for the purposes of section 880 of the ITA) making an advance under a Finance Document. 

Tax Confirmation means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in
respect of an advance under a Finance Document is either: 
  

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; or 

  

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  
 - 43 - 

	 	(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
section 19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA 2009; or 

  

	 	(c)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA 2009) of that company. 

 Tax Credit means a
credit against, relief or remission for, or repayment of any Tax. 
 Tax Deduction means a deduction or withholding for or on
account of Tax from a payment under a Finance Document other than a FATCA Deduction. 
 Tax Payment means either the increase
in a payment made by an Obligor to a Finance Party under Clause 13.2 (Tax gross-up) or a payment under Clause 13.3 (Tax indemnity). 

Treaty Lender means a Lender which: 
  

	 	(a)	is treated as a resident of a Treaty State for the purposes of the Treaty; 

  

	 	(b)	does not carry on a business in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loans is effectively connected; and 

 

	 	(c)	fulfils any conditions which must be fulfilled under the double taxation agreement for residents of that Treaty State to obtain exemption from United Kingdom taxation on interest (subject to the completion of any
necessary procedural formalities). 

 Treaty State means a jurisdiction having a double taxation agreement (a
Treaty) with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest. 

UK Non-Bank Lender means: 
  

	 	(a)	where a Lender becomes a Party on the day on which this Agreement is entered into, a Lender listed in Part B of Schedule 1 (The Original Parties (UK Non-Bank Lenders)); and 

 

	 	(b)	where a Lender becomes a Party after the day on which this Agreement is entered into, a Lender which gives a Tax Confirmation in the Increase Confirmation or Transfer Certificate which it executes on becoming a Party.

 Unless a contrary indication appears, in this Clause 13 a reference to determines or
determined means a determination made in the absolute discretion of the person making the determination. 

  
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	13.2	Tax gross-up 

  

	 	(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

  

	 	(b)	The Company shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a
Lender shall promptly notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall promptly notify the Company and that Obligor.

  

	 	(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the
payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of tax imposed by the United Kingdom, if on the date on which the payment falls due: 

 

	 	(i)	the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a
result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty, or any published practice or published concession of any relevant taxing authority; or

  

	 	(ii)	the relevant Lender is a Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition of Qualifying Lender; 

  

	 	(A)	an officer of HM Revenue & Customs has given (and not revoked) a direction (a Direction) under section 931 of the ITA which relates to the payment and that Lender has received from the Obligor making the
payment or from the Company a certified copy of that Direction; and 

  

	 	(B)	the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or 

  

	 	(iii)	the relevant Lender is a Qualifying Lender solely by virtue of (a)(ii) of the definition of Qualifying Lender and: 

  

	 	(A)	the relevant Lender has not given a Tax Confirmation to the Company; and 

  

	 	(B)	 the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Company, on the basis that
the Tax Confirmation 

  
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would have enabled the Company to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the ITA; or 

 

	 	(iv)	the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that (assuming the completion of all necessary procedural formalities by the Obligor) the payment could have been made to
the Lender without the Tax Deduction had that Lender complied with its obligations under paragraph (g) or (h) (as applicable) below; or 

  

	 	(v)	the Tax Deduction is required as a result of a direction under regulation 9(b) of SI 1970/488 and the application of regulation 9(b) to that Lender does not result from a change after it became a Lender in (or the
interpretation, administration or application of) any law or Treaty, or any published practice or concession of any relevant taxing authority. 

  

	 	(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by
law. 

  

	 	(f)	Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled
to the payment a statement under section 975 of the ITA or evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

  

	 	(g)	     

  

	 	(i)	Subject to paragraph (ii) below, a Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in promptly completing any procedural formalities (including
completing and submitting appropriate documents to the applicable tax authorities) necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. 

 

	 	(ii)	     

  

	 	(A)	A Treaty Lender which becomes a Party on the day on which this Agreement is entered into that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall
confirm its scheme reference number and its jurisdiction of tax residence opposite its name in Part A of Schedule 1 (The Original Parties (Other than UK Non-Bank Lenders)); and 

 

	 	(B)	 a New Lender or Increase Lender that is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport

  
 - 46 - 

	 	
scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the Transfer Certificate or Increase
Confirmation which it executes, 

 and having done so, that Lender shall be under no obligation pursuant to paragraph
(i) above. 
  

	 	(iii)	Each Lender severally warrants to the Company that it is a Qualifying Lender on the date it becomes a Party to this Agreement. If at any time after this Agreement is entered into any Lender becomes aware that it is not
and will not or will cease to be a Qualifying Lender, it shall promptly notify the Facility Agent and the Company. 

  

	 	(h)	If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with paragraph (g)(ii) above and: 

 

	 	(i)	a Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that Lender; or 

  

	 	(ii)	a Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender but: 

  

	 	(A)	that Borrower DTTP Filing has been rejected by HM Revenue & Customs; or 

  

	 	(B)	HM Revenue & Customs has not given the Borrower authority to make payments to that Lender without a Tax Deduction within 60 days of the date of the Borrower DTTP Filing, 

and in each case, the Borrower has notified that Lender in writing, that Lender and the Borrower shall co-operate in completing any additional
procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction. 
  

	 	(i)	If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with paragraph (g)(ii) above, no Obligor shall make a Borrower DTTP Filing or file any other form relating to the
HMRC DT Treaty Passport scheme in respect of that Lender’s Commitment or its participation in any Loan unless the Lender otherwise agrees. 

  

	 	(j)	A Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the Facility Agent for delivery to the relevant Lender. 

 

	 	(k)	A UK Non-Bank Lender which becomes a Party on the day on which this Agreement is entered into gives a Tax Confirmation to the Company by entering into this Agreement. 

  
 - 47 - 

	 	(l)	A UK Non-Bank Lender shall promptly notify the Company and the Facility Agent if there is any change in the position from that set out in the Tax Confirmation. 

 

	13.3	Tax indemnity 

  

	 	(a)	The Company shall (within five Business Days of demand by the Facility Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly
or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

  

	 	(b)	Paragraph (a) above shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or
receivable) by that Finance Party; 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Clause 13.2 (Tax gross-up); or 

  

	 	(B)	would have been compensated for by an increased payment under Clause 13.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in paragraph (d) of Clause 13.2 (Tax
gross-up) applied; or 

  

	 	(C)	relates to a FATCA Deduction required to be made by a Party; or 

  

	 	(iii)	to the extent that such loss, liability or cost has not been notified to the Company by the relevant Finance Party within two Months of such Finance Party becoming aware of the existence of the same. 

 

	 	(c)	A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility
Agent shall promptly notify the Company. 

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 13.3, notify the Facility Agent. 

  
 - 48 - 

	13.4	Tax Credit 

 If an Obligor makes a Tax Payment and the relevant Finance Party determines
that: 
  

	 	(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and 

 

	 	(b)	that Finance Party has obtained and utilised that Tax Credit, 

 the Finance Party shall pay an
amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. 

 

	13.5	Lender status confirmation 

  

	 	(a)	Each Lender which becomes a Party to this Agreement after the date of this Agreement shall indicate, in the Transfer Certificate or Increase Confirmation which it executes on becoming a Party, and for the benefit of the
Facility Agent and without liability to any Obligor, which of the following categories it falls in: 

  

	 	(i)	not a Qualifying Lender; 

  

	 	(ii)	a Qualifying Lender (other than a Treaty Lender); or 

  

	 	(iii)	a Treaty Lender. 

  

	 	(b)	If a New Lender fails to indicate its status in accordance with this Clause 13.5 then such New Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying
Lender until such time as it notifies the Facility Agent which category applies (and the Facility Agent, upon receipt of such notification, shall inform the Company). For the avoidance of doubt, a Transfer Certificate or Increase Confirmation shall
not be invalidated by any failure of a Lender to comply with this Clause 13.5. 

  

	13.6	Stamp taxes 

 The Company shall pay and, within five Business Days of demand, indemnify
each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 

 

	13.7	Value added tax 

  

	 	(a)	 All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration
for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party
under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other

  
 - 49 - 

	 	
consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party). 

 

	 	(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (the Supplier) to any other Finance Party (the Recipient) under a Finance Document, and any Party other than the
Recipient (the Relevant Party) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect
of that consideration): 

  

	 	(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to
the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably
determines relates to the VAT chargeable on that supply; and 

  

	 	(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT
chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. 

 

	 	(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such
cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. 

 

	 	(d)	Any reference in this Clause 13.7 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to
the representative member of such group at such time (the term representative member to have the same meaning as in the Value Added Tax Act 1994). 

  

	 	(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that
Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply. 

  
 - 50 - 

	13.8	FATCA Information 

  

	 	(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party: 

  

	 	(i)	confirm to that other Party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; 

  

	 	(ii)	supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA;
and 

  

	 	(iii)	supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party’s compliance with any other law,
regulation, or exchange of information regime. 

  

	 	(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall
notify that other Party reasonably promptly. 

  

	 	(c)	Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a
breach of: 

  

	 	(i)	any law or regulation; 

  

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality. 

  

	 	(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance
of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the
requested confirmation, forms, documentation or other information. 

  

	13.9	FATCA Deduction 

  

	 	(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  
 - 51 - 

	 	(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and,
in addition, shall notify the Company and the Facility Agent and the Facility Agent shall notify the other Finance Parties. 

  

	14.	Increased Costs 

  

	14.1	Increased costs 

  

	 	(a)	Subject to Clause 14.3 (Exceptions) the Company shall, within five Business Days of a demand by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that
Finance Party or any of its Affiliates as a result of: (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; (ii) compliance with any law or regulation made after the
date of this Agreement; or (iii) the implementation or application of, or compliance with, Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV other than to the extent that a Finance Party (A) was,
or reasonably should have been, aware of such Increased Cost and (B) was able or should reasonably have been able to calculate and assess the amount of such Increased Cost, in each case, on the date on which it becomes a Finance Party.

  

	 	(b)	In this Agreement Increased Costs means: 

  

	 	(i)	a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital; 

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or
suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 

 

	14.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 14.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly
notify the Company. 

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount and reasonable details of the basis therefor. 

  
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	14.3	Exceptions 

  

	 	(a)	Clause 14.1 (Increased costs) does not apply to the extent any Increased Cost is: 

  

	 	(i)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(ii)	attributable to a FATCA Deduction required to be made by a Party; 

  

	 	(iii)	compensated for by Clause 13.3 (Tax indemnity) (or would have been compensated for under Clause 13.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph
(b) of Clause 13.3 (Tax indemnity) applied); 

  

	 	(iv)	attributable to the negligence or wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or 

  

	 	(v)	attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on
Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III) (Basel II) or any other law or regulation which implements Basel II (whether such
implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). 

  

	 	(b)	In this Clause 14.3, a reference to a Tax Deduction has the same meaning given to the term in Clause 13.1 (Definitions). 

 

	15.	Other Indemnities 

  

	15.1	Currency indemnity 

  

	 	(a)	If any sum due from an Obligor under the Finance Documents (a Sum), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the First Currency) in which
that Sum is payable into another currency (the Second Currency) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against that Obligor; 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

that Obligor shall as an independent obligation, within five Business Days of demand, indemnify each Finance Party to whom that Sum is due
against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or
rates of exchange available to that person at the time of its receipt of that Sum. 

  
 - 53 - 

	 	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	15.2	Other indemnities 

 The Company shall (or shall procure that an Obligor will), within
five Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 28 (Sharing among the Finance
Parties); 

  

	 	(c)	funding, or making arrangements to fund, its participation in a Loan requested by a Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other
than by reason of default or negligence by that Finance Party alone); or 

  

	 	(d)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Company. 

  

	15.3	Indemnity to the Facility Agent 

 The Company shall promptly indemnify the Facility Agent
against any cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of: 
  

	 	(a)	investigating any event which it reasonably believes is an Event of Default; or 

  

	 	(b)	acting or relying on any notice, request or instruction made by an Obligor which it reasonably believes to be genuine, correct and appropriately authorised. 

 

	16.	Mitigation by the Lenders 

  

	16.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of Clause 8.1 (Illegality), Clause 13 (Tax gross-up and indemnities), Clause 14 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents
to another Affiliate or Facility Office. 

  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

  
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	16.2	Limitation of liability 

  

	 	(a)	The Company shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 16.1 (Mitigation). 

 

	 	(b)	A Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 

 

	17.	Costs and Expenses 

  

	17.1	Transaction expenses 

 The Company shall promptly on demand pay the Facility Agent and
the Arranger the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by any of them (subject to a maximum in respect of legal fees as agreed with the Company) in connection with the negotiation, preparation,
printing and execution of: 
  

	 	(a)	this Agreement and any other documents referred to in this Agreement; and 

  

	 	(b)	any other Finance Documents executed after the date of this Agreement. 

  

	17.2	Amendment costs 

 If (a) an Obligor requests an amendment, waiver or consent or
(b) an amendment is required pursuant to Clause 29.10 (Change of currency), the Company shall, within five Business Days of demand, reimburse the Facility Agent for the amount of all reasonable costs and expenses (including
legal fees) reasonably incurred by the Facility Agent in evaluating, negotiating or complying with that request. 
  

	17.3	Enforcement costs 

 The Company shall, within five Business Days of demand, pay to each
Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 

 

	18.	Guarantee and Indemnity 

  

	18.1	Guarantee and indemnity 

 Each Guarantor irrevocably and unconditionally jointly and
severally: 
  

	 	(a)	guarantees to each Finance Party punctual performance by each Borrower of all that Borrower’s payment obligations under the Finance Documents; 

 

	 	(b)	undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was the
principal obligor; and 

  
 - 55 - 

	 	(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on
demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would
have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 18 if the amount claimed had been recoverable on the basis of a guarantee. 

 

	18.2	Continuing guarantee 

 This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	18.3	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation,
administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 18 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	18.4	Waiver of defences 

 The obligations of each Guarantor under this Clause 18 will not
be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 18 (without limitation and whether or not known to it or any Finance Party) including: 

 

	 	(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person; 

  

	 	(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person; 

 

	 	(e)	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance
Document or any other document or security including without 

  
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limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;

  

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or 

 

	 	(g)	any insolvency or similar proceedings. 

  

	18.5	Immediate recourse 

 Each Guarantor waives any right it may have of first requiring any
Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 18. This waiver applies irrespective of any
law or any provision of a Finance Document to the contrary. 
  

	18.6	Appropriations 

 Until all amounts which may be or become payable by the Obligors under
or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such
manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor’s liability under this Clause 18. 

 

	18.7	Deferral of Guarantors’ rights 

  

	 	(a)	Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, no Guarantor will
exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 18: 

 

	 	(i)	to be indemnified by an Obligor; 

  

	 	(ii)	to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance Documents; 

  

	 	(iii)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in
connection with, the Finance Documents by any Finance Party; 

  
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	 	(iv)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under
Clause 18.1 (Guarantee and Indemnity); 

  

	 	(v)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(vi)	to claim or prove as a creditor of any Obligor in competition with any Finance Party. 

  

	 	(b)	If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to
the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for
application in accordance with Clause 29 (Payment mechanics). 

  

	18.8	Release of Guarantors’ right of contribution 

 If any Guarantor (a Retiring
Guarantor) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: 

 

	 	(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the
performance by any other Guarantor of its obligations under the Finance Documents; and 

  

	 	(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of
any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

  

	18.9	Additional security 

 This guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Finance Party. 
  

	19.	Representations 

 Each Obligor makes the representations and warranties set out in this
Clause 19 to each Finance Party, on the date of this Agreement. 

  
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	19.1	Status 

  

	 	(a)	It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

  

	 	(b)	It and each of its Material Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

  

	19.2	Binding obligations 

 The obligations expressed to be assumed by it in each Finance
Document are subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 25 (Changes to the
Obligors) legal, valid, binding and enforceable obligations. 
  

	19.3	Non-conflict with other obligations 

 The entry into and performance by it of, and the
transactions contemplated by, the Finance Documents do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries’ assets breach of which would have a Material Adverse Effect. 

 

	19.4	Power and authority 

 It has the power to enter into, perform and deliver, and has taken
all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 

 

	19.5	Validity and admissibility in evidence 

 All Authorisations required: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party; and 

 

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect (or, in each case, will be when required). 

 

	19.6	No default 

  

	 	(a)	No Event of Default is continuing or could reasonably be expected to result from the making of any Utilisation. 

  

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries’)
assets are subject which has or could reasonably be expected to have a Material Adverse Effect. 

  
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	19.7	Financial statements 

  

	 	(a)	The Original Financial Statements were prepared in accordance with IFRS consistently applied. 

  

	 	(b)	The Original Financial Statements fairly represent the consolidated financial condition and operations of the Group during the relevant financial period. 

 

	 	(c)	There has been no material adverse change in the business or financial condition of the Group since 31 December 2014. 

  

	19.8	Pari passu ranking 

 Its payment obligations under the Finance Documents rank at least
pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

 

	19.9	No proceedings pending or threatened 

 No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency which are reasonably likely to be adversely determined and, if adversely determined, could be reasonably likely to have a Material Adverse Effect have (to the best of its knowledge and
belief) been started or threatened against it or any of its Subsidiaries. 
  

	19.10	No misleading information 

  

	 	(a)	Any written factual information provided by or on behalf of any member of the Group for the purposes of the entry into of this Agreement by a Finance Party, was true and accurate in all material respects as at the date
it was provided or as at the date (if any) at which it is stated. 

  

	 	(b)	Nothing has occurred since the date of delivery of, or been omitted from, the factual information referred to in paragraph (a) above and no information has been given or withheld that results in the information
referred to in paragraph (a) being untrue or misleading in any material respect. 

  

	 	(c)	The representations and warranties in this Clause 19.10 are made by the Company only. 

  

	19.11	Sanctions 

 Neither it nor any of its Subsidiaries is, or is majority-owned or controlled
by, a Sanctioned Person, and no officer or director of any such Obligor or Subsidiary is a Sanctioned Person. 

  
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	19.12	Repetition 

 The Repeating Representations are deemed to be made by each Obligor by
reference to the facts and circumstances then existing on: 
  

	 	(a)	the date of each Utilisation Request and the first day of each Interest Period; and 

  

	 	(b)	in the case of an Additional Obligor, the day on which the company becomes (or it is proposed that the company becomes) an Additional Obligor. 

 

	20.	Information Undertakings 

 The undertakings in this Clause 20 remain in force from
the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	20.1	Financial statements 

 The Company shall supply to the Facility Agent in sufficient
copies for all the Lenders: 
  

	 	(a)	as soon as the same become available, but in any event within 120 days after the end of each of its financial years: 

  

	 	(i)	its audited consolidated financial statements for that financial year; and 

  

	 	(ii)	the financial statements of each Obligor for that financial year (which shall be audited if that Obligor produces audited financial statements); and 

 

	 	(b)	as soon as the same become available, but in any event within 90 days after the end of the first half of each of its financial years, its consolidated financial statements for that financial half year.

  

	20.2	Compliance Certificate 

  

	 	(a)	The Company shall supply to the Facility Agent, with each set of financial statements delivered pursuant to paragraph (a)(i) or (b) of Clause 20.1 (Financial statements), a Compliance Certificate
setting out: 

  

	 	(i)	(in reasonable detail) computations as to compliance with Clause 21 (Financial covenants); and 

  

	 	(ii)	an updated list of Material Subsidiaries, 

 in each case, as at the date at which those
financial statements were drawn up. 
  

	 	(b)	Each Compliance Certificate shall be signed by a director or an authorised signatory on behalf of the Company. 

  

	20.3	Margin Certificate 

  

	 	(a)	The Company shall supply to the Facility Agent a Margin Certificate within 80 days of each Quarter Date setting out a computation of the Margin Ratio. 

 

	 	(b)	Each Margin Certificate shall be signed by a director on behalf of the Company. 

  
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	20.4	Requirements as to financial statements 

  

	 	(a)	Each set of financial statements delivered by the Company pursuant to paragraph (a) of Clause 20.1 (Financial statements) shall be certified by an authorised signatory on behalf of the relevant company
as fairly representing its (or, as the case may be, its consolidated) financial condition and operations as at the end of and for the period in relation to which those financial statements were drawn up. 

 

	 	(b)	The Company shall procure that each set of financial statements of the Group delivered pursuant to Clause 20.1 (Financial statements) is prepared using IFRS and it shall deliver to the Facility Agent:

  

	 	(i)	sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether Clause 21 (Financial covenants) has been complied with and
make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements; and 

  

	 	(ii)	a description of any change necessary for those financial statements to reflect the Applicable Accounting Principles upon which the Original Financial Statements were prepared. 

 

	 	(c)	Any reference in this Agreement to the financial statements of the Group delivered pursuant to Clause 20.1 (Financial statements) shall be construed as a reference to those financial statements as adjusted
to reflect the Applicable Accounting Principles and, if applicable, any amendments pursuant to paragraph (d) below. 

  

	 	(d)	The Company may at any time notify the Facility Agent that there has been a change in accounting practices applied or accounting principles in force in relation to a set of financial statements from the Applicable
Accounting Principles upon which the Original Financial Statements were prepared, in which case the Company and the Facility Agent shall negotiate in good faith for not less than 30 days with a view to agreeing: 

 

	 	(i)	any amendments to Clause 20.1 (Financial statements) and any of the definitions of terms used therein as are necessary to provide the Lenders and the Company comparable protection to that contemplated at the
date of this Agreement; and 

  

	 	(ii)	any other amendments to this Agreement which are necessary to ensure that the adoption by the Group of different accounting practices or principles does not result in any material alteration to the commercial effect of
the obligations of any Obligor under this Agreement. 

 If amendments satisfactory to the Majority Lenders (acting reasonably)
are so agreed in writing by the Company and the Facility Agent, those amendments shall take effect in accordance with the terms of that agreement. 

  
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	20.5	Information: miscellaneous 

 The Company shall supply to the Facility Agent (in
sufficient copies for all the Lenders, if the Facility Agent so requests): 
  

	 	(a)	all documents dispatched by the Company to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

 

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any member of the Group, and which might, if adversely
determined, have a Material Adverse Effect; and 

  

	 	(c)	promptly, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party (through the Facility Agent) may reasonably request except to the extent that
disclosure of the information would breach any law regulation, stock exchange requirement or duty of confidentiality. 

  

	20.6	Notification of default 

  

	 	(a)	Each Obligor shall notify the Facility Agent of any Default and the steps, if any, being taken to remedy it promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already
been provided by another Obligor). 

  

	 	(b)	Promptly upon a request by the Facility Agent, the Company shall supply to the Facility Agent a certificate signed by a director or authorised signatory on its behalf certifying that no Default is continuing (or if
continuing, specifying the steps, if any, being taken to remedy it). 

  

	20.7	Use of websites 

  

	 	(a)	The Company may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the Website Lenders) who accept this method of communication by posting this information
onto an electronic website designated by the Company and the Facility Agent (the Designated Website) if: 

  

	 	(i)	the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method; 

 

	 	(ii)	the Company and the Facility Agent are aware of the address of and any relevant password specifications for the Designated Website; and 

 

	 	(iii)	the information is in a format previously agreed between the Company and the Facility Agent. 

If any Lender (a Paper Form Lender) does not agree to the delivery of information electronically then the Facility Agent shall
notify the Company accordingly and the Company shall supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Company shall supply the Facility Agent with at least one copy in
paper form of any information required to be provided by it. 

  
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	 	(b)	The Facility Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Company and the Facility Agent.

  

	 	(c)	The Company shall promptly upon becoming aware of its occurrence notify the Facility Agent if: 

  

	 	(i)	the Designated Website cannot be accessed due to technical failure; 

  

	 	(ii)	the password specifications for the Designated Website change; 

  

	 	(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated Website; 

  

	 	(iv)	any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or 

  

	 	(v)	the Company becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software. 

 

	 	(d)	If the Company notifies the Facility Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Company under this Agreement after the date of that notice shall be supplied
in paper form unless and until the Facility Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing. 

 

	 	(e)	Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. The Company shall comply with any
such request within ten Business Days. 

  

	20.8	“Know your customer” checks 

  

	 	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; 

 

	 	(ii)	any change in the status of an Obligor after the date of this Agreement; or 

  

	 	(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, 

obliges the Facility Agent or any Lender (or, in the case of paragraph (iii) above any prospective new Lender) to comply with “know
your customer” or similar identification procedures in circumstances where the necessary information is not 

  
 - 64 - 

 
already available to it, each Obligor shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably
requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Facility Agent, such
Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws
and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

	 	(b)	Each Lender shall promptly upon the request of the Facility Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself) in order for the
Facility Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

  

	 	(c)	The Company shall, by not less than five Business Days’ prior written notice to the Facility Agent, notify the Facility Agent (which shall promptly notify the Lenders) of its intention to request that one of its
Subsidiaries becomes an Additional Obligor pursuant to Clause 25 (Changes to the Obligors). 

  

	 	(d)	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Obligor obliges the Facility Agent or any Lender to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is not already available to it, the Company shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Facility Agent or such Lender or any prospective new Lender to
carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor.

  

	21.	Financial Covenants 

  

	21.1	Financial Condition 

 The Company shall ensure that: 

 

	 	(a)	the ratio of EBITDA to Net Interest Payable for each Relevant Period will not be less than 3.50:1; and 

  

	 	(b)	the ratio of Net Borrowings as at the last day of each Relevant Period to EBITDA for that Relevant Period will not be more than 3.50:1, where EBITDA for the purpose of this covenant shall be adjusted to take into
account the pro forma impact of any acquisitions or disposals (other than disposals of Managed Assets) made during the Relevant Period by a member of the Group. 

  
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	21.2	Financial covenant calculations 

 For the purposes of this Agreement, Borrowings
(including Financial Indebtedness for the purpose of calculating Borrowings), EBITDA, Net Borrowings and Net Interest Payable shall be: 
  

	 	(a)	calculated and interpreted on a consolidated basis in accordance with the Applicable Accounting Principles of the Company and shall be expressed in the currency in which the relevant financial statements of the Group
delivered under Clause 20.1 (Financial statements) are presented; and 

  

	 	(b)	extracted (except as needed to reflect the terms of this Clause 21) from the financial statements of the Group delivered under Clause 20.1 (Financial statements) and Clause 20.2 (Compliance
Certificate). 

  

	21.3	Definitions 

 In this Agreement: 

Borrowings means, as at any particular time, the aggregate outstanding principal, capital or nominal amount (and any fixed or
minimum premium payable on redemption) of the Financial Indebtedness of members of the Group, other than: 
  

	 	(a)	any indebtedness referred to in paragraph (g) of the definition of Financial Indebtedness; 

  

	 	(b)	any Project Finance Indebtedness; and 

  

	 	(c)	any indebtedness referred to in paragraphs (i) and (j) of the definition of Financial Indebtedness except to the extent any such obligation or liability specified in such paragraphs has been provided for
in the financial statements of the Group delivered under Clause 20.1 (Financial statements) or is disclosed as a contingency in the notes thereto and is quantified, 

and deducting, to the extent included, amounts attributable to interests of third parties in members of the Group. 

For this purpose, any amount outstanding or repayable in a currency other than US Dollars shall on that day be taken into account in its US
Dollar equivalent at the rate of exchange that would have been used had an audited consolidated balance sheet of the Group been prepared as at that day in accordance with IFRS as applicable to the Original Financial Statements and taking into
account the mark-to-market value of any derivative instruments taken out by a member of the Group specifically to hedge currency movements of any Financial Indebtedness otherwise constituting Borrowings and not denominated in US Dollars. 

Cash means any credit balances on any deposit, savings, current or other account, and any cash in hand, which is: 

 

	 	(a)	freely withdrawable on demand; 

  
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	 	(b)	not subject to any Security (other than permitted pursuant to Clause 22.3 (Negative pledge)); 

  

	 	(c)	denominated and payable in freely transferable and freely convertible currency; and 

  

	 	(d)	capable of being remitted to an Obligor in the United Kingdom. 

 Cash Equivalents
means short-term, highly liquid investments that are readily convertible to known amounts of cash and which have contractual maturities of three months or less (including, for the avoidance of doubt, any money market instruments, investments in
money market funds and repo agreements and any similar investments invested through a custodian in segregated mandates). 

EBITDA means, in relation to any Relevant Period, the total consolidated operating profit of the Group for that Relevant Period:

  

	 	(a)	before taking into account: 

  

	 	(i)	Net Interest Payable; 

  

	 	(ii)	Tax; and 

  

	 	(iii)	all exceptional items; and 

  

	 	(b)	after adding back all amounts provided for depreciation and amortisation; and 

  

	 	(c)	deducting, to the extent included, amounts attributable to interests of third parties in members of the Group. 

Net Borrowings means, as at any particular time, Borrowings less Cash and Cash Equivalents. 

Net Interest Payable means, in relation to any Relevant Period, the aggregate amount of interest and any other finance charges
accrued by the Group in that Relevant Period in respect of Borrowings including: 
  

	 	(a)	the interest element of leasing and hire purchase payments; 

  

	 	(b)	commitment fees, commissions and guarantee fees; and 

  

	 	(c)	amounts in the nature of interest payable in respect of any shares other than equity share capital, 

adjusted (but without double counting) by: 
  

	 	(i)	deducting interest income of the Group in respect of that Relevant Period; 

  

	 	(ii)	adding back the net amount payable (or deducting the net amount receivable) by members of the Group in that Relevant Period as a result of close-out or termination of any interest or (so far as they relate to interest)
currency hedging activities; 

  
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	 	(iii)	adding back the amount payable as a premium on any bond buy-back by members of the Group in that Relevant Period; 

  

	 	(iv)	deducting, to the extent included, the amount payable by members of the Group in that Relevant Period for arrangement or related fees in respect of Borrowings including, for the avoidance of doubt, any unamortised fees
to be written-off in respect of the Existing Facility (to include, for the avoidance of doubt, underwriting, syndication and fees of a similar nature); and 

  

	 	(v)	deducting, to the extent included, the amount of interest and other finance charges attributable to interests of third parties in members of the Group and adjusting, as appropriate, the additions or deductions specified
in paragraphs (i) to (iv) (inclusive) above as a consequence of interests of third parties in members of the Group, 

but shall exclude in relation to the Relevant Period (A) net mark-to-market gains or losses on revaluation of financial instruments, and
(B) for the avoidance of doubt, any amount of interest paid to the Group’s loyalty programme on the accumulated balance of cash received in advance of the redemption of loyalty points awarded. 

Relevant Period means: 
  

	 	(a)	each financial year of the Company; and 

  

	 	(b)	each period beginning on the first day of the second half of a financial year of the Company and ending on the last day of the first half of its next financial year. 

 

	22.	General Undertakings 

 The undertakings in this Clause 22 remain in force from the
date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	22.1	Authorisations 

 Each Obligor shall promptly: 

 

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Facility Agent of, 

 any Authorisation required under any law or
regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance
Document. 

  
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	22.2	Compliance with laws 

 Each Obligor shall comply with all laws to which it may be
subject, if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents. 
  

	22.3	Negative pledge 

  

	 	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets. 

 

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	any Security listed in Schedule 8 (Security) except to the extent the principal amount secured by that Security exceeds the amount stated in that Schedule; 

 

	 	(ii)	any cash management, netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances; 

 

	 	(iii)	any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered into by a member of the Group for the purpose of: 

 

	 	(A)	hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or 

  

	 	(B)	its interest rate or currency management operations which are carried out in the ordinary course of business and for non-speculative purposes only, 

excluding, in each case, any Security under a credit support arrangement in relation to a hedging transaction; 

 

	 	(iv)	any lien arising by operation of law and in the ordinary course of business; 

  

	 	(v)	any Security resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock exchange; 

 

	 	(vi)	any Security over or affecting any asset acquired by a member of the Group after the date of this Agreement to the extent that: 

  

	 	(A)	the Security was not created in contemplation of the acquisition of that asset by a member of the Group; and 

  

	 	(B)	the principal amount secured has not been increased in contemplation of or since the acquisition of that asset by a member of the Group; 

  
 - 69 - 

	 	(vii)	any Security over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Security is created prior to the date on which that company becomes a member of the
Group, to the extent that: 

  

	 	(A)	the Security was not created in contemplation of the acquisition of that company; and 

  

	 	(B)	the principal amount secured has not increased in contemplation of or since the acquisition of that company; 

  

	 	(viii)	any Security created pursuant to any Finance Document; 

  

	 	(ix)	any title transfer or retention of title arrangement entered into by any member of the Group in the ordinary course of business; 

  

	 	(x)	pledges of goods, the related documents of title and/or other related documents arising or created in the ordinary course of business as security for indebtedness to a bank or financial institution directly relating to
the goods or documents over which that pledge exists; 

  

	 	(xi)	any Security over cash or other investments for bank guarantees given in the ordinary course of trading securing liabilities of up to, in aggregate, $100,000,000 (or its equivalent in any other currency or currencies)
or to meet any margin requirement in respect of derivative transactions; 

  

	 	(xii)	any Security resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock exchange; 

 

	 	(xiii)	any Security securing Project Finance Indebtedness; 

  

	 	(xiv)	any Security provided in relation to the InterContinental executive top-up scheme securing liabilities of up to, in aggregate, $100,000,000 (or its equivalent in any other currency or currencies); 

 

	 	(xv)	any Security replacing any Security permitted under paragraph (i) above or this paragraph (xv) and securing the same indebtedness or obligations whose principal amount does not exceed the maximum principal
amount secured, or which could be secured, by the replaced Security when it is replaced; 

  

	 	(xvi)	any Security securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Security given by any member of the Group other than any
permitted under paragraphs (i) to (xv) above) does not exceed an amount equal to $150,000,000 (or its equivalent in any other currency or currencies); or 

 

	 	(xvii)	any other Security created or outstanding with the prior consent of the Majority Lenders. 

  
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	22.4	Disposals 

  

	 	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into a single transaction or a series of transactions (whether related or not and whether voluntary or involuntary) to sell,
lease, transfer or otherwise dispose of any asset of the Group (each a Disposal). 

  

	 	(b)	Paragraph (a) above does not apply to any Disposal: 

  

	 	(i)	made in the ordinary course of day-to-day business of the disposing entity; 

  

	 	(ii)	of assets in exchange for or to be replaced within 12 months (or committed within 12 months to be replaced and actually replaced within 24 months) by other assets comparable or superior as to type, value
and quality; 

  

	 	(iii)	of assets which are obsolete or redundant; 

  

	 	(iv)	which constitutes the payment of cash for any purpose not prohibited by any Finance Document; 

  

	 	(v)	by any member of the Group to another member of the Group; 

  

	 	(vi)	which constitutes any short term investment of funds not immediately required in the Group’s business and the realisation of those investments; 

 

	 	(vii)	which constitutes the making of a lawful distribution; 

  

	 	(viii)	of assets which become Managed Assets following such Disposal; 

  

	 	(ix)	of assets (i) acquired by a member of the Group or (ii) owned by an entity which is acquired by a member of the Group, in each case as permitted by the terms of this Agreement, which become the subject of a
Disposal on arm’s length terms to a person who is not a member of the Group within the period of twelve Months following the date of the relevant acquisition; 

 

	 	(x)	where the proceeds of that Disposal (net of fees, transaction costs and Taxes) (or such smaller amount having regard to other Disposals which are permitted to be made pursuant to the other sub-paragraphs of this
paragraph (b)) are (within the period of 12 months following receipt of those proceeds) applied (or committed within the period of 12 months following receipt of those proceeds to be applied (and actually applied within the period of
18 months following receipt of those proceeds)) in or towards capital expenditure of the Group; 

  

	 	(xi)	 where any member of the Group has applied funds in or towards capital expenditure of the Group within the period of 12 months prior to the
receipt of the proceeds of that Disposal and where the amount so applied is at least equal to the proceeds of that Disposal (net of 

  
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fees, transaction costs and Taxes) or, to the extent it is less than those proceeds, the balance is attributed to, or applied pursuant to, another sub-paragraph of this paragraph (b);

  

	 	(xii)	where an amount equal to the proceeds of that Disposal (net of fees, transaction costs and Taxes) (or such smaller amount having regard to other Disposals which are permitted to be made pursuant to the other
sub-paragraphs of this paragraph (b)) is used in or towards a permanent reduction of Financial Indebtedness of the Group; 

  

 

	 	(xiii)	to which the Majority Lenders have consented; or 

  

	 	(xiv)	where the higher of the market value or consideration receivable (when aggregated with the higher of the market value or consideration receivable for any other Disposal, to the extent not permitted under any of
paragraphs (i) to (xiii) above, effected during any financial year), does not exceed an amount equal to $225,000,000 (or its equivalent in any other currency or currencies) in any financial year. 

 

	22.5	Subsidiary Indebtedness 

  

	 	(a)	The Company shall ensure that the portion of Financial Indebtedness which is borrowed or incurred by Subsidiaries that are not Guarantors under this Agreement shall not at any time exceed the aggregate of:

  

	 	(i)	$400,000,000 (or its equivalent in any other currency or currencies); and (but without double counting) 

  

	 	(ii)	$400,000,000 (or its equivalent in any other currency or currencies) (provided such amount relates exclusively to Financial Indebtedness specified in paragraphs (i) and (j) of the definition of Financial
Indebtedness), 

 and provided that Financial Indebtedness for the purpose of this Clause 22.5 shall exclude: 

 

	 	(A)	amounts borrowed under this Agreement; 

  

	 	(B)	qualifying amounts specified in paragraph (b) below which are secured as permitted pursuant to paragraphs (b)(vi) or (vii) of Clause 22.3 (Negative pledge) or otherwise is outstanding for the
period of up to 6 months following the relevant acquisition; 

  

	 	(C)	amounts which would be included as Financial Indebtedness due to a change in IFRS after the date of this Agreement but would not be treated as Financial Indebtedness using Applicable Accounting Principles; and

  
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	 	(D)	amounts which are incurred in connection with the arrangements described in paragraphs (b)(ii) or (b)(iii) of Clause 22.3 (Negative pledge). 

 

	 	(b)	Where a member of the Group acquires an asset or a company after the date of this Agreement in respect of which Financial Indebtedness is outstanding (other than Project Finance Indebtedness), where: 

 

	 	(i)	that Financial Indebtedness was not created in contemplation of the acquisition of that asset or company; and 

  

	 	(ii)	that Financial Indebtedness has not increased in contemplation of or since that acquisition, 

then that Financial Indebtedness shall be permitted and be in addition to the threshold numbers specified in paragraph (a) above. 

 

	22.6	Change of business 

 The Company shall procure that no substantial change is made to the
general nature of the business of the Group taken as a whole from that anticipated to be carried on at the date of this Agreement but this shall not prevent any member of the Group engaging in any ancillary or related business. 

 

	22.7	Insurance 

 The Company shall or shall procure that other members of the Group shall,
maintain insurances on and in relation to the business and assets of the Group with reputable underwriters or insurance companies against those risks, and to the extent, usually insured against by a prudent group of companies located in the same or
similar locations and carrying on a similar business to that of the Group. 
  

	22.8	Acquisitions 

 No Obligor shall (and the Company shall ensure that no other member of the
Group will) complete (without the approval of the Majority Lenders which shall not be unreasonably withheld or delayed) any acquisition (whether through a single transaction or series of related transactions with the same party or with parties
connected with one another) where the consideration for the acquisition exceeds 25 per cent. of the Group’s market capitalisation at the time of the London Stock Exchange market close on the Business Day falling immediately prior to the
date of formal announcement of such acquisition by the Company. 
  

	22.9	Disposal of Receivables 

  

	 	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) sell, transfer or otherwise dispose of any of its trade receivables. 

 

	 	(b)	Paragraph (a) above does not apply to any sale, transfer or other disposal of any of its receivables where the aggregate face value of all such receivables that are outstanding at any time does not exceed
$70,000,000 (or its equivalent in any other currency or currencies). 

  
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	22.10	Merger 

 No Obligor shall enter into any amalgamation, demerger, merger, consolidation or
corporate reconstruction other than any such transaction between Obligors or Obligors and other persons provided that, in each case, the surviving entity is (or, as the case may be, becomes) a Guarantor and/or a Borrower (as the case may be).

  

	22.11	Use of proceeds 

  

	 	(a)	No Obligor shall, and each Obligor shall procure that none of its Subsidiaries shall, knowingly use any proceeds of a Loan, or lend, contribute or otherwise make available such proceeds to any other person, entity,
joint venture or organisation: 

  

	 	(i)	to fund, finance or facilitate any agreement, transaction, dealing or relationship with or for the benefit of any Sanctioned Person (or involving any property thereof) or involving any Sanctioned Territory; or

  

	 	(ii)	in any manner that would result in a violation of Sanctions Law by any Finance Party. 

  

	 	(b)	This Clause 22.11 shall not be interpreted or applied to any Obligor or any other member of the Group to the extent that the obligations imposed would violate or expose a member of the Group or any director, officer or
employee of a member of the Group to any liability under any anti-boycott or blocking law or regulation in force from time to time in any jurisdiction applicable to such entity (including, without limitation, EU Regulation (EC) 2271/96).

  

	23.	Events of Default 

 Each of the events or circumstances set out in Clause 23 (other
than Clause 23.13 (Acceleration)) is an Event of Default. 
  

	23.1	Non-payment 

 An Obligor does not pay on the due date any amount payable pursuant to a
Finance Document at the place at and in the currency in which it is expressed to be payable unless: 
  

	 	(a)	its failure to pay is caused by: 

  

	 	(i)	administrative or technical error; or 

  

	 	(ii)	a Disruption Event; and 

  

	 	(b)	payment is made within five Business Days of its due date. 

  

	23.2	Financial covenants 

 Any requirement of Clause 21 (Financial covenants) is
not satisfied. 

  
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	23.3	Other obligations 

  

	 	(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 23.1 (Non-payment) and Clause 23.2 (Financial covenants)). 

 

	 	(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 20 days of the earlier of Facility Agent giving notice to the Company or the
Company becoming aware of the failure to comply. 

  

	23.4	Misrepresentation 

  

	 	(a)	Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or
proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the circumstances giving rise to a misrepresentation or misstatement is/are capable of remedy and is/are remedied within 20 days of the Facility
Agent giving notice to the Company requiring such remedy or (if earlier) the Company becoming aware of the failure to comply. 

  

	23.5	Cross default 

  

	 	(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any applicable grace period. 

  

	 	(b)	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). 

 

	 	(c)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however
described). 

  

	 	(d)	No Event of Default will occur under this Clause 23.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (c) above is less than
$50,000,000 (or its equivalent in any other currency or currencies) and Financial Indebtedness for the purposes of this Clause 23.5 shall exclude, in each case, Project Finance Indebtedness. 

 

	23.6	Insolvency 

  

	 	(a)	An Obligor or a Material Subsidiary is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences
negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. 

  
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	 	(b)	A moratorium is declared or takes effect in respect of all or a material part (or a particular type of) the indebtedness of an Obligor or a Material Subsidiary. 

 

	23.7	Insolvency proceedings 

  

	 	(a)	Any corporate action or legal proceeding is taken (subject to paragraph (d) below) for the winding-up or dissolution of an Obligor or Material Subsidiary, or the appointment of a liquidator, administrator,
administrative receiver, compulsory manager or other similar officer is appointed in respect of, an Obligor or Material Subsidiary other than for a solvent winding-up, dissolution or liquidation of an Obligor (other than the Company or the
Guarantors) or a Material Subsidiary. 

  

	 	(b)	Any corporate action or legal proceeding is taken (subject to paragraph (d) below), or an agreement is entered into or proposed by an Obligor or Material Subsidiary, for the suspension of payments by, a moratorium
of any indebtedness of, or a general composition, compromise or assignment for the benefit of the creditors of, an Obligor or Material Subsidiary. 

  

	 	(c)	A receiver, administrative receiver, compulsory manager or other similar officer is appointed in respect of an Obligor or Material Subsidiary or any of its assets, or any Security is enforced over an Obligor’s or
Material Subsidiary’s assets, having an aggregate value of and in respect of indebtedness aggregating not less than $50,000,000 (or its equivalent in any other currency or currencies). 

 

	 	(d)	A person presents a petition for the winding up, liquidation, dissolution, administration or suspension of payments of an Obligor or Material Subsidiary except: 

 

	 	(i)	where such petition is being contested in good faith and by appropriate means and is in any event dismissed within 30 days of its presentation; or 

 

	 	(ii)	where such presentation is frivolous or vexatious or an abuse of process and is in any event dismissed within 30 days of its presentation. 

 

	23.8	Creditors’ process 

 Any expropriation, attachment, sequestration, distress or
execution affects any asset or assets of an Obligor or Material Subsidiary having an aggregate value of and in respect of indebtedness aggregating at least $50,000,000 (or its equivalent in any other currency or currencies) and is not discharged
within 30 days. 
  

	23.9	Ownership of the Obligors 

 An Obligor (other than the Company) is not or ceases to be a
Subsidiary of the Company. 

  
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	23.10	Unlawfulness 

 It is or becomes unlawful for an Obligor to perform any of its material
obligations under the Finance Documents. 
  

	23.11	Repudiation 

 An Obligor repudiates a Finance Document or evidences an intention to
repudiate a Finance Document. 
  

	23.12	Cessation of business 

 An Obligor ceases to carry on its business except pursuant to a
reconstruction, amalgamation, merger or consolidation on solvent terms or, for the avoidance of doubt, by way of a disposal. 
  

	23.13	Acceleration 

 On and at any time after the occurrence of an Event of Default which is
continuing the Facility Agent may, and shall if so directed by the Majority Lenders, by notice to the Company: 
  

	 	(a)	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due
and payable; and/or 

  

	 	(c)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Facility Agent on the instructions of the Majority Lenders. 

 

	24.	Changes to the Lenders 

  

	24.1	Assignments and transfers by the Lenders 

 Subject to this Clause 24, a Lender (the
Existing Lender) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial
institution or, following the occurrence of an Event of Default which is continuing, to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other
financial assets (the New Lender). 
  

	24.2	Conditions of assignment or transfer 

  

	 	(a)	The consent of the Company is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is to another Lender or an Affiliate of a Lender or following the occurrence of an Event of
Default which is continuing; 

  
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	 	(b)	The consent of the Company to an assignment or transfer must not be unreasonably withheld or delayed. The Company will be deemed to have given its consent seven Business Days after the Existing Lender has requested it
unless consent is expressly refused by the Company within that time. 

  

	 	(c)	A partial transfer by a Lender shall be in a minimum amount of $10,000,000. 

  

	 	(d)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Facility Agent of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Finance Parties as
it would have been under if it was an Original Lender; and 

  

	 	(ii)	performance by the Facility Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment to a New Lender, the completion of which the
Facility Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(e)	A transfer will only be effective if the procedure set out in Clause 24.6 (Procedure for transfer) is complied with. 

  

	 	(f)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under
Clause 13 (Tax gross-up and indemnities) or Clause 14 (Increased Costs), 

 then the New Lender or
Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or
change had not occurred. This paragraph (f) shall not apply, in relation to Clause 13 (Tax gross-up), to a Treaty Lender that has included a confirmation of its scheme reference number and its jurisdiction of tax residence in
accordance with Clause 13.2(g)(ii)(B) (Tax gross-up) if the Obligor making the payment has not made a Borrower DTTP Filing in respect of that Treaty Lender. 
  

	24.3	Transfer by sub-participation 

 Where a Lender
proposes to enter into a sub-participation (whether funded or unfunded) where as a result of the sub-participation such Lender would no longer

  
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retain absolute discretion with regard to the exercise of votes under the Finance Documents, then unless the sub-participation is to be entered into with
an Affiliate of the Lender or an existing Lender, the Company’s consent shall be required to the extent so required when applying Clause 24.2 (Conditions of assignment or transfer) mutatis mutandis in respect of such sub-participation. 
  

	24.4	Assignment or transfer fee 

 The New Lender shall, on the date upon which an assignment
or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $2,000. 
  

	24.5	Limitation of responsibility of Existing Lenders 

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 
  

	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this
Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 24; or 

  

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. 

  
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	24.6	Procedure for transfer 

  

	 	(a)	Subject to the conditions set out in Clause 24.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (b) below when the Facility Agent executes an otherwise duly
completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate
appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	 	(b)	The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	 	(c)	Subject to Clause 24.9 (Pro rata interest settlement), the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from
further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 

 

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the
New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Facility Agent, the Arranger, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an
Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Arranger and the Existing Lender shall each be released from further obligations to each other under
the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a Lender. 

  

	24.7	Copy of Transfer Certificate or Increase Confirmation to Company 

 The Facility Agent
shall, as soon as reasonably practicable after it has executed a Transfer Certificate or Increase Confirmation, send to the Company a copy of that Transfer Certificate or Increase Confirmation. 

  
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	24.8	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders
under this Clause 24, each Lender may without consulting with or obtaining consent from any Obligor in relation to a charging, assignment or creation of Security in favour of a central bank or federal reserve, or with the agreement of the
Company (acting reasonably) in relation to a charging, assignment or creation of Security in favour of any other entity, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its
rights under any Finance Document to secure obligations of that Lender including, without limitation: 
  

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

  

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities, 

 except that no such charge, assignment or Security shall: 

 

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

  

	 	(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

  

	24.9	Pro rata interest settlement 

  

	 	(a)	If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to
Clause 24.6 (Procedure for transfer) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period): 

 

	 	(i)	any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer
Date (Accrued Amounts) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the
next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and 

  
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	 	(ii)	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt: 

 

	 	(A)	when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and 

  

	 	(B)	the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 24.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

  

	 	(b)	In this Clause 24.9 references to “Interest Period” shall be construed to include a reference to any other period for accrual of fees. 

 

	25.	Changes to the Obligors 

  

	25.1	Assignments and transfer by Obligors 

 No Obligor may assign any of its rights or
transfer any of its rights or obligations under the Finance Documents. 
  

	25.2	Additional Borrowers 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 20.8 (“Know your customer” checks), the Company may request that any of its Subsidiaries becomes an
Additional Borrower. That Subsidiary shall become an Additional Borrower if: 

  

	 	(i)	all Lenders (acting reasonably) approve the addition of that Subsidiary and which they shall do so if that Subsidiary is a wholly owned subsidiary incorporated in the United Kingdom or in the same jurisdiction as an
existing Borrower; 

  

	 	(ii)	the Company delivers to the Facility Agent a duly completed and executed Accession Letter; 

  

	 	(iii)	the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and 

 

	 	(iv)	the Facility Agent has received all of the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent) in relation to that Additional Borrower, each in form and substance reasonably
satisfactory to the Facility Agent. 

  

	 	(b)	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance reasonably satisfactory to it) all the documents and other evidence listed in Part B
of Schedule 2 (Conditions precedent). 

  
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	25.3	Resignation of a Borrower 

  

	 	(a)	The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Facility Agent a Resignation Letter. 

 

	 	(b)	The Facility Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: 

  

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and 

 

	 	(ii)	that Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents. 

 

	25.4	Additional Guarantors 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 20.8 (“Know your customer” checks), the Company may request that any of its Subsidiaries become an Additional
Guarantor. That Subsidiary shall become an Additional Guarantor if: 

  

	 	(i)	the Company delivers to the Facility Agent a duly completed and executed Accession Letter; and 

  

	 	(ii)	the Facility Agent has received all of the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent) in relation to that Additional Guarantor, each in form and substance reasonably
satisfactory to the Facility Agent. 

  

	 	(b)	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance reasonably satisfactory to it) all the documents and other evidence listed in Part B
of Schedule 2 (Conditions precedent). 

  

	25.5	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation
by the relevant Subsidiary that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 

 

	25.6	Resignation of a Guarantor 

  

	 	(a)	The Company may request that a Guarantor (other than the Company) ceases to be a Guarantor by delivering to the Facility Agent a Resignation Letter. 

  
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	 	(b)	The Facility Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: 

  

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and 

 

	 	(ii)	the Majority Lenders have consented to the Company’s request (which they shall do if in relation to any Subsidiary of the Company, Clause 22.5 (Subsidiary Indebtedness) is being complied with at such
time). 

  

	26.	Role of the Facility Agent and the Arranger 

  

	26.1	Appointment of the Facility Agent 

  

	 	(a)	Each other Finance Party appoints the Facility Agent to act as its agent under and in connection with the Finance Documents. 

  

	 	(b)	Each other Finance Party authorises the Facility Agent to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under or in connection with the Finance Documents together with
any other incidental rights, powers, authorities and discretions. 

  

	26.2	Duties of the Facility Agent 

  

	 	(a)	Subject to paragraph (b) below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.

  

	 	(b)	Without prejudice to Clause 24.7 (Copy of Transfer Certificate or Increase Confirmation to Company), paragraph (a) above shall not apply to any Transfer Certificate or any Increase Confirmation.

  

	 	(c)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

  

	 	(d)	If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Finance Parties.

  

	 	(e)	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent or the Arranger) under this Agreement it shall promptly
notify the other Finance Parties. 

  

	 	(f)	 The Facility Agent shall provide to the Company (i) every six months, starting with the date falling six Months from the date of this Agreement
and (ii) in any event within three Business Days of a request by the Company, a list (which may be in electronic form) setting out the names of the Lenders as at the date of response or as at the date of that request (as the Company may elect),
their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be

  
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delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail
or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Facility Agent to
that Lender under the Finance Documents. 

  

	 	(g)	The Facility Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	26.3	Role of the Arranger 

 Except as specifically provided in the Finance Documents, the
Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document. 
  

	26.4	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Facility Agent or the Arranger as a trustee or fiduciary of any other person. 

  

	 	(b)	Neither the Facility Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 

 

	26.5	Business with the Group 

 The Facility Agent and the Arranger may accept deposits from,
lend money to and generally engage in any kind of banking or other business with any member of the Group. 
  

	26.6	Rights and discretions of the Facility Agent 

  

	 	(a)	The Facility Agent may rely on: 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify. 

 

	 	(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 23.1 (Non-payment)); 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and 

  
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	 	(iii)	any notice or request made by the Company (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors. 

 

	 	(c)	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

  

	 	(d)	The Facility Agent may act in relation to the Finance Documents through its personnel and agents. 

  

	 	(e)	The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

 

	 	(f)	Without prejudice to the generality of paragraph (e) above, the Facility Agent may disclose the identity of a Defaulting Lender to the other Finance Parties and the Company and shall disclose the same upon the
written request of the Company or the Majority Lenders. 

  

	 	(g)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute
a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	26.7	Majority Lenders’ instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Facility Agent shall (i) exercise any right, power, authority or discretion vested in it as Facility Agent in accordance with any instructions given
to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Facility Agent) and (ii) not be liable for any act (or omission) if it acts (or
refrains from taking any action) in accordance with an instruction of the Majority Lenders. 

  

	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties. 

 

	 	(c)	The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or
liability (together with any associated VAT) which it may incur in complying with the instructions. 

  

	 	(d)	In the absence of instructions from the Majority Lenders (or, if appropriate, the Lenders), the Facility Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders.

  

	 	(e)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Finance Document. 

  
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	26.8	Responsibility for documentation 

 Neither the Facility Agent nor the Arranger: 

 

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, the Arranger, an Obligor or any other person given in or in connection with any
Finance Document; or 

  

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of or in
connection with any Finance Document. 

  

	26.9	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below and without prejudice to the provisions of paragraph (e) of Clause 29.11 (Disruption to Payment Systems, etc.), the Facility Agent will not be liable for any
action taken by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. 

  

	 	(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or
omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Facility Agent may rely on this Clause. 

 

	 	(c)	The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has
taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose. 

 

	 	(d)	Nothing in this Agreement shall oblige the Facility Agent or the Arranger to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to the
Facility Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or the Arranger. 

 

	26.10	Lenders’ indemnity to the Facility Agent 

 Each Lender shall (in proportion to its
share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss
or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent’s gross negligence or wilful misconduct) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an
Obligor pursuant to a Finance Document). 

  
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	26.11	Resignation of the Facility Agent 

  

	 	(a)	The Facility Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom as successor by giving notice to the other Finance Parties and the Company. 

 

	 	(b)	Alternatively the Facility Agent may resign by giving notice to the other Finance Parties and the Company, in which case the Majority Lenders may appoint a successor Facility Agent with the consent of the Company (such
consent not to be unreasonably withheld or delayed) unless the successor Facility Agent is an Arranger or an Affiliate thereof, in which case the consent of the Company shall not be required. 

 

	 	(c)	If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Facility Agent (after consultation with the
Company) may appoint a successor Facility Agent (acting through an office in the United Kingdom). 

  

	 	(d)	The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the
purposes of performing its functions as Facility Agent under the Finance Documents. 

  

	 	(e)	The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 26. Its
successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	 	(g)	After consultation with the Company the Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) above. In this event, the Facility Agent shall resign in
accordance with paragraph (b) above. 

  

	 	(h)	The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c) above) if
on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance Documents, either: 

 

	 	(i)	the Facility Agent fails to respond to a request under Clause 13.8 (FATCA Information) and the Company or a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date; 

  
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	 	(ii)	the information supplied by the Facility Agent pursuant to Clause 13.8 (FATCA Information) indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
Application Date; or 

  

	 	(iii)	the Facility Agent notifies the Company and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

and (in each case) the Company or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be
required if the Facility Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Facility Agent, requires it to resign. 
  

	26.12	Replacement of the Facility Agent 

  

	 	(a)	Subject to paragraph (b) below, the Majority Lenders may, by giving 30 days’ notice to the Facility Agent (or, at any time the Facility Agent is an Impaired Agent, by giving any shorter notice determined by
the Majority Lenders) replace the Facility Agent by appointing a successor Facility Agent (acting through an office in the United Kingdom). 

  

	 	(b)	The Facility Agent may only be replaced with the consent of the Company (such consent not to be unreasonably withheld or delayed) unless the successor Facility Agent is an Arranger or an Affiliate thereof, in which case
the consent of the Company shall not be required. 

  

	 	(c)	The retiring Facility Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to the successor Facility Agent such documents and records and provide such
assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. 

  

	 	(d)	The appointment of the successor Facility Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Facility Agent. As from this date, the retiring Facility Agent shall be
discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 26 (and any agency fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be
payable on) that date). 

  

	 	(e)	Any successor Facility Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	26.13	Confidentiality 

  

	 	(a)	In acting as agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

  
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	 	(b)	If information is received by another division or department of the Facility Agent, it may be treated as confidential to that division or department and the Facility Agent shall not be deemed to have notice of it.

  

	26.14	Relationship with the Lenders 

  

	 	(a)	Subject to Clause 24.9 (Pro rata interest settlement), the Facility Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has
received not less than five Business Days prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 

  

	 	(b)	Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such
notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 31.6 (Electronic communication)) electronic mail address and/or any other information required
to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic
mail address, department and officer by that Lender for the purposes of Clause 31.2 (Addresses) and paragraph (a)(iii) of Clause 31.6 (Electronic communication) and the Facility Agent shall be entitled to treat such
person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender. 

  

	26.15	Credit appraisal by the Lenders 

 Without affecting the responsibility of any Obligor for
information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Facility Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the
Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

  
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	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the
Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 

 

	26.16	Reference Banks 

 If a Reference Bank (or, if a Reference Bank is not a Lender, the
Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent shall (in agreement with the Company, such agreement not to be unreasonably withheld) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.

  

	26.17	Deduction from amounts payable by the Facility Agent 

 If any Party owes an amount to the
Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the
Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 

 

	26.18	Role of Reference Banks 

  

	 	(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the Facility Agent. 

  

	 	(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

  

	 	(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of
any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer, employee or agent of each Reference Bank may rely on this Clause 26.18 subject to Clause 1.3
(Third Party Rights) and the provisions of the Third Parties Act. 

  

	26.19	Third party Reference Banks 

 A Reference Bank which is not a Party may rely on Clause
26.18 (Role of Reference Banks), Clause 35.2 (Other exceptions) subject to Clause 1.3 (Third party rights). 

  
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	27.	Conduct of Business by the Finance Parties 

 No provision of this Agreement will: 

 

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

 

	28.	Sharing among the Finance Parties 

  

	28.1	Payments to Finance Parties 

 If a Finance Party (a Recovering Finance
Party) receives or recovers any amount from an Obligor other than in accordance with Clause 29 (Payment mechanics) and applies that amount to a payment due under the Finance Documents then: 

 

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery to the Facility Agent; 

  

	 	(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and
distributed in accordance with Clause 29 (Payment mechanics), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the Sharing Payment) equal to such receipt or recovery less any amount which the
Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 29.6 (Partial payments). 

 

	28.2	Redistribution of payments 

 The Facility Agent shall treat the Sharing Payment as if it
had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 29.6 (Partial payments). 

 

	28.3	Recovering Finance Party’s rights 

  

	 	(a)	On a distribution by the Facility Agent under Clause 28.2 (Redistribution of payments), the Recovering Finance Party will be subrogated to the rights of the Finance Parties which have shared in the
redistribution. 

  

	 	(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the
Sharing Payment which is immediately due and payable. 

  
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	28.4	Reversal of redistribution 

 If any part of the Sharing Payment received or recovered by
a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

	 	(a)	each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 28.2 (Redistribution of payments) shall, upon request of the Facility Agent, pay to the Facility Agent for
account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the
Sharing Payment which that Recovering Finance Party is required to pay); and 

  

	 	(b)	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing Finance Party for the amount so reimbursed.

  

	28.5	Exceptions 

  

	 	(a)	This Clause 28 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(i)	it notified that other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
arbitration proceedings. 

  

	29.	Payment Mechanics 

  

	29.1	Payments to the Facility Agent 

  

	 	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Facility Agent (unless a contrary indication appears in a
Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. 

 

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre in a Participating Member State or London) with such
bank as the Facility Agent specifies. 

  
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	29.2	Distributions by the Facility Agent 

 Each payment received by the Facility Agent under
the Finance Documents for another Party shall, subject to Clause 29.3 (Distributions to an Obligor) and Clause 29.4 (Clawback), be made available by the Facility Agent as soon as practicable after receipt to the Party
entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days’ notice with a
bank in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London). 
  

	29.3	Distributions to an Obligor 

 The Facility Agent may (with the consent of the Obligor or
in accordance with Clause 30 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in
or towards purchase of any amount of any currency to be so applied. 
  

	29.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange
contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related
exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to
reflect its cost of funds. 

  

	29.5	Impaired Agent 

  

	 	(a)	If, at any time, the Facility Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 29.1
(Payments to the Facility Agent) may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and
is continuing, in the name of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents. In each case such payments must
be made on the due date for payment under the Finance Documents. 

  
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	 	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. 

 

	 	(c)	A Party which has made a payment in accordance with this Clause 29.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts
standing to the credit of the trust account. 

  

	 	(d)	Promptly upon the appointment of a successor Facility Agent in accordance with Clause 26.12 (Replacement of the Facility Agent), each Party which has made a payment to a trust account in accordance with this
Clause 29.5 shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution in accordance with Clause 29.2
(Distributions by the Facility Agent). 

  

	29.6	Partial payments 

  

	 	(a)	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the
obligations of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	firstly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Facility Agent or the Arranger under the Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii)to (iv) above. 

 

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

  

	29.7	No set-off by Obligors 

 All payments to be made by an Obligor under the Finance
Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim unless: 
  

	 	(a)	the relevant payments are to be made to a Defaulting Lender; and 

  
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	 	(b)	all Lenders (other than the Defaulting Lender) have agreed to that Obligor making such payments with set-off or counterclaim. 

  

	29.8	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

 

	29.9	Currency of account 

  

	 	(a)	Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	 	(b)	A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which that Loan or Unpaid Sum is denominated on its due date. 

 

	 	(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued. 

 

	 	(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(e)	Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other currency. 

  

	29.10	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Facility Agent (acting reasonably and after consultation with the Company); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Facility Agent (acting reasonably and after consultation with the Company). 

  

	 	(b)	 If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with
the 

  
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Company) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in
currency. 

  

	29.11	Disruption to Payment Systems etc. 

 If either the Facility Agent determines (in its
discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Company that a Disruption Event has occurred: 
  

	 	(a)	the Facility Agent may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing with the Company such changes to the operation or administration of the Facility as the Facility
Agent may deem necessary in the circumstances; 

  

	 	(b)	the Facility Agent shall not be obliged to consult with the Company in relation to any changes mentioned in paragraph (a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event,
shall have no obligation to agree to such changes; 

  

	 	(c)	the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the
circumstances; 

  

	 	(d)	any such changes agreed upon by the Facility Agent and the Company shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may
be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 35 (Amendments and Waivers); 

  

	 	(e)	the Facility Agent shall not be liable for any damages, costs or losses whatsoever arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 29.11 save to the
extent the relevant damage, cost or loss (as the case may be) is caused by the fraud of the Facility Agent; and 

  

	 	(f)	the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

  

	30.	Set-Off 

 Without prejudice to the normal rights of the Finance Parties at law, after the
occurrence of an Event of Default which is continuing, a Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by
that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in
its usual course of business for the purpose of the set-off. That Finance Party shall promptly notify that Obligor of any such set-off or conversion. 

  
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	31.	Notices 

  

	31.1	Communications in writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	31.2	Addresses 

 The address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Company, that identified with its name below; 

  

	 	(b)	in the case of each Lender or any other Obligor, that notified in writing to the Facility Agent on or prior to the date on which it becomes a Party; and 

 

	 	(c)	in the case of the Facility Agent, that identified with its name below, 

 or any substitute
address, fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility Agent) by not less than five Business Days’ notice. 

 

	31.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

 

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

and, if a particular department or officer is specified as part of its address details provided under Clause 31.2 (Addresses), if addressed to that
department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Facility Agent will be effective only when actually received by the Facility Agent and then only if it is expressly marked for the attention of the department
or officer identified with the Facility Agent’s signature below (or any substitute department or officer as the Facility Agent shall specify for this purpose). 

 

	 	(c)	All notices from or to an Obligor shall be sent through the Facility Agent. 

  

	 	(d)	Any communication or document made or delivered to the Company in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors. 

  
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	31.4	Notification of address and fax number 

 Promptly upon receipt of notification of an
address and fax number or change of address or fax number pursuant to Clause 31.2 (Addresses) or changing its own address or fax number, the Facility Agent shall notify the other Parties. 

 

	31.5	Communication when Facility Agent is Impaired Agent 

 If the Facility Agent is an
Impaired Agent the Parties may, instead of communicating with each other through the Facility Agent, communicate with each other directly and (while the Facility Agent is an Impaired Agent) all the provisions of the Finance Documents which require
communications to be made or notices to be given to or by the Facility Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Facility
Agent has been appointed. 
  

	31.6	Electronic communication 

  

	 	(a)	Any communication to be made between the Facility Agent and a Lender or an Obligor and the Facility Agent under or in connection with the Finance Documents may be made by electronic mail or other electronic means, if
the Facility Agent and the relevant Lender or, as appropriate, the relevant Obligor and the Facility Agent: 

  

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and 

 

	 	(iii)	notify each other of any change to their address or any other such information supplied by them. 

  

	 	(b)	Any electronic communication made between the Facility Agent and a Lender or an Obligor and the Facility Agent will be effective only when actually received in readable form and in the case of any electronic
communication made by a Lender to the Facility Agent or an Obligor to the Facility Agent only if it is addressed in such a manner as the Facility Agent shall specify for this purpose. 

 

	 	(c)	The ability of an Obligor to use electronic communications is without prejudice to its obligation to submit any Utilisation Request, Accession Letter, Resignation Letter or Compliance Certificate in the form required
under this Agreement or any other document or notice which requires the signature of any director or authorised signatory of an Obligor. 

  

	31.7	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  
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	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Facility Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or
other official document. 

  

	32.	Calculations and Certificates 

  

	32.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	32.2	Certificates and Determinations 

 Any certification or determination by a Finance Party
of a rate or amount under any Finance Document shall set out the basis of calculation in reasonable detail and is prima facie evidence of the matters to which it relates. 

 

	32.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 365 days in the case of Sterling or 360 days in the case of euro and US Dollars or, in any case where the practice in the Relevant
Interbank Market differs, in accordance with that market practice. 
  

	33.	Partial Invalidity 

 If, at any time, any provision of the Finance Documents 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. 
  

	34.	Remedies and Waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party, any right or remedy under the Finance Documents 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. 

  
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	35.	Amendments and Waivers 

  

	35.1	Required consents 

  

	 	(a)	Subject to Clause 35.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors and any such amendment or waiver will be binding
on all Parties. 

  

	 	(b)	The Facility Agent may effect, on behalf of any Finance Party, and the Company may effect, on behalf of any Obligor, any amendment or waiver permitted by this Clause. 

 

	35.2	Exceptions 

  

	 	(a)	Subject to Clause 35.3 (Replacement of Screen Rate) an amendment or waiver that has the effect of changing or which relates to: 

 

	 	(i)	the definition of EURIBOR, LIBOR or Majority Lenders in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(iv)	an increase in or an extension of any Commitment; 

  

	 	(v)	a change to the Borrowers or Guarantors other than in accordance with Clause 25 (Changes to the Obligors); 

  

	 	(vi)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(vii)	Clause 2.3 (Finance Parties’ rights and obligations), Clause 24 (Changes to the Lenders), Clause 28 (Sharing among the Finance Parties), or this Clause 35; or 

 

	 	(viii)	the nature or scope of the guarantee and indemnity granted under Clause 18 (Guarantee and Indemnity), 

shall not be made without the prior consent of all the Lenders. 
  

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Facility Agent or the Arranger or a Reference Bank may not be effected without the consent of the Facility Agent or the Arranger or that Reference
Bank. 

  

	 	(c)	 If a Lender fails to respond or vote in relation to a request for a consent, waiver, amendment or other vote under the Finance Documents (a
Request) within fifteen Business Days (unless any Borrower and the Facility Agent agree a longer time period in relation to any request) of that Request being made, (i) with respect to any Request that does not require the consent
of all Lenders pursuant to paragraph (a) of this Clause 35.2, in ascertaining whether 

  
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the Majority Lenders or any other given percentage of the Total Commitments has been obtained, that Lender’s Commitments shall not be included (for the avoidance of doubt, for the purposes
of calculating both (A) the Total Commitments and (B) the aggregate Commitments of Lenders voting in favour of such Request) and (ii) with respect to any Request requiring the consent of all Lenders pursuant to paragraph (a) of
this Clause 35.2, that Lender shall be deemed to have declined to consent to such Request (and the requested consent, waiver, amendment or other vote shall not become effective); provided, however, that if the Super-Majority Lenders have agreed
to the Request, the Company may exercise its rights under Clause 8.6 (Replacement of a Non-Consenting Lender) with respect to such Lender as if it were a Non-Consenting Lender. 

 

	35.3	Replacement of Screen Rate 

  

	 	(a)	Subject to Clause 14.3 (Exceptions), if the Screen Rate is not available for a currency which can be selected for a Loan, any amendment or waiver which relates to providing for another benchmark rate to
apply in relation to that currency in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Majority Lenders and the Obligors.

  

	 	(b)	If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above within 5 Business days (unless the Company and the Facility Agent agree to a longer time period in relation to
any request) of that request being made: 

  

	 	(i)	its Commitment shall not be included for the purpose of calculating the Total Commitments when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and

  

	 	(ii)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request. 

 

	35.4	Disenfranchisement of Defaulting Lenders 

  

	 	(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments has been
obtained in respect of any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s Commitments will be reduced (for the avoidance of doubt, for the purposes of calculating both (i) the
Total Commitments and (ii) the aggregate Commitments of Lenders voting in favour of such consent, waiver, amendment or other vote under the Finance Documents) by the amount of its Available Commitments. 

  
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	 	(b)	For the purposes of this Clause 35.3, the Facility Agent may assume that the following Lenders are Defaulting Lenders: 

  

	 	(i)	any Lender which has notified the Facility Agent that it has become a Defaulting Lender; 

  

	 	(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of Defaulting Lender has occurred, 

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the
Facility Agent) or the Facility Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 
  

	35.5	Replacement of a Defaulting Lender 

  

	 	(a)	The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five Business Days’ prior written notice to the Facility Agent and such Lender: 

 

	 	(i)	replace such Lender by requiring such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of its rights and
obligations under this Agreement; 

  

	 	(ii)	require such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of the undrawn Commitment of the Lender; or

  

	 	(iii)	require such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of its rights and obligations, 

to a Lender or other bank, financial institution, trust, fund or other entity (a Replacement Lender) selected by the Company
(which is not a member of the Group) and which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring Lender’s
participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s participation
in the outstanding Utilisations and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. 
  

	 	(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause shall be subject to the following conditions: 

 

	 	(i)	the relevant Lender continues to be a Defaulting Lender at the time when the Company exercises its rights under this Clause 35.5 (Replacement of a Defaulting Lender); 

 

	 	(ii)	the Company shall have no right to replace the Facility Agent; 

  
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	 	(iii)	neither the Facility Agent nor the Defaulting Lender shall have any obligation to the Company to find a Replacement Lender; 

  

	 	(iv)	the transfer must take place as soon as reasonably practicable following receipt by the Facility Agent of the notice referred to in paragraph (a) above; and 

 

	 	(v)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents. 

 

	36.	Confidentiality 

  

	36.1	Confidential Information 

 Each Finance Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by Clause 36.2 (Disclosure of Confidential Information) and Clause 36.3 (Disclosure to numbering service providers), to ensure that all Confidential
Information is protected with security measures and a degree of care that would apply to its own confidential information and to use all reasonable endeavours to ensure that any person to whom that Finance Party passes any Confidential Information
(unless disclosed in accordance with paragraph (b)(v) of Clause 36.2 (Disclosure of Confidential Information)) acknowledges and complies with the provisions of this Clause 36 as if that person were bound by it. 

 

	36.2	Disclosure of Confidential Information 

 Any Finance Party may disclose, on a
need-to-know basis: 
  

	 	(a)	to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors and partners such Confidential Information as that Finance Party shall consider appropriate if any person
to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there
shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it transfers (or may potentially transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person’s Affiliates, Representatives and
professional advisers for the purpose of that actual or potential assignment or transfer; 

  

	 	(ii)	 with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any
other transaction under which payments are to be made or may 

  
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be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Representatives and professional advisers for the purpose of that
actual or potential sub-participation or transaction; 

  

	 	(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its
behalf (including, without limitation, any person appointed under paragraph (b) of Clause 26.14 (Relationship with the Lenders)); 

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above for the purpose of that
transaction; 

  

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 24.8 (Security over Lenders’ rights); 

 

	 	(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes in connection with the Finance
Documents; 

  

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Company; 

 in each case, such Confidential Information as that Finance
Party shall consider appropriate if: 
  

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement
for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in
relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  
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	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential
Information may be price-sensitive information except that there shall be no requirement to so inform if, in the reasonable opinion of that Finance Party, it is not practicable so to do in the circumstances; 

 

	 	(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred
to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Company and the relevant Finance Party; 

  

	 	(d)	to any rating agency (including its professional advisers) the following information: 

  

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the names of the Facility Agent and the Arranger; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currencies of the Facility; 

  

	 	(ix)	type of Facility; 

  

	 	(x)	ranking of Facility; 

  

	 	(xi)	Termination Date for Facility; 

  

	 	(xii)	the amount of such Finance Party’s Commitment; 

  

	 	(xiii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xii) above; and 

  
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	 	(xiv)	such other information agreed between such Finance Party and the Company, 

 as may be required
to be disclosed to enable such rating agency to perform its normal corporate loan rating activities in relation to the Finance Documents. 
  

	36.3	Disclosure to numbering service providers 

  

	 	(a)	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or
one or more Obligors the following information: 

  

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the names of the Facility Agent and the Arranger; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currencies of the Facility; 

  

	 	(ix)	type of Facility ; 

  

	 	(x)	ranking of Facility; 

  

	 	(xi)	Termination Date for Facility; 

  

	 	(xii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xi) above; and 

  

	 	(xiii)	such other information agreed between such Finance Party and the Company, 

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	 	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number
may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

	 	(c)	The Facility Agent shall notify the Company and the other Finance Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facility and/or one or more Obligors; and 

  
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	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider. 

 

	36.4	Entire agreement 

 This Clause 36 (Confidentiality) constitutes the entire
agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

  

	36.5	Inside information 

 Each of the Finance Parties acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	36.6	Notification of disclosure 

 Each of the Finance Parties agrees (to the extent permitted
by law and regulation) to inform the Company: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to (i) paragraph (b)(v) of Clause 36.2 (Disclosure of Confidential Information) except where such disclosure is made
to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function or (ii) paragraph (b)(vi) of Clause 36.2 (Disclosure of Confidential Information); and

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 36. 

  

	36.7	Continuing obligations 

 The obligations in this Clause 36 are continuing and, in
particular, shall survive and remain binding on each Finance Party for a period of twelve months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and 

 

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  

	37.	Confidentiality of Funding Rates and Reference Bank Quotations 

  

	37.1	Confidentiality and disclosure 

  

	 	(a)	The Facility Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Facility Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by
paragraphs (b), (c) and (d) below. 

  
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	 	(b)	The Facility Agent may disclose: 

  

	 	(i)	any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the relevant Borrower pursuant to Clause 9.4 (Notification of rates of interest); and 

 

	 	(ii)	any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service
provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or Reference Bank, as the case may be. 

 

	 	(c)	The Facility Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to: 

 

	 	(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be
given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional
obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it; 

 

	 	(ii)	any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any
relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive
information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; 

 

	 	(iii)	 any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or
other investigations, proceedings 

  
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or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information
except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor , as the case may be, it is not practicable to do so in the circumstances; and 

 

	 	(iv)	any person with the consent of the relevant Lender or Reference Bank, as the case may be. 

  

	 	(d)	The Facility Agent’s obligations in this Clause 37 relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 9.4 (Notification of rates of interest)
provided that (other than pursuant to paragraph (b)(i) above) the Facility Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification. 

 

	37.2	Related obligations 

  

	 	(a)	The Facility Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Facility Agent, each Reference Bank Quotation) is or may be price-sensitive information and that its use may be regulated
or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each Obligor undertake not to use any Funding Rate or, in the case of the Facility Agent, any Reference Bank
Quotation for any unlawful purpose. 

  

	 	(b)	The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be: 

 

	 	(i)	of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 37.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph
during the ordinary course of its supervisory or regulatory function; and 

  

	 	(ii)	upon becoming aware that any information has been disclosed in breach of this Clause 37. 

  

	37.3	No Event of Default 

 No Event of Default will occur under Clause 23.3 (Other
obligations) by reason only of an Obligor’s failure to comply with this Clause 37. 
  

	38.	Counterparts 

 Each Finance Document may be executed in any number of counterparts, and
this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

  
 - 110 - 

	39.	Governing Law 

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

	40.	Enforcement 

  

	40.1	Jurisdiction 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or
any non-contractual obligation arising out of or in connection with this Agreement) (a Dispute). 

  

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	 	(c)	This Clause 40.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

	40.2	Service of process 

 Without prejudice to any other mode of service allowed under any
relevant law, each Obligor (other than an Obligor incorporated in England and Wales): 
  

	 	(a)	irrevocably appoints the Company as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and 

 

	 	(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 

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

  
 - 111 - 

 Schedule 1 

The Original Lenders 

Part A 
 The Original
Lenders (other than UK Non Bank Lenders) 
  

							
	 Name of Original Lender
	  	 Commitment
	 	  	 Treaty Passport scheme

reference number and

jurisdiction of tax

residence (if applicable)

	Bank of America Merrill Lynch International Limited	  	$	150,000,000	  	  	N.A.
	Barclays Bank PLC	  	$	150,000,000	  	  	N.A.
	HSBC Bank plc	  	$	150,000,000	  	  	N.A.
	SunTrust Bank	  	$	150,000,000	  	  	13/S/67712/DTTP (USA)
	The Bank Of Tokyo-Mitsubishi UFJ, Ltd.	  	$	150,000,000	  	  	N.A.
	The Royal Bank of Scotland plc	  	$	150,000,000	  	  	N.A.
	Citibank, N.A. London Branch	  	$	75,000,000	  	  	N.A.
	Commerzbank Aktiengesellschaft, London Branch	  	$	75,000,000	  	  	N.A.
	DBS Bank Ltd., London Branch	  	$	75,000,000	  	  	N.A.
	U.S. Bank National Association	  	$	75,000,000	  	  	13/U/62184/DTTP (USA)
	Wells Fargo Bank N.A., London Branch	  	$	75,000,000	  	  	N.A.

  
 - 112 - 

 Part B 

The Original Lenders (UK Non Bank Lenders) 
  

			
	 Name of Original Lender
	  	 Commitment

	N.A.	  	N.A.

  
 - 113 - 

 Schedule 2 

Conditions Precedent 
 Part A Conditions
Precedent to Initial Utilisation 
  

	1.	The Company 

  

	1.1	A copy of the constitutional documents of each Original Obligor. 

  

	1.2	A copy of a resolution of the board of directors and/or a committee of the board of directors of each Original Obligor (together with a copy of the resolutions appointing such committee): 

 

	 	(a)	approving the terms of, and the transactions contemplated by, the Finance Documents and resolving that it execute the Finance Documents; 

 

	 	(b)	authorising a specified person or persons to execute the Finance Documents on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection
with the Finance Documents. 

  

	1.3	A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.2 above. 

  

	1.4	A copy of any necessary resolution signed by the holders of the issued shares in each Original Guarantor (other than the Company) which is a Subsidiary of the Company and is incorporated in England and Wales, approving
the terms of, and the transactions contemplated by, the Finance Documents to which the Original Guarantor is a party. 

  

	1.5	A certificate of the Company (signed by a duly authorised officer) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on
any Original Obligor to be exceeded. 

  

	1.6	A certificate of each Original Obligor (signed by an authorised signatory) certifying that each copy document relating to it specified in this Part A of Schedule 2 is correct, complete and in full force and effect as at
a date no earlier than the date of this Agreement. 

  

	1.7	The Original Financial Statements. 

  

	1.8	A prepayment and cancellation notice (which shall be irrevocable) in respect of the Existing Facility to be effective on the date of this Agreement and such that the Existing Facility will be cancelled and prepaid in
full on the first Utilisation Date under this Agreement. 

  
 - 114 - 

	2.	Legal Opinions 

 A legal opinion of Clifford Chance LLP, legal advisers to the Arranger and the Facility
Agent in England, substantially in the form distributed to the Original Lenders prior to signing this Agreement. 

  
 - 115 - 

 Part B 

Conditions Precedent Required to be Delivered by an Additional Obligor 

 

	1.	An Accession Letter, duly executed by the Additional Obligor and the Company. 

  

	2.	A copy of the constitutional documents of the Additional Obligor. 

  

	3.	A copy of a resolution of (or of a committee of) the board of directors of the Additional Obligor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter; 

 

	 	(b)	authorising a specified person or persons to execute the Accession Letter on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or
despatched by it under or in connection with the Finance Documents. 

  

	4.	A specimen of the signature of each person authorised by the resolution referred to in paragraph 3 above. 

  

	5.	A copy of any necessary resolutions signed by all the holders of the issued shares of the Additional Guarantor which are members of the Group, approving the terms of, and the transactions contemplated by, the Finance
Documents to which the Additional Guarantor is a party. 

  

	6.	A certificate of the Additional Obligor (signed by an authorised signatory) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit
binding on it to be exceeded 

  

	7.	A certificate of the Additional Obligor (signed by an authorised signatory) certifying that each copy document listed in this Part B of Schedule 2 is correct, complete and in full force and effect as at a date no
earlier than the date of the Accession Letter. 

  

	8.	If available, the latest audited financial statements of the Additional Obligor. 

  

	9.	A legal opinion of Clifford Chance LLP, legal advisers to the Arranger and the Facility Agent in England. 

  

	10.	If the Additional Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Arranger and the Facility Agent in the jurisdiction in which the Additional Obligor
is incorporated. 

  

	11.	If the proposed Additional Obligor is incorporated in a jurisdiction other than England and Wales, evidence that the process agent specified in Clause 40.2 (Service of process), if not an Obligor, has
accepted its appointment in relation to the proposed Additional Obligor. 

  
 - 116 - 

 Schedule 3 

Utilisation Request 
  

	From:	[Borrower] 

  

	To:	[Facility Agent] 

 Dated: 

Dear Sirs 
 InterContinental Hotels Group PLC –
$1,275,000,000 Facility Agreement dated [●] 2015 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

 

	2.	We wish to borrow a Loan on the following terms: 

  

			
	Proposed Utilisation Date:	  	[●] (or, if that is not a Business Day, the next Business Day)
		
	Currency of Loan:	  	[●]
		
	Amount:	  	[●] or, if less, the Available Facility
		
	Interest Period:	  	[●]

  

	3.	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 

 

	4.	The proceeds of this Loan should be credited to [account]. 

  

	5.	This Utilisation Request is irrevocable. 

 Yours faithfully 

 

	
	
	   

	authorised signatory for

 [name of relevant Borrower] 

  
 - 117 - 

 Schedule 4 

Form of Transfer Certificate 
  

	To:	[●] as Facility Agent 

  

	From:	[The Existing Lender] (the Existing Lender) and [The New Lender] (the New Lender) 

Dated: 
 InterContinental Hotels Group PLC –
$1,275,000,000 Facility Agreement dated [●] 2015 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

  

	2.	We refer to Clause 24.6 (Procedure for transfer): 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and obligations referred to in the Schedule in
accordance with Clause 24.6 (Procedure for transfer). 

  

	 	(b)	The proposed Transfer Date is [●]. 

  

	 	(c)	The Facility Office, administrative office (if different) and address, fax number and attention details for notices of the New Lender for the purposes of Clause 31.2 (Addresses) are set out in the Schedule.

  

	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 24.5 (Limitation of responsibility of Existing Lenders).

  

	4.	The New Lender confirms, for the benefit of the Facility Agent and without liability to any Obligor, that it is: 

  

	 	(a)	[a Qualifying Lender (other than a Treaty Lender);] 

  

	 	(b)	[a Treaty Lender;] 

  

	 	(c)	[not a Qualifying Lender].1 

  

	[5.]	[The New Lender confirms that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is either: 

 

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	1 	Delete as applicable – each Increase Lender is required to confirm which of these three categories it falls within. 

  
 - 118 - 

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

	 	(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
section 19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA 2009; or 

  

	 	(c)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (for the purposes of section 19 of the CTA 2009) of that company.2 

  

	[5/6.]	[The New Lender confirms, for the benefit of the Facility Agent and without liability to any Obligor, that it is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme (reference number
[            ]) and is tax resident in [            ]3, so that interest
payable to it by borrowers is generally subject to full exemption from UK withholding tax and requests that Company notify: 

  

	 	(a)	each Borrower which is a Party as a Borrower as at the Transfer Date; and 

  

	 	(b)	each Additional Borrower which becomes an Additional Borrower after the Transfer Date, 

 that it wishes that
scheme to apply to the Agreement]**4 
  

	[5/6/7.]	This Transfer Certificate may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same
instrument. Delivery of a counterpart of this Transfer Certificate by e-mail attachment or telecopy shall be an effective mode of delivery. 

  

	[6/7/8.]	This Transfer Certificate and any non contractual obligations arising out of or in connection with it are governed by English law. 

 

	2 	Include if New Lender comes within paragraph (a)(ii) of the definition of Qualifying Lender in Clause 1.1 (Definitions). 

	3 	Insert jurisdiction of tax residence. 

	4 	This confirmation must be included if the New Lender holds a passport under the HMRC DT Treaty Passport scheme as at the Transfer Date, and wishes that scheme to apply to the Facility Agreement. 

  
 - 119 - 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 

[Facility Office, administrative office (if different) address, fax number and attention details for notices and account details for
payments.] 
  

									
	[Existing Lender]	 		 	[New Lender]
					
	By:	 	 	 		 	By:	 	 
		 		 		 		 	

 This Transfer Certificate is accepted by the Facility Agent and the Transfer Date is confirmed as [●]. 

[Facility Agent] 

			
		
	By:	 	 

  
 - 120 - 

 Schedule 5 

Form of Accession Letter 
  

	To:	[●] as Facility Agent 

  

	From:	[Subsidiary] and InterContinental Hotels Group PLC 

 Dated: 

Dear Sirs 
 InterContinental Hotels Group PLC -
$1,275,000,000 Facility Agreement dated [●] 2015 (the Agreement) 
  

	1.	We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter. 

 

	2.	[Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to [Clause 25.2 (Additional
Borrowers)]/[Clause 25.4 (Additional Guarantors)] of the Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of relevant jurisdiction]. 

 

	3.	[Subsidiary’s] administrative details are as follows: 

  

	    	Address: 

  

	    	Fax No: 

  

	    	Attention: 

  

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

  

	    	[This Guarantor Accession Letter is entered into by deed.] 

  

									
	InterContinental Hotels Group PLC	 		 	[Subsidiary]
					
	By:	 	 	 		 	By:	 	 

  
 - 121 - 

 Schedule 6 

Form of Resignation Letter 
  

	To:	[●] as Facility Agent 

  

	From:	[resigning Obligor] and InterContinental Hotels Group PLC 

 Dated: 

Dear Sirs 
 InterContinental Hotels Group PLC -
$1,275,000,000 Facility Agreement dated [●] 2015(the Agreement) 
  

	1.	We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter. 

 

	2.	Pursuant to [Clause 25.3 (Resignation of a Borrower)]/[Clause 25.6 (Resignation of a Guarantor)], we request that [resigning Obligor] be released from its obligations as a
[Borrower]/[Guarantor] under the Agreement. 

  

	3.	We confirm that: 

  

	 	(a)	no Default is continuing or would result from the acceptance of this request; and 

  

	 	(b)	the provisions of [Clause 25.3 (Resignation of a Borrower)]/[Clause 25.6 (Resignation of a Guarantor)] are otherwise complied with. 

 

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

  

									
	InterContinental Hotels Group PLC	 		 	[Subsidiary]
					
	By:	 	 	 		 	By:	 	 

  
 - 122 - 

 Schedule 7 

Form of Compliance Certificate 
  

	To:	[●] as Facility Agent 

  

	From:	InterContinental Hotels Group PLC 

 Dated: 

Dear Sirs 
 InterContinental Hotels Group PLC -
$1,275,000,000 Facility Agreement dated [●] 2015 (the Agreement) 
 We refer to the Agreement. This is a
Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate. 

 

	1.	We confirm that: 

  

	 	(a)	the ratio of EBITDA to Net Interest Payable for the Relevant Period ending [●] was [●]:1; and 

  

	 	(b)	the ratio of Net Borrowings, as at the last day of the Relevant Period ending [●], to EBITDA for that Relevant Period was [●]:1 

 

	    	Computations of the above (in reasonable detail) are attached to this Compliance Certificate. 

  

	2.	The Material Subsidiaries as at the period ending [●] are [●]. 

  

	3.	[We confirm that no Default is continuing.]5 

  

			
		
	Signed:	 	 
	 Director/Authorised Signatory of

InterContinental Hotels Group PLC

   

 

	5 	If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it. 

  
 - 123 - 

 Schedule 8 

Security 
  

							
	 Member of the Group
	  	 Counterparty
	  	Maturity Date	  	Principal amount
secured
				
	 IHG Queenstown Limited
	  	HSBC	  	01 Nov. 2015	  	NZD 4,900,000
				
	 IHC Overseas (UK) Limited
	  	 The Law Debenture
 Pension Trust

Corporation plc
	  	Not applicable
 (Executive Top-Up Plan)
	  	GBP 31,250,000
				
	 Six Continents Limited
	  	 IC Hotels Pension
 Trust Limited
	  	Not applicable	  	GBP 3,000,000

  
 - 124 - 

 Schedule 9 

Timetables 
 “D-” refers to the
number of Business Days before the relevant Utilisation Date/the first day of the relevant Interest Period. 
  

											
	 	  	Loans in
euro	  	Loans in
Sterling	  	Loans in US
Dollars	  	Loan in
respect of
the first
Utilisation	  	Loans in
other
currencies
	Request for approval as an Optional Currency, if required (Clause 4.3 (Conditions relating to Optional Currencies))	  	—	  	—	  	—	  	—	  	D-5
 10:30 a.m.

						
	Facility Agent notifies the Lenders of the request (Clause 4.3 (Conditions relating to Optional Currencies))	  	—	  	—	  	—	  	—	  	D-5
 3:00 p.m.

						
	Responses by Lenders to the request (Clause 4.3 (Conditions relating to Optional Currencies))	  	—	  	—	  	—	  	—	  	D-4
 1:00 p.m.

						
	Facility Agent notifies the Company if a currency is approved as an Optional Currency in accordance with Clause 4.3 (Conditions relating to Optional Currencies)	  	—	  	—	  	—	  	—	  	D-4
 5:00 p.m.

						
	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)	  	D-3
 10:30 a.m.
	  	D-1
 10:30 a.m.
	  	D-3
 10:30 a.m.
	  	D-2
 9:30 a.m.
	  	D-3
 10:30 a.m.

  
 - 125 - 

											
	 	  	Loans in
euro	  	Loans in
Sterling	  	Loans in
US Dollars	  	Loan in
respect of
the first
Utilisation	  	Loans in
other
currencies
	Facility Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under Clause 5.4 (Lenders’ participation) and notifies the Lenders of the Loan in accordance with
Clause 5.4 (Lenders’ participation)	  	D-3
 3:00 p.m.
	  	D-1
 3:00 p.m.
	  	D-3
 3:00 p.m.
	  	D-2
 10:30 a.m.
	  	D-3
 3:00 p.m.

						
	Facility Agent receives a notification from a Lender under Clause 6.2 (Unavailability of a currency)	  	Quotation
 Day9:30 a.m.
	  	Quotation
 Day9:30 a.m.
	  	—	  	—	  	Quotation
 Day9:30 a.m.

						
	Facility Agent gives notice in accordance with Clause 6.2 (Unavailability of a currency)	  	Quotation
 Day10:30 a.m.
	  	Quotation
 Day10:30 a.m.
	  	—	  	—	  	Quotation
 Day10:30 a.m.

						
	LIBOR or EURIBOR is fixed	  	Quotation
Day as of
11:00 a.m.
Brussels
time for
EURIBOR
loans	  	Quotation
Day as of
11:00 a.m	  	Quotation
Day as of
11:00 a.m	  	Quotation
Day as of
11:00 a.m	  	Quotation
Day as of
11:00 a.m

  
 - 126 - 

 Schedule 10 

Form of Margin Certificate 
  

	To:	[●] as Facility Agent 

  

	From:	InterContinental Hotels Group PLC 

 Dated: 

Dear Sirs 
 InterContinental Hotels Group PLC -
$1,275,000,000 Facility Agreement dated [●] 2015 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Margin Certificate. Terms defined in the Agreement have the same meaning when used in this Margin Certificate unless given a different meaning in this Margin Certificate.

  

	2.	We confirm that the ratio of Net Borrowings, as at the last day of the last preceding Margin Period, to EBITDA for that Margin Period was [higher than [3.00:1]]/[in the range of
[            ]:1 to [            ]:1]/[equal to or lower than [1:50:1]].6 

 Computations of the above (in reasonable detail) are attached to this Margin Certificate.

  

			
		
	Signed:	 	 
		 	Director of InterContinental Hotels Group PLC

  
  

	6 	Delete as appropriate. 

  
 - 127 - 

 Schedule 11 

Form of Increase Confirmation 
  

	To:	[●] as Facility Agent and InterContinental Hotels Group PLC as Company, for and on behalf of each Obligor 

  

	From:	[the Increase Lender] (the Increase Lender) 

  

	Dated:	

 InterContinental Hotels Group PLC – $1,275,000,000 Facility Agreement dated [●]
2015 (the Agreement) 
  

	1.	We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation.

  

	2.	We refer to Clause 2.2 (Increase). 

  

	3.	The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment specified in the Schedule (the Relevant Commitment) as if it was an Original Lender under the
Agreement. 

  

	4.	The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment is to take effect (the Increase Date) is [●]. 

 

	5.	On the Increase Date, the Increase Lender becomes party to the Finance Documents as a Lender. 

  

	6.	The Facility Office and address, fax number and attention details for notices to the Increase Lender for the purposes of Clause 31.2 (Addresses) are set out in the Schedule. 

 

	7.	The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in paragraph (e) of Clause 2.2 (Increase). 

 

	8.	The Increase Lender confirms, for the benefit of the Facility Agent and without liability to any Obligor, that it is: 

  

	 	(a)	[a Qualifying Lender (other than a Treaty Lender);] 

  

	 	(b)	[a Treaty Lender;] 

  

	 	(c)	[not a Qualifying Lender].7 

  

	7 	Delete as applicable – each Increase Lender is required to confirm which of these three categories it falls within. 

  
 - 128 - 

	9.	[The Increase Lender confirms, for the benefit of the Facility Agent and without liability to any Obligor, that the person beneficially entitled to interest payable to that Lender in respect of an advance under a
Finance Document is either: 

  

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; or 

  

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

	 	(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
section 19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA 2009; or 

  

	 	(c)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA 2009) of that company.]8 

  

	[9/10.]	[The Increase Lender confirms, for the benefit of the Facility Agent and without liability to any Obligor, that it is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme (reference number [ ])
and is tax resident in [ ], so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax and requests that the Company notify: 

 

	 	(a)	each Borrower which is a Party as a Borrower as at the Increase Date; and 

  

	 	(b)	each Additional Borrower which becomes an Additional Borrower after the Increase Date, 

 that it wishes that
scheme to apply to the Agreement] 
  

	[9/10/11]	This Increase Confirmation may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same
instrument. Delivery of a counterpart of this Increase Confirmation by e-mail attachment or telecopy shall be an effective mode of delivery. 

  

	[10/11/12]	This Increase Confirmation and any non contractual obligations arising out of or in connection with it are governed by English law. 

  

	[11/12/13]	This Agreement has been entered into on the date stated at the beginning of this Agreement. 

 

	8 	Include if New Lender comes within paragraph (a)(ii) of the definition of Qualifying Lender in Clause 13.1 (Definitions). 

  
 - 129 - 

 THE SCHEDULE 

Relevant Commitment/rights and obligations to be assumed by the Increase Lender 

[insert relevant details] 

[Facility office address, fax number and attention details for notices and account details for payments] 

[Increase Lender] 
  

			
		
	By:	 	 

 This Increase Confirmation is accepted as an Increase Confirmation for the purposes of the Agreement by the Facility Agent and
the Increase Date is confirmed as [•]. 
 Facility Agent 
  

			
		
	By:	 	 

  
 - 130 - 

 SIGNATURE PAGES 

The Company 
 INTERCONTINENTAL HOTELS GROUP PLC

  

			
		
	By:	 	/s/ Paul Edgecliffe-Johnson

 Name: PAUL EDGECLIFFE-JOHNSON 

Title: DIRECTOR 
  

	Address:	Broadwater Park 

 Denham 

Middlesex UB9 5HR 
  

	Fax No:	0870 197 4426 

  

	Attention:	The Company Secretary 

  

	cc:	Treasurer 

 InterContinental Hotels Group PLC 

No 1 First Avenue 
 Centrum 100

 Burton on Trent 

Staffordshire DE14 2WB 
  

	Fax No:	01283 514767 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 131 - 

 The Original Borrowers 

INTERCONTINENTAL HOTELS GROUP PLC 
  

			
		
	By:	 	/s/ Paul Edgecliffe-Johnson

 Name: PAUL EDGECLIFFE-JOHNSON 

Title: DIRECTOR 
  

	Address:	Broadwater Park 

 Denham 

Middlesex UB9 5HR 
  

	Fax No:	0870 197 4426 

  

	Attention:	The Company Secretary 

  

	cc:	Treasurer 

 InterContinental Hotels Group PLC 

No 1 First Avenue 
 Centrum 100

 Burton on Trent 

Staffordshire DE14 2WB 
  

	Fax No:	01283 514767 

 INTERCONTINENTAL HOTELS LIMITED 

 

			
		
	By:	 	/s/ Ralph Wheeler

 Name: RALPH WHEELER 
 Title:
DIRECTOR 
  

	Address:	Broadwater Park 

 Denham 

Middlesex UB9 5HR 
  

	Fax No:	0870 197 4426 

  

	Attention:	The Company Secretary 

  

	cc:	Treasurer 

 InterContinental Hotels Group PLC 

No 1 First Avenue 
 Centrum 100

 Burton on Trent 

Staffordshire DE14 2WB 
  

	Fax No:	01283 514767 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 132 - 

 SIX CONTINENTS LIMITED 
  

			
		
	By:	 	/s/ Ralph Wheeler

 Name: RALPH WHEELER 
 Title:
DIRECTOR 
  

	Address:	Broadwater Park 

 Denham 

Middlesex UB9 5HR 
  

	Fax No:	0870 197 4426 

  

	Attention:	The Company Secretary 

  

	cc:	Treasurer 

 InterContinental Hotels Group PLC 

No 1 First Avenue 
 Centrum 100

 Burton on Trent 

Staffordshire DE14 2WB 
  

	Fax No:	01283 514767 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 133 - 

 The Original Guarantors 

INTERCONTINENTAL HOTELS GROUP PLC 
  

			
		
	By:	 	/s/ Paul Edgecliffe-Johnson

 Name: PAUL EDGECLIFFE-JOHNSON 

Title: DIRECTOR 
 INTERCONTINENTAL HOTELS LIMITED 

 

			
		
	By:	 	/s/ Ralph Wheeler

 Name: RALPH WHEELER 
 Title:
DIRECTOR 
 SIX CONTINENTS LIMITED 
  

			
		
	By:	 	/s/ Ralph Wheeler

 Name: RALPH WHEELER 
 Title:
DIRECTOR 
 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 134 - 

 The Mandated Lead Arrangers and Joint Bookrunners 

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 
  

			
		
	By:	 	/s/ Mauro Maioli

 Name: MAURO MAIOLI 
 Title:
DIRECTOR 
  

	Address:	c/o Bank of America 

 26 Elmfield Road 

Bromley, Kent BR1 1WA 
  

	Fax No:	+44 208 695 3544 

  

	Attention:	Shirley Brown / Adi Khambata 

  

	Telephone No:	+44 208 695 3347 / +44 208 695 3389 

  

	E-mail address:	emealoanservicebromley@bankofamerica.com 

 BARCLAYS BANK PLC 

 

			
		
	By:	 	/s/ Isanna R. Devine

 Name: ISANNA R. DEVINE 
 Title:
DIRECTOR, DEBT FINANCE 
  

	Address:	1 Churchill Place, London, E14 5HP 

  

	Fax No:	02071167641 

  

	Attention:	Mr T Helliwell 

  

	E-mail address:	tim.helliwell@barclays.com 

  

	Telephone No:	0207 116 4536 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 135 - 

 HSBC BANK PLC 
  

			
		
	By:	 	/s/ Laura Griffiths

 Name: LAURA GRIFFITHS 
 Title:
DIRECTOR 
  

	Address:	24th Floor, 8 Canada Square 

 London E14 5HQ 

 

	Fax No:	020 799 24680 

  

	Attention:	Process Manager, Loans Administration 

 SUNTRUST ROBINSON HUMPHREY 

 

			
		
	By:	 	/s/ W. Bradley Hamilton

 Name: W. BRADLEY HAMILTON 

Title: DIRECTOR 
  

	Address:	211 Perimeter Ctr. Parkway 

 Atlanta GA. 30346 

 

	Fax No:	404-588-4402 

  

	Attention:	James Wu 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 136 - 

 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

 

			
		
	By:	 	/s/ Sean Malone

 Name: SEAN MALONE 
 Title:
DEPUTY GENERAL MANAGER AND MANAGING DIRECTOR, SYNDICATIONS 
  

	Address:	Ropemaker Place 

 25, Ropemaker St., 

London EC2Y 9AN 
  

	Fax No:	+44 (0)20 7577 1559 

  

	Attention:	Loan Participation / Ganesh Ganeshwaran 

 THE ROYAL BANK OF SCOTLAND PLC 

 

			
		
	By:	 	/s/ Roy Evans

 Name: ROY EVANS 
 Title:
DIRECTOR 
  

	Address:	280 Bishopsgate 

 London, EC2M 4RB 

 

	Fax No:	0044 20 7672 6403 

  

	Attention:	Lending Operations 

  

	Telephone No:	+4420 3361 2582 

  

	E-mail address:	LendingOpsSmartShore@rbs.com 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 137 - 

 The Original Lenders 

BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 
  

			
	By:	 	 /s/ Adam Lawrence

 Name: ADAM LAWRENCE 
 Title:
VICE PRESIDENT 
  

	Address:	c/o Bank of America 

 26 Elmfield Road 

Bromley, Kent BR1 1WA 
  

	Fax No:	+44 208 695 3544 

  

	Attention:	Shirley Brown / Adi Khambata 

  

	Telephone No:	+44 208 695 3347 / +44 208 695 3389 

  

	E-mail address:	emealoanservicebromley@bankofamerica.com 

 BARCLAYS BANK PLC 

 

			
	By:	 	 /s/ Isanna R. Devine

 Name: ISANNA R. DEVINE 
 Title:
DIRECTOR, DEBT FINANCE 
  

	Address:	1 Churchill Place, London, E14 5HP 

  

	Fax No:	02071167641 

  

	Attention:	Mr T Helliwell 

  

	E-mail address:	tim.helliwell@barclays.com 

  

	Telephone No:	0207 116 4536 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 138 - 

 CITIBANK, N.A. LONDON BRANCH 
  

			
	By:	 	 /s/ Rudi Baxter-Warman

  

	Name:	RUDI BAXTER-WARMAN 

  

	Title:	VICE PRESIDENT 

  

	Address:	c/o Citibank International Plc Poland Branch 

 Loans Operations Department 

8 CHALUBINSKIEGO Str., 8th Floor 

	    	Warsaw 00-613, Poland 

  

	Fax No:	0044 20 7942 7512 

  

	Attention:	Olga Grzeskowiak (Section Manager) and Anna Rudnicka (Manager) 

  

	E-mail address:	cibuk.loans@citi.com 

 COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH 

 

									
	By:	 	 /s/ Thomas Bush
	 		 		 	 /s/ lan Anderson

				
	
Name:                THOMAS
BUSH
	 		 		 	IAN ANDERSON
				
	
Title:                  DIRECTOR
	 		 		 	MANAGING DIRECTOR

  
  

	Address:	30 Gresham Street 

 London EC2V 7PG 

 

	Fax No:	+44 207 475 2241 

  

	Attention:	Thomas Bush 

  

	E-mail address:	Thomas.Bush@commerzbank.com 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 139 - 

 DBS BANK LTD., LONDON BRANCH 
  

			
	By:	 	 /s/ Eunice Warren

 Name: EUNICE WARREN 
 Title:
SENIOR VICE PRESIDENT 
  

	Address:	4th Floor, Paternoster House 

 65 St. Paul’s Churchyard 

London EC4M 8AB 
 For credit matters: 

 

	Fax No:	+44 (0) 20 7489 5850 

  

	Attention:	Iain Stuart/Jeanne Kay/Joanne Foronda 

  

	Telephone No:	+44 (0)20 7489 6583/584/541 

  

	E-mail address:	iainstuart@dbs.com / jeannekay@dbs.com / joanneforonda@dbs.com 

 For operational matters: 

 

	Fax No:	+44 (0)20 7489 5852 

  

	Attention:	Ian Herrod/Ruth Yan 

  

	Telephone No:	+44 (0)20 7489 6548/567 

  

	E-mail address:	LoanOpsLondon@dbs.com 

 HSBC BANK PLC 

 

			
	By:	 	 /s/ Laura Griffiths

 Name: LAURA GRIFFITHS 
 Title:
DIRECTOR 
  

	Address:	24th Floor, 8 Canada Square 

 London E14 5HQ 

 

	Fax No:	020 799 24680 

  

	Attention:	Process Manager, Loans Administration 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 140 - 

 SUNTRUST BANK 
  

			
	By:	 	 /s/ W. Bradley Hamilton

 Name: W. BRADLEY HAMILTON 

Title: DIRECTOR 
  

	Address:	211 Perimeter Ctr. Parkway 

 Atlanta GA. 30346 

 

	Fax No:	404-588-4402 

  

	Attention:	James Wu 

 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

 

			
	By:	 	 /s/ Andrew Trenouth

 Name: ANDREW TRENOUTH 
 Title:
DEPUTY GENERAL MANAGER AND MANAGING DIRECTOR 
  

	Address:	Ropemaker Place 

 25, Ropemaker St., 

	    	London EC2Y 9AN 

  

	Fax No:	+44 (0)20 7577 1559 

  

	Attention:	Loan Participation / Ganesh Ganeshwaran 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 141 - 

 THE ROYAL BANK OF SCOTLAND PLC 
  

			
		
	By:	 	/s/ Roy Evans

  

	Name:	ROY EVANS 

  

	Title:	DIRECTOR 

  

	Address:	280 Bishopsgate 

 London, EC2M 4RB 

 

	Fax No:	0044 20 7672 6403 

  

	Attention:	Lending Operations 

  

	Telephone No:	+4420 3361 2582 

  

	E-mail address:	LendingOpsSmartShore@rbs.com 

 U.S. BANK NATIONAL ASSOCIATION 

 

			
		
	By:	 	/s/ Steven L. Sawyer

  

	Name:	STEVEN L. SAWYER 

  

	Title:	SENIOR VICE PRESIDENT 

  

	Address:	214 N. Tryon Street 

 Charlotte, NC 28202 

 

	Fax No:	+1 704-335-2435 

  

	Attention:	Steve Sawyer 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 142 - 

 WELLS FARGO BANK N.A., LONDON BRANCH  

 

			
		
	By:	 	/s/ Nathan Hamsik

  

	Name:	NATHAN HAMSIK 

  

	Title:	VP/RM 

  

	Address:	One Plantation Place 

 30 Fenchurch Street 

London EC3M 3BD 
  

	Fax No:	+44 (0)20 7149 8392 

  

	Attention:	Nathan Hamsik 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 143 - 

 The Facility Agent 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 
  

			
		
	By:	 	/s/ Sean Malone

  

	Name:	SEAN MALONE 

  

	Title:	DEPUTY GENERAL MANAGER AND MANAGING DIRECTOR, SYNDICATIONS 

  

	Address:	Ropemaker Place 

 25, Ropemaker St. 

London EC2Y 9AN 
  

	Fax No:	+44 (0)20 7577 1559 

  

	Attention:	The Manager, Loans Agency Services 

  

	E-mail address:	loanagency@uk.mufg.jp 

 SIGNATURE PAGES TO THE FACILITY AGREEMENT 

  
 - 144 -

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