Document:

Exhibit 10.21

 

EXECUTION VERSION

  

THIS AGREEMENT is dated  18 July 2019 and made
between:

 

		(1)	FWD GROUP FINANCIAL SERVICES PTE. LTD., a private company incorporated under
the laws of the Republic of Singapore with limited liability and company number 201302761R (the "Guarantor");

 

		(2)	FWD GROUP LIMITED, an exempted company incorporated under the laws of the Cayman
Islands with limited liability and with company number 274405 (the "Borrower");

 

		(3)	HSBC BANK PLC as mandated lead arranger (the "Mandated Lead Arranger");

 

		(4)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, of Level 30, HSBC Main
Building, 1 Queen's Road Central, Hong Kong as security trustee for the Secured Parties (the "Security Agent"); and

 

		(5)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, of Level 30, HSBC Main
Building, 1 Queen's Road Central, Hong Kong as agent of the Finance Parties (other than itself) (the "Agent").

 

IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions 

 

In this Agreement:

 

"Amended Facility Agreement"
means the Original Facility Agreement, as amended by this Agreement.

 

"Effective Date"
means the date on which the Agent confirms to the Lenders and the Borrower that it has received each of the documents and other evidence
listed in Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Agent (acting on the instructions of the
Majority Lenders).

 

"Further Notes" means
the tranche of notes to be issued pursuant to the terms of the Initial Subordinated Notes, to be consolidated with and form a single series
with the Initial Subordinated Notes and up to a maximum amount of US$550,000,000.

 

"Guarantee Obligations"
means the guarantee and indemnity obligations of the Guarantor contained in the Original Facility Agreement and/or the Amended Facility
Agreement.

 

"Initial Subordinated Notes"
means the US$ 5.75% Subordinated Notes due 2024 issued by the Borrower on 9 July 2019, where the Financial Indebtedness arising thereunder
is subordinated to the claims of the Secured Parties on terms acceptable to the Agent (acting on the instructions of the Majority Lenders).

 

"Original Facility Agreement"
means the facility agreement dated 4 February 2019 between the Guarantor, the Borrower, the Agent, the Mandated Lead Arranger, the Security
Agent and the Lenders.

 

    - 1 - 

     

    

 

 EXECUTION VERSION

 

		1.2	Incorporation of defined terms 

 

		(a)	Unless a contrary indication appears, a term defined in the Original Facility Agreement
has the same meaning in this Agreement.

 

		(b)	The principles of construction set out in the Original Facility Agreement shall have
effect as if set out in this Agreement.

 

		1.3	Clauses 

 

In this Agreement any reference to
a "Clause" or a "Schedule" is, unless the context otherwise requires, a reference to a Clause in or a Schedule to
this Agreement.

 

		1.4	Third party rights 

 

		(a)	Unless expressly provided to the contrary in a Finance Document, a person who is not
a Party has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) (the "Third Parties Ordinance")
to enforce or to enjoy the benefit of any term of this Agreement.

 

		(b)	Notwithstanding any term of any Finance Document, the consent of any person who is
not a Party is not required to rescind or vary this Agreement at any time.

 

		(c)	Any Receiver or Delegate may, subject to this Clause 1.4 and the Third Parties Ordinance,
rely on any Clause of this Agreement which expressly confers rights on it.

 

		1.5	Designation 

 

In accordance with the Original Facility Agreement, each
of the Borrower and the Agent designates this Agreement as a Finance Document.

 

		2.	REPRESENTATIONS 

 

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 this Agreement; and

 

		(b)	the Effective Date,

 

and references to "this Agreement"
or any Finance Document in the Repeating Representations should be construed as references to this Agreement and to the Original Facility
Agreement and on the Effective Date, to the Amended Facility Agreement.

 

    - 2 - 

     

    

 

 EXECUTION VERSION

  

		3.	CONFIRMATION 

 

With effect from the Effective Date,
the Agent (acting on the instructions of the Majority Lenders) confirms that the issuance of the Further Notes by the Borrower (on the
terms disclosed to the Agent prior to the date of this Agreement) constitutes Financial Indebtedness that is permitted pursuant to paragraph
(b)(iv) of clause 21.10 (Financial Indebtedness) of the Amended Facility Agreement.

 

		4.	AMENDMENT 

 

		4.1	Amendment of the Original Facility Agreement 

 

With effect from the Effective Date,
the Original Facility Agreement shall be amended as follows:

 

Paragraph (a)(i) of clause 20.2 (Financial conditions)
shall be deleted in its entirety and replaced with the following:

 

"(i)Gearing

 

Consolidated Total Debt shall not at any time exceed USD1,600,000,000."

 

		5.	CONTINUITY AND FURTHER ASSURANCE

 

		5.1	Continuing obligations 

 

The provisions of the Original Facility
Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full force and effect.

 

		5.2	Confirmation of Guarantee Obligations 

 

For the avoidance of doubt, the Guarantor
confirms for the benefit of the Finance Parties that all Guarantee Obligations shall (a) remain in full force and effect notwithstanding
the confirmation referred to in Clause 3 (Confirmation) and the amendment referred to in Clause 4.1 (Amendment of the Original
Facility Agreement) and (b) extend to any new obligations assumed by any Obligor under the Finance Documents as a result of this Agreement
(including, but not limited to, under the Amended Facility Agreement).

 

		5.3	Confirmation of Security 

 

For the avoidance of doubt, each Obligor
confirms for the benefit of the Finance Parties that, the Security created by it pursuant to each Transaction Security Document to which
it is a party shall (a) remain in full force and effect notwithstanding the confirmation referred to in Clause 3 (Confirmation)
and the amendment referred to in Clause 4.1 (Amendment of the Original Facility Agreement) and (b) continue to secure the Secured
Liabilities under the Finance Documents as amended (including, but not limited to, under the Amended Facility Agreement).

 

    - 3 - 

     

    

 

EXECUTION VERSION

  

		5.4	Further assurance 

 

Each Obligor shall, at the request
of the Agent and at such Obligor's own expense, do all such acts and things necessary or desirable to give effect to the amendments effected
or to be effected pursuant to this Agreement.

 

		6.	COSTS AND EXPENSES

 

		6.1	Transaction expenses 

 

The Borrower shall within five Business
Days of demand pay the Agent, the Mandated Lead Arranger and the Security Agent the amount of all reasonable costs and expenses (including
but not limited to legal fees) reasonably and properly incurred by any of them (and in the case of the Security Agent, by any Receiver
or Delegate) in connection with the negotiation, preparation, printing and execution of this Agreement and any other documents referred
to in this Agreement.

 

		7.	MISCELLANEOUS

 

		7.1	Incorporation of terms 

 

The provisions of clause 32 (Notices),
clause 34 (Partial invalidity), clause 35 (Remedies and waivers) and clause 39 (Enforcement) of the Original Facility
Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to "this
Agreement" or "the Finance Documents" or any "Finance Document" are references to this Agreement.

 

		7.2	Counterparts 

 

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

 

		8.	GOVERNING LAW 

 

This Agreement is governed by the laws
of Hong Kong.

 

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

 

    - 4 - 

     

    

 

EXECUTION VERSION

  

SCHEDULE 1

CONDITIONS PRECEDENT

 

		1.	Obligors 

 

		(a)	A copy of the constitutional documents and, if applicable, statutory registers of
each Obligor (or a certificate of an authorised signatory of each Obligor certifying that the constitutional documents and, if applicable,
statutory registers previously delivered to the Agent for the purposes of the Original Facility Agreement have not been amended and remain
in full force and effect).

 

		(b)	A copy of (or a copy of a certified true extract of) a resolution of the board of
directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, this Agreement and resolving
that it execute this Agreement;

 

		(ii)	in relation to the Borrower only, approving the issuance of the Further Notes;

 

		(iii)	authorising a specified person or persons to execute this Agreement on its behalf;
and

 

		(iv)	in relation to the Guarantor only, resolving that it is in the best interests of the
Guarantor to enter into the transactions contemplated by this Agreement.

 

		(c)	A specimen of the signature of each person authorised by the resolution referred to
in paragraph (b) above (to the extent such person actually executes or signs this Agreement and/or any related document or notice).

 

		(d)	A copy of (or a copy of a certified true extract of) a resolution signed by the Borrower
as the holder of all issued shares in the Guarantor, approving the terms of, and the transactions contemplated by, this Agreement.

 

		(e)	A certificate of an authorised signatory of each Obligor certifying that each copy
document relating to it specified in this Schedule 1 is correct, complete and in full force and effect as at a date no earlier than the
date of this Agreement.

 

		(f)	A certificate of good standing issued by the Registrar of Companies in the Cayman
Islands in respect of the Borrower.

 

    - 5 - 

     

    

 

 EXECUTION VERSION

 

		2.	Legal Opinions 

 

		(a)	A legal opinion in relation to Hong Kong law from Clifford Chance addressed to the
Agent, the Security Agent and the Lenders.

 

		(b)	A legal opinion as to the laws of Singapore from Clifford Chance Pte. Ltd. addressed
to the Agent, the Security Agent and the Lenders.

  

		(c)	A legal opinion as to the laws of the Cayman Islands from Walkers (Singapore) Limited
Liability Partnership addressed to the Agent, the Security Agent and the Lenders.

 

    - 6 - 

     

    

 

 

SIGNATURES

 

	The Guarantor
	 
	For and on behalf of
	 
	FWD GROUP FINANCIAL SERVICES PTE. LTD.

 

		By:	[***]

 

SIGNATURE PAGE TO

 AMENDMENT AGREEMENT

 

     

     

    

 

The Borrower

 

For and on behalf of

 

FWD GROUP LIMITED

 

		By:	[***]

 

 SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

 

     

     

    

 

The Mandated Lead Arranger

 

For and on behalf of

 

HSBC BANK PLC

 

		By:	[***]

 

The Agent

 

for and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

	By:

  

The Security Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORA TTON LlMJTED

 

	By:

 

SIGNATURE PAGE TO

AMENDMENT AGREEMENT

 

     

     

    

  

The Mandated Lead Arranger

 

For and on behalf of

 

HSBC BANK PLC

 

By:

  

The Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

  

[***]

 

The Security Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

   

[***]

 

SIGNATURE PAGE TO 

AMENDMENT AGREEMENT

 

     

     

    

 

Execution Version

  

THIS AGREEMENT is dated  1 August 2019 and made between:

 

		(1)	FWD GROUP FINANCIAL SERVICES PTE. LTD., a private company incorporated under the laws of the Republic
of Singapore with limited liability and company number 201302761R (the "Guarantor");

 

		(2)	FWD GROUP LIMITED, an exempted company incorporated under the laws of the Cayman Islands with limited
liability and with company number 274405 (the "Borrower");

 

		(3)	HSBC BANK PLC as mandated lead arranger (the "Mandated Lead Arranger");

 

		(4)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, of Level 30, HSBC Main Building, 1 Queen's
Road Central, Hong Kong as security trustee for the Secured Parties (the "Security Agent"); and

 

		(5)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, of Level 30, HSBC Main Building, 1 Queen's
Road Central, Hong Kong as agent of the Finance Parties (other than itself) (the "Agent").

 

IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions 

 

In this Agreement:

 

"Amended Facility Agreement"
means the Original Facility Agreement, as amended by this Agreement.

 

"First Amendment Agreement"
means the amendment agreement dated 18 July 2019 between the Borrower, the Guarantor, the Mandated Lead Arranger, the Agent and the Security
Agent.

 

"Effective Date" means
the date on which the Agent confirms to the Lenders and the Borrower that it has received each of the documents and other evidence listed
in Schedule 1 (Conditions Precedent) in form and substance satisfactory to the Agent (acting on the instructions of all the Lenders).

 

"Guarantee Obligations"
means the guarantee and indemnity obligations of the Guarantor contained in the Original Facility Agreement and/or the Amended Facility
Agreement.

 

"Original Facility Agreement"
means the facility agreement dated 4 February 2019 between the Guarantor, the Borrower, the Agent, the Mandated Lead Arranger, the Security
Agent and the Lenders, as amended by the First Amendment Agreement.

 

     

     

    

 

		1.2	Incorporation of defined terms 

 

		(a)	Unless a contrary indication appears, a term defined in the Original Facility Agreement has the same meaning
in this Agreement.

 

		(b)	The principles of construction set out in the Original Facility Agreement shall have effect as if set
out in this Agreement.

 

		1.3	Clauses 

 

In this Agreement any reference to a
 "Clause" or a "Schedule" is, unless the context otherwise requires, a reference to a Clause in or a Schedule to this
Agreement.

 

		1.4	Third party rights 

 

		(a)	Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right
under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) (the "Third Parties Ordinance") to enforce or to enjoy
the benefit of any term of this Agreement.

 

		(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not
required to rescind or vary this Agreement at any time.

 

		(c)	Any Receiver or Delegate may, subject to this Clause 1.4 and the Third Parties Ordinance, rely on any
Clause of this Agreement which expressly confers rights on it.

 

		1.5	Designation 

 

In accordance with the Original Facility Agreement, each
of the Borrower and the Agent designates this Agreement as a Finance Document.

 

		2.	REPRESENTATIONS 

 

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 this Agreement; and

 

		(b)	the Effective Date,

 

and references to "this Agreement"
or any Finance Document in the Repeating Representations should be construed as references to this Agreement and to the Original Facility
Agreement and on the Effective Date, to the Amended Facility Agreement.

 

    - 2 - 

     

    

 

	3.	AMENDMENT
	 	 
	3.1	Amendment of the Original Facility Agreement
	 	 
	 	With effect from the
    Effective Date, the Original Facility Agreement shall be amended as follows:
	 	
	 	The definition of
    "Long-Stop Date" under clause 1.1 (Definitions) of the Original
    Facility Agreement shall be deleted in its entirety and replaced with the following:
	 	
	 	""Long-Stop Date" means 22 October 2019."
	 	 
	4.	CONTINUITY AND FURTHER ASSURANCE

 

		4.1	Continuing obligations 

 

The provisions of the Original Facility
Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full force and effect.

 

		4.2	Confirmation of Guarantee Obligations 

 

For the avoidance of doubt, the Guarantor
confirms for the benefit of the Finance Parties that all Guarantee Obligations shall (a) remain in full force and effect notwithstanding
the amendment referred to in Clause 3.1 (Amendment of the Original Facility Agreement) and (b) extend to any new obligations assumed
by any Obligor under the Finance Documents as a result of this Agreement (including, but not limited to, under the Amended Facility Agreement).

 

		4.3	Confirmation of Security 

 

For the avoidance of doubt, each Obligor
confirms for the benefit of the Finance Parties that, the Security created by it pursuant to each Transaction Security Document to which
it is a party shall (a) remain in full force and effect notwithstanding the the amendment referred to in Clause 3.1 (Amendment of the
Original Facility Agreement) and (b) continue to secure the Secured Liabilities under the Finance Documents as amended (including,
but not limited to, under the Amended Facility Agreement).

 

		4.4	Further assurance 

 

Each Obligor shall, at the request of
the Agent and at such Obligor's own expense, do all such acts and things necessary or desirable to give effect to the amendments effected
or to be effected pursuant to this Agreement.

 

		5.	COSTS AND EXPENSES

 

		5.1	Transaction expenses 

 

The Borrower shall within five Business
Days of demand pay the Agent, the Mandated Lead Arranger and the Security Agent the amount of all reasonable costs and expenses (including
but not limited to legal fees) reasonably and properly incurred by any of them (and in the case of the Security Agent, by any Receiver
or Delegate) in connection with the negotiation, preparation, printing and execution
of this Agreement and any other documents referred to in this Agreement.

 

    - 3 - 

     

    

 

 

		6.	MISCELLANEOUS

 

	6.1	Incorporation of terms 

 

The provisions of clause 32 (Notices),
clause 34 (Partial invalidity), clause 35 (Remedies and waivers) and clause 39 (Enforcement) of the Original Facility
Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to "this
Agreement" or "the Finance Documents" or any "Finance Document" are references to this Agreement.

 

		6.2	Counterparts 

 

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

 

		7.	GOVERNING LAW 

 

This Agreement is governed by the laws
of Hong Kong.

 

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

 

    - 4 - 

     

    

 

SCHEDULE 1

CONDITIONS PRECEDENT

 

		1.	Obligors 

 

		(a)	A copy of (or a copy of a certified true extract of) a resolution of the board of directors of each
                                                            Obligor:

 

	 	(i)	approving the terms of, and the transactions contemplated by, this Agreement and resolving that it
                                                                  execute this Agreement;

 

	 	(ii)	authorising a specified person or persons to execute this Agreement on its behalf; and

 

		(iii)	in relation to the Guarantor only, resolving that it is in the best interests of the Guarantor to
                                                          enter into the transactions contemplated by this Agreement.

 

		(b)	A copy of (or a copy of a certified true extract of) a resolution signed by the Borrower as the
                                                            holder of all issued shares in the Guarantor, approving the terms of, and the transactions contemplated by, this Agreement.

 

		2.	Other documents 

 

		(a)	A copy of the letter dated 16 July 2019 between Bidco, the Vendors and Commonwealth Bank of
                                                               Australia.

   

    - 5 - 

     

    

 

SIGNATURES

The Guarantor

 

For and on behalf of

 

FWD GROUp FINANCIAL SERVICES PTE. LTD.

 

	By:	[***]

 

 SIGNATURE PAGE TO

LSD AMENDMENT

AGREEMENT

 

     

     

    

 

The Borrower

 

For and on behalf of

 

FWD GROUP LIMITED

 

	By:	[***]

 

SIGNATURE PAGE TO 

LSD AMENDMENT

AGREEMENT

 

     

     

    

 

The Mandated Lead Arranger

  

For and on behalf of 

 

HSBC BANK PLC

 

By:

 

		 	[***]

  

The Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

 

The Security
Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

 

SIGNATURE PAGE TO

LSD AMENDMENT

AGREEMENT

 

     

     

    

 

The Mandated Lead Arranger

 

For and on behalf of

 

HSBC BANK PLC

 

By:

  

The
Agent

 

For and on behalf of 

 

THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED

 

	By:	[***]

 

	 	[***]

 

The
Security Agent

 

For and on behalf of 

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

  

By:

 

	 	[***]

 

	 	[***]

 

SIGNATURE
PAGE TO

 LSD AMENDMENT 

AGREEMENT

 

     

     

    

 

 

EXECUTION VERSION

 

AMENDMENT DEED

 

DATED             6 September
2019                  

 

BETWEEN

 

FWD GROUP LIMITED

AS BORROWER

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

 

AS GUARANTOR

 

AND

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

AS AGENT

AND SECURITY AGENT

 

 

 

RELATING TO A FACILITY AGREEMENT

DATED 4 FEBRUARY 2019

 

 

 

    - i -

     

    

 

CONTENTS

 

	Clause	Page

 

	1.	Definitions and Interpretation	1
	 	 	 
	2.	Representations	2
	 	 	 
	3.	Amendment and Restatement	3
	 	 	 
	4.	Continuity and Further Assurance	3
	 	 	 
	5.	Costs and Expenses	3
	 	 	 
	6.	Miscellaneous	4
	 	 	 
	7.	Governing Law	4
	 	 	 
	Schedule 1 Conditions Precedent	5
	 	 	 
	Schedule 2 Amended and Restated Facility Agreement	7

 

    - ii -

     

    

 

THIS DEED is made on 6 September 2019 by :

 

	(1)	FWD GROUP LIMITED, an exempted company incorporated under the laws of the Cayman Islands with limited
liability and with company number 274405 (the "Borrower");

 

	(2)	FWD GROUP FINANCIAL SERVICES PTE. LTD., a private company incorporated under the laws of the Republic
of Singapore with limited liability and company number 201302761R (the "Guarantor");

 

	(3)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED of Level 30, HSBC Main Building, 1 Queen's
Road Central, Hong Kong, incorporated in Hong Kong with limited liability, as agent of the Finance Parties (other than itself) (the "Agent");
and

 

	(4)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED of Level 30, HSBC Main Building, 1 Queen's
Road Central, Hong Kong, incorporated in Hong Kong with limited liability, as security trustee for the Finance Parties (the "Security
Agent").

 

RECITALS:

 

	(A)	By the Original Facility Agreement (as defined below), the Lenders agreed to make available to the Borrower
a term loan facility of up to US$175,000,000 on the terms and subject to the conditions contained in the Original Facility Agreement.

 

		(B)	The Agent has obtained the consent of all Lenders in respect of its entry into this Deed.

 

		(C)	At the request of the Borrower, the Agent (on behalf of the Finance Parties) agrees to amend the Original
Facility Agreement pursuant to the terms of this Deed in accordance with clause 36 (Amendments and Waivers) of the Original Facility
Agreement.

 

	(D)	It is intended by the parties to this Deed that this document will take effect as a deed despite the fact
that a party may only execute this Deed under hand.

 

NOW THIS DEED WITNESSES as follows:

 

	1.	DEFINITIONS AND INTERPRETATION

 

	1.1	Definitions 

 

In this Deed:

 

"Amended Facility Agreement"
means the Original Facility Agreement, as amended and restated pursuant to this Deed.

 

"Effective Date" means
the date on which the Agent confirms to the Lenders and the Borrower that it has received each of the documents and other evidence listed
in and appearing to comply with Schedule 1 (Conditions Precedent).

 

    - 1 -

     

    

 

"Guarantee Obligations"
means the guarantee and indemnity obligations of the Guarantor contained in the Original Facility Agreement and/or the Amended Facility
Agreement.

 

"New Facility Agreement"
means the US$1,800,000,000 facility agreement to be entered into between, amongst others, the Borrower as borrower, the Guarantor as guarantor
and Standard Chartered Bank (Hong Kong) Limited as agent.

 

"New Finance Documents"
means the Finance Documents as defined in the New Facility Agreement.

 

"Original Facility Agreement"
means the facility agreement relating to an up to US$175,000,000 term loan facility dated 4 February 2019 between, amongst others, the
Borrower, the Guarantor, the Agent and the Security Agent, as amended and supplemented by an amendment agreement dated 18 July 2019 and
as further amended and supplemented by an amendment agreement dated 1 August 2019.

 

	1.2	Incorporation of defined terms 

 

		(a)	Unless a contrary indication appears, a term defined in the Original Facility Agreement has the same meaning
in this Deed.

 

		(b)	The principles of construction and the terms set out in clause 1.2 (Construction), clause 1.3 (Currency
Symbols and Definitions), clause 1.4 (Personal liability), clause 1.5 (Third party rights) and clause 1.6 (Contractual
recognition of bail-in) of the Original Facility Agreement shall have effect as if set out in full in this Deed and as if references
in those clauses to "this Agreement" or "the Finance Documents" or any Finance Document are references to this Deed.

 

	1.3	Clauses 

 

In this Deed any reference to a "Clause"
or a "Schedule" is, unless the context otherwise requires, a reference to a Clause in or a Schedule to this Deed.

 

	1.4	Designation 

 

In accordance with the Original Facility
Agreement, each of the Borrower and the Agent designates this Deed as a Finance Document.

 

	2.	REPRESENTATIONS 

 

Each Obligor makes the following representations
and warranties to each Finance Party (by reference to the facts and circumstances then existing) on (x) the date of this Deed and (y)
the Effective Date:

 

		(a)	no Event of Default is continuing; and

 

		(b)	each of the Repeating Representations and (in the case of the Effective Date only) the
                                                                representations and warranties set out in clause 18.23 (Existing Subordinated Debts) of the Amended Facility Agreement, and
                                                                references to "this Agreement" or any Finance Document in the Repeating Representations should be construed as references
                                                                to this Deed and to the Original Facility Agreement and on the Effective Date, to the Amended Facility Agreement.

 

    - 2 -

     

    

 

	3.	AMENDMENT AND RESTATEMENT 

 

		(a)	With effect from the Effective Date, the Original Facility Agreement shall be amended and restated so
that it shall be read and construed for all purposes as set out in Schedule 2 ( Amended and Restated Facility Agreement).

 

		(b)	With effective from the Effective Date, the Side Letter and each document detailed therein shall be superceded
in accordance with the terms set out in the Second Side Letter (as defined in the Amended Facility Agreement).

 

	4.	CONTINUITY AND FURTHER ASSURANCE 

 

	4.1	Continuing obligations 

 

The provisions of the Original Facility
Agreement and the other Finance Documents shall, save as amended by this Deed, continue in full force and effect.

 

	4.2	Confirmation of Guarantee Obligations 

 

For the avoidance of doubt, the Guarantor
confirms for the benefit of the Finance Parties that all Guarantee Obligations shall (a) remain in full force and effect notwithstanding
the amendments referred to in Clause 3 ( Amendment and Restatement) and (b) extend to any new obligations assumed by any Obligor
under the Finance Documents as a result of this Deed (including, but not limited to, under the Amended Facility Agreement).

 

	4.3	Confirmation of Security 

 

For the avoidance of doubt, each Obligor
confirms for the benefit of the Finance Parties that, the Security created by it pursuant to each Transaction Security Document to which
it is a party shall (a) remain in full force and effect notwithstanding the amendments referred to in Clause 3 ( Amendment and Restatement)
and (b) continue to secure the Secured Liabilities under the Finance Documents as amended (including, but not limited to, under the Amended
Facility Agreement).

 

	4.4	Further assurance 

 

Each Obligor shall, at the reasonable
request of the Agent and at such Obligor's own expense, do all such acts and things necessary to give effect to the amendments effected
or to be effected pursuant to this Deed.

 

	5.	COSTS AND EXPENSES 

 

The Borrower shall, within five Business
Days of demand, pay the Administrative Parties the amount of all reasonable costs and expenses (including but not limited to legal fees)
reasonably and properly incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with
the negotiation, preparation, printing and execution of this Deed and any other documents referred to in this Deed.

 

    - 3 -

     

    

 

	6.	MISCELLANEOUS

 

	6.1	Incorporation of terms 

 

The provisions of clause 32 (Notices),
clause 34 (Partial Invalidity), clause 35 (Remedies and Waivers), clause 36 (Amendments and Waivers) and clause 39
(Enforcement) of the Original Facility Agreement shall be incorporated into this Deed as if set out in full in this Deed and as
if references in those clauses to "this Agreement" or "the Finance Documents" or any Finance Document are references
to this Deed.

 

	6.2	Counterparts 

 

This Deed may be executed in any number
of counterparts, and this has the same effect as if the signatures and/or execution on the counterparts were on a single copy of this
Deed.

 

	7.	GOVERNING LAW 

 

This Deed is governed by the laws of
Hong Kong.

 

IN WITNESS WHEREOF this Deed has been signed
on behalf of the Agent and the Security Agent and executed as a deed by each of the Borrower and the Guarantor and is intended to be and
is hereby delivered by each of the Borrower and the Guarantor as a deed.

 

    - 4 -

     

    

 

SCHEDULE 1

CONDITIONS PRECEDENT

 

	1.	Obligors 

 

		(a)	A copy of the constitutional documents and, if applicable, statutory registers of each Obligor (or a certificate
of an authorised signatory of each Obligor certifying that the constitutional documents and, if applicable, statutory registers previously
delivered to the Agent for the purposes of the Original Facility Agreement have not been amended and remain in full force and effect).

 

		(b)	A copy of (or a copy of a certified true extract of) a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, this Deed and resolving that it execute
this Deed;

 

		(ii)	authorising a specified person or persons to execute this Deed on its behalf; and

 

		(iii)	in the case of the Guarantor, resolving that it is in the best interests of the Guarantor to enter into
the transactions contemplated by this Deed.

 

		(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above
(to the extent not already delivered to the Agent for the purposes of the Original Facility Agreement, provided that where it is so delivered
for the purposes of the Original Facility Agreement, the certificate referred to in paragraph (e) shall confirm that such specimen so
delivered remains correct, complete and in full force and effect).

 

		(d)	A copy of (or a copy of a certified true extract of) a resolution signed by the Borrower as the holder
of all issued shares in the Guarantor, approving the terms of, and the transactions contemplated by, this Deed.

 

		(e)	A certificate of an authorised signatory of each Obligor certifying that each copy document relating to
it specified in this Schedule 1 is correct, complete and in full force and effect as at a date no earlier than the date of this Deed.

 

		(f)	A certificate of good standing issued by the Registrar of Companies in the Cayman Islands in respect of
the Borrower.

 

	2.	Legal Opinions 

 

		(a)	A legal opinion in relation to Hong Kong law from Clifford Chance addressed to the Agent, the Security
Agent and the Lenders.

 

		(b)	A legal opinion as to the laws of Singapore from Clifford Chance Pte. Ltd. addressed to the Agent, the
Security Agent and the Lenders.

 

		(c)	A legal opinion as to the laws of the Cayman Islands from Walkers (Singapore) Limited Liability Partnership
addressed to the Agent, the Security Agent and the Lenders.

 

    - 5 -

     

    

 

	3.	Other documents and evidence 

 

		(a)	A copy of a second side letter dated on or about the date of this Deed duly executed by the parties thereto
and copies of each of the documents as detailed in such second side letter duly executed by the relevant party(ies) thereto.

 

		(b)	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 5 (Costs and
Expenses) have been paid or will be paid by the Effective Date.

 

    - 6 -

     

    

 

SCHEDULE 2

AMENDED AND RESTATED FACILITY AGREEMENT

 

    - 7 -

     

    

 

FWD GROUP LIMITED

AS BORROWER

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

ACTING AS GUARANTOR

 

ARRANGED BY

HSBC BANK PLC

AS MANDATED LEAD ARRANGER

 

THE FINANCIAL INSTITUTIONS

AS ORIGINAL LENDERS

 

WITH

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

ACTING AS AGENT

AND SECURITY AGENT

 

 

 

FACILITY AGREEMENT DATED 4 FEBRUARY 2019

 

RELATING TO AN UP TO USD175,000,000 TERM

 

LOAN FACILITY

 

(AS AMENDED AND SUPPLEMENTED BY AN

AMENDMENT AGREEMENT DATED 18 JULY 2019,

 AS FURTHER AMENDED AND SUPPLEMENTED BY 

AN AMENDMENT AGREEMENT DATED 1 AUGUST

 2019 AND AS FURTHER
AMENDED AND RESTATED

PURSUANT TO AN AMENDMENT
DEED DATED

6 SEPTEMBER 2019)

 

 

 

     

     

    

 

CONTENTS

 

	Clause		Page
	 	 	 
	1.	Definitions and Interpretation	1
	 	 	 
	2.	The Facility	30
	 	 	 
	3.	 Purpose	30
	 	 	 
	4.	Conditions of Utilisation	31
	 	 	 
	5.	 Utilisation	32
	 	 	 
	6.	Repayment	33
	 	 	 
	7	Prepayment and Cancellation	33
	 	 	 
	8.	 Interest	38
	 	 	 
	9.	 Interest Periods	39
	 	 	 
	10.	 Changes to the Calculation of Interest	39
	 	 	 
	11.	 Fees	41
	 	 	 
	12.	Tax Gross-up and Indemnities	42
	 	 	 
	13.	Increased Costs	47
	 	 	 
	14.	 Mitigation by the Lenders	49
	 	 	 
	15.	Other Indemnities	50
	 	 	 
	16.	 Costs and Expenses	53
	 	 	 
	17.	Guarantee and Indemnity	55
	 	 	 
	18.	Representations	58
	 	 	 
	19.	Information Undertakings	64
	 	 	 
	20.	Financial Covenants	69
	 	 	 
	21.	General Undertakings	70
	 	 	 
	22.	Events of Default	85
	 	 	 
	23.	Changes to the Parties	92
	 	 	 
	24.	 Disclosure of Information	100
	 	 	 
	25.	Role of the Administrative Parties	105
	 	 	 
	26.	The Security Agent	116
	 	 	 
	27.	Change of Security Agent and Delegation	127
	 	 	 
	28.	Application of Proceeds	129
	 	 	 
	29.	 Sharing among the Finance Parties	131
	 	 	 
	30.	Payment Mechanics	134
	 	 	 
	31.	Set-off	139
	 	 	 
	32.	Notices	139
	 	 	 
	33.	 Calculations and Certificates	143
	 	 	 
	34.	Partial Invalidity	143

 

    - i - 

     

    

 

	35.	Remedies and Waivers	144
	 	 	 
	36.	Amendments and Waivers	144
	 	 	 
	37.	Counterparts	147
	 	 	 
	38.	 Governing Law	148
	 	 	 
	39.	 Enforcement	148

 

	Schedule 1 The Original Lenders	150
	 	 
	Schedule 2 Conditions Precedent	151
	 	 
	Schedule 3 Requests	154
	 	 
	Schedule 4 Form of Transfer Certificate	156
	 	 
	Schedule 5 Form of Compliance Certificate	160
	 	 
	Schedule 6 Timetables	161
	 	 
	Schedule 7 Form of Hedge Counterparty Accession Undertaking	162
	 	 
	Schedule 8 Existing Security	1
	 	 
	Schedule 9 Lenders' Details	2

 

    - ii - 

     

    

 

THIS AGREEMENT is dated 4 February 2019
and amended and supplemented by the First Amendment Agreement (as defined below), further amended and supplemented by the Second Amendment
Agreement (as defined below) and further amended and restated pursuant to the Third Amendment Deed (as defined below) and made

 

BETWEEN:

 

	(1)	FWD GROUP LIMITED, an exempted company incorporated under the laws of the Cayman Islands with limited
liability and with company number 274405 (the "Borrower");

 

	(2)	FWD GROUP FINANCIAL SERVICES PTE. LTD., a limited private company incorporated under the laws of
the Republic of Singapore with limited liability and company number 201302761R (the "Guarantor");

 

	(3)	HSBC BANK PLC (a company incorporated under the laws of England and Wales) as mandated lead arranger
(the "Mandated Lead Arranger");

 

	(4)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders) as lenders (the "Original
Lenders");

 

	(5)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED of Level 30, HSBC Main Building, 1 Queen's
Road Central, Hong Kong, incorporated in Hong Kong with limited liability, as agent of the Finance Parties (other than itself) (the "Agent");
and

 

	(6)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED of Level 30, HSBC Main Building, 1 Queen's
Road Central, Hong Kong, incorporated in Hong Kong with limited liability, as security trustee for the Secured Parties (the "Security
Agent").

 

IT IS AGREED as follows:

 

SECTION 1

INTERPRETATION

 

	1.	DEFINITIONS AND INTERPRETATION	

 

	1.1	Definitions 

 

In this Agreement:

 

"Account Charge" means
the deed of charge to be entered into between the Borrower and the Security Agent granting first ranking security over the Interest Reserve
Account.

 

"Acquisition" means
the acquisition by the Bidco of the Target Shares on the terms of the Acquisition Documents.

 

    - 1 - 

     

    

 

"Acquisition Agreement"
means the sale and purchase agreement dated 22 October 2018 relating to, amongst others, the sale and purchase of the Target Shares and
made between the Bidco, the Vendors, Commonwealth International Holdings Pty Limited, CMG Asia Life Holdings Limited, PT Gala Arta Jaya
and Commonwealth Bank of Australia.

 

"Acquisition Costs"
means all fees, costs and expenses, stamp, registration and other Taxes incurred by the Bidco or any other member of the Group in connection
with the Acquisition or the Acquisition Documents.

 

"Acquisition Documents"
means the Acquisition Agreement, the Bancassurance Agreement and any other document designated as an "Acquisition Document"
by the Agent and the Borrower.

 

"Administrative Party"
means each of the Agent, the Mandated Lead Arranger and the Security Agent.

 

"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.

 

"APLMA" means the Asia Pacific Loan Market
Association Limited.

 

"Assignment Agreement"
means an agreement substantially in a recommended form of the APLMA or any other form agreed between the relevant assignor, assignee and
the Agent.

 

"Authorisation" means
an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or registration.

 

"Availability Period"
means the period from and including the date of this Agreement to and including the Long-Stop Date.

 

"Available Commitment" means at any time
a Lender's Commitment minus:

 

		(a)	the aggregate amount of its participations in the outstanding Loan; and

 

		(b)	in relation to any proposed Utilisation, the aggregate amount of its participations in the Loan that is
due to be made on or before the proposed Utilisation Date.

 

"Available Facility"
means at any time the aggregate of the Lenders' Available Commitments.

 

"Bail-In Action" means the exercise of any
Write-down and Conversion Powers.

 

"Bail-In
Legislation" means in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the
relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time.

 

    - 2 - 

     

    

 

"Bancassurance Agreement"
means the bancassurance agreement entered into or to be entered into in connection with the Acquisition Agreement between PT Bank Commonwealth
and PT Commonwealth Life.

 

"Bidco" means PT FWD
Life Indonesia, a company incorporated in Indonesia, whose registered office is at Pacific Century Place, 20th Floor, SCBD Lot 10, Jl.
Jend. Sudirman Kav 52-53 Jakarta Selatan.

 

"Borrower Receipts"
has the meaning given to that term in Clause 21.13 ( Income to Interest Reserve Account).

 

"Break Costs" means the amount (if any)
by which:

 

		(a)	the interest (excluding the Margin) which a Lender should have received pursuant to the terms of this
Agreement for the period from the date of receipt of all or any part of the principal amount of the 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 of interest 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)	for the purposes of determining LIBOR, a day (other than a Saturday or Sunday) on which banks are open
for the transaction of domestic and foreign exchange business in London;

 

		(b)	for the purposes of making payments, a day (other than a Saturday or Sunday) on which banks are open for
the transaction of domestic and foreign exchange business in New York and Hong Kong; and

 

		(c)	for all other purposes, a day (other than a Saturday or Sunday) on which banks are open for general business
in Hong Kong.

 

"Charged Property" means all of the assets
which from time to time are, or are expressed to be, the subject of Transaction Security.

 

    - 3 - 

     

    

 

"Clean-Up Default"
means an Event of Default referred to in Clause 22.3 ( Other obligations) (insofar as it relates to a Clean-Up Undertaking), Clause
22.4 ( Misrepresentation) (insofar as it relates to a Clean-Up Representation) or Clause 22.5 ( Cross default).

 

"Clean-Up Period" means
the period beginning on the date of the New Facility Agreement and ending on the date falling 120 days after the earlier of (a) the first
utilisation date under the New Facility Agreement and (b) the first date on which any member of the New Target Group becomes a member
of the Group or the New Closing Date has occurred.

 

"Clean-Up Representation"
means any of the representations and warranties under paragraph (b) of Clause 18.1 ( Status), paragraph (b) of Clause 18.5 ( Validity
and admissibility in evidence), paragraph (a) of Clause 18.10 ( No default) (insofar as it relates to a Clean-Up Default),
paragraph (d) of Clause 18.11 ( No misleading information) or Clause 18.17 ( Good title to assets).

 

"Clean-Up Undertaking"
means any of the undertakings specified in Clause 21.2 ( Compliance with laws), Clause 21.4 ( Negative pledge), Clause 21.5
( Disposals), Clause 21.8 ( Acquisitions), Clause 21.9 ( Loans and guarantees), Clause 21.10 ( Financial Indebtedness)
or Clause 21.15 ( Subordinated Debts: Non-affiliates).

 

"Code" means the US Internal Revenue Code
of 1986.

 

"Commitment" means:

 

		(a)	in relation to an Original Lender, the amount 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; and

 

		(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement,

 

to the extent not cancelled, reduced or transferred by it
under this Agreement.

 

"Completion" means
the completion of the Acquisition in accordance with clause 6 of the Acquisition Agreement.

 

"Compliance Certificate"
means a certificate delivered pursuant to Clause 19.2 (Compliance Certificate) and signed by one director or authorised signatory
of the Borrower substantially in the form set out in Schedule 5 (Form of Compliance Certificate).

 

"Confidential Information"
means all information relating to the Borrower, any Obligor, the Group, the Finance Documents (including any documents referred to in
the Side Letter and the Second Side Letter), the Acquisition Documents (and the parties to the Acquisition Documents), the Finance Parties
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:

 

    - 4 - 

     

    

 

		(a)	any member of the Group or any Target or any of their respective 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 Target or any their respective 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 information that:

 

		(i)	is or becomes public information other than as a direct or indirect result of any
breach by that Finance Party of Clause 24 (Disclosure of Information); or

 

		(ii)	is identified in writing at the time of delivery as non-confidential by any member
of the Group or any Target or any of their respective advisers; or

 

		(iii)	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 or any Target 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.

 

"Confidentiality Undertaking"
means a confidentiality undertaking substantially in a recommended form of the APLMA or in any other form agreed between the Borrower
and the Agent.

 

"Convertible Preference Shares"
means the convertible preference shares of US$0.01 each issued by the Borrower for the purpose of funding part of the New Acquisition
Consideration.

 

"Deal Site" has the
meaning given to that term in Clause 32.6 (Use of deal site by the Agent).

 

"Debt Purchase Transaction"
means, in relation to a person, a transaction where such person:

 

		(a)	purchases by way of assignment or transfer;

 

		(b)	enters into any Participation in respect of,

 

any Commitment or amount outstanding under this Agreement.

 

    - 5 - 

     

    

 

"Default" means an
Event of Default or any event or circumstance specified in Clause 22 (Events of Default) which would (with the expiry of a grace
period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing)
be an Event of Default.

 

"Defaulting Lender"
means any Lender (other than a Lender which is a Shareholder Affiliate):

 

		(a)	which has failed to make its participation in the Loan available (or has notified
the Agent or the Borrower (which has notified the Agent) that it will not make its participation in the Loan available) by the Utilisation
Date of that Loan in accordance with Clause 5.4 (Lenders' participations);

 

		(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 three 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.

 

"Delegate" means any delegate, agent,
attorney or co-trustee appointed by the Security Agent.

 

"Disruption Event" means either or both
of:

 

		(a)	a material disruption to those payment or communications systems or to those financial
markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in
order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; and

 

		(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

 

    - 6 - 

     

    

 

		(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.

 

"EEA Member Country"
means any member state of the European Union, Iceland, Liechtenstein and Norway.

 

"Equity Instruments"
has the meaning given to such term in the definition of "Financial Indebtedness".

 

"EU Bail-In Legislation Schedule"
means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

 

"Event of Default"
means any event or circumstance specified as such in Clause 22 (Events of Default).

 

"Existing Facility"
means the facility(ies) made available to the Borrower under the Existing Facility Agreement.

 

"Existing Facility Agreement"
means the facility agreement dated 25 July 2018 between, amongst others, the Borrower as borrower, the Guarantor as guarantor and Standard
Chartered Bank (Hong Kong) Limited as agent.

 

"Existing Facility Agreement
Amendment Agreement" means the waiver, consent and amendment agreement in the agreed form dated 23 January 2019 relating to certain
amendments to be made to, and certain consents and waivers to be given in relation to, the Existing Facility Agreement, which include
(without limitation):

 

		(a)	consents relating to:

 

		(i)	the incurrence of indebtedness under the Finance Documents;

 

		(ii)	the creation of security under the Finance Documents; and

 

		(iii)	the provision of the guarantees and indemnities contemplated by the Finance Documents; and

 

		(b)	amendments made or to be made to the provisions of the Existing Facility Agreement relating to the mandatory
prepayment of the proceeds of an initial public offering (in the event of a shortfall) and the arrangements relating to the funding of
the interest reserve account on an ongoing basis with the effect that such proceeds shall only apply to the Existing Facility Relevant
Proportion of those relevant amounts; and

 

		(c)	amendments made or to be made to the provisions of the Existing Facility Agreement relating to income
that may be withdrawn from the interest reserve account to ensure consistency with Clause 21.12 ( Minimum
Interest Reserve Amount).

 

    - 7 - 

     

    

 

"Existing Facility Relevant
Proportion" means, in relation to the Existing Facility, the proportion from time to time that (a) the outstanding principal
amount of the loans under the Existing Facility bears to (b) the aggregate outstanding principal amount of

(i) the Loan and (ii) the loans under the Existing Facility.

 

"Existing Indebtedness"
means the indebtedness arising under the Existing Facility Agreement.

 

"Existing Subordinated Debts"
means indebtedness arising under any of the following:

 

		(a)	the US$550,000,000 5.75% subordinated notes due on 9 July 2024, issued by the Borrower and constituted
by a deed of covenant dated 9 July 2019;

 

		(b)	the US$250,000,000 5.75% subordinated notes due on 9 July 2024 issued by the Borrower on 23 July 2019;
and

 

		(c)	the US$100,000,000 5.75% subordinated notes due on 9 July 2024 issued by the Borrower on 30 July 2019.

 

"Facility" means the term loan facility
made available under this Agreement as described in Clause 2 ( Facility).

 

"Facility IR Risks" means any interest rate
liabilities and/or risks relating to the Facility.

 

"Facility Office" means:

 

		(a)	in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before
the date it becomes a Lender (or, following that date, by not less than five Business Days' written notice) as the office or offices through
which it will perform its obligations under this Agreement; or

 

		(b)	in respect of any other Finance Party, the office in the jurisdiction which it is resident for tax purposes.

 

"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

 

    - 8 - 

     

    

 

		(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; or

 

		(b)	in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling
within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.

 

"FATCA Deduction" means
a deduction or withholding from a payment under a Finance Document required by FATCA.

 

"FATCA Exempt Party"
means a Party that is entitled to receive payments free from any FATCA Deduction.

 

"Fee Letter" means
any letter or letters referring to this Agreement or the Facility between one or more Administrative Parties and the Borrower setting
out any of the fees referred to in Clause 11 (Fees) or in connection with the Facility.

 

"Final Repayment Date"
means the date falling 36 Months after the date of this Agreement.

 

"Finance Document"
means this Agreement, the Side Letter, each Transaction Security Document, each Hedging Agreement, any Fee Letter, any Utilisation Request,
any Subordination Deed, the First Amendment Agreement, the Second Amendment Agreement, the Third Amendment Deed, the Second Side Letter
and any other document designated as such by the Agent and the Borrower provided that where the term "Finance Document"
is used in, and construed for the purposes of, this Agreement (but not, for the avoidance of doubt any Transaction Security Document or
any Subordination Deed), a Hedging Agreement shall be a Finance Document only for the purposes of:

 

		(a)	the definition of "Default";

 

		(b)	the definition of "Material Adverse Effect";

 

		(c)	the definition of "Secured Liabilities";

 

		(d)	the definition of "Transaction Security Document";

 

		(e)	paragraph (a)(iv) of Clause 1.2 (Construction);

 

		(f)	Clause 17 (Guarantee and Indemnity);

 

    - 9 - 

     

    

 

  

		(g)	Clause 18.13 ( Pari passu ranking); and

 

		(h)	Clause 22 (Events of Default) (other than Clause 22.16 (Acceleration)).

 

"Finance Party" means the Agent,
the Security Agent, the Mandated Lead Arranger, a Lender or a Hedge Counterparty provided that where the term "Finance Party"
is used in, and construed for the purposes of, this Agreement (but not, for the avoidance of doubt any Transaction Security Document or
any Subordination Deed), a Hedge Counterparty shall be a Finance Party only for the purposes of:

 

		(a)	the definition of "Secured Party";

 

		(b)	paragraph (a)(i) of Clause 1.2 (Construction);

 

		(c)	paragraph (c) of the definition of "Material Adverse Effect";

 

		(d)	Clause 14.3 (Conduct of business by the Finance Parties); and

 

		(e)	Clause 17 (Guarantee and Indemnity).

 

"Financial Indebtedness" means any indebtedness for
or in respect of:

 

		(a)	moneys borrowed;

 

		(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 or any similar instrument;

 

		(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance
with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would,
in accordance with GAAP in force prior to the date of this Agreement, have been treated as an operating lease);

 

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

 

		(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having
the commercial effect of a borrowing;

 

		(g)	any derivative or other transaction entered into in connection with protection against or benefit from
fluctuation in any rate or price or pursuant to any ISDA agreement, global master repurchase agreement (GMRA) or global master securities
lending agreement (GMSLA) or any credit support arrangement in relation to any ISDA agreement (and, when calculating the value of such
derivative or other transaction only the marked to market value (or, if any actual amount is due as a result of the termination or close
out of that derivative transaction, that amount), as at that time shall be taken into account);

 

     - 10 -

     

    

    

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

 

		(i)	(without double counting) the amount of any liability in respect of any guarantee
or indemnity for any of the items referred to (and subject to the limitations set out) in paragraphs (a) to (h) above,

 

provided, however, that:

 

		(i)	any indebtedness for or in respect of any amount raised pursuant to any issue of perpetual
bonds, bonds, notes, debentures, redeemable preference shares or any similar instrument which would, in accordance with GAAP, be treated
as "equity" and so recorded on the balance sheet of the issuing entity shall not constitute "Financial Indebtedness"
(the “Equity Instruments”); and

 

		(ii)	any indebtedness incurred in respect of in respect of any Subordinated Debts referred
to in Clause 21.14 ( Subordinated Debts: Affiliates) shall be excluded from the definition of "Financial Indebtedness"
for the purpose of Clause 22.5 ( Cross default).

 

"First Amendment Agreement" means the
amendment agreement dated 18 July 2019 between, among others, the Borrower, the Guarantor and the Agent.

 

"Funding Rate" means any individual rate
notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 10.4 (Cost of funds).

 

"FWD Japan" means FWD Fuji Life Insurance
Company Limited, a company incorporated under the laws of Japan.

 

"FWD Thailand" means FWD Life Insurance
Public Company Limited, a company incorporated under the laws of Thailand

 

"GAAP" means generally accepted accounting
principles in:

 

		(a)	(in relation to entities incorporated in Indonesia) Indonesia;

 

		(b)	(in relation to entities incorporated in the Cayman Islands) the Cayman Islands; and

 

		(c)	(in relation to entities incorporated in Singapore) Singapore,

 

in each case, including IFRS.

     

     - 11 -

     

    

  

"Governmental Agency"
means any government or any governmental agency, semi-governmental or judicial entity or authority (including, without limitation, any
stock exchange or any self-regulatory organisation established under statute).

 

"Group" means the Borrower and its Subsidiaries
from time to time.

 

"Group Licensed Entity"
means any member of the Group which is an operating insurance company holding the applicable insurance licence(s).

 

"Hedge Counterparty"
means any person which has become Party as a "Hedge Counterparty" in accordance with Clause 23.11 (Accession of Hedge Counterparties)
including any such Hedge Counterparty notwithstanding that it may have subsequently ceased to be a Lender or an Affiliate of a Lender.

 

"Hedge Counterparty Accession
Undertaking" means an undertaking substantially in the form set out in Schedule 7 (Form of Hedge Counterparty Accession Undertaking).

 

"Hedging Agreement"
means any master agreement, confirmation, schedule or other agreement entered into by the Borrower and a Hedge Counterparty for the purpose
of hedging Facility IR Risks.

 

"Hedging Costs" means
any amount falling due from the Borrower under a Hedging Agreement except for any Hedging Termination Payment.

 

"Hedging Termination Payment"
means any amount falling due from or, as the case may be, to the Borrower under a Hedging Agreement as a direct or indirect result of
the termination of that Hedging Agreement (or any termination or close-out of any transaction under that Hedging Agreement), other than
interest accruing on any amount not paid when due.

 

"Holding Company" means,
in relation to a person, any other person in respect of which it is a Subsidiary.

 

"IFRS" means international
accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

 

"Indirect Tax" means
any goods and services tax, consumption tax, value added tax or any tax of a similar nature, wherever imposed.

 

"Insolvency Event" in relation to an entity
means that the entity:

 

		(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;

 

		(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors;

 

     - 12 -

     

    

   

		(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 described 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 (other than, for so long as it
is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity
described in paragraph (d) above);

 

		(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;

 

		(i)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in paragraphs (a) to (h) above; or

 

		(j)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any
of the foregoing acts.

 

     - 13 -

     

    

  

"Interest Period" means,
in relation to the Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum,
each period determined in accordance with Clause 8.3 (Default interest).

 

"Interest Rate Hedging"
means, in relation to a Hedge Counterparty, the aggregate of the notional amounts hedged by the Borrower under each Hedging Agreement
to which that Hedge Counterparty is party.

 

"Interest Reserve Account"
means the account of the Borrower with the Security Agent with account number 741-145874-274.

 

"Interpolated Screen Rate"
means, in relation to LIBOR for the Loan and any Interest Period relating thereto, the rate (rounded upwards to four decimal places) for
a period equal in length to such Interest Period 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 on the Quotation Day for the
currency of that Loan.

 

"IPO" means the first
offering and listing of any of the shares of any member of the Group (or any Holding Company of the Borrower) on any stock exchange provided
that such offer of securities is accompanied (or preceded) by the grant of the listing of, and permission to deal in, such shares by such
exchange.

 

"ISDA" means the International Swaps and
Derivatives Association.

 

"Legal Opinion" means
any legal opinion delivered to the Agent under Clause 4.1 (Initial conditions precedent).

 

"Legal Reservations" means:

 

		(a)	the principle that certain (including equitable) remedies (or remedies that are analogous to equitable
remedies in other jurisdictions) may be granted or refused at the discretion of a court, the principle of reasonableness and fairness
where implied by law and the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, court schemes, moratoria,
administration, examinership, reorganisation and other laws generally affecting the rights of creditors;

 

		(b)	the time barring of claims under any limitation laws, the possibility that an undertaking to assume liability
for or indemnity a person against non-payment of stamp duty or other Taxes may be void and defences of acquiescence,
set-off or counterclaim;

 

     - 14 -

     

    

    

		(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction;

 

		(d)	the principle that in certain circumstances Security granted by way of fixed charge may be recharacterised
as a floating charge;

 

		(e)	the principle that additional interest imposed pursuant to any relevant agreement may be held to be unenforceable
on the grounds that it is a penalty and thus void;

 

		(f)	the principle that a court may not give effect to an indemnity for legal costs incurred by an unsuccessful
litigant; and

 

		(g)	any other matters which are set out as qualifications or reservations as to matters of law of general
applications in any Legal Opinion.

 

"Lender" means:

 

		(a)	any Original Lender; and

 

		(b)	any bank, financial institution, trust, fund or other entity which has become party hereto as a "Lender"
in accordance with Clause 23 (Changes to the Parties),

 

which in each case has not ceased to be a Party as such in
accordance with the terms of this Agreement.

 

"LIBOR" means, in relation to the Loan and
any Interest Period:

 

		(a)	the applicable Screen Rate;

 

		(b)	(if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen Rate for
that Loan and that Interest Period; or

 

		(c)	if:

 

		(i)	no Screen Rate is available for the currency of that Loan; or

 

		(ii)	no Screen Rate is available for the Interest Period of that Loan and it is not possible to calculate an
Interpolated Screen Rate for that Loan,

 

the Reference Bank Rate; or

 

		(d)	as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate),

 

as of, in the case of paragraphs (a) and (c) above, the
Specified Time on the Quotation Day for the currency of that Loan and for a period equal in length to the Interest Period
of that Loan and, if any such rate is below zero, LIBOR will be deemed to be zero.

 

     - 15 -

     

    

 

"Licensed Entity" means
(A) FWD Thailand; (B) the New Target; or (C) any other member of the Group which, in each case, holds the necessary licence(s) for the
purpose of the Group's insurance business in Thailand as at the date of completion of any solvent restructuring or reorganisation of the
insurance business of the Group (including the business of FWD Thailand and the Target) in Thailand.

 

"Loan" means, as the
context requires, a loan made or to be made under the Facility or the principal amount outstanding at any time of that loan.

 

"Long-Stop Date" means 22 October 2019.

 

"Majority Lenders"
means a Lender or Lenders whose Commitments aggregate more than 662⁄3 per cent. of the Total Commitments (or, if the Total Commitments
have been reduced to zero, aggregated more than 662⁄3 per cent. of the Total

 

Commitments immediately prior to the reduction).

 

"Margin" means 2.00 per cent. per annum.

 

"Material Adverse Effect" means a material
adverse effect on:

 

		(a)	the business, assets or financial condition of the Group (taken as a whole);

 

		(b)	the ability of any of the Obligors to perform its material obligations under the Finance Documents; or

 

		(c)	(subject to the applicable Legal Reservations and the Perfection Requirements (which are not overdue))
the validity or enforceability of the whole or any part of any of the Finance Documents or the rights or remedies of the Finance Parties
under the Finance Documents or the effectiveness or ranking of any Transaction Security which would be materially adverse to the interests
of the Finance Parties.

 

"Minimum Interest Reserve Amount" means:

 

		(a)	on any date prior to the occurrence of any material breach of the terms, or an early termination, of the
Bancassurance Agreement (which, in each case, is continuing), the amount, as determined by the Agent and notified to the Borrower, equal
to the aggregate of:

 

		(i)	the projected amount of interest on the Loan which would accrue in respect of the six-Month period commencing
on such date, calculated on the basis of the following assumptions:

 

		(A)	throughout such six-Month period the principal amount of the Loan is equal to the amount of the Loan on
the date of calculation (after the application of any prepayment of any part of the Loan made or to be made on that
date but excluding any repayment or prepayment of all or any part of the Loan that may be made or is due to be made during such six-Month
period); and

  

     - 16 -

     

    

 

		(B)	the rate of interest applicable to the Loan throughout such six-Month period is equal
to the prevailing rate of interest on the Loan as at the date of calculation; and

 

		(ii)	the Borrower Receipts as at such date,

 

		(b)	on any date on and after the occurrence of any material breach of the terms, or an
early termination, of the Bancassurance Agreement (which, in each case, is continuing), the amount, as determined by the Agent and notified
to the Borrower, equal to the aggregate of:

 

		(i)	the projected amount of interest on the Loan which would accrue under the Facility
prior to the Final Repayment Date, calculated on the basis of the following assumptions:

 

		(A)	throughout such period the principal amount of the Loan is equal to the amount of
the Loan on the date of calculation (after the application of any prepayment of any part of the Loan made or to be made on that date but
excluding any repayment or prepayment of all or any part of the Loan that may be made or is due to be made during such period); and

 

		(B)	the rate of interest applicable to the Loan throughout such period is equal to the
prevailing rate of interest on the Loan as at the date of calculation; and

 

		(ii)	the Borrower Receipts as at such date,

 

but, in each case, deducting any
payments made from the Interest Reserve Account in accordance with paragraph (d) of Clause 21.12 (Minimum Interest Reserve Amount),
provided that, following such deductions, the Minimum Interest Reserve Amount shall not at any time be less than the amount referred
to in paragraph (a)(i) or (as the case may be) paragraph (b)(i) above.

 

"Money Laundering Laws" has the meaning
given to that term in Clause 18.20 ( Anti-Money Laundering).

 

"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) below, if the numerically corresponding day is not a Business
Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there
is not, on the immediately preceding Business Day;

 

     - 17 -

     

    

 

		(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 apply only to the last Month of any
period.

 

"New Acquisition" means
(i) the acquisition by the Guarantor of all or substantially all of the New Target Shares pursuant to the terms of the New Acquisition
Documents and (ii) the execution of certain related New Acquisition Documents by the parties thereto.

 

"New Acquisition Agreement"
means the share sale agreement relating to the sale and purchase of the relevant New Target Shares and made between the Guarantor and
the New Vendor.

 

"New Acquisition Consideration" means:

 

		(a)	the aggregate consideration payable by the Guarantor to the New Vendor pursuant to the New Acquisition
Agreement (the "New Acquisition Agreement Consideration") (including, for the avoidance of doubt, such portion of the
New Acquisition Agreement Consideration to be paid by Siam PCG that is attributable to the portion of the New Target Shares that the Guarantor
may designate to be allocated to Siam PCG pursuant to the terms of the New Acquisition Agreement (the "New Acquisition Agreement
Consideration (Siam PCG)")); and

 

		(b)	the fixed consideration payable by the New Target to the New Vendor pursuant to certain New Acquisition
Documents and constituting part of the New Acquisition Consideration (as defined in the New Facility Agreement in the form subsisting
as at the date of the Third Amendment Deed)).

 

"New Acquisition Documents"
means the New Acquisition Agreement and any other document designated as such under the New Facility Agreement.

 

"New Closing Date" means the date of the
New Completion.

 

"New Completion" means
the completion of the New Acquisition in accordance with the New Acquisition Agreement.

 

"New Facility" means
the facility(ies) made or to be made available to the Borrower under the New Facility Agreement.

 

"New Facility Agreement"
means the US$1,800,000,000 facility agreement entered or to be entered into on or about the date of the Third Amendment Deed between,
amongst others, the Borrower as borrower, the Guarantor as guarantor and Standard Chartered Bank (Hong Kong) Limited as agent.

 

     - 18 -

     

    

 

"New Indebtedness" means the indebtedness arising
under the New Facility Agreement.

 

"New Lender" has the meaning given to that term in
Clause 23 (Changes to the Parties).

 

"New Target" means SCB Life Assurance Public Company
Limited, a company incorporated under the laws of Thailand.

 

"New Target Group" means the New Target and its Subsidiaries
from time to time.

 

"New Target Shares" means all of the shares in the
New Target.

 

"New Vendor" means The Siam Commercial Bank Public
Company Limited, a company incorporated under the laws of Thailand.

 

"Obligors" means the Borrower and the Guarantor and
 "Obligor" means each one of them.

 

"Original Financial Statements" means:

 

		(a)	in relation to the Borrower, its audited consolidated financial statements for the financial year ended
31 December 2017;

 

		(b)	in relation to the Guarantor, its audited unconsolidated financial statements for the financial year ended
31 December 2017; and

 

		(c)	in relation to each Target, the audited consolidated financial statements of the Targets for the financial
year ended 31 December 2017.

 

"Participation" means, in relation to a person, a
transaction where such person:

 

		(a)	enters into any sub-participation in respect of any or all of its rights and/or obligations under the
Finance Documents;

 

		(b)	declares a trust (or similar arrangement) in respect of any or all of its rights under any Finance Document;
or

 

		(c)	enters into any other arrangement under which payments are to be made or may be made by reference to one
or more Finance Documents, the Facility or the Borrower.

 

"Party" means a party to this Agreement.

 

"Perfection Requirement" means
any registration, filing, endorsement, notarisation, stamping, notification or other action or step to be made or procured in any jurisdiction
in order to perfect Transaction Security created by a Transaction Security Document and/or in order to achieve the relevant priority for
the Transaction Security created thereunder.

 

     - 19 -

     

    

  

"Permitted Reorganisation"
means a PTCL Permitted Reorganisation or a PT FWD Permitted Reorganisation, in each case which is carried out on a solvent basis.

 

"Permitted Termination"
means, in respect of a Hedging Agreement, the termination or close-out in whole or in part of any hedging transaction under that Hedging
Agreement prior to its stated maturity if:

 

		(a)	the Agent exercises any of its rights pursuant to paragraph (b), (c) or (d) of Clause 22.16 (Acceleration);
or

 

		(b)	all amounts outstanding under this Agreement are not repaid in full on the Final Repayment Date.

 

"Persons" has the meaning given to that
term in Clause 18.22 ( Sanctions).

 

"PT Bank Commonwealth"
means PT Bank Commonwealth, a company incorporated in the Republic of Indonesia whose registered office is at World Trade Centre 6,
Ground Floor and 2nd Floor, Jl Jend. Sudirman Kav. 29-31, Jakarta, 12920, Indonesia.

 

"PT Commonwealth
Life" means PT Commonwealth Life, a company incorporated in the Republic of Indonesia whose registered office is at World Trade
Centre 6, 8th Floor, Jl Jend. Sudirman Kav. 29-31, Jakarta, 12920, Indonesia.

 

"PT FWD Permitted Reorganisation" means:

 

		(a)	a merger, consolidation or amalgamation between Bidco and PT Commonwealth Life where Bidco is the surviving
entity and is liable for, and assumes, all the rights and obligations of PT Commonwealth Life; or

 

		(b)	a transfer of all assets from PT Commonwealth Life to Bidco.

 

"PTCL Permitted Reorganisation" means:

 

		(a)	a merger, consolidation or amalgamation between Bidco and PT Commonwealth Life where PT Commonwealth Life
is the surviving entity and is liable for, and assumes, all the rights and obligations of Bidco; or

 

		(b)	a transfer of all assets from Bidco to PT Commonwealth Life.

 

"Quotation Day" means:

 

		(a)	in relation to any period for which an interest rate is to be determined, 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 Agent (acting reasonably) in accordance with market practice in the Relevant Interbank Market (and if quotations would normally
be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days); and

  

		(b)	in relation to any Interest Period the duration of which is selected by the Agent
pursuant to Clause 8.3 (Default interest), such date as may be determined by the Agent (acting reasonably).

 

     - 20 -

     

    

 

"Receiver" means
a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.

 

"Reference Bank Rate"
means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference
Banks, as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in US dollars 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 US dollars and for
that period.

 

"Reference Banks"
means a minimum of two banks or financial institutions as may be appointed by the Agent in consultation with the Borrower.

 

"Relevant Interbank Market" means the London
interbank market.

 

"Relevant Jurisdiction" means, in relation
to an Obligor:

 

		(a)	its jurisdiction of incorporation;

 

		(b)	any jurisdiction where its assets which are subject to the Transaction Security to
be created by it is situated;

 

		(c)	any jurisdiction in which it conducts a material part of its business; and

 

		(d)	the jurisdiction whose laws govern the perfection of any of the Transaction Security
Documents entered into by it.

 

"Relevant Proportion"
means from time to time, the proportion that (a) the outstanding principal amount of the Loan bears to (b) the aggregate outstanding principal
amount of (i) the Loan and (ii) the aggregate principal amount of the loan(s) outstanding under the Existing Facility and the loan(s)
under the New Facility.

 

"Relevant Reduction"
means any prepayment under Clause 7.6 (Voluntary prepayment of Loan) or cancellation under Clause 7.5 (Voluntary cancellation).

 

"Repeating Representations"
means each of the representations set out in Clauses 18.1 (Status) to 18.5 (Validity and admissibility in evidence), 18.7
(Governing law and enforcement), paragraph (a) of Clause 18.10 (No default), paragraph (d) of Clause 18.11 (No misleading
information), paragraphs (a) and (b) of Clause 18.12 (Financial statements), Clauses 18.16 (Ranking of Security), 18.17
(Good title to assets), 18.18 (Ownership and control), 18.19 (Legal and beneficial ownership) to 18.22 ( Sanctions).

 

"Report" means each of the following reports:

 

     - 21 -

     

    

  

		(a)	the legal due diligence report dated 9 November 2018 prepared and issued by Ginting & Reksodiputro;

 

		(b)	the actuarial due diligence report dated 16 October 2018 prepared and issued by Milliman Ltd.; and

 

		(c)	the financial and tax due diligence report dated 7 November 2018 prepared and issued by KPMG Advisory
(Hong Kong) Limited.

 

"Representative" means
any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

"Resolution Authority"
means any body which has authority to exercise any Write-down and Conversion Powers.

 

"Restructure Date"
means the date of completion of the solvent restructuring or reorganisation of the insurance business of the Group (including the business
of FWD Thailand and the New Target) in Thailand, in accordance with the New Facility Agreement.

 

"Retiring Security Agent"
has the meaning given to that term in Clause 27 (Change of Security Agent and Delegation).

 

"Sanctions" has the meaning given to that
term in Clause 18.22 ( Sanctions).

 

"Screen Rate" means
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 period displayed on page LIBOR01 of the Reuters screen (or any replacement Reuters page which displays
the rate), or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters.
If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation
with the Borrower.

 

"Second Amendment Agreement"
means the amendment agreement dated 1 August 2019 between, among others, the Borrower, the Guarantor and the Agent.

 

"Second Side Letter"
means the side letter entered into in connection with the Third Amendment Deed and referred to in paragraph 3(a) of schedule 1 (Conditions
precedent) to the Third Amendment Deed.

 

"Secured Liabilities"
means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any
other capacity whatsoever) of each Obligor to any Secured Party under each Finance Document.

 

"Secured Party" means a Finance Party, a
Receiver or any Delegate.

   

     - 22 -

     

    

 

"Security" means a mortgage,
charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar
effect.

 

"Security Agent's Spot Rate of Exchange" means:

 

		(a)	the Security Agent's spot rate of exchange; or

 

		(b)	(if the Security Agent does not have an available spot rate of exchange) any publicly
available spot rate of exchange selected by the Security Agent (acting reasonably),

 

for the purchase of the relevant currency
with the currency of the Loan in the Hong Kong foreign exchange market at or about 11:00 a.m. Hong Kong time on a particular day.

 

"Security Property" means:

 

		(a)	the Transaction Security expressed to be granted in favour of the Security Agent as
trustee for the Secured Parties and all proceeds of that Transaction Security;

 

		(b)	all obligations expressed to be undertaken by an Obligor to pay amounts in respect
of the Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction Security together with
all representations and warranties expressed to be given by an Obligor in favour of the Security Agent as trustee for the Secured Parties;
and

 

		(c)	any other amounts or property, whether rights, entitlements, choses in action or otherwise,
actual or contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for the Secured
Parties.

 

"Senior Facility Maturity Date"
means the latest of (a) the Final Repayment Date, (b) the final maturity date of the Existing Facility and (c) the final maturity date
of the New Facility.

 

"Shareholder Affiliate" means any shareholder
of any member of the Group and the Affiliates of such shareholder but excluding any member of the Group.

 

"Siam Pacific" means Siam Pacific Corporation
Company Limited, a company incorporated under the laws of Thailand.

 

"Siam PCG" means Siam PCG Co., Ltd., a company
incorporated under the laws of Thailand.

 

     - 23 -

     

    

     

"Side Letter" means the side
letter in the agreed form entered into before the date on which the Agent gives the notice referred to in Clause 4.1 ( Initial conditions
precedent) between the Borrower and the Agent.

 

"Specified Time" means a time
determined in accordance with Schedule 6 (Timetables).

 

"Subordinated Debts" means:

 

		(a)	any of the Existing Subordinated Debts; or

 

		(b)	any indebtedness owing by any Obligor, which is subordinated to the claims of the Finance Parties under
the Finance Documents pursuant to a Subordination Deed or otherwise on terms acceptable to the Agent (acting on the instructions of the
Majority Lenders (acting reasonably)),

 

for so long as such indebtedness remains effectively
subordinated to the claims of the Finance Parties under the Finance Documents.

 

"Subordination Deed" means a
subordination deed in the agreed form (or in such other form acceptable to the Agent) entered into by a member of the Group (as subordinated
debtor), a Shareholder Affiliate or any other person (as subordinated creditor) and the Security Agent.

 

"Subsidiary" means, in relation
to any company or corporation, a company or corporation:

 

		(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation;

 

		(b)	more than half the issued equity share capital of which is beneficially owned, directly or indirectly,
by the first mentioned company or corporation; or

 

		(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,

 

and for this purpose, a company or corporation
shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the
composition of its board of directors or equivalent body.

 

"Target Shares" means 100 per
cent. of the share capital in each Target on a fully diluted basis.

 

"Targets" means:

 

		(a)	PT Commonwealth Life; and

 

		(b)	PT First State Investments Indonesia, a company incorporated under the laws of Indonesia.

 

     - 24 -

     

    

  

"Tax" means any tax,
levy, impost, duty or other charge or withholding of a similar nature that is imposed by law or by a governmental agency (including any
penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

 

"Tax Deduction" has the meaning given to
such term in Clause 12.1 (Tax definitions).

 

"Third Amendment Deed" means the amendment deed
dated 6 September 2019 between, among others, the Borrower, the Guarantor and the Agent.

 

"Total Commitments" means at any time
the aggregate of the Commitments (being USD175,000,000 as at the date of this Agreement).

 

"Total Interest Rate Hedging" means the
aggregate amount of all Interest Rate Hedging.

 

"Transaction Security" means the Security
created or evidenced or expressed to be created or evidenced under the Transaction Security Documents.

 

"Transaction Security Document" means:

 

		(a)	the Account Charge;

 

		(b)	any other document evidencing or creating or expressed to evidence or create Security
over any asset to secure any obligation of any Obligor to a Secured Party under the Finance Documents; or

 

		(c)	any other document designated as such by the Security Agent and the Borrower.

 

"Transfer Certificate"
means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between
the Agent and the Borrower.

 

"Transfer Date" means, in relation to an
assignment or a transfer, the later of:

 

		(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer
Certificate; and

 

		(b)	the date on which the Agent executes the relevant Assignment Agreement or Transfer
Certificate.

 

"Ultimate Shareholder"
has the meaning given to it in the Side Letter or the Second Side Letter.

 

"Upfront Access Fee"
means an upfront fee of IRD900 billion payable by PT Commonwealth Life to PT Bank Commonwealth on the date of the Bancassurance Agreement
(or such other date as is agreed by the parties to the Bancassurance Agreement).

 

     - 25 -

     

    

  

"Unpaid Sum" means any sum due and payable
but unpaid by an Obligor under the Finance Documents.

 

"US" means the United States of America.

 

"US Tax Obligor" means:

 

		(a)	the Borrower, if it is resident for tax purposes in the US; or

 

		(b)	an Obligor some or all of whose payments under the Finance Documents are from sources within the US for
US federal income tax purposes.

 

"Utilisation" means a utilisation of the
Facility.

 

"Utilisation Date"
means the date of a Utilisation, being the date on which the relevant Loan is to be made.

 

"Utilisation Request"
means a notice substantially in the form set out in Part I of Schedule 3 (Requests).

 

"Vendor" means each
of PT Bank Commonwealth, PT Gala Arta Jaya, CMG Asia Life Holdings Limited and Commwealth International Holdings Pty Limited.

 

"Write-down and Conversion Powers"
means in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described
as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule.

 

		1.2	Construction 

 

		(a)	Unless a contrary indication appears, any reference in this Agreement to:

 

		(i)	any "Administrative Party", the "Agent", the "Mandated Lead
Arranger", any "Finance Party", any "Lender", any "Obligor", any "Party",
any "Secured Party", the "Security Agent" or other person shall be construed so as to include its successors
in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents;

 

		(ii)	"agreed form" means a document that is in the form agreed by or on behalf of the Borrower
and the Agent on or before the date of this Agreement;

 

		(iii)	"assets" includes present and future properties, revenues and rights of every description;

 

		(iv)	a "Finance Document" or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

  

     - 26 -

     

    

 

		(v)	"including" shall be construed as "including without limitation" (and cognate
expressions shall be construed similarly);

 

		(vi)	a "group of Lenders" includes all the Lenders;

 

		(vii)	"indebtedness" includes any obligation (whether incurred as principal or as surety) for
the payment or repayment of money, whether present or future, actual or contingent;

 

		(viii)	a Lender's "participation" in the Loan or Unpaid Sum includes an amount (in the currency
of such Loan or Unpaid Sum) representing the fraction or portion (attributable to such Lender by virtue of the provisions of this Agreement)
of the total amount of such Loan or Unpaid Sum and the Lender's rights under this Agreement in respect thereof;

 

		(ix)	a "person" includes any individual, firm, company, corporation, government, state or
agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal
personality);

 

		(x)	a "regulation" includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory,
self-regulatory or other authority or organisation;

 

		(xi)	a provision of law is a reference to that provision as amended or re-enacted; and

 

		(xii)	a time of day is a reference to Hong Kong 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 (other than an Event of Default) is "continuing" if it has not been remedied
or waived and an Event of Default is "continuing" if it has not been remedied or waived.

 

     - 27 -

     

    

 

		(f)	Where this Agreement specifies an amount in a given currency (the "specified currency")
 "or its equivalent", the "equivalent" is a reference to the amount of any other currency which, when
converted into the specified currency utilising the Agent's spot rate of exchange (or, if the Agent does not have an available spot rate
of exchange, any publicly available spot rate of exchange selected by the Agent (acting reasonably)) for the purchase of the specified
currency with that other currency at or about 11 a.m. on the relevant date, is equal to the relevant amount in the specified currency.

 

		(g)	If and to the extent that any Finance Party (acting individually or as a collective) is required to act
reasonably under the terms of a Finance Document with respect to any matter, each relevant Finance Party must act reasonably with respect
to such matter.

 

		(h)	Unless a contrary intention appears, any reference in this Agreement or any other Finance Document to
the date of this Agreement shall be a reference to 4 February 2019 (notwithstanding any subsequent amendment and/or restatement of this
Agreement).

 

		1.3	Currency Symbols and Definitions 

 

"US$", "USD"
and "US dollars" denote the lawful currency of the US.

 

		1.4	Personal liability 

 

No director, officer, employee or other
person acting (or purporting to act) on behalf of the Borrower, the Guarantor or any other member of the Group (or any Affiliate of a
member of the Group) shall be personally liable for any representation, certification or statement made (or deemed to be made) by that
person, the Borrower, the Guarantor or any other member of the Group in any Finance Document or any certificate, notice or other document
required to be delivered under, or in connection with, any Finance Document, whether or not signed by that person.

 

		1.5	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) Ordinance (Cap. 623) (the "Third Parties Ordinance") to enforce or to enjoy
the benefit of any term of this Agreement.

 

		(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not
required to rescind or vary this Agreement at any time.

 

		(c)	Any Receiver or Delegate may, subject to this Clause 1.5 and the Third Parties Ordinance, rely on any
Clause of this Agreement which expressly confers rights on it.

 

     - 28 -

     

    

 

		1.6	Contractual recognition of bail-in 

 

Notwithstanding any other term of any
Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any
liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant
Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued
but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership that
may be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In
Action in relation to any such liability.

 

     - 29 -

     

    

                                     

 

 

SECTION 2 

THE FACILITY

 

2.           THE FACILITY

 

		2.1	The Facility 

 

Subject to the terms of this Agreement,
the Lenders agree to make available to the Borrower a US dollar term loan facility in an aggregate amount equal to the Total Commitments.

 

		2.2	Finance Parties' rights and obligations 

 

		(a)	The obligations of the Finance Parties under the Finance Documents are several. Failure by a Finance Party
to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents.
No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

 

		(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect
of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance Party
include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of the Loan or any
other amount owed by an Obligor which relates to a Finance Party's participation in the Facility or its role under a Finance Document
(including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.

 

		(c)	A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its
rights under or in connection with the Finance Documents.

 

3.           PURPOSE

 

		3.1	Purpose 

 

The Borrower shall apply all amounts
borrowed by it under the Facility towards:

 

		(a)	funding the Interest Reserve Account in an amount equal to the amount determined in accordance with paragraph
(a)(i) or (as the case may be) paragraph (b)(i) of the definition of "Minimum Interest Reserve Amount" in Clause 1.1 (Definitions);

 

    - 30 -

    

    

 

		(b)	funding the payment of fees and expenses incurred in relation to the Facility; and

 

		(c)	general corporate purposes and/or funding requirements of members of the Group, including to part finance
(i) the purchase price payable to the Vendors under the Acquisition Agreement, (ii) the Acquisition Costs and/or (iii) the Upfront Access
Fee.

 

		3.2	Monitoring 

 

No Finance Party is bound to monitor
or verify the application of any amount borrowed pursuant to this Agreement.

 

4.           CONDITIONS OF UTILISATION

 

		4.1	Initial conditions precedent 

 

		(a)	The Borrower may not deliver a Utilisation Request unless the Agent has received all of the documents
and other evidence listed in Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent (acting on the instructions
of all Lenders). The Agent shall notify the Borrower and the Lenders promptly upon being so satisfied.

 

		(b)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before
the Agent gives the notification described in paragraph (a)  above, the
Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses
whatsoever as a result of giving any such notification.

  

		4.2	Further conditions precedent 

 

The Lenders will be obliged to comply
with Clause 5.4 (Lenders' participations) only if on the date of the Utilisation Request and on the proposed Utilisation Date:

 

		(a)	no Default is continuing or would result from the proposed Loan and none of the circumstances described
in Clauses 7.2 (Mandatory prepayment on change of control or share ownership) or Clause 7.4 ( Mandatory prepayment on failure
to obtain FSA approval) has occurred; and

 

		(b)	the Repeating Representations to be made by each Obligor are true in all material respects.

 

		4.3	Maximum number of Loans 

 

The Borrower may not deliver a Utilisation
Request if as a result of the proposed Utilisation more than one Loan would be outstanding.

 

    - 31 -

    

    

 

SECTION 3 

UTILISATION

 

5.           UTILISATION

 

		5.1	Delivery of a Utilisation Request 

 

The Borrower may utilise the Facility
by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time.

 

		5.2	Completion of a Utilisation Request 

 

		(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

 

		(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); and

 

		(iii)	the proposed first Interest Period complies with Clause 9 (Interest Periods).

 

		(b)	Only one Loan may be requested in each Utilisation Request.

 

		5.3	Currency and amount 

 

		(a)	The currency specified in a Utilisation Request must be US dollars.

 

		(b)	The amount of the proposed Loan must be an amount which is not more than the applicable Available Facility
and which is a minimum of USD175,000,000 or, if less, the applicable Available Facility.

 

		5.4	Lenders' participations 

 

		(a)	If the conditions set out in Clause 4 (Conditions of Utilisation) and 5.1 (Delivery of a Utilisation
Request) to 5.3 (Currency and amount) have been met, each Lender shall make its participation in the Loan available by the
Utilisation Date through its Facility Office.

 

		(b)	The amount of each Lender's participation in the Loan will be equal to the proportion borne by its Available
Commitment to the Available Facility immediately prior to making that Loan.

 

		(c)	The Agent shall notify each Lender of the amount of the Loan and the amount of its participation in that
Loan by the Specified Time.

 

		5.5	Cancellation of Available Facility 

 

The Commitments which, at that time,
are unutilised shall be immediately cancelled at 5 p.m. on the last day of the Availability Period.

 

    - 32 -

     

    

 

SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION

 

6.           REPAYMENT

 

		6.1	Repayment of Loan 

 

The Borrower shall repay the Loan in
full on the Final Repayment Date.

 

		6.2	Reborrowing 

 

The Borrower may not reborrow any part
of the Facility which is repaid.

 

7.           PREPAYMENT AND CANCELLATION

 

		7.1	Illegality 

 

If, at any time, it is or will become
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 the Loan or it is or will become unlawful for any Affiliate of a Lender for that Lender to do so:

 

		(a)	that Lender shall promptly notify the Agent upon becoming aware of that event;

 

		(b)	upon the Agent notifying the Borrower, the Available Commitment of that Lender will be immediately cancelled;
and

 

		(c)	to the extent that such Lender's participation has not been transferred pursuant to paragraph (d) of Clause
7.7 ( Right of prepayment and cancellation in relation to a single Lender), the Borrower shall repay that Lender's participation
in the Loan on the last day of the Interest Period for the Loan occurring after the Agent has notified the Borrower or, if earlier, the
date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted
by law) and that Lender's corresponding Commitment shall be cancelled in the amount of the participation repaid.

 

		7.2	Mandatory prepayment on change of control or share ownership 

 

		(a)	If:

 

		(i)	the shares of the Borrower or the voting rights attached to such shares cease to be beneficially owned
or controlled, directly or indirectly, by the Ultimate Shareholder in accordance with the requirements set out in the document(s) detailed
in the Second Side Letter; or

 

		(ii)	the Borrower does not or ceases to beneficially own, directly or indirectly, 100 per cent. of the shares
in the Guarantor; or

 

    - 33 -

     

    

 

		(iii)	the Guarantor does not or ceases to beneficially own, directly or indirectly, at least
79.05 per cent. of the shares in the Bidco or, following a PTCL Permitted Reorganisation, PT Commonwealth Life; or

 

		(iv)	(prior to the Restructure Date) the Borrower does not or ceases to beneficially own,
directly or indirectly, at least 80.492 per cent. of the shares in FWD Thailand; or

 

		(v)	(prior to the occurrence of an IPO) the Borrower does not or ceases to beneficially
own, directly or indirectly, 60 per cent. or more of the shares in FWD Japan; or

 

		(vi)	(on or following the occurrence of an IPO) the Borrower does not or ceases to beneficially own, directly
or indirectly, more than 50 per cent. of the shares in FWD Japan; or

 

		(vii)	(on and after the date of Completion up to and including the time immediately prior
to when a Permitted Reorganisation has been effected) the Bidco does not or ceases to beneficially own, directly or indirectly, 100 per
cent. of the shares in PT Commonwealth Life; or

 

		(viii)	(on or following the occurrence of the Closing Date but prior to the Restructure Date)
the Borrower does not or ceases to beneficially own, directly or indirectly, at least 99.17 per cent. of the New Target Shares; or

 

		(ix)	(on or after the Restructure Date) the Borrower does not or ceases to beneficially
own, directly or indirectly, at least 85 per cent. of the shares in any Licensed Entity,

 

then:

 

		(A)	the Borrower shall promptly notify the Agent upon becoming aware of that event;

 

		(B)	a Lender shall not be obliged to fund a Utilisation; and

 

		(C)	if a Lender so requires and notifies the Agent in writing within 30 days of the Borrower
notifying the Agent of the event, the Agent shall, by not less than five Business Days' notice to the Borrower, cancel the Commitment
of that Lender and declare the participation of that Lender in the outstanding Loan, together with accrued interest and all other amounts
accrued under the Finance Documents (to the extent owing to that Lender) immediately due and payable, whereupon the Commitment of that
Lender will be cancelled and the participation of that Lender in the outstanding Loan and all such amounts will become immediately due
and payable.

 

    - 34 -

     

    

 

		(b)	The Borrower shall promptly notify the Agent of the occurrence of the Restructure Date and the name(s) of the Licensed Entity(ies).

 

		7.3	[intentionally deleted] 

 

		7.4	Mandatory prepayment on failure to obtain FSA approval 

 

If the Bidco fails to (i) obtain the
approval by the Financial Services Authority of the Republic of Indonesia in relation to the Acquisition or (ii) complete the Acquisition,
in each case, by the Long-Stop Date:

 

		(a)	the Borrower shall promptly notify the Agent upon becoming aware of that event;

 

		(b)	a Lender shall not be obliged to fund a Utilisation;

 

		(c)	the Lenders and the Borrower shall enter into negotiations (for a period of not more than 10 Business
Days) with a view to agreeing to an extension to the Long-Stop Date. Any extension to the Long-Stop Date agreed pursuant to this paragraph
(c) shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties; and

 

		(d)	if the 10-Business Day period referred to in paragraph (c) above has expired and the Lenders have not
consented to an extension of the Long-Stop Date, the outstanding Loan, together with accrued interest and all other amounts accrued under
the Finance Documents will be immediately due and payable, and the Total Commitments will be immediately cancelled.

 

		7.5	Voluntary cancellation 

 

The Borrower may, if it gives the Agent
not less than five Business Days' (or such shorter period as the Majority Lenders may agree) prior written notice, reduce the Available
Facility to zero or by such amount (being a minimum amount of USD50,000,000 and an integral multiple of USD5,000,000 or, if less, the
Available Facility) as the Borrower may specify in such notice. Any such reduction under this Clause 7.5 shall reduce the Commitments
of the Lenders rateably.

 

		7.6	Voluntary prepayment of Loan 

 

The Borrower may, if it gives the Agent
not less than 10 Business Days' (or such shorter period as the Majority Lenders may agree) prior written notice, prepay the whole or any
part of the Loan, provided that:

 

		(a)	(in the case of any prepayment of the Loan in part) the amount of such prepayment reduces the amount of
that Loan by a minimum amount of USD50,000,000 or, if less, the outstanding amount of that Loan; and

 

    - 35 -

     

    

 

		(b)	the Loan is prepaid only after the last day of the Availability Period (or, if earlier, the day on which
the Available Facility is zero).

 

		7.7	Right of prepayment and cancellation in relation to a single Lender 

 

		(a)	If:

 

		(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (a) of Clause
12.2 (Tax gross-up); or

 

		(ii)	any Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity) or Clause
13.1 (Increased costs),

 

the Borrower may, whilst the circumstance
giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment
of that Lender and its intention to procure the prepayment of that Lender's participation in the Loan or give the Agent notice of its
intention to replace that Lender in accordance with paragraph (d) below.

 

		(b)	On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender
shall immediately be reduced to zero.

 

		(c)	On the last day of each Interest Period which ends after the Borrower has given notice of cancellation
under paragraph (a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall prepay that Lender's
participation in the relevant Loan.

 

		(d)	If:

 

		(i)	any of the circumstances set out in paragraph (a) above apply to a Lender; or

 

		(ii)	the Borrower becomes obliged to pay any amount in accordance with Clause 7.1 (Illegality) to any
Lender,

 

the Borrower may, on 10 Business Days'
prior notice to the Agent (or such shorter period as the Agent agrees) and that Lender, replace that Lender by requiring that Lender to
(and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 23 (Changes to the Parties) 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 Borrower which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance
with Clause 23 (Changes to the Parties) 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 Loan and all accrued interest), Break Costs
and other amounts payable in relation thereto under the Finance Documents.

 

    - 36 -

     

    

 

		(e)	The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions:

 

		(i)	the Borrower shall have no right to replace the Agent;

 

		(ii)	neither the Agent nor any Lender shall have any obligation to find a replacement Lender;

 

		(iii)	in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of
the fees received by such Lender pursuant to the Finance Documents; and

 

		(iv)	no Lender shall be obliged to execute a Transfer Certificate unless it is satisfied that it has completed
all "know your customer" and other similar procedures that it is required (or deems desirable) to conduct in relation to the
transfer to such replacement Lender.

 

		(f)	A Lender shall perform the procedures described in paragraph (e)(iv) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (d) above and shall notify the Agent and the Borrower when it is satisfied that
it has completed those checks.

 

		7.8	Restrictions 

 

		(a)	Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and,
unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment
is to be made and the amount of that cancellation or prepayment.

 

		(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid
and, subject to any Break Costs, without premium or penalty.

 

		(c)	The Borrower may not reborrow any part of the Facility which is prepaid.

 

		(d)	The Borrower shall not repay or prepay all or any part of the Loan or reduce any Commitment except at
the times and in the manner expressly provided for in this Agreement.

 

		(e)	If any Commitment is reduced in accordance with this Agreement, the amount of such reduction may not be
subsequently reinstated.

 

		(f)	If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to
either the Borrower or the affected Lender, as appropriate.

 

		(g)	If all or part of the Loan is repaid or prepaid and is not available for redrawing, an amount of the Commitments
(equal to the amount of the Loan which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. Any
cancellation under this paragraph (g) (save in connection with any repayment or, as the case may be, prepayment under paragraph (c) of
Clause 7.1 (Illegality), Clause 7.2 ( Mandatory prepayment on change of control or share ownership) or paragraph (c) of
Clause 7.7 (Right of prepayment and cancellation in relation to a single Lender)) shall reduce the Commitments of the Lenders rateably.

 

    - 37 -

     

    

 

SECTION 5 

COSTS OF UTILISATION

 

8.           INTEREST

 

		8.1	Calculation of interest 

 

The rate of interest on the Loan for
each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

 

		(a)	Margin; and

 

		(b)	LIBOR.

 

		8.2	Payment of interest 

 

The Borrower shall pay accrued interest
on the Loan on the last day of each Interest Period applicable to that Loan (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).

 

		8.3	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 Unpaid Sum from the due date to the date of actual payment (both before and after judgment) at a rate which is, subject
to paragraph (b) below, two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period
of non-payment, constituted the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by
the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by the Obligor on demand by the
Agent.

 

		(b)	If any Unpaid Sum consists of all or part of the 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 Unpaid Sum 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 Unpaid Sum during that first Interest Period shall be two per cent.
per annum higher than the rate which would have applied if the Unpaid Sum had not become due.

 

		(c)	Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end
of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.

 

    - 38 -

     

    

 

		8.4	Notification of rates of interest 

 

The Agent shall promptly notify the
relevant Lenders and the Borrower of the determination of a rate of interest under this Agreement.

 

9.           INTEREST PERIODS

 

		9.1	Duration of Interest Periods 

 

		(a)	Each Interest Period for the Loan will be three Months unless otherwise agreed between the Borrower, the
Agent and all the Lenders.

 

		(b)	An Interest Period for the Loan shall not extend beyond the Final Repayment Date.

 

		(c)	Each Interest Period for the Loan shall start on the Utilisation Date for such Loan or (if the Loan has
already been made) on the last day of the preceding Interest Period of such Loan.

 

		9.2	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).

 

		9.3	Consolidation and division of Loan(s) 

 

The Borrower may not request that the
Loan be consolidated or divided.

 

10.         CHANGES TO THE CALCULATION
OF INTEREST

 

		10.1	Unavailability of Screen Rate 

 

		(a)	Reference Bank Rate: If no Screen Rate is available for LIBOR for:

 

		(i)	the currency of the Loan; or

 

		(ii)	the Interest Period of the Loan and it is not possible to calculate the Interpolated Screen Rate,

 

the applicable LIBOR 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.

 

		(b)	Cost of funds: If paragraph (a) above applies but no Reference Bank Rate is available for the relevant
currency or Interest Period there shall be no LIBOR for that Loan and Clause 10.4 (Cost of funds) shall apply to that Loan for
that Interest Period.

 

    - 39 -

     

    

 

		10.2	Calculation of Reference Bank Rate 

 

		(a)	Subject to paragraph (b) below, if LIBOR 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.

 

		(b)	If at or about noon (London time) 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.

 

		10.3	Market disruption 

 

If before 5 p.m. in Hong Kong on the
Business Day immediately following the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender
or Lenders (whose participations in the Loan exceed 40 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 then Clause 10.4 (Cost of funds) shall apply to
that Loan for the relevant Interest Period.

 

		10.4	Cost of funds 

 

		(a)	If this Clause 10.4 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 Agent by that Lender as soon as practicable and in any event within five Business
Days of the first day of that Interest Period (or, if earlier, on the date falling five 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 10.4 applies and the Agent or the Borrower so requires, the Agent and the Borrower shall
enter into negotiations (for a period of not more than 30 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 Borrower, be binding on all Parties.

 

		(d)	If this Clause 10.4 applies pursuant to Clause 10.3 (Market disruption) and:

 

		(i)	a Lender's Funding Rate is less than LIBOR; or

 

    - 40 -

     

    

 

		(ii)	a Lender does not supply a quotation by the time specified in paragraph (a)(ii) above,

 

the cost to that Lender of funding its participation in that
Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be LIBOR.

 

10.5         Notification to Borrower

 

If Clause 10.4 (Cost of funds) applies the Agent shall,
as soon as practicable, notify the Borrower.

 

		10.6	Break Costs 

 

		(a)	The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party
its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrower on a day other than the last day
of an Interest Period for that Loan or Unpaid Sum.

 

		(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent,
provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.

 

11.         FEES

 

		11.1	Upfront fee 

 

The Borrower shall pay to the Agent
(for the account of each Original Lender) an upfront fee in the amount and at the times agreed in a Fee Letter.

 

		11.2	Agency fee 

 

The Borrower shall pay to the Agent
(for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

 

		11.3	Security Agency fee 

 

The Borrower shall pay to the Security
Agent (for its own account) a security agency fee in the amount and at the times agreed in a Fee Letter.

 

		11.4	Commitment fee 

 

		(a)	The Borrower shall pay to the Agent (for the account of each Lender) a fee in dollars
computed and accruing on a daily basis at the percentage rate per annum that is 35 per cent. of the Margin on the undrawn and uncancelled
amount of each Lender's Commitment under the Facility for the period commencing on and from the date falling four Months after the date
of this Agreement to and including the last day of the Availability Period (the "Relevant Period").

 

		(b)	The accrued commitment fee is payable on the last day of each successive period of
three Months which ends during the Relevant Period, on the last day of the Relevant Period and, if a Lender's
Commitment is reduced to zero before the last day of the Relevant Period, on the day on which such reduction to zero becomes effective.

  

11.5         Fees payable

 

Any fees payable pursuant to Clauses 11.1 ( Upfront
fee) to 11.4 (Commitment fee) which are (in each case) payable on or before the Utilisation Date but unpaid may, upon request
by the Borrower, be paid from the proceeds of the Utilisation, and in such case, the Agent is hereby authorised to deduct the amount of
such fees from the proceeds of Utilisation and apply the same towards payment of such fees on behalf of the Borrower.

 

    - 41 -

     

    

 

SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS

 

12.         TAX GROSS-UP AND INDEMNITIES

 

		12.1	Tax definitions 

 

		(a)	In this Clause 12:

 

"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 an
increased payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax
indemnity).

 

		(b)	Unless a contrary indication appears, in this Clause 12 a reference to "determines" or
 "determined" means a determination made in the absolute discretion of the person making the determination acting reasonably
and in good faith.

 

		12.2	Tax gross-up 

 

		(a)	All payments to be made by an Obligor to any Finance Party under the Finance Documents shall be made free
and clear of and without any Tax Deduction unless such Obligor is required to make a Tax Deduction, in which case the sum payable by such
Obligor (in respect of which such Tax Deduction is required to be made) shall be increased to the extent necessary to ensure that such
Finance Party receives a sum net of any deduction or withholding equal to the sum which it would have received had no such Tax Deduction
been made or required to be made.

 

		(b)	The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on
becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify
the Borrower and that Obligor.

 

		(c)	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.

 

    - 42 -

     

    

 

		(d)	Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax
Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably
satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has been made or (as applicable) any appropriate payment
paid to the relevant taxing authority.

 

		12.3	Tax indemnity 

 

		(a)	Without prejudice to Clause 12.2 (Tax gross-up), if any Finance Party is required to make any payment
of or on account of Tax on or in relation to any sum received or receivable under the Finance Documents (including any sum deemed for
the purposes of Tax to be received or receivable by such Finance Party whether or not actually received or receivable) or if any liability
in respect of any such payment is asserted, imposed, levied or assessed against any Finance Party, the Borrower shall, within three Business
Days of demand of the Agent, promptly indemnify the Finance Party which suffers a loss or liability as a result against such payment or
liability, together with any interest, penalties, costs and expenses payable or incurred in connection therewith, provided that this
Clause 12.3 shall not apply to:

 

		(i)	any Tax imposed on and calculated by reference to the net income actually received or receivable by such
Finance Party (but, for the avoidance of doubt, not including any sum deemed for the purposes of Tax to be received or receivable by such
Finance Party but not actually receivable) by the jurisdiction in which such Finance Party is incorporated;

 

		(ii)	any Tax imposed on and calculated by reference to the net income of the Facility Office or other permanent
establishment of such Finance Party actually received or receivable by such Finance Party (but, for the avoidance of doubt, not including
any sum deemed for the purposes of Tax to be received or receivable by such Finance Party but not actually receivable) by the jurisdiction
in which its Facility Office or other permanent establishment is located;

 

		(iii)	any Tax relating to a FATCA Deduction required to be made by a Party; or

 

		(iv)	the extent that such payment or liability is compensated for by an increased payment under Clause 12.2
(Tax gross-up).

 

		(b)	A Finance Party intending to make a claim under paragraph (a) above shall notify the Agent of the event
giving rise to the claim, whereupon the Agent shall notify the Borrower thereof.

 

    - 43 -

     

    

 

		(c)	A Finance Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Agent.

 

		12.4	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.

 

		12.5	Stamp taxes 

 

The Borrower shall:

 

		(a)	pay all stamp duty, registration and other similar Taxes payable in respect of any Finance Document, and

 

		(b)	within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability
that Finance Party incurs in relation to any stamp duty, registration or other similar Tax paid or payable in respect of any Finance Document,

 

save that this Clause 12.5 shall not
apply in relation to any such stamp duty, registration or other similar Taxes which arise as a result of a Lender assigning or otherwise
disposing any of its rights under this Agreement.

 

		12.6	Indirect tax 

 

		(a)	All amounts set out or expressed in a Finance Document to be payable by any Party to a Finance Party shall
be deemed to be exclusive of any Indirect Tax. If any Indirect Tax is chargeable on any supply made by any Finance Party to any Party
in connection with a Finance Document, that Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration)
an amount equal to the amount of the Indirect Tax.

 

		(b)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any costs or
expenses, that Party shall also at the same time pay and indemnify the Finance Party against all Indirect Tax incurred by that Finance
Party in respect of the costs or expenses to the extent the Finance Party reasonably determines that it is not entitled to credit or repayment
in respect of the Indirect Tax.

 

    - 44 -

     

    

 

		12.7	FATCA information 

 

		(a)	Subject to paragraph (c) below, each Party shall, within 10 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 as
soon as reasonably practicable.

 

		(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.

 

    - 45 -

     

    

 

		(e)	If the Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations
under FATCA or any other applicable law or regulation require it, each Lender shall, within ten Business Days of:

 

		(i)	where the Borrower is a US Tax Obligor and the relevant Lender is an Original Lender,
the date of this Agreement;

 

		(ii)	where the Borrower is a US Tax Obligor on a date on which any Lender becomes a Party
as a Lender, that date; or

 

		(iii)	where the Borrower is not a US Tax Obligor, the date of a request from the Agent,

 

supply to the Agent:

 

		(A)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

 

		(B)	any withholding statement or other document, authorisation or waiver as the Agent
may require to certify or establish the status of such Lender under FATCA or that other law or regulation.

 

		(f)	The Agent shall provide any withholding certificate, withholding statement, document,
authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower.

 

		(g)	If any withholding certificate, withholding statement, document, authorisation or
waiver provided to the Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender
shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to
the Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide
any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrower.

 

		(h)	The Agent may rely on any withholding certificate, withholding statement, document,
authorisation or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall
not be liable for any action taken by it under or in connection with paragraph (e), (f) or (g) above.

 

    - 46 -

     

    

 

 

		(i)	Without prejudice to any other term of this Agreement, if a Lender fails to supply any withholding certificate,
withholding statement, document, authorisation, waiver or information in accordance with paragraph (e) above, or any withholding certificate,
withholding statement, document, authorisation, waiver or information provided by a Lender to the Agent is or becomes
materially inaccurate or incomplete, then such Lender shall indemnify the Agent, within three Business Days of demand, against any cost,
loss, Tax or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the
Agent (including any related interest and penalties) in acting as Agent under the Finance Documents as a result of such failure.

 

		(j)	If, in accordance with paragraph (f) above, the Agent provides an Obligor with sufficient
information to determine its withholding obligations under FATCA, but the Obligor fails to withhold as required by FATCA, the Borrower
shall indemnify the Agent, within three Business Days of demand, against any cost, loss, Tax or liability (including, without limitation,
for negligence or any other category of liability whatsoever) incurred by the Agent (including any related interest and penalties) in
acting as Agent under the Finance Documents as a result of such failure.

 

		12.8	FATCA Deduction 

 

		(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction
or otherwise compensate the recipient of the payment for that FATCA Deduction.

 

		(b)	Each Party shall as soon as reasonably practicable, 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), and in any case at least three
Business Days prior to making a FATCA Deduction, notify the Party to whom it is making the payment and, on or prior to the day on which
it notifies that Party, shall also notify the Borrower, the Agent and the other Finance Parties.

 

		13.	INCREASED COSTS

 

		13.1	Increased costs 

 

		(a)	Subject to Clause 13.3 (Exceptions) the Borrower shall, within three Business
Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party
or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation,
administration or application of) any law  or regulation or (ii) compliance with any law or regulation made after the date
of this Agreement . The terms "law"
and"regulation" in this paragraph (a) shall include any law or regulation concerning capital adequacy, prudential limits,
liquidity, reserve assets or Tax.

 

    - 47 -

     

    

 

		(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 (including as a result of any reduction in the rate of return on capital brought about by more capital being required to be allocated
by such Finance Party);

 

		(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 the undertaking, funding or performance by such Finance Party
of any of its obligations under any Finance Document or any participation of such Finance Party in the Loan or any Unpaid Sum.

 

		13.2	Increased cost claims 

 

		(a)	A Finance Party (other than the Agent) intending to make a claim pursuant to Clause 13.1 (Increased
costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

 

		(b)	Each Finance Party (other than the Agent) shall, as soon as practicable after a demand by the Agent, provide
a certificate confirming the amount of its Increased Costs.

 

		13.3	Exceptions 

 

		(a)	Clause 13.1 (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 12.3 (Tax indemnity) (or would have been compensated for under Clause
12.3 (Tax indemnity) but was not so compensated solely because the exclusion in paragraph (a) of Clause 12.3 (Tax indemnity)
applied);

 

		(iv)	attributable to the 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 ("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 13.3, a reference to a "Tax Deduction" has the same meaning
given to the term in Clause 12.1 (Tax definitions).

 

    - 48 -

     

    

 

		14.	MITIGATION BY THE LENDERS 

 

		14.1	Mitigation 

 

		(a)	Each Finance Party shall, in consultation with the Borrower, 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 7.1 (Illegality), Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs), including:

 

		(i)	providing such information as the Borrower may reasonably request in order to permit
the Borrower to determine its entitlement to claim any exemption or other relief (whether pursuant to a double taxation treaty or otherwise)
from any obligation to make a Tax Deduction; and

 

		(ii)	in relation to any circumstances which arise following the date of this Agreement,
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.

 

		14.2	Limitation of liability 

 

		(a)	The Borrower shall promptly indemnify each Finance Party for all costs and expenses
reasonably incurred by that Finance Party as a result of steps taken by it under Clause 14.1 (Mitigation).

 

		(b)	A Finance Party is not obliged to take any steps under Clause 14.1 (Mitigation) if, in the opinion
of that Finance Party (acting reasonably), to do so might be prejudicial to it.

 

		14.3	Conduct of business by the Finance Parties 

 

		(a)	No provision of any Finance Document will:

 

		(i)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise)
in whatever manner it thinks fit;

 

    - 49 -

     

    

 

		(ii)	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

 

		(iii)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

 

		(b)	Unless a contrary indication appears, in this Clause 14 a reference to "determines" or
 "determined" means a determination made in the absolute discretion of the person making the determination acting reasonably
and in good faith.

 

		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; or

 

		(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.

 

		(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 

 

Each Obligor shall, 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)	any information produced or approved by any Obligor being or being alleged to be misleading and/or deceptive
in any respect;

 

    - 50 -

     

    

 

		(c)	any enquiry, investigation, subpoena (or similar order) or litigation with respect
to any Obligor or with respect to the transactions contemplated or financed under this Agreement;

 

		(d)	a failure by an Obligor to pay any amount due under a Finance Document on its due
date or in the relevant currency, including without limitation, any cost, loss or liability arising as a result of Clause 29 (Sharing
among the Finance Parties);

 

		(e)	funding, or making arrangements to fund, its participation in the Loan requested by
the 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

 

		(f)	the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment
given by the Borrower.

 

		15.3	Indemnity to the Agent 

 

		(a)	Each Obligor shall immediately on demand indemnify the Agent against any cost, loss
or liability incurred by the Agent (acting reasonably) as a result of:

 

		(i)	investigating any event which it reasonably believes is a Default;

 

		(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised; or

 

		(iii)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers
or experts as permitted under this Agreement,

 

unless such cost, loss or liability is caused by its gross
negligence, fraud or wilful misconduct.

 

		(b)	This indemnity given under this Clause is a continuing obligation, independent of
each Obligor's other obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement
or such other Finance Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing
an indemnity under or in connection with this Agreement or any other Finance Document.

 

		15.4	Obligors' indemnity to the Security Agent 

 

		(a)	Each Obligor shall immediately on demand indemnify the Security Agent and every Receiver
and Delegate against any cost, loss or liability incurred by any of them:

 

		(i)	as a result of:

 

		(A)	any failure by the Borrower to comply with obligations under Clause 16 (Costs and expenses);

 

    - 51 -

     

    

 

		(B)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised;

 

		(C)	the taking, holding, protection or enforcement of the Transaction Security;

 

		(D)	the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent and each
Receiver and Delegate by the Finance Documents or by law; or

 

		(E)	any default by any Obligor in the performance of any of the obligations expressed to be assumed by it
in the Finance Documents; or

 

		(ii)	which otherwise relates to any of the Charged Property or the performance of the terms of the Finance
Documents (otherwise than as a result of its gross negligence or wilful misconduct),

 

unless such cost, loss or liability is caused by its gross
negligence, fraud or wilful misconduct.

 

		(b)	This indemnity given under this Clause is a continuing obligation, independent of each Obligor's other
obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement or such other Finance
Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing an indemnity under or
in connection with this Agreement or any other Finance Document.

 

		15.5	Priority of indemnity 

 

		(a)	The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties,
indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in
Clause 15.4 (Obligors' indemnity to the Security Agent) and shall have a lien on the Transaction Security and the proceeds of enforcement
of the Transaction Security for all moneys payable to it.

 

		(b)	This indemnity given under this Clause is a continuing obligation, independent of each Obligor's other
obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement or such other Finance
Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing an indemnity under or
in connection with this Agreement or any other Finance Document.

 

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		16.	COSTS AND EXPENSES

 

		16.1	Transaction expenses 

 

The Borrower shall, within five Business
Days of demand, pay the Administrative Parties the amount of all reasonable costs and expenses (including legal fees) reasonably and properly
incurred by any of them (and, in the case of the Security Agent, any Receiver or Delegate) in connection with:

 

		(a)	the negotiation, preparation, printing, execution and perfection of:

 

		(i)	this Agreement and any other documents referred to in this Agreement or in a Transaction Security Document;
and

 

		(ii)	any other Finance Documents executed after the date of this Agreement; and

 

		(b)	the administration of the Facility including (without limitation) the disbursement of the Loan.

 

		16.2	Amendment costs 

 

If:

 

		(a)	an Obligor requests an amendment, waiver or consent; or

 

		(b)	an amendment or waiver is contemplated or agreed pursuant to Clause 30.9 (Replacement of Screen Rate),

 

the Borrower shall, within five Business
Days of demand, reimburse the Agent for the amount of all reasonable costs and expenses (including legal fees) reasonably and properly
incurred by the Agent in responding to, evaluating, negotiating or complying with or implementing that request or requirement or actual
or contemplated agreement.

 

		16.3	Security Agent's ongoing costs 

 

		(a)	Any amount payable to the Security Agent under Clause 15.4 (Obligors' indemnity to the Security Agent),
Clause 16 (Costs and expenses), Clause 26.20 (Lenders' indemnity to the Security Agent) and this Clause shall include the
cost of utilising the Security Agent's management time or other resources and will be calculated on the basis of such reasonable daily
or hourly rates as the Security Agent may notify to the Borrower and the Lenders, and is in addition to any other fee paid or payable
to the Security Agent under Clause 11 (Fees).

 

		(b)	In the event of (i) an Event of Default or (ii) the Security Agent considering it necessary or expedient
or (iii) the Security Agent being requested by an Obligor or the Majority Lenders to undertake duties which the Security Agent and the
Borrower agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Agent
under the Finance Documents, the Borrower shall pay to the Security Agent any additional remuneration (together with any applicable Indirect
Tax) that may be agreed between them.

 

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		(c)	If the Security Agent and the Borrower fail to agree upon the nature of the duties or upon any additional
remuneration, that dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security
Agent and approved by the Borrower or, failing approval, nominated (on the application of the Security Agent) by the President for the
time being of the Law Society of Hong Kong (the costs of the nomination and of the investment bank being payable by the Borrower) and
the determination of any investment bank shall be final and binding upon the parties to this Agreement.

 

		16.4	Enforcement and preservation costs 

 

The Borrower 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 and the Transaction Security and
any proceedings instituted by or against that Secured Party as a consequence of it entering into a Finance Document, taking or holding
the Transaction Security, or enforcing those rights.

 

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SECTION 7

GUARANTEE

 

		17.	GUARANTEE AND INDEMNITY

 

		17.1	Guarantee and indemnity 

 

The Guarantor irrevocably and unconditionally:

 

		(a)	guarantees to each Finance Party punctual performance by the Borrower of all the Borrower's obligations
under the Finance Documents;

 

		(b)	undertakes with each Finance Party that whenever the Borrower does not pay any amount when due under or
in connection with any Finance Document, the Guarantor shall immediately on demand pay that amount as if it was the principal obligor;
and

 

		(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 the 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 the Guarantor under
this indemnity will not exceed the amount it would have had to pay under this Clause 17 if the amount claimed had been recoverable on
the basis of a guarantee.

 

		17.2	Continuing guarantee 

 

This guarantee is a continuing guarantee
and will extend to the ultimate balance of sums payable by the Borrower under the Finance Documents, regardless of any intermediate payment
or discharge in whole or in part.

 

		17.3	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 the Guarantor under this Clause 17 will continue or be reinstated
as if the discharge, release or arrangement had not occurred.

 

		17.4	Waiver of defences 

 

The obligations of the Guarantor
under this Clause 17 will not be affected by an act, omission, matter or thing which, but for this Clause 17, would reduce, release
or prejudice any of its obligations under this Clause 17 (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;

 

    - 55 -

     

    

 

		(b)	the release of the Borrower 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,
execute, take up or enforce, any rights against, or security over assets of, the Borrower 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 the Borrower 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 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;

 

		(g)	any insolvency or similar proceedings; or

 

		(h)	this Agreement or any other Finance Document not being executed by or binding upon any other party.

 

		17.5	Immediate recourse 

 

The 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 the Guarantor under this Clause 17. This waiver applies irrespective of any law
or any provision of a Finance Document to the contrary.

 

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		17.6	Appropriations 

 

Until all amounts which may be or become
payable by the Borrower 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 the Guarantor shall not be entitled to the benefit of the same; and

 

		(b)	hold in a non-interest bearing suspense account any moneys received from the Guarantor or on account of
the Guarantor's liability under this Clause 17.

 

		17.7	Deferral of Guarantor's rights 

 

Until all amounts which may be or become
payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise
directs, the Guarantor will not exercise or otherwise enjoy the benefit of any right 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 17:

 

		(a)	to be indemnified by the Borrower;

 

		(b)	to claim any contribution from any other guarantor of or provider of security for the Borrower's obligations
under the Finance Documents;

 

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the
Finance Documents by any Finance Party;

 

		(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform
any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1 (Guarantee and
indemnity);

 

		(e)	to exercise any right of set-off against any Obligor; and/or

 

		(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party.

 

If the Guarantor shall receive any
benefit, payment or distribution in relation to any such right it shall hold that benefit, payment or distribution (or so much of it
as may be 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 paid in full) on trust for the Finance Parties, and shall promptly pay or transfer the
same to the Agent or as the Agent may direct for application in accordance with Clause 30 (Payment Mechanics).

 

		17.8	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.

 

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SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

 

		18.	REPRESENTATIONS 

 

Each Obligor makes the representations
and warranties set out in this Clause 18 to each Finance Party on the date of this Agreement.

 

		18.1	Status 

 

		(a)	It is a corporation, duly incorporated, validly existing, and, if applicable, in good standing under the
laws, in the case of the Borrower, of the Cayman Islands and, in the case of the Guarantor, of Singapore.

 

		(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business in all material
respects as it is being conducted as of the date of this Agreement.

 

		18.2	Binding obligations 

 

Subject to the Legal Reservations and
the Perfection Requirements:

 

		(a)	the obligations expressed to be assumed by it and the Bidco in each Finance Document to which it is a
party and each Acquisition Document to which it or the Bidco is a party are legal, valid, binding and enforceable obligations; and

 

		(b)	(without limiting the generality of paragraph (a) above), each Transaction Security Document to which
it is a party creates the security interests which that Transaction Security Document purports to create and those security interests
are valid and effective

 

		18.3	Non-conflict with other obligations 

 

The entry into and performance by it
and the Bidco of, and the transactions contemplated by, the Finance Documents to which it is a party and the Acquisition Documents to
which it or the Bidco is a party and the granting of the Transaction Security do not and will not conflict with:

 

		(a)	any law or regulation applicable to it or the Bidco;

 

		(b)	each Obligor's, the Bidco's and their Subsidiaries' constitutional documents; or

 

		(c)	any agreement or instrument binding upon the Obligors, the Bidco or any of their Subsidiaries or any of
each Obligor's, the Bidco's and their Subsidiaries' assets to the extent that such conflict has or is reasonably likely to have a Material
Adverse Effect.

 

    - 58 -

     

    

 

		18.4	Power and authority 

 

It and the Bidco have the power to
enter into, perform and deliver, and have taken all necessary corporate action to authorise its and the Bidco's entry into, performance
and delivery of, the Finance Documents to which it is a party and the Acquisition Documents to which it or the Bidco is a party and the
transactions contemplated by those Finance Documents and those Acquisition Documents.

 

		18.5	Validity and admissibility in evidence 

 

		(a)	Except for registration of the Transaction Security Documents in accordance with Clause
18.6 (Registration requirements), all Authorisations required:

 

		(i)	to enable it and the Bidco lawfully to enter into, exercise its rights and comply with its obligations
in the Finance Documents to which it is a party and the Acquisition Documents to which it or the Bidco is a party; and

 

		(ii)	subject to the Legal Reservations and the Perfection Requirements, to make the Finance
Documents to which it is a party and the Acquisition Documents to which it or the Bidco is a party admissible in evidence in its jurisdiction
of incorporation,

 

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

 

		(b)	All Authorisations which are necessary for the conduct of the business, trade or ordinary
activities of each Obligor and each other member of the Group have been obtained or effected and are in full force and effect where failure
to obtain or maintain any of those Authorisations has, or would reasonably be expected to have, a Material Adverse Effect.

 

		18.6	Registration requirements 

 

Except for registration of each Transaction
Security Document in the register of mortgages and charges maintained by the Borrower in accordance with section 54 of the Companies Law
(2018 Revision) (as amended) of the Cayman Islands and registration of the Account Charge with the Hong Kong Companies Registry within
one month of its execution, it is not necessary to file, register or record any Finance Document in any public place or elsewhere.

 

		18.7	Governing law and enforcement 

 

Subject to the Legal Reservations:

 

		(a)	the choice of Hong Kong law as the governing law of the Finance Documents will be
recognised and enforced in its jurisdiction of incorporation; and

 

		(b)	any judgment obtained in the courts of Hong Kong in relation to a Finance Document
will be recognised and enforced in its jurisdiction of incorporation.

 

    - 59 -

     

    

 

		18.8	Deduction of Tax 

 

It is not required under the law of
the Cayman Islands to make any deduction for or on account of Tax from any payment it may make under any Finance Document to which it
is a party.

 

		18.9	No filing or stamp taxes 

 

Subject to the Legal Reservations, it
is not necessary under the laws of its Relevant Jurisdictions that the Finance Documents be filed, recorded or enrolled with any court
or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents
or the transactions contemplated by the Finance Documents, except any filing recording or enrolling or any tax or fee payable in relation
to any Transaction Security Document which is referred to in any Legal Opinion and which will be made or paid promptly after the date
of the relevant Finance Document, provided that Cayman Islands stamp duty will be payable on any document that is executed in,
brought into or produced before a court in the Cayman Islands.

 

		18.10	No default 

 

		(a)	No Event of Default is continuing or is reasonably likely 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 is
reasonably likely to have a Material Adverse Effect.

 

		18.11	No misleading information 

 

So far as the Borrower and the Guarantor
are aware (having made due and careful enquiries) and save as specifically disclosed to the Agent prior to the date of this Agreement:

 

		(a)	any factual written information (other than information of a general economic nature) provided by any
member of the Group taken as a whole for the purposes of the Facility 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)	any financial projections contained in the information supplied in connection with the Facility have
                                                               been prepared on the basis of recent historical information and on the basis of assumptions believed to be reasonable by the
                                                               Borrower (after careful consideration) at the time of being made, it being understood that the projections are subject to
                                                               significant uncertainties and contingencies many of which are beyond the control of the Group
and that no assurance can be given that the projections will be realised;

 

    - 60 -

     

    

 

		(c)	nothing has occurred or been omitted from the information supplied in connection with the Facility and
no information has been given or withheld that results in the information supplied in connection with the Facility being untrue or misleading
in any material respect, it being understood that the projections are subject to significant uncertainties and contingencies many of which
are beyond the control of the Group and that no assurance can be given that the projections will be realised; and

 

		(d)	all written information supplied by any member of the Group (taken as a whole) was true, complete and
accurate in all material respects as at the date it was given and was not misleading in any material respect.

 

		18.12	Financial statements 

 

		(a)	To the best of its knowledge (having made due and careful enquiry), its and the Targets' financial statements
most recently supplied to the Agent (which, at the date of this Agreement, are the Original Financial Statements) were prepared in accordance
with GAAP consistently applied save to the extent expressly disclosed in such financial statements.

 

		(b)	To the best of its knowledge (having made due and careful enquiry), its and the Targets' financial statements
most recently supplied to the Agent (which, at the date of this Agreement, are the Original Financial Statements) if audited, give a true
and fair view of or, if unaudited, fairly represent in all material respects, in the case of the Borrower, its consolidated and, in the
case of the Guarantor, its unconsolidated, and in the case of the Targets, the Targets' consolidated, financial condition and operations
during the relevant financial year save to the extent expressly disclosed in such financial statements.

 

		(c)	There has been no material adverse change in its business or financial condition (or the business or consolidated
financial condition of the Group) since 31 December 2017.

 

		18.13	Pari passu ranking 

 

Subject to the Legal Reservations, the
payment obligations under the Finance Documents to which it is party rank at least pari passu with the claims of all of its other
unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

 

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		18.14	No proceedings pending or threatened 

 

No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency which, if adversely determined, would be reasonably likely to have a Material
Adverse Effect have (to the best of its knowledge and belief) been started or threatened in writing against it or any of its Subsidiaries.

 

		18.15	Authorised Signatures 

 

Any person specified as its authorised
signatory under Schedule 2 (Conditions Precedent) or paragraph (h) of Clause 19.4 (Information: miscellaneous) is authorised
to sign Utilisation Requests (in the case of the Borrower only) and other notices on its behalf.

 

		18.16	Ranking of Security 

 

Subject to the Legal Reservations and
Perfection Requirements, the Transaction Security has or will have first ranking priority and it is not subject to any prior ranking or
pari passu ranking Security.

 

		18.17	Good title to assets 

 

It and each of its Subsidiaries has
a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the material assets
necessary to carry on its business as presently conducted.

 

		18.18	Ownership and control 

 

		(a)	The Guarantor's entire issued share capital is legally and beneficially owned and controlled by the Borrower.

 

		(b)	The shares in the capital of each Obligor are fully paid and are not subject to any option to purchase
or similar rights.

 

		18.19	Legal and beneficial ownership 

 

It is the sole legal and beneficial
owner of the respective assets over which it purports to grant Security.

 

		18.20	Anti-Money Laundering 

 

The operations of the Obligors,
their Subsidiaries and their Affiliates are and have been conducted at all times in material compliance with applicable financial
recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency having jurisdiction over
the Obligors or any of their Subsidiaries or any of their Affiliates (collectively, the "Money Laundering Laws")
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the
Obligors, any of their Subsidiaries, any of their Affiliates or any of their respective directors, officers, agents or employees, in
each case, with respect to the Money Laundering Laws is pending or, to the best knowledge of any Obligor, threatened.

 

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		18.21	Anti-bribery and corruption 

 

None of the Obligors, nor to the knowledge
of any Obligor, any director, officer, agent, employee, Affiliates or other person acting on behalf of that Obligor or any of its Subsidiaries
is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable anti-bribery
law, including but not limited to, the United Kingdom Bribery Act 2010 (the "UK Bribery Act") and the U.S. Foreign Corrupt
Practices Act of 1977 (the "FCPA"). Furthermore, each Obligor and, to the knowledge of the relevant Obligor, its Affiliates
have conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar laws, rules or regulations and have instituted
and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance
therewith.

 

		18.22	Sanctions 

 

None of the Obligors, any of its or
their Subsidiaries, any director or officer, or any employee, agent or Affiliates of the Obligors or any of their Subsidiaries is an individual
or entity ("Person") that is, or is owned or controlled by Persons that are,

 

(a)   
the target or subject of any sanctions administered or enforced by the US Department of the Treasury's Office of Foreign Assets Control,
the US Department of State, the United Nations Security Council, the European Union, Her Majesty's Treasury or the Hong Kong Monetary
Authority (collectively, "Sanctions") or (b) located, organised or resident in a country or territory that is the target
or subject of Sanctions, including, without limitation (as at the date of this Agreement), the Crimea region, Cuba, Iran, North Korea,
Sudan and Syria, provided that this Clause shall not apply to the extent that any compliance with this Clause would result in a
violation of Council Regulation (EC) No 2271/96 (as amended) by any of those entities.

 

		18.23	Existing Subordinated Debts 

 

In respect of the Existing Subordinated
Debts:

 

		(a)	each of the scheduled repayment or redemption dates thereof fall later than one year after the Senior
Facility Maturity Date (the "Scheduled Redemption Date"); and

 

		(b)	the holder of such debts is not entitled to require the Borrower or any other member of the Group to repay,
redeem or acquire such debts prior to the Scheduled Redemption Date, unless such debts are accelerated by reason of the occurrence of
any event of default.

 

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		18.24	Repetition 

 

The Repeating Representations are deemed
to be made by each Obligor by reference to the facts and circumstances then existing on the date of each Utilisation Request and the first
day of each Interest Period. The representations and warranties set out in Clause 18.23 ( Existing Subordinated Debts) are deemed
to be made by each Obligor on the Effective Date (as defined in the Third Amendment Deed) by reference to the facts and circumstances
then existing.

 

		19.	INFORMATION UNDERTAKINGS 

 

The undertakings in this Clause 19 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.

 

		19.1	Financial statements 

 

The Borrower shall supply to the Agent
in sufficient copies for all the Lenders:

 

		(a)	as soon as the same become available, but in any event within 120 days:

 

		(i)	after the end of each of its financial years, its audited consolidated financial statements for that financial
year;

 

		(ii)	after the end of each of the Guarantor's financial years, the audited unconsolidated financial statements
of the Guarantor for that financial year; and

 

		(iii)	after the end of the Targets' financial year ending 31 December 2018, the audited consolidated financial
statements of the Targets for that financial year; 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.

 

		19.2	Compliance Certificate 

 

The Borrower shall supply to the Agent,
with each set of financial statements delivered pursuant to paragraphs (a)(i) and (b) of Clause 19.1 (Financial statements), a
Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20 (Financial Covenants) as
at the date as at which those financial statements were drawn up.

 

		19.3	Requirements as to financial statements 

 

		(a)	Each set of financial statements of the Borrower, the Guarantor and each Target delivered pursuant
                                                               to Clause 19.1 (Financial statements) shall be certified by a director or an authorised signatory of the Borrower, the Guarantor or (as the case may be) such
Target as fairly representing its financial condition as at the date as at which those financial statements were drawn up.

 

    - 64 -

     

    

 

		(b)	The Borrower shall procure that each set of financial statements of a person delivered pursuant to Clause
19.1 (Financial statements) is prepared using GAAP, accounting practices and financial reference periods consistent with those
applied in the preparation of the Original Financial Statements for that person unless, in relation to any set of financial statements,
it notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors (or, if appropriate,
the auditors of that person) deliver to the Agent:

 

		(i)	a description of any change necessary for those financial statements to reflect the
GAAP, accounting practices and reference periods upon which that person's Original Financial Statements were prepared; and

 

		(ii)	sufficient information, in form and substance as may be reasonably required by the
Agent, to enable the Lenders to determine whether Clause 20 (Financial Covenants) has been complied with and make an accurate comparison
between the financial position indicated in those financial statements and that person's Original Financial Statements.

 

Any reference in this Agreement to those
financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original
Financial Statements were prepared.

 

		19.4	Information: miscellaneous 

 

The Borrower shall supply to the Agent
(in sufficient copies for all the Finance Parties, if the Agent so requests):

 

		(a)	all documents dispatched by the Borrower or any Target to its shareholders generally
(or any class of them) as required by law or its constitutional documents (excluding for the avoidance of doubt any such requirement set
out in any contract referenced in the Borrower's or (as the case may be) that Target's constitutional documents) or its creditors generally
at the same time as they are despatched;

 

		(b)	promptly upon becoming aware of them, the details of any material litigation, arbitration
or administrative proceedings (except for frivolous or vexatious proceedings) which are current, threatened or pending against any member
of the Group which, if adversely determined, are reasonably likely to have a Material Adverse Effect;

 

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		(c)	promptly, such information as the Security Agent may reasonably require about the Charged Property and
compliance of the Obligors with the terms of any Transaction Security Documents;

 

		(d)	promptly, details of:

 

		(i)	any change in the direct shareholding in the Borrower which (A) results in any person becoming (or ceasing
to be) a direct shareholder of 5 per cent. or more of the entire issued share capital of the Borrower or (B) otherwise relates to 5 per
cent. or more of the entire issued share capital of the Borrower;

 

		(ii)	any change of 10 per cent. or more in the direct or indirect shareholding (including by way of being a
beneficiary under a trust) of the Ultimate Shareholder in the Borrower; and

 

		(iii)	any circumstance described in Clause 7.2 ( Mandatory prepayment on change of control or share ownership);

 

		(e)	any notification required to be delivered by it pursuant to paragraph (c)(x) of Clause 21.4 (Negative
pledge);

 

		(f)	promptly, details of any changes in the constitutive documents of the Borrower or the Guarantor which
has a material adverse impact on the rights of the Finance Parties (taken as a whole) under the Finance Documents, together with documentary
evidence of reasonable details showing that such change has been made;

 

		(g)	promptly, such further information regarding the financial condition, business and operations of any member
of the Group as any Finance Party (through the Agent) may reasonably request;

 

		(h)	promptly, notice of any change in authorised signatories of any Obligor signed by a director or company
secretary of such Obligor accompanied by specimen signatures of any new authorised signatories;

 

		(i)	promptly, such information regarding the Acquisition and the Acquisition Documents as any Finance Party
(through the Agent) may reasonably request;

 

		(j)	promptly upon its occurrence (and in any event no later than three days after its occurrence), details
and the date of the occurrence of any event or circumstance which results in or is reasonably likely to result in a breach of the Bancassurance
Agreement or the Bancassurance Agreement being terminated or being terminable at the option of any party thereto, and promptly upon any
of such events or circumstances ceasing to continue (including the date of cessation); and

  

		(k)	promptly, details of any event of default (howsoever described) under any Existing
Subordinated Debts or any other Subordinated Debts referred to in Clause 21.15 ( Subordinated Debts: Non-affiliates) or any other
event which will entitle any creditor thereof to require early repayment or redemption of such debts.

 

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		19.5	Notification of default 

 

		(a)	Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken
to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided
by another Obligor).

 

		(b)	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate
signed by a director or an authorised signatory on its behalf certifying that no Default is continuing (or if a Default is continuing,
specifying the Default and the steps, if any, being taken to remedy it).

 

		19.6	Use of websites 

 

		(a)	The Borrower 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 the information onto an electronic
website designated by the Borrower and the Agent (the "Designated Website") if:

 

		(i)	the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication
of the information by this method;

 

		(ii)	both the Borrower and the 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 Borrower and the Agent.

 

If any Lender (a "Paper Form
Lender") does not agree to the delivery of information electronically then the Agent shall notify the Borrower accordingly and
the Borrower shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the
Borrower shall supply the Agent with at least one copy in paper form of any information required to be provided by it.

 

		(b)	The 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 Borrower and the Agent.

 

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		(c)	The Borrower shall promptly upon becoming aware of its occurrence notify the 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 Borrower 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.

 

If the Borrower notifies the Agent under
paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Borrower under this Agreement after the date of that
notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise
to the notification are no longer continuing.

 

		(d)	Any Website Lender may request, through the Agent, one paper copy of any information required to be provided
under this Agreement which is posted onto the Designated Website. The Borrower shall comply with any such request within ten Business
Days.

 

		19.7	"Know your customer" checks 

 

		(a)	Each Obligor shall promptly upon the request of the Agent and/or the Security Agent supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender (including
for any Lender on behalf of any prospective new Lender)) and/or the Security Agent in order for the Agent, the Security Agent, such Lender
or any prospective new Lender to conduct all "know your customer" and other similar procedures that it is required (or deems
desirable) to conduct.

 

		(b)	Each Lender shall promptly upon the request of the Agent and/or the Security Agent supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Agent and/or the Security Agent (in each case,
for itself) in order for the Agent and the Security Agent to conduct all "know your customer" and other similar procedures that
they are required (or deem desirable) to conduct.

 

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		19.8	Non-Disclosure 

 

Nothing in this Clause 19 (Information
Undertakings) or any other Finance Document shall oblige an Obligor to supply or disclose or to procure the supply or disclosure of
information or provide copies of information or documents, that would cause that Obligor to breach any law or applicable regulation.

 

		20.	FINANCIAL COVENANTS

 

		20.1	Financial definitions 

 

In this Clause 20:

 

"Consolidated Tangible Net Assets"
means at any time the aggregate of the amounts paid up or credited as paid up on the issued ordinary share capital of the Borrower and
the amount standing to the credit of the reserves of the Group, including any amount credited to the share premium account and after
adding back any Relevant Subordinated Debt,

 

but deducting:

 

		(a)	any debit balance on the profit and loss account of the Group;

 

		(b)	(to the extent included) any amount shown in respect of goodwill of the Group and other intangible assets
of the Group (other than (i) any intangible assets of the Group attributable to any upfront fee payable in respect of any Financial Indebtedness
and (ii) any Deferred Acquisition Cost);

 

		(c)	any amount in respect of interests of non-Group members in Group subsidiaries; and

 

		(d)	any amount in respect of any dividend or distribution declared, recommended or made by any member of the
Group to the extent payable to a person who is not a member of the Group and to the extent such distribution is not provided for in the
most recent financial statements,

 

and so that no amount shall be included or excluded more
than once.

 

"Consolidated Total Debt"
means, at any time, the outstanding principal, capital or nominal amount and any fixed or minimum premium payable on prepayment or redemption
of any indebtedness for or in respect of Financial Indebtedness of the Group (other than in respect of any Financial Indebtedness falling
under paragraph (g) of that definition and excluding any Relevant Subordinated Debt and, for the avoidance of doubt, indebtedness arising
under any Equity Instrument) and any amount raised by the issue of redeemable shares which are redeemable before the Final Repayment Date
but excluding any such obligations to any other member of the Group.

 

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"Consolidated Total Equity"
means at any time the aggregate of the consolidated total assets of the Borrower less the consolidated total liabilities
of the Borrower. For the avoidance of doubt, the Convertible Preference Shares and the Equity Instruments shall be considered part of
Consolidated Total Equity.

 

"Deferred Acquisition Cost"
means deferred acquisition cost (as determined from the applicable line item in consolidated financial statements of the Borrower prepared
in accordance with Clause 19.3 (Requirements as to financial statements) of the Group (on a consolidated basis) in respect of insurance
policies issued by the Group.

 

"Relevant Subordinated Debts"
means any Subordinated Debt owing by a member of the Group to another person which is not a member of the Group.

 

		20.2	Financial conditions 

 

		(a)	The Borrower shall ensure that:

 

		(i)	Consolidated Total Debt shall not at any time exceed 82.5 per cent. of the aggregate of Consolidated Total
Equity and the Relevant Subordinated Debts; and

 

		(ii)	Consolidated Tangible Net Assets shall not at any time be less than US$275,000,000.

 

		(b)	The financial covenants set out in paragraph (a) above shall be tested by reference to each set of financial
statements delivered pursuant to paragraphs (a)(i) and (b) of Clause 19.1 (Financial statements) and each Compliance Certificate
delivered pursuant to Clause 19.2 (Compliance Certificate) in respect of each financial year of the Borrower and the first half
of each financial year of the Borrower.

 

		21.	GENERAL UNDERTAKINGS 

 

The undertakings in this Clause 21 remain
in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in
force.

 

		21.1	Authorisations 

 

Each Obligor shall promptly obtain,
comply with and do all that is necessary to maintain in full force and effect any Authorisation of a Relevant Jurisdiction required to
enable it to perform its obligations under the Finance Documents and to ensure (subject to the Legal Reservations and in the case of the
Transaction Security Documents, the Perfection Requirements) the legality, validity, enforceability or admissibility in evidence in its
jurisdiction of incorporation of any Finance Document.

 

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		21.2	Compliance with laws 

 

Each Obligor shall comply in all respects
with all laws to which it may be subject, if failure so to comply has or is reasonably likely to have a Material Adverse Effect.

 

		21.3	Pari passu ranking 

 

Subject to the Legal Reservations and
the Perfection Requirements, each Obligor shall ensure that its payment obligations under the Finance Documents rank and continue to rank
at least pari passu with the claims of all of its other unsecured and unsubordinated creditors, except for obligations mandatorily
preferred by law applying to companies generally.

 

		21.4	Negative pledge 

 

In this Clause 21.4, "Quasi-Security"
means an arrangement or transaction described in paragraph (b) below.

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) create or permit
to subsist any Security over any of its assets.

 

		(b)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will):

 

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by an Obligor or any other member of the Group;

 

		(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(iii)	enter into or permit to subsist any title retention arrangement;

 

		(iv)	enter into or permit to subsist any arrangement under which money or the benefit of a bank or other account
may be applied, set-off or made subject to a combination of accounts; or

 

		(v)	enter into or permit to subsist any other preferential arrangement having a similar effect,

 

in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

 

		(c)	Paragraphs (a) and (b) above do not apply to:

 

		(i)	any Security or Quasi-Security:

 

		(A)	listed in Part A of Schedule 8 (Existing Security), except to the extent the principal amount secured
by that Security or Quasi-Security exceeds the amount stated in
respect of that Security or Quasi-Security in Part A of Schedule 8 (Existing Security); or

 

		(B)	listed in Part B of Schedule 8 (Existing Security) and granted or to be granted to secure the indebtedness
set out beside such Security or Quasi-Security in Part B of Schedule 8 (Existing Security), provided that the principal amount
secured by that Security or Quasi-Security does not exceed the amount stated in respect of that Security or Quasi-Security in Part B of
Schedule 8 (Existing Security);

 

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		(ii)	any Security or Quasi-Security as required under the Life Insurance Act of Thailand and any other applicable
insurance-related laws or regulations (or any replacement Security or Quasi-Security on the same or fewer assets);

 

		(iii)	any Security or Quasi-Security created pursuant to any Finance Document;

 

		(iv)	any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its
banking arrangements (including, in relation to the operation and/or maintenance of the Interest Reserve Account);

 

		(v)	any payment or close out netting or set-off arrangement pursuant to any transaction entered into by the
Borrower pursuant to any ISDA agreement, global master repurchase agreement (GMRA) or global master securities lending agreement (GMSLA)
in the ordinary course of business and for non-speculative purposes only, and any Security or Quasi-Security under any credit support
arrangement in relation to any such ISDA agreement;

 

		(vi)	any Security or Quasi-Security arising by operation of law and in the ordinary course of trading and not
arising as a result of any default or omission by any member of the Group;

 

		(vii)	any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after the
date of this Agreement if:

 

		(A)	the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a
member of the Group;

 

		(B)	the principal amount secured has not been increased in contemplation of, or since the acquisition of that
asset by a member of the Group; and

 

		(C)	the Security or Quasi-Security is removed or discharged within 2 months of the date of acquisition of such asset;

 

 

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		(viii)	any Security or Quasi-Security over or affecting any asset of any person which becomes a member of the
Group after the date of this Agreement, where the Security or Quasi-Security is created prior to the date on which that person becomes
a member of the Group, if:

 

		(A)	the Security or Quasi-Security was not created in contemplation of the acquisition of that person;

 

		(B)	the principal amount secured has not increased in contemplation of or since the acquisition of that person;
and

 

		(C)	the Security or Quasi-Security is removed or discharged within 2 months of that person becoming a member of the Group;

 

		(ix)	any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale
arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading
and on the supplier's standard or usual terms and not arising as a result of any default or omission by any member of the Group;

 

		(x)	any Security or Quasi-Security arising out of judgments or awards and/or arising by operation of law or
the rules of any applicable court in respect of litigation involving any member of the Group (including any escrow payment into court)
provided that the Borrower notifies the Agent of any such Security or Quasi-Security securing amounts greater than USD10,000,000
(or its equivalent in any other currency or currencies) within five Business Days of such Security or Quasi-Security arising;

 

		(xi)	any Security over any rental deposits in respect of any property leased or licensed by a member of the
Group in an amount not exceeding 12 months' rent to secure rental payment obligations;

 

		(xii)	any cash collateral provided in respect of letters of credit or bank guarantees to the issuer of those
letters of credit or bank guarantees (where such letters of creditor or bank guarantees are issued for the benefit of a member of the
Group);

 

		(xiii)	any Security or Quasi-Security (arising by operation of law or pursuant to mandatory provisions of applicable
law) over any assets of any member of the Group as security for the payment of any taxes, assessments, charges or claims of or imposed by any Governmental Agency
against or on such member of the Group;

 

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		(xiv)	any Security or Quasi-Security securing indebtedness of any member of the Group (other than any Group
Licensed Entity) the outstanding principal amount of which (when aggregated with the outstanding principal amount of any other indebtedness
of any member of the Group (other than any Group Licensed Entity) which has the benefit of Security falling under this paragraph (xiv)
does not exceed USD1,000,000 (or its equivalent in any other currency or currencies) at any time;

 

		(xv)	any Security or Quasi-Security granted by a special purpose vehicle established (and thereafter maintained)
by a member of the Group for the sole purpose of acquiring (from persons that are not members of the Group), and thereafter holding, specific
assets (an "Investment SPV"), or over the shares in such Investment SPV, provided that:

 

		(A)	the Investment SPV is a Subsidiary of a Group Licensed Entity;

 

		(B)	the aggregate principal amount of the indebtedness secured by such Security or Quasi-Security does not
exceed:

 

		(1)	(except in the case of (2) below) 60% of the cost of acquisition of such assets so acquired by such Investment
SPV; or

 

		(2)	(in the case where the Investment SPV is a Subsidiary of FWD Japan holding assets in Japan) 70% of the
cost of acquisition of such assets so acquired by such Investment SPV,

 

(or, in the case of a refinancing of such
first-mentioned indebtedness that was originally secured by such Security or Quasi-Security and that complied with (1) or (2) above, the
principal amount of the indebtedness being so refinanced and associated refinancing costs); and

 

		(C)	the creditors of such indebtedness do not have recourse against any member of the Group, other than against
such Investment SPV and its shares; or

 

		(xvi)	any Security or Quasi-Security granted by any Group Licensed Entity securing indebtedness of itself the
outstanding principal amount of which (when aggregated with the outstanding principal amount of any other indebtedness of any Group Licensed
Entity which has the benefit of Security falling under this paragraph (xvi)) does not exceed two per cent. of the consolidated total assets
of the Group (as shown in the consolidated financial statements of the Group most recently
delivered to the Agent pursuant to the terms of this Agreement) at any time.

 

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		(d)	Paragraph (c) above (except for paragraph (c)(iii) above) shall not apply in relation to any Security
or Quasi-Security over or in respect of:

 

		(i)	any shares in the Guarantor owned, directly or indirectly, by the Borrower;

 

		(ii)	any shares in FWD Thailand owned, directly or indirectly, by either Obligor;

 

		(iii)	any shares in FWD Japan owned, directly or indirectly, by the Borrower;

 

		(iv)	any shares in the Bidco (or its Holding Company(ies)) owned, directly or indirectly, by either Obligor;

 

		(v)	any shares in either of the Targets (or any member of the Group that directly or indirectly holds or beneficially
owns any shares in either Target) owned, directly or indirectly, by either Obligor or the Bidco;

 

		(vi)	any shares in either Target's Subsidiaries (or any member of the Group that directly or indirectly holds
or beneficially owns any shares in any such Subsidiary) owned, directly or indirectly, by that Target or either Obligor;

 

		(vii)	the Interest Reserve Account or any other asset subject to Transaction Security;

 

		(viii)	any New Target Shares or any shares in any Licensed Entity owned, directly or indirectly, by either Obligor;
or

 

		(ix)	the rights of any member of the Group under any New Acquisition Document.

 

		21.5	Disposals 

 

		(a)	No Obligor shall (and the Borrower 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.

 

		(b)	Paragraph (a) shall not apply in relation to any disposal:

 

		(i)	where such disposal would not have a Material Adverse Effect; or

 

		(ii)	arising as a direct result of a Permitted Reorganisation.

 

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		21.6	Merger 

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) enter into any
amalgamation, demerger, merger or corporate reconstruction (which, for the avoidance of doubt, does not include any IPO).

 

		(b)	Paragraph (a) above shall not apply in relation to:

 

		(i)	any amalgamation, demerger, merger or corporate reconstruction that would not have a Material
                                                          Adverse Effect; or

 

		(ii)	any Permitted Reorganisation.

 

		21.7	Change of business 

 

The Borrower shall procure that no material
change is made to the nature or scope of the business of the Obligors or the Group from that carried on at the date of this Agreement.

 

		21.8	Acquisitions 

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) acquire any company,
business, assets or undertaking or make any investment.

 

		(b)	Paragraph (a) above shall not apply to:

 

		(i)	the Acquisition;

 

		(ii)	the New Acquisition;

 

		(iii)	any acquisition or investment that would not reasonably be expected to have a Material Adverse
                                                          Effect;

 

		(iv)	any acquisition or investment arising as a direct result of a Permitted Reorganisation; or

 

		(v)	any acquisition or investment approved by the Majority Lenders.

 

		21.9	Loans and guarantees 

 

		(a)	No Obligor shall (and the Borrower shall ensure that no member of the Group will) make or allow to subsist
any loans, grant any credit (save in the ordinary course of business) or give or allow to remain outstanding any guarantee or indemnity
(except as required under any of the Finance Documents) to or for the benefit of any person or otherwise voluntarily assume any liability,
whether actual or contingent, in respect of any obligation of any person.

 

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		(b)	Paragraph (a) above does not apply to:

 

		(i)	any loan or credit made available by any member of the Group to Siam PCG to fund (A) the payment by Siam
PCG of the Acquisition Agreement Consideration (Siam PCG) and/or (B) the capitalisation of any Licensed Entity;

 

		(ii)	any loan or credit made available by any member of the Group to another member of the Group (including
(A) as a direct result of a Permitted Reorganisation and/or (B) to Siam PCG, Siam Pacific and/or any Licensed Entity);

 

		(iii)	any credit extended by any member of the Group in the ordinary course of business and/or any advance payment
made in relation to capital expenditure in the ordinary course of business;

 

		(iv)	any cash credit balance at a bank or other financial institution;

 

		(v)	any loans made to an employee share option scheme or unit trust scheme (or to directors or other employees
for the purposes of participating in such schemes);

 

		(vi)	any guarantees, indemnities or other contingent liabilities incurred or assumed in connection with:

 

		(A)	the Existing Facility, except to the extent the principal amount so guaranteed, indemnified, incurred
or assumed exceeds US$275,000,000; or

 

		(B)	the New Facility, except to the extent the principal amount so guaranteed, indemnified, incurred or assumed
exceeds US$1,800,000,000;

 

		(vii)	any guarantees, indemnities or other contingent liabilities incurred or assumed in the ordinary course
of business (including in connection with financing transactions and mergers and acquisitions transactions (including the New Acquisition
and the Acquisition));

 

		(viii)	any loan made available by the Borrower to FWD Limited prior to the date of this Agreement; or

 

		(ix)	any loan made available by the Borrower to FWD Limited or FWD Limited's Subsidiaries on or after the date
of this Agreement if the amount of that loan when aggregated with the amount of all loans made to FWD Limited and FWD Limited's Subsidiaries
by the Borrower on or after the date of this Agreement does not exceed US$40,000,000 (or its equivalent) at any time provided that
the proceeds of such loans shall only be applied by FWD Limited and its Subsidiaries for the purpose of funding
the capital expenditure (A) of their businesses in Vietnam or (B) of their Subsidiaries located in Vietnam and shall not be applied towards,
without limitation, the payment of any dividends or distributions to FWD Limited's shareholders or any other person.

 

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		21.10	Financial Indebtedness 

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) incur or permit
to remain outstanding any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply to:

 

		(i)	any Financial Indebtedness incurred pursuant to any Finance Documents;

 

		(ii)	any Financial Indebtedness owed to another member of the Group (including as a direct result of a Permitted
Reorganisation);

 

		(iii)	any Financial Indebtedness that is subordinated to the claims of the Secured Parties under the Finance
Documents pursuant to a Subordination Deed or otherwise on terms that are acceptable to the Agent (acting on the instructions of the Majority
Lenders (acting reasonably)), including the Existing Subordinated Debts;

 

		(iv)	any Financial Indebtedness raised by the issue of redeemable shares which are held by another member of
the Group;

 

		(v)	any Financial Indebtedness described in paragraph (g) of the definition of "Financial Indebtedness"
incurred in the ordinary course of business and for non-speculative purposes only and any guarantees granted in respect of such Financial
Indebtedness;

 

		(vi)	insurance contracts in the form of financed insurance premiums in each case, in the ordinary course of
business and other regular or customary activities; or

 

		(vii)	any other Financial Indebtedness the incurrence of which will not result in a breach of any of the
                                                               financial conditions set out in Clause 20 (Financial Covenants) (calculated on a pro forma basis by reference to the
                                                               consolidated financial statements of the Borrower most recently delivered to the Agent pursuant to the terms of this Agreement, and
                                                               as if such Financial Indebtedness (and any other Financial Indebtedness incurred pursuant to this paragraph (vii) after the last day
                                                               of the financial period covered by such financial statements) were incurred on the last day of such financial period) (and, for the
                                                               avoidance of doubt, the aggregate outstanding amount of any
Financial Indebtedness incurred pursuant to (i) any Finance Documents, (ii) the Existing Facility and/or (iii) the New Facility
shall be included, and treated as Financial Indebtedness incurred pursuant to this paragraph (vii), for purposes of such calculation
under this paragraph (vii)).

 

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		21.11	Further assurance 

 

		(a)	Each Obligor shall (and the Borrower shall procure that each member of the Group will) promptly do all
such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security
Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)):

 

		(i)	to perfect the Security created or intended to be created under or evidenced by the
Transaction Security Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of
the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies
of the Security Agent or the Secured Parties provided by or pursuant to the Finance Documents or by law;

 

		(ii)	to confer on the Security Agent or confer on the Secured Parties, Security over any
property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant
to the Transaction Security Documents; and/or

 

		(iii)	following the taking of any action pursuant to Clause 22.16 (Acceleration)
to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction Security.

 

		(b)	Each Obligor shall (and the Borrower shall procure that each member of the Group shall)
take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the
creation, perfection, protection or maintenance of any Transaction Security conferred or intended to be conferred on the Security Agent
or the Secured Parties by or pursuant to the Finance Documents.

 

		21.12	Minimum Interest Reserve Amount 

 

		(a)	The Borrower shall ensure that immediately following the Utilisation Date, the credit
balance of the Interest Reserve Account is at least equal to the amount as determined in accordance with paragraph (a)(i) or (as the case
may be) paragraph (b)(i) of the definition of "Minimum Interest
Reserve Amount" in Clause 1.1 (Definitions).

 

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		(b)	If, at any time following the Utilisation Date, the credit balance of the Interest Reserve Account is
less than the Minimum Interest Reserve Amount, the Borrower shall, within five Business Days of the occurrence of the circumstances giving
rise to the same (including any increase in LIBOR, any payment referred to in paragraph (d) below or any material breach of the terms,
or an early termination, of the Bancassurance Agreement (which, in each case, is continuing) as referred to in paragraph (b)(i) of the
definition of "Minimum Interest Reserve Amount" in Clause 1.1 (Definitions)), transfer such amounts to the Interest Reserve
Account to ensure that the credit balance of the Interest Reserve Account is at least equal to the Minimum Interest Reserve Amount.

 

		(c)	If, at any time following the Utilisation Date, the credit balance of the Interest
Reserve Account is more than the Minimum Interest Reserve Amount (including as a result of a reduction in LIBOR, a Relevant Reduction
or any of the circumstances set out in paragraph (b)(i) of the definition of "Minimum Interest Reserve Amount" in Clause 1.1
(Definitions) cease to be continuing), the Borrower may deliver a written request to the Agent requesting a withdrawal and such
request shall be signed by or on behalf of the Borrower and confirm (i) the credit balance of the Interest Reserve Account, (ii) the Minimum
Interest Reserve Amount as at the date of such request, (iii) the amount in the Interest Reserve Account which is in excess of the Minimum
Interest Reserve Amount as at the date of such request, (iv) the details of the account to which such withdrawal is to be transferred
to, (v) the purpose of such withdrawal and (vi) that no Event of Default is continuing or would result from such withdrawal. The Agent
shall, within five Business Days of such request, transfer to the Borrower from the Interest Reserve Account such amounts such that, immediately
following such transfer, the credit balance of the Interest Reserve Account is equal to or greater than the Minimum Interest Reserve Amount.

 

		(d)	The Borrower shall not make any withdrawal from the Interest Reserve Account except:

 

		(i)	for the payment of interest under this Agreement;

 

		(ii)	for the payment of scheduled amounts due under any Hedging Agreement and amounts payable
on a Permitted Termination;

 

		(iii)	for the payment on the Final Repayment Date of any amount then due under and pursuant
to the Finance Documents; and/or

 

		(iv)	for amounts to be applied by the Borrower towards capital injections into the Borrower's direct Subsidiaries,

 

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provided that, in each case, (A)
no Event of Default is continuing or would result from such withdrawal and (B) the Borrower will continue to comply with the conditions
set out in paragraph (a) above after such withdrawal.

 

		(e)	Without prejudice to paragraphs (a) to (d) of this Clause, the Borrower hereby irrevocably authorises
the Agent to apply such amounts of the credit balance of the Interest Reserve Account for the payment of interest under this Agreement
on the last day of each Interest Period of each and every Loan and for the payment of scheduled amounts due under any Hedging Agreement
and amounts payable on a Permitted Termination.

 

		21.13	Income to Interest Reserve Account 

 

		(a)	The Borrower shall ensure that the Relevant Proportion of all amounts received by it (including, without
limitation, all income, dividends, shareholder loans or repayments, other distributions, income and capital receipts) shall be promptly
paid into the Interest Reserve Account (the aggregate amounts from time to time transferred to the Interest Reserve Account pursuant to
this Clause being the "Borrower Receipts").

 

		(b)	The Borrower shall, at the same time any Borrower Receipt is paid into the Interest Reserve Account, provide
a certificate to the Agent (in form and substance satisfactory to the Agent) confirming the Relevant Proportion and the basis of their
calculations.

 

		21.14	Subordinated Debts: Affiliates 

 

The Borrower shall ensure that (to the
extent the following have not been previously entered into and/or provided, as the case may be), within 5 Business Days of it incurring
any Financial Indebtedness to any Shareholder Affiliate or any other member of the Group (other than an Obligor), it and such Shareholder
Affiliate or member of the Group will enter into a Subordination Deed to fully and effectively subordinate that Financial Indebtedness
to the claims of the Secured Parties under the Finance Documents and that the conditions precedent listed in schedule 1 (Conditions
Precedent) of the agreed form Subordination Deed in connection with the entry into the Subordination Deed by the Borrower and such
Shareholder Affiliate or member of the Group (as applicable) are provided to the Secured Parties.

 

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		21.15	Subordinated Debts: Non-affiliates 

 

		(a)	In respect of any Subordinated Debt proposed to be incurred by any Obligor from any person which is neither
a member of the Group nor a Shareholder Affiliate, such Obligor shall ensure that:

 

		(i)	such Subordinated Debt is unsecured; and

 

		(ii)	the scheduled redemption or repayment date(s) of any such Subordinated Debt must fall later than one year
after the Senior Facility Maturity Date.

 

		(b)	Each Obligor shall ensure that the terms of the Existing Subordinated Debts and any other Subordinated
Debts referred to in paragraph (a) above, will not be amended, varied, supplemented or waived (nor will any consent be granted in respect
thereof) if such amendment, variation, supplement, waiver or consent has the effect of changing or relates to:

 

		(i)	the unsecured nature of such Subordinated Debt;

 

		(ii)	any prepayment event or trigger (howsoever described and including any put option);

 

		(iii)	the terms of subordination of such Subordinated Debt (including without limitation any trigger for such
subordination);

 

		(iv)	an increase to the rate of interest or any other sum payable by any Obligor under such Subordinated Debt;
or

 

		(v)	acceleration of the scheduled redemption or repayment date(s) for such Subordinated Debt such that it
will fall within one year after the Senior Facility Maturity Date.

 

		(c)	The Obligors shall not (and shall ensure that no other member of the Group will) acquire, or make any
payment, repayment or redemption in respect of, any Existing Subordinated Debt or any other Subordinated Debt referred to in paragraph
(a) above, except for any payment, repayment or redemption:

 

		(i)	which is funded in its entirety by the proceeds of subscription for shares in the Borrower and/or Subordinated
Debts incurred by the Borrower from any person which is not a member of the Group;

 

		(ii)	made at a time when:

 

		(A)	no Event of Default is continuing (and provided that no Event of Default would result from such
payment, repayment or redemption); and

 

		(B)	if such payment, repayment or redemption relates to the principal of any such Subordinated Debt:

 

		(1)	no further Financial Indebtedness may be made available under the New Facility Agreement and the aggregate
outstanding principal amount of the New Facility is no more than US$1,800,000,000; and

  

		(2)	the Consolidated Total Debt does not, and will not (immediately after such payment, repayment or redemption),
exceed 60 per cent. of the aggregate of Consolidated Total Equity and the Relevant Subordinated Debts (in each case as defined in Clause
20.1 (Financial definitions)).

 

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		21.16	Dividends and share redemption 

 

		(a)	Except as permitted under paragraph (b) below, the Borrower shall not (and, in the case of paragraph (a)(v)
below, the Borrower shall ensure that no other member of the Group will):

 

		(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital);

 

		(ii)	repay or distribute any dividend or share premium reserve;

 

		(iii)	pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of
any Shareholder Affiliate;

 

		(iv)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or

 

		(v)	acquire, or make any payment, repayment or redemption in respect of, any Equity Instrument.

 

		(b)	Paragraph (a) above does not apply to the payment of any dividend, charge, fee or other distribution on
or in respect of, or redemption of, the Convertible Preference Shares or any payment, repayment or redemption in respect of any Equity
Instrument issued by the Borrower (whether at or below par or otherwise):

 

		(i)	which is funded in its entirety by the proceeds of subscription for shares in the Borrower or the proceeds
of any Equity Instrument issued by the Borrower (or otherwise approved by the Majority Lenders); and

 

		(ii)	made or paid at a time when no Event of Default is continuing (and provided that no Event of Default
would result from such payment, distribution, repayment or redemption).

 

		21.17	Sanctions 

 

None of the Obligors will,
directly or indirectly, use the proceeds of the Loan, or lend, contribute or otherwise make available such proceeds to any
Subsidiary, joint venture partner or other Person (a) to fund any activities or business of or with any Person, or in any country or
territory that, at the time of such funding, is the target or subject of Sanctions or (b) in any other manner that would result in a
violation of Sanctions by any Person (including any Person participating in the Loan, whether as underwriter, advisor, investor or
otherwise), provided that this Clause shall not apply to the extent that any compliance with this Clause would result in a
violation of Council Regulation (EC) No 2271/96 (as amended) by any of those entities.

 

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		21.18	Anti-bribery and corruption 

 

Each Obligor shall ensure that no
part of the proceeds of the Loan will be used, directly or indirectly, for any payments that could constitute a violation of any applicable
anti-bribery law.

 

		21.19	Hedging arrangements 

 

		(a)	The Borrower shall procure that at all times the Total Interest Rate Hedging which
benefits from the Transaction Security does not exceed 105 per cent. of the Loan.

 

		(b)	The Borrower shall ensure that no hedging transaction under a Hedging Agreement may be terminated or closed-out
in whole or in part prior to its stated maturity unless such termination or close-out is a Permitted Termination.

 

		21.20	Acquisition Documents 

 

The Borrower shall comply with all terms
of the Acquisition Documents.

 

		21.21	Most favoured nation 

 

Each Obligor shall ensure that, at all
times:

 

		(a)	the Existing Indebtedness is on terms no more onerous to the Obligors, in respect
of the rate (expressed as a percentage) of the interest margin and the amount (expressed as a percentage) of all other up-front, arrangement,
commitment or other similar fees or any other fees that would be regarded as part of the "all-in" pricing associated with the
relevant financing, than those contained in this Agreement;

 

		(b)	the Existing Indebtedness ranks no higher (in respect of claims relating to the payment
obligations of the Obligors) than pari passu with the claims of the Secured Parties under the Finance Documents (other than, for
the avoidance of doubt, any Security or Quasi-Security listed in Schedule 8 (Existing Security)); and

 

		(c)	the Existing Indebtedness is not incurred on terms which place more onerous obligations
on the Obligors and/or the Group than those set out in the Finance Documents,

 

and, notwithstanding paragraphs (a), (b) and (c)
above, to the extent that the Existing Indebtedness is incurred on terms which place more onerous obligations on the Obligors and/or
the Group than those set out in this Agreement, each Obligor agrees that such more onerous terms shall be deemed to be set out and
incorporated in the Finance Documents in full, mutatis mutandis and each Obligor agrees to promptly formally amend the
Finance Documents to reflect the same.

 

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		21.22	Conditions subsequent 

 

		(a)	The Borrower shall procure that the Account Charge is duly registered with the Hong Kong Companies Registry
within 1 month of its execution, and evidence of such registration is delivered to the Agent promptly after completion of such registration.

 

		(b)	The Borrower shall, prior to the date of the Completion, deliver to the Agent a screenshot of the online
banking statement of an unsecured account opened by the Bidco with PT Bank HSBC Indonesia showing that no less than IDR 5,000,000,000,000
has been deposited into such account.

 

		(c)	The Borrower shall within five Business Days after the date of the Bancassurance Agreement, provide to
the Agent (in sufficient copies for all the Finance Parties) a copy of the Bancassurance Agreement executed by the parties to that document
(substantially in the form referred to in paragraph 3(b) of Schedule 2 (Conditions Precedent)).

 

		(d)	The Borrower shall within one Month after the date of this Agreement, provide to the Agent (in sufficient
copies for all the Finance Parties) a copy of a letter (executed by the parties to that document) containing certain amendments to be
made to, and certain consents to be given in relation to, the Existing Facility Agreement, which include (without limitation) permitting
(i) existing loans made by the Borrower to FWD Limited prior to the date of that letter in the manner contemplated by paragraph (b)(viii)
of Clause 21.9 (Loans and guarantees) and (ii) additional loans of up to US$40,000,000 to be made by the Borrower to FWD Limited
and FWD Limited's Subsidiaries at the times and in the manner contemplated by paragraph (b)(ix) of Clause 21.9 (Loans and guarantees).

 

		22.	EVENTS OF DEFAULT 

 

Each of the events or circumstances
set out in the following sub-clauses of this Clause 22 (other than Clause 22.16 (Acceleration) and Clause 22.17 ( Clean-Up Period))
is an Event of Default.

 

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		22.1	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 its failure to pay is caused by:

 
	 	(a)	an administrative or technical error; or

 

		(b)	Disruption Event,

 
	 	and payment is made within three Business Days of its due date.

 

		22.2	Financial covenants 

 

		(a)	Any requirement of Clause 20 (Financial Covenants) is not satisfied.

 

		(b)	If the requirements of any of the financial covenants in Clause 20 (Financial Covenants)
are not met (or would but for this paragraph (b) not be met) at any time but such payments are made by any person and/or transactions
or steps occur (that would not otherwise cause an Event of Default) within 20 Business Days of the earlier of (A) the Agent giving notice
to the Borrower of its failure to satisfy the relevant financial covenant(s) and (B) the Borrower becoming aware of the failure to satisfy
the relevant financial covenant(s), such that if the applicable financial covenant(s) were deemed to be retested on the relevant original
date of determination giving effect to such aforementioned payments and/or transactions and the requirements of the financial covenants
would have been met, then such financial covenant(s) shall be deemed to have been satisfied as at the relevant original date of determination
as though there had been no failure to comply and any Default occasioned thereby shall be deemed to have been remedied for all purposes
under the Finance Documents. For the avoidance of doubt, prior to the expiry of the relevant cure period detailed in this paragraph, no
Event of Default under this Clause 22.2 will occur.

 

		22.3	Other obligations 

 

		(a)	An Obligor does not comply with any provision of the Finance Documents (other than
those referred to in Clause 22.1 (Non-payment) and Clause 22.2 (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 Business Days of the earlier of (A) the Agent giving notice to the Borrower and (B) the Borrower or, as the
case may be, the relevant Obligor becoming aware of the failure to comply.

 

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		22.4	Misrepresentation 

 

		(a)	Subject to paragraph (b) below, 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 underlying such failure
to comply are capable of being remedied and are so remedied within 20 Business Days of the Agent giving written notice to the Borrower
requiring it to remedy or, if earlier, within 20 Business Days of the date on which the Borrower or, as the case may be, the relevant
Obligor first became aware of such failure to comply.

 

		22.5	Cross default 

 

		(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally 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 commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by
a creditor of any member of the Group as a result of an event of default (however described).

 

		(d)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any
member of the Group due and payable prior to its specified maturity as a result of an event of default (however described).

 

		(e)	No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than USD10,000,000 (or its equivalent in any
other currency or currencies).

 

		(f)	For the purpose of this Clause 22.5, each reference to "Financial Indebtedness" under this Clause
shall exclude all indebtedness incurred in respect of any Subordinated Debts referred to in Clause 21.14 ( Subordinated Debts: Affiliates)
and, for the avoidance of doubt, include all indebtedness incurred in respect of any Existing Subordinated Debts or any other Subordinated
Debts referred to in Clause 21.15 ( Subordinated Debts: Non- affiliates).

 

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		22.6	Insolvency 

 

		(a)	A member of the Group is or is presumed or deemed to be unable or admits inability to pay its debts (in
the case of the Borrower, within the meaning of Section 93 of the Companies Law (2018 Revision) (as amended) of the Cayman Islands; in
the case of the Guarantor, within the meaning of Section 254 of the Companies Act, Chapter 50 of Singapore), 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
(other than any Finance Party in its capacity as such in relation to the Facility) with a view to rescheduling any of its indebtedness.

 

		(b)	The value of the assets of any member of the Group is less than its liabilities (taking into account contingent
and prospective liabilities).

 

		(c)	A moratorium is declared in respect of any indebtedness of any member of the Group.

 

		22.7	Insolvency proceedings 

 
	 	Any corporate action, legal proceedings or other procedure or step is taken in relation to:

 

		(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, judicial management,
administration, provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any
member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor;

 

		(b)	a composition or arrangement with any creditor of any member of the Group, or an assignment for the benefit
of creditors generally (other than any Finance Party in its capacity as such in relation to the Facility) of any member of the Group or
a class of such creditors;

 

		(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group
which is not an Obligor), receiver, judicial manager, receiver and manager, administrator, administrative receiver, compulsory manager,
provisional supervisor or other similar officer in respect of any member of the Group or any of its assets; or

 
	 	(d)	enforcement of any Security over any assets of any member of the Group, or any analogous procedure or step is taken in any jurisdiction.

 
	 	Paragraph (a) above shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.

 

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		22.8	Creditors' process 

 

Any expropriation, attachment, sequestration,
distress or execution affects any asset or assets of a member of the Group having an aggregate value of USD10,000,000 (or its equivalent
in any other currency or currencies) and is not discharged within 10 Business Days.

 

		22.9	Unlawfulness 

 

		(a)	It is or becomes unlawful for an Obligor to perform any of its material obligations under the Finance
Documents or any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases to
be effective.

 

		(b)	Any obligation or obligations of any Obligor under any Finance Documents are (subject to the Legal Reservations
and Perfection Requirements (which are not overdue)) not or cease to be legal, valid, binding or enforceable and the cessation individually
or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.

 

		(c)	Subject to the Legal Reservations and Perfection Requirements (which are not overdue), any Finance Document
ceases to be in full force and effect.

 

		(d)	Any Transaction Security ceases to be legal, valid, binding, enforceable or effective or is alleged by
a party to it (other than a Finance Party) to be ineffective.

 

		22.10	Repudiation and rescission of agreements 

 

An Obligor (or any other relevant party
other than a Finance Party) rescinds or purports to rescind or repudiates or purports (in writing) to repudiate a Finance Document or
any of the Transaction Security or evidences in writing an intention to rescind or repudiate a Finance Document or any Transaction Security.

 

		22.11	Cessation of business 

 

Either Obligor suspends or ceases to
carry on all or a material part of its business or of the business of the Group taken as a whole.

 

		22.12	Change of ownership of Guarantor 

 

The Borrower ceases to directly own
100 per cent. of the issued shares in the Guarantor.

 

		22.13	Material adverse change 

 

Any event or circumstance (other
than any circumstances where it is reasonably likely that any of the financial covenants set out in Clause 20 (Financial
Covenants) may not be complied with as at the relevant date of testing pursuant to Clause 20.2(a) (each a "Testing
Date"), at any time prior to the end of the cure period specified in paragraph (b) of Clause 22.2 (Financial
Covenants) in respect of that Testing Date) occurs that has a Material Adverse Effect.

 

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		22.14	Declared default 

 

Any Obligor is declared by the Minister
for Finance of Singapore to be a company to which Part IX of the Companies Act, Chapter 50 of Singapore applies.

 

		22.15	Non-compliance 

 

Any term of the documents as detailed
in the Side Letter or the Second Side Letter is not complied with.

 

		22.16	Acceleration 

 

On and at any time after the occurrence
of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower:

 

		(a)	without prejudice to the participations of any Lender in the Loan then outstanding:

 

		(i)	cancel the Commitments (and reduce them to zero), whereupon they shall immediately be cancelled (and reduced
to zero); or

 

		(ii)	cancel any part of any Commitment (and reduce such Commitment accordingly), whereupon the relevant part
shall immediately be cancelled (and the relevant Commitment shall be immediately reduced accordingly); and/or

 

		(b)	declare that all or part of the Loan, 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 Loan be payable on demand, whereupon they shall immediately become payable
on demand by the Agent on the instructions of the Majority Lenders; and/or

 

		(d)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
under the Finance Documents.

 

		22.17	Clean-Up Period 

 

		(a)	Notwithstanding any other provision of any Finance Document:

 

		(i)	any breach of a Clean-Up Representation or a Clean-Up Undertaking; or

 

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	 	 (ii)	any Default or Event of Default constituting a Clean-Up Default, which occurs during a Clean-Up Period will be deemed not to be a breach
of representation or warranty, a breach of covenant or an Event of Default (as the case may be) if:

 

		(A)	it would have been (if it were not for this Clause 22.17) a breach of representation
or warranty, a breach of covenant, a Default or an Event of Default only by reason of circumstances relating exclusively to, in the case
of such a breach, Default or Event of Default, any member of the New Target Group (or any obligation to procure or ensure in relation
to a member of the New Target Group);

 

		(B)	it is capable of remedy and reasonable steps are being taken to remedy it;

 

		(C)	the circumstances giving rise to it have not been procured by or approved by an Obligor
or a member of the Group (other than a member of the New Target Group); and

 

		(D)	it is not reasonably likely to have a Material Adverse Effect.

 

		(b)	If the relevant circumstances are continuing on or after the end of the Clean-Up Period, there shall be
a breach of representation or warranty, breach of covenant, Default or Event of Default, as the case may be notwithstanding the above
(and without prejudice to the rights and remedies of the Finance Parties).

 

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SECTION 9 

CHANGES TO PARTIES

 
	23.	 CHANGES TO THE PARTIES

 

	23.1	Assignments and transfers by the Lenders 

 

Subject to this Clause 23, a Lender
(the "Existing Lender") may:

 

		(a)	assign any of its rights; or

 
	 	(b)	transfer by novation any of its rights and obligations,
    under the Finance Documents to another bank or financial institution or to a trust, fund or other entity which is regularly engaged
    in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "New
    Lender").

 

		23.2	Conditions of assignment or transfer 

 

		(a)	The prior consent of the Borrower is required for any assignment or transfer by a
Lender pursuant to this Clause 23 unless either (a) an Event of Default is continuing or (b) the assignment or transfer is to a Lender
or an Affiliate of a Lender.

 

		(b)	The consent of the Borrower to a transfer or assignment referred to in paragraph (a)
above must not be unreasonably withheld or delayed. The Borrower will be deemed to have given its consent five Business Days after the
Existing Lender has requested it unless consent is expressly refused by the Borrower within that time.

 

		(c)	A transfer will be effective only if the procedure set out in Clause 23.5 (Procedure
for transfer) is complied with.

 

		(d)	An assignment will be effective only if the procedure and conditions set out in Clause
23.6 (Procedure for assignment) are complied with.

 

		(e)	If:

 

		(i)	a Lender assigns, transfers or sub-participates any of its rights or obligations under the Finance Documents
or changes its Facility Office, branch or lending office; and

 
	 	(ii)	as a result of circumstances existing at the date
    the assignment, transfer, sub-participation or change occurs, an Obligor would be obliged to make a payment to the New Lender or
    Lender acting through its new Facility Office, branch or lending office under Clause 12 (Tax Gross-Up and Indemnities) or
    Clause 13.1 (Increased costs), then the New Lender or Lender acting through its new Facility Office, branch or lending office
    is not entitled to receive a payment under those Clauses (by reason of such circumstances so existing or any continuation thereof)
    to the extent such payment would be greater than the payment that would have been made to the Existing Lender or Lender acting through
    its previous Facility Office, lending office or branch had the assignment, transfer, sub-participation or other change had not occurred.

 

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		23.3	Assignment or transfer fee 

 

The New Lender shall, on the date upon
which the completed Transfer Certificate or Assignment Agreement is delivered to the Agent in accordance with paragraph (a) of Clause
23.5 (Procedure for transfer) or paragraph (a) of Clause 23.6 (Procedure for assignment) respectively, pay to the Agent
(for its own account) a fee of USD3,500.

 

		23.4	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, the other Finance Parties and the Secured 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.

 

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		(c)	Nothing in any Finance Document obliges an Existing Lender to:

 

		(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 23; or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Finance Documents or otherwise.

 

		23.5	Procedure for transfer 

 

		(a)	Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) a transfer
is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered
to it by the Existing Lender and the New Lender, which delivery by the Existing Lender and the New Lender shall be no later than five
(5) Business Days prior to the proposed Transfer Date specified in the Transfer Certificate. The Agent shall, subject to paragraph (b)
below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply
with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

 

		(b)	The Agent shall not be obliged to execute a Transfer Certificate delivered to it by the Existing Lender
and the New Lender unless it is satisfied that it has completed all "know your customer" and other similar procedures that it
is required (or deems desirable) to conduct in relation to the transfer to such New Lender.

 

		(c)	On 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 and in respect of the Transaction Security each of the Obligors and the Existing Lender shall
be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their
respective rights against one another 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;

 

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		(iii)	the Agent, the Mandated Lead Arranger, the Security Agent, the New Lender, the other Lenders and the Hedge
Counterparties shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security
as they would have acquired and assumed had the New Lender been an original party hereto as a Lender with the rights and/or obligations
acquired or assumed by it as a result of the transfer and to that extent the Agent, the Mandated Lead Arranger, the Security Agent 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".

 

		(d)	The procedure set out in this Clause 23.5 shall not apply to any right or obligation under any Finance
Document (other than this Agreement) if and to the extent its terms, or any laws or regulations applicable thereto, provide for or require
a different means of transfer of such right or obligation or prohibit or restrict any transfer of such right or obligation, unless such
prohibition or restriction shall not be applicable to the relevant transfer or each condition of any applicable restriction shall have
been satisfied.

 

		23.6	Procedure for assignment 

 

		(a)	Subject to the conditions set out in paragraph (d) below and in Clause 23.2 (Conditions of assignment
or transfer), an assignment may be effected in accordance with paragraph (b) below when the Agent executes an otherwise duly completed
Assignment Agreement delivered to it by the Existing Lender and the New Lender, which delivery by the Existing Lender and the New Lender
shall be no later than five (5) Business Days prior to the proposed Transfer Date specified in the Assignment Agreement. The Agent shall,
subject to paragraph (d)(ii) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing
on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment
Agreement.

 

		(b)	On the Transfer Date:

 

		(i)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents and
in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

 
	 	(ii)	the
    Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the "Relevant
    Obligations") and expressed to be the subject of the release in the Assignment Agreement
    (and any corresponding obligations by which it is bound in respect of the Transaction Security); and

 

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		(iii)	the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent
to the Relevant Obligations.

 

		(c)	Lenders may utilise procedures other than those set out in this Clause 23.6 to assign their rights under
the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 23.5 (Procedure for
transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent
obligations by a New Lender) provided that they comply with the conditions set out in paragraph (d) below.

 
	 	(d)	An assignment (whether pursuant to an Assignment Agreement or paragraph (c) above) will only be effective on:

 

		(i)	receipt by the Agent (whether in an Assignment Agreement or otherwise) of written confirmation from the
New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance
Parties and the Secured Parties as it would have been under if it was an original party hereto as a Lender; and

 

		(ii)	performance by the Agent of all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify
to the Existing Lender and the New Lender. The Agent shall not be obliged to execute an Assignment Agreement delivered to it by an Existing
Lender and the New Lender or any document delivered to it pursuant to paragraph (c) above unless it is satisfied that it has completed
all "know your customer" and other similar procedures that it is required (or deems desirable) to conduct in relation to the
assignment to such New Lender.

 

		(e)	The procedure set out in this Clause 23.6 shall not apply to any right or obligation under any Finance
Document (other than this Agreement) if and to the extent its terms, or any laws or regulations applicable thereto, provide for or require
a different means of assignment of such right or release or assumption of such obligation or prohibit or restrict any assignment of such
right or release or assumption of such obligation, unless such prohibition or restriction shall not be applicable to the relevant assignment,
release or assumption or each condition of any applicable restriction shall have been satisfied.

 

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		23.7	Copy of Transfer Certificate or Assignment Agreement to Borrower 

 

The Agent shall, as soon as reasonably
practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrower a copy of that Transfer Certificate
or Assignment Agreement.

 

		23.8	Existing consents and waivers 

 

A New Lender shall be bound by any consent,
waiver, election or decision given or made by the relevant Existing Lender under or pursuant to any Finance Document prior to the coming
into effect of the relevant assignment or transfer to such New Lender.

 

		23.9	Exclusion of Agent's liability 

 

In relation to any assignment or transfer
pursuant to this Clause 23, each Party acknowledges and agrees that the Agent shall not be obliged to enquire as to the accuracy of any
representation or warranty made by a New Lender in respect of its eligibility as a Lender.

 

		23.10	Permitted Debt Purchase Transactions 

 

		(a)	The Borrower shall not, and shall procure that each other member of the Group shall not, (i) enter into
any Debt Purchase Transaction or (ii) be a Lender or a party to a Debt Purchase Transaction of the type referred to in paragraph (b) of
the definition of "Debt Purchase Transaction".

 
	 	(b)	For so long as a Shareholder Affiliate (i) beneficially owns a Commitment or (ii) has entered into Participation relating to a Commitment
and such Participation has not been terminated:

 

		(i)	in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of
doubt, unanimity) of the Total Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under
the Finance Documents, such Commitment shall be deemed to be zero; and

 

		(ii)	for the purposes of Clause 36.2 (Exceptions), such Shareholder Affiliate or the person with whom
it has entered into such Participation shall be deemed not to be a Lender.

 

		(c)	Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly notify
the Agent in writing if it knowingly enters into a Debt Purchase Transaction with a Shareholder Affiliate (a "Notifiable Debt
Purchase Transaction").

 

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		(d)	A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which it is a party:

 

		(i)	is terminated; or

 

		(ii)	ceases to be with a Shareholder Affiliate.

 

		(e)	Each Shareholder Affiliate that is a Lender agrees that:

 

		(i)	in relation to any meeting or conference call to which all the Lenders are invited to attend or participate,
it shall not attend or participate in the same if so requested by the Agent or be entitled to receive the agenda or any minutes of the
same; and

 

		(ii)	in its capacity as Lender, it shall not be entitled to receive any report or other document prepared at
the behest of, or on the instructions of, the Agent or one or more of the Lenders.

 

		23.11	Accession of Hedge Counterparties 

 

		(a)	The Borrower may, if it enters into any master agreement, confirmation, schedule or other agreement with
a Lender or an Affiliate of a Lender (each a "Relevant Counterparty") for the purpose of hedging any Facility IR Risks,
procure that such Relevant Counterparty accedes to this Agreement as a Hedge Counterparty within 10 Business Days of entering into such
master agreement, confirmation, schedule or other agreement by executing a Hedge Counterparty Accession Undertaking and delivering it
to the Agent.

 

		(b)	The Agent is not obliged to countersign such Hedging Counterparty Accession Undertaking unless it is satisfied
that it has completed all "know your customer" and other similar procedures that it is required (or deems desirable) to conduct
in relation to the accession of such Hedge Counterparty

 

		(c)	With effect from the date of acceptance by the Agent of a Hedge Counterparty Accession Undertaking duly
executed by the Relevant Counterparty, that Relevant Counterparty shall, as from that date, become party to this Agreement as a "Hedge
Counterparty" and assume the same obligations and become entitled to the same rights as if it had been an original Party to this
Agreement in the capacity of Hedge Counterparty.

 

		(d)	If any amount payable to a Hedge Counterparty falls due for payment, that Hedge Counterparty and the Borrower
shall, by written notice to the Agent, confirm:

 

		(i)	the amount falling due, and the date on which that amount falls due, for payment; and

 

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		(ii)	details of amounts owed to it (with supporting documentation) upon request by the Agent for the purpose
of, and to enable, the Agent to meet its obligations in the Facility Agreement.

 

		23.12	Change of Hedge Counterparty 

 

A Hedge Counterparty may (in
accordance with the terms of the relevant Hedging Agreement to which it is a party and subject to any consent required under that
Hedging Agreement) transfer any of its rights and benefits or obligations in respect of that Hedging Agreement to which it is a
party to another Lender or Affiliate of a Lender if such Lender or Affiliate of a Lender has (if not already party to this Agreement
as a Hedge Counterparty) become (or simultaneously with that transfer becomes) party to this Agreement as a "Hedge
Counterparty" pursuant to Clause 23.11 (Accession of Hedge Counterparties).

 

		23.13	Security over Lenders' rights 

 

In addition to the other rights provided
to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign
or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document
to secure obligations of that Lender including, without limitation:

 
	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

 
	 	(b)	any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities
issued, by that Lender as security for those obligations or securities, except that no such charge, assignment or Security shall:

 

		(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.

 

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		23.14	Universal Succession (Assignments and Transfers) 

 

		(a)	If a Lender is to be merged with any other person by universal succession, such Lender
shall, at its own cost within 45 days of that merger furnish to the Agent:

 

		(i)	an original or certified true copy of a legal opinion issued by a qualified legal
counsel practicing law in its jurisdiction of incorporation confirming that all such Lender's assets, rights and obligations generally
have been duly vested in the succeeding entity who has succeeded to all relationships as if those assets, rights and obligations had been
originally acquired, incurred or entered into by the succeeding entity; and

 
	 	(ii)	an original or certified true copy of a written confirmation by either the Lender's legal counsel or such other legal counsel acceptable
to the Agent and for the benefit of the Agent (in its capacity as agent of the Lenders) that the laws of Hong Kong and of the jurisdiction
in which the Facility Office of such Lender is located recognise such merger by universal succession under the relevant foreign laws,
whereupon a transfer and novations of all such Lender's assets, rights and obligations to its succeeding entity shall have been, or be
deemed to have been, duly effected as at the date of the said merger.

 

		(b)	If such Lender, in a universal succession, does not comply with the requirements under
this Clause, the Agent has the right to decline to recognise the succeeding entity and demand such Lender and the succeeding entity to
either sign and deliver a Transfer Certificate to the Agent evidencing the disposal of all rights and obligations of such Lender to that
succeeding entity, or provide or enter into such documents, or make such arrangements acceptable to the Agent (acting on the advice of
the Lender's legal counsel (any legal costs so incurred shall be borne by the relevant Lender)) in order to establish that all rights
and obligations of the relevant Lender under this Agreement have been transferred to and assumed by the succeeding entity.

 

		23.15	Assignments and transfers by Obligors 

 

An Obligor may not assign or transfer
any of its rights or obligations under any Finance Document, except with the prior written consent of all the Lenders.

 
	24.	DISCLOSURE OF INFORMATION

 
	24.1	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 24.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is
protected with security measures and a degree of care that would apply to its own confidential information.

 

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		24.2	Disclosure of Confidential Information 

 

Any Finance Party may disclose:

 

		(a)	to any of its Affiliates and any of its or their officers, directors, employees, service providers, professional
advisers, auditors, insurers, insurance brokers, partners and Representatives such Confidential Information as that Finance Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is made aware 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 and provided
that none of the documents referred to in the Side Letter and/or the Second Side Letter may be provided to any service provider, insurer,
insurance, broker, partner or any Representatives of any person detailed in this paragraph, without the consent of the Borrower;

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its
rights and/or obligations under one or more Finance Documents and to any of that person's Affiliates, Representatives and professional
advisers;

 

		(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one
or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Representatives and professional advisers;

 

		(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 25.14 (Relationship with the other Finance Parties)), provided that none
of the documents referred to in the Side Letter and/or the Second Side Letter may be provided to any such person without the consent of
the Borrower;

 

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		(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;

 

		(v)	to whom information is required or requested to be disclosed by any court or tribunal of competent jurisdiction
or any governmental, quasi-governmental, banking, taxation or other regulatory, supervisory or administrative authority or similar body,
the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

 

		(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes provided that none of the documents referred to in
the Side Letter and/or the Second Side Letter may be provided to any such person without the consent of the Borrower unless such litigation,
arbitration, administrative or other investigations, proceedings or disputes are against any of the Obligors and the Ultimate Shareholder
under or in connection with the Finance Documents;

 

		(vii)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may
do so) pursuant to Clause 23.13 (Security over Lenders' rights);

 

		(viii)	who is a Party; or

 

		(ix)	with the consent of the Borrower,

 

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 paragraphs (b)(iv) and (b)(vii) 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) and (b)(vi) above, the person to whom the Confidential Information is
to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the
circumstances;

 

		(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 Borrower and the relevant Finance Party; and

 

		(d)	to any rating agency or direct or indirect provider of credit protection (including its or their professional
advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating
activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be
given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
provided that none of the documents referred to in the Side Letter and/or the Second Side Letter may be provided to any such person
without the consent of the Borrower.

 

		24.3	Personal data 

 

The Finance Parties may collect,
use and disclose personal data about each of the Obligors and Finance Parties (if it is an individual) or individuals associated
with each of the Obligors and Finance Parties (whether or not it is an individual), so that the Finance Parties can carry out their
obligations to the Obligors and/or, as the case may be, Finance Party and for other related purposes, including auditing, monitoring
and analysis of its business, fraud and crime prevention, money laundering, legal and regulatory compliance, and the marketing by
the Finance Parties or their affiliates of other services. The Finance Parties may also transfer the personal data to any country
(including countries outside where the Finance Parties provide the services to be provided under the terms of the Finance Documents
where there may be less stringent data protection laws) to process information on the Finance Parties' behalf. Wherever it is
processed, the personal data will be protected by security measures and a degree of care to which that Finance Party, its affiliates
and their staff are subject and will only be used in accordance with the relevant Obligor's and/or, as the case may be, Finance
Party's instructions.

 

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		24.4	Entire agreement 

 

This Clause 24 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.

 

		24.5	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.

 

		24.6	Notification of disclosure 

 

Each of the Finance Parties agrees (to
the extent permitted by law and regulation) to inform the Borrower:

 

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of
Clause 24.2 ( Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in
that paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 24.

 

		24.7	Continuing obligations 

 

The obligations in this Clause 24 are
continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 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.

 

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SECTION 10 

THE FINANCE PARTIES

 

		25.	ROLE OF THE ADMINISTRATIVE PARTIES

 

		25.1	Appointment of the Agent 

 

		(a)	Each of the other Finance Parties appoints the Agent to act as its agent under and in connection with
the Finance Documents.

 

		(b)	Each of the other Finance Parties authorises the Agent to perform the duties, obligations and responsibilities
and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance
Documents together with any other incidental rights, powers, authorities and discretions.

 

		25.2	Duties of the Agent 

 

		(a)	The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

 

		(b)	Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of
any document which is delivered to the Agent for that Party by any other Party.

 

		(c)	Without prejudice to Clause 23.7 ( Copy of Transfer Certificate or Assignment Agreement to Borrower),
paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement.

 

		(d)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or
check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(e)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating
that the circumstance described is a Default, it shall promptly notify the Lenders.

 

		(f)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable
to a Finance Party (other than to any Administrative Party) under this Agreement, it shall promptly notify the Lenders.

 

		(g)	The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied).

 

		(h)	Nothing in the Finance Documents shall require the Agent to carry on an activity of the kind specified
by any provision of Part 1 of Schedule 5 of the Securities and Futures Ordinance (Cap. 571), or to lend money
to the Borrower in its capacity as Agent.

 

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		(i)	The Agent shall be entitled to deal with money paid to it by any person for the purposes of the Finance
Documents in the same manner as other money paid to a banker by its customers except that it shall not be liable to account to any person
for any interest or other amounts in respect of the money.

 

		(j)	The fees. commissions and expenses payable to the Agent for services rendered and the performance of its
obligations under the Finance Documents shall not be abated by any remuneration or other amounts or profits receivable by the Agent (or
by any of its associates) in connection with any transaction effected by the Agent with or for the Lenders or the Obligors.

 

		25.3	Role of the Mandated Lead Arranger 

 

			Except as specifically provided in the Finance Documents, the
Mandated Lead Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document.

 

		25.4	No fiduciary duties 

 

		(a)	Nothing in any Finance Document constitutes any Administrative Party as a trustee or fiduciary of any
other person.

 

		(b)	No Administrative Party shall be bound to account to any Lender for any sum or the profit element of any
sum received by it for its own account.

 

		25.5	Business with the Group 

 

			Any Administrative Party may accept deposits from, lend money
to and generally engage in any kind of banking or other business with any member of the Group.

 

		25.6	Rights and discretions of the Agent 

 

		(a)	The Agent may:

 

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;

 

		(ii)	assume that:

 

		(A)	any instructions received by it from the Majority Lenders, any Lender or any group of Lenders are duly
given in accordance with the terms of the Finance Documents; and

 

		(B)	unless it has received notice of revocation, those instructions have not been revoked; and

 

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		(iii)	rely on a certificate from any person:

 

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be
within the knowledge of that person; or

 

		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing,

 

			as sufficient evidence that that is the case and, in the case
of paragraph (A) above, may assume the truth and
accuracy of that certificate.

 

		(b)	The Agent may assume (unless it has received notice to the contrary in its capacity
as agent for the Lenders) that:

 

		(i)	no Default has occurred (unless it has actual knowledge of a Default arising under
Clause 22.1 ( Non-payment));

 

		(ii)	any right, power, authority or discretion vested in any Party or any group of Lenders
has not been exercised; and

 

		(iii)	any notice or request made by the Borrower (other than a Utilisation Request) is made
on behalf of and with the consent and knowledge of the Guarantor.

 

		(c)	The Agent may engage, and pay for the advice or services of any lawyers, accountants,
tax advisers, surveyors or other professional advisers or experts.

 

		(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below,
the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from
any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary.

 

		(e)	The Agent may rely on the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for
any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

 

		(f)	Any Administrative Party may act in relation to the Finance Documents through its
officers, employees and agents.

 

		(g)	Unless a Finance Document expressly provides otherwise the Agent may disclose to any
other Party any information it reasonably believes it has received as agent under this Agreement.

 

		(h)	Notwithstanding any other provision of any Finance Document to the contrary, no Administrative Party 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.

 

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		(i)	Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend
or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or
the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not reasonably assured to it.

 

		25.7	Majority Lenders' instructions 

 

		(a)	The Agent shall:

 

		(i)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

 

		(A)	all Lenders if the relevant Finance Document stipulates the matter is an all-Lender decision; and

 

		(B)	in all other cases, the Majority Lenders; and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above.

 

		(b)	The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority
Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that
Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority
or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

 

		(c)	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under
the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the
Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.

 

		(d)	The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders
until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that
contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying
with those instructions.

 

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		(e)	In the absence of instructions, the Agent may act (or refrain from acting) as it considers in its discretion
to be appropriate.

 

		(f)	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent)
in any legal or arbitration proceedings relating to any Finance Document.

 

		25.8	Responsibility for documentation 

 

			No Administrative Party is responsible or liable for:

 

		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by any
Administrative Party, an Obligor or any other person given in or in connection with any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction
Security or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance
Document or the Transaction Security; or

 

		(c)	for any determination as to whether any information provided or to be provided to any Finance Party is
non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or
otherwise.

 

		25.9	No duty to monitor 

 

			The Agent shall not be bound to enquire:

 

		(a)	whether or not any Default has occurred;

 

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance Document;
or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

		25.10	Exclusion of liability 

 

		(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Agent), the Agent will not be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising
as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence
or wilful misconduct;

 

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Finance Document or any other agreement, arrangement or document
entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross
negligence or wilful misconduct; or

 

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		(iii)	without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to
any person, any diminution in value or any liability whatsoever (but not including any claim based on the fraud of the Agent) arising
as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

		including (in each case) such damages, costs, losses, diminution
in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency
restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets
(including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services
or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

 

		(b)	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the
Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee
or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause 25.10 subject to
Clause 1.5 (Third Party Rights) and the provisions of the Third Parties Ordinance.

 

		(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with
an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably
practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for
that purpose.

 

		(d)	Nothing in this Agreement shall oblige any Administrative Party to conduct:

 

		(i)	any "know your customer" or other procedures in relation to any person; or

 

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		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for
any Lender or for any Affiliate of any Lender,

 

		on behalf of any Lender and each Lender confirms to each Administrative
Party that it is solely responsible for any such procedures or check it is required to conduct and that it shall not rely on any statement
in relation to such procedures or check made by any Administrative Party.

 

		(e)	Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability,
any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which
has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a
result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase
the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or
anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility
of such loss or damages.

 

		(f)	The provisions of this Clause shall survive the termination or expiry of this Agreement or the resignation
or removal of the Agent.

 

		25.11	Lenders' indemnity to the Agent 

 

		(a)	Each Lender shall, in accordance with paragraph (b) below, indemnify the Agent, within three Business
Days of demand, against any cost, loss or liability (including, without limitation, in relation to any FATCA-related liability or any
other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct)
in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document) and
the Obligors should jointly and severally indemnify each Lender against any payment made by it under this Clause 25.11(a) (other than
any payment in respect of any FATCA-related liability).

 

		(b)	The proportion of such cost, loss or liability to be borne by each Lender shall be:

 

		(i)	if the Loan is then outstanding, the proportion borne by (A) the sum of its participation(s) in the Loan(s)
then outstanding to (B) the aggregate amount of such Loan(s), or

 

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		(ii)	if the Loan is not then outstanding and the Available Facility is then greater than zero, the proportion
borne by (A) its Available Commitment to (B) the Available Facility, or

 

		(iii)	if the Loan is not then outstanding and the Available Facility is then zero;

 

		(A)	if the Available Facility became zero after the Loan ceased to be outstanding, the proportion borne by
(A) its Available Commitment to (B) the Available Facility immediately before the Available Facility became zero, or

 

		(c)	if the Loan ceased to be outstanding after the Available Facility became zero, the proportion borne by
(A) the sum of its participation(s) in the Loan(s) outstanding immediately before the Loan ceased to be outstanding to (B) the aggregate
amount of such Loan.

 

		(d)	This indemnity given under this Clause is a continuing obligation, independent of each Lender's other
obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement or such other Finance
Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing an indemnity under or
in connection with this Agreement or any other Finance Document.

 

		25.12	Resignation of the Agent 

 

		(a)	The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders and
the Borrower.

 

		(b)	Alternatively, the Agent may resign by giving notice to the Lenders and the Borrower, in which case the
Majority Lenders (after consultation with the Borrower) may appoint a successor Agent.

 

		(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within
30 days after notice of resignation was given, the Agent (after consultation with the Borrower) may appoint a successor Agent.

 

		(d)	The retiring Agent shall make available to the successor Agent such documents and records and provide
such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance
Documents.

 

		(e)	The Agent's resignation notice shall take effect only upon the appointment of a successor.

 

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		(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation
in respect of the Finance Documents (other than its obligations under paragraph (d) above) but shall remain entitled to the benefit of
this Clause 25 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).
Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such
successor had been an original Party.

 

		(g)	After consultation with the Borrower, the Majority Lenders may, by notice to the Agent, require it to
resign in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above.

 

		(h)	The Agent shall resign in accordance with paragraph (b) above if on or after the date which is three months
before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents:

 

		(i)	the Agent fails to respond to a request under Clause 12.7 ( FATCA information) and a Lender reasonably
believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

		(ii)	the information supplied by the Agent pursuant to Clause 12.7 ( FATCA information) indicates that
the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

 

		(iii)	the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be)
a FATCA Exempt Party on or after that FATCA Application Date,

 

		and (in each case) a Lender reasonably believes that a Party
will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and that Lender, by notice
to the Agent, requires it to resign.

 

		25.13	Confidentiality 

 

		(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division
which shall be treated as a separate legal person from any other of its branches, divisions or departments.

 

		(b)	If information is received by another branch, division or department of the legal person which is the
Agent, it may be treated as confidential to that branch, division or department and the Agent shall not be deemed to have notice of it.

 

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		(c)	The Agent shall not be obliged to disclose to any Finance Party any information supplied to it by the
Borrower or any Affiliates of the Borrower on a confidential basis and for the purpose of evaluating whether any waiver or amendment is
or may be required or desirable in relation to any Finance Document.

 

		25.14	Relationship with the other Finance Parties 

 

		(a)	Subject to Clause 30.2 (Distributions by the Agent), the 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)	The Lenders shall supply the Agent with any information that the Security Agent may reasonably specify
(through the Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. Each Lender
shall deal with the Security Agent exclusively through the Agent.

 

		(c)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address,
fax number and (where communication by electronic mail or other electronic means is permitted under Clause 32.4 (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 32.2 (Addresses)
and paragraph (a)(ii) of Clause 32.4 (Electronic communication) and the Agent shall be entitled to treat such person as the person
entitled to receive all such notices, communications, information and documents as though that person were that Lender.

 

		25.15	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 each Administrative Party 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:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

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		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction
Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document or the Transaction Security;

 

		(c)	whether that Finance Party 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;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any
other person under or in connection with any Finance Document, the Transaction Security, 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 or the Transaction Security; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property,
the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property.

 

		25.16	Deduction from amounts payable by the Agent 

 

			If any Party owes an amount to the Agent under the Finance Documents
the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the
Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the
amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

 

		25.17	Agent's Management Time 

 

			Any amount payable to the Agent under Clause 15.3 (Indemnity
to the Agent), Clause 16 (Costs and Expenses) and Clause 25.11 (Lenders' indemnity to the Agent) shall include the
cost of utilising the Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly
rates as the Agent may notify to the Borrower and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause
11 (Fees).

 

		25.18	Reliance, release and engagement letters 

 

			Each of the Finance Parties confirms that the Agent has authority
to accept on its behalf (and ratifies the acceptance on its behalf of any reports, including but not limited to the Reports, already
accepted by the Agent) the terms of any reliance letter, release letter or engagement letter
relating to the Reports or any report or letters provided in connection with the Finance Documents or the transactions contemplated in
the Finance Documents and to bind it in respect of those Reports, reports or letters and to sign such letters on its behalf and further
confirms that it accepts the terms and qualifications set out in such letters.

 

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		26.	THE SECURITY AGENT

 

		26.1	Trust 

 

		(a)	The Security Agent declares that it shall hold the Security Property on trust for the Secured Parties
on the terms contained in this Agreement.

 

		(b)	Each of the parties to this Agreement agrees that the Security Agent shall have only those duties, obligations
and responsibilities expressly specified in this Agreement or in the Transaction Security Documents to which the Security Agent is expressed
to be a party (and no others shall be implied).

 

		26.2	No independent power 

 

			The Secured Parties shall not have any independent power to
enforce, or have recourse to, any of the Transaction Security or to exercise any rights or powers arising under the Transaction Security
Documents except through the Security Agent.

 

		26.3	Instructions to Security Agent and exercise of discretion 

 

		(a)	Subject to paragraphs (d) and (e) below, the Security Agent shall act 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 Security Agent and shall be entitled to assume that (i) any instruction received by it from the Agent, the
Lenders or the Majority Lenders are duly given in accordance with the terms of the Finance Documents and (ii) unless it has received actual
notice of revocation, that those instructions or directions have not been revoked. The Security Agent shall not be liable for any act
(or omission) if it acts (or refrains from acting) in accordance with this Clause (or, if this Agreement stipulates that such matter is
a decision for any other creditor or group of creditors, in accordance with instructions given to it by that creditor or group of creditors).

 

		(b)	The Security Agent shall be entitled to request instructions, or clarification of any direction, from
the Majority Lenders as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities
and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it.

 

		(c)	Any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions
given by any other Parties.

 

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		(d)	Paragraph (a) above shall not apply:

 

		(i)	where a contrary indication appears in this Agreement;

 

		(ii)	where this Agreement requires the Security Agent to act in a specified manner or to take a specified action;

 

		(iii)	in respect of any provision which protects the Security Agent's own position in its personal capacity
as opposed to its role of Security Agent for the Secured Parties including, without limitation, the provisions set out in Clauses 26.5
(Security Agent's discretions) to Clause 26.19 (Trustee division separate);

 

		(iv)	in respect of the exercise of the Security Agent's discretion to exercise a right, power or authority
under any of:

 

		(A)	Clause 28.1 (Order of application);

 

		(B)	Clause 28.2 (Prospective liabilities); and

 

		(C)	Clause 28.5 (Permitted Deductions).

 

		(e)	If giving effect to instructions given by the Majority Lenders would (in the Security Agent's opinion)
have an effect equivalent to an amendment or waiver referred to in Clause 36.2 (Exceptions), the Security Agent shall not act in
accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent) whose consent
would have been required in respect of that amendment or waiver.

 

		(f)	In exercising any discretion to exercise a right, power or authority under this Agreement where either:

 

		(i)	it has not received any instructions from the Majority Lenders as to the exercise of that discretion;
or

 

		(ii)	the exercise of that discretion is subject to paragraph (d)(iv) above,

 

		the Security Agent shall do so as it considers in its discretion
to be appropriate.

 

		(g)	The Security Agent may carry out what in its discretion it considers to be administrative acts, or acts
which are incidental to any instruction, without any instructions (though not contrary to any such instruction), but so that no such instruction
shall have any effect in relation to any administrative or incidental act performed prior to actual receipt of such instruction by the
Security Agent.

 

		(h)	Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not
                                                               obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any
right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security
for, such risk or liability is not reasonably assured to it.

 

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		26.4	Security Agent's Actions 

 

			Without prejudice to the provisions of Clause 26.3 (Instructions
to Security Agent and exercise of discretion), the Security Agent may (but shall not be obliged to), in the absence of any instructions
to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in its
discretion to be appropriate.

 

		26.5	Security Agent's discretions 

 

			The Security Agent may:

 

		(a)	assume (unless it (in its capacity as security agent for the Secured Parties) has received actual notice
to the contrary from the Agent) that (i) no Default has occurred and no Obligor or other person is in breach of or default under its obligations
under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document in any person has
not been exercised;

 

		(b)	if it receives any instructions or directions to take any action in relation to the Transaction Security,
assume that all applicable conditions under the Finance Documents for taking that action have been satisfied;

 

		(c)	engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors
or other experts (whether obtained by the Security Agent or by any other Secured Party) whose advice or services may at any time seem
necessary, expedient or desirable and shall not be liable for any damage, costs or losses to any person, any diminution in value or any
liability whatsoever arising as a result of its so relying;

 

		(d)	rely upon any communication or document believed by it to be genuine and, as to any matters of fact which
might reasonably be expected to be within the knowledge of a Secured Party, or an Obligor, upon a certificate signed by or on behalf of
that person;

 

		(e)	refrain from acting in accordance with the instructions of any Party (including bringing any legal action
or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that
it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may
incur in so acting; and

 

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		(f)	(and any Receiver and any Delegate may) act in relation to the Finance Document and the Charged Property
through its officers, employees and agents and shall not (i) be liable for any error of judgement made by any such person; or (ii) be
bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any
such person.

 

		26.6	Security Agent's obligations 

 

			The Security Agent shall promptly:

 

		(a)	copy to the Agent the contents of any notice or document received by it from any Obligor under any Finance
Document;

 

		(b)	forward to a Party the original or a copy of any document which is delivered to the Security Agent for
that Party by any other Party provided that the Security Agent is not obliged to review or check the adequacy, accuracy or completeness
of any document it forwards to another Party; and

 

		(c)	inform the Agent of the occurrence of any Default or any default by an Obligor in the due performance
of or compliance with its obligations under any Finance Document of which the Security Agent has received notice from any other Party.

 

		26.7	Excluded obligations 

 

			Notwithstanding anything to the contrary expressed or implied
in the Finance Documents, the Security Agent shall not:

 

		(a)	be bound to enquire as to (i) whether or not any Default has occurred, (ii) the performance, default or
any breach by an Obligor of its obligations under any of the Finance Documents or (iii) whether any other event specified in any Finance
Document has occurred;

 

		(b)	be bound to account to any other Party for any sum or the profit element of any sum received by it for
its own account;

 

		(c)	be bound to disclose to any other person (including but not limited to any Secured Party) (i) any confidential
information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be
a breach of fiduciary duty;

 

		(d)	have or be deemed to have any relationship of trust or agency with, any Obligor or any subordinated debtor
or creditor.

 

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		26.8	Exclusion of liability 

 

		(a)	None of the Security Agent, any Receiver nor any Delegate shall accept responsibility or be liable for:

 

		(i)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security
Agent or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents, or
any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document;

 

		(ii)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Security
Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document or the Security Property;

 

		(iii)	any damages, costs or losses to any person, any diminution in value or any liability arising as a result
of taking or refraining from taking any action in relation to any of the Finance Documents, the Security Property or otherwise, whether
in accordance with an instruction from the Agent or otherwise unless directly caused by its gross negligence or wilful misconduct;

 

		(iv)	the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection
with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with, the Finance Documents or the Security Property; or

 

		(v)	any shortfall which arises on the enforcement or realisation of the Security Property.

 

		(b)	Without prejudice to any provision of any Finance Document excluding or limiting the Security Agent's,
any Receiver's or any Delegate's liability, any liability of the Security Agent, any Receiver or any Delegate arising under or in connection
with any Finance Document or the Security Property shall be limited to the amount of actual loss which has been judicially determined
to have been suffered (as determined by reference to the date of default of the Security Agent, Receiver or Delegate or, if later, the
date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the
Security Agent. Receiver or Delegate (as the case may be) at any time which increase the amount of that loss. In no event shall the Security
Agent, Receiver or Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for
special, punitive, indirect or consequential damages, whether or not the Security Agent, Receiver or Delegate has been advised of the
possibility of such loss or damages.

 

		(c)	The provisions of this Clause shall survive the termination or expiry of this Agreement or the resignation
or removal of the Security Agent.

 

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		26.9	No proceedings 

 

			No Party (other than the Security Agent, that Receiver or that
Delegate) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect
of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that
officer, employee or agent in relation to any Finance Document or any Security Property and any officer, employee or agent of the Security
Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.5 (Third party rights) and the provisions of the Third
Parties Ordinance.

 

		26.10	Own responsibility 

 

			Without affecting the responsibility of any Obligor for information
supplied by it or on its behalf in connection with any Finance Document, each Secured Party confirms to the Security Agent 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 and enforceability of any Finance Document, the Security
Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document or the Security Property;

 

		(c)	whether that Secured Party 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 Security Property, 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 or the Security Property;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any
other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement,
arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property,
the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property,

 

			and each Secured Party warrants to the Security Agent that it
has not relied on and will not at any time rely on the Security Agent in respect of any of these matters.

 

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		26.11	No responsibility to perfect Transaction Security 

 

			The Security Agent shall not be liable for any failure to:

 

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the title
of any Obligor to any of the Charged Property;

 

		(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability
or admissibility in evidence of any of the Finance Documents or the Transaction Security;

 

		(c)	register, file or record or otherwise protect any of the Transaction Security (or the priority of any
of the Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of
the Finance Documents or of the Transaction Security;

 

		(d)	take, or to require any of the Obligors to take, any steps to perfect or protect its title to any of the
Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under the laws and
regulations of any jurisdiction; or

 

		(e)	require any further assurances in relation to any of the Transaction Security Documents.

 

		26.12	Insurance by Security Agent 

 

		(a)	The Security Agent shall not be under any obligation to insure any of the Charged Property, to require
any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents.
The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy
of any such insurance.

 

		(b)	Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible
for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating
to the risk assumed by such insurers or any other information of any kind, unless the Agent shall have requested it to do so in writing
and the Security Agent shall have failed to do so within fourteen days after receipt of that request.

 

		26.13	Custodians and nominees 

 

			The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in
                                                                          relation to any assets of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian
                                                                          this Agreement or any document relating to the trust created under this Agreement and the Security Agent 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 under this Agreement or be bound to supervise the proceedings or acts of any person.

 

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		26.14	Acceptance of title 

 

			The Security Agent shall be entitled to accept without enquiry,
and shall not be obliged to investigate, any right and title that any of the Obligors may have to any of the Charged Property and shall
not be liable for or bound to require any Obligor to remedy any defect in its right or title.

 

		26.15	Refrain from illegality 

 

			Notwithstanding anything to the contrary expressed or implied
in the Finance Documents, the Security Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant
law, directive or regulation of any jurisdiction and the Security Agent may do anything which is, in its opinion, necessary to comply
with any such law, directive or regulation.

 

		26.16	Business with the Obligors 

 

			The Security Agent may accept deposits from, lend money to,
and generally engage in any kind of banking or other business with any of the Obligors.

 

		26.17	Winding up of trust 

 

			If the Security Agent, with the approval of the Majority Lenders,
determines that all of the Secured Liabilities and all other liabilities secured by the Transaction Security Documents have been fully
and finally discharged and none of the Secured Parties is under any commitment, obligation or liability (actual or contingent) to make
advances or provide other financial accommodation to any Obligor pursuant to the Finance Documents:

 

		(a)	the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse
or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Transaction Security Documents; and

 

		(b)	any Retiring Security Agent shall release, without recourse or warranty, all of its rights under each
of the Transaction Security Documents.

 

		26.18	Powers supplemental 

 

			The rights, powers and discretions conferred upon the Security
Agent by this Agreement shall be supplemental to the Trustee Ordinance (Cap. 29 of the Laws of Hong Kong) (as amended by the Trust Law
(Amendment) Ordinance 2013, the "Amended Trustee Ordinance")
and in addition to any which may be vested in the Security Agent by general law or otherwise. The statutory duty of care set out in section
3A of the Amended Trustee Ordinance shall not apply to the duties of the Security Agent in relation to the trusts constituted by this
Agreement. Where there are any inconsistencies between the Amended Trustee Ordinance and the provisions of this Agreement, the provisions
of this Agreement shall, to the extent permitted by law and regulation, prevail.

 

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		26.19	Trustee division separate 

 

		(a)	In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its
trustee division which shall be treated as a separate entity from any of its other divisions or departments.

 

		(b)	If information is received by another division or department of the Security Agent, it may be treated
as confidential to that division or department and the Security Agent shall not be deemed to have notice of it.

 

		26.20	Lenders' indemnity to the Security Agent 

 

		(a)	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are
then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every
Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability (including, without limitation,
in relation to any FATCA-related liability or any other category of liability whatsoever) incurred by any of them (otherwise than by reason
of the Security Agent's gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents
(unless the relevant Security Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document) and the Obligors
shall jointly and severally indemnify each Lender against any payment made by it under this Clause 26.20 (other than any payment in respect
of any FATCA-related liability).

 

		(b)	This indemnity given under this Clause is a continuing obligation, independent of each Lender's other
obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement or such other Finance
Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing an indemnity under or
in connection with this Agreement or any other Finance Document.

 

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		26.21	Conflict with the Transaction Security Documents 

 

If there is any conflict between this
Agreement and any Transaction Security Document with regard to instructions to, or other matters affecting, the Security Agent, this Agreement
will prevail.

 

		26.22	Disapplication 

 

Section 1 of the Trustee Ordinance (Cap.
29) shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement. Where there are any inconsistencies
between the Trustee Ordinance (Cap. 29) and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed
by law and regulation, prevail and, in the case of any inconsistency with the Trustee Ordinance (Cap. 29), the provisions of this Agreement
shall constitute a restriction or exclusion for the purposes of that Act.

 

		26.23	Enforcement instructions 

 

		(a)	The Security Agent may refrain from enforcing the Transaction Security unless instructed otherwise by
the Majority Lenders.

 

		(b)	If any Transaction Security becomes enforceable in accordance with its terms (subject to Clause 22.16
(Acceleration)), the Majority Lenders may give or refrain from giving instructions to the Security Agent to enforce or refrain
from enforcing that Transaction Security as they see fit.

 

		(c)	The Security Agent is entitled to rely on and comply with instructions given in accordance with this Clause.

 

		(d)	The Security Agent may, subject to any contrary instructions from the Majority Lenders, cease enforcement
at any time.

 

		26.24	Manner of enforcement 

 

The Security Agent shall, subject to
the terms of the Transaction Security Documents, enforce any Transaction Security in such manner as the Majority Lenders shall instruct
or, in the absence of any such instructions, as the Security Agent considers in its discretion to be appropriate.

 

		26.25	Waiver of rights 

 

To the extent permitted under applicable
law, each of the Obligors waives all rights it may otherwise have to require that the Transaction Security be enforced in any particular
order or manner or at any particular time or that any sum received or recovered from any person, or by virtue of the enforcement of any
Transaction Security or any other security interest, which is capable of being applied in or towards discharge of any of the Secured Liabilities
is so applied.

 

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		26.26	Duties owed 

 

Each of the Secured Parties and the
Obligors acknowledges that, in the event that the Security Agent enforces or is instructed to enforce the Charged Property prior to the
date on which the Security Agent is satisfied (acting on the instructions of all of the Lenders) that the Secured Liabilities have been
irrevocably and unconditionally discharged in full and the Security Agent is under no further actual or contingent obligation to make
advances or provide other financial accommodation to the Borrower or any other person under any of the Finance Documents, the duties of
the Security Agent and of any Receiver or Delegate owed to the Lenders in respect of the method, type and timing of that enforcement or
of the exploitation, management or realisation of any of that Charged Property shall be no different to or greater than the duty that
is owed by the Security Agent, Receiver or Delegate to the Obligors under general law.

 

		26.27	Individual position 

 

If it is also a Secured Party in a different
capacity, the Security Agent shall (in that different capacity) have the same rights and powers under the Finance Documents as any other
Secured Party (in that capacity) and may exercise those rights and powers (in that different capacity) as though it were not the Security
Agent.

 

		26.28	Securities and Futures Ordinance 

 

		(a)	Notwithstanding anything in any Finance Document to the contrary, the Security Agent shall not do, or
be authorised or required to do, anything which might constitute a regulated activity for the purpose of Part 1 of Schedule 5 of the Securities
and Futures Ordinance (Cap. 571), unless it is authorised under the Securities and Futures Ordinance (Cap. 571) to do so.

 

		(b)	The Security Agent 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 Securities
and Futures Ordinance (Cap. 571) to
any other agent or person which also has the necessary authorisations and licences; and

 

		(ii)	to apply for authorisation under the Securities and Futures Ordinance (Cap. 571) and perform any or all
such functions itself if, in its absolute discretion, it considers it necessary, desirable or appropriate to do so.

 

		26.29	Mergers and transfer 

 

If the Security Agent:

 

		(a)	merges or consolidates with any person; or

 

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		(b)	transfers to any person all or substantially all of its assets or all or substantially all of its corporate
trust and loan agency business,

 

that person (or, in the case of any
merger or consolidation, any person which results from the merger or consolidation) shall be a Party and shall be the Security Agent without
that person or any Party doing anything (including executing or registering any document).

 

		26.30	Obligors : power of attorney 

 

Each Obligor by way of security for
its obligations under this Agreement irrevocably appoints the Security Agent to be its attorney to do anything which the Obligor has authorised
the Security Agent or any other Party to do under this Agreement or is itself required to do under this Agreement but has failed to do
(and the Security Agent may delegate that power on such terms as it sees fit).

 

		26.31	Information and dealing 

 

The Security Agent may treat each person
shown in the records of the Agent at the opening of business on a day (in the place of the Security Agent's principal office as notified
to the Secured Parties from time to time) as a Secured Party:

 

		(a)	entitled to or liable for any payment due under any Finance Document on that day; and

 

		(b)	entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day.

 

		26.32	Deduction from amounts payable by the Security Agent 

 

If any Party owes an amount to the Security
Agent under the Finance Documents the Security Agent may, after giving notice to that Party, deduct an amount not exceeding that amount
from any payment to that Party which the Security 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.

 

		27.	CHANGE OF SECURITY AGENT AND DELEGATION

 

		27.1	Resignation of the Security Agent 

 

		(a)	The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Borrower
and the Majority Lenders.

 

		(b)	Alternatively the Security Agent may resign by giving notice to the Lenders in which case the Majority
Lenders may appoint a successor Security Agent.

 

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		(c)	If the Majority Lenders have not appointed a successor Security Agent in accordance
with paragraph (b) above within 30 days after the notice of resignation was given, the Security Agent (after consultation with the Agent)
may appoint a successor Security Agent.

 

		(d)	The retiring Security Agent (the "Retiring Security Agent") shall
make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent
may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents.

 

		(e)	The Security Agent's resignation notice shall only take effect upon (i) the appointment
of a successor and (ii) the transfer of all of the Security Property to that successor.

 

		(f)	Upon the appointment of a successor, the Retiring Security Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of Clause 26.17 (Winding up of trust)
and under paragraph (d) above) but shall, in respect of any act or omission by it whilst it was the Security Agent, remain entitled to
the benefit of Clauses 26 (The Security Agent), 15.4 (Obligors' indemnity to the Security Agent) and 26.20 (Lenders'
indemnity to the Security Agent). Its successor and each of the other Parties shall have the same rights and obligations amongst themselves
as they would have had if that successor had been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Security Agent, require it to resign in
accordance with paragraph (b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above and the cost
in connection with paragraph (d) above shall be for the account of the Borrower.

 

		27.2	Delegation 

 

		(a)	Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate
by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of
the Finance Documents.

 

		(b)	That delegation may be made upon any terms and conditions (including the power to
sub delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) considers in
its discretion to be appropriate in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible
for any loss incurred by reason of any omission, act, misconduct or default on the part of any such delegate or sub delegate.

 

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		27.3	Additional Security Agents 

 

		(a)	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee
or as a co-trustee jointly with it (i) if it considers that appointment to be appropriate or (ii) for the purposes of conforming to any
legal requirements, restrictions or conditions which the Security Agent deems to be relevant or (iii) for obtaining or enforcing any judgment
in any jurisdiction, and the Security Agent shall give prior notice to the Borrower and each of the Agents of that appointment.

 

		(b)	Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on
the Security Agent by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment.

 

		(c)	The remuneration that the Security Agent may pay to that person, and any costs and expenses (together
with any applicable Indirect Tax) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes
of this Agreement, be treated as costs and expenses incurred by the Security Agent.

 

		28.	APPLICATION OF PROCEEDS

 

		28.1	Order of application 

 

Subject to Clause 28.2 (Prospective
liabilities), all amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document
or Hedging Agreements or in connection with the realisation or enforcement of all or any part of the Transaction Security (for the purposes
of this Clause 28, the "Recoveries") shall be held by the Security Agent on trust to apply them at any time as the Security
Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the provisions of this Clause 28), in the
following order:

 

		(a)	in discharging any sums owing to the Security Agent, any Receiver or any Delegate;

 

		(b)	in payment of all costs and expenses incurred by the Agent or any Secured Party in connection with any
realisation or enforcement of the Transaction Security taken in accordance with the terms of this Agreement;

 

		(c)	in payment to the Agent for application in accordance with Clause 30.5 (Partial payments);

 

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		(d)	if none of the Obligors is under any further actual or contingent liability under any Finance Document
or any Hedging Agreement, in payment to any person to whom the Security Agent is obliged to pay in priority to any Obligor; and

 

		(e)	the balance, if any, in payment to the relevant Obligor.

 

		28.2	Prospective liabilities 

 

Following enforcement of any of the
Transaction Security the Security Agent may, in its discretion, hold any amount of the Recoveries in a non interest bearing suspense or
impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security
Agent shall think fit (the interest being credited to the relevant account) for later application under Clause 28.1 (Order of application)
in respect of:

 

		(a)	any sum payable to the Security Agent, any Receiver or any Delegate; and

 

		(b)	any part of the Secured Liabilities,

 

that the Security Agent reasonably considers, in each case,
might become due or owing at any time in the future.

 

		28.3	Investment of proceeds 

 

Prior to the application of the Recoveries
in accordance with Clause 28.1 (Order of application) the Security Agent may, in its discretion, hold all or part of those proceeds
in a non interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including
itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the application
from time to time of those moneys in the Security Agent's discretion in accordance with the provisions of this Clause 28.

 

		28.4	Currency Conversion 

 

		(a)	For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may
convert any moneys received or recovered by the Security Agent from one currency to another, at the Security Agent's Spot Rate of Exchange.

 

		(b)	The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the
amount of the due currency purchased after deducting the costs of conversion.

 

		28.5	Permitted Deductions 

 

The Security Agent shall be entitled,
in its discretion:

 

		(a)	to set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of taxes or otherwise) which it is or may be required by any applicable law to make from any distribution
or payment made by it under this Agreement; and

 

		(b)	to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence
of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in
connection with its remuneration for performing its duties under this Agreement).

 

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		28.6	Good Discharge 

 

		(a)	Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the
Agent on behalf of the Finance Parties and the Hedge Counterparties and any payment made in that way shall be a good discharge, to the
extent of that payment, by the Security Agent.

 

		(b)	The Security Agent is under no obligation to make the payments to the Agent under paragraph (a) above
in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party and the Hedge Counterparties
are denominated.

 

		29.	SHARING AMONG THE FINANCE PARTIES

 

		29.1	Payments to Finance Parties 

 

If a Finance Party or a Hedge Counterparty
(a "Recovering Finance Party") receives or recovers (whether by set-off or otherwise) any amount from an Obligor other
than in accordance with Clauses 28 (Application of Proceeds) and 30 (Payment Mechanics) (a "Recovered Amount")
and applies that amount to a payment due under a Finance Document or a Hedging Agreement then:

 

		(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery,
to the Agent;

 

		(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 30
(Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery
or distribution; and

 

		(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent
an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be
retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 30.5 (Partial payments).

 

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		29.2	Redistribution of payments 

 

The Agent shall treat the Sharing Payment
as if it had been paid by the relevant Obligor and distribute it between the Finance Parties and the Hedge Counterparties (as the case
may be) (other than the Recovering Finance Party) (the "Sharing Finance Parties") in accordance with Clause 30.5 (Partial
payments) towards the obligations of that Obligor to the Sharing Finance Parties.

 

		29.3	Recovering Finance Party's rights 

 

		(a)	On a distribution by the Agent under Clause 29.2 (Redistribution of payments) of a payment received
by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered
Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.

 

		(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.

 

		29.4	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 Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party
is required to pay) (the "Redistributed Amount"); and

 

		(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor.

 

		29.5	Exceptions 

 

		(a)	This Clause 29 shall not apply to the extent that the Recovering Finance Party would not, after making
any payment pursuant to this Clause 29.5, have a valid and enforceable claim against the relevant Obligor.

 

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		(b)	A Recovering Finance Party is not obliged to share with any other Finance Party or Hedge Counterparty
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 or Hedge Counterparty of the legal or arbitration proceedings; and

 

		(ii)	that other Finance Party or Hedge Counterparty 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.

 

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SECTION 11 

ADMINISTRATION

 

		30.	PAYMENT MECHANICS

 

		30.1	Payments to the Agent 

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on
the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the
relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account in the principal financial centre of the country of that currency
and with such bank as the Agent, in each case, specifies.

 

		30.2	Distributions by the Agent 

 

		(a)	Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause
30.3 (Distributions to an Obligor) and Clause 30.4 (Clawback) be made available by the Agent as soon as practicable after
receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility
Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank specified by that
Party in the principal financial centre of the country of that currency.

 

		(b)	The Agent shall distribute payments received by it in relation to all or any part of the Loan to the Lender
indicated in the records of the Agent as being so entitled on that date provided that the Agent is authorised to distribute payments
to be made on the date on which any transfer becomes effective pursuant to Clause 23 (Changes to the Parties) to the Lender so
entitled immediately before such transfer took place regardless of the period to which such sums relate.

 

		30.3	Distributions to an Obligor 

 

The Agent may (with the consent of the
Obligor or in accordance with Clause 31 (Set-off)) apply any amount received by it for that Obligor in or towards payment (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.

 

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		30.4	Clawback 

 

		(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party,
the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has
been able to establish to its satisfaction that it has actually received that sum.

 

		(b)	If the Agent pays an amount to another Party and it proves to be the case that the
Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was
paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date
of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

 

		30.5	Partial payments 

 

		(a)	If the Agent receives a payment that is insufficient to discharge all the amounts
then due and payable by an Obligor under the Finance Documents and the Hedging Agreements, the Agent shall apply that payment towards
the obligations of that Obligor under the Finance Documents and the Hedging Agreements in the following order:

 

		(i)	first, in or towards payment pro rata of any unpaid fees, costs and
expenses of, and other amounts owed to, the Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents;

 

		(ii)	secondly, in or towards payment pro rata of any accrued interest, fee
(other than as provided in (i) above) or commission or Hedging Costs due but unpaid under the Finance Documents and the Hedging Agreements;

 

		(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under the Finance
Documents and any Hedging Termination Payments; and

 

		(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid
under the Finance Documents and Hedging Agreements.

 

		(b)	The Agent shall, if so directed by the Majority Lenders and (if the variation would
adversely affect them) the Hedge Counterparties, 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.

 

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		30.6	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.

 

		30.7	Business Days 

 

		(a)	Any payment under the Finance Documents which is due to be made on a day that is not
a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there
is not).

 

		(b)	During any extension of the due date for payment of any principal or Unpaid Sum under
paragraph (a) above, interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

 

		30.8	Currency of account 

 

		(a)	Subject to paragraphs (b) and (c) below, US dollars is the currency of account and
payment for any sum due from an Obligor under any Finance Document.

 

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency
in which the costs, expenses or Taxes are incurred.

 

		(c)	Any amount expressed to be payable in a currency other than US dollars shall be paid
in that other currency.

 

		30.9	Replacement of Screen Rate 

 

		(a)	Subject to paragraph (c) of Clause 36.2 (Exceptions), if a Screen Rate Replacement Event has occurred
in relation to any Screen Rate for a currency which can be selected for the Loan, any amendment or waiver which relates to:

 

		(i)	providing for the use of a Replacement Benchmark in relation to that currency in place
of (or in addition to) that Screen Rate; and

 

(ii)

 

		(A)	aligning any provision of any Finance Document to the use of that Replacement Benchmark;

 

		(B)	enabling that Replacement Benchmark to be used for the calculation of interest under
this Agreement (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for
the purposes of this Agreement);

 

		(C)	implementing market conventions applicable to that Replacement Benchmark;

 

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		(D)	providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark;
or

 

		(E)	adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating
any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined
on the basis of that designation, nomination or recommendation),

 

may be made with the consent of the Agent (acting on the instructions
of the Majority Lenders) and the Borrower.

 

		(b)	If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above
within 30 days (or such longer time period in relation to any request which the Borrower and the Agent may agree) of that request being
made:

 

		(i)	its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the
Facility 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.

 

		(c)	For the purposes of this Clause:

 

"Relevant Nominating Body" means
any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored
or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

 

"Replacement Benchmark" means a benchmark
rate which is:

 

		(i)	formally designated, nominated or recommended as the replacement
for a Screen Rate by:

 

		(A)	the administrator of that Screen Rate (provided that the market or economic reality that such benchmark
rate measures is the same as that measured by that Screen Rate); or

 

		(B)	any Relevant Nominating Body, and if replacements have, at the relevant
time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement
under paragraph (ii) above;

 

    - 137 -

     

    

 

		(ii)	in the opinion of the Majority Lenders and the Borrower, generally accepted in the
international or any relevant domestic syndicated loan markets as the appropriate successor to that Screen Rate; or

 

		(iii)	in the opinion of the Majority Lenders and the Borrower, an appropriate successor
to a Screen Rate.

 

"Screen Rate Replacement Event" means, in
relation to a Screen Rate:

 

		(i)	the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders, and the Borrower materially changed;

 

(ii)

 

(A)

 

		(1)	the administrator of that Screen Rate or its supervisor publicly announces that such
administrator is insolvent; or

 

		(2)	information is published in any order, decree, notice, petition or filing, however
described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which
reasonably confirms that the administrator of that Screen Rate is insolvent,

 

provided that, in each case, at that time, there is
no successor administrator to continue to provide that Screen Rate;

 

		(B)	the administrator of that Screen Rate publicly announces that it has ceased or will
cease, to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide
that Screen Rate;

 

		(C)	the supervisor of the administrator of that Screen Rate publicly announces that such
Screen Rate has been or will be permanently or indefinitely discontinued; or

 

		(D)	the administrator of that Screen Rate or its supervisor announces that that Screen
Rate may no longer be used; or

 

    - 138 -

     

    

 

		(iii)	the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance
with its reduced submissions or other contingency or fallback policies or arrangements and either:

 

		(A)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority
Lenders and the Borrower) temporary; or

 

		(B)	that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less
than three Months; or

 

		(iv)	in the opinion of the Majority Lenders and the Borrower, that Screen Rate is otherwise no longer appropriate
for the purposes of calculating interest under this Agreement.

 

		31.	SET-OFF 

 

Following 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.

 

		32.	NOTICES 

 

		32.1	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 (subject to Clause 32.4
( Electronic communication)) email (including scanned copies of executed documents and other attachments), fax or letter.

 

		32.2	Addresses 

 

The email address, 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 Borrower and the Guarantor, that identified with its name on the signature pages of
the Third Amendment Deed;

 

		(b)	in the case of each Original Lender, that identified with its name in Schedule 9 (Lenders' Details)
and, in the case of each other Lender, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and

 

		(c)	in the case of the Agent and the Security Agent, that identified with its name on
the signature pages of the Amended Deed,

 

or any substitute email address, address,
fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is
made by the Agent) by not less than five Business Days' notice.

 

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		32.3	Delivery 

 

		(a)	Any communication or document made or delivered by one person to another under or
in connection with the Finance Documents will be effective:

 

		(i)	if by way of email, only when received in legible form by at least one of the relevant
email addresses of the person(s) to whom the communication is made;

 

		(ii)	if by way of posting by any Party on a Deal Site, on the earlier of:

 

		(A)	one Business Day after such communication is posted on the Deal Site; and

 

		(B)	receipt by the Agent of acknowledgement from the Deal Site that such communication
has been posted;

 

		(iii)	if by way of fax, only when received in legible form; or

 

		(iv)	if by way of letter, only 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 32.2 (Addresses), if addressed to that department or officer.

 

		(b)	Any communication or document to be made or delivered to the Agent or the Security Agent will be effective
only when actually received by the Agent or the Security Agent and then only if it is sent to the correct email address(es) or, in the
case of a fax or a letter, expressly marked for the attention of the department or officer identified with the Agent's or the Security
Agent's signature below (or any substitute department or officer as the Agent or Security Agent shall specify for this purpose).

 

		(c)	All notices from or to an Obligor shall be sent through the Agent.

 

		(d)	Any communication or document made or delivered to the Borrower in accordance with
this Clause 32 will be deemed to have been made or delivered to the Guarantor.

 

		(e)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

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		32.4	Electronic communication 

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means to the extent that those two Parties agree that, unless and until notified to
the contrary, this is to be an accepted form of communication and if those two Parties:

 

		(i)	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

 

		(ii)	notify each other of any change to their address or any other such information supplied by them by not
less than five Business Days' notice.

 

		(b)	Any electronic communication made between those two Parties will be effective only when actually received
in readable form and in the case of any electronic communication made by a Party to the Agent or the Security Agent only if it is addressed
in such a manner as the Agent or the Security Agent shall specify for this purpose.

 

		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after 5.00
p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.5	English language 

 

		(a)	Any notice given under or in connection with any Finance Document must be in English.

 

		(b)	All other documents provided under or in connection with any Finance Document must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and,
in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

 

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		32.6	Use of deal site by the Agent 

 

		(a)	The Agent may elect that:

 

		(i)	any Obligor may satisfy its obligations under this Agreement to deliver any information to the Agent;

 

		(ii)	any Lender may satisfy its obligations under this Agreement to deliver any information to the Agent; and/or

 

		(iii)	the Agent may satisfy its obligations under this Agreement to deliver any information to any Obligor or
any Lender,

 

by posting such information on an electronic
website designated by the Agent for such purpose (the "Deal Site") by notifying each such affected Obligor and Lender
of its intention that such Deal Site be used for such purpose (whereupon each such Obligor or Lender or the Agent may so satisfy such
obligations).

 

		(b)	Any costs and expenses incurred by the Agent in relation to the Deal Site shall be for the account of
the Borrower. If applicable, each Obligor consents to the use of its logo on the Deal Site.

 

		(c)	The Agent shall, at its discretion or upon request of the relevant Party, disclose the website (or other
electronic) address of and any relevant password specifications for the Deal Site ("Access Information") to one or more
officers, directors, employees or other representatives ("Deal Site Representatives") of each Party that the Agent has
elected to deliver information to or receive information from through the Deal Site.

 

		(d)	Each Party using the Deal Site agrees to:

 

		(i)	keep all Access Information confidential and not to disclose it to anyone, other than such of its Deal
Site Representatives as it has requested the Agent to provide Access Information to; and

 

		(ii)	ensure that all persons to whom they give access can properly receive the information available on the
Deal Site, including (in the case of a Lender) under Clause 24 (Disclosure of Information).

 

		(e)	If the Deal Site is not available for any reason, promptly following this being brought to its attention,
the Agent shall provide communications to the affected Parties by another means as contemplated by this Clause 32. A Party will notify
the Agent promptly if it is (despite being in receipt of the relevant Access Information) unable to access or use the Deal Site or if
it becomes aware that the Deal Site is or has been infected by an electronic virus or similar software.

 

    - 142 -

     

    

 

		(f)	Each of the Parties agrees that:

 

		(i)	the Agent shall not be liable for any cost, loss or liability incurred by any Party as a result of its
access or use of the Deal Site or its inability to access or use the Deal Site; and

 

		(ii)	the Agent is under no obligation to monitor access to or the availability of the Deal Site.

 

		(g)	The Agent may terminate a Deal Site at any time. If such termination occurs whilst amounts remain outstanding
under the Facility the Agent shall (unless such termination arises as a result of technical failure of the Deal Site (including as a result
of infection by an electronic virus or similar software) or as a result of a concern as to the security and confidentiality of the Deal
Site), if reasonably practicable, give not less than 1 days' prior notice to each affected Party of such termination.

 

		(h)	The Security Agent shall be entitled to carry out all dealings with the Lenders and the Mandated Lead
Arranger through the Agent and may give to the Agent any notice or other communication required to be given by the Security Agent to a
Lender.

 

		33.	CALCULATIONS AND CERTIFICATES

 

		33.1	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.

 

		33.2	Certificates and determinations 

 

Any certification or determination by
a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters
to which it relates.

 

		33.3	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
360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

 

		34.	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.

 

    - 143 -

     

    

 

		35.	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 of any such
right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any of the Finance Documents on
the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent
any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document
are cumulative and not exclusive of any rights or remedies provided by law.

 

		36.	AMENDMENTS AND WAIVERS 

 

		36.1	Required consents 

 

		(a)	Subject to Clause 36.2 (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 Agent may effect, on behalf of any Finance Party or any Hedge Counterparty, any amendment or waiver
permitted by this Clause 36.

 

		36.2	Exceptions 

 

		(a)	An amendment or waiver of any term of any Finance Document that has the effect of changing or which relates
to:

 

		(i)	the definition of "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)	a change in currency of payment of any amount under the Finance Documents;

 

		(v)	an increase in the amount of any Commitment or an extension of the period of availability for utilisation
of any Commitment or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably;

 

		(vi)	any provision which expressly requires the consent of all the Lenders;

 

    - 144 -

     

    

 

 

		(vii)	Clause 2.2 (Finance Parties' rights and obligations), Clause 5.1 ( Delivery of a Utilisation
Request), Clause 7.1 ( Illegality), Clauses 7.2 (Mandatory prepayment on change of control or share ownership)
to Clause 7.4 ( Mandatory prepayment on failure to obtain FSA approval), paragraph (b)(ix) of Clause 21.9 (Loans and guarantees),
Clause 23 (Changes to the Parties), Clause 29 ( Sharing among the Finance Parties), this Clause 36, Clause 38 ( Governing
Law), or Clause 39.1 ( Jurisdiction of Hong Kong courts);

 

		(viii)	the nature or scope or release of the guarantee and indemnity granted under Clause
17 (Guarantee and indemnity) or of any Transaction Security unless permitted under any Finance Document; or

 

		(ix)	the manner in which the proceeds of enforcement of the Transaction Security are distributed,

 

shall not be made without the prior consent of all the Lenders.

 

		(b)	The Borrower and the Agent or Security Agent, as applicable, may amend or waive a
term of a Fee Letter to which they are party.

 

		(c)	An amendment or waiver which relates to the rights or obligations of any Administrative
Party or Hedge Counterparty may not be effected without the consent of such Administrative Party or such Hedge Counterparty.

 

		(d)	The Security Agent is deemed to be hereby authorised by the Lenders to execute from
time to time any Subordination Deed without any further consents from any Lender or other Finance Party.

 

	36.3	Excluded Commitments 

 

If any Lender fails to accept or to
reject a request by or on behalf of the Obligors for a consent, waiver or amendment of or in relation to any of the terms of any Finance
Document or any other vote of Lenders under the terms of this Agreement within 10 Business Days of that request being made (unless the
Borrower and the Agent agree to a longer time period in relation to any request):

 

		(a)	its Commitment(s) shall not be included for the purpose of calculating the Total Commitments
when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained
to approve that request; and

 

		(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether
the agreement of any specified group of Lenders has been obtained to approve that request.

 

    - 145 -

     

    

 

	36.4	Disenfranchisement of Defaulting Lenders 

 

		(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining:

 

		(i)	the Majority Lenders; or

 

		(ii)	whether:

 

		(A)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under
the Facility; or

 

		(B)	the agreement of any specified group of Lenders,

 

has been obtained to approve any request
for a consent, waiver, amendment or other vote of Lenders under the Finance Documents, that Defaulting Lender's Commitments under the
Facility will be reduced by the amount of its Available Commitments under the Facility and, to the extent that that reduction results
in that Defaulting Lender's Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of
paragraphs (i) and (ii) above.

 

		(b)	For the purposes of this Clause 36.4, the Agent may assume that the following Lenders are Defaulting Lenders:

 

		(i)	any Lender which has notified the Agent that it has become a Defaulting Lender; and

 

		(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in the
definition of "Defaulting Lender" has occurred, unless it has received notice to the contrary from the Lender concerned (together
with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting
Lender.

 

	36.5	Replacement of a Defaulting Lender 

 

		(a)	The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 10
Business Days' prior written notice to the Agent and such Lender replace such Lender by requiring such Lender to (and, to the extent permitted
by law, such Lender shall) transfer pursuant to Clause 23 (Changes to the Parties) 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 (a "Replacement Lender")
selected by the Borrower (i) is not a member of the Group and (ii) which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations,
of the transferring Lender in accordance with Clause 23 (Changes to the Parties).

 

    - 146 -

     

    

 

		(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 36.5 shall be subject
to the following conditions:

 

		(i)	the Borrower shall have no right to replace the Agent or Security Agent;

 

		(ii)	neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement
Lender;

 

		(iii)	the transfer must take place no later than 60 days after the notice referred to in paragraph (a) above;

 

		(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any
of the fees received by the Defaulting Lender pursuant to the Finance Documents; and

 

		(v)	the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph
(a) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all
applicable laws and regulations in relation to that transfer to the Replacement Lender.

 

		(c)	The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Borrower when it is satisfied
that it has complied with those checks.

 

	37.	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.

 

    - 147 -

     

    

 

SECTION 12

GOVERNING LAW AND ENFORCEMENT

 

	38.	GOVERNING LAW 

 

This Agreement is governed by the laws
of Hong Kong.

 

	39.	ENFORCEMENT 

 

	39.1	Jurisdiction of Hong Kong courts 

 

		(a)	The courts of Hong Kong have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including any dispute regarding the existence, validity or termination of this Agreement) (a "Dispute").

 

		(b)	The Parties agree that the courts of Hong Kong are the most appropriate and convenient courts to settle
Disputes and accordingly no Party will argue to the contrary.

 

		(c)	This Clause 39.1 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.

 

	39.2	Service of process 

 

Without prejudice to any other mode
of service allowed under any relevant law, each Obligor:

 

		(a)	irrevocably appoints FWD Group Management Holdings Limited of 28/F FWD Financial Centre, 308 Des Voeux
Rd Central, Hong Kong as its agent for service of process in relation to any proceedings before the Hong Kong 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.

 

Each Obligor expressly agrees and consents to the provisions
of this Clause 39.2.

 

	39.3	Waiver of immunities 

 

Each Obligor irrevocably waives, to
the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use),
all immunity on the grounds of sovereignty or other similar grounds from:

 

		(a)	suit;

 

		(b)	jurisdiction of any court;

 

    - 148 -

     

    

 

		(c)	relief by way of injunction or order for specific performance or recovery of property;

 

		(d)	attachment of its assets (whether before or after judgment); and

 

		(e)	execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled
in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it will
not claim any immunity in any such proceedings).

 

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

 

    - 149 -

     

    

 

SCHEDULE 1

THE ORIGINAL LENDERS

 

	Name of Original Lender	 	Commitment (USD)	 
	HSBC Bank plc (a company incorporated under the laws of England and Wales)	 	 	75,000,000	 
	Sumitomo Mitsui Banking Corporation (incorporated in Japan with Limited Liability)	 	 	50,000,000	 
	United Overseas Bank Limited (incorporated in Singapore with limited liability) acting through its Hong Kong Branch	 	 	50,000,000	 
	Total:	 	 	175,000,000	 

 

    - 150 -

     

    

 

SCHEDULE 2

CONDITIONS PRECEDENT

 

	1.	Obligors

 

	(a)	A copy of the constitutional documents and, if applicable, statutory registers of each Obligor.

 

	(b)	A copy of a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party
and resolving that it execute the Finance Documents to which it is a party;

 

		(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf;

 

		(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents
to which it is a party; and

 

		(iv)	in the case of the Guarantor, resolving that it is in the best interests of the Guarantor to enter into
the transactions contemplated by the Finance Documents to which it is a party.

 

	(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above.

 

	(d)	A copy of a resolution signed by the Borrower as the holder of all the issued shares in the Guarantor,
approving the terms of, and the transactions contemplated by, the Finance Documents to which the Guarantor is a party.

 

	(e)	A certificate from each Obligor (signed by a director) confirming that borrowing, securing or guaranteeing,
as appropriate, the Total Commitments would not cause any borrowing, securing, guaranteeing or similar limit binding on it to be exceeded.

 

	(f)	A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating
to it specified in this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

 

	(g)	A certificate of good standing issued by the Registrar of Companies in the Cayman Islands in respect of
the Borrower.

 

	2.	Legal opinions

 

	(a)	A legal opinion in relation to Hong Kong law from Clifford Chance addressed to the Mandated Lead Arranger,
the Agent, the Security Agent and the Original Lenders originally party to this Agreement, substantially in the
form distributed to the Original Lenders prior to the signing of this Agreement.

 

    - 151 -

     

    

 

	(b)	A legal opinion as to the laws of Singapore from Clifford Chance Pte. Ltd. addressed
to the Mandated Lead Arranger, the Agent, the Security Agent and the Original Lenders originally party to this Agreement, substantially
in the form distributed to the Original Lenders prior to the signing of this Agreement.

 

	(c)	A legal opinion as to the laws of the Cayman Islands from Walkers (Singapore) Limited
Liability Partnership addressed to the Mandated Lead Arranger, the Agent, the Security Agent and the Original Lenders originally party
to this Agreement, substantially in the form distributed to the Original Lenders prior to the signing of this Agreement.

 

	3.	Acquisition and Acquisition Documents

 

	(a)	A copy of each of the Acquisition Documents (other than the Bancassurance Agreement) executed by the parties
to those documents.

 

	(b)	A copy of the Bancassurance Agreement in agreed form between the parties to that document.

 

	(c)	A copy of each Report.

 

	4.	Existing Facility

 

	(a)	A copy of the Existing Facility Agreement Amendment Agreement
executed by the parties to that document.

 

	(b)	Evidence that all conditions precedent (if any) under the Existing
Facility Agreement Amendment Agreement have been satisfied or will be satisfied
by the Utilisation Date.

 

	5.	Other documents and evidence

 

	(a)	Evidence that any process agent referred to in Clause 39.2 (Service of process),
has accepted its appointment.

 

	(b)	The Original Financial Statements of each Obligor.

 

	(c)	Evidence that the fees, costs and expenses then due from the Borrower pursuant to
Clauses 11.1 ( Upfront fee) to 11.3 ( Security Agency fee) and Clause 16 (Costs and Expenses) have been paid or will
be paid by the Utilisation Date.

 

	(d)	Evidence that the Interest Reserve Account has been opened.

 

	(e)	Evidence that the Interest Reserve Account has been, or will on the Utilisation Date
be, funded with an amount at least equal to the amount as determined in accordance with paragraph (a)(i) or (as the case may be) paragraph
(b)(i) of the definition of "Minimum Interest Reserve Amount" in Clause 1.1 (Definitions).

 

    - 152 -

     

    

 

	(f)	Evidence required and reasonably requested by each Finance Party in respect of the Obligors and in relation
to the Acquisitions for the purpose of any "know your customer", anti-money laundering or similar identification procedures
under applicable laws and regulations and internal policies.

 

	(g)	Evidence of completion of all due diligence or other similar checks by the Finance Parties in relation
to the Facility, the Obligors, the Bidco, the Targets and the Acquisition.

 

	(h)	A copy of the Group's organisational chart setting out the Borrower and the key operating Subsidiaries
of the Borrower (i) prior to Completion and (ii) assuming Completion has occurred.

 

	6.	Security and other Finance Documents

 

	(a)	A copy of each Finance Document duly executed by the relevant parties thereto, including the Account Charge.

 

	(b)	A copy of the Subordination Deed in the agreed form.

 

	(c)	A copy of the documents as detailed in the Side Letter duly executed by the relevant parties thereto.

 

	(d)	A copy of all notices required to be sent, and acknowledgments thereto required to be delivered, under
any Transaction Security Document executed by the applicable parties as required by such Transaction Security Document (where such notices
and acknowledgments are required to be delivered on the date of execution of such Transaction Security Document or otherwise prior to
the date on which the Agent gives the notice referred to in Clause 4.1 ( Initial conditions precedent)).

 

	(e)	All other documents and evidence required, pursuant to the terms of any Finance Document, to be delivered
upon execution of such Finance Document or otherwise prior to the date on which the Agent gives the notice referred to in Clause 4.1 (
Initial conditions precedent).

 

    - 153 -

     

    

 

SCHEDULE 3

REQUESTS

 

Utilisation Request

 

	From:	FWD Group Limited as Borrower

	 	 

	To:	The Hongkong and Shanghai Banking Corporation Limited as Agent

 

Dated:

 

FWD Group Limited –
Facility agreement relating to a USD175,000,000 term loan facility dated [     ] (as amended and supplemented by an
amendment agreement dated 18 July 2019, as further amended and supplemented by an amendment agreement dated 1 August 2019 and as
further amended and restated pursuant to an amendment deed dated [     ] and as may be further amended and/or supplemented from time to
time, the "Facility Agreement")

 

	1.	We refer to the Facility Agreement. This is a Utilisation Request. Terms defined in
the Facility Agreement shall have the same meaning in this Utilisation Request.

 

	2.	We wish to borrow the Loan on the following terms:

 

	Proposed Utilisation Date:	[	] (or,
    if that is not a Business Day, the next Business Day)
	Amount:	[	 ] or, if less, the Available Facility
	First Interest Period:	[Three Months] / [   ]

 

	3.	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the Facility
Agreement is satisfied on the date of this Utilisation Request and, unless otherwise notified to you by us in writing, on the proposed
Utilisation Date.

 

	4.	[We authorise you to deduct from the proceeds of this Loan any fees payable pursuant to Clauses 11.1 (
Upfront fee) to 11.4 (Commitment fee) and Clause 16 (Costs and Expenses) of the Facility Agreement, which fees, costs
and expenses are (in each case) payable on or before the Utilisation Date but unpaid.]

 

	5.	The proceeds of this Loan in the amount of [ ] should be credited to the Interest
Reserve Account, the details of which are as follows: [insert account details]. The balance (after the deduction of any fees payable under
paragraph 4 above) should be credited to [account in the name of the Borrower or the Vendors under the Acquisition Documents].

 

	6.	We confirm that the proceeds of this Loan will be applied towards such purposes as
are permitted under Clause 3 (Purpose) of the Facility Agreement.

 

    - 154 -

     

    

 

	7.	This Utilisation Request is irrevocable.

 

 

 

 

 

 

 

authorised signatory for

FWD Group
Limited

 

    - 155 -

     

    

 

SCHEDULE 4

FORM OF TRANSFER CERTIFICATE

 

	To:	The Hongkong and Shanghai Banking Corporation Limited as Agent

 

	From:	[the Existing Lender] (the "Existing Lender") and [the New Lender] (the "New Lender")

 

Dated:

 

FWD Group Limited – Facility
agreement relating to a USD175,000,000 term loan facility dated [ ] (as amended and supplemented by an amendment agreement dated 18
July 2019, as further amended and supplemented by an amendment agreement dated 1 August 2019 and as further amended and restated
pursuant to an amendment deed dated [ ] and as may be further amended and/or supplemented from time to time, the "Facility
Agreement")

 

	1.	We refer to Clause 23.5 (Procedure for transfer) of the Facility Agreement. This is a Transfer
Certificate. Terms used in the Facility Agreement shall have the same meaning in this Transfer Certificate.

 

	2.	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by
novation, and in accordance with Clause 23.5 (Procedure for transfer) of the Facility Agreement, all of the Existing Lender's rights
and obligations under the Facility Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment
and participations in the Loan under the Facility Agreement as specified in the Schedule.

 

	3.	The proposed Transfer Date is [   ].

 

	4.	The Facility Office and address, fax number and attention particulars for notices of the New Lender for
the purposes of Clause 32.2 (Addresses) of the Facility Agreement are set out in the Schedule.

 

	5.	The New Lender expressly acknowledges:

 

	(a)	the limitations on the Existing Lender's obligations set out in paragraphs (a) and (c) of Clause 23.4
(Limitation of responsibility of Existing Lenders) of the Facility Agreement; and

 

	(b)	that it is the responsibility of the New Lender to ascertain whether any document is required or any formality
or other condition requires to be satisfied to effect or perfect the transfer contemplated by this Transfer Certificate or otherwise to
enable the New Lender to enjoy the full benefit of each Finance Document.

 

	6.	The New Lender confirms that it is a "New Lender" within the meaning of Clause 23.1 (Assignments
and transfers by the Lenders) of the Facility Agreement.

 

    - 156 -

     

    

 

	7.	The Existing Lender and the New Lender confirm that the New Lender is not an Obligor or an Affiliate of
an Obligor.

 

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

 

	9.	This Transfer Certificate is governed by the laws of Hong Kong.

 

	10.	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.

 

    - 157 -

     

    

 

THE SCHEDULE

 

Commitment/rights and obligations to be transferred, and
other particulars

 

Commitment/participation(s) transferred

 

	Drawn
    Loan(s) participation(s) amount(s):	[   
    ] 
	Available
    Commitment amount:	[   
    ] 

 

Administration particulars:

 

	New
    Lender's receiving account:	[   
    ] 
	Address:	[   
    ] 
	Telephone:	[   
    ] 
	Facsimile:	[   
    ] 
	Attn/Ref:	[   
    ] 

 

Details of USD account designated for payment purposes (if
applicable):

 

	Correspondence
    Bank:	[   
    ] 
	Swift
    Code:	[   
    ] 
	Account
    Bank (if applicable):	[   
    ] 
	Account
    Bank Swift Code (if applicable):	[   
    ] 
	Account
    Name:	[   
    ] 
	Account
    Number	[   
    ] 
	Ref:	[   
    ] 
	Attn:	[   
    ] 

 

	[the
    Existing Lender]	 	[the New Lender]
	By:	                	 	By:	                

 

This Transfer Certificate is executed
by the Agent and the Transfer Date is confirmed as [    ].

 

[the Agent]

 

    - 158 -

     

    

 

	By:	 	 

 

	Note:	It is the New Lender's responsibility to ascertain whether any other document is required, or any
formality or other condition is required to be satisfied, to effect or perfect the transfer contemplated in this Transfer Certificate
or to give the New Lender full enjoyment of all the Finance Documents.

 

    - 159 -

     

    

 

SCHEDULE 5

FORM OF COMPLIANCE CERTIFICATE

 

	To:	The Hongkong and Shanghai Banking Corporation Limited as Agent

	 	 

	From:	FWD Group Limited

 

Dated:

 

FWD Group Limited – Facility agreement
relating to a USD175,000,000 term loan facility dated [    ] (as amended and supplemented by an amendment agreement dated 18 July 2019, as
further amended and supplemented by an amendment agreement dated 1 August 2019 and as further amended and restated pursuant to an amendment
deed dated [    ] and as may be further amended and/or supplemented from time to time, the "Facility Agreement")

 

	1.	We refer to the Facility Agreement. This is a Compliance Certificate. Terms used in the Facility Agreement
shall have the same meaning in this Compliance Certificate.

 

	2.	We confirm that:

 

[Consolidated Total Debt is [•]]

 

[Consolidated Tangible Net Assets is
[•]]

 

	3.	[We confirm that no Default is continuing.]*

 

	 	 
	Name:	 

[[Director]/[Authorised signatory]]

 

for and on behalf of 

FWD Group Limited

 

 

*
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.

 

    - 160 -

     

    

 

SCHEDULE 6 

TIMETABLES

 

	Function	 	Day/Time
	 	 	 
	Delivery
    of a duly completed Utilisation Request (Clause 5.1 (Delivery
    of a Utilisation Request))	 	Three
    (3) Business Days prior to the proposed Utilisation Date as of 11:00 a.m. Hong Kong time
	 	 	 
	Agent
    notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders'
    participations)	 	Two
    (2) Business Days prior to the proposed Utilisation Date as of 12:00 noon Hong Kong time
	 	 	 
	LIBOR
    is fixed	 	Quotation
    Day as of 11:00 a.m. London time

 

    - 161 -

     

    

 

SCHEDULE 7

FORM OF HEDGE COUNTERPARTY ACCESSION UNDERTAKING

 

	To:	[insert full name of current Agent] for itself and each of the other parties to the Facility Agreement
referred to below.

 

	From:	[Acceding Hedge Counterparty]

 

THIS UNDERTAKING is made on [date] by
[insert full name of person to become party to the Facility Agreement] (the "Acceding Hedge Counterparty")
in relation to the facility agreement dated [•] between, among others, FWD Group Limited as borrower, [•] as security
agent and [•] as Agent (as amended and supplemented by an amendment agreement dated 18 July 2019, as further amended and
supplemented by an amendment agreement dated 1 August 2019 and as further amended and restated pursuant to an amendment deed dated [
    ] and as may be further amended and/or supplemented from time to time, the "Facility Agreement").
Terms defined in the Facility Agreement shall, unless otherwise defined in this Undertaking, bear the same meanings when used in
this Undertaking.

 

In consideration of the Acceding Hedge Counterparty
being accepted as a Hedge Counterparty for the purposes of the Facility Agreement, the Acceding Hedge Counterparty confirms that, as from
[date], it intends to be party to the Facility Agreement as a "Hedge Counterparty" and undertakes to perform all the
obligations expressed in the Facility Agreement to be assumed by a Hedge Counterparty and agrees that it shall be bound by all the provisions
of the Facility Agreement, as if it had been an original party to the Facility Agreement.

 

This Undertaking is governed by Hong Kong law.

 

This Undertaking may be executed in any number
of counterparts, and this has the same effect as if the signatures and/or execution on such counterparts were on a single copy of this
Undertaking.

 

This Undertaking has been entered into on the date stated above.

 

Acceding Hedge Counterparty

 

	By:	 	 

 

For and on behalf of

 

[insert full name of Acceding Hedge Counterparty]

 

Address:

 

Fax:

 

    - 162 -

     

    

 

Accepted by the Agent

 

	 	 
	for
    and on behalf of	 

 

[Insert full name of current Agent]

 

Date:

 

    - 163 -

     

    

 

SCHEDULE 8

EXISTING SECURITY

 

Part A

 

Security subsisting as at the date
of the Original Facility Agreement (as defined in the Third Amendment Deed)

 

	Obligor	 	Security	 	Principal amount secured
	 Borrower	 	Account
charge over an interest reserve account entered into in relation to the Existing Facility Agreement 

  	 	US$275,000,000

 

Part B

 

Security to be granted after the
date of the Original Facility Agreement (as defined in the Third Amendment Deed)

 

	Obligor	 	Security	 	Principal amount secured
	 Borrower	 	Security over a reserve account established for the purpose of the New Facility
  	 	US$1,800,000,000
	Guarantor	 	Security over a Thai Baht account established for the purpose of the New Facility	 	US$1,800,000,000

 

    - 1 -

     

    

 

SCHEDULE
9 

LENDERS'
DETAILS

 

HSBC
BANK PLC (A COMPANY INCORPORATED UNDER THE LAWS OF ENGLAND AND WALES)

 

Contact
Details (for credit matters): [***]

Address:
8 Canada Square, London E14 5HQ

Attn:
(Name / Department): Global Banking

Tel:
[***]

Fax:

E-mail address:
[***]

 

Contact
Details (for operational matters): The Manager

Address:
HSBC Bank plc, 28th Floor, 8 Canada Square, London E14 5HQ

Attn: (Name / Department): Loans Admin Operations

Tel: [***]
Fax: [***]

E-mail
address: [***]

 

Payment Details
(USD):

Correspondent
Bank: [***]

ABA:
[***]

SWIFT Address:
[***]

Beneficiary:
[***]

SWIFT Address:
[***]

Account No:
[***]

Reference:
[***]

 

    - 2 -

     

    

 

SUMITOMO
MITSUI BANKING CORPORATION (INCORPORATED IN JAPAN WITH LIMITED LIABILITY)

 

Contact
Details (for credit matters):

 

	Address:	7/F,
    One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
		 	 
	Attn:	[***]	 
	Tel:	[***]	 
	Fax:	[***]	 
	E-mail address:	[***]

 

Contact
Details (for operational matters):

 

	Address:	7/F,
    One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
		 	 
	Attn:	[***]	 
	Tel:	[***]	 
	Fax:	[***]	 
	E-mail address:	[***]

 

	Payment
    Details (USD):	 	 
	Correspondent Bank:	 	[***]
	SWIFT Address:	 	[***]
	CHIPS UID:	 	[***]
	Beneficiary:	 	[***]
	Account No:	 	[***]
	Under ref:	 	Attn: [***]

 

    - 3 -

     

    

 

UNITED
OVERSEAS BANK LIMITED (INCORPORATED IN SINGAPORE WITH LIMITED LIABILITY) ACTING THROUGH ITS HONG KONG BRANCH

 

Contact
Details (for credit matters):

Address:
[***]

Attn: [***]

Tel: [***]

Fax: [***]

E-mail
address: [***]

 

Contact
Details (for operational matters):

Address:
[***]

Attn:
[***]

Tel:
[***]

Fax: [***]

E-mail address:
[***]

 

Payment
Details (USD):

Correspondent
Bank: [***]

SWIFT Address
of JP Morgan: [***]

Beneficiary
/ for the account of: [***]

SWIFT
Address of UOB HK: [***]

Account No:
[***]

Ref : [***];
Attn : [***]

 

    - 4 -

     

    

 

SIGNATURES

 

[Intentionally
left blank]

 

SIGNATURE
PAGE TO

FACILITY
AGREEMENT

 

     

     

    

 

SIGNATURES

 

THE
BORROWER

 

SIGNED,
SEALED and DELIVERED

as
a DEED by

[***]

as
an authorised signatory of and for and on behalf of

FWDGROUP
LIMITED in the presence of:

 

_[***]__ Signature
of witness

_[***]
__Name of witness

 

Address:
[***]

Telephone:
[***]

Fax: [***]

Attention:
[***]

Email:
[***]

 

EXECUTION
PAGE TO AMENDMENT DEED

(2019
FINANCING)

 

     

     

    

 

THE
GUARANTOR

 

	The
    COMMON SEAL of 	 )
	FWD
    GROUP FINANCIAL SERVICES PTE. LTD. 	 )
	was
    affixed hereto in accordance with its Constitution 	 )

 

Director: 

Name: [***]

 

Address:        [***]

Telephone:    [***]

Fax:
[***]

Attention:
[***]

Email: [***]

 

EXECUTION
PAGE TO AMENDMENT DEED

(2019
FINANCING)

 

     

     

    

 

THE AGENT

 

THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

By:
[***]

 

Address:      [***]

 

Attention:    [***]

 

Fax:               [***]

 

EXECUTION
PAGE TO AMENDMENT DEED

(2019
FINANCING)

 

     

     

    

 

THE
SECURITY AGENT

 

THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

By:
[***]

 

Address:      [***]

 

Attention:    [***]

 

Fax:               [***]

 

EXECUTION
PAGE TO AMENDMENT DEED

(2019
FINANCING)

 

     

     

    

 

Execution
Version

 

THIS
AGREEMENT is dated 4 November 2019 and made between:

 

	(1)	FWD
                                            GROUP FINANCIAL SERVICES PTE. LTD., a private company incorporated under the laws of
                                            the Republic of Singapore with limited liability and company number 201302761R (the "Guarantor");

 

	(2)	FWD
                                            GROUP LIMITED, an exempted company incorporated under the laws of the Cayman Islands
                                            with limited liability and with company number 274405 (the "Borrower");

 

	(3)	HSBC
                                            BANK PLC (a company incorporated under the laws of England and Wales) as mandated lead
                                            arranger (the "Mandated Lead Arranger");

 

	(4)	THE
                                            HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, of Level 30, HSBC Main Building, 1
                                            Queen's Road Central, Hong Kong, incorporated in Hong Kong with limited liability, as security
                                            trustee for the Secured Parties (the "Security Agent"); and

 

	(5)	THE
                                            HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, of Level 30, HSBC Main Building, 1
                                            Queen's Road Central, Hong Kong, incorporated in Hong Kong with limited liability, as agent
                                            of the Finance Parties (other than itself) (the "Agent").

 

IT
IS AGREED as follows:

 

1.             DEFINITIONS
AND INTERPRETATION

 

	1.1	Definitions
                                            

 

In
this Agreement:

 

"Amended
Facility Agreement" means the Original Facility Agreement, as amended by this Agreement.

 

"Effective
Date" means the date on which the Agent confirms to the Lenders and the Borrower that it has received each of the documents
and other evidence listed in and appearing to comply with Schedule 1 (Conditions Precedent).

 

"Guarantee
Obligations" means the guarantee and indemnity obligations of the Guarantor contained in the Original Facility Agreement and/or
the Amended Facility Agreement.

 

"Original
Facility Agreement" means the facility agreement relating to an up to US$175,000,000 term loan facility dated 4 February 2019
between the Guarantor, the Borrower, the Agent, the Mandated Lead Arranger, the Security Agent and the Original Lenders, as amended and
supplemented by an amendment agreement dated 18 July 2019 and an amendment agreement dated 1 August 2019 and further amended and restated
pursuant to an amendment deed dated 6 September 2019.

 

     

     

    

 

	1.2	Incorporation
                                            of defined terms 

 

		(a)	Unless
                                            a contrary indication appears, a term defined in the Original Facility Agreement has the
                                            same meaning in this Agreement.

 

		(b)	The
                                            principles of construction and the terms set out in clause 1.2 (Construction) and
                                            clause 1.3 (Currency Symbols and Definitions) and clause 1.4 (Personal liability)
                                            of the Original Facility Agreement shall have effect as if set out in this Agreement and
                                            as if references in those clauses to "this Agreement" or "the Finance Documents"
                                            or any Finance Documents are references to this Agreement.

 

	1.3	Clauses
                                            

 

In
this Agreement any reference to a "Clause" or a "Schedule" is, unless the context otherwise requires, a reference
to a Clause in or a Schedule to this Agreement.

 

	1.4	Third
                                            party rights 

 

		(a)	Unless
                                            expressly provided to the contrary in a Finance Document, a person who is not a Party has
                                            no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) (the "Third
                                            Parties Ordinance") to enforce or to enjoy the benefit of any term of this Agreement.

 

		(b)	Notwithstanding
                                            any term of any Finance Document, the consent of any person who is not a Party is not required
                                            to rescind or vary this Agreement at any time.

 

		(c)	Any
                                            Receiver or Delegate may, subject to this Clause 1.4 and the Third Parties Ordinance, rely
                                            on any Clause of this Agreement which expressly confers rights on it.

 

	1.5	Designation
                                            

 

In
accordance with the Original Facility Agreement, each of the Borrower and the Agent designates this Agreement as a Finance Document.

 

	2.	REPRESENTATIONS
                                            

 

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 this Agreement; and

 

		(b)	the
                                            Effective Date,

 

and
references to "this Agreement" or any Finance Document in the Repeating Representations should be construed as references to
this Agreement and to the Original Facility Agreement and on the Effective Date, to the Amended Facility Agreement.

 

    - 2 -

     

    

 

3.             AMENDMENT

 

	3.1	Amendment
                                            of the Original Facility Agreement 

 

With
effect from the Effective Date, the Original Facility Agreement shall be amended as follows:

 

The
definition of "Long-Stop Date" under clause 1.1 (Definitions) of the Original Facility Agreement shall be deleted in
its entirety and replaced with the following: ""Long-Stop Date" means 31 December 2019."

 

4.             CONTINUITY
AND FURTHER ASSURANCE

 

	4.1	Continuing
                                            obligations 

 

The
provisions of the Original Facility Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full
force and effect.

 

	4.2	Confirmation
                                            of Guarantee Obligations 

 

For
the avoidance of doubt, the Guarantor confirms for the benefit of the Finance Parties that all Guarantee Obligations shall (a) remain
in full force and effect notwithstanding the amendment referred to in Clause 3.1 (Amendment of the Original Facility Agreement)
and (b) extend to any new obligations assumed by any Obligor under the Finance Documents as a result of this Agreement (including, but
not limited to, under the Amended Facility Agreement).

 

	4.3	Confirmation
                                            of Security 

 

For
the avoidance of doubt, the Borrower confirms for the benefit of the Finance Parties that, the Security created by it pursuant to
the Transaction Security Document to which it is a party shall (a) remain in full force and effect notwithstanding the
amendment referred to in Clause 3.1 (Amendment of the Original Facility Agreement) and (b) continue to secure the Secured
Liabilities under the Finance Documents as amended (including, but not limited to, under the Amended Facility Agreement).

 

4.4           Further
assurance

 

Each
Obligor shall, at the request of the Agent and at such Obligor's own expense, do all such acts and things necessary to give effect to
the amendments effected or to be effected pursuant to this Agreement.

 

5.            COSTS
AND EXPENSES

 

	5.1	Transaction
                                            expenses 

 

The
Borrower shall within five Business Days of demand pay the Administrative Parties the amount of all reasonable costs and expenses (including
but not limited to legal fees) reasonably and properly incurred by any of them (and in the case of the Security Agent, by any Receiver
or Delegate) in connection with the negotiation, preparation, printing and execution of this Agreement and any other documents referred
to in this Agreement.

 

    - 3 -

     

    

 

	6.	MISCELLANEOUS

 

	6.1	Incorporation of terms 

 

The provisions of clause 32 (Notices),
clause 34 (Partial Invalidity), clause 35 (Remedies and Waivers), clause 36 (Amendments and Waivers) and clause
39 (Enforcement) of the Original Facility Agreement shall be incorporated into this Agreement as if set out in full in this Agreement
and as if references in those clauses to "this Agreement" or "the Finance Documents" or any "Finance Document"
are references to this Agreement.

 

	6.2	Counterparts 

 

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

 

	7.	GOVERNING LAW 

 

This Agreement is governed by the laws
of Hong Kong.

 

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

 

    - 4 -

     

    

 

SCHEDULE 1

CONDITIONS PRECEDENT

 

	1.	Obligors 

 

		(a)	A copy of (or a copy of a certified true
                                            extract of) a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions
                                            contemplated by, this Agreement and resolving that it execute this Agreement;

 

		(ii)	authorising a specified person or persons
                                            to execute this Agreement on its behalf; and

 

		(iii)	in relation to the Guarantor only, resolving
                                            that it is in the best interests of the Guarantor to enter into the transactions contemplated
                                            by this Agreement.

 

		(b)	A copy of (or a copy of a certified true extract of) a resolution signed by the Borrower as the
                                                               holder of all issued shares in the Guarantor, approving the terms of, and the transactions contemplated by, this Agreement.

 

	2.	Other document 

 

A copy of the letter dated 10 October
2019 between Bidco, the Vendors and Commonwealth Bank of Australia.

 

    - 5 -

     

    

 

SIGNATURES

 

The Guarantor

 

For and on behalf of

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

 

By:

 

[***]

 

SIGNATURE PAGE TO

FOURTH AMENDMENT

AGREEMENT

 

     

     

    

 

The Borrower

 

For and on behalf of

 

FWD GROUP LIMITED

 

By:

 

[***]

 

SIGNATURE PAGE TO

FOURTH AMENDMENT

AGREEMENT

 

     

     

    

 

The Mandated Lead Arranger

 

For and on behalf of

 

HSBC BANK PLC

 

By [***]

 

The Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

 

The
Security Agent

 

For and on behalf of 

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

By:

 

SIGNATURE PAGE TO

FOURTH AMENDMENT

AGREEMENT

 

     

     

    

 

The Mandated Lead Arranger

 

For and on behalf of

 

HSBC BANK PLC

 

By:

 

The Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

By:

 

[***]

 

The Security Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

By:

 

[***]

 

SIGNATURE PAGE TO

FOURTH AMENDMENT

AGREEMENT

 

     

     

    

 

Execution version

 

THIS AGREEMENT is dated 7 January 2020 and made
between:

 

	(1)	FWD GROUP FINANCIAL SERVICES PTE. LTD.,
                                            a private company incorporated under the laws of the Republic of Singapore with limited liability
                                            and company number 201302761R (the "Guarantor");

 

	(2)	FWD GROUP LIMITED, an exempted company
                                            incorporated under the laws of the Cayman Islands with limited liability and with company
                                            number 274405 (the "Borrower");

 

	(3)	HSBC BANK PLC, a company incorporated
                                            under the laws of England and Wales, as mandated lead arranger (the "Mandated Lead
                                            Arranger");

 

	(4)	THE HONGKONG AND SHANGHAI BANKING CORPORATION
                                            LIMITED, of Level 30, HSBC Main Building, 1 Queen's Road Central, Hong Kong, incorporated
                                            in Hong Kong with limited liability, as security trustee for the Secured Parties (the "Security
                                            Agent"); and

 

	(5)	THE HONGKONG AND SHANGHAI BANKING CORPORATION
                                            LIMITED, of Level 30, HSBC Main Building, 1 Queen's Road Central, Hong Kong, incorporated
                                            in Hong Kong with limited liability, as agent of the Finance Parties (other than itself)
                                            (the "Agent").

 

IT IS AGREED as follows:

 

	1.	DEFINITIONS AND INTERPRETATION

 

	1.1	Definitions 

 

In this Agreement:

 

"Amended Facility Agreement"
means the Original Facility Agreement, as amended by this Agreement.

 

"Effective Date" means
the date on which the Agent confirms to the Lenders and the Borrower that it has received each of the documents and other evidence listed
in and appearing to comply with Schedule 1 (Conditions Precedent).

 

"Guarantee Obligations"
means the guarantee and indemnity obligations of the Guarantor contained in the Original Facility Agreement and/or the Amended Facility
Agreement.

 

"Original Facility Agreement"
means the facility agreement relating to an up to US$175,000,000 term loan facility dated 4 February 2019 between the Guarantor, the
Borrower, the Agent, the Mandated Lead Arranger, the Security Agent and the Original Lenders, as amended and supplemented by an amendment
agreement dated 18 July 2019 and an amendment agreement dated 1 August 2019, as further amended and restated pursuant to an amendment
deed dated 6 September 2019 and as further amended and supplemented by an amendment agreement dated 4 November 2019.

 

     

     

    

 

"Party" means a party to this Agreement.

 

	1.2	Incorporation of defined terms 

 

		(a)	Unless a contrary
                                            indication appears, a term defined in the Original Facility Agreement has the same meaning
                                            in this Agreement.

 

		(b)	The principles of construction and the
                                            terms set out in clause 1.2 (Construction) and clause 1.3 (Currency Symbols and
                                            Definitions) and clause 1.4 (Personal liability) of the Original Facility Agreement
                                            shall have effect as if set out in this Agreement and as if references in those clauses to
                                            "this Agreement" or "the Finance Documents" or any Finance Document are
                                            references to this Agreement.

 

	1.3	Clauses 

 

In this Agreement any reference to
a "Clause" or a "Schedule" is, unless the context otherwise requires, a reference to a Clause in or a Schedule to
this Agreement.

 

	1.4	Third party rights 

 

		(a)	Unless expressly provided
                                            to the contrary in a Finance Document, a person who is not a Party has no right under the
                                            Contracts (Rights of Third Parties) Ordinance (Cap. 623) (the "Third Parties Ordinance")
                                            to enforce or to enjoy the benefit of any term of this Agreement.

 

		(b)	Notwithstanding any
                                            term of any Finance Document, the consent of any person who is not a Party is not required
                                            to rescind or vary this Agreement at any time.

 

		(c)	Any Receiver or Delegate may, subject to this Clause 1.4 and
the Third Parties Ordinance, rely on any Clause of this Agreement which expressly confers rights on it.

 

	1.5	Designation 

 

In accordance with the Original Facility Agreement, each
of the Borrower and the Agent designates this Agreement as a Finance Document.

 

	2.	REPRESENTATIONS 

 

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 this Agreement; and

 

		(b)	the Effective Date,

 

and references to "this Agreement"
or any Finance Document in the Repeating Representations should be construed as references to this Agreement and to the Original Facility
Agreement and on the Effective Date, to the Amended Facility Agreement.

 

    - 2 - 

     

    

 

	3.	AMENDMENT

 

	3.1	Amendment of the Original Facility Agreement
                                            

 

With effect from the Effective Date,
the Original Facility Agreement shall be amended as follows:

 

The definition of "Long-Stop Date" under clause
1.1 (Definitions) of the Original Facility Agreement shall be deleted in its entirety and replaced with the following:

 

""Long-Stop
Date" means 29 February 2020."

 

	4.	CONTINUITY AND FURTHER ASSURANCE

 

	4.1	Continuing obligations 

 

The provisions of the Original Facility
Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full force and effect.

 

	4.2	Confirmation of Guarantee Obligations 

 

For the avoidance of doubt, the Guarantor
confirms for the benefit of the Finance Parties that all Guarantee Obligations shall (a) remain in full force and effect notwithstanding
the amendment referred to in Clause 3.1 (Amendment of the Original Facility Agreement) and (b) extend to any new obligations assumed
by any Obligor under the Finance Documents as a result of this Agreement (including, but not limited to, under the Amended Facility Agreement).

 

	4.3	Confirmation of Security 

 

For the avoidance of doubt, the
Borrower confirms for the benefit of the Finance Parties that, the Security created by it pursuant to the Transaction Security
Document to which it is a party shall (a) remain in full force and effect notwithstanding the amendment referred to in Clause 3.1
(Amendment of the Original Facility Agreement) and (b) continue to secure the Secured Liabilities under the Finance Documents
as amended (including, but not limited to, under the Amended Facility Agreement).

 

	4.4	Further assurance

 

Each Obligor shall, at the request
of the Agent and at such Obligor's own expense, do all such acts and things necessary to give effect to the amendments effected or to
be effected pursuant to this Agreement.

 

	5.	COSTS AND EXPENSES

 

	5.1	Transaction expenses 

 

The Borrower shall within five Business
Days of demand pay the Administrative Parties the amount of all reasonable costs and expenses (including but not limited to legal fees)
reasonably and properly incurred by any of them (and in the case of the Security Agent, by any Receiver or Delegate) in connection with
the negotiation, preparation, printing and execution of this Agreement and any other documents referred to in this Agreement.

 

    - 3 - 

     

    

 

	6.	MISCELLANEOUS

 

	6.1	Incorporation of terms 

 

The provisions of clause 32 (Notices),
clause 34 (Partial Invalidity), clause 35 (Remedies and Waivers), clause 36 (Amendments and Waivers) and clause
39 (Enforcement) of the Original Facility Agreement shall be incorporated into this Agreement as if set out in full in this Agreement
and as if references in those clauses to "this Agreement" or "the Finance Documents" or any Finance Document are
references to this Agreement.

 

	6.2	Counterparts 

 

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

 

	7.	GOVERNING LAW 

 

This Agreement is governed by the laws
of Hong Kong.

 

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

 

    - 4 - 

     

    

 

SCHEDULE 1

CONDITIONS PRECEDENT

 

	1.	Obligors 

 

		(a)	A copy of (or a copy of a certified true extract of) a resolution of the board of directors of each
                                                               Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, this Agreement and resolving that it
                                                          execute this Agreement;

 

		(ii)	authorising a specified person or persons to execute this Agreement on its behalf; and

 

		(iii)	in relation to the Guarantor only, resolving that it is in the best interests of the Guarantor to
                                                                                   enter into the transactions contemplated by this Agreement.

 

		(b)	A copy of (or a copy of a certified true extract of) a resolution
signed by the Borrower as the holder of all issued shares in the Guarantor, approving the terms of, and the transactions contemplated
by, this Agreement.

 

	2.	Other document 

 

A copy of the letter dated 13 December
2019 between Bidco, the Vendors and Commonwealth Bank of Australia.

 

    - 5 - 

     

    

 

SIGNATURES

 

The Guarantor

 

For and on behalf of

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

 

By:

 

[***]

 

SIGNATURE PAGE TO

FIFTH AMENDMENT

AGREEMENT

 

     

     

    

 

The Borrower

 

For and on behalf of

 

FWD GROUP LIMITED

 

By:

 

 [***]

 

SIGNATURE PAGE TO

FIFTH AMENDMENT

AGREEMENT

 

     

     

    

 

The Mandated Lead Arranger

 

For and on behalf of

 

HSBC BANK PLC

 

By: [***]

 

The Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

 

The Security Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

 

SIGNATURE PAGE TO

FIFTH AMENDMENT

AGREEMENT

 

     

     

    

 

The Mandated Lead Arranger

 

For and on behalf of

 

HSBC BANK PLC

 

By:

 

The Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

 

[***]

 

The Security Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By: [***]

 

SIGNATURE PAGE TO

FIFTH AMENDMENT

AGREEMENT

 

     

     

    

 

Execution version

 

THIS AGREEMENT is dated 4 March 2020 and
made between:

 

	(1)	FWD GROUP FINANCIAL SERVICES PTE. LTD.,
                                            a private company incorporated under the laws of the Republic of Singapore with limited liability
                                            and company number 201302761R (the "Guarantor");

 

	(2)	FWD GROUP LIMITED, an exempted company
                                            incorporated under the laws of the Cayman Islands with limited liability and with company
                                            number 274405 (the "Borrower");

 

	(3)	HSBC BANK PLC, a company incorporated
                                            under the laws of England and Wales, as mandated lead arranger (the "Mandated Lead
                                            Arranger");

 

	(4)	THE HONGKONG AND SHANGHAI BANKING CORPORATION
                                            LIMITED, of Level 30, HSBC Main Building, 1 Queen's Road Central, Hong Kong, incorporated
                                            in Hong Kong with limited liability, as security trustee for the Secured Parties (the "Security
                                            Agent"); and

 

	(5)	THE HONGKONG AND SHANGHAI BANKING CORPORATION
                                            LIMITED, of Level 30, HSBC Main Building, 1 Queen's Road Central, Hong Kong, incorporated
                                            in Hong Kong with limited liability, as agent of the Finance Parties (other than itself)
                                            (the "Agent").

 

IT IS AGREED as follows:

 

	1.	DEFINITIONS AND INTERPRETATION

 

	1.1	Definitions 

 

In this Agreement:

 

"Amended Facility Agreement"
means the Original Facility Agreement, as amended by this Agreement.

 

"Effective Date" means
the date on which the Agent confirms to the Lenders and the Borrower that it has received each of the documents and other evidence listed
in and appearing to comply with Schedule 1 (Conditions Precedent).

 

"Guarantee Obligations"
means the guarantee and indemnity obligations of the Guarantor contained in the Original Facility Agreement and/or the Amended Facility
Agreement.

 

"Original Facility Agreement"
means the facility agreement relating to an up to US$175,000,000 term loan facility dated 4 February 2019 between the Guarantor, the
Borrower, the Agent, the Mandated Lead Arranger, the Security Agent and the Original Lenders, as amended and supplemented by an amendment
agreement dated 18 July 2019 and an amendment agreement dated 1 August 2019, as further amended and restated pursuant to an amendment
deed dated 6 September 2019, as further amended and supplemented by an amendment agreement dated 4 November 2019 and as further amended
and supplemented by an amendment agreement dated 7 January 2020.

 

     

     

    

 

"Party" means a party to this Agreement.

 

	1.2	Incorporation of defined terms 

 

		(a)	Unless a contrary
                                            indication appears, a term defined in the Original Facility Agreement has the same meaning
                                            in this Agreement.

 

		(b)	The principles of construction and the
                                            terms set out in clause 1.2 (Construction) and clause 1.3 (Currency Symbols and
                                            Definitions) and clause 1.4 (Personal liability) of the Original Facility Agreement
                                            shall have effect as if set out in this Agreement and as if references in those clauses to
                                            "this Agreement" or "the Finance Documents" or any Finance Document are
                                            references to this Agreement.

 

	1.3	Clauses 

 

In this Agreement any reference to
a "Clause" or a "Schedule" is, unless the context otherwise requires, a reference to a Clause in or a Schedule to
this Agreement.

 

	1.4	Third party rights 

 

		(a)	Unless expressly provided
                                            to the contrary in a Finance Document, a person who is not a Party has no right under the
                                            Contracts (Rights of Third Parties) Ordinance (Cap. 623) (the "Third Parties Ordinance")
                                            to enforce or to enjoy the benefit of any term of this Agreement.

 

		(b)	Notwithstanding any
                                            term of any Finance Document, the consent of any person who is not a Party is not required
                                            to rescind or vary this Agreement at any time.

 

		(c)	Any Receiver or Delegate may, subject to this Clause 1.4 and
the Third Parties Ordinance, rely on any Clause of this Agreement which expressly confers rights on it.

 

	1.5	Designation 

 

In accordance with the Original Facility Agreement, each
of the Borrower and the Agent designates this Agreement as a Finance Document.

 

	2.	REPRESENTATIONS 

 

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 this Agreement; and

 

		(b)	the Effective Date,

 

and references to "this Agreement"
or any Finance Document in the Repeating Representations should be construed as references to this Agreement and to the Original Facility
Agreement and on the Effective Date, to the Amended Facility Agreement.

 

    - 2 -

     

    

 

	3.	AMENDMENT

 

	3.1	Amendment of the Original Facility Agreement
                                            

 

With effect from the Effective Date,
the Original Facility Agreement shall be amended as follows:

 

The definition of "Long-Stop Date" under clause
1.1 (Definitions) of the Original Facility Agreement shall be deleted in its entirety and replaced with the following: ""Long-Stop
Date" means 30 June 2020."

 

	4.	CONTINUITY AND FURTHER ASSURANCE

 

	4.1	Continuing obligations 

 

The provisions of the Original Facility
Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full force and effect.

 

	4.2	Confirmation of Guarantee Obligations
                                            

 

For the avoidance of doubt, the Guarantor
confirms for the benefit of the Finance Parties that all Guarantee Obligations shall (a) remain in full force and effect notwithstanding
the amendment referred to in Clause 3.1 (Amendment of the Original Facility Agreement) and (b) extend to any new obligations assumed
by any Obligor under the Finance Documents as a result of this Agreement (including, but not limited to, under the Amended Facility Agreement).

 

	4.3	Confirmation of Security 

 

For the avoidance of doubt, the Borrower
confirms for the benefit of the Finance Parties that, the Security created by it pursuant to the Transaction Security Document to which

 

it is a party shall (a) remain in full
force and effect notwithstanding the amendment referred to in Clause 3.1 (Amendment of the Original Facility Agreement) and

(b) continue to secure the Secured
Liabilities under the Finance Documents as amended (including, but not limited to, under the Amended Facility Agreement).

 

	4.4	Further assurance

 

Each Obligor shall, at the request
of the Agent and at such Obligor's own expense, do all such acts and things necessary to give effect to the amendments effected or to
be effected pursuant to this Agreement.

 

	5.	COSTS AND EXPENSES

 

	5.1	Transaction expenses 

 

The Borrower shall within five Business
Days of demand pay the Administrative Parties the amount of all reasonable costs and expenses (including but not limited to legal fees)
reasonably and properly incurred by any of them (and in the case of the Security Agent, by any Receiver or Delegate) in connection with
the negotiation, preparation, printing and execution of this Agreement and any other documents referred to in this Agreement.

 

    - 3 -

     

    

 

	6.	MISCELLANEOUS

 

	6.1	Incorporation of terms 

 

The provisions of clause 32 (Notices),
clause 34 (Partial Invalidity), clause 35 (Remedies and Waivers), clause 36 (Amendments and Waivers) and clause
39 (Enforcement) of the Original Facility Agreement shall be incorporated into this Agreement as if set out in full in this Agreement
and as if references in those clauses to "this Agreement" or "the Finance Documents" or any Finance Document are
references to this Agreement.

 

	6.2	Counterparts 

 

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

 

	7.	GOVERNING LAW 

 

This Agreement is governed by the laws
of Hong Kong.

 

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

 

    - 4 -

     

    

 

SCHEDULE 1

CONDITIONS PRECEDENT

 

	1.	Obligors 

 

		(a)	A copy of (or a copy of a certified true extract of) a resolution of the board of directors of each
                                                               Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, this Agreement and resolving that it
                                                          execute this Agreement;

 

		(ii)	authorising a specified person or persons to execute this Agreement on its behalf; and

 

		(iii)	in relation to the Guarantor only, resolving that it is in the best interests of the Guarantor to
                                                                              enter into the transactions contemplated by this Agreement.

 

		(b)	A copy of (or a copy of a certified true extract of) a resolution signed by the Borrower as the
                                                                                 holder of all issued shares in the Guarantor, approving the terms of, and the transactions contemplated by, this Agreement.

 

	2.	Other document 

 

A copy of the letter dated 14 February
2020 between Bidco, the Vendors and Commonwealth Bank of Australia.

 

    - 5 -

     

    

 

SIGNATURES

 

The Guarantor

 

For and on behalf of

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

 

By:

 

[***]

 

SIGNATURE PAGE TO

SIXTH AMENDMENT

AGREEMENT

 

     

     

    

 

The Borrower

 

For and on behalf of

 

FWD GROUP LIMITED

 

By:

 

[***]

 

SIGNATURE PAGE TO

SIXTH AMENDMENT

AGREEMENT

 

     

     

    

 

The Mandated Lead Arranger

 

For and on behalf of

 

HSBC BANK PLC

 

[***]

 

The Agent

 

For and on
behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

 

The Security
Agent

 

For and on
behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

 

SIGNATURE PAGE TO

SIXTH AMENDMENT

AGREEMENT

 

     

     

    

 

The Mandated Lead Arranger

 

For and on behalf of

 

HSBC BANK PLC

 

By:

 

The Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

By:

 

[***]

 

The Security Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

By:

 

[***]

 

SIGNATURE PAGE TO

SIXTH AMENDMENT

AGREEMENT

 

     

     

    

 

EXECUTION VERSION

 

THIS
DEED is made on 5 October 2020 by:

 

	(1)	FWD GROUP LIMITED,
                                            an exempted company incorporated under the laws of the Cayman Islands with limited liability
                                            and with company number 274405 (the “Borrower”);

 

	(2)	FWD GROUP FINANCIAL
                                            SERVICES PTE. LTD., a private company incorporated under the laws of the Republic of
                                            Singapore with limited liability and company number 201302761R (the “Guarantor”);

 

	(3)	THE HONGKONG AND
                                            SHANGHAI BANKING CORPORATION LIMITED of Level 30, HSBC Main Building, 1 Queen's Road
                                            Central, Hong Kong, incorporated in Hong Kong with limited liability, as agent of the Finance
                                            Parties (other than itself) (the “Agent”); and

 

	(4)	THE HONGKONG AND
                                            SHANGHAI BANKING CORPORATION LIMITED of Level 30, HSBC Main Building, 1 Queen's Road
                                            Central, Hong Kong, incorporated in Hong Kong with limited liability, as security trustee
                                            for the Finance Parties (the "Security Agent").

 

NOW THIS DEED WITNESSES as follows:

 

	1.	DEFINITIONS AND INTERPRETATION

 

	1.1	Definitions 

 

In this Deed:

 

“Amended Facility Agreement”
means the Original Facility Agreement, as amended by this Deed.

 

“Effective Date”
means the date on which the Agent confirms to the Lenders and the Borrower that it has received each of the documents and other evidence
listed in and appearing to comply with Schedule 1 (Conditions Precedent).

 

“Guarantee Obligations”
means the guarantee and indemnity obligations of the Guarantor contained in the Original Facility Agreement and/or the Amended Facility
Agreement.

 

“Original Facility Agreement”
means the facility agreement relating to an up to US$175,000,000 term loan facility dated 4 February 2019 between, among others, the
Borrower, the Guarantor, the Agent, the Mandated Lead Arranger, the Security Agent and the Original Lenders, as amended and supplemented
by an amendment agreement dated 18 July 2019 and an amendment agreement dated 1 August 2019, as amended and restated pursuant to an amendment
deed dated 6 September 2019 and as further amended and supplemented by an amendment agreement dated 4 November 2019, an amendment agreement
dated 7 January 2020 and an amendment agreement dated 4 March 2020, each between, among others, the Borrower as borrower and the Agent
as agent, and as may be further amended and/or supplemented from time to time prior to the date of this Deed.

 

     

     

    

 

“Third Side Letter” means a side letter
dated on or about the date of this Deed between the Borrower as borrower and the Agent as agent.

 

	1.2	Incorporation of defined terms 

 

		(a)	Unless a contrary indication appears, a term defined in (prior
to the Effective Date) the Original Facility Agreement or (on and after the Effective Date) the Amended Facility Agreement has the same
meaning in this Deed.

 

		(b)	The principles of construction and the
                                            terms set out in clause 1.2 (Construction), clause 1.3 (Currency Symbols and Definitions),
                                            clause 1.4 (Personal liability), clause 1.5 (Third party rights) and clause
                                            1.6 (Contractual recognition of bail-in) of (prior to the Effective Date) the Original
                                            Facility Agreement or (on and after the Effective Date) the Amended Facility Agreement shall
                                            have effect as if set out in full in this Deed and as if references in those clauses to “this
                                            Agreement” or “the Finance Documents” or any Finance Document are references
                                            to this Deed.

 

	1.3	Clauses 

 

In this Deed any reference to a “Clause”
or a “Schedule” is, unless the context otherwise requires, a reference to a Clause in or a Schedule to this Deed.

 

	1.4	Designation 

 

In accordance with the Original Facility Agreement, each
of the Borrower and the Agent designates each of this Deed and the Third Side Letter as a Finance Document.

 

	2.	REPRESENTATIONS 

 

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 this Deed; and

 

		(b)	the Effective Date,

 

and references to “this Agreement”
or any Finance Document in the Repeating Representations should be construed as references to this Deed and to the Original Facility
Agreement and on the Effective Date, to the Amended Facility Agreement.

 

	3.	AMENDMENTS

 

	3.1	Amendment of the Original Facility Agreement
                                            

 

With effect from the Effective Date,
the Original Facility Agreement shall be amended as follows:

 

		(a)	the definition of “Confidential Information” in clause 1.1 (Definitions) of the
                                                               Original Facility Agreement be amended by deleting the words “and the Second Side Letter” and replacing therefor
                                                               “, the Second Side Letter and the Third Side Letter”;

 

     

     

    

 

		(b)	the definition of “Finance Documents”
                                            in clause 1.1 (Definitions) of the Original Facility Agreement be amended by inserting
                                            the words “, the Fourth Amendment Agreement, the Fifth Amendment Agreement, the Sixth
                                            Amendment Agreement, the Seventh Amendment Deed and the Third Side Letter” after the
                                            words “the Second Side Letter”;

 

		(c)	a new definition of “Fifth Amendment Agreement”
be inserted in clause 1.1 (Definitions) of the Original Facility Agreement after the definition of “Fee Letter” as
follows:

 

			““Fifth Amendment Agreement” means an amendment
agreement dated 7 January 2020 between the Borrower as borrower, the Guarantor as guarantor, the Mandated Lead Arranger as mandated lead
arranger, the Agent as agent and the Security Agent as security agent.”;

 

		(d)	a new definition of “Fourth Amendment Agreement”
be inserted in clause 1.1 (Definitions) of the Original Facility Agreement after the definition of “First Amendment Agreement”
as follows:

 

			““Fourth Amendment Agreement” means an amendment
agreement dated 4 November 2019 between the Borrower as borrower, the Guarantor as guarantor, the Mandated Lead Arranger as mandated
lead arranger, the Agent as agent and the Security Agent as security agent.”;

 

		(e)	a new definition of “Seventh Amendment Deed” be
inserted in clause 1.1 (Definitions) of the Original Facility Agreement after the definition of “Senior Facility Maturity
Date” as follows:

 

			““Seventh Amendment Deed” means an amendment
deed dated __________________ between the Borrower as borrower, the Guarantor as guarantor,
the Agent as agent and the Security Agent as security agent.”;

 

		(f)	a new definition of “Sixth Amendment Agreement”
be inserted in clause 1.1 (Definitions) of the Original Facility Agreement after the definition of “Side Letter” as
follows:

 

			““Sixth Amendment Agreement” means an amendment
agreement dated 4 March 2020 between the Borrower as borrower, the Guarantor as guarantor, the Mandated Lead Arranger as mandated lead
arranger, the Agent as agent and the Security Agent as security agent.”;

 

		(g)	a new definition of “Third Side Letter” be inserted
in clause 1.1 (Definitions) of the Original Facility Agreement after the definition of “Third Amendment Deed” as follows:

 

			““Third Side Letter” means the third side
letter dated on or about the date of the Seventh Amendment Deed between the Borrower as borrower and the Agent as agent, entered into
in connection with the Seventh Amendment Deed and referred to therein.”;

 

		(h)	the definition of “Ultimate Shareholder”
                                            in clause 1.1 (Definitions) of the Original Facility Agreement be amended by deleting
                                            the words “or the Second Side Letter” and replacing therefor “, the Second
Side Letter or the Third Side Letter”;

 

     

     

    

 

		(i)	paragraph (a)(i) of clause 7.2 (Mandatory prepayment on change
of control or share ownership) of the Original Facility Agreement shall be deleted in its entirety and replaced with the following:

 

		“(i)	the Ultimate Shareholder ceases to
                                            control the casting of votes at a general meeting of the Borrower or the appointment or removal
                                            of officers of the Borrower in accordance with the requirements set out in the documents
                                            detailed in the Third Side Letter; or”;

 

		(j)	clause 22.15 (Non-compliance) of the Original Facility
Agreement be amended by deleting the words “or the Second Side Letter” and replacing therefor “, the Second Side Letter
or the Third Side Letter”;

 

		(k)	clause 24 (Disclosure of information)
                                            of the Original Facility Agreement be amended by deleting each reference to “the Side
                                            Letter and/or the Second Side Letter” in that clause and replacing therefor “the
                                            Side Letter, the Second Side Letter and/or the Third Side Letter”; and

 

		(l)	paragraph (a) of clause 32.2 (Addresses)
                                            of the Original Facility Agreement be amended by deleting the words “Third Amendment
                                            Deed” and replacing therefor “the Seventh Amendment Deed” and paragraph
                                            (c) of clause 32.2 (Addresses) of the Original Facility Agreement be amended by deleting
                                            the words “Amended Deed” and replacing therefor “the Third Amendment Deed”.

 

	3.2	Amendment of the Second Side Letter 

 

With effect from the Effective Date,
the Second Side Letter and each document detailed therein shall be amended in accordance with the terms set out in the Third Side Letter
and each document detailed therein.

 

	3.3	Notification of Effective Date 

 

The Agent shall notify the Borrower
and the Lenders promptly upon the occurrence of the Effective Date.

 

	4.	CONTINUITY AND FURTHER ASSURANCE

 

	4.1	Continuing obligations 

 

The provisions of the Original Facility
Agreement and the other Finance Documents shall, save as amended by this Deed, continue in full force and effect.

 

	4.2	Confirmation of Guarantee Obligations 

 

For the avoidance of doubt, the Guarantor
confirms for the benefit of the Finance Parties that all Guarantee Obligations shall (a) remain in full force and effect notwithstanding
the amendments referred to in Clause 3 (Amendments) and (b) extend to any new obligations assumed by any Obligor under the Finance
Documents as a result of this Deed (including, but not limited to, under the Amended Facility Agreement).

 

     

     

    

 

	4.3	Confirmation of Security 

 

For the avoidance of doubt, the Borrower
confirms for the benefit of the Finance Parties that, the Security created by it pursuant to the Transaction Security Document to which
it is a party shall (a) remain in full force and effect notwithstanding the amendments referred to in Clause 3 (Amendments) and
(b) continue to secure the Secured Liabilities under the Finance Documents as amended (including, but not limited to, under the Amended
Facility Agreement).

 

	4.4	Further assurance 

 

Each Obligor shall, at the request
of the Agent (acting reasonably) and at such Obligor's own expense, do all such acts and things necessary to give effect to the amendments
effected or to be effected pursuant to this Deed.

 

	5.	COSTS AND EXPENSES 

 

The Borrower shall within five Business
Days of demand pay the Administrative Parties the amount of all reasonable costs and expenses (including but not limited to legal fees)
reasonably and properly incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with
the negotiation, preparation, printing and execution of this Deed and any other documents referred to in this Deed.

 

	6.	MISCELLANEOUS 

 

	6.1	Incorporation of terms

 

The provisions of (subject to paragraph
(l) of Clause 3.1 (Amendment of the Original Facility Agreement) above) clause 32 (Notices), clause 34 (Partial Invalidity),
clause 35 (Remedies and Waivers), clause 36 (Amendments and Waivers) and clause 39 (Enforcement) of (prior to the
Effective Date) the Original Facility Agreement or (on and after the Effective Date) the Amended Facility Agreement shall be incorporated
into this Deed as if set out in full in this Deed and as if references in those clauses to “this Agreement” or “the
Finance Documents” or any Finance Document are references to this Deed.

 

	6.2	Counterparts 

 

This Deed may be executed in any number
of counterparts, and this has the same effect as if the signatures and/or execution on the counterparts were on a single copy of this
Deed.

 

	7.	GOVERNING LAW 

 

This Deed is governed by the laws of
Hong Kong.

 

IN WITNESS WHEREOF this Deed has been
signed on behalf of the Agent and the Security Agent and executed as a deed by each of the Borrower and the Guarantor and is intended
to be and is hereby delivered by each of the Borrower and the Guarantor as a deed.

 

     

     

    

 

 

SCHEDULE 1

CONDITIONS PRECEDENT

 

		1.	Obligors 

 

		(a)	A copy of the constitutional documents and if applicable, statutory registers of each Obligor (or a certificate
of an authorised signatory of each Obligor certifying that the constitutional documents and, if applicable, statutory registers previously
delivered to the Agent for the purposes of the Third Amendment Deed have not been amended and remain in full force and effect).

 

		(b)	A copy of (or a copy of a certified true extract of) a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, this Deed and (in the case of the Borrower)
the Third Side Letter and resolving that it execute this Deed and (in the case of the Borrower) the Third Side Letter;

 

		(ii)	authorising a specified person or persons to execute this Deed and (in the case of the Borrower) the Third
Side Letter on its behalf; and

 

		(iii)	in the case of the Guarantor, resolving that it is in the best interests of the Guarantor to enter into
the transactions contemplated by this Deed.

 

		(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above
(to the extent not already delivered to the Agent for the purposes of the Original Facility Agreement or the Third Amendment Deed, provided
that where it is so delivered for the purposes of the Original Facility Agreement or the Third Amendment Deed, the certificate referred
to in paragraph (e) shall confirm that such specimen(s) so delivered remain(s) correct, complete and in full force and effect).

 

	 	(d)	A copy of (or a copy of a certified true extract of) a resolution signed by the Borrower as the holder of all the issued shares in the
Guarantor, approving the terms of, and the transactions contemplated by, this Deed.

 

	 	(e)	A certificate of an authorised signatory of each Obligor certifying that each copy document relating to it specified in this Schedule
1 is correct, complete and in full force and effect as at a date no earlier than the date of this Deed.

 

		(f)	A certificate of good standing issued by the Registrar of Companies in the Cayman Islands in respect of
the Borrower.

 

		2.	Legal Opinions 

 

		(a)	A legal opinion as to the laws of Hong Kong from Clifford Chance addressed to the Agent, the Security
Agent and the Lenders.

 

		(b)	A legal opinion as to the laws of Singapore from Clifford Chance Pte. Ltd. addressed to the Agent, the
Security Agent and the Lenders.

 

     

    

    

 

	 	(c)	A legal opinion as
to the laws of the Cayman Islands from Walkers (Singapore) Limited Liability Partnership addressed to the Agent, the Security Agent and
the Lenders.

 

		3.	Other documents and evidence 

 

	 	(a)	A copy of the Third Side Letter duly executed by the parties thereto and copies of each of the documents as detailed in such Third Side
Letter duly executed by the relevant party(ies) thereto.

 

	 	(b)	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 5 (Costs and Expenses) have been paid
or will be paid by the Effective Date.

 

     

    

    

 

SIGNATURE PAGES

 

The Borrower

 

SIGNED, SEALED and DELIVERED

as a DEED by Ronald Joseph Arculli

[***]

as an authorised signatory

of and for and on behalf of

 

FWD GROUP LIMITED in the
presence of:

 

	[***]	Signature
of witness
	 	 
	[***]	 	 	 	Name of witness

 

	Address:	[***]
	 	 
	Telephone:	[***]
	 	 
	Fax:	[***]
	 	 
	Attention:	[***]
	 	 
	Email:	[***]

 

SIGNATURE PAGE TO AMENDMENT DEED (WILSON)

 

     

    

    

 

	The Guarantor	 	
    

     

    

    

	 	 
	The COMMON SEAL of	)
	FWD GROUP FINANCIAL SERVICES PTE. LTD.	)
	was affixed hereto in accordance with its Constitution	)

 

[***]

 

	Director 	 
	Name:	[***]

 

	Address:	[***]
	 	 
	Telephone:	[***]
	 	 
	Fax:	[***]
	 	 
	Attention:	[***]
	 	 
	Email:	[***]

 

SIGNATURE PAGE TO AMENDMENT DEED (WILSON)

 

     

    

    

 

The Agent

 

For
and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

[***]

 

	 	 
	Name:	 
	Title:	 

 

SIGNATURE
PAGE TO AMENDMENT DEED (WILSON)

 

     

    

    

 

The Security Agent

 

For and on behalf
of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

	Name:	[***]	 

	Title:	[***]	 

 

SIGNATURE
PAGE TO AMENDMENT DEED (WILSON)Exhibit 10.22

 

	
    
	CLIFFORD CHANCE 

 高 偉 紳 律 師 行
	 

 

EXECUTION VERSION

 

FWD GROUP LIMITED

AS BORROWER

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

AS GUARANTOR

 

ARRANGED BY

 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

AND

STANDARD CHARTERED BANK (SINGAPORE) LIMITED

AS MANDATED LEAD ARRANGERS AND BOOKRUNNERS

 

THE FINANCIAL INSTITUTIONS

AS ORIGINAL LENDERS

 

WITH

 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

AS AGENT AND SECURITY AGENT

 

		 	 

US$1,800,000,000

FACILITY AGREEMENT

		 	 

 

     

     

    

 

CONTENTS

 

	Clause	Page  

 

	1. 	Definitions and Interpretation	3
	2. 	The Facility	28
	3. 	Purpose	28
	4. 	Conditions of Utilisation	29
	5.	Utilisation	33
	6. 	Repayment	35
	7.	Prepayment and Cancellation	35
	8. 	Interest	44
	9. 	Interest Periods	45
	10. 	Changes to the Calculation of Interest	46
	11. 	Fees	47
	12. 	Tax Gross-up and Indemnities	49
	13. 	Increased Costs	54
	14. 	Mitigation by the Lenders	55
	15. 	Other Indemnities	56
	16. 	Costs and Expenses	58
	17. 	Guarantee and Indemnity	60
	18. 	Representations	63
	19. 	Information Undertakings	69
	20. 	Financial Covenants	74
	21. 	General Undertakings	75
	22. 	Events of Default	88
	23. 	Changes to the Parties	95
	24. 	Disclosure of Information	102
	25. 	Role of the Administrative Parties	106
	26. 	The Security Agent	112
	27. 	Change of Security Agent and Delegation	120
	28. 	Application of Proceeds	121
	29. 	Sharing among the Finance Parties	123
	30. 	Payment Mechanics	125
	31. 	Set-off	127
	32. 	Notices	127
	33. 	Calculations and Certificates	130
	34. 	Partial Invalidity	131

 

     - i -

     

    

 

	35.	Remedies and Waivers	131
	36. 	Amendments and Waivers	131
	37.	Counterparts	138
	38. 	Governing Law	139
	39.	Enforcement	139

	Schedule 1 The Original Lenders	141
	Schedule 2 Conditions Precedent	142
	Schedule 3 Requests, Notices and Receipts	146
	Schedule 4 Form of Transfer Certificate	150
	Schedule 5 Form of Compliance Certificate	154
	Schedule 6 Timetables	155
	Schedule 7 Existing Security	156

                     

     - ii -

     

    

 

  

THIS AGREEMENT is dated
      10 September     2019 and made

 

BETWEEN:

 

	(1)	FWD GROUP LIMITED, an exempted company incorporated under the laws of the Cayman
Islands with limited liability and with company number 274405 (the "Borrower");

 

	(2)	FWD GROUP FINANCIAL SERVICES PTE. LTD., a limited private company incorporated
under the laws of the Republic of Singapore with limited liability and company number 201302761R (the "Guarantor");

 

	(3)	STANDARD CHARTERED BANK (HONG KONG) LIMITED of 32/F, 4-4A Des Voeux Road, Central, Hong Kong, incorporated
in Hong Kong with limited liability and STANDARD CHARTERED BANK (SINGAPORE) LIMITED of 8 Marina Boulevard, Level 26, Singapore
018981, incorporated in Singapore with limited liability as mandated lead arrangers and bookrunners (the "MLABs");

 

	(4)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders)
as lenders (the "Original Lenders");

 

	(5)	STANDARD CHARTERED BANK (HONG KONG) LIMITED of 32/F, 4-4A Des Voeux Road, Central,
Hong Kong, incorporated in Hong Kong with limited liability, as agent of the Finance Parties (other than itself) (the "Agent");
and

 

	(6)	STANDARD CHARTERED BANK (HONG KONG) LIMITED of 32/F, 4-4A Des Voeux Road, Central,
Hong Kong, incorporated in Hong Kong with limited liability, as security trustee and agent for the Finance Parties (the "Security
Agent").

 

IT IS AGREED as follows:

 

SECTION 1

INTERPRETATION

 

	1.	DEFINITIONS AND INTERPRETATION

 

	1.1	Definitions 

 

In this Agreement:

 

"Account Bank" means
Standard Chartered Bank (Hong Kong) Limited.

 

"Acquisition" means:

 

		(a)	the acquisition by the Guarantor of approximately 99.17 per cent. of the Target Shares
with a portion of such Target Shares to be allocated to Siam PCG (as designated by the Guarantor), in each case pursuant to the terms
of the Acquisition Documents; and

 

		(b)	the execution of the Distribution Agreement by the parties thereto.

 

    - 3 -

     

    

 

"Acquisition Agreement" means the share sale agreement
dated 1 July 2019 relating to the sale and purchase of approximately 99.17 per cent. of the Target Shares and made between the Guarantor
and the Vendor.

 

"Acquisition Conditions Precedent Completion
Date" means the date falling six (6) months from the date of the Acquisition Agreement (or such later date as otherwise agreed
by or among the parties to the Acquisition Agreement).

 

"Acquisition Consideration" means
the aggregate consideration payable by the Guarantor to the Vendor pursuant to the Acquisition Agreement (the "Acquisition Agreement
Consideration") (including, for the avoidance of doubt, such portion of the Acquisition Agreement Consideration to be paid by
Siam PCG that is attributable to the portion of the Target Shares that the Guarantor may designate to be allocated to Siam PCG pursuant
to the terms of the Acquisition Agreement (the "Acquisition Agreement Consideration (Siam PCG)")).

 

"Acquisition Costs" means all
fees, costs, expenses and stamp, registration and other Taxes incurred by (or on behalf of) any member of the Group in connection with
the Acquisition and/or the Transaction Documents.

 

"Acquisition Documents" means
the Acquisition Agreement, the Current Distribution Agreement and any other document designated as such by the Agent and the Borrower.

 

"Acquisition Documents Summary"
means the summary of the key terms of the Acquisition Documents delivered to the Agent pursuant to Clause 4.1 ( Initial conditions
precedent), as may be updated from time to time by the Borrower pursuant to Clause 7.3 ( Mandatory prepayment on the occurrence
of any termination event under the Distribution Agreement) or Clause 19.4 ( Information: miscellaneous).

 

"Acquisition Long Stop Date"
means the date falling 20 "Business Days" (as defined in the Acquisition Agreement) after the Acquisition Conditions Precedent
Completion Date (or such later date as otherwise agreed by or among the parties to the Acquisition Agreement).

 

"Administrative Party" means each of the Agent, the
MLABs and the Security Agent.

 

"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.

 

"APLMA" means the Asia Pacific Loan Market Association
Limited.

 

"Assignment Agreement" means
an agreement substantially in a recommended form of the APLMA or any other form agreed between the relevant assignor, assignee and the
Agent.

 

"Authorisation" means:

 

		(a)	an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or
registration; or

 

		(b)	in relation to anything which will be fully or partly prohibited or restricted by law if a Governmental
Agency intervenes or acts in any way within a specified period after lodgement, filing, registration or notification,
the expiry of that period without intervention or action.

 

    - 4 -

     

    

 

"Availability Period" means the period from and including
the date of this Agreement to and including the earlier of:

 

		(a)	the date falling twelve Months after the date of this Agreement; and

 

		(b)	the date on which the Acquisition lapses or is terminated, withdrawn, abandoned or rescinded.

 

"Available Commitment" means at any time a Lender's
Commitment minus:

 

		(a)	the aggregate amount of its participations in any outstanding Loans; and

 

		(b)	in relation to any proposed Utilisation, the aggregate amount of its participations in any Loans that
are due to be made on or before the proposed Utilisation Date.

 

"Available Facility" means at
any time the aggregate of the Lenders' Available Commitments.

 

"Baht Account" means the account
of the Guarantor with the Thai Account Bank with account number [***], including any renewal or re-designation of such account.

 

"Borrower Account Charge" means
the Hong Kong law governed deed of account charge to be entered into between the Borrower and the Security Agent granting first-ranking
security over the Reserve Account of the Borrower.

 

"Break Costs" means the amount (if any) by which:

 

		(a)	the interest (excluding the Margin) which a Lender should have received pursuant to the terms of this
Agreement for the period from the date of receipt of all or any part of the principal amount of a Loan or an 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 of interest 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)	for the purposes of determining LIBOR, a day (other than a Saturday or Sunday) on which banks are open
for the transaction of domestic and foreign exchange business in London;

 

    - 5 -

     

    

  

		(b)	for the purposes of making payments, a day (other than a Saturday or Sunday) on which
banks are open for the transaction of domestic and foreign exchange business in New York, Singapore, Bangkok and Hong Kong; and

 

		(c)	for all other purposes, a day (other than a Saturday or Sunday) on which banks are
open for general business in Singapore, Bangkok and Hong Kong.

 

"Business Security Agreement over
Thai Account" means the Thai law governed business security agreement over Baht Account to be entered into between, among others,
the Guarantor, the Security Agent and the Thai Account Bank granting first-ranking security over the Baht Account of the Guarantor and
registered with the Business Security Registration Office in the Department of Business Development, the Ministry of Commerce of Thailand,
as may be amended, supplemented and/or restated from time to time.

 

"Certain Funds Period"
means the period from and including the date of this Agreement to and including the earliest of:

 

		(a)	the Acquisition Long Stop Date;

 

		(b)	the Closing Date; and

 

		(c)	the date on which the Acquisition lapses or is terminated, withdrawn, abandoned or
rescinded.

 

"Certain Funds Utilisation" means a Loan made or to
be made under the Facility during the Certain Funds Period.

 

"Charged Property" means all of the assets
which from time to time are, or are expressed to be, the subject of Transaction Security.

 

"Clean-Up Period" means the period beginning
on the date of this Agreement and ending on the date falling 120 days after the first Utilisation Date.

 

"Closing Date" means the date of Completion.

 

"Code" means the US Internal Revenue Code of 1986.

 

"Commitment" means:

 

		(a)	in relation to an Original Lender, the amount 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; and

 

		(b)	in relation to any other Lender, the amount of any Commitment transferred to it under
this Agreement, to the extent not cancelled, reduced or transferred by it under this
Agreement.

  

"Completion" means the completion of the Acquisition
in accordance with the Acquisition Agreement.

 

    - 6 -

     

    

 

"Compliance Certificate"
means a certificate delivered pursuant to Clause 19.2 (Compliance Certificate) or Clause 22.2 (Specific covenants) and
signed by one director or an authorised signatory of the Borrower substantially in the form set out in Schedule 5 (Form of Compliance
Certificate).

 

"Confidential Information"
means all information relating to the Borrower, any Obligor, the Group, the Target Group, the Finance Documents (including any documents
referred to in the Side Letter) 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 information that:

 

		(i)	is or becomes public information other than as a direct or indirect result of any
breach by that Finance Party of Clause 24 (Disclosure of Information); or

 

		(ii)	is identified in writing at the time of delivery as non-confidential by any member
of the Group or any of its advisers; or

 

		(iii)	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.

 

"Confidentiality Undertaking"
means a confidentiality undertaking substantially in a recommended form of the APLMA or in any other form agreed between the Borrower
and the Agent.

 

"Convertible Preference Shares"
means the convertible preference shares of US$0.01 each issued by the Borrower for the purpose of funding part of the Acquisition Consideration.

 

"Current Distribution Agreement"
means the Distribution Agreement or (if it or any subsequent Replacement Distribution Agreement has been terminated or otherwise ceases
to be full force and effect) the Replacement Distribution Agreement entered into for the purpose of replacing the first-mentioned Distribution
Agreement or Replacement Distribution Agreement pursuant to Clause 7.3 ( Mandatory prepayment on the occurrence of any termination
event under the Distribution Agreement).

 

    - 7 -

     

    

  

"Deal Site" has the meaning given to that
term in Clause 32.6 (Use of deal site by the Agent).

 

"Debt Purchase Transaction" means, in relation
to a person, a transaction where such person:

 

		(a)	purchases by way of assignment or transfer;

 

		(b)	enters into any Participation in respect of,

 

any Commitment or amount outstanding under this Agreement.

 

"Default" means an Event
of Default or any event or circumstance specified in Clause 22 (Events of Default) which would (with the expiry of a grace period,
the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event
of Default.

 

"Defaulting Lender"
means any Lender (other than a Lender which is a Shareholder Affiliate):

 

		(a)	which has failed to make its participation in a Loan available (or has notified the Agent or the Borrower
(which has notified the Agent) that it will not make its participation in a Loan available) by the Utilisation Date of that Loan in accordance
with Clause 5.4 (Lenders' participations);

 

		(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 three 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.

 

"Delegate" means any delegate, agent, attorney,
co-trustee or co-agent appointed by the Security Agent.

 

"Disruption Event" means either or both of:

 

		(a)	a material disruption to those payment or communications systems or to those financial markets which are,
in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions
contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control
of, any of the Parties; and

 

    - 8 -

     

    

   

		(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.

 

"Distribution Agreement"
means the distribution agreement to be dated on or around the Closing Date and made between the Vendor and the Target in relation to the
distribution of life insurance products of the Target by the Vendor to its customers in Thailand for an initial term of 15 years.

 

"Equity Instruments"
has the meaning given to such term in the definition of "Financial Indebtedness".

 

"Equity Monies" has
the meaning given to such term in Schedule 2 (Conditions Precedent).

 

"Event of Default"
means any event or circumstance specified as such in Clause 22 (Events of Default).

 

"Existing Senior Facilities" means:

 

		(a)	the US$275,000,000 term loan facility made available to the Borrower pursuant to a
facility agreement dated 25 July 2018 between, amongst others, the Borrower as borrower and Standard Chartered Bank (Hong Kong) Limited
as agent, as amended and supplemented by an amendment agreement dated 23 January 2019 and as amended and/or restated from time to time;
and

 

		(b)	the US$175,000,000 facility or facilities made available to the Borrower pursuant
to a facility agreement dated 4 February 2019 between, amongst others, the Borrower as borrower and The Hongkong and Shanghai Banking
Corporation Limited as agent, as amended and/or restated from time to time.

 

"Existing Subordinated Debts" means indebtedness
arising under any of the following:

 

		(a)	the US$550,000,000 5.75% subordinated notes due on 9 July 2024, issued by the Borrower
and constituted by a deed of covenant dated 9 July 2019;

 

		(b)	the US$250,000,000 5.75% subordinated notes due on 9 July 2024 issued by the Borrower
on 23 July 2019; and

  

    - 9 -

     

    

 

		(c)	the US$100,000,000 5.75% subordinated notes due on 9 July 2024 issued by the Borrower
on 30 July 2019.

 

"Facility" means the term loan facility
made available under this Agreement as described in Clause 2.1 ( The Facility).

 

"Facility Office" means:

 

		(a)	in respect of a Lender, the office or offices notified by that Lender to the Agent
in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days' written notice) as
the office or offices through which it will perform its obligations under this Agreement; or

 

		(b)	in respect of any other Finance Party, the office in the jurisdiction which it is
resident for tax purposes.

 

"Facility Risks" means any interest rate
liabilities and/or exchange rate risks of, and relating to, the Facility.

 

"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 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 referring to this Agreement or the Facility between one or more Administrative Parties and the Borrower setting out
any of the fees referred to in Clause 11 (Fees) or in connection with the Facility.

 

"Final Repayment Date"
means the date falling 36 Months after the first Utilisation Date.

 

"Finance Document"
means this Agreement, the Side Letter, each Transaction Security Document, any Fee Letter, any Utilisation Request, any Receipt, any Selection
Notice, any Subordination Deed, the Syndication Letter and any other document designated as such by the Agent and the Borrower.

 

"Finance Party" means the Agent, the Security
Agent, a MLAB or a Lender.

 

    - 10 -

     

    

 

"Financial Indebtedness" means any indebtedness
for or in respect of:

 

		(a)	moneys borrowed;

 

		(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 or any similar instrument;

 

		(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance
with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would,
in accordance with GAAP in force prior to 1 January 2019, have been treated as an operating lease);

 

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

 

		(f)	any amount raised under any other transaction (including any forward sale or purchase
agreement) having the commercial effect of a borrowing;

 

		(g)	any Treasury Transaction, derivative or other transaction entered into in connection
with protection against or benefit from fluctuation in any rate or price or pursuant to any ISDA agreement, global master repurchase agreement
(GMRA) or global master securities lending Agreement (GMSLA) or any credit support arrangement in relation to any ISDA agreement (and,
when calculating the value of such derivative or other transaction only the marked to market value (or, if any actual amount is due as
a result of the termination or close out of that derivative transaction, that amount), as at that time shall be taken into account);

 

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

 

		(i)	(without double counting) the amount of any liability in respect of any guarantee
or indemnity for any of the items referred to (and subject to the limitations set out) in paragraphs (a) to (h) above,

 

provided, however, that:

 

		(i)	any indebtedness for or in respect of any amount raised pursuant to any issue of perpetual bonds, bonds,
notes, debentures, redeemable preference shares or any similar instrument which would, in accordance with GAAP, be treated as "equity"
and so recorded on the balance sheet of the issuing entity shall not constitute "Financial Indebtedness" (the "Equity
Instruments"); and

 

		(ii)	any indebtedness incurred in respect of any Subordinated Debts referred to in Clause
21.13 (Subordinated Debts: Affiliates) shall be excluded from the definition of "Financial Indebtedness"
for the purpose of Clause 22.5 (Cross default).

 

    - 11 -

     

    

  

"Funds Flow Statement" means a funds flow
statement (including sources and uses) in agreed form.

 

"FWD Japan" means FWD Fuji Life Insurance
Company Limited, a company incorporated under the laws of Japan.

 

"FWD Thailand" means FWD Life Insurance
Public Company Limited, a company incorporated under the laws of Thailand.

 

"GAAP" means:

 

		(a)	in relation to any Obligor or the Group, generally accepted accounting principles under IFRS;

 

		(b)	in relation to the Target, Thai Financial Reporting Standards; or

 

		(c)	in relation to any other member of the Group, generally accepted accounting principles
under IFRS or, as applicable, generally accepted accounting principles in the jurisdiction of its incorporation.

 

"Governmental Agency"
means any government or any governmental agency, semi-governmental or judicial entity or authority (including, without limitation, any
stock exchange or any self-regulatory organisation established under statute).

 

"Group" means the
Borrower and its Subsidiaries from time to time including, for the avoidance of doubt:

 

		(a)	FWD Thailand and its Subsidiaries from time to time; and

 

		(b)	(upon and after the Closing Date) the Target and its Subsidiaries from time to time.

 

"Group Licensed Entity"
means any member of the Group which is an operating insurance company holding the applicable insurance licence(s).

 

"Hedging Agreement"
means any master agreement, confirmation, schedule or other agreement entered into by the Borrower and the party listed as hedge counterparty
therein in connection with any Treasury Transaction for the purpose of hedging Facility Risks.

 

"Holding Company"
means, in relation to a person, any other person in respect of which it is a Subsidiary.

 

"IFRS" means international
accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

 

"Indirect Tax" means
any goods and services tax, consumption tax, value added tax or any tax of a similar nature, wherever imposed.

 

    - 12 -

     

    

 

"Information Memorandum"
means the document in the form approved by the Borrower concerning the Group and the Target Group which, at the Borrower's request and
on its behalf, is prepared in relation to this transaction and distributed by the MLABs (or any of them) to selected financial institutions
or entities.

 

"Information Package" means:

 

		(a)	the financial, tax, actuarial and human resources due diligence report dated 28 June
2019 prepared by KPMG; and

 

		(b)	the legal key issues report dated 7 May 2019 prepared by Baker McKenzie.

 

"Insolvency Event" in relation to an entity
means that the entity:

 

		(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;

 

		(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 described 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 (other than, for so long as it
is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity
described in paragraph (d) above);

 

    - 13 -

     

    

 

		(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;

 

		(i)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in paragraphs (a) to (h) above; or

 

		(j)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any
of the foregoing acts.

 

"Interest Period" means,
in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum,
each period determined in accordance with Clause 8.3 (Default interest).

 

"Interpolated Screen Rate"
means, in relation to LIBOR for any Loan, the rate (rounded upwards to four decimal places) 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 on the Quotation Day for the
currency of that Loan.

 

"IPO" means the first
offering and listing of any of the shares of any member of the Group (or any Holding Company of the Borrower) on any stock exchange provided
that such offer of securities is accompanied (or preceded) by the grant of the listing of, and permission to deal in, such shares
by such exchange.

 

"ISDA" means the International Swaps and
Derivatives Association.

 

"Legal Opinion" means
any legal opinion delivered to the Agent under Clause 4.1 (Initial conditions precedent).

 

"Legal Reservations" means:

 

		(a)	the principle that certain (including equitable) remedies (or remedies that are analogous to equitable
remedies in other jurisdictions) may be granted or refused at the discretion of a court, the principle of reasonableness and fairness
where implied by law and the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, court schemes, moratoria,
administration, examinership, reorganisation and other laws generally affecting the rights of creditors;

 

		(b)	the time barring of claims under any limitation laws, the possibility that an undertaking to assume liability
for or indemnity a person against non-payment of stamp duty or other Taxes may be void and defences of
acquiescence, set-off or counterclaim;

 

    - 14 -

     

    

 

		(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction;

 

		(d)	the principle that in certain circumstances Security granted by way of fixed charge
may be recharacterised as a floating charge;

 

		(e)	the principle that additional interest imposed pursuant to any relevant agreement
may be held to be unenforceable on the grounds that it is a penalty and thus void;

 

		(f)	the principle that a court may not give effect to an indemnity for legal costs incurred
by an unsuccessful litigant; and

 

		(g)	any other matters which are set out as qualifications or reservations as to matters
of law of general applications in any Legal Opinion.

 

"Lender" means:

 

		(a)	any Original Lender; or

 

		(b)	any bank, financial institution, trust, fund or other entity which has become a Lender
in accordance with Clause 23 (Changes to the Parties),

 

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;

 

		(b)	(if no Screen Rate is available for the Interest Period of that Loan) the Interpolated
Screen Rate for that Loan; or

 

		(c)	if:

 

		(i)	no Screen Rate is available for the currency of that Loan; or

 

		(ii)	no Screen Rate is available for the Interest Period of that Loan and it is not possible
to calculate an Interpolated Screen Rate for that Loan,

 

the Reference Bank Rate; or

 

		(d)	as otherwise determined pursuant to Clause 10.1 (Unavailability
of Screen Rate),

 

as of, in the case of paragraphs (a)
and (c) above, the Specified Time on the Quotation Day for the currency of that Loan and for a period equal in length to the Interest
Period of that Loan and, if any such rate is below zero, LIBOR will be deemed to be zero.

 

"Licensed
Entity" has the meaning given to such term in Clause 7.2 ( Mandatory prepayment on change of control or share ownership).

 

    - 15 -

     

    

 

"Loan" means , as the context requires, a
loan made or to be made under the Facility or the principal amount outstanding at any time of that loan.

 

"Major Default" means any circumstances constituting
a Default under any of:

 

		(a)	Clause 22.1 (Non-payment);

 

		(b)	Clause 22.3 (Other obligations) insofar as it relates to a breach of a Major Undertaking;

 

		(c)	Clause 22.4 (Misrepresentation) insofar as it relates to a breach of a Major Representation;

 

		(d)	with respect to an Obligor or a Relevant Entity only, Clause 22.6 (Insolvency), Clause 22.7 (Insolvency
proceedings), Clause 22.8 (Creditor's process), Clause 22.9 (Unlawfulness) or Clause 22.14 ( Declared default);

 

		(e)	Clause 22.10 (Repudiation and rescission of agreements); or

 

		(f)	Clause 22.15 ( Non-compliance),

 

provided that (for the purposes of the above provisions)
a Relevant Entity shall be deemed to be a member of the Group.

 

"Major Representation" means a representation
or warranty under any of:

 

		(a)	with respect to an Obligor or a Relevant
                                            Entity only, Clause 18.1 (Status), Clause 18.2 (Binding obligations), Clause
                                            18.3 (Non-conflict with other obligations), Clause 18.4 (Power and authority),
                                            Clause 18.5 (Validity and admissibility in evidence) or Clause 18.13 (Pari passu
                                            ranking), provided that (insofar as a Relevant Entity is concerned) such representation
                                            or warranty is made by the Obligors to their actual knowledge after due and careful enquiry
                                            (and the Obligors shall be considered as having made such "due and careful enquiry"
                                            if the Guarantor has made such enquiry through its directors or managers (or directors or
                                            managers of such Relevant Entity appointed by it) as is practicable in the circumstances
                                            in its capacity as shareholder of such Relevant Entity); or

  

		(b)	paragraphs (a) and (b) of Clause 18.18 (Acquisition Documents) or Clause 18.21 (Sanctions),

 

provided that (for the purposes of the above provisions) a
Relevant Entity shall be deemed to be a member of the Group.

 

"Major Undertakings" means any of:

 

		(a)	with respect to an Obligor or a Relevant Entity only, Clause 21.6 (Merger);

 

		(b)	with respect to an Obligor only, Clause 21.4 (Negative pledge), Clause 21.5 (Disposals),
Clause 21.6 (Merger), Clause 21.9 (Loans and guarantees), Clause 21.10 (Financial Indebtedness) or Clause 21.15 ( Dividends
and share redemption); or

 

    - 16 -

     

    

   

		(c)	Clause 21.12 (Acquisition Documents) or Clause 21.19
(Sanctions),

 

provided that (for the purposes of the
above provisions) a Relevant Entity shall be deemed to be a member of the Group.

 

"Majority Lenders" means
a Lender or Lenders whose Commitments aggregate more than 662⁄3 per cent. of the Total Commitments (or, if the Total Commitments have
been reduced to zero, aggregated more than 662⁄3 per cent. of the Total Commitments immediately prior to the reduction).

 

"Margin" means 1.50 per cent. (1.5%) per
annum.

 

"Material Adverse Effect" means a material
adverse effect on:

 

		(a)	the business, assets or financial condition of the Group (taken as a whole);

 

		(b)	the ability of any of the Obligors to perform its payment obligations under the Finance Documents; or

 

		(c)	(subject to the applicable Legal Reservations and the Perfection Requirements (which are not overdue))
the validity or enforceability of the whole or any part of any of the Finance Documents or the rights or remedies of the Finance Parties
under the Finance Documents or the effectiveness or ranking of any Transaction Security which (i) would be materially adverse to the interests
of the Finance Parties under the Finance Documents (taken as a whole) and (ii) if capable of remedy, not remedied within 20 Business Days
of the Borrower (or the relevant Obligor) becoming aware of the relevant event or circumstance or being given notice of the same by the
Agent (whichever is earlier).

 

"Maximum Required Drawdown Amount"
means the amount reasonably determined by the Borrower and certified in writing to the Agent (on or prior to the date of the first Utilisation
Request) to be the amount in US dollars which, when converted into Thai Baht (where applicable), is not less than the sum of (a) 60% of
the aggregate Acquisition Consideration and (b) the aggregate amount of Acquisition Costs and fees and expenses incurred in relation to
the Facility (as described in the Funds Flow Statement).

 

"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) below, if the numerically corresponding day is not a Business Day, that period
shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately
preceding Business Day;

 

		(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

 

    - 17 -

     

    

  

		(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 apply only to the last Month of any period.

 

"New Lender" has the meaning given to that
term in Clause 23 (Changes to the Parties).

 

"Obligors" means the Borrower and the Guarantor
and "Obligor" means each one of them.

 

"Original Financial Statements" means:

 

		(a)	in relation to the Borrower, its audited consolidated financial statements for the
financial year ended 31 December 2018;

 

		(b)	in relation to the Guarantor, its audited unconsolidated financial statements for
the financial year ended 31 December 2018; and

 

		(c)	in relation to the Target, its audited consolidated financial statements for the financial
year ended 31 December 2018.

 

"Participation" means, in relation to a person,
a transaction where such person:

 

		(a)	enters into any sub-participation in respect of any or all of its rights and/or obligations
under the Finance Documents;

 

		(b)	declares a trust (or similar arrangement) in respect of any or all of its rights under
any Finance Document; or

 

		(c)	enters into any other arrangement under which payments are to be made or may be made
by reference to one or more Finance Documents, the Facility or the Borrower.

 

"Party" means a party to this Agreement.

 

"Perfection Requirement"
means any registration, filing, endorsement, notarisation, stamping, notification or other action or step to be made or procured in any
jurisdiction in order to perfect Transaction Security created by a Transaction Security Document and/or in order to achieve the relevant
priority for the Transaction Security created thereunder.

 

"Permitted Termination"
means, in respect of a Hedging Agreement, the termination or close-out in whole or in part of any hedging transaction under that Hedging
Agreement prior to its stated maturity if:

 

		(a)	the Agent exercises any of its rights pursuant to paragraph (b) of Clause 22.16 (Acceleration);
or

 

		(b)	all amounts outstanding under this Agreement are not repaid partially or in full on
the Final Repayment Date; or

 

		(c)	any Event of Default or Termination Event (both terms as defined in the relevant Hedging Agreement) occurs
under any Hedging Agreement.

 

    - 18 -

     

    

  

"Quotation Day" means:

 

		(a)	in relation to any period for which an interest rate is to be determined, 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 Agent (acting reasonably) in accordance with market practice in the Relevant Interbank Market (and if quotations would normally
be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days); and

 

		(b)	in relation to any Interest Period the duration of which is selected by the Agent pursuant to Clause 8.3
(Default interest), such date as may be determined by the Agent (acting reasonably).

 

"Receipt" means a loan
receipt substantially in the form set out in Part III of Schedule 3 ( Requests, Notices and Receipts).

 

"Receiver" means a receiver
or receiver and manager or administrative receiver of the whole or any part of the Charged Property.

 

"Reference Bank Rate"
means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference
Banks, as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in US dollars 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 US dollars and for
that period, provided that if the arithmetic mean of such rates is below zero, the Reference Bank Rate will be deemed to be zero.

 

"Reference Banks" means,
subject to Clause 25.15 (Reference Banks), such banks as may be appointed by the Agent in consultation with the Borrower.

 

"Relevant Account" has
the meaning given to such term in Clause 21.18 (Relevant Account).

 

"Relevant Account Bank"
means Standard Chartered Bank (Hong Kong) Limited (or any replacement bank designated with the prior written consent of the Borrower and
the Agent).

 

"Relevant Benchmark"
means, in relation to a bank, any one of the following benchmarks:

 

		(a)	(if such bank is listed) the market capitalisation of such bank;

 

		(b)	the total assets of such bank;

 

		(c)	the total equity of such bank; and

 

		(d)	(i) the number of employees and/or officers of such bank in Thailand (including, for the avoidance of
doubt, the employees and/or officers in all its branches and offices in Thailand) and (ii) the number
of branches and/or offices of such bank in Thailand, provided that (for the avoidance of doubt) the criteria under (i) and (ii)
shall together constitute one Relevant Benchmark.

 

    - 19 -

     

    

 

"Relevant Entity"
means any entity (a) in which the Borrower has any direct and/or indirect interest and (b) that directly and/or indirectly acquires, or
that is to directly or indirectly acquire, any Target Shares (or any part thereof or any interest therein).

 

"Relevant Interbank Market" means the London
interbank market.

 

"Relevant Jurisdiction"
means, in relation to an Obligor or any other member of the Group party to an Acquisition Document:

 

		(a)	its jurisdiction of incorporation;

 

		(b)	any jurisdiction where it has assets which are subject to the Transaction Security to be created by it
is situated;

 

		(c)	any jurisdiction in which it conducts a material part of its business;

 

		(d)	the jurisdiction whose laws govern the perfection of any of the Transaction Security
Documents entered into by it; and

 

		(e)	(in the case of any member of the Group party to an Acquisition Document) Thailand.

 

"Repeating Representations"
means each of the representations set out in Clause 18.1 (Status) to Clause 18.5 (Validity and admissibility in evidence),
Clause 18.7 (Governing law and enforcement), paragraph (a) of Clause 18.10 (No default), paragraph (d) of Clause 18.11 (No
misleading information), paragraphs (a) and (b) of Clause 18.12 (Financial statements), Clause 18.16 (Ranking of Security)
to Clause 18.17 (Good title to assets), paragraph (a) of Clause 18.18 ( Acquisition Documents), paragraph (b) of Clause
18.19 (Ownership and control), Clause 18.20 (Legal and beneficial ownership) and Clause 18.21 (Sanctions).

 

"Replacement Distribution Agreement"
means a bancassurance agreement entered into by the Target or (at any time after the Restructure Date) a Licensed Entity with (a) one
of the top six banks in Thailand (by reference to a Relevant Benchmark) or (b) such other bank or financial institution acceptable to
the Majority Lenders, provided that the key commercial terms of such bancassurance agreement shall be substantially the same as
(or no less favourable to the Target or, as applicable, such Licensed Entity than) the Distribution Agreement or Replacement Distribution
Agreement being replaced thereby.

 

"Representative" means
any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

"Required Balance" means, at any time, US$75,000,000,
provided that:

 

		(a)	upon any prepayment of any Loan (or any part thereof) after the expiry of the
                                                             Availability Period, the Required Balance shall with effect from such prepayment be (until any further adjustment to the Required
                                                             Balance in accordance with this paragraph (a) or paragraph (b)) equal to the aggregate of interest accruing on the Loans for
                                                             the period of 12 Months from the date of such prepayment (calculated as if (i) the rate of interest on each Loan throughout such
                                                             12-Month period were equal to the rate of interest applicable to such Loan as at the date of such prepayment and (ii) no further
                                                             repayment or prepayment of any Loan would occur during such 12-Month period, other than repayment of the Loans in full on the Final
                                                             Repayment Date); and

 

    - 20 -

     

    

 

		(b)	at the last day of each calendar month (which last day falls within 12 Months of the
Final Repayment Date), the Required Balance shall be adjusted so that with effect from such last day, it shall (until any further adjustment
to the Required Balance in accordance with this paragraph (b) or paragraph (a)) equal to the aggregate of interest accruing on the Loans
for the period from the last day of such calendar month until the Final Repayment Date (calculated as if (i) the rate of interest on each
Loan throughout such period were equal to the rate of interest applicable to such Loan as at the last day of such calendar month and (ii)
no further repayment or prepayment of any Loan would occur during such period, other than repayment of the Loans in full on the Final
Repayment Date).

 

"Reserve Account" means the account
of the Borrower with the Account Bank with account number [***], in each case including any renewal or re-designation of such account.

 

"Restricted Party" means a person
that is: (a) listed on, or owned or controlled by a person listed on, or acting on behalf of a person listed on, any Sanctions List; (b)
located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located
in or organised under the laws of a country or territory that is the target of country-wide or territory-wide Sanctions; or (c) otherwise
a target of Sanctions ("target of Sanctions" signifying a person with whom a US person or other national of a Sanctions Authority
would be prohibited or restricted by law from engaging in trade, business or other activities).

 

"Restructure Date" has the meaning given to
such term in Clause 7.2 ( Mandatory prepayment on change of control or share ownership).

 

"Retiring Security Agent" has the meaning
given to that term in Clause 27 (Change of Security Agent and Delegation).

 

"Sanctions"
means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by: (a) the
United States government; (b) the United Nations; (c) the European Union; (d) the United Kingdom; (e) Hong Kong; (f) Thailand; (g)
Japan; (h) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office
of Foreign Assets Control of the US Department of Treasury ("OFAC"), the United States Department of State, and Her
Majesty's Treasury ("HMT") or the Hong Kong Monetary Authority (together the "Sanctions
Authorities").

 

"Sanctions List" means the "Specially
Designated Nationals and Blocked Persons" list maintained by OFAC, the Consolidated List of Financial Sanctions Targets and the Investment
Ban List maintained by HMT, or any similar list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions
Authorities.

 

    - 21 -

     

    

 

"Screen Rate" means
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 period displayed on page LIBOR01 of the Reuters screen (or any replacement Reuters page which displays
the rate), or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters.
If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation
with the Borrower.

 

"Secured Liabilities"
means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any
other capacity whatsoever) of each Obligor to any Secured Party under each Finance Document.

 

"Secured Party" means a Finance Party, a
Receiver or any Delegate.

 

"Security" means a mortgage,
charge, pledge, business security, lien or other security interest securing any obligation of any person or any other agreement or arrangement
having a similar effect.

 

"Security Agent's Spot Rate of
Exchange" means the Security Agent's spot rate of exchange for the purchase of the relevant currency with the currency of the
Loan(s) in the Hong Kong foreign exchange market at or about 11:00 a.m. Hong Kong time on a particular day.

 

"Security Property" means:

 

		(a)	the Transaction Security expressed to be granted in favour of the Security Agent as trustee or agent for
the Secured Parties (or in favour of any or all of the Secured Parties) and all proceeds of that Transaction Security;

 

		(b)	all obligations expressed to be undertaken by an Obligor to pay amounts in respect of the Secured Liabilities
to the Security Agent as trustee or agent for the Secured Parties and secured by the Transaction Security together with all representations
and warranties expressed to be given by an Obligor in favour of the Security Agent as trustee or agent for the Secured Parties; and

 

		(c)	any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or
contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for (or as agent for)
the Secured Parties.

 

"Selection Notice" means
a notice substantially in the form set out in Part II of Schedule 3 ( Requests, Notices and Receipts) given in accordance with
Clause 9.1 (Selection of Interest Periods).

 

"Senior Facility Maturity Date"
means the Final Repayment Date or the final maturity date of any of the Existing Senior Facilities, whichever is the latest.

 

"Shareholder Affiliate"
means any shareholder of any member of the Group and the Affiliates of such shareholder but excluding any member of the Group.

 

    - 22 -

     

    

 

"Siam Pacific" means
Siam Pacific Corporation Company Limited, a company incorporated under the laws of Thailand.

 

"Siam PCG" means Siam
PCG Co., Ltd., a company incorporated under the laws of Thailand.

 

"Side Letter" means
the side letter in the agreed form entered into before the first Utilisation Date by the Borrower in favour of the Agent (on behalf of
the Finance Parties).

 

"Specified Time" means a time determined
in accordance with Schedule 6 (Timetables).

 

"Subordinated Debts" means:

 

		(a)	any of the Existing Subordinated Debts; or

 

		(b)	any indebtedness owing by any Obligor, which is subordinated to the claims of the
Finance Parties under the Finance Documents pursuant to a Subordination Deed or otherwise on terms acceptable to the Agent (acting on
the instructions of the Majority Lenders (acting reasonably)),

 

for so long as such indebtedness remains
effectively subordinated to the claims of the Finance Parties under the Finance Documents.

 

"Subordination Deed"
means a subordination deed (in form and substance satisfactory to the Agent) entered into by an Obligor (as subordinated debtor), another
member of the Group, a Shareholder Affiliate or any other person (as subordinated creditor) and the Security Agent.

 

"Subsidiary" means,
in relation to any company or corporation, a company or corporation:

 

		(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation;

 

		(b)	more than half the issued equity share capital of which is beneficially owned, directly
or indirectly, by the first mentioned company or corporation; or

 

		(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,

 

and for this purpose, a company or
corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or
to control the composition of its board of directors or equivalent body and, insofar as FWD Thailand, Siam PCG, Siam Pacific or any Licensed
Entity is concerned, "beneficial ownership" shall be construed in accordance with paragraph (b) of Clause 7.2 (Mandatory
prepayment on change of control or share ownership).

 

"Syndication Letter"
means the syndication letter dated on or about the date of this Agreement and entered into between the Borrower and the MLABs.

 

    - 23 -

     

    

 

"Target" means SCB Life
Assurance Public Company Limited, a company incorporated under the laws of Thailand.

 

"Target Group" means the Target and its Subsidiaries
from time to time.

 

"Target Shares" means all of the shares in
Target.

 

"Tax" means any tax,
levy, impost, duty or other charge or withholding of a similar nature that is imposed by law or by a governmental agency (including any
penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

 

"Tax Deduction" has the meaning given to
such term in Clause 12.1 (Tax definitions).

 

"Thai Account Bank"
means Standard Chartered Bank (Thai) Public Company Limited.

 

"Total Commitments"
means at any time the aggregate of the Commitments (being USD1,800,000,000 as at the date of this Agreement).

 

"Transaction Documents"
means the Acquisition Documents and the Finance Documents.

 

"Transaction Security"
means the Security created or evidenced or expressed to be created or evidenced under the Transaction Security Documents.

 

"Transaction Security Document" means:

 

		(a)	the Borrower Account Charge;

 

		(b)	the Business Security Agreement over Thai Account;

 

		(c)	any other document evidencing or creating or expressed to evidence or create Security over any asset to
secure any obligation of any Obligor to a Secured Party under the Finance Documents; or

 

		(d)	any other document designated as such by the Security Agent and the Borrower.

 

"Transfer Certificate"
means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between
the Agent and the Borrower.

 

"Transfer Date" means, in relation to an
assignment or a transfer, the later of:

 

		(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and

 

		(b)	the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.

 

    - 24 -

     

    

 

"Treasury Transactions"
means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any interest or exchange
rate or price.

 

"Ultimate Shareholder" has the meaning given
to it in the Side Letter.

 

"Unpaid Sum" means
any sum due and payable but unpaid by an Obligor under the Finance Documents.

 

"US" means the United States of America.

 

"US Tax Obligor" means:

 

		(a)	the Borrower, if it is resident for tax purposes in the US; or

 

		(b)	an Obligor some or all of whose payments under the Finance Documents are from sources
within the US for US federal income tax purposes.

 

"Utilisation" means a utilisation of the
Facility.

 

"Utilisation Date" means the date of a
Utilisation, being the date on which the relevant Loan is to be made.

 

"Utilisation Request" means a notice substantially
in the form set out in Part I of Schedule 3 ( Requests, Notices and Receipts).

 

"Vendor" means The Siam Commercial Bank
Public Company Limited, a company incorporated under the laws of Thailand.

 

		1.2	Construction 

 

		(a)	Unless a contrary indication appears, any reference in this Agreement to:

 

		(i)	any "Administrative Party", the "Agent", any "MLAB",
any "Finance Party", any "Lender", any "Obligor", any "Party", any
 "Secured Party", the "Security Agent" or other person shall be construed so as to include its successors
in title, permitted assigns and permitted transferees;

 

		(ii)	"agreed form" means a document that is in the form agreed by or on
behalf of the Borrower and the Agent on or before the date of this Agreement;

 

		(iii)	"assets" includes present and future properties, revenues and rights
of every description;

 

		(iv)	a "Finance Document", a "Transaction Document" or
any other agreement or instrument is a reference to that Finance Document, Transaction Document or other agreement or instrument as amended,
novated, supplemented, extended or restated;

 

    - 25 -

     

    

 

		(v)	"including" shall be construed as "including without limitation" (and cognate
expressions shall be construed similarly);

 

		(vi)	"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;

 

		(vii)	a Lender's "participation" in a Loan or an Unpaid Sum includes an amount (in the currency
of such Loan or Unpaid Sum) representing the fraction or portion (attributable to such Lender by virtue of the provisions of this Agreement)
of the total amount of such Loan or Unpaid Sum and the Lender's rights under this Agreement in respect thereof;

 

		(viii)	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);

 

		(ix)	a "regulation" includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation;

 

		(x)	a provision of law is a reference to that provision as amended or re-enacted; and

 

		(xi)	a time of day is a reference to Hong Kong time.

 

		(b)	Section, Clause and Schedule headings are for ease of reference only.

 

		(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given
under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

 

		(d)	A Default (other than an Event of Default) is "continuing" if it has not been remedied
or waived and an Event of Default is "continuing" if it has not been remedied or waived.

 

		(e)	Where this Agreement specifies an amount in a given currency (the "specified currency")
 "or its equivalent", the "equivalent" is a reference to the amount of any other currency which, when
converted into the specified currency utilising the Agent's spot rate of exchange for the purchase of the specified currency with that
other currency at or about 11 a.m. on the relevant date, is equal to the relevant amount in the specified currency.

 

		(f)	If and to the extent that any Finance Party (acting individually or as a collective) is required to act
reasonably under the terms of a Finance Document with respect to any matter, each relevant Finance Party must act reasonably with respect
to such matter.

 

    - 26 -

     

    

 

		1.3	Currency Symbols and Definitions 

 

"Baht" and "Thai Baht"
denote the lawful currency of Thailand.

 

"US$", "USD" and "US dollars" denote the lawful
currency of the US.

 

		1.4	Personal liability 

 

No director, officer, employee or other
person acting (or purporting to act) on behalf of the Borrower, the Guarantor or any other member of the Group (or any Affiliate of a
member of the Group) shall be personally liable for any representation, certification or statement made (or deemed to be made) by that
person, the Borrower, the Guarantor or any other member of the Group in any Finance Document or any certificate, notice or other document
required to be delivered under, or in connection with, any Finance Document, whether or not signed by that person.

 

		1.5	Third party rights 

 

		(a)	Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right
under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy the benefit of
any term of this Agreement.

 

		(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not
required to rescind or vary this Agreement at any time.

 

		(c)	Any Receiver or Delegate may, subject to this Clause 1.5 and the Third Parties Act, rely on any Clause
of this Agreement which expressly confers rights on it.

 

    - 27 -

     

    

 

SECTION 2

THE FACILITY

 

	2.  	THE FACILITY

 

		2.1	The Facility 

 

Subject to the terms of this Agreement,
the Lenders make available to the Borrower a US dollar term loan facility in an aggregate amount equal to the Total Commitments.

 

		2.2	Finance Parties' rights and obligations 

 

		(a)	The obligations of the Finance Parties under the Finance Documents are several. Failure by a Finance Party
to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents.
No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

 

		(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect
of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance Party
include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other
amount owed by an Obligor which relates to a Finance Party's participation in the Facility or its role under a Finance Document (including
any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.

 

		(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights
under the Finance Documents.

 

	3. 	PURPOSE

 

		3.1	Purpose 

 

The Borrower shall apply all amounts
borrowed by it under the Facility towards:

 

		(a)	payment of up to 60 per cent. of the Acquisition Consideration; and/or

 

		(b)	payment of the Acquisition Costs and the fees and expenses incurred in relation to the Facility and payment
of an amount equal to the Required Balance into the Relevant Account,

 

as described in the Funds Flow Statement.

 

		3.2	Monitoring 

 

No Finance Party is bound to monitor
or verify the application of any amount borrowed pursuant to this Agreement.

 

    - 28 -

     

    

 

	4.    	CONDITIONS OF UTILISATION

 

		4.1	Initial conditions precedent 

 

		(a)	The Borrower may not deliver a Utilisation Request unless the Agent has received all of the documents
and other evidence listed in Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent (acting reasonably).

 

		(b)	The Agent shall notify the Borrower and the Lenders promptly upon the Majority Lenders being so satisfied
with such documents and other evidence listed in Schedule 2 (Conditions Precedent) or (in the case of paragraph (b) of Clause 4.5
(Funds flow and account operation)) the documents and other evidence specified therein.

 

		(c)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before
the Agent gives the notification described in paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification.
The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

 

		4.2	Further conditions precedent 

 

Subject to Clause 4.1 (Initial conditions
precedent), the Lenders will be obliged to comply with Clause 5.4 (Lenders' participations) in relation to a Utilisation other
than one to which Clause 4.3 ( Utilisations during the Certain Funds Period) applies, if on the date of the Utilisation Request
and on the proposed Utilisation Date:

 

		(a)	no Default is continuing or would result from the proposed Loan;

 

		(b)	none of the circumstances described in Clause 7.2 (Mandatory prepayment on change of control or share
ownership) has occurred; and

 

		(c)	the Repeating Representations to be made by each Obligor are true in all material respects (or, in the
case of a Repeating Representation that is already qualified by materiality under Clause 18 ( Representations), in all respects).

 

		4.3	Utilisations during the Certain Funds Period 

 

		(a)	Subject to Clause 4.1 (Initial conditions precedent), during the Certain Funds Period the Lenders
will only be obliged to comply with Clause 5.4 (Lenders' participation) in relation to a Certain Funds Utilisation if, on the date
of the Utilisation Request and on the proposed date of Utilisation:

 

		(i)	no Major Default is continuing or would result from the proposed Utilisation;

 

		(ii)	none of the circumstances described in Clause 7.2 (Mandatory prepayment on change of control or share
ownership) has occurred; and

 

		(iii)	the Major Representations are true in all material respects (or, in the case of a
Major Representation that is already qualified by materiality under Clause 18 ( Representations), in all respects).

 

    - 29 -

     

    

 

		(b)	During the Certain Funds Period (save in circumstances where, pursuant to paragraph
(a) above, a Lender is not obliged to comply with Clause 5.4 (Lenders' participation) and subject as provided in Clause 7.1 (Illegality),
Clause 7.9 ( Termination of the Acquisition) and Clause 7.10 ( Cancellation of Commitments – Maximum Required Drawdown
Amount) and (in respect of the Reserve Account or the Baht Account) paragraph (b) of Clause 4.5 (Funds flow and account operation)),
none of the Finance Parties shall be entitled to:

 

		(i)	invoke any condition set out in Clause 4.2 (Further conditions precedent) as a ground for refusing
to make a Certain Funds Utilisation during the Certain Funds Period;

 

		(ii)	cancel any of its Commitments to the extent to do so would prevent or limit the making
of a Certain Funds Utilisation;

 

		(iii)	rescind, terminate or cancel this Agreement or the Facility or exercise any similar
right or remedy or make or enforce any claim under the Finance Documents it may have to the extent to do so would prevent or limit the
making of a Certain Funds Utilisation or a withdrawal from the Reserve Account or the Baht Account for the purpose of funding the Acquisition
Consideration;

 

		(iv)	refuse to participate in the making of a Certain Funds Utilisation;

 

		(v)	exercise any right of set-off or counterclaim in respect of a Utilisation, the Reserve
Account or the Baht Account to the extent to do so would prevent or limit the making of a Certain Funds Utilisation or a withdrawal from
the Reserve Account or the Baht Account for the purpose of funding the Acquisition Consideration; or

 

		(vi)	cancel, accelerate or cause repayment or prepayment of any amounts owing under this
Agreement or under any other Finance Document to the extent to do so would prevent or limit the making of a Certain Funds Utilisation
or a withdrawal from the Reserve Account or the Baht Account for the purpose of funding the Acquisition Consideration,

 

provided that immediately upon
the expiry of the Certain Funds Period all such rights, remedies and entitlements shall be available to the Finance Parties notwithstanding
that they may not have been used or been available for use during the Certain Funds Period.

 

		4.4	Maximum number of Loans 

 

		(a)	The Borrower may not deliver a Utilisation Request if as a result of the proposed
Utilisation more than fifteen (15) Loans would be outstanding.

 

		(b)	The Borrower may not request that a Loan be divided if, as a result of the proposed
division fifteen (15) or more Loans would be outstanding.

 

    - 30 -

     

    

 

		4.5	Funds flow and account operation 

 

		(a)	The Borrower and the Guarantor shall ensure that:

 

		(i)	the proceeds of the Facility (to the extent to be applied towards payment of the Acquisition
Consideration) are paid into the Reserve Account pending such proceeds being made available by the Borrower to the Guarantor for conversion
into Thai Baht;

 

		(ii)	the proceeds of such conversion are paid directly into the Baht Account;

 

		(iii)	such conversion into Thai Baht is made simultaneously with, or after, the conversion
of all of the Equity Monies (to the extent to be applied towards payment of the Acquisition Consideration) into Thai Baht; and

 

		(iv)	(without limiting the generality of the foregoing) the proceeds of the Facility are
applied in accordance with the Funds Flow Statement.

 

		(b)	On or prior to the Closing Date, (x) the Borrower shall be entitled to make withdrawals
from the Reserve Account for (1) purpose(s) contemplated under and in accordance with the Funds Flow Statement or (2) prepayment of the
Loans in accordance with Clause 7.9 ( Termination of the Acquisition) and (y) the Guarantor shall be entitled to make withdrawals
from the Baht Account for(1) purpose(s) contemplated under and
in accordance with the Funds Flow Payment or (2) (in the case of termination of the Acquisition Agreement or occurrence of Non-Completion
Event referred to in Clause 7.9 ( Termination of the Acquisition)) for conversion into US dollars and deposit into the Reserve
Account, provided that (in each case):

 

		(i)	no Default is continuing or would result from such withdrawal (or, if such withdrawal
is made during the Certain Funds Period, no Major Default is continuing or would result from such withdrawal);

 

		(ii)	none of the circumstances described in Clause 7.2 (Mandatory prepayment on change
of control or share ownership) has occurred;

 

		(iii)	the Repeating Representations to be made by each Obligor are true in all material respects (or, if such
withdrawal is made during the Certain Funds Period, the Major Representations are true in all material respects) (or, in the case of any
such Repeating Representation or Major Representation that is already qualified by materiality under Clause 18 ( Representations),
in all respects);

 

		(iv)	the proceeds of such withdrawal from the Baht Account are paid directly into such
account(s) as specified in the Funds Flow Statement or (in the case of (y)(2)) directly into the Reserve Account;

 

		(v)	the proceeds of such withdrawal from the Reserve Account are paid directly into such
account(s) as specified in the Funds Flow Statement or (in the case of (x)(2)) directly to the Agent for application towards prepayment
of the Loans in accordance with Clause 7.9 ( Termination of the Acquisition);

 

    - 31 -

     

    

 

		(vi)	(with respect to any proposed withdrawal from the Reserve Account (other than for
the purpose of payment to the Agent in the case of (x)(2))) the Agent has received the following documents and other evidence in form
and substance satisfactory to it (acting reasonably):

 

		(A)	evidence that the Obligors and Siam PCG have sufficient funds (taking into account the Total Commitments
and the terms of the Forwards (as defined in the Funds Flow Statement) entered into by the Guarantor) to complete the Acquisition, to
discharge the Acquisition Costs and to fund the Required Balance in full, as evidenced by bank account statement(s) of account(s) held
by any Obligor or Siam PCG (or such other form of evidence acceptable to the Agent) showing aggregate cash at hand sufficient for such
purposes; and

 

		(B)	copies of such irrevocable payment instructions as contemplated in the Funds Flow
Statement; and

 

		(vii)	(with respect to any proposed withdrawal from the Baht Account (other than for the
purpose of payment into the Reserve Account in the case of (y)(2)) there is no circumstance which would prevent the occurrence of the
Closing Date as contemplated in the Funds Flow Statement (and the Guarantor shall be deemed to have confirmed the same to the Agent by
delivering any payment instruction with respect to such proposed withdrawal to the Thai Account Bank).

 

    - 32 -

     

    

 

SECTION 3

UTILISATION

 

	5.  	UTILISATION

 

		5.1	Delivery of a Utilisation Request 

 

The Borrower may utilise the Facility
by delivery to the Agent of a duly completed Utilisation Request by way of an email to loansAgency.HK@sc.com (or any other email
address as designated by the Agent) not later than the Specified Time (or such later time as agreed by the Lenders).

 

		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)	it specifies whether the Acquisition Consideration is to be paid in one lump sum or
in instalments (and, if in instalments, the amount of the instalment to be funded by the proposed Utilisation);

 

		(iii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and
amount);

 

		(iv)	the proposed first Interest Period complies with Clause 9 (Interest Periods);
and

 

		(v)	it instructs the Agent to pay the proceeds of the Utilisation (to the extent the proceeds
are to be applied towards funding the Acquisition Consideration) into the Reserve Account.

 

		(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 US dollars.

 

		(b)	The amount of the proposed Utilisation must not exceed the Available Facility and must be a minimum of
USD100,000,000 (or, if less, the Available Facility).

 

		5.4	Lenders' participations 

 

		(a)	If the conditions set out in Clause 4 (Conditions of Utilisation) and 5.1 (Delivery
of a Utilisation Request) to 5.3 (Currency and amount) have been met, each Lender shall make its participation in each Loan
available by the Utilisation Date through its Facility Office.

 

    - 33 -

     

    

 

		(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 that Loan.

 

		(c)	The Agent shall notify each Lender of the amount of each Loan and the amount of its
participation in that Loan by the Specified Time.

 

		5.5	Receipt 

 

The Borrower shall deliver to the
Agent (for further distribution to each Lender) (a) a copy of a duly signed but undated Receipt in respect of each Loan together with
the delivery of the Utilisation Request for such Loan and (b) an original of the duly signed but undated Receipt in respect of that Loan
borrowed by it on the Utilisation Date for such Loan but prior to the making of that Loan. The Borrower authorises each Lender to date
each such signed but undated Receipt on the Utilisation Date for a Loan upon confirmation by the Agent that the proceeds of that Loan
(subject to any deduction pursuant to Clause 11.5 ( Fees payable) and to the extent the proceeds of that Loan are to be applied
towards funding the Acquisition Consideration) have been paid into the Reserve Account.

 

		5.6	Cancellation of Available Facility 

 

The Commitments which, at that time,
are unutilised shall be immediately cancelled at 5 p.m. on the last day of the Availability Period.

 

    - 34 -

     

    

  

SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

 

		6	REPAYMENT 

 

		(a)	The Borrower shall repay each Loan in full on the Final Repayment Date.

 

		(b)	The Borrower may not reborrow any part of the Facility which is repaid.

 

		7	PREPAYMENT AND CANCELLATION 

 

		7.1	Illegality 

 

If, after the date of this Agreement,
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 or it is or will become unlawful for any Affiliate of a Lender for that Lender to do
so:

 

		(a)	that Lender shall promptly notify the Agent upon becoming aware of that event;

 

		(b)	upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately
cancelled; and

 

		(c)	the Borrower shall repay that Lender's participation in the Loans on the last day
of the Interest Period for each Loan occurring after the Agent has notified the Borrower or, if earlier, the date specified by the Lender
in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law).

 

		7.2	Mandatory prepayment on change of control or share ownership 

 

		(a)	If:

 

		(i)	the shares of the Borrower or the voting rights attached to such shares cease to be
beneficially owned or controlled, directly or indirectly, by the Ultimate Shareholder in accordance with the requirements set out in the
documents detailed in the Side Letter;

 

		(ii)	the Borrower does not or ceases to beneficially own, directly or indirectly, 100 per
cent. of the shares in the Guarantor;

 

		(iii)	(prior to the Restructure Date) the Borrower does not or ceases to beneficially own,
directly or indirectly, at least 80.492 per cent. of the shares in FWD Thailand;

 

		(iv)	(prior to the occurrence of an IPO) the Borrower does not or ceases to beneficially
own, directly or indirectly, 60 per cent. or more of the shares in FWD Japan;

 

		(v)	(on or following the occurrence of an IPO) the Borrower does not or ceases to beneficially
own, directly or indirectly, more than 50 per cent. of the shares in FWD Japan;

 

    - 35 -

     

    

 

		(vi)	(on or following the occurrence of the Closing Date but prior to the Restructure Date) the Borrower does
not or ceases to beneficially own, directly or indirectly, at least 99.17 per cent. of the Target Shares; or

 

		(vii)	(on or after the Restructure Date) the Borrower does not or ceases to beneficially own, directly or indirectly,
at least 85 per cent. of the shares in any Licensed Entity,

 

then:

 

		(A)	the Borrower shall promptly notify the Agent upon becoming aware of that event;

 

		(B)	a Lender shall not be obliged to fund a Utilisation; and

 

		(C)	if a Lender so requires and notifies the Agent within 30 days of the Borrower notifying the Agent of the
event, the Agent shall, by not less than five Business Days' notice to the Borrower, 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 (to the extent owing to that Lender) immediately due and payable, whereupon the Commitment of that Lender will be cancelled
and the participation of that Lender in all such outstanding Loans and all such amounts will become immediately due and payable.

 

		(b)	For the purpose of this Clause 7.2:

 

		(i)	a member of the Group shall be deemed to be the beneficial owner of the shares in FWD Thailand, the Target,
any Licensed Entity or any of their respective direct or indirect shareholders incorporated under the laws of Thailand (as applicable),
to the extent that all of the rights attaching to those shares (including without limitation voting and economic rights) have been (and
remain effectively) assigned by the holder thereof in favour of such member of the Group;

 

		(ii)	"Licensed Entity" means (A) FWD Thailand; (B) the Target; or (C) any other member of
the Group which, in each case, holds the necessary licence(s) for the purpose of the Group's insurance business in Thailand as at the
Restructure Date; and

 

		(iii)	"Restructure Date" means the date of completion of the solvent restructuring or reorganisation
of the insurance business of the Group (including the business of FWD Thailand and the Target) in Thailand, provided that the Licensed
Entity must remain or, as applicable, have become a party to the Current Distribution Agreement.

 

		(c)	The Borrower shall promptly notify the Agent of the occurrence of the Restructure Date and the name(s)
of the Licensed Entity(ies).

 

    - 36 -

     

    

 

		7.3	Mandatory prepayment on the occurrence of any termination event under the Distribution
Agreement 

 

		(a)	If:

 

		(i)	the Current Distribution Agreement is terminated (for whatever reason) or ceases to
be in full force and effect; and

 

		(ii)	no Replacement Distribution Agreement is entered into (and becomes effective) within
3 Months of such termination or cessation to replace the Current Distribution Agreement,

 

the Borrower shall upon the expiry of
such 3-Month period, prepay the Loans in an amount equal to 20 per cent. of all outstanding Loans (as at the last day of the Availability
Period or, if earlier, the first day on which the Available Facility is reduced to zero), provided that:

 

		(A)	this Clause shall cease to apply upon the occurrence of an IPO; and

 

		(B)	the amount of prepayment and cancellation required to be made pursuant to this Clause
shall be reduced by the aggregate amount of Loans that has been voluntarily prepaid pursuant to Clause 7.7 ( Voluntary prepayment of
Loans) prior to the date on which the prepayment pursuant to this Clause is due to be made.

 

		(b)	Any prepayment under this Clause 7.3 shall be applied towards prepayment of the Loans
on a pro rata basis.

 

		(c)	The Borrower shall promptly:

 

		(i)	upon the execution of a Replacement Distribution Agreement, notify the Agent in writing
and provide an updated Acquisition Documents Summary to the Agent, setting out a summary of the material terms of such Replacement Distribution
Agreement; and

 

		(ii)	upon a Replacement Distribution Agreement becoming effective, notify the Agent of
the same.

 

		7.4	Mandatory prepayment out of Disposal Proceeds and Acquisition Proceeds 

 

		(a)	For the purposes of this Clause 7.4 and Clause 7.5 (Application of mandatory prepayments
and cancellations):

 

"Acquisition Proceeds"
means the proceeds of a claim (a "Recovery Claim") by any member of the Group against the Vendor or any of its Affiliates
(or any employee, officer or adviser) in relation to the Acquisition Documents or against the provider of any due diligence or value report
prepared in connection with the Acquisition (in its capacity as a provider of that report) except for Excluded Acquisition Proceeds, and
after deducting:

 

		(i)	any reasonable expenses which are incurred by any member of the Group to persons who are not members of
the Group; and

 

    - 37 -

     

    

 

		(ii)	any Tax incurred and required to be paid by a member of the Group (as reasonably determined by the relevant
member of the Group on the basis of existing rates and taking into account any available credit, deduction or allowance),

 

in each case in relation to that Recovery Claim.

 

"Disposal" means a sale,
lease, licence, transfer, loan or other disposal by a person of any asset, undertaking or business (whether by a voluntary or involuntary
single transaction or series of transactions).

 

"Disposal Proceeds"
means the consideration receivable by any member of the Group (including any amount receivable in repayment of intercompany debt) for
any Disposal made by any member of the Group of either (i) shares in the Target or any Licensed Entity (or any member of the Group which,
directly or indirectly, holds any shares in the Target or any Licensed Entity); or (ii) any assets of any member of the Target Group or
any Licensed Entity or any of its Subsidiaries, except for Excluded Disposal Proceeds and after deducting:

 

		(i)	any reasonable expenses which are incurred by any member of the Group with respect to that Disposal to
persons who are not members of the Group; and

 

		(ii)	any Tax incurred and required to be paid by the seller in connection with that Disposal (as reasonably
determined by the seller, on the basis of existing rates and taking account of any available credit, deduction or allowance).

 

"Excluded Acquisition Proceeds"
means any proceeds of a Recovery Claim which the Borrower notifies the Agent are, or are to be, applied:

 

		(i)	in payment of amounts payable to the Vendor pursuant to the Acquisition Agreement by way of adjustment
to the purchase price in respect of the Acquisition (except to the extent relating to a working capital adjustment);

 

		(ii)	to satisfy (or reimburse a member of the Group which has discharged) any liability, charge or claim upon
a member of the Group by a person which is not a member of the Group; or

 

		(iii)	in the replacement, reinstatement and/or repair of assets of members of the Group which have been lost,
destroyed or damaged,

 

in each case as a result of the
events or circumstances giving rise to that Recovery Claim, if those proceeds are so applied within 6 Months (or such longer period
as the Majority Lenders may agree) of receipt of such proceeds (or 9 Months of receipt of such proceeds, if so committed to be
applied within 6 Months of receipt of such proceeds), and provided that any such proceeds that are not applied (or committed
to be so applied) within such period towards such purpose(s) shall cease to constitute Excluded Acquisition Proceeds immediately
upon the expiry of the applicable period.

 

    - 38 -

     

    

 

"Excluded Disposal Proceeds" means:

 

		(i)	the consideration receivable by any member of the Group (including any amount
                                                             receivable in repayment of intercompany debt) for any Disposal made by any member of the Group, where such consideration is, within
                                                             12 Months (or such longer period as the Majority Lenders may agree) of receipt, applied by a member of the Group (or 18 Months of
                                                             receipt of such consideration, if so committed to be applied within 12 Months of receipt of such consideration) (A) in reinvestment
                                                             in similar or other assets for the insurance business of the Group (or the reimbursement of amounts disbursed for such purpose
                                                             within the last 12 Months) or (B) towards the payment of any consideration
payable by any member of the Group in respect of any bancassurance agreement between such member of the Group and any bank (that is not
a member of the Group) for the distribution by such bank of insurance products of member(s) of the Group, provided that any such
first-mentioned consideration that is not committed or, as applicable, applied within the applicable period towards such purpose(s) shall
cease to constitute Excluded Disposal Proceeds immediately upon the expiry of such period; or

  

		(ii)	the consideration receivable by any member of the Group (including any amount receivable
in repayment of intercompany debt) for any Disposal made by any member of the Group incorporated under the laws of Thailand, where such
consideration is, following reasonable endeavours of the Group, incapable of being remitted outside of Thailand provided that such
consideration is applied for use in the business of members of the Group incorporated under the laws of Thailand.

 

"Relevant Portion" means, in respect of
any Disposal Proceeds, the proportion borne by:

 

		(i)	the Total Commitments;

 

to

 

		(ii)	the aggregate of (A) the Total Commitments and (B) the aggregate commitments (comprising outstanding loans
and undrawn commitments) under any other unsubordinated Financial Indebtedness of any member of the Group which terms require the application
of such Disposal Proceeds towards mandatory prepayment and/or cancellation in respect of such Financial Indebtedness.

 

    - 39 -

     

    

 

"Target Distribution"
means any cash received by a member of the Group (which is incorporated outside of Thailand) from (x) the Target, any Licensed Entity
or (as applicable) any member of the Target Group or any Subsidiary of any Licensed Entity or (y) any direct or indirect shareholder
of any person referred to in (x) in respect of or to the extent attributable to:

 

		(i)	any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
charge, fee or other distribution) (whether in cash or in kind) paid on or in respect of the share capital of the Target or any Licensed
Entity (or any class of the share capital of the Target or any Licensed Entity);

 

		(ii)	any repayment, return or distribution of any dividend or share premium or other reserve
of the Target or any Licensed Entity;

 

		(iii)	any management, advisory or other fee paid by, or any loan made by, any member of
the Target Group, any Licensed Entity or any of its Subsidiaries to or to the order of any member of the Group (which is not a member
of the Target Group, a Licensed Entity or any of its Subsidiaries);

 

		(iv)	any purchase, repurchase, redemption, defeasance, repayment, reduction or cancellation
of any of the share capital of the Target or a Licensed Entity or any other arrangement having a similar effect; or

 

		(v)	any payment, repayment, prepayment, redemption, purchase, acquisition or defeasance
(whether on account of principal, interest, fees or otherwise) on account of any Financial Indebtedness owed by any member of the Target
Group, any Licensed Entity or any of its Subsidiaries to any member of the Group (which is not a member of the Target Group, a Licensed
Entity or any of its Subsidiaries), in each case after deducting any
Tax paid or required to be paid by any member of the Group as a result of receiving such sum (as reasonably determined by the recipient
of such sum, on the basis of existing rates and taking account of any available credit, deduction or allowance).

  

		(b)	The Borrower shall prepay the Loans and cancel the Available Commitments, in amounts
equal to the following amounts at the times and in the order of application contemplated by Clause 7.5 (Application of mandatory prepayments
and cancellations):

 

		(i)	the amount of Acquisition Proceeds;

 

		(ii)	the Relevant Portion of the amount of Disposal Proceeds; and

 

		(iii)	the amount of Target Distributions.

 

    - 40 -

     

    

 

		7.5	Application of mandatory prepayments and cancellations 

 

		(a)	A prepayment of Loans or cancellation of Available Commitments made under Clause 7.4
(Disposal and Acquisition Proceeds) shall be applied promptly (and in any event within three Business Days) upon receipt of such
amounts by any member of the Group (or such amounts ceasing to constitute
Excluded Acquisition Proceeds or Excluded Disposal Proceeds, as applicable) as follows:

 

		(i)	first, in prepayment of the Loans on a pro rata basis; and

 

		(ii)	secondly, in cancellation of the Available Commitments (and the Available Commitments of the Lenders
will be cancelled rateably).

 

		7.6	Voluntary cancellation 

 

The Borrower may, if it gives the Agent
not less than 5 Business Days' (or such shorter period as the Majority Lenders may agree) prior written notice, reduce the Available Facility
to zero or by such amount (being a minimum amount of USD50,000,000 and an integral multiple of USD5,000,000 or, if less, the Available
Facility) as the Borrower may specify in such notice. Any such reduction under this Clause 7.6 shall reduce the Commitments of the Lenders
rateably.

 

		7.7	Voluntary prepayment of Loans 

 

		(a)	The Borrower may, if it gives the Agent not less than 10 Business Days' (or such shorter period as the
Majority Lenders may agree) prior written notice, prepay the whole or any part of any Loan, provided that:

 

		(i)	(in the case of any prepayment of a Loan in part) the amount of such prepayment reduces the amount of
that Loan by a minimum amount of USD50,000,000 or, if less, the outstanding amount of that Loan;

 

		(ii)	a Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day on which
the Available Facility is zero); and

 

		(iii)	any prepayment under this Clause 7.7 shall be applied rateably among the participations of the Lenders
in such Loan.

 

		7.8	Right of prepayment and cancellation in relation to a single Lender 

 

		(a)	If:

 

		(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (a) of Clause
12.2 (Tax gross-up); or

 

		(ii)	any Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity) or Clause
13.1 (Increased costs),

 

the Borrower may, whilst the circumstance
giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment
of that Lender and its intention to procure the prepayment of that Lender's participation in the Loans or give the Agent notice of its
intention to replace that Lender in accordance with Clause 36.5 (Replacement of Lender).

 

		(b)	On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender
shall immediately be reduced to zero.

 

    - 41 -

     

    

 

		(c)	On the last day of each Interest Period which ends after the Borrower has given a notice of cancellation
under paragraph (a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall prepay that Lender's
participation in the relevant Loan.

 

		7.9	Termination of the Acquisition 

 

If (i) the Acquisition Agreement is
terminated (for whatever reason) after the first Utilisation Date but prior to Completion or (ii) a Non-Completion Event occurs, the Borrower
shall:

 

		(a)	promptly notify the Agent of the same; and

 

		(b)	promptly (and in any event within twenty (20) Business Days of such termination or, as the case may be,
the occurrence of such Non-Completion Event) repay all Loans in full (and the Commitments shall be immediately cancelled upon such termination
or, as the case may be, the occurrence of such Non-Completion Event). Within such twenty-Business Day period, the Borrower shall procure
the conversion of any applicable amount from Thai Baht into US dollars promptly and shall upon such conversion promptly apply the proceeds
of such conversion towards prepayment of the Loans (or, to the extent that any applicable amount is available in US dollars, promptly
apply such amount towards prepayment of the Loans) and shall in any event prepay all of the Loans in full prior to the expiry of such
twenty-Business day period.

 

For the purposes hereof, "Non-Completion Event"
means:

 

		(a)	the event where Completion has not occurred (or the Borrower has failed to notify the Agent of the occurrence
of Completion) on or prior to the date falling three (3) Months after the first Utilisation Date (or such later date as the Majority Lenders
may agree in wiring); or

 

		(b)	the condition described in paragraph (b)(vi) of Clause 4.5 ( Funds flow and account operation)
is not satisfied within one Business Day (or such later date as agreed by the Majority Lenders) after the first Utilisation Date.

 

		7.10	Cancellation of Commitments – Maximum Required Drawdown Amount 

 

If (a) the Total Commitments exceed
the Maximum Required Drawdown Amount and

(b)   the
Borrower delivers a certificate to the Agent prior to the delivery of the first Utilisation Request certifying the Maximum Required Drawdown
Amount and that such excess is due to a reduction in the Acquisition Consideration in accordance with the Acquisition Agreement or the
currency exchange rates applicable to the conversion of US dollars into Thai Baht, the Total Commitments shall be immediately reduced
so that they become equal to the Maximum Required Drawdown Amount so certified by the Borrower (and such reduction shall be applied among
the Commitments of the Lenders rateably).

 

		7.11	Restrictions 

 

		(a)	Any notice of cancellation or prepayment given by any Party under this Clause 7 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.

 

    - 42 -

     

    

 

		(b)	Any prepayment under this Agreement shall be made together with accrued interest on
the amount prepaid and, subject to any Break Costs, without premium or penalty.

 

		(c)	The Borrower may not reborrow any part of the Facility which is prepaid.

 

		(d)	The Borrower shall not repay or prepay all or any part of any Loan or reduce any Commitment
except at the times and in the manner expressly provided for in this Agreement.

 

		(e)	If any Commitment is reduced in accordance with this Agreement, the amount of such
reduction may not be subsequently reinstated.

 

		(f)	If the Agent receives a notice under this Clause 7 it shall promptly forward a copy
of that notice to either the Borrower or the affected Lender, as appropriate.

 

		(g)	If all or part of a Loan is repaid or prepaid, an amount of the Commitments (equal to the amount of the
Loan which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. Any cancellation under this paragraph
(g) (save in connection with any repayment or, as the case may be, prepayment under paragraph (c) of Clause 7.1 (Illegality), Clause
7.2 ( Mandatory prepayment on change of control or share ownership) or paragraph (c) of Clause 7.8 (Right of prepayment
and cancellation in relation to a single Lender)) shall reduce the Commitments of the Lenders rateably.

   

    - 43 -

     

    

 

SECTION 5

COSTS OF UTILISATION

 

	8.	INTEREST

 

	8.1	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.

 

	8.2	Payment of interest 

 

The Borrower shall pay accrued interest
on each Loan on the last day of each Interest Period applicable to that Loan (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).

 

	8.3	Default interest 

 

		(a)	If an Obligor fails to pay any amount payable by it under a Finance Document (including default interest
subject to paragraph (c)) on its due date, interest shall accrue on the Unpaid Sum from the due date to the date of actual payment (both
before and after judgment) at a rate which is, subject to paragraph (b) below and to the extent permitted by applicable laws and regulations,
two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted
a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
Any interest accruing under this Clause 8.3 shall be immediately payable by the Obligor on demand by the Agent.

 

		(b)	If any Unpaid Sum 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 Unpaid Sum 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 Unpaid Sum during that first Interest Period
shall (to the extent permitted under applicable laws and regulations) be two per cent. per annum higher than the rate which would have
applied if the Unpaid Sum had not become due.

 

		(c)	To the extent permitted under applicable laws and regulations, default interest (if
unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum
but will remain immediately due and payable.

  

    - 44 -

     

    

  

	8.4	Notification of rates of interest

 

The Agent shall promptly notify the relevant Lenders and
the Borrower of the determination of a rate of interest under this Agreement.

 

	9.	INTEREST PERIODS

 

	9.1	Selection of Interest Periods 

 

		(a)	The Borrower may select an Interest Period for a Loan in the Utilisation Request for
that Loan or (if the Loan has already been borrowed) in a Selection Notice.

 

		(b)	Each Selection Notice for a Loan is irrevocable and must be delivered to the Agent
by the Borrower not later than the Specified Time.

 

		(c)	If the Borrower fails to deliver a Selection Notice to the Agent in accordance with
paragraph (b) above, the relevant Interest Period will be 3 Months.

 

		(d)	Subject to this Clause 9, the Borrower may select an Interest Period of 1, 2 or 3
Months or of any other period agreed between the Borrower, the Agent and all the Lenders in relation to the relevant Loan.

 

		(e)	An Interest Period for a Loan shall not extend beyond the Final Repayment Date.

 

		(f)	Each Interest Period for a Loan shall start on the Utilisation Date or (if already
made) on the last day of its preceding Interest Period.

 

		9.2	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).

 

		9.3	Consolidation and division of Loans 

 

		(a)	Subject to paragraph (b) below, if the Interest Periods of two or more Loans end on
the same date, those Loans will, unless the Borrower specifies to the contrary in the Selection Notice or by notice in writing to the
Agent at least five Business Days prior to the last day of that Interest Period, be consolidated into, and treated as, a single Loan on
the last day of that Interest Period. The Interest Period for any Utilisation (other than the first Utilisation) shall end on the same
date as the current Interest Period in relation to the other Loans under this Agreement.

 

		(b)	Subject to Clause 4.4 (Maximum number of Loans) and Clause 5.3 (Currency
and amount), if the Borrower requests in a Selection Notice or by notice in writing to the Agent at least five Business Days prior
to the last day of that Interest Period that a Loan be divided into two or more Loans, that Loan will, on the last day of its Interest
Period, be so divided into the amounts specified in that Selection Notice or written notice, being an aggregate amount equal to the amount
of the Loan immediately before its division.

  

    - 45 -

     

    

 

	10.	CHANGES TO THE CALCULATION OF INTEREST

 

		10.1	Unavailability of Screen Rate 

 

		(a)	Reference Bank Rate: If no Screen Rate is available for LIBOR for:

 

		(i)	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 applicable LIBOR 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.

 

		(b)	Cost of funds: If paragraph (a) above applies but no Reference Bank Rate is available for the relevant
currency or Interest Period there shall be no LIBOR for that Loan and Clause 10.4 (Cost of funds) shall apply to that Loan for
that Interest Period.

 

	10.2	Calculation of Reference Bank Rate 

 

		(a)	Subject to paragraph (b) below, if LIBOR 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.

 

		(b)	If at or about noon (London time) 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.

 

	10.3	Market disruption 

 

If before 5 p.m. in Hong Kong on the
Business Day immediately following the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender
or Lenders (whose participations in a Loan exceed 40 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 then Clause 10.4 (Cost of funds) shall apply to
that Loan for the relevant Interest Period.

 

	10.4	Cost of funds 

 

		(a)	If this Clause 10.4 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 Agent by that Lender as soon as practicable and in any event within 5 Business
Days before 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
(in respect of that Lender, the "Funding Rate").

 

    - 46 -

     

    

 

		(b)	If this Clause 10.4 applies and the Agent or the Borrower so requires, the Agent and
the Borrower shall enter into negotiations (for a period of not more than 30 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 Borrower, be binding on all Parties.

 

		(d)	If this Clause 10.4 applies pursuant to Clause 10.3 ( Market disruption) and:

 

		(i)	a Lender's Funding Rate is less than LIBOR; or

 

		(ii)	a Lender does not supply a quotation by the time specified in paragraph (a)(ii) above,

 

the cost to that Lender of funding its participation in that
Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be LIBOR.

 

	10.5	Break Costs 

 

		(a)	The Borrower shall, within three Business Days of demand by a Finance Party, pay to
that Finance Party its Break Costs attributable to all or any part of a Loan or an Unpaid Sum being paid by the Borrower on a day other
than the last day of an Interest Period for that Loan or Unpaid Sum.

 

		(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent,
provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.

 

	11.	FEES

 

	11.1	Arrangement fee 

 

The Borrower shall pay to the MLABs
(for their own account) an arrangement fee in the amount and at the times agreed in a Fee Letter.

 

	11.2	Agency fee 

 

The Borrower shall pay to the Agent
(for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

 

	11.3	Security agency fee 

 

The Borrower shall pay to the Security
Agent (for its own account) a security agency fee in the amount and at the times agreed in a Fee Letter.

 

    - 47 -

     

    

 

		11.4	Commitment fee 

 

		(a)	The Borrower shall pay to the Agent (for the account of each Lender) a fee in dollars computed at the
rate of 0.25 per cent. per annum on that Lender's Available Commitment from the date falling 6 Months after the date of this Agreement
until the last day of the Availability Period.

 

		(b)	The accrued commitment fee is payable on:

 

		(i)	the last day of each successive period of three Months which ends after the date falling 6 Months after
the date of this Agreement;

 

		(ii)	the last day of the Availability Period; and

 

		(iii)	if cancelled in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation
is effective.

 

	11.5	Fees payable 

 

Any fees payable pursuant to Clauses
11.1 (Arrangement fee) to 11.4 (Commitment fee), which are (in each case) payable on or before the first Utilisation Date
but unpaid may, upon request by the Borrower, be paid from the proceeds of the first Utilisation, and in such case, the Agent is hereby
authorised to deduct the amount of such fees and apply the same towards payment of such fees on behalf of the Borrower.

  

    - 48 -

     

    

 

SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

 

	12.	TAX GROSS-UP AND INDEMNITIES

 

	12.1	Tax definitions 

 

		(a)	In this Clause 12:

 

"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 an
increased payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax
indemnity).

 

		(b)	Unless a contrary indication appears, in this Clause 12 a reference to "determines" or
 "determined" means a determination made in the absolute discretion of the person making the determination acting reasonably
and in good faith.

 

	12.2	Tax gross-up 

 

		(a)	All payments to be made by an Obligor to any Finance Party under the Finance Documents shall be made free
and clear of and without any Tax Deduction unless such Obligor is required to make a Tax Deduction, in which case the sum payable by such
Obligor (in respect of which such Tax Deduction is required to be made) shall be increased to the extent necessary to ensure that such
Finance Party receives a sum net of any deduction or withholding equal to the sum which it would have received had no such Tax Deduction
been made or required to be made.

 

		(b)	The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on
becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify
the Borrower and that Obligor.

 

		(c)	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.

 

		(d)	Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax
Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably
satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has been made or (as applicable) any appropriate payment
paid to the relevant taxing authority.

 

    - 49 -

     

    

 

	12.3	Tax indemnity 

 

		(a)	Without prejudice to Clause 12.2 (Tax gross-up), if any Finance Party is required to make any payment
of or on account of Tax on or in relation to any sum received or receivable under the Finance Documents (including any sum deemed for
the purposes of Tax to be received or receivable by such Finance Party whether or not actually received or receivable) or if any liability
in respect of any such payment is asserted, imposed, levied or assessed against any Finance Party, the Borrower shall, within three Business
Days of demand of the Agent, promptly indemnify the Finance Party which suffers a loss or liability as a result against such payment or
liability, together with any interest, penalties, costs and expenses payable or incurred in connection therewith, provided that
this Clause 12.3 shall not apply to:

 

		(i)	any Tax imposed on and calculated by reference to the net income actually received or receivable by such
Finance Party (but, for the avoidance of doubt, not including any sum deemed for the purposes of Tax to be received or receivable by such
Finance Party but not actually receivable) by the jurisdiction in which such Finance Party is incorporated;

 

		(ii)	any Tax imposed on and calculated by reference to the net income of the Facility Office or other permanent
establishment of such Finance Party actually received or receivable by such Finance Party (but, for the avoidance of doubt, not including
any sum deemed for the purposes of Tax to be received or receivable by such Finance Party but not actually receivable) by the jurisdiction
in which its Facility Office or other permanent establishment is located;

 

		(iii)	any Tax relating to a FATCA Deduction required to be made by a Party; or

 

		(iv)	the extent that such payment or liability is compensated for by an increased payment under Clause 12.2
(Tax gross-up).

 

		(b)	A Finance Party intending to make a claim under paragraph (a) above shall notify the Agent of the event
giving rise to the claim, whereupon the Agent shall notify the Borrower thereof.

 

		(c)	A Finance Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Agent.

 

	12.4	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.

 

    - 50 -

     

    

 

	12.5	Stamp taxes 

 

The Borrower shall:

 

		(a)	pay all stamp duty, registration and other similar Taxes payable in respect of any Finance Document, and

 

		(b)	within three Business Days of demand, indemnify each Finance Party against any cost, loss or
                                                               liability that Finance Party incurs in relation to any stamp duty, registration or other similar Tax paid or payable in respect of
                                                               any Finance Document, 

  

save that this Clause 12.5 shall not
apply in relation to any such stamp duty, registration or other similar Taxes which arise as a result of a Lender assigning or otherwise
disposing any of its rights under this Agreement.

 

	12.6	Indirect tax 

 

		(a)	All amounts set out or expressed in a Finance Document to be payable by any Party to a Finance Party shall
be deemed to be exclusive of any Indirect Tax. If any Indirect Tax is chargeable on any supply made by any Finance Party to any Party
in connection with a Finance Document, that Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration)
an amount equal to the amount of the Indirect Tax.

 

		(b)	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that
Party shall also at the same time pay and indemnify the Finance Party against all Indirect Tax incurred by that Finance Party in respect
of the costs or expenses to the extent the Finance Party reasonably determines that it is not entitled to credit or repayment in respect
of the Indirect Tax.

 

	12.7	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;

   

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		(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.

 

		(e)	If the Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA
or any other applicable law or regulation require it, each Lender shall, within ten Business Days of:

 

		(i)	where the Borrower is a US Tax Obligor and the relevant Lender is an original party hereto as a Lender,
the date of this Agreement;

 

		(ii)	where the Borrower is a US Tax Obligor on a date on which any Lender becomes a Party as a Lender, that
date;

 

		(iii)	the date a new US Tax Obligor accedes as a Borrower; or

 

		(iv)	where the Borrower is not a US Tax Obligor, the date of a request from the Agent,

 

supply to the Agent:

 

		(A)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

 

		(B)	any withholding statement or other document, authorisation or waiver as the Agent may require to certify
or establish the status of such Lender under FATCA or that other law or regulation.

  

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		(f)	The Agent shall provide any withholding certificate, withholding statement, document,
authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower.

 

		(g)	If any withholding certificate, withholding statement, document, authorisation or waiver provided to the
Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update
it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is
unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated
withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower.

 

		(h)	The Agent may rely on any withholding certificate, withholding statement, document,
authorisation or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall
not be liable for any action taken by it under or in connection with paragraph (e), (f) or (g) above.

 

		(i)	Without prejudice to any other term of this Agreement, if a Lender fails to supply
any withholding certificate, withholding statement, document, authorisation, waiver or information in accordance with paragraph (e) above,
or any withholding certificate, withholding statement, document, authorisation, waiver or information provided by a Lender to the Agent
is or becomes materially inaccurate or incomplete, then such Lender shall indemnify the Agent, within three Business Days of demand, against
any cost, loss, Tax or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred
by the Agent (including any related interest and penalties) in acting as Agent under the Finance Documents as a result of such failure.

 

	12.8	FATCA Deduction 

 

		(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment
required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes
such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

 

		(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction
(or that there is any change in the rate or the basis of such FATCA Deduction), and in any case at least three Business Days prior to
making a FATCA Deduction, notify the Party to whom it is making the payment and, on or prior to the day on which it notifies that Party,
shall also notify the Borrower, the Agent and the other Finance Parties.

 

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	13.	INCREASED COSTS

 

	13.1	Increased costs

 

		(a)	Subject to Clause 13.3 (Exceptions) the Borrower shall, within three Business
Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party
or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation or
(ii)  compliance
with any law or regulation made after the date of this Agreement. The terms "law" and "regulation" in this paragraph
(a) shall include any law or regulation concerning capital adequacy, prudential limits, liquidity, reserve assets or Tax.

 

		(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 (including as a result of any reduction in the rate of return on capital brought about by more capital being
required to be allocated by such Finance Party);

 

		(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 the undertaking, funding or performance by such Finance Party
of any of its obligations under any Finance Document or any participation of such Finance Party in any Loan or Unpaid Sum.

 

	13.2	Increased cost claims 

 

		(a)	A Finance Party (other than the Agent) intending to make a claim pursuant to Clause
13.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify
the Borrower.

 

		(b)	Each Finance Party (other than the Agent) shall, as soon as practicable after a demand
by the Agent, provide a certificate confirming the amount of its Increased Costs.

 

	13.3	Exceptions 

 

		(a)	Clause 13.1 (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 12.3 (Tax indemnity) (or would have been compensated
for under Clause 12.3 (Tax indemnity) but was not so compensated solely because the exclusion in paragraph (a)
of Clause

12.3 (Tax indemnity) applied);

 

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		(iv)	attributable to the wilful breach by the relevant Finance Party or its Affiliates
of any law or regulation;

 

		(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 ("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);
or

 

		(vi)	attributable to the implementation or application of or compliance with the agreements on capital requirements,
a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking
systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance
for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in
December 2010 in the form existing on the date of this Agreement ("Basel III") or any other law or regulation which implements
Basel III (whether such implementation, application or compliance is by a government, regulator, the Lender or any of its Affiliates).

 

		(b)	In this Clause 13.3, a reference to a "Tax Deduction" has the same meaning
given to the term in Clause 12.1 (Tax definitions).

 

		14.	MITIGATION BY THE LENDERS 

 

		14.1	Mitigation 

 

		(a)	Each Finance Party shall, in consultation with the Borrower, 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 7.1 (Illegality), Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs), including:

 

		(i)	providing such information as the Borrower may reasonably request in order to permit the Borrower to determine
its entitlement to claim any exemption or other relief (whether pursuant to a double taxation treaty or otherwise) from any obligation
to make a Tax Deduction; and

 

		(ii)	in relation to any circumstances which arise following the date of this Agreement,
transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

 

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		(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under
the Finance Documents.

 

		14.2	Limitation of liability 

 

		(a)	The Borrower shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred
by that Finance Party as a result of steps taken by it under Clause 14.1 (Mitigation).

 

		(b)	A Finance Party is not obliged to take any steps under Clause 14.1 (Mitigation)
if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

 

		14.3	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.

 

	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; or

 

		(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.

 

		(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.

  

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		15.2	Other indemnities 

 

		(a)	Each Obligor shall, 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:

 

		(i)	the occurrence of any Event of Default;

 

		(ii)	any information produced or approved by any Obligor being or being alleged to be misleading and/or deceptive
in any respect;

 

		(iii)	any enquiry, investigation, subpoena (or similar order) or litigation with respect to any Obligor or with
respect to the transactions contemplated or financed under this Agreement;

 

		(iv)	a failure by an Obligor to pay any amount due under a Finance Document on its due date or in the relevant
currency, including without limitation, any cost, loss or liability arising as a result of Clause 29 (Sharing among the Finance Parties);

 

		(v)	funding, or making arrangements to fund, its participation in a Loan requested by the 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

 

		(vi)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower.

 

		(b)	The Borrower shall promptly indemnify each Finance Party, each Affiliate of a Finance Party and each officer
or employee of a Finance Party or its Affiliate, against any cost, loss or liability incurred by that Finance Party or its Affiliate (or
officer or employee of that Finance Party or Affiliate) in connection with or arising out of the Acquisition or the funding of the Acquisition
(including but not limited to those incurred in connection with any litigation, arbitration or administrative proceedings or regulatory
enquiry concerning the Acquisition), unless such loss or liability is caused by the gross negligence or wilful misconduct of that Finance
Party or its Affiliate (or employee or officer of that Finance Party or Affiliate). Any Affiliate or any officer or employee of a Finance
Party or its Affiliate may rely on this Clause 15.2 subject to Clause 1.5 ( Third party rights) and the provisions of the Third
Parties Act.

 

		15.3	Indemnity to the Agent 

 

Each Obligor shall immediately on demand
indemnify the Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

 

		(a)	investigating any event which it reasonably believes is a Default; or

 

		(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised, unless such cost, loss or liability is caused by its gross
negligence, fraud or wilful misconduct.

 

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		15.4	Obligors' indemnity to the Security Agent 

 

Each Obligor shall immediately on demand
indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them:

 

		(a)	as a result of:

 

		(i)	any failure by the Borrower to comply with obligations under Clause 16 (Costs and expenses);

 

		(ii)	the taking, holding, protection or enforcement of the Transaction Security;

 

		(iii)	the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent and each
Receiver and Delegate by the Finance Documents or by law; or

 

		(iv)	any default by any Obligor in the performance of any of the obligations expressed to be assumed by it
in the Finance Documents; or

 

		(b)	which otherwise relates to any of the Charged Property or the performance of the terms of the Finance
Documents (otherwise than as a result of its gross negligence or wilful misconduct), 

  

unless such cost, loss or liability is caused by its gross
negligence, fraud or wilful misconduct.

 

		15.5	Priority of indemnity 

 

The Security Agent and every Receiver
and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay
and retain, all sums necessary to give effect to the indemnity in Clause 15.4 (Obligors' indemnity to the Security Agent) and shall
have a lien on the Transaction Security and the proceeds of enforcement of the Transaction Security for all moneys payable to it.

 

	16.	COSTS AND EXPENSES

 

		16.1	Transaction expenses 

 

The Borrower shall, within five Business
Days of demand, pay the Administrative Parties the amount of all reasonable costs and expenses (including agreed legal fees) reasonably
and properly incurred by any of them (and, in the case of the Security Agent, any Receiver or Delegate) in connection with the negotiation,
preparation, printing, execution and perfection of:

 

		(a)	this Agreement and any other documents referred to in this Agreement or in a Transaction Security Document;
and

  

		(b)	any other Finance Documents executed after the date of this Agreement.

  

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	16.2	Amendment costs 

 

If:

 

		(a)	an Obligor requests an amendment, waiver or consent;

 

		(b)	an amendment to a Transaction Security Document is required pursuant to the terms
of such Transaction Security Document and/or applicable laws; or

 

		(c)	an amendment or waiver is contemplated or agreed pursuant to Clause 36.7 ( Replacement
of Screen Rate),

 

the Borrower shall, within five Business
Days of demand, reimburse the Agent for the amount of all reasonable costs and expenses (including legal fees subject to any cap agreed
between the Borrower and the Agent) reasonably and properly incurred by the Agent in responding to, evaluating, negotiating or complying
with that request or requirement or actual or contemplated agreement.

 

	16.3	Security Agent's ongoing costs 

 

In the event of (a) an Event of Default
or (b) the Security Agent considering it necessary or expedient or (c) the Security Agent being requested by an Obligor or the Majority
Lenders to undertake duties which the Security Agent and the Borrower agree to be of an exceptional nature and/or outside the scope of
the normal duties of the Security Agent under the Finance Documents, the Borrower shall pay to the Security Agent any additional remuneration
(together with any applicable Indirect Tax) that may be agreed between them.

 

	16.4	Enforcement and preservation costs 

 

The Borrower 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 and the Transaction Security and any
proceedings instituted by or against that Secured Party as a consequence of it entering into a Finance Document, taking or holding the
Transaction Security, or enforcing those rights.

 

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SECTION 7

GUARANTEE

 

	17.	GUARANTEE AND INDEMNITY

 

	17.1	Guarantee and indemnity 

 

The Guarantor irrevocably and unconditionally:

 

		(a)	guarantees to each Finance Party punctual performance by the Borrower of all the Borrower's obligations
under the Finance Documents;

 

		(b)	undertakes with each Finance Party that whenever the Borrower does not pay any amount when due under or
in connection with any Finance Document, the Guarantor shall immediately on demand pay that amount as if it was the principal obligor;
and

 

		(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 the 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 the Guarantor under
this indemnity will not exceed the amount it would have had to pay under this Clause 17 if the amount claimed had been recoverable on
the basis of a guarantee.

 

	17.2	Continuing guarantee 

 

This guarantee is a continuing guarantee
and will extend to the ultimate balance of sums payable by the Borrower under the Finance Documents, regardless of any intermediate payment
or discharge in whole or in part.

 

	17.3	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, judicial management or otherwise, without limitation, then the liability of the Guarantor under this Clause 17 will continue
or be reinstated as if the discharge, release or arrangement had not occurred.

 

	17.4	Waiver of defences 

 

The obligations of the Guarantor under
this Clause 17 will not be affected by an act, omission, matter or thing which, but for this Clause 17, would reduce, release or prejudice
any of its obligations under this Clause 17 (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;

 

    - 60 -

     

    

 

		(b)	the release of the Borrower 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,
execute, take up or enforce, any rights against, or security over assets of, the Borrower 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 the Borrower 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 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;

 

		(g)	any insolvency or similar proceedings; or

 

		(h)	this Agreement or any other Finance Document not being executed by or binding upon
any other party.

 

	17.5	Immediate recourse 

 

The 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 the Guarantor under this Clause 17. This waiver applies irrespective of
any law or any provision of a Finance Document to the contrary.

 

	17.6	Appropriations 

 

Until all amounts which may be or
become payable by the Borrower 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 the Guarantor shall not be entitled to the benefit of the same;
and

 

		(b)	hold in an interest-bearing suspense account any moneys received from the Guarantor
or on account of the Guarantor's liability under this Clause 17.

 

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	17.7	Deferral of Guarantor's rights 

 

Until all amounts which may be or become
payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise
directs, the Guarantor will not exercise or otherwise enjoy the benefit of any right 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 17:

 

		(a)	to be indemnified by the Borrower;

 

		(b)	to claim any contribution from any other guarantor of or provider of security for
the Borrower's obligations under the Finance Documents;

 

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise)
of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection
with, the Finance Documents by any Finance Party;

 

		(d)	to bring legal or other proceedings for an order requiring any Obligor to make any
payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1
(Guarantee and indemnity);

 

		(e)	to exercise any right of set-off against any Obligor; and/or

 

		(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party.

 

If the Guarantor shall receive any benefit,
payment or distribution in relation to any such right it shall hold that benefit, payment or distribution (or so much of it as may be
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 paid in full) on trust for the Finance Parties, and shall promptly pay or transfer the same to the Agent or as
the Agent may direct for application in accordance with Clause 30 (Payment Mechanics).

 

	17.8	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.

 

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SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

 

	18.	REPRESENTATIONS 

 

Each Obligor makes the representations
and warranties set out in this Clause 18 to each Finance Party on the date of this Agreement.

 

	18.1	Status 

 

		(a)	It is a corporation, duly incorporated, validly existing, and, if applicable, in good standing under the
laws, in the case of the Borrower, of the Cayman Islands and, in the case of the Guarantor, of Singapore.

 

		(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business in all material
respects as it is being conducted as of the date of this Agreement.

 

	18.2	Binding obligations 

 

Subject to the Legal Reservations and
the Perfection Requirements:

 

		(a)	the obligations expressed to be assumed by it in each Transaction Document are legal, valid, binding and
enforceable obligations; and

 

		(b)	(without limiting the generality of paragraph (a) above), each Transaction Security Document to which
it is a party creates the security interests which that Transaction Security Document purports to create and those security interests
are valid and effective

 

	18.3	Non-conflict with other obligations 

 

The entry into and performance by it
or any of its Subsidiaries of, and the transactions contemplated by, the Transaction Documents and the granting of the Transaction Security
do not and will not conflict with:

 

		(a)	any law or regulation applicable to it or such Subsidiary;

 

		(b)	its and each of its Subsidiaries' 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 to the extent that such conflict has or is reasonably likely to have a Material Adverse Effect.

 

	18.4	Power and authority 

 

It and each of its Subsidiaries party
to a Transaction Document has the power to enter into, perform and deliver, and has taken all necessary corporate action to authorise
its entry into, performance and delivery of, the Transaction Documents to which it is a party and the transactions contemplated by those
Transaction Documents.

 

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	18.5	Validity and admissibility in evidence 

 

		(a)	Except for registration of the Transaction Security Documents in accordance with Clause 18.6 (Registration
requirements), all Authorisations required:

 

		(i)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction
Documents to which it is a party; and

 

		(ii)	subject to the Legal Reservations and the Perfection Requirements, to make the Transaction Documents to
which it is a party admissible in evidence in its jurisdiction of incorporation,

 

have been obtained or effected (or, in
respect of any Authorisation required to be obtained in respect of the Acquisition, have been, or will prior to the first Utilisation
Date be, obtained or effected) and, once so obtained or effected, are in full force and effect.

 

		(b)	All Authorisations which are necessary for the conduct of the business, trade or ordinary activities of
each Obligor and each other member of the Group have been obtained or effected and are in full force and effect where failure to obtain
or maintain any of those Authorisations has, or would reasonably be expected to have, a Material Adverse Effect.

 

	18.6	Registration requirements 

 

It is not necessary to file, register
or record any Finance Document in any public place or elsewhere except for:

 

		(a)	registration of each Transaction Security Document in the register of mortgages and charges maintained
by the Borrower in accordance with section 54 of the Companies Law (2018 Revision) (as amended) of the Cayman Islands; and

 

		(b)	registration of the Business Security Agreement over Thai Account with the Business Security Registration
Office in the Department of Business Development, the Ministry of Commerce of Thailand; and

 

		(c)	registration of the Business Security Agreement over Thai Account with the Accounting and Corporate Regulatory
Authority in Singapore within 30 days after the date of the Business Security Agreement over Thai Account.

 

	18.7	Governing law and enforcement 

 

Subject to the Legal Reservations:

 

		(a)	the choice of English law as the governing law of the Finance Documents will be recognised and enforced
in its jurisdiction of incorporation; and

 

		(b)	any judgment obtained in the Courts of England in relation to a Finance Document will be recognised and
enforced in its jurisdiction of incorporation.

 

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	18.8	Deduction of Tax 

 

It is not required under the laws of
its Relevant Jurisdictions to make any deduction for or on account of Tax from any payment it may make under any Finance Document to which
it is a party, other than in the case where an Obligor is incorporated in Singapore, interest payments payable by that Obligor may be
subject to withholding tax for the purposes of the Income Tax Act, Chapter 134 of Singapore (in any case without prejudice to that Obligor's
obligations under Clause 12 (Tax Gross-up and Indemnities)).

 

	18.9	No filing or stamp taxes 

 

Subject to the Legal Reservations, it
is not necessary under the laws of its Relevant Jurisdictions that the Finance Documents be filed, recorded or enrolled with any court
or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents
or the transactions contemplated by the Finance Documents, except any filing recording or enrolling or any tax or fee payable in relation
to any Finance Document which is referred to in any Legal Opinion and which will be made or paid promptly after the date of the relevant
Finance Document, provided that (a) Cayman Islands stamp duty will be payable on any document that is executed in, brought into
or produced before a court in the Cayman Islands and (b) Thai stamp duty will be payable on any applicable document (which is subject
to Thai stamp duty) that is executed in or brought into Thailand.

 

	18.10	No default 

 

		(a)	No Event of Default is continuing or is reasonably likely to result from the making of any Utilisation,
or the entry into, the performance of, or any transaction contemplated by, any Transaction Document.

 

		(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 is
reasonably likely to have a Material Adverse Effect.

 

	18.11	No misleading information 

 

So far as the Borrower and the Guarantor
are aware (having made due and careful enquiries) and save as specifically disclosed to the Agent prior to the date of this Agreement:

 

		(a)	any factual written information (other than information of a general economic nature) provided by any
member of the Group taken as a whole for the purposes of the Facility or contained in the Information Memorandum or the Information Package
was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated;

 

		(b)	any financial projections contained in the information supplied in connection with the Facility and/or
contained in the Information Memorandum or the Information Package have been prepared on the basis of recent historical information and
on the basis of assumptions believed to be reasonable by the Borrower (after careful consideration)
at the time of being made, it being understood that the projections are subject to significant uncertainties and contingencies many of
which are beyond the control of the Group and that no assurance can be given that the projections will be realised;

 

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		(c)	nothing has occurred or been omitted from the information supplied in connection with
the Facility and/or contained the Information Memorandum or the Information Package and no information has been given or withheld that
results in the information supplied in connection with the Facility and/or contained in the Information Memorandum or the Information
Package being untrue or misleading in any material respect, it being understood that the projections are subject to significant uncertainties
and contingencies many of which are beyond the control of the Group and that no assurance can be given that the projections will be realised;
and

 

		(d)	all written information supplied by any member of the Group (taken as a whole) was
true, complete and accurate in all material respects as at the date it was given and was not misleading in any material respect.

 

	18.12	Financial statements 

 

		(a)	To the best of its knowledge (having made due and careful enquiry), its and the Target's financial statements
most recently supplied to the Agent (which, at the date of this Agreement, are the Original Financial Statements) were prepared in accordance
with GAAP consistently applied save to the extent expressly disclosed in such financial statements.

 

		(b)	To the best of its knowledge (having made due and careful enquiry), its and the Target's
financial statements most recently supplied to the Agent (which, at the date of this Agreement, are the Original Financial Statements)
if audited, give a true and fair view of or, if unaudited, fairly represent in all material respects, in the case of the Borrower and
the Target, its consolidated and, in the case of the Guarantor, its unconsolidated, financial condition and operations during the relevant
financial year save to the extent expressly disclosed in such financial statements.

 

		(c)	There has been no material adverse change in its business or financial condition (or
the business or consolidated financial condition of the Group) since 31 December 2018.

 

	18.13	Pari passu ranking 

 

Subject to the Legal Reservations,
the payment obligations under the Finance Documents to which it is a party rank at least pari passu with the claims of all of its
other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

 

	18.14	No proceedings pending or threatened 

 

No litigation, arbitration or
administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, would be reasonably
likely to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened in writing
against it or any of its Subsidiaries.

 

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	18.15	Authorised Signatures 

 

Any person specified as its authorised
signatory under Schedule 2 (Conditions Precedent) or paragraph (i) of Clause 19.4 (Information: miscellaneous) is authorised
to sign Utilisation Requests and Receipts (in the case of the Borrower only) and other notices on its behalf.

 

	18.16	Ranking of Security 

 

Subject to the Legal Reservations and
Perfection Requirements, the Transaction Security has or will have first ranking priority and it is not subject to any prior ranking or
pari passu ranking Security.

 

	18.17	Good title to assets 

 

It and each of its Subsidiaries has
a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the material assets
necessary to carry on its business as presently conducted.

 

	18.18	Acquisition Documents 

 

		(a)	The Acquisition Documents Summary:

 

		(i)	contains all material terms of all the agreements and arrangements between any member of the Group and
the Vendor (or any of their respective Affiliates) in respect of the Acquisition and the Current Distribution Agreement; and

 

		(ii)	(as at the date of such summary) is true, correct and disclose all material terms of the Acquisition Documents,
and do not omit to state any terms thereof which would result in such summary being untrue or misleading in any material respect.

 

		(b)	There is no disclosure made to the Acquisition Documents which has or may have a material adverse effect
on any of the information, opinions, intentions, forecasts and projections contained in any information provided by any member of the
Group for the purposes of the Facility or any information contained or referred in the Information Memorandum or the Information Package.

 

	18.19	Ownership and control 

 

		(a)	The Guarantor's entire issued share capital is legally and beneficially owned and controlled by the Borrower.

 

		(b)	The shares in the capital of each Obligor are fully paid and are not subject to any option to purchase
or similar rights.

 

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		(c)	The Borrower has the power (whether by way of ownership of shares, proxy, contract, agency or otherwise)
to:

 

		(i)	cast, or control the casting of:

 

		(A)	at least 80.492 per cent. of the maximum number of votes that might be cast at a general meeting of FWD
Thailand; and

 

		(B)	(upon the occurrence of the Closing Date) at least 99.17 per cent. of the maximum number of votes that
might be cast at a general meeting of the Target; and

 

		(ii)	appoint or remove all, or the majority, of the directors or other equivalent officers of FWD Thailand
and (upon the occurrence of the Closing Date) the Target.

 

		(d)	The Target will become a Subsidiary of the Borrower on the Closing Date.

 

	18.20	Legal and beneficial ownership 

 

It is the sole legal and beneficial
owner of the respective assets over which it purports to grant Security.

 

	18.21	Sanctions 

 

Neither it nor any of its/their Subsidiaries
or joint ventures, nor any of their respective directors, officers or employees nor, to the knowledge of either of the Obligors, any persons
acting on any of their behalf:

 

		(a)	is a Restricted Party; or

 

		(b)	has received notice of or is aware of any claim, action, suit, proceeding or investigation against it
with respect to Sanctions by any Sanctions Authority.

 

	18.22	Existing Subordinated Debts 

 

In respect of the Existing Subordinated
Debts:

 

		(a)	each of the scheduled repayment or redemption dates thereof fall later than one year after the Senior
Facility Maturity Date (the "Scheduled Redemption Date"); and

 

		(b)	the holder of such debts is not entitled to require the Borrower or any other member of the Group to repay,
redeem or acquire such debts prior to the Scheduled Redemption Date, unless such debts are accelerated by reason of the occurrence of
any event of default.

 

	18.23	Repetition 

 

		(a)	The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances
then existing on the date of each Utilisation Request, the first day of each Interest Period and the date of each proposed withdrawal
from the Reserve Account or the Baht Account (provided that, for the avoidance of doubt, withdrawal from the Reserve Account and
the Baht Account during the Certain Funds Period is subject to
Clause 4.3 (Utilisations during the Certain Funds Period)).

 

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		(b)	All the representations and warranties in this Clause 18 are deemed to be made by each Obligor on the
Closing Date and on the date of execution of each Transaction Security Document to which it is a party.

 

		(c)	The representations and warranties set out in paragraphs (a)
to (c) of Clause 18.11 (No misleading information) are deemed to be made by each Obligor:

 

		(i)	with respect to the Information Memorandum, on the date the
Information Memorandum is approved by the Borrower; and

 

		(ii)	with respect to the Information Package, on the date on which the Information Package (or part of it)
is released to the MLABs for distribution (in each case on a non-reliance basis) in connection with syndication of the Facility.

 

	19.	INFORMATION UNDERTAKINGS 

 

The undertakings in this Clause 19 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.

 

	19.1	Financial statements 

 

The Borrower shall supply to the 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 (which shall, in respect of any
financial year ending after the Closing Date, consolidate the results of the Target Group or, as applicable, each Licensed Entity and
its Subsidiaries); and

 

		(ii)	the audited unconsolidated financial statements of the Guarantor for that financial year; 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:

 

		(i)	its consolidated financial statements for that financial half-year (which shall, in respect of any financial
half-year ending after the Closing Date, consolidate the results of the Target Group or, as applicable, each Licensed Entity and its Subsidiaries);
and

 

		(ii)	the unconsolidated financial statements of the Guarantor for that financial half year.

 

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	19.2	Compliance Certificate 

 

The Borrower shall supply to the Agent,
with each set of financial statements delivered pursuant to paragraphs (a)(i) or (b)(i) of Clause 19.1 (Financial statements),
a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20 (Financial Covenants)
as at the date as at which those financial statements were drawn up.

 

	19.3	Requirements as to financial statements 

 

		(a)	Each set of financial statements delivered by the Borrower pursuant to Clause 19.1
(Financial statements) shall be certified by a director or an authorised signatory of the Borrower as fairly representing its financial
condition as at the date as at which those financial statements were drawn up.

 

		(b)	The Borrower shall procure that each set of financial statements of an Obligor delivered
pursuant to Clause 19.1 (Financial statements) is prepared using GAAP, accounting practices and financial reference periods consistent
with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of financial
statements, it notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors
(or, if appropriate, the auditors of the Obligor) deliver to the Agent:

 

		(i)	a description of any change necessary for those financial statements to reflect the
GAAP, accounting practices and reference periods upon which that Obligor's Original Financial Statements were prepared; and

 

		(ii)	sufficient information, in form and substance as may be reasonably required by the
Agent, to enable the Lenders to determine whether Clause 20 (Financial covenants) has been complied with and make an accurate comparison
between the financial position indicated in those financial statements and that Obligor's Original Financial Statements.

 

Any reference in this Agreement to those
financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original
Financial Statements were prepared.

 

	19.4	Information: miscellaneous 

 

The Borrower shall supply to the Agent
(in sufficient copies for all the Finance Parties, if the Agent so requests):

 

		(a)	all documents dispatched by the Borrower to its shareholders generally (or any class of them) as required
by law or its constitutional documents (excluding for the avoidance of doubt any such requirement set out in any contract referenced in
the Borrower's constitutional documents) or its creditors generally at the same time as they are despatched;

 

		(b)	promptly upon becoming aware of them, the details of any material litigation, arbitration
or administrative proceedings (except for frivolous or vexatious proceedings) which are current, threatened or pending against any member
of the Group which, if adversely determined, are reasonably likely
to have a Material Adverse Effect;

 

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		(c)	promptly, such information as the Security Agent may reasonably require about the Charged Property and
compliance of the Obligors with the terms of any Transaction Security Documents;

 

		(d)	promptly, details of:

 

		(i)	any change in the direct shareholding in the Borrower which (A) results in any person becoming (or ceasing
to be) a direct shareholder of 5 per cent. or more of the entire issued share capital of the Borrower or (B) otherwise relates to 5 per
cent. or more of the entire issued share capital of the Borrower;

 

		(ii)	any change of 10 per cent. or more in the direct or indirect shareholding (including by way of being a
beneficiary under a trust) of the Ultimate Shareholder in the Borrower; and

 

		(iii)	any circumstance described in Clause 7.2 (Mandatory prepayment on change of control or share ownership);

 

		(e)	any notification required to be delivered by it pursuant to paragraph (c)(x) of Clause 21.4 (Negative
pledge);

 

		(f)	promptly, details of any changes in the constitutive documents of the Borrower or the Guarantor which
has a material adverse impact on the rights of the Finance Parties (taken as a whole) under the Finance Documents, together with documentary
evidence of reasonable details showing that such change has been made;

 

		(g)	promptly, details of the following matters in respect of the Acquisition Documents:

 

		(i)	any notice of termination or material default (including breach of warranty) under, or any event giving
any party thereto a right to terminate, or termination of, any Acquisition Document;

 

		(ii)	any suspension of performance (including by reason of force majeure) for more than 10 days or exception
to exclusivity of the bancassurance arrangement under the Current Distribution Agreement, and which could reasonably be expected to have
a material adverse impact on the interests of the Finance Parties (taken as a whole) under the Finance Documents;

 

		(iii)	any proposed amendment, or amendment, to any Acquisition Document which could reasonably be expected to
have a material adverse impact on the interests of the Finance Parties (taken as a whole) under the Finance Documents, by updating the
Acquisition Documents Summary most recently delivered to the Agent pursuant to the terms of this Agreement;

 

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		(iv)	the occurrence of the Acquisition Conditions Precedent Completion Date; and

 

		(v)	the occurrence of the Acquisition Long Stop Date;

 

		(h)	promptly, such further information regarding the financial condition, business and
operations of any member of the Group as any Finance Party (through the Agent) may reasonably request;

 

		(i)	promptly, notice of any change in authorised signatories of any Obligor signed by
a director or company secretary of such Obligor accompanied by specimen signatures of any new authorised signatories; and

 

		(j)	promptly, details of any event of default (howsoever described) under any Existing
Subordinated Debts or any other Subordinated Debts referred to in Clause 21.14 ( Subordinated Debts: Non-affiliates) or any other
event which will entitle any creditor thereof to require early repayment or redemption of such debts.

 

	19.5	Notification of default 

 

		(a)	Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken
to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided
by another Obligor).

 

		(b)	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate
signed by a director or an authorised signatory on its behalf certifying that no Default is continuing (or if a Default is continuing,
specifying the Default and the steps, if any, being taken to remedy it).

 

	19.6	Use of websites 

 

		(a)	The Borrower 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 the information
onto an electronic website designated by the Borrower and the Agent (the "Designated Website") if:

 

		(i)	the Agent expressly agrees (after consultation with each of the Lenders) that it will
accept communication of the information by this method;

 

		(ii)	both the Borrower and the 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 Borrower and the Agent.

 

If any Lender (a "Paper Form
Lender") does not agree to the delivery of information electronically then the Agent shall notify the Borrower accordingly
and the Borrower shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event
the Borrower shall supply the Agent with at least one copy in paper form of any information required to be provided by it.

 

    - 72 -

     

    

 

		(b)	The 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 Borrower and the Agent.

 

		(c)	The Borrower shall promptly upon becoming aware of its occurrence notify the 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 Borrower 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.

 

If the Borrower notifies the Agent under
paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Borrower under this Agreement after the date of that
notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise
to the notification are no longer continuing.

 

		(d)	Any Website Lender may request, through the Agent, one paper copy of any information
required to be provided under this Agreement which is posted onto the Designated Website. The Borrower shall comply with any such request
within ten Business Days.

 

	19.7	"Know your customer" checks 

 

		(a)	Each Obligor shall promptly upon the request of the Agent supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender (including for
any Lender on behalf of any prospective new Lender)) in order for the Agent, such Lender or any prospective new Lender to conduct any
 "know your customer" or other similar procedures under applicable laws and regulations.

 

		(b)	Each Lender shall promptly upon the request of the Agent supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to conduct any "know
your customer" or other similar procedures under applicable laws and regulations.

 

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	19.8	Non-Disclosure 

 

Nothing in this Clause 19 (Information
Undertakings) or any other Finance Document shall oblige an Obligor to supply or disclose or to procure the supply or disclosure of
information or provide copies of information or documents, that would cause that Obligor to breach any law or applicable regulation.

 

	20.	FINANCIAL COVENANTS

 

	20.1	Financial definitions 

 

In this Clause 20:

 

"Capital Adequacy Ratio"
means the capital adequacy ratio published by The Office of Insurance Commission of Thailand from time to time.

 

"Consolidated Tangible Net Assets"
means at any time the aggregate of the amounts paid up or credited as paid up on the issued ordinary share capital of the Borrower and
the amount standing to the credit of the reserves of the Group, including any amount credited to the share premium account and after
adding back any Relevant Subordinated Debt, but deducting:

 

		(a)	any debit balance on the profit and loss account of the Group;

 

		(b)	(to the extent included) any amount shown in respect of goodwill of the Group and other intangible assets
of the Group (other than (i) any intangible assets of the Group attributable to any upfront fee payable in respect of any Financial Indebtedness
and (ii) any Deferred Acquisition Cost);

 

		(c)	any amount in respect of interests of non-Group members in Group subsidiaries; and

 

		(d)	any amount in respect of any dividend or distribution declared, recommended or made by any member of the
Group to the extent payable to a person who is not a member of the Group and to the extent such distribution is not provided for in the
most recent financial statements,

 

and so that no amount shall be included or excluded more
than once.

 

"Consolidated Total Debt"
means, at any time, the outstanding principal, capital or nominal amount and any fixed or minimum premium payable on prepayment or redemption
of any indebtedness for or in respect of Financial Indebtedness of the Group (other than in respect any Financial Indebtedness falling
under paragraph (g) of that definition and excluding any Relevant Subordinated Debt and, for the avoidance of doubt, indebtedness arising
under any Equity Instrument) and any amount raised by the issue of redeemable shares which are redeemable before the Final Repayment Date
but excluding any such obligations to any other member of the Group.

 

"Consolidated Total Equity"
means at any time the aggregate of the consolidated total assets of the Borrower less the consolidated total liabilities
of the Borrower. For the avoidance of doubt, the Convertible Preference Shares and the Equity Instruments shall be considered part of
Consolidated Total Equity.

 

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"Deferred Acquisition Cost"
means deferred acquisition cost (as determined from the applicable line item in the consolidated financial statements of the Borrower
prepared in accordance with Clause 19.3 ( Requirements as to financial statements)) (on a consolidated basis) in respect of insurance
policies issued by the Group.

 

"RCB2 Effective Date"
means the date on which rules or regulations in relation to the risk-based capital framework 2 published by The Office of Insurance Commission
of Thailand become effective.

 

"Relevant Subordinated Debts"
means any Subordinated Debt owing by a member of the Group to another person which is not a member of the Group.

 

	20.2	Financial conditions 

 

		(a)	The Borrower (and, in the case of paragraph (a)(iii) below, the Guarantor) shall ensure
that:

 

		(i)	Consolidated Total Debt shall not at any time exceed 82.5 per cent. of the aggregate
of Consolidated Total Equity and the Relevant Subordinated Debts;

 

		(ii)	Consolidated Tangible Net Assets shall not at any time be less than US$275,000,000;
and

 

		(iii)	the Target (or, after the Restructure Date, each Licensed Entity) will at all times
maintain a Capital Adequacy Ratio which is no less than:

 

		(A)	(at any time prior to the RBC2 Effective Date) 170 per cent. (or, if higher, such higher ratio as imposed
by laws or regulations applicable to the Target or such Licensed Entity or by any Governmental Authority having jurisdiction over the
Target or such Licensed Entity); or

 

		(B)	(on or after the RBC2 Effective Date) the ratio imposed by laws or regulations applicable
to the Target or such Licensed Entity or by any Governmental Authority having jurisdiction over the Target or such Licensed Entity.

 

		(b)	The financial covenants set out in paragraph (a) above shall be tested by reference to the financial statements
and Compliance Certificates delivered pursuant to Clause 19.1 (Financial statements) in respect of each financial year of the Borrower,
the first half of each financial year of the Borrower and (if applicable) any Compliance Certificate delivered in circumstances contemplated
under Clause 22.2 (Specific covenants).

 

	21.	GENERAL UNDERTAKINGS 

 

The undertakings in this Clause 21
remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment
is in force.

 

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	21.1	Authorisations 

 

Each Obligor shall (and ensure that
each other member of the Group party to any Acquisition Document will) promptly obtain, comply with and do all that is necessary to maintain
in full force and effect any Authorisation of a Relevant Jurisdiction required to enable it to perform its obligations under the Transaction
Documents and to ensure (subject to the Legal Reservations and in the case of the Transaction Security Documents, the Perfection Requirements)
the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Transaction Document.

 

	21.2	Compliance with laws 

 

Each Obligor shall (and ensure that
each other member of the Group party to any Acquisition Document will) comply in all respects with all laws to which it may be subject,
if failure so to comply has or is reasonably likely to have a Material Adverse Effect.

 

	21.3	Pari passu ranking 

 

Subject to the Legal Reservations and
Perfection Requirements, each Obligor shall ensure that its payment obligations under the Finance Documents rank and continue to rank
at least pari passu with the claims of all of its other unsecured and unsubordinated creditors, except for obligations mandatorily
preferred by law applying to companies generally.

 

	21.4	Negative pledge 

 

In this Clause 21.4, "Quasi-Security"
means an arrangement or transaction described in paragraph (b) below.

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) create or permit
to subsist any Security over any of its assets.

 

		(b)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will):

 

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by an Obligor or any other member of the Group;

 

		(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(iii)	enter into or permit to subsist any title retention arrangement;

 

		(iv)	enter into or permit to subsist any arrangement under which money or the benefit of a bank or other account
may be applied, set-off or made subject to a combination of accounts; or

 

		(v)	enter into or permit to subsist any other preferential arrangement having a similar effect,

 

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in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

 

		(c)	Paragraphs (a) and (b) above do not apply to:

 

		(i)	any Security or Quasi-Security listed in Schedule 7 (Existing Security) except to the extent the
principal amount secured by that Security or Quasi-Security exceeds the amount stated in that Schedule;

 

		(ii)	any Security or Quasi-Security as required under the Life Insurance Act of Thailand and any other applicable
insurance-related laws or regulations (or any replacement Security or Quasi-Security on the same or fewer assets);

 

		(iii)	any Security or Quasi-Security created pursuant to any Finance Document;

 

		(iv)	any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its
banking arrangements (including in relation to the operation and/or maintenance of the Reserve Account, the Baht Account and/or the Relevant
Account);

 

		(v)	any payment or close out netting or set-off arrangement pursuant to any transaction entered into by the
Borrower pursuant to any ISDA agreement, global master repurchase agreement (GMRA) or global master securities lending Agreement (GMSLA)
in the ordinary course of business and for non-speculative purposes only, and any Security or Quasi-Security under any credit support
arrangement in relation to any such ISDA agreement;

 

		(vi)	any Security or Quasi-Security arising by operation of law and in the ordinary course of trading and not
arising as a result of any default or omission by any member of the Group;

 

		(vii)	any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after the
date of this Agreement if:

 

		(A)	the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a
member of the Group;

 

		(B)	the principal amount secured has not been increased in contemplation of, or since the acquisition of that
asset by a member of the Group; and

 

		(C)	the Security or Quasi-Security is removed or discharged within 2 months of the date of acquisition of
such asset;

 

		(viii)	any Security or Quasi-Security over or affecting any asset of any person which becomes a member of the
Group after the date of this Agreement, where the Security or Quasi-Security is created prior to the date on which that person becomes
a member of the Group, if:

 

		(A)	the Security or Quasi-Security was not created in contemplation of the acquisition of that person;

 

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		(B)	the principal amount secured has not increased in contemplation of or since the acquisition of that person;
and

 

		(C)	the Security or Quasi-Security is removed or discharged within 2 months of that person becoming a member
of the Group;

 

		(ix)	any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale
arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading
and on the supplier's standard or usual terms and not arising as a result of any default or omission by any member of the Group;

 

		(x)	any Security or Quasi-Security arising out of judgments or awards and/or arising by operation of law or
the rules of any applicable court in respect of litigation involving any member of the Group (including any escrow payment into court)
provided that the Borrower notifies the Agent of any such Security or Quasi-Security securing amounts greater than US$10,000,000
(or its equivalent in any other currency or currencies) within 5 Business Days of such Security or Quasi-Security arising;

 

		(xi)	any Security over any rental deposits in respect of any property leased or licensed by a member of the
Group in an amount not exceeding 12 months' rent to secure rental payment obligations;

 

		(xii)	any cash collateral provided in respect of letters of credit or bank guarantees to the issuer of those
letters of credit or bank guarantees (where such letters of creditor or bank guarantees are issued for the benefit of a member of the
Group);

 

		(xiii)	any Security or Quasi-Security (arising by operation of law or pursuant to mandatory provisions of applicable
law) over any assets of any member of the Group as security for the payment of any taxes, assessments, charges or claims of or imposed
by any Governmental Agency against or on such member of the Group;

 

		(xiv)	any Security or Quasi-Security securing indebtedness of any member of the Group (other than any Group
Licensed Entity) the outstanding principal amount of which (when aggregated with the outstanding principal amount of any other indebtedness
of any member of the Group (other than any Group Licensed Entity) which has the benefit of Security falling under this paragraph (xiv)))
does not exceed US$1,000,000 (or its equivalent in any other currency or currencies) at any time;

 

		(xv)	any Security or Quasi-Security granted by a special purpose vehicle established (and thereafter maintained)
by a member of the Group for the sole purpose of acquiring (from persons that are not members of the Group), and thereafter holding, specific assets (an "Investment
SPV"), or over the shares in such Investment SPV, provided that:

 

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		(A)	the Investment SPV is a Subsidiary of a Group Licensed Entity;

 

		(B)	the aggregate principal amount of the indebtedness secured by such Security or Quasi-Security does not
exceed:

 

		(1)	(except in the case of (2) below) 60% of the cost of acquisition of such assets so acquired by such Investment
SPV; or

 

		(2)	(in the case where the Investment SPV is a Subsidiary of FWD Japan holding assets in Japan) 70% of the
cost of acquisition of such assets so acquired by such Investment SPV,

 

(or, in the case of a refinancing of
such first-mentioned indebtedness that was originally secured by such Security or Quasi-Security and that complied with (1) or (2) above,
the principal amount of the indebtedness being so refinanced and associated refinancing costs); and

 

		(C)	the creditors of such indebtedness do not have recourse against any member of the Group, other than against
such Investment SPV and its shares;

 

		(xvi)	any Security or Quasi-Security granted by any Group Licensed Entity securing indebtedness of itself the
outstanding principal amount of which (when aggregated with the outstanding principal amount of any other indebtedness of any Group Licensed
Entity which has the benefit of Security falling under this paragraph (xvi)) does not exceed two per cent. of the consolidated total assets
of the Group (as shown in the consolidated financial statements of the Group most recently delivered to the Agent pursuant to the terms
of this Agreement) at any time.

 

		(d)	Paragraph (c) above (except for paragraph (c)(iii) above) shall not apply in relation to any Security
or Quasi-Security over or in respect of:

 

		(i)	any shares in the Guarantor owned, directly or indirectly, by the Borrower;

 

		(ii)	any shares in FWD Thailand owned, directly or indirectly, by either Obligor;

 

		(iii)	any shares in FWD Japan owned, directly or indirectly, by the Borrower;

 

		(iv)	any Target Shares or any shares in any Licensed Entity owned, directly or indirectly, by either Obligor;

 

		(v)	the rights of any member of the Group under any Acquisition Document; or

 

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		(vi)	any asset which is the subject of Transaction Security, the Relevant Account or (unless
the Closing Date has occurred) any other account of the Guarantor or Siam PCG identified in the Funds Flow Statement.

 

		21.5	Disposals 

 

No Obligor shall (and the Borrower
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 where such disposal would have a
Material Adverse Effect.

 

		21.6	Merger 

 

No Obligor shall (and the Borrower
shall ensure that no other member of the Group will) enter into any amalgamation, demerger, merger or corporate reconstruction (which,
for the avoidance of doubt, does not include any IPO) that would have a Material Adverse Effect.

 

		21.7	Change of business 

 

The Borrower shall procure that no
material change is made to the nature or scope of the business of the Obligors, the Group or the Target Group from that carried on at
the date of this Agreement.

 

		21.8	Acquisitions

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group
will) acquire any company, business, assets or undertaking or make any investment.

 

		(b)	Paragraph (a) above does not apply to:

 

		(i)	the Acquisition (it being acknowledged by the Lenders that the Acquisition does not
have a Material Adverse Effect);

 

		(ii)	any acquisition or investment that would not reasonably be expected to have a Material
Adverse Effect; or

 

		(iii)	any acquisition or investment approved by the Majority Lenders.

 

		21.9	Loans and guarantees 

 

		(a)	No Obligor shall (and the Borrower shall ensure that no member of the Group will) make or allow to subsist
any loans, grant any credit (save in the ordinary course of business) or give or allow to remain outstanding any guarantee or indemnity
(except as required under any of the Finance Documents) to or for the benefit of any person or otherwise voluntarily assume any liability,
whether actual or contingent, in respect of any obligation of any person.

 

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		(b)	Paragraph (a) above does not apply to:

 

		(i)	any loan or credit made available by any member of the Group to Siam PCG to fund (A)
the payment by Siam PCG of the Acquisition Agreement Consideration (Siam PCG) and/or (B) the capitalisation of any Licensed Entity;

 

		(ii)	any loan or credit made available by any member of the Group to another member of
the Group (including to Siam PCG, Siam Pacific and/or any Licensed Entity);

 

		(iii)	any credit extended by any member of the Group in the ordinary course of business
and/or any advance payment made in relation to capital expenditure in the ordinary course of business;

 

		(iv)	any cash credit balance at a bank or other financial institution;

 

		(v)	any loans made to an employee share option scheme or unit trust scheme (or to directors
or other employees for the purposes of participating in such schemes);

 

		(vi)	any guarantees, indemnities or other contingent liabilities incurred or assumed in
connection with:

 

		(A)	the Existing Senior Facility falling under paragraph (a) of the definition thereof,
except to the extent the principal amount so guaranteed, indemnified, incurred or assumed exceeds US$275,000,000; or

 

		(B)	the Existing Senior Facility falling under paragraph (b) of the definition thereof,
except to the extent the principal amount so guaranteed, indemnified, incurred or assumed exceeds US$175,000,000;

 

		(vii)	any guarantees, indemnities or other contingent liabilities incurred or assumed in
the ordinary course of business (including in connection with financing transactions and mergers and acquisitions transactions (including
the Acquisition));

 

		(viii)	any loan made available by the Borrower to FWD Limited prior to 4 February 2019; or

 

		(ix)	any loan made available by the Borrower to FWD Limited or FWD Limited's Subsidiaries on or after 4 February
2019 if the amount of that loan when aggregated with the amount of all loans made to FWD Limited and FWD Limited's Subsidiaries by the
Borrower on or after 4 February 2019 does not exceed US$40,000,000 (or its equivalent) at any time provided that the proceeds of
such loans shall only be applied by FWD Limited and its Subsidiaries for the purpose of funding the capital expenditure (A) of their businesses
in Vietnam or (B) of their Subsidiaries located in Vietnam and shall not be applied towards, without limitation, the payment of any dividends or distributions
to FWD Limited's shareholders or any other person.

 

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		21.10	Financial Indebtedness 

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group
will) incur or permit to remain outstanding any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply to:

 

		(i)	any Financial Indebtedness incurred pursuant to any Finance Documents;

 

		(ii)	any Financial Indebtedness owed to another member of the Group;

 

		(iii)	any Financial Indebtedness that is subordinated to the claims of the Finance Parties
under the Finance Documents pursuant to a Subordination Deed or otherwise on terms that are acceptable to the Agent (acting on the instructions
of the Majority Lenders (acting reasonably)), including the Existing Subordinated Debts;

 

		(iv)	any Financial Indebtedness raised by the issue of redeemable shares which are held
by another member of the Group;

 

		(v)	any Financial Indebtedness described in paragraph (g) of the definition of "Financial
Indebtedness" incurred in the ordinary course of business and for non-speculative purposes only and any guarantees granted in respect
of such Financial Indebtedness;

 

		(vi)	insurance contracts in the form of financed insurance premiums in each case, in the
ordinary course of business and other regular or customary activities; or

 

		(vii)	any other Financial Indebtedness the incurrence of which will not result in a breach
of any of the financial conditions set out in Clause 20 (Financial Covenants) (calculated on a pro forma basis by reference
to the consolidated financial statements of the Borrower most recently delivered to the Agent pursuant to the terms of this Agreement,
and as if such Financial Indebtedness (and any other Financial Indebtedness incurred pursuant to this paragraph (vii) after the last day
of the financial period covered by such financial statements) were incurred on the last day of such financial period).

 

		21.11	Further assurance 

 

		(a)	Each Obligor shall (and the Borrower shall procure that each member of the Group will)
promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions)
as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security
Agent or its nominee(s)):

 

		(i)	to perfect the Security created or intended to be created under or evidenced by the
Transaction Security Documents (which may include the execution of a mortgage, charge,
assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security)
or for the exercise of any rights, powers and remedies of the Security Agent or the Finance Parties provided by or pursuant to the Finance
Documents or by law;

 

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		(ii)	to confer on the Security Agent or confer on the Finance Parties, Security over any
property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant
to the Transaction Security Documents; and/or

 

		(iii)	following the taking of any action pursuant to Clause 22.16 (Acceleration)
to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction Security.

 

		(b)	Each Obligor shall (and the Borrower shall procure that each member of the Group shall) take all such
action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection,
protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Finance Parties by or pursuant
to the Finance Documents.

 

		21.12	Acquisition Documents 

 

Each Obligor shall (and shall ensure
that each other member of the Group party to an Acquisition Document will):

 

		(a)	promptly pay all amounts payable to the Vendor under the Acquisition Documents as
and when they become due (except to the extent that any such amounts are being contested in good faith by a member of the Group and where
adequate reserves are set aside for any such payment);

 

		(b)	comply in all material respects with the provisions of the Acquisition Documents to
which it is a party;

 

		(c)	take all reasonable and practical steps to preserve and enforce its rights and pursue
any claims and remedies arising under any Acquisition Document to which it is a party; or

 

		(d)	not amend, vary, assign, novate, supplement, supersede, waive or terminate, or grant
any consent in respect of, any term of, or any of its rights and/or obligations under, any Acquisition Document to which it is a party
(or agree to any of the foregoing), except for:

 

		(i)	any amendment, variation or supplement of a minor or technical nature or made to correct
a manifest error;

 

		(ii)	any amendment, variation, supplement, waiver or consent which could not reasonably
be expected to have a material adverse impact on the interests of the Finance Parties (taken as a whole) under the Finance Documents;

 

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		(iii)	in the case of the Acquisition Agreement:

 

		(A)	any assignment of rights and/or obligations thereunder to another member of the Group for so long as it
will not result in any circumstance referred to in 7.2 ( Mandatory prepayment on change of control or share ownership); or

 

		(B)	any termination of the Acquisition Agreement prior to Completion; or

 

		(iv)	in the case of the Current Distribution Agreement, any amendment, variation, supplement, waiver or consent
which could not reasonably be expected to have a material adverse impact on the economic position of such member of the Group which is
party under the Current Distribution Agreement,

 

provided that this paragraph
(d) shall not restrict the Guarantor from allocating the Target Shares between the Guarantor and Siam PCG under the terms of the Acquisition
Agreement, for so long as such allocation will not result in any circumstance referred to in 7.2 ( Mandatory prepayment on change of
control or share ownership).

 

		21.13	Subordinated Debts: Affiliates 

 

Each Obligor shall ensure that (to the
extent the following have not been previously entered into and/or provided, as the case may be), within 5 Business Days of it incurring
any Financial Indebtedness to any Shareholder Affiliate or any other member of the Group (other than an Obligor), it and such Shareholder
Affiliate or member of the Group will enter into a Subordination Deed to fully and effectively subordinate that Financial Indebtedness
to the claims of the Finance Parties under the Finance Documents and that the conditions precedent listed in the Subordination Deed in
connection with the entry into the Subordination Deed by the Borrower and such Shareholder Affiliate or member of the Group (as applicable)
are provided to the Finance Parties.

 

		21.14	Subordinated Debts: Non-affiliates 

 

		(a)	In respect of any Subordinated Debt proposed to be incurred by any Obligor from any person which is neither
a member of the Group nor a Shareholder Affiliate, such Obligor shall ensure that:

 

		(i)	such Subordinated Debt is unsecured; and

 

		(ii)	the scheduled redemption or repayment date(s) of any such Subordinated Debt must fall later than one year
after the Senior Facility Maturity Date.

 

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		(b)	Each Obligor shall ensure that the terms of the Existing Subordinated Debts and any other Subordinated
Debts referred to in paragraph (a) above, will not be amended, varied, supplemented or waived (nor will any consent be granted in respect
thereof) if such amendment, variation, supplement, waiver or consent has the effect of changing or relates to:

 

		(i)	the unsecured nature of such Subordinated Debt;

 

		(ii)	any prepayment event or trigger (howsoever described and including any put option);

 

		(iii)	the terms of subordination of such Subordinated Debt (including without limitation any trigger for such
subordination);

 

		(iv)	an increase to the rate of interest or any other sum payable by any Obligor under such Subordinated Debt;
or

 

		(v)	acceleration of the scheduled redemption or repayment date(s) for such Subordinated Debt such that it
will fall within one year after the Senior Facility Maturity Date.

 

		(c)	The Obligors shall not (and shall ensure that no other member of the Group will) acquire, or make any
payment, repayment or redemption in respect of, any Existing Subordinated Debt or any other Subordinated Debt referred to in paragraph
(a) above, except for any payment, repayment or redemption:

 

		(i)	which is funded in its entirety by the proceeds of subscription for shares in the Borrower and/or Subordinated
Debts incurred by the Borrower from any person which is not a member of the Group;

 

		(ii)	made at a time when:

 

		(A)	no Event of Default is continuing (and provided that no Event of Default would result from such
payment, repayment or redemption); and

 

		(B)	if such payment, repayment or redemption relates to the principal of any such Subordinated Debt:

 

		(1)	the Available Facility has been reduced to zero and the aggregate outstanding principal amount of the
Loans is no more than US$1,300,000,000; and

 

		(2)	the Consolidated Total Debt does not, and will not (immediately after such payment, repayment or redemption),
exceed 60 per cent. of the aggregate of Consolidated Total Equity and the Relevant Subordinated Debts (in each case as defined in Clause
20.1 (Financial definitions)).

 

		21.15	Dividends and share redemption 

 

		(a)	Except as permitted under paragraph (b) below, the Borrower shall not (and, in the case of paragraph (a)(v)
below, the Borrower shall ensure that no other member of the Group will):

 

		(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share
capital (or any class of its share capital);

 

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		(ii)	repay or distribute any dividend or share premium reserve;

 

		(iii)	pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of
any Shareholder Affiliate;

 

		(iv)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or

 

		(v)	acquire, or make any payment, repayment or redemption in respect of, any Equity Instrument.

 

		(b)	Paragraph (a) above does not apply to the payment of any dividend, charge, fee or other distribution on
or in respect of, or redemption of, the Convertible Preference Shares or any payment, repayment or redemption in respect of any Equity
Instrument issued by the Borrower (whether at or below par or otherwise):

 

		(i)	which is funded in its entirety by the proceeds of subscription for shares in the Borrower or the proceeds
of any Equity Instrument issued by the Borrower (or otherwise approved by the Majority Lenders); and

 

		(ii)	made or paid at a time when no Event of Default is continuing (and provided that no Event of Default
would result from such payment, distribution, repayment or redemption).

 

		21.16	Upstreaming of cash to Obligors 

 

Each Obligor shall, to the maximum extent
permitted by applicable laws and regulations, ensure that each of its Subsidiaries will pay such dividends and other distributions to
(and/or extend such intercompany loans to) such Obligor to enable such Obligor to perform its payment obligations under the Finance Documents
as and when they fall due.

 

		21.17	Reserve Account 

 

		(a)	The Borrower shall ensure that the Relevant Proportion of all amounts received by it (including all income,
dividends, shareholder loans or repayments, other distributions, income and capital receipts) are promptly paid into the Reserve Account
(the aggregate amounts from time to time transferred to the Reserve Account pursuant to this paragraph being the "Borrower Receipts").

 

		(b)	For such purpose, "Relevant Proportion" means the proportion that (i) the Total Commitments
bear to (ii) the sum of (A) the Total Commitments and (B) the aggregate principal amount of the loans outstanding under the Existing Senior
Facilities.

 

		(c)	The Borrower shall, at the same time any Borrower Receipt is paid into the Reserve Account, provide a
certificate to the Agent (in form and substance satisfactory to the Agent) confirming the Relevant Proportion
and the basis of its calculation.

 

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		(d)	Except (insofar as the proceeds of the Loans are concerned) permitted under Clause
4.5 (Funds flow and account operation), the Borrower shall not make any withdrawal from the Reserve Account except for:

 

		(i)	the payment of interest, costs, expenses and indemnities under this Agreement;

 

		(ii)	the payment of scheduled amounts due under any Hedging Agreement and amounts payable
on a Permitted Termination;

 

		(iii)	the payment on the Final Repayment Date of any amount then due under and pursuant
to the Finance Documents; or

 

		(iv)	amounts to be applied by the Borrower towards capital injections into the Borrower's
direct Subsidiaries,

 

provided that, in each case,
(A) no Event of Default is continuing or would result from such withdrawal and (B) the Reserve Account (immediately after such withdrawal)
shall have a balance which is sufficient to discharge interest due on each Loan on the last day of its then current Interest Period (but,
if the proposed date of withdrawal falls on the last day of an Interest Period for a Loan, then the foregoing reference to "its then
current Interest Period" shall be deemed to be a reference to the Interest Period for such Loan commencing on such proposed date
of withdrawal).

 

		21.18	Relevant Account 

 

		(a)	On and from the date of this Agreement, the Borrower shall maintain an account with the Relevant Account
Bank (excluding the Reserve Account and the Baht Account) that is designated by the Borrower and the Agent in writing (from time to time)
as the "Relevant Account" for the purposes of this Agreement (such account, including any renewal or re-designation of such
account being the "Relevant Account"). The Borrower and the Agent hereby designate the account (account number [***])
maintained by the Borrower with the Relevant Account Bank as the Relevant Account.

 

		(b)	The Borrower shall, at all times from the first Utilisation Date, ensure that the average weekly balance
standing to the credit of the Relevant Account shall be not less than the Required Balance.

 

		(c)	The Relevant Account Bank shall not be replaced without the prior written consent
of the Borrower and the Agent.

 

		21.19	Sanctions 

 

The Obligors shall not, and
shall not permit or authorise any other person to, directly or indirectly, use, lend, make payments of, contribute or otherwise make
available, all or any part of the proceeds of any Loan or other transaction(s) contemplated by this Agreement to fund any trade,
business or other activities: (a) involving or for the benefit of any Restricted Party, or (b) in any other manner that would
reasonably be expected to result in either Obligor or any Lender being in breach of any Sanctions (if and to the extent applicable
to either of them) or becoming a Restricted Party.

 

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		21.20	Hedging arrangements 

 

		(a)	The Borrower shall ensure that:

 

		(i)	its payment obligations under the Finance Documents to which it is a party will rank at least pari
passu with its liabilities under the Hedging Agreements (to the extent such liabilities are not secured) (provided that any
Security for such liabilities under the Hedging Agreements may only be granted if permitted by the terms of this Agreement);

 

		(ii)	in the event that any prepayments of the Loans are made and the Borrower has entered into any Hedging
Agreement, a corresponding portion of such hedging arrangement is unwound at or about the same time as such prepayment; and

 

		(iii)	the hedging period under any Hedging Agreement shall not extend beyond the Final Repayment Date.

 

		(b)	The undertakings by the Borrower under this Clause are also given in favour of each hedging counterparty
under the Hedging Agreements (but only if such hedging counterparty is a Lender or an Affiliate of a Lender). Each such hedging counterparty
may rely on this Clause 21.20 subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act.

 

		21.21	Conditions subsequent 

 

Each Obligor shall:

 

		(a)	within seven (7) Business Days of the Closing Date, deliver a certificate (signed by a director of the
Borrower) certifying that the Closing Date has occurred; and

 

		(b)	within seven (7) Business Days of the Closing Date, deliver a certificate (signed by a director of the
Borrower) certifying that (i) the Distribution Agreement has come into effect and (ii) the summary of the key terms of the Distribution
Agreement delivered pursuant to paragraph 3(a) of Schedule 2 ( Conditions Precedent) is true, correct and disclose all material
terms of the Distribution Agreement, and does not omit to state any terms thereof which would result in such summary being untrue or misleading
in any material respect.

 

		22.	EVENTS OF DEFAULT 

 

Each of the events or circumstances
set out in the following sub-clauses of this Clause 22 (other than Clause 22.16 (Acceleration) and Clause 22.17 ( Clean-Up Period))
is an Event of Default.

 

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		22.1	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 its
failure to pay is caused by:

 

		(a)	an administrative or technical error; or

 

		(b)	a Disruption Event,

 

and payment is made within three Business Days of its due
date.

 

		22.2	Specific covenants 

 

		(a)	Any requirement of Clause 20 (Financial Covenants) is not satisfied.

 

		(b)	Any Obligor does not comply with Clause 21.21 ( Conditions subsequent).

 

		(c)	If the requirements of any of the financial covenants in paragraph (a)(i) and (ii) of Clause 20.2 (Financial
conditions) are not met (or would but for this paragraph (c) not be met) at any time but such payments are made by any person and/or
transactions or steps occur (that would not otherwise cause an Event of Default) within 20 Business Days of the earlier of (A) the Agent
giving notice to the Borrower of its failure to satisfy the relevant financial covenant(s) and (B) the Borrower becoming aware of the
failure to satisfy the relevant financial covenant(s), such that if the applicable financial covenant(s) were deemed to be retested on
the relevant original date of determination giving effect to such aforementioned payments and/or transactions and the requirements of
the financial covenants would have been met, then such financial covenant(s) shall be deemed to have been satisfied as at the relevant
original date of determination as though there had been no failure to comply and any Default occasioned thereby shall be deemed to have
been remedied for all purposes under the Finance Documents.

 

		(d)	If the requirements of the financial covenant in paragraph (a)(iii) of Clause 20.2 (Financial conditions)
is not met (or would but for this paragraph (d) not be met) at any time, if such financial covenant remains not met (or would but for
this paragraph (d) not be met) but such payments are made by any person and/or transactions or steps occur (that would not otherwise cause
an Event of Default) within 30 Business Days of the earlier of (A) the Agent giving notice to the Borrower of its failure to satisfy the
relevant financial covenant and (B) the Borrower becoming aware of the failure to satisfy the relevant financial covenant, such that if
the applicable financial covenant were deemed to be retested on the relevant original date of determination giving effect to such aforementioned
payments and/or transactions and the requirements of the financial covenant would have been met (and the Borrower shall deliver a Compliance
Certificate to the Agent confirming the same), then such financial covenant shall be deemed to have been satisfied as at the relevant
original date of determination as though there had been no failure to comply and any Default occasioned thereby shall be deemed to have
been remedied for all purposes under the Finance Documents.

 

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For the avoidance of doubt, prior to
the expiry of the relevant cure period detailed in paragraph (c) or (d) above (as applicable), no Event of Default under paragraph (a)
of this Clause 22.2 will occur.

 

		22.3	Other obligations 

 

		(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in
Clause 22.1 (Non-payment) and Clause 22.2 (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 Business Days of the earlier of (A) the Agent giving notice to the Borrower and (B) the Borrower or, as the
case may be, the relevant Obligor becoming aware of the failure to comply.

 

		22.4	Misrepresentation 

 

		(a)	Subject to paragraph (b) below, 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 underlying such failure
to comply are capable of being remedied and are so remedied within 20 Business Days of the Agent giving written notice to the Borrower
requiring it to remedy, or if earlier, within 20 Business Days of the date on which the Borrower or, as the case may be, the relevant
Obligor first became aware of such failure to comply.

 

		22.5	Cross default 

 

		(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally 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 commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by
a creditor of any member of the Group as a result of an event of default (however described).

 

		(d)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any
member of the Group due and payable prior to its specified maturity as a result of an event of default (however described).

 

		(e)	No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than USD10,000,000 (or its equivalent in any
other currency or currencies).

 

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		(f)	For the purpose of this Clause 22.5, each reference to "Financial Indebtedness"
under this Clause shall exclude all indebtedness incurred in respect of any Subordinated Debts referred to in Clause 21.13 (Subordinated
Debts: Affiliates) and, for the avoidance of doubt, include all indebtedness incurred in respect of any Existing Subordinated Debts
or any other Subordinated Debts referred to in Clause 21.14 ( Subordinated Debts: Non-affiliates).

 

		22.6	Insolvency 

 

		(a)	A member of the Group is or is presumed or deemed to be unable or admits inability
to pay its debts (in the case of the Borrower, within the meaning of Section 93 of the Companies Law (2018 Revision) (as amended) of the
Cayman Islands; in the case of the Guarantor, within the meaning of Section 254 of the Companies Act, Chapter 50 of Singapore), 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 (other than any Finance Party in its capacity as such in relation to the Facility) with a view to rescheduling any
of its indebtedness.

 

		(b)	The value of the assets of any member of the Group is less than its liabilities (taking
into account contingent and prospective liabilities).

 

		(c)	A moratorium is declared in respect of any indebtedness of any member of the Group.

 

		22.7	Insolvency proceedings 

 

		(a)	Any corporate action, legal proceedings or other procedure or step is taken in relation
to:

 

		(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, judicial management,
administration, provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any
member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not (A) an Obligor, (B) FWD
Japan, (C) (at any time prior to the Restructure Date) FWD Thailand or the Target or (D) (on or after the Restructure Date) a Licensed
Entity (each a "Relevant Group Member");

 

		(ii)	a composition or arrangement with any creditor of any member of the Group, or an assignment
for the benefit of creditors generally (other than any Finance Party in its capacity as such in relation to the Facility) of any member
of the Group or a class of such creditors;

 

		(iii)	the appointment of a liquidator (other than in respect of a solvent liquidation of
a member of the Group which is not a Relevant Group Member), receiver, judicial manager, receiver and manager, administrator, administrative
receiver, compulsory manager, provisional supervisor or other similar officer in respect of any member of the Group or any of its assets;
or

 

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		(iv)	enforcement of any Security over any assets of any member of
the Group, or any analogous procedure or step is taken in any jurisdiction.

 

		(b)	Paragraph (a) above shall not apply to any winding-up petition which is frivolous
or vexatious and is discharged, stayed or dismissed within 14 days of commencement.

 

		22.8	Creditors' process 

 

Any expropriation, attachment, sequestration,
distress or execution affects any asset or assets of a member of the Group having an aggregate value of USD10,000,000 (or its equivalent
in any other currency or currencies) and is not discharged within 10 Business Days.

 

		22.9	Unlawfulness 

 

		(a)	It is or becomes unlawful for an Obligor to perform any of its material obligations
under the Finance Documents or any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents
ceases to be effective, or any subordination created under any Subordination Deed is or becomes unlawful.

 

		(b)	Any obligation or obligations of any Obligor under any Finance Documents are (subject
to the Legal Reservations and Perfection Requirements (which are not overdue)) not or cease to be legal, valid, binding or enforceable
and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.

 

		(c)	Subject to the Legal Reservations and Perfection Requirements (which are not overdue),
any Finance Document ceases to be in full force and effect, any subordination created under any Subordination Deed or any Transaction
Security ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be
ineffective.

 

		22.10	Repudiation and rescission of agreements 

 

		(a)	An Obligor (or any other relevant party other than a Finance Party) rescinds or purports
to rescind or repudiates or purports (in writing) to repudiate a Finance Document or any of the Transaction Security or evidences in writing
an intention to rescind or repudiate a Finance Document or any Transaction Security.

 

		(b)	Any party to any Acquisition Document (other than the Current Distribution Agreement)
rescinds or purports to rescind or repudiates or purports to repudiate any such Acquisition Document in whole or in part where to do so
could reasonably be expected to have a material adverse effect on the interests of the Finance Parties (taken as a whole) under the Finance
Documents.

 

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		22.11	Cessation of business 

 

Any Obligor, the Group (taken as a whole),
(at any time prior to the Restructure Date) the Target or the Target Group (taken as a whole) or (on or after the Restructure Date) any
Licensed Entity or any Licensed Entity and its Subsidiaries (taken as a whole) suspends or ceases to carry on all or a material part of
its business.

 

		22.12	Change of ownership of Guarantor 

 

The Borrower ceases to directly own
100 per cent. of the issued shares in the Guarantor.

 

		22.13	Material adverse change 

 

Any event or circumstance (other than
any circumstances where it is reasonably likely that any of the financial covenants set out in Clause 20 (Financial Covenants)
may not be complied with as at the relevant date of testing pursuant to paragraph (b) of Clause 20.2 ( Financial conditions) (each
a "Testing Date"), at any time prior to the end of the cure period specified in paragraph (c) or (d) of Clause 22.2 (
Specific covenants) that Testing Date) occurs that has a Material Adverse Effect.

 

		22.14	Declared default 

 

Any Obligor is declared by the Minister
for Finance of Singapore to be a company to which Part IX of the Companies Act, Chapter 50 of Singapore applies.

 

		22.15	Non-compliance 

 

Any term of the documents as detailed
in the Side Letter is not complied with.

 

		22.16	Acceleration 

 

On and at any time after the occurrence
of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower:

 

		(a)	without prejudice to the participations of any Lenders in any Loans then outstanding:

 

		(i)	cancel the Commitments (and reduce them to zero), whereupon they shall immediately be cancelled (and reduced
to zero); or

 

		(ii)	cancel any part of any Commitment (and reduce such Commitment accordingly), whereupon the relevant part
shall immediately be cancelled (and the relevant Commitment shall be immediately reduced accordingly); and/or

 

		(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

 

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		(c)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable
on demand by the Agent on the instructions of the Majority Lenders; and/or

 

		(d)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
under the Finance Documents.

 

		22.17	Clean-Up Period 

 

		(a)	Notwithstanding any other provision of any Finance Document any Default or Event of Default (other than
an Event of Default under any of Clauses 22.6 ( Insolvency), 22.7 ( Insolvency proceedings) and 22.8 ( Creditors' process))
which occurs during a Clean-Up Period will be deemed not to be a breach of representation or warranty, a breach of covenant or an Event
of Default (as the case may be) if:

 

		(i)	it would have been (if it were not for this Clause 22.17) a breach of representation or warranty, a breach
of covenant, a Default or an Event of Default only by reason of circumstances relating exclusively to, in the case of such a breach, Default
or Event of Default, any member of the Target Group (or any obligation to procure or ensure in relation to a member of the Target Group);

 

		(ii)	it is capable of remedy and reasonable steps are being taken to remedy it;

 

		(iii)	the circumstances giving rise to it have not been procured by or approved by an Obligor or a member of
the Group (other than a member of the Target Group); and

 

		(iv)	it is not reasonably likely to have a Material Adverse Effect.

 

		(b)	If the relevant circumstances are continuing on or after the end of the Clean-Up Period, there shall be
a breach of representation or warranty, breach of covenant, Default or Event of Default, as the case may be notwithstanding the above
(and without prejudice to the rights and remedies of the Finance Parties).

 

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SECTION 9

CHANGES TO PARTIES

 

		23.	CHANGES TO THE PARTIES

 

		23.1	Assignments and transfers by the Lenders

 

Subject to this Clause 23, a Lender (the "Existing
Lender") may:

 

		(a)	assign any of its rights; or

 

		(b)	transfer by novation any of its rights and obligations,

 

under the Finance Documents to another
bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making,
purchasing or investing in loans, securities or other financial assets (the "New Lender").

 

		23.2	Conditions of assignment or transfer 

 

		(a)	The prior consent of the Borrower is required for any assignment or transfer by a Lender pursuant to this
Clause 23 unless (a) permitted by the Syndication Letter, (b) an Event of Default is continuing or (c) the assignment or transfer is to
a Lender or an Affiliate of a Lender.

 

		(b)	If an Event of Default is continuing and a Lender proposes to assign or transfer any of its rights and/or
obligations under the Finance Documents to a Competitor or a Distressed Investor, that Lender shall give the Borrower no less than five
days' prior written notice of such proposed assignment or transfer.

 

		(c)	The consent of the Borrower to a transfer or assignment referred to in paragraph (a)  above must
not be unreasonably withheld or delayed. The Borrower will be deemed to have given its consent five Business Days after the Existing Lender
has requested it unless consent is expressly refused by the Borrower within that time.

 

		(d)	A transfer will be effective only if the procedure set out in Clause 23.5 (Procedure for transfer)
is complied with.

 

		(e)	An assignment will be effective only if the procedure and conditions set out in Clause 23.6 (Procedure
for assignment) are complied with.

 

		(f)	If:

 

		(i)	a Lender assigns, transfers or sub-participates any of its rights or obligations under the Finance Documents
or changes its Facility Office, branch or lending office; and

 

		(ii)	as a result of circumstances existing at the date the assignment, transfer, sub-participation or change
occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office, branch or lending office under Clause 12
(Tax gross-up and indemnities) or Clause 13.1 (Increased costs),

 

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then the New Lender or Lender acting
through its new Facility Office, branch or lending office is not entitled to receive a payment under those Clauses to the extent such
payment would be greater than the payment that would have been made to the Existing Lender or Lender acting through its previous Facility
Office, lending office or branch had the assignment, transfer, sub-participation or other change had not occurred. This paragraph (f)
shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility.

 

		(g)	For the purpose of this Clause 23.2:

 

		(i)	"Competitor" means any person which is an insurance company operating in one or more
jurisdictions in which any Group Licensed Entity has an insurance business, or any direct or indirect shareholder of such insurance company
(which beneficially owns more than 50 per cent. of the shares in such insurance company) provided that a New Lender will not be
deemed or considered to be a "Competitor" solely by virtue of that New Lender:

 

		(A)	dealing in shares in or securities of a Competitor, where the relevant teams and employees
of that New Lender engaged in such dealings operate on the public side of an information barrier;

 

		(B)	becoming an investor or equity holder in a Competitor as a consequence of a debt-for-equity
swap in, or enforcement of security over shares of, that Competitor, provided that the relevant teams and employees of that New
Lender involved in such transactions are separated from any teams or employees of that New Lender working in relation to the Finance Documents
(and related transactions) by way of an information barrier; or

 

		(C)	being an investor or equity holder in a Competitor through a separately managed private
equity investment fund or similar entity owned or managed by that New Lender, provided that the relevant teams and employees of
that New Lender involved in such private equity fund or similar entity are separated from any teams or employees of that New Lender working
in relation to the Finance Documents (and related transactions) by way of an information barrier.

 

		(ii)	"Distressed
                                            Investor" means any loan-to-own fund, vulture fund or distressed debt fund, any
                                            hedge fund, any other fund or entity which is established for or principally invests in distressed
                                            debt (provided that (A)  
                                            a debt trading desk (or equivalent) operated by a bank or financial institution shall be
                                            included to the extent that such trading desk is trading the participation in the Facility
                                            in a capacity (had it been a separate legal entity) that would otherwise fall within the
                                            scope of this definition and (B) a bank or financial institution shall not constitute a "Distressed
                                            Investor" solely by virtue of any restructuring or workout desk with such bank or financial
                                            institution).

 

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		23.3	Assignment or transfer fee 

 

The New Lender shall, on the date upon
which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of US$3,000.

 

		23.4	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, the other Finance Parties and the Secured 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 or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 23; 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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		23.5	Procedure for transfer 

 

		(a)	Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) a transfer
is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered
to it by the Existing Lender and the New Lender, which delivery by the Existing Lender and the New Lender shall be no later than five
(5) Business Days prior to the proposed Transfer Date specified in the Transfer Certificate. The Agent shall, subject to paragraph (b)
below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply
with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

 

		(b)	The Agent shall not be obliged to execute a Transfer Certificate delivered to it by the Existing Lender
and the New Lender unless it is satisfied that it has completed all "know your customer" and other similar procedures that it
is required (or deems desirable) to conduct in relation to the transfer to such New Lender.

 

		(c)	Subject to Clause 23.12 (Pro rata interest settlement), on 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 and in respect of the Transaction Security each of the Obligors and the Existing Lender shall
be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their
respective rights against one another 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 Agent, the MLABs, the Security Agent, the New Lender and other Lenders shall acquire the same rights
and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed
had the New Lender been an original party hereto as a Lender with the rights and/or obligations acquired or assumed by it as a result
of the transfer and to that extent the Agent, the MLABs, the Security Agent 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".

 

		(d)	The procedure set out in this Clause 23.5 shall not apply to any right or obligation under any
                                                               Finance Document (other than this Agreement) if and to the extent its terms, or any laws or regulations applicable thereto, provide
                                                               for or require a different means of transfer
of such right or obligation or prohibit or restrict any transfer of such right or obligation, unless such prohibition or restriction shall
not be applicable to the relevant transfer or each condition of any applicable restriction shall have been satisfied.

 

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		23.6	Procedure for assignment 

 

		(a)	Subject to the conditions set out in paragraph (d) below and in Clause 23.2 (Conditions
of assignment or transfer), an assignment may be effected in accordance with paragraph (b) below when the Agent executes an otherwise
duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender, which delivery by the Existing Lender and
the New Lender shall be no later than five (5) Business Days prior to the proposed Transfer Date specified in the Assignment Agreement.
The Agent shall, subject to paragraph (d)(ii) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment
Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement,
execute that Assignment Agreement.

 

		(b)	Subject to Clause 23.12 (Pro rata interest settlement), on the Transfer Date:

 

		(i)	the Existing Lender will assign absolutely to the New Lender the rights under the
Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

 

		(ii)	the Existing Lender will be released by each Obligor and the other Finance Parties
from the obligations owed by it (the "Relevant Obligations") and expressed to be the subject of the release in the Assignment
Agreement (and any corresponding obligations by which it is bound in respect of the Transaction Security); and

 

		(iii)	the New Lender shall become a Party as a "Lender" and will be bound by obligations
equivalent to the Relevant Obligations.

 

		(c)	Lenders may utilise procedures other than those set out in this Clause 23.6 to assign
their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 23.5
(Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the
assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in paragraph (d) below.

 

		(d)	An assignment (whether pursuant to an Assignment Agreement or paragraph (c) above)
will only be effective on:

 

		(i)	receipt by the Agent (whether in an Assignment Agreement or otherwise) of written confirmation from the
New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance
Parties and the Secured Parties as it would have been under if it was an original party hereto
as a Lender; and

 

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		(ii)	performance by the Agent of all necessary "know your customer" or other
similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent
shall promptly notify to the Existing Lender and the New Lender. The Agent shall not be obliged to execute an Assignment Agreement delivered
to it by an Existing Lender and the New Lender or any document delivered to it pursuant to paragraph (c) above unless it is satisfied
that it has completed all "know your customer" and other similar procedures that it is required (or deems desirable) to conduct
in relation to the assignment to such New Lender.

 

		(e)	The procedure set out in this Clause 23.6 shall not apply to any right or obligation
under any Finance Document (other than this Agreement) if and to the extent its terms, or any laws or regulations applicable thereto,
provide for or require a different means of assignment of such right or release or assumption of such obligation or prohibit or restrict
any assignment of such right or release or assumption of such obligation, unless such prohibition or restriction shall not be applicable
to the relevant assignment, release or assumption or each condition of any applicable restriction shall have been satisfied.

 

		23.7	Copy of Transfer Certificate or Assignment Agreement to Borrower 

 

The Agent shall, as soon as reasonably
practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrower a copy of that Transfer Certificate
or Assignment Agreement.

 

		23.8	Existing consents and waivers 

 

A New Lender shall be bound by any
consent, waiver, election or decision given or made by the relevant Existing Lender under or pursuant to any Finance Document prior to
the coming into effect of the relevant assignment or transfer to such New Lender.

 

		23.9	Exclusion of Agent's liability 

 

In relation to any assignment or transfer
pursuant to this Clause 23, each Party acknowledges and agrees that the Agent shall not be obliged to enquire as to the accuracy of any
representation or warranty made by a New Lender in respect of its eligibility as a Lender.

 

		23.10	Permitted Debt Purchase Transactions 

 

		(a)	The Borrower shall not, and shall procure that each other member of the Group shall
not, (i) enter into any Debt Purchase Transaction or (ii) be a Lender or a party to a Debt Purchase Transaction of the type referred to
in paragraph (b) of the definition of "Debt Purchase Transaction".

 

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		(b)	For so long as a Shareholder Affiliate (i) beneficially owns a Commitment or (ii) has entered
into Participation relating to a Commitment and such Participation has not been terminated:

 

		(i)	in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of
doubt, unanimity) of the Total Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under
the Finance Documents, such Commitment shall be deemed to be zero; and

 

		(ii)	for the purposes of Clause 36.2 (Exceptions), such Shareholder Affiliate or the person with whom
it has entered into such Participation shall be deemed not to be a Lender.

 

		(c)	Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly notify
the Agent in writing if it knowingly enters into a Debt Purchase Transaction with a Shareholder Affiliate (a "Notifiable Debt
Purchase Transaction").

 

		(d)	A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which it is a party:

 

		(i)	is terminated; or

 

		(ii)	ceases to be with a Shareholder Affiliate.

 

		(e)	Each Shareholder Affiliate that is a Lender agrees that:

 

		(i)	in relation to any meeting or conference call to which all the Lenders are invited to attend or participate,
it shall not attend or participate in the same if so requested by the Agent or be entitled to receive the agenda or any minutes of the
same; and

 

		(ii)	in its capacity as Lender, it shall not be entitled to receive any report or other document prepared at
the behest of, or on the instructions of, the Agent or one or more of the Lenders.

 

		23.11	Security over Lenders' rights 

 

In addition to the other rights provided
to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign
or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document
to secure obligations of that Lender including, without limitation:

 

		(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.

 

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		23.12	Pro rata interest settlement 

 

If the Agent has notified the
Lenders that it is able to distribute interest payments on a "pro rata basis" to Existing Lenders and New Lenders
then (in respect of any transfer pursuant to Clause 23.5 (Procedure for transfer) or any assignment pursuant to Clause
23.6  (Procedure for assignment) the Transfer Date of which, in each case, is after the date of such notification and is
not on the last day of an Interest Period):

 

		(a)	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

 

		(b)	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:

 

		(i)	when the Accrued Amounts become payable, those Accrued Amounts will be payable to
the Existing Lender; and

 

		(ii)	the amount payable to the New Lender on that date will be the amount which would,
but for the application of this Clause 23.12, have been payable to it on that date, but after deduction of the Accrued Amounts.

 

		23.13	Assignments and transfers by Obligors 

 

An Obligor may not assign or transfer any of its rights
or obligations under any Finance Document, except with the prior written consent of all the Lenders.

 

		24.	DISCLOSURE OF INFORMATION

 

		24.1	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 24.2
(Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with security measures
and a degree of care that would apply to its own confidential information.

 

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		24.2	Disclosure of Confidential Information 

 

Any Finance Party may disclose:

 

		(a)	to any of its Affiliates and any of its or their officers, directors, employees, service providers, professional
advisers, auditors, insurers, insurance brokers, partners and Representatives such Confidential Information as that Finance Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is made aware 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 and provided
that none of the documents referred to in the Side Letter may be provided to any service provider, insurer, insurance, broker, partner
or any Representatives of any person detailed in this paragraph, without the consent of the Borrower;

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its
rights and/or obligations under one or more Finance Documents and to any of that person's Affiliates, Representatives and professional
advisers;

 

		(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one
or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Representatives and professional advisers;

 

		(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 25.13 (Relationship with the other Finance Parties)), provided that none
of the documents referred to in the Side Letter may be provided to any such person without the consent of the Borrower;

 

		(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;

 

		(v)	to whom information is required or requested to be disclosed by any court or tribunal of competent jurisdiction
or any governmental, quasi-governmental, banking, taxation or other regulatory, supervisory or administrative authority or similar body, the rules of any
relevant stock exchange or pursuant to any applicable law or regulation;

 

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		(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes provided that none of the documents referred to in
the Side Letter may be provided to any such person without the consent of the Borrower unless such litigation, arbitration, administrative
or other investigations, proceedings or disputes are against any of the Obligors and the Ultimate Shareholder under or in connection with
the Finance Documents;

 

		(vii)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may
do so) pursuant to Clause 23.11 (Security over Lenders' rights);

 

		(viii)	who is a Party; or

 

		(ix)	with the consent of the Borrower,

 

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 paragraphs (b)(iv) and (b)(vii) 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;

 

		(C)	in relation to paragraphs (b)(v) and (b)(vi) above, the person to whom the Confidential Information is
to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the
circumstances;

 

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		(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 Borrower
and the relevant Finance Party; and

 

		(d)	to any rating agency or direct or indirect provider of credit protection (including its or their professional
advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating
activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be
given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
provided that none of the documents referred to in the Side Letter may be provided to any such person without the consent of the
Borrower.

 

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SECTION 10

THE FINANCE PARTIES

 

		25.	ROLE OF THE ADMINISTRATIVE PARTIES

 

		25.1	Appointment of the Agent 

 

		(a)	Each of the other Finance Parties appoints the Agent to act as its agent under and
in connection with the Finance Documents.

 

		(b)	Each of the other Finance Parties authorises the Agent to exercise the rights, powers,
authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other
incidental rights, powers, authorities and discretions.

 

		25.2	Duties of the Agent 

 

		(a)	Subject to paragraph (b) below, the Agent shall promptly forward to a Party the original
or a copy of any document which is delivered to the Agent for that Party by any other Party.

 

		(b)	Without prejudice to Clause 23.7 (Copy of Transfer Certificate or Assignment Agreement
to Borrower), paragraph (a) above shall not apply to any Transfer Certificate or to any Assignment Agreement.

 

		(c)	Except where a Finance Document specifically provides otherwise, the Agent is not
obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(d)	If the Agent receives notice from a Party referring to this Agreement, describing
a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

 

		(e)	If the Agent is aware of the non-payment of any principal, interest, commitment fee
or other fee payable to a Finance Party (other than to any Administrative Party) under this Agreement it shall promptly notify the other
Finance Parties.

 

		(f)	The Agent's duties under the Finance Documents are solely mechanical and administrative in nature. The
Agent shall have no other duties save as expressly provided for in the Finance Documents.

 

		25.3	Role of the MLABs 

 

Except as specifically provided in
the Finance Documents, the MLABs have no obligations of any kind to any other Party under or in connection with any Finance Document.

 

		25.4	No fiduciary duties 

 

		(a)	Nothing in any Finance Document constitutes any Administrative Party as a trustee
or fiduciary of any other person.

 

		(b)	No Administrative Party 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.

 

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		25.5	Business with the Group 

 

Any Administrative Party may accept
deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

 

		25.6	Rights and discretions of the Agent 

 

		(a)	The Agent may rely on:

 

		(i)	any representation, notice or document believed by it to be genuine, correct and appropriately
authorised and shall have no duty to verify any signature on any document; and

 

		(ii)	any statement purportedly 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 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 22.1 (Non-payment));

 

		(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders
has not been exercised; and

 

		(iii)	any notice or request made by the Borrower (other than a Utilisation Request, Receipt
or Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors.

 

		(c)	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors
or other experts.

 

		(d)	The Agent may act in relation to the Finance Documents through its personnel and agents.

 

		(e)	The Agent may disclose to any other Party any information it reasonably believes it
has received as agent under this Agreement.

 

		(f)	Notwithstanding any other provision of any Finance Document to the contrary, no Administrative
Party 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.

 

		(g)	Notwithstanding any provision of any Finance Document to the contrary, the Agent is
not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or
responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not reasonably assured to it.

 

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		25.7	Majority Lenders' instructions 

 

		(a)	Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise
any right, power, authority or discretion vested in it as 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 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 Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if
appropriate, the Lenders) or under paragraph (d) below until it has received such security as it may require for any cost, loss or liability
(together with any associated Indirect Tax) 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 Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders.

 

		(e)	The Agent is not authorised to act on behalf of a Lender (without first obtaining
that Lender's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph shall not apply to any
legal or arbitration proceedings relating to the preservation, perfection or protection of rights under the Transaction Security Documents
or enforcement of any Transaction Security or Transaction Security Documents.

 

		25.8	Responsibility for documentation 

 

No Administrative Party:

 

		(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether
oral or written) supplied by any Administrative Party, an Obligor or any other person given in or in connection with any Finance Document,
the Information Memorandum or the Information Package;

 

		(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document,
the Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection
with any Finance Document or the Transaction Security; or

 

		(c)	is responsible for any determination as to whether any information provided or to
be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation
relating to insider dealing or otherwise.

 

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		25.9	Exclusion of liability 

 

		(a)	Without limiting paragraph (b) below, the Agent shall not be liable for any cost,
loss or liability incurred by any Party as a consequence of:

 

		(i)	the Agent having taken or having omitted to take any action under or in connection
with any Finance Document or the Transaction Security, unless directly caused by the Agent's gross negligence or wilful misconduct; or

 

		(ii)	any delay in the crediting to any account of an amount required under the Finance
Documents to be paid by the Agent, if the Agent shall have taken all necessary steps as soon as reasonably practicable to comply with
the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for the purpose of such payment.

 

		(b)	No Party (other than the Agent) may take any proceedings against any officer, employee
or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that
officer, employee or agent in relation to any Finance Document or the Transaction Security.

 

		(c)	Nothing in this Agreement shall oblige any Administrative Party to conduct any "know
your customer" or other procedures in relation to any person on behalf of any Lender and each Lender confirms to each Administrative
Party that it is solely responsible for any such procedures it is required to conduct and that it shall not rely on any statement in relation
to such procedures made by any Administrative Party.

 

		25.10	Lenders' indemnity to the Agent 

 

		(a)	Each Lender shall, in accordance with paragraph (b) below, indemnify the Agent, within three Business
Days of demand, against any cost, loss or liability (including, without limitation, for negligence, in relation to any FATCA-related liability
or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful
misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document)
and the Obligors should jointly and severally indemnify each Lender against any payment made by it under this Clause 25.10 (other than
any payment in respect of any FATCA-related liability).

 

		(b)	The proportion of such cost, loss or liability to be borne by each Lender shall be:

 

		(i)	if there is any Loan then outstanding, the proportion borne by (A) the sum of its
participation(s) in the Loan(s) then outstanding to (B) the aggregate amount of such Loan(s), or

 

		(ii)	if there is no Loan then outstanding and the Available Facility is then greater than
zero, the proportion borne by (A) its Available Commitment to (B) the Available Facility, or

 

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		(iii)	if there is no Loan then outstanding and the Available Facility is then zero:

 

		(A)	if the Available Facility became zero after each Loan ceased to be outstanding, the
proportion borne by (A) its Available Commitment to (B) the Available Facility immediately before the Available Facility became zero,
or

 

		(B)	if the Loan(s) ceased to be outstanding after the Available Facility became zero,
the proportion borne by (A) the sum of its participation(s) in the Loan(s) outstanding immediately before the Loan(s) ceased to be outstanding
to (B) the aggregate amount of the Loan(s) immediately before the Loan(s) ceased to be outstanding.

 

		25.11	Resignation of the Agent 

 

		(a)	The Agent may resign and appoint one of its Affiliates acting through an office in
Hong Kong as successor by giving notice to the other Finance Parties and the Borrower.

 

		(b)	Alternatively, the Agent may resign by giving notice to the other Finance Parties
and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Agent.

 

		(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph
(b) above within 30 days after notice of resignation was given, the Agent (after consultation with the Borrower) may appoint a successor
Agent (acting through an office in Hong Kong).

 

		(d)	The retiring Agent shall make available to the successor Agent such documents and records and provide
such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance
Documents.

 

		(e)	The Agent's resignation notice shall take effect only upon the appointment of a successor.

 

		(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any
further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 25. 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 Borrower, the Majority Lenders may, by notice to the Agent,
require it to resign in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above.

 

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		25.12	Confidentiality 

 

		(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting
through its agency division which shall be treated as a separate legal person from any other of its branches, divisions or departments.

 

		(b)	If information is received by another branch, division or department of the legal
person which is the Agent, it may be treated as confidential to that branch, division or department and the Agent shall not be deemed
to have notice of it.

 

		(c)	The Agent shall not be obliged to disclose to any Finance Party any information supplied
to it by the Borrower or any Affiliates of the Borrower on a confidential basis and for the purpose of evaluating whether any waiver or
amendment is or may be required or desirable in relation to any Finance Document.

 

		25.13	Relationship with the other Finance Parties 

 

		(a)	Subject to Clause 23.12 (Pro rata interest settlement) and Clause 30.2 (Distributions
by the Agent), the 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)	The Lenders shall supply the Agent with any information that the Security Agent may reasonably specify
(through the Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. Each Lender
shall deal with the Security Agent exclusively through the Agent.

 

		(c)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all
notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall
contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 32.4 (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
32.2 (Addresses) and paragraph (a)(ii) of Clause 32.4 (Electronic communication) and the Agent shall be entitled to treat
such person as the person entitled to receive all such notices, communications, information and documents as though that person were that
Lender.

 

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		25.14	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 each Administrative
Party 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:

 

		(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, the Transaction
Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document or the Transaction Security;

 

		(c)	whether that Finance Party 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;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any
other person under or in connection with any Finance Document, the Transaction Security, 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 or the Transaction Security; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property,
the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property.

 

		25.15	Reference Banks 

 

The appointment of any Reference Bank
which is not a Lender or an Affiliate of a Lender shall be approved by the Majority Lenders. 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 Agent shall (in consultation with the Borrower) appoint
another Lender or an Affiliate of a Lender or any bank approved by the Majority Lenders to replace that Reference Bank.

 

		25.16	Deduction from amounts payable by the Agent 

 

If any Party owes an amount to the Agent
under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment
to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards
satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount
so deducted.

 

		26.	THE SECURITY AGENT

 

		26.1	Trust and agency 

 

		(a)	The Security Agent declares that it shall hold the Security Property (or, as applicable, any interest
in the Security Property held by it) on trust for the Secured Parties on the terms contained in this Agreement.

 

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		(b)	For the purposes of the Business Security Agreement over Thai Account and any other
Transaction Security Document governed by the laws of Thailand, each of the other Finance Parties appoints the Security Agent to act as
its agent under and in connection with the Finance Documents.

 

		(c)	Each of the other Finance Parties authorises the Security Agent to exercise the rights, powers, authorities
and discretions specifically given to the Security Agent under or in connection with the Finance Documents together with any other incidental
rights, powers, authorities and discretions.

 

		(d)	Each of the parties to this Agreement agrees that the Security Agent shall have only those duties, obligations
and responsibilities expressly specified in this Agreement or in the Transaction Security Documents to which the Security Agent is expressed
to be a party (and no others shall be implied).

 

		26.2	No independent power 

 

The Secured Parties shall not have
any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any rights or powers arising under
the Transaction Security Documents except through the Security Agent.

 

		26.3	Instructions to Security Agent and exercise of discretion 

 

		(a)	Subject to paragraphs (d) and (e) below, the Security Agent shall act 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 Security Agent and shall be entitled to assume that (i) any instruction received by it
from the Agent, the Lenders or the Majority Lenders are duly given in accordance with the terms of the Finance Documents and (ii) unless
it has received actual notice of revocation, that those instructions or directions have not been revoked.

 

		(b)	The Security Agent shall be entitled to request instructions, or clarification of
any direction, from the Majority Lenders as to whether, and in what manner, it should exercise or refrain from exercising any rights,
powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification
are received by it.

 

		(c)	Any instructions given to the Security Agent by the Majority Lenders shall override
any conflicting instructions given by any other Parties.

 

		(d)	Paragraph (a) above shall not apply:

 

		(i)	where a contrary indication appears in this Agreement;

 

		(ii)	where this Agreement requires the Security Agent to act in a specified manner or to
take a specified action;

 

		(iii)	in respect of any provision which protects the Security Agent's own position in
                                                               its personal capacity as opposed to its role of Security Agent for the Secured Parties including, without limitation, the provisions
                                                               set out in Clauses 26.5 (Security Agent's discretions)
to Clause 26.19 (Trustee division separate);

 

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		(iv)	in respect of the exercise of the Security Agent's discretion to exercise a right, power or authority
under any of:

 

		(A)	Clause 28.1 (Order of application);

 

		(B)	Clause 28.2 (Prospective liabilities); and

 

		(C)	Clause 28.5 (Permitted Deductions).

 

		(e)	If giving effect to instructions given by the Majority Lenders would (in the Security Agent's opinion)
have an effect equivalent to an amendment or waiver referred to in Clause 36.2 (Exceptions), the Security Agent shall not act in
accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent) whose consent
would have been required in respect of that amendment or waiver.

 

		(f)	In exercising any discretion to exercise a right, power or authority under this Agreement where either:

 

		(i)	it has not received any instructions from the Majority Lenders as to the exercise of that discretion;
or

 

		(ii)	the exercise of that discretion is subject to paragraph (d)(iv) above,

 

the Security Agent shall do so having regard to the interests
of all the Secured Parties.

 

		26.4	Security Agent's Actions 

 

Without prejudice to the provisions
of Clause 26.3 (Instructions to Security Agent and exercise of discretion), the Security Agent may (but shall not be obliged to),
in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance
Documents as it considers in its discretion to be appropriate.

 

		26.5	Security Agent's discretions 

 

The Security Agent may:

 

		(a)	assume (unless it has received actual notice to the contrary from the Agent) that

 

(i) no Default has occurred and no Obligor
is in breach of or default under its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion
vested by any Finance Document in any person has not been exercised;

 

		(b)	if it receives any instructions or directions to take any action in relation to the Transaction Security,
assume that all applicable conditions under the Finance Documents for taking that action have been satisfied;

 

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		(c)	engage, pay for and rely on the advice or services of any legal advisers, accountants,
tax advisers, surveyors or other experts (whether obtained by the Security Agent or by any other Secured Party) whose advice or services
may at any time seem necessary, expedient or desirable;

 

		(d)	rely upon any communication or document believed by it to be genuine and, as to any
matters of fact which might reasonably be expected to be within the knowledge of a Secured Party, or an Obligor, upon a certificate signed
by or on behalf of that person; and

 

		(e)	refrain from acting in accordance with the instructions of any Party (including bringing
any legal action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or
security that it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities
which it may incur in so acting.

 

		26.6	Security Agent's obligations 

 

The Security Agent shall promptly:

 

		(a)	copy to the Agent the contents of any notice or document received by it from any Obligor
under any Finance Document;

 

		(b)	forward to a Party the original or a copy of any document which is delivered to the
Security Agent for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the
Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party;
and

 

		(c)	inform the Agent of the occurrence of any Default or any default by an Obligor in the due performance
of or compliance with its obligations under any Finance Document of which the Security Agent has received notice from any other Party.

 

		26.7	Excluded obligations 

 

Notwithstanding anything to the contrary
expressed or implied in the Finance Documents, the Security Agent shall not:

 

		(a)	be bound to enquire as to (i) whether or not any Default has occurred, (ii) the performance,
default or any breach by an Obligor of its obligations under any of the Finance Documents or (iii) whether any other event specified in
any Finance Document has occurred;

 

		(b)	be bound to account to any other Party for any sum or the profit element of any sum
received by it for its own account;

 

		(c)	be bound to disclose to any other person (including but not limited to any Secured
Party) (i) any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute
a breach of any law or be a breach of fiduciary duty;

 

		(d)	have or be deemed to have any relationship of trust or agency with, any Obligor.

 

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		26.8	Exclusion of liability 

 

None of the Security Agent, any Receiver
nor any Delegate shall accept responsibility or be liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written)
supplied by the Security Agent or any other person in or in connection with any Finance Document or the transactions contemplated in the
Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document,
the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document or the Security Property;

 

		(c)	any losses to any person or any liability arising as a result of taking or refraining from taking any
action in relation to any of the Finance Documents, the Security Property or otherwise, whether in accordance with an instruction from
the Agent or otherwise unless directly caused by its gross negligence or wilful misconduct;

 

		(d)	the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection
with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with, the Finance Documents or the Security Property; or

 

		(e)	any shortfall which arises on the enforcement or realisation of the Security Property.

 

		26.9	No proceedings 

 

No Party (other than the Security Agent,
that Receiver or that Delegate) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a
Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission
of any kind by that officer, employee or agent in relation to any Finance Document or any Security Property.

 

		26.10	Own responsibility 

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Secured Party confirms to
the Security Agent 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 and enforceability of any Finance
Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document or the Security Property;

 

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		(c)	whether that Secured Party 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 Security Property, 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 or the Security Property;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Security
Agent or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or
any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part
of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property,

 

and each Secured Party warrants to the Security Agent that
it has not relied on and will not at any time rely on the Security Agent in respect of any of these matters.

 

		26.11	No responsibility to perfect Transaction Security 

 

The Security Agent shall not be liable
for any failure to:

 

		(a)	require the deposit with it of any deed or document certifying, representing or constituting
the title of any Obligor to any of the Charged Property;

 

		(b)	obtain any licence, consent or other authority for the execution, delivery, legality,
validity, enforceability or admissibility in evidence of any of the Finance Documents or the Transaction Security;

 

		(c)	register, file or record or otherwise protect any of the Transaction Security (or the priority of any
of the Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of
the Finance Documents or of the Transaction Security;

 

		(d)	take, or to require any of the Obligors to take, any steps to perfect its title to
any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under
the laws of any jurisdiction; or

 

		(e)	require any further assurances in relation to any of the Transaction Security Documents.

 

		26.12	Insurance by Security Agent 

 

		(a)	The Security Agent shall not be under any obligation to insure any of the Charged
Property, to require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained
in the Finance Documents. The Security Agent shall
not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance.

 

		(b)	Where the Security Agent is named on any insurance policy as an insured party, it
shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of
any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Agent shall have requested
it to do so in writing and the Security Agent shall have failed to do so within fourteen days after receipt of that request.

 

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		26.13	Custodians and nominees 

 

The Security Agent may appoint and
pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security Agent may determine,
including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement
and the Security Agent 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 under this Agreement or be bound to supervise the proceedings
or acts of any person.

 

		26.14	Acceptance of title 

 

The Security Agent shall be entitled
to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Obligors may have to any of the
Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title.

 

		26.15	Refrain from illegality 

 

Notwithstanding anything to the contrary
expressed or implied in the Finance Documents, the Security Agent may refrain from doing anything which in its opinion will or may be
contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do anything which is, in its opinion,
necessary to comply with any such law, directive or regulation.

 

		26.16	Business with the Obligors 

 

The Security Agent may accept deposits
from, lend money to, and generally engage in any kind of banking or other business with any of the Obligors.

  

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		26.17	Winding up of trust

 

If the Security Agent, with the approval of the Majority Lenders, determines that all of the Secured Liabilities
and all other liabilities secured by the Transaction Security Documents have been fully and finally discharged and none of the Secured
Parties is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation
to any Obligor pursuant to the Finance Documents:

 

		(a)	the trusts set out in this Agreement shall be wound up and the Security Agent shall
release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Transaction
Security Documents; and

 

		(b)	any Retiring Security Agent shall release, without recourse or warranty, all of its
rights under each of the Transaction Security Documents.

 

		26.18	Powers supplemental; disapplication of Trustee Acts 

 

		(a)	The rights, powers, authorities and discretions given to the Security Agent under
or in connection with the Finance Documents shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to
any which may be vested in the Security Agent by law or regulation or otherwise.

 

		(b)	Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the
trusts constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the
provisions of this Agreement, the provisions of this Agreement shall, to the extent permitted by law and regulation, prevail and, in the
case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for
the purposes of that Act.

 

		26.19	Trustee division separate 

 

		(a)	In acting as trustee or agent for the Secured Parties, the Security Agent shall be
regarded as acting through its trustee or agency division which shall be treated as a separate entity from any of its other divisions
or departments.

 

		(b)	If information is received by another division or department of the Security Agent,
it may be treated as confidential to that division or department and the Security Agent shall not be deemed to have notice of it.

 

		26.20	Lenders' indemnity to the Security 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 Security Agent and every Receiver and every Delegate, within three Business Days of demand,
against any cost, loss or liability (including, without limitation, for negligence, in relation to any FATCA-related liability or any
other category of liability whatsoever) incurred by any of them (otherwise than by reason of the Security Agent's gross negligence or
wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents (unless the relevant Security Agent,
Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document) and the Obligors shall jointly and severally indemnify
each Lender against any payment made by it under this Clause 26.20 (other than any payment in respect of any FATCA-related liability).

 

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		26.21	Conflict with the Transaction Security Documents 

 

If there is any conflict between this
Agreement and any Transaction Security Document with regard to instructions to, or other matters affecting, the Security Agent, this Agreement
will prevail.

 

		27.	CHANGE OF SECURITY AGENT AND DELEGATION

 

		27.1	Resignation of the Security Agent 

 

		(a)	The Security Agent may resign and appoint one of its Affiliates (acting through an
office in Hong Kong) as successor by giving notice to the Borrower and the Majority Lenders.

 

		(b)	Alternatively the Security Agent may resign by giving notice to the other Parties
in which case the Majority Lenders may appoint a successor Security Agent.

 

		(c)	If the Majority Lenders have not appointed a successor Security Agent in accordance
with paragraph (b) above within 30 days after the notice of resignation was given, the Security Agent (after consultation with the Agent)
may appoint a successor Security Agent (acting through an office in Hong Kong).

 

		(d)	The retiring Security Agent (the "Retiring Security Agent") shall, at its own cost, make
available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably
request for the purposes of performing its functions as Security Agent under the Finance Documents.

 

		(e)	The Security Agent's resignation notice shall only take effect upon (i) the appointment
of a successor and (ii) the transfer of all of the Security Property (or, as applicable, all of the interest in the Security Property
held by the Security Agent) to that successor.

 

		(f)	Upon the appointment of a successor, the Retiring Security Agent shall be discharged
from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of Clause 26.17 (Winding
up of trust) and under paragraph (d) above) but shall, in respect of any act or omission by it whilst it was the Security Agent, remain
entitled to the benefit of Clauses 26 (The Security Agent), 15.4 (Obligors' indemnity to the Security Agent) and 26.20 (Lenders'
indemnity to the Security Agent). Its successor and each of the other Parties shall have the same rights and obligations amongst themselves
as they would have had if that successor had been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Security Agent, require it to resign in
accordance with paragraph (b) above.

 

		27.2	Delegation 

 

		(a)	Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate
by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of the
Finance Documents.

 

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		(b)	That delegation may be made upon any terms and conditions (including the power to
sub delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its
discretion, think fit in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible for
any loss incurred by reason of any misconduct or default on the part of any such delegate or sub delegate.

 

		27.3	Additional Security Agents 

 

		(a)	The Security Agent may at any time appoint (and subsequently remove) any person to
act as a separate trustee or agent or as a co-trustee or co-agent jointly with it (i) if it considers that appointment to be in the interests
of the Secured Parties or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions which the Security
Agent deems to be relevant or (iii) for obtaining or enforcing any judgment in any jurisdiction, and the Security Agent shall give prior
notice to the Borrower and each of the Agents of that appointment.

 

		(b)	Any person so appointed shall have the rights, powers and discretions (not exceeding
those conferred on the Security Agent by this Agreement) and the duties and obligations that are conferred or imposed by the instrument
of appointment.

 

		(c)	The remuneration that the Security Agent may pay to that person, and any costs and expenses (together
with any applicable Indirect Tax) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes
of this Agreement, be treated as costs and expenses incurred by the Security Agent.

 

		28.	APPLICATION OF PROCEEDS

 

		28.1	Order of application 

 

Subject to Clause 28.2 (Prospective
liabilities), all amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document
or in connection with the realisation or enforcement of all or any part of the Transaction Security (for the purposes of this Clause 28,
the "Recoveries") shall be held by the Security Agent on trust (for and on behalf of the Secured Parties) to apply them
at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the provisions
of this Clause 28), in the following order:

 

		(a)	in discharging any sums owing to the Security Agent, any Receiver or any Delegate;

 

		(b)	in payment of all costs and expenses incurred by the Agent or any Secured Party in
connection with any realisation or enforcement of the Transaction Security taken in accordance with the terms of this Agreement;

 

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		(c)	in payment to the Agent for application in accordance with Clause 30.5 (Partial
payments);

 

		(d)	if none of the Obligors is under any further actual or contingent liability under
any Finance Document, in payment to any person to whom the Security Agent is obliged to pay in priority to any Obligor; and

 

		(e)	the balance, if any, in payment to the relevant Obligor.

 

		28.2	Prospective liabilities 

 

Following enforcement of any of the
Transaction Security the Security Agent may, in its discretion, hold any amount of the Recoveries in an interest bearing suspense or impersonal
account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent
shall think fit (the interest being credited to the relevant account) for later application under Clause 28.1 (Order of application)
in respect of:

 

		(a)	any sum payable to the Security Agent, any Receiver or any Delegate; and

 

		(b)	any part of the Secured Liabilities,

 

that the Security Agent reasonably considers, in each case,
might become due or owing at any time in the future.

 

		28.3	Investment of proceeds 

 

Prior to the application of the Recoveries
in accordance with Clause 28.1 (Order of application) the Security Agent may, in its discretion, hold all or part of those proceeds
in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including
itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the application
from time to time of those moneys in the Security Agent's discretion in accordance with the provisions of this Clause 28.

 

		28.4	Currency Conversion 

 

		(a)	For the purpose of, or pending the discharge of, any of the Secured Liabilities the
Security Agent may convert any moneys received or recovered by the Security Agent from one currency to another, at the Security Agent's
Spot Rate of Exchange.

 

		(b)	The obligations of any Obligor to pay in the due currency shall only be satisfied
to the extent of the amount of the due currency purchased after deducting the costs of conversion.

 

		28.5	Permitted Deductions 

 

The Security Agent shall be entitled,
in its discretion:

 

		(a)	to set aside by way of reserve amounts required to meet, and to make and pay, any
deductions and withholdings (on account of taxes or otherwise) which it is or may be required by any applicable law to make from any
distribution or payment made by it under this Agreement; and

 

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		(b)	to pay all Taxes which may be assessed against it in respect of any of the Charged
Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents
or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

 

		28.6	Good Discharge 

 

		(a)	Any payment to be made in respect of the Secured Liabilities by the Security Agent
may be made to the Agent on behalf of the Finance Parties and any payment made in that way shall be a good discharge, to the extent of
that payment, by the Security Agent.

 

		(b)	The Security Agent is under no obligation to make the payments to the Agent under
paragraph (a) above in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.

 

		29.	SHARING AMONG THE FINANCE PARTIES

 

		29.1	Payments to Finance Parties 

 

If a Finance Party (a
 "Recovering Finance Party") receives or recovers (whether by set -off or otherwise) any amount from an Obligor
other than in accordance with Clause 30 (Payment Mechanics) (a "Recovered Amount") 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 Agent;

 

		(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount
the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance
with Clause 30 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt,
recovery or distribution; and

 

		(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent
an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be
retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 30.5 (Partial payments).

 

		29.2	Redistribution of payments 

 

The Agent shall treat the Sharing
Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance
Party) (the "Sharing Finance Parties") in accordance with Clause 30.5 (Partial payments) towards the obligations
of that Obligor to the Sharing Finance Parties.

 

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		29.3	Recovering Finance Party's rights 

 

		(a)	On a distribution by the Agent under Clause 29.2 (Redistribution of payments)
of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party,
an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.

 

		(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.

 

		29.4	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 Sharing Finance Party shall, upon request of the Agent, pay to the Agent for
the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with
an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that
Recovering Finance Party is required to pay) (the "Redistributed Amount"); and

 

		(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount
equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.

 

		29.5	Exceptions 

 

		(a)	This Clause 29 shall not apply to the extent that the Recovering Finance Party would
not, after making any payment pursuant to this Clause 29.5, 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.

 

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SECTION 11

ADMINISTRATION

 

		30.	PAYMENT MECHANICS

 

		30.1	Payments to the Agent 

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on
the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the
relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account in the principal financial centre of the country of that currency
with such bank as the Agent specifies.

 

		30.2	Distributions by the Agent 

 

		(a)	Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause
30.3 (Distributions to an Obligor) and Clause 30.4 (Clawback) be made available by the Agent as soon as practicable after
receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility
Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank in the principal
financial centre of the country of that currency.

 

		(b)	The Agent shall distribute payments received by it in relation to all or any part of a Loan to the Lender
indicated in the records of the Agent as being so entitled on that date provided that the Agent is authorised to distribute payments
to be made on the date on which any transfer becomes effective pursuant to Clause 23 (Changes to the Parties) to the Lender so
entitled immediately before such transfer took place regardless of the period to which such sums relate.

 

		30.3	Distributions to an Obligor 

 

The Agent may (with the consent of the
Obligor or in accordance with Clause 31 (Set-off)) apply any amount received by it for that Obligor in or towards payment (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.

 

		30.4	Clawback 

 

		(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not
obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish
to its satisfaction that it has actually received that sum.

 

		(b)	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually
received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall
on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt
by the Agent, calculated by the Agent to reflect its cost of funds.

 

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		30.5	Partial payments 

 

		(a)	If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable
by an Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance
Documents in the following order:

 

		(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and other
amounts owed to, the Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents;

 

		(ii)	secondly, in or towards payment pro rata of any accrued interest, fee (other than as provided
in (i) above) or commission due but unpaid under the Finance Documents;

 

		(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 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.

 

		30.6	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.

 

		30.7	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 paragraph (a) above,
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

 

		30.8	Currency of account 

 

		(a)	Subject to paragraphs (b) and (c) below, US dollars is the currency of account and payment for any sum
due from an Obligor under any Finance Document.

 

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs,
expenses or Taxes are incurred.

 

		(c)	Any amount expressed to be payable in a currency other than US dollars shall be paid in that other currency.

 

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		31.	SET-OFF 

 

Following 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.

 

		32.	NOTICES 

 

		32.1	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 email (including scanned
copies of executed documents and other attachments), fax or letter.

 

		32.2	Addresses 

 

The email address, 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 Borrower, that identified with its name below;

 

		(b)	in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to
the date on which it becomes a Party; and

 

		(c)	in the case of the Agent and the Security Agent, that identified with its name below,

 

or any substitute email address, address,
fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is
made by the Agent) by not less than five Business Days' notice.

 

		32.3	Delivery 

 

		(a)	Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will be effective:

 

		(i)	if by way of email, only when received in legible form by at least one of the relevant email addresses
of the person(s) to whom the communication is made;

 

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		(ii)	if by way of posting by any Party on a Deal Site, on the earlier of:

 

		(A)	one Business Day after such communication is posted on the Deal Site; and

 

		(B)	receipt by the Agent of acknowledgement from the Deal Site that such communication
has been posted;

 

		(iii)	if by way of fax, only when received in legible form; or

 

		(iv)	if by way of letter, only 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 32.2 (Addresses), if addressed to that department or officer.

 

		(b)	Any communication or document to be made or delivered to the Agent or the Security
Agent will be effective only when actually received by the Agent or the Security Agent and then only if it is sent to the correct email
address(es) or, in the case of a fax or a letter, expressly marked for the attention of the department or officer identified with the
Agent's or the Security Agent's signature below (or any substitute department or officer as the Agent or Security Agent shall specify
for this purpose).

 

		(c)	All notices from or to an Obligor shall be sent through the Agent.

 

		(d)	Any communication or document made or delivered to the Borrower in accordance with
this Clause 32 will be deemed to have been made or delivered to the Guarantor.

 

		(e)	Any communication or document which becomes effective, in accordance with paragraphs
(a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.4	Electronic communication 

 

		(a)	Any communication to be made between any two Parties under or in connection with the
Finance Documents may be made by electronic mail or other electronic means to the extent that those two Parties agree that, unless and
until notified to the contrary, this is to be an accepted form of communication and if those two Parties:

 

		(i)	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

 

		(ii)	notify each other of any change to their address or any other such information supplied by them by not
less than five Business Days' notice.

 

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		(b)	Any electronic communication made between those two Parties will be effective only
when actually received in readable form and in the case of any electronic communication made by a Party to the Agent or the Security Agent
only if it is addressed in such a manner as the Agent or the Security Agent shall specify for this purpose.

 

		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after 5.00
p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.5	English language 

 

		(a)	Any notice given under or in connection with any Finance Document must be in English.

 

		(b)	All other documents provided under or in connection with any Finance Document must
be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the Agent, accompanied by a certified English
translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official
document or is used for registration purposes with any Governmental Agency.

 

		32.6	Use of deal site by the Agent 

 

		(a)	The Agent may elect that:

 

		(i)	any Obligor may satisfy its obligations under this Agreement to deliver any information
to the Agent;

 

		(ii)	any Lender may satisfy its obligations under this Agreement to deliver any information
to the Agent; and/or

 

		(iii)	the Agent may satisfy its obligations under this Agreement to deliver any information
to any Obligor or any Lender,

 

by posting such information on an electronic
website designated by the Agent for such purpose (the "Deal Site") by notifying each such affected Obligor and Lender
of its intention that such Deal Site be used for such purpose (whereupon each such Obligor or Lender or the Agent may so satisfy such
obligations).

 

		(b)	Any costs and expenses incurred by the Agent in relation to the Deal Site shall be
for the account of the Borrower. If applicable, each Obligor consents to the use of its logo on the Deal Site.

 

		(c)	The Agent shall, at its discretion or upon request of the relevant Party,
                                                               disclose the website (or other electronic) address of and any relevant password specifications for the Deal Site ("Access
                                                               Information") to one or more officers, directors, employees or other representatives ("Representatives")
                                                               of each Party that the Agent has elected to deliver information to or receive
information from through the Deal Site.

 

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		(d)	Each Party using the Deal Site agrees to:

 

		(i)	keep all Access Information confidential and not to disclose it to anyone, other than
such of its Representatives as it has requested the Agent to provide Access Information to; and

 

		(ii)	ensure that all persons to whom they give access can properly receive the information
available on the Deal Site, including (in the case of a Lender) under Clause 24 (Disclosure of Information).

 

		(e)	If the Deal Site is not available for any reason, promptly following this being brought
to its attention, the Agent shall provide communications to the affected Parties by another means as contemplated by this Clause 32. A
Party will notify the Agent promptly if it is (despite being in receipt of the relevant Access Information) unable to access or use the
Deal Site or if it becomes aware that the Deal Site is or has been infected by an electronic virus or similar software.

 

		(f)	Each of the Parties agrees that:

 

		(i)	the Agent shall not be liable for any cost, loss or liability incurred by any Party as a result of its
access or use of the Deal Site or its inability to access or use the Deal Site; and

 

		(ii)	the Agent is under no obligation to monitor access to or the availability of the Deal
Site.

 

		(g)	The Agent may terminate a Deal Site at any time. If such termination occurs whilst
amounts remain outstanding under the Facility the Agent shall (unless such termination arises as a result of technical failure of the
Deal Site (including as a result of infection by an electronic virus or similar software) or as a result of a concern as to the security
and confidentiality of the Deal Site), if reasonably practicable, give not less than 1 days' prior notice to each affected Party of such
termination.

 

		33.	CALCULATIONS AND CERTIFICATES

 

		33.1	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.

 

		33.2	Certificates and determinations 

 

Any certification or determination
by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters
to which it relates.

 

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		33.3	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
360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

 

		34.	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.

 

		35.	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 of any such
right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any of the Finance Documents on
the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent
any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative
and not exclusive of any rights or remedies provided by law.

 

		36.	AMENDMENTS AND WAIVERS 

 

		36.1	Required consents 

 

		(a)	Subject to Clause 36.2 (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 Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause
36.

 

		36.2	Exceptions 

 

		(a)	An amendment or waiver that has the effect of changing or which relates to:

 

		(i)	the definition of "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 the amount of any Commitment or an extension of the period of availability for utilisation
of any Commitment or any requirement that a cancellation of Commitments reduces the
Commitments of the Lenders rateably;

 

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		(v)	any provision which expressly requires the consent of all the Lenders;

 

		(vi)	Clause 7.2 ( Mandatory prepayment on change of control or share ownership);

 

		(vii)	Clause 2.2 (Finance Parties' rights and obligations), Clause 23 (Changes to the Parties)
or this Clause 36;

 

		(viii)	the nature or scope or release of the guarantee and indemnity granted under Clause 17 (Guarantee and
indemnity) or of any Transaction Security unless permitted under any Finance Document; or

 

		(ix)	the manner in which the proceeds of enforcement of the Transaction Security are distributed,

 

shall not be made without the prior consent of all the Lenders.

 

		(b)	The Borrower and the Agent or Security Agent, as applicable, may amend or waive a term of a Fee Letter
to which they are party.

 

		(c)	An amendment or waiver which relates to the rights or obligations of any Administrative Party or (only
if it relates to Clause 21.20 ( Hedging arrangements) any relevant hedging counterparty (which is a Lender or an Affiliate of a
Lender) referred to thereunder, may not be effected without the consent of such Administrative Party or, as applicable, hedging counterparty.

 

		(d)	The Security Agent is deemed to be hereby authorised by the Lenders to execute from time to time any Subordination
Deed without any further consents from any Lender or other Finance Party.

 

		36.3	Excluded Commitments 

 

If any Lender fails to accept or to
reject a request by or on behalf of the Obligors for a consent, waiver or amendment of or in relation to any of the terms of any Finance
Document under the terms of this Agreement within 10 Business Days of that request being made (unless the Borrower and the Agent agree
to a longer time period in relation to any request):

 

		(a)	its Commitment(s) shall not be included for the purpose of calculating the Total Commitments when ascertaining
whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that
request; and

 

		(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

 

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		36.4	Disenfranchisement of Defaulting Lenders 

 

		(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining:

 

		(i)	the Majority Lenders; or

 

		(ii)	whether:

 

		(A)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or

 

		(B)	the agreement of any specified group of Lenders,

 

has been obtained to approve any request
for a consent, waiver, amendment or other vote of Lenders under the Finance Documents, that Defaulting Lender's Commitment will be reduced
by the amount of its Available Commitment and, to the extent that that reduction results in that Defaulting Lender's Commitment being
zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs (i) and (ii) above.

 

		(b)	For the purposes of this Clause 36.4, the Agent may assume that the following Lenders are Defaulting Lenders:

 

		(i)	any Lender which has notified the Agent that it has become a Defaulting Lender; and

 

		(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in the
definition of "Defaulting Lender" has occurred, unless it has received notice to the contrary from the Lender concerned (together
with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting
Lender.

 

		36.5	Replacement of Lender 

 

		(a)	If:

 

		(i)	any Lender becomes a Non-Consenting Lender (as defined in paragraph (d) below); or

 

		(ii)	an Obligor becomes obliged to repay any amount in accordance
with Clause  7.1 (Illegality)  or to pay additional amounts pursuant to    Clause
  13.1  (Increased  costs),  Clause  12.2  (Tax  gross-up) or  
   Clause  12.3 (Tax Indemnity) to any Lender;
or

 

		(iii)	a Lender gives notice to the Agent pursuant to Clause 10.3 (Market disruption),

 

then the Borrower may, whilst the circumstance giving
rise to the requirement for that increase or indemnification or notice continues (in the case of paragraphs (a)(ii)_and (iii)
above) on 10 Business Days' prior notice to the Agent (or such shorter period as the Agent agrees) and that Lender, replace that
Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 23
(Changes to the Parties) 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 Borrower which confirms its willingness to assume and does
assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the Parties) 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 Agent has not given a notification under
Clause 23.12 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance
Documents.

 

    - 133 -

     

    

 

		(b)	The replacement of a Lender pursuant to this Clause 36.5 shall be subject to the following conditions:

 

		(i)	the Borrower shall have no right to replace the Agent, the Security Agent or the Thai Account Bank;

 

		(ii)	neither the Agent nor any Lender shall have any obligation to find a replacement Lender;

 

		(iii)	in no event shall the Lender replaced under paragraph (a) above be required to pay or surrender any of
the fees received by such Lender pursuant to the Finance Documents; and

 

		(iv)	no Lender shall be obliged to execute a Transfer Certificate unless it is satisfied that it has completed
all "know your customer" and other similar procedures that it is required (or deems desirable) to conduct in relation to the
transfer to such replacement Lender.

 

		(c)	A Lender shall perform the checks described in paragraph (b)(iv) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Borrower when it is satisfied that
it has complied with those checks.

 

		(d)	In the event that:

 

		(i)	the Borrower or the Agent (at the request of the Borrower) has requested the Lenders to give a consent
in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents;

 

		(ii)	the consent, waiver or amendment in question requires the approval of all the Lenders; and

 

		(iii)	Lenders whose Commitments aggregate more than 90 per cent. of the Total Commitments (or, if the Total
Commitments have been reduced to zero, aggregated more than 90 per cent. of the Total Commitments prior to that reduction) have consented or agreed to such
waiver or amendment,

 

    - 134 -

     

    

 

then any Lender who does not and continues not to consent or
agree to such waiver or amendment shall be deemed a "Non-Consenting Lender".

 

		36.6	Replacement of a Defaulting Lender 

 

		(a)	The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving
                                                               10 Business Days' prior written notice to the Agent and such Lender replace such Lender by requiring such Lender to (and, to the
                                                               extent permitted by law, such Lender shall) transfer pursuant to Clause 23 (Changes to the Parties) 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 (a
                                                               "Replacement Lender") selected by the Borrower and which confirms its willingness to assume and does assume all the
                                                               obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 23 (Changes to the Parties).

 

		(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 36.6 shall be subject
to the following conditions:

 

		(i)	the Borrower shall have no right to replace the Agent or Security
Agent;

 

		(ii)	neither the Agent nor the Defaulting Lender shall have any obligation
to the Borrower to find a Replacement Lender;

 

		(iii)	the transfer must take place no later than 60 days after the notice referred to in paragraph (a) above;

 

		(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any
of the fees received by the Defaulting Lender pursuant to the Finance Documents; and

 

		(v)	the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph
(a) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all
applicable laws and regulations in relation to that transfer to the Replacement Lender.

 

		(c)	The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Borrower when it is satisfied
that it has complied with those checks.

 

		36.7	Replacement of Screen Rate 

 

		(a)	Subject to paragraph (c) of Clause 36.2 (Exceptions), if a Screen Rate Replacement Event has occurred,
any amendment or waiver which relates to:

 

		(i)	providing for the use of the Replacement Benchmark; and

 

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	 	(ii)	 

 

		(A)	aligning any provision of any Finance Document to the use of the Replacement Benchmark;

 

		(B)	enabling the Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

 

		(C)	implementing market conventions applicable to the Replacement Benchmark;

 

		(D)	providing for appropriate fallback (and market disruption) provisions for the Replacement Benchmark; or

 

		(E)	adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of the Replacement Benchmark (and if any adjustment or method for calculating
any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined
on the basis of that designation, nomination or recommendation),

 

may be made with the consent of the Agent (acting on the
instructions of the Majority Lenders) and the Borrower.

 

		(b)	For the purpose of this Clause 36.7:

 

"Relevant Nominating Body"
means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored
or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

 

"Replacement Benchmark"
means a benchmark rate which is:

 

		(a)	formally designated, nominated or recommended as the replacement for the Screen Rate by:

 

		(i)	the administrator of the Screen Rate (provided that the market or economic reality that such benchmark
rate measures is the same as that measured by the Screen Rate); or

 

		(ii)	any Relevant Nominating Body,

 

and if replacements have, at the relevant
time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement
under paragraph (ii) above;

 

    - 136 -

     

    

 

		(b)	in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any
relevant domestic syndicated loan markets as the appropriate successor to the Screen Rate; or

 

		(c)	in the opinion of the Majority Lenders and the Borrower, an appropriate successor to the Screen Rate.

 

"Screen Rate Replacement Event" means, in relation
to the Screen Rate:

 

		(a)	the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders, materially changed;

 

(b)

(i)

		(A)	the administrator of the Screen Rate or its supervisor publicly announces that such administrator is insolvent;
or

 

		(B)	information is published in any order, decree, notice, petition or filing, however described, of or filed
with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of the Screen Rate is insolvent,

 

provided that, in each case,
at that time, there is no successor administrator to continue to provide the Screen Rate;

 

		(ii)	the administrator of the Screen Rate publicly announces that it has ceased or will cease, to provide the
Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide the Screen Rate;

 

		(iii)	the supervisor of the administrator of the Screen Rate publicly announces that the Screen Rate has been
or will be permanently or indefinitely discontinued; or

 

		(iv)	the administrator of the Screen Rate or its supervisor announces that the Screen Rate may no longer be
used; or

 

		(c)	the administrator of the Screen Rate determines that the Screen Rate should be calculated in accordance
with its reduced submissions or other contingency or fallback policies or arrangements and either:

 

    - 137 -

     

    

 

		(i)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority
Lenders) temporary; or

 

		(ii)	the Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than
one Month; or

 

		(d)	in the opinion of the Majority Lenders, the Screen Rate is otherwise no longer appropriate for the purposes
of calculating interest under this Agreement.

 

		37.	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.

 

    - 138 -

     

    

 

SECTION 12

GOVERNING LAW AND ENFORCEMENT

 

		38.	GOVERNING LAW 

 

This Agreement and all non-contractual
obligations arising out of or in connection with this Agreement is governed by English law.

 

		39.	ENFORCEMENT 

 

		39.1	Jurisdiction of English courts 

 

		(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 39.1 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.

 

		39.2	Service of process 

 

Without prejudice to any other mode
of service allowed under any relevant law, each Obligor:

 

		(a)	irrevocably appoints Law Debenture Corporate Services Limited 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.

 

Each Obligor expressly agrees and consents to the provisions
of this Clause 39.2.

 

		39.3	Waiver of immunities 

 

Each Obligor irrevocably waives, to
the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use),
all immunity on the grounds of sovereignty or other similar grounds from:

 

		(a)	suit;

 

		(b)	jurisdiction of any court;

 

    - 139 -

     

    

 

		(c)	relief by way of injunction or order for specific performance or recovery of property;

 

		(d)	attachment of its assets (whether before or after judgment); and

 

		(e)	execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled
in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it will
not claim any immunity in any such proceedings).

 

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

 

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SCHEDULE 1

THE ORIGINAL LENDERS

 

	Name of Original Lender	 	Commitment (USD)	 
	Standard Chartered Bank (Hong Kong) Limited	 	 	1,374,500,000	 
	Standard Chartered Bank (Singapore) Limited	 	 	420,500,000	 
	Standard Chartered Bank (Thai) Public Company Limited	 	 	5,000,000	 
	Total:	 	 	1,800,000,000	 

 

    - 141 -

     

    

 

SCHEDULE 2

CONDITIONS PRECEDENT

 

1.       Obligors

 

		(a)	A copy of the constitutional documents and, if applicable, statutory registers of each Obligor.

 

		(b)	A copy of a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party
and resolving that it execute the Finance Documents to which it is a party;

 

		(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf;

 

		(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Utilisation Request, any Receipt and any Selection Notice) to be signed and/or despatched by it under or
in connection with the Finance Documents to which it is a party; and

 

		(iv)	in the case of the Guarantor, resolving that it is in the best interests of the Guarantor to enter into
the transactions contemplated by the Finance Documents to which it is a party.

 

		(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above.

 

		(d)	A copy of a resolution signed by the Borrower as the holder of all the issued shares in the Guarantor,
approving the terms of, and the transactions contemplated by, the Finance Documents to which the Guarantor is a party.

 

		(e)	A certificate from each Obligor (signed by a director) confirming that borrowing, guaranteeing or securing,
as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar limit binding on it to be exceeded.

 

		(f)	A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating
to it specified in this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

 

		(g)	A certificate of good standing issued by the Registrar of Companies in the Cayman Islands in respect of
the Borrower.

 

2.       Legal opinions

 

		(a)	A legal opinion as to the English law from Clifford Chance addressed to the MLABs, the Agent, the Security
Agent and the Original Lenders, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

 

    - 142 -

     

    

 

		(b)	A legal opinion as to the laws of Singapore from Clifford Chance Pte. Ltd. addressed
to the MLABs, the Agent, the Security Agent and the Original Lenders, substantially in the form distributed to the Original Lenders prior
to signing this Agreement.

 

		(c)	A legal opinion as to the laws of Hong Kong from Clifford Chance addressed to the
MLABs, the Agent, the Security Agent and the Original Lenders, substantially in the form distributed to the Original Lenders prior to
signing this Agreement.

 

		(d)	A legal opinion as to the laws of the Cayman Islands from Walkers (Hong Kong) addressed
to the MLABs, the Agent, the Security Agent and the Original Lenders, substantially in the form distributed to the Original Lenders prior
to signing this Agreement.

 

		(e)	A legal opinion as to the laws of Thailand from Baker & McKenzie Ltd. addressed
to the MLABs, the Agent, the Security Agent and the Original Lenders, substantially in the form distributed to the Original Lenders prior
to signing this Agreement.

 

3.       Acquisition and Acquisition
Documents

 

		(a)	A summary of the key terms of the Acquisition Documents prepared by or on behalf of
the Borrower.

 

		(b)	A certificate of the Borrower (signed by a director) certifying:

 

		(i)	that the Acquisition Agreement has been executed by the parties thereto;

 

		(ii)	that the summary of the key terms of the Acquisition Agreement referred to in paragraph
(a) above is true, correct and disclose all material terms of the Acquisition Agreement, and does not omit to state any terms thereof
which would result in such summary being untrue or misleading in any material respect;

 

		(iii)	the amount of Acquisition Consideration and Acquisition Costs payable by any member
of the Group (and if the payment of any portion of the Acquisition Agreement Consideration will be deferred to a date after the Closing
Date pursuant to the terms of the relevant Acquisition Document, the "Deferred Consideration"));

 

		(iv)	that each of the conditions precedent to Completion under the Acquisition Agreement has been satisfied
or, with the consent of the Agent or otherwise permitted by the terms of this Agreement, waived (other than payment of the Acquisition
Consideration (except for the Deferred Consideration) and customary closing date deliverables which will be satisfied on the Closing Date);

 

		(v)	that the Acquisition Agreement has not been amended, varied, novated, supplemented,
superseded, waived or terminated (when compared to the key terms of the Acquisition Agreement disclosed to the MLABs prior to execution
of this Agreement) except with the consent of the Agent or otherwise permitted by the terms of this Agreement;

 

    - 143 -

     

    

 

		(vi)	that the Borrower is not aware of any breach of any warranty or undertaking or any
claim under any Acquisition Document which would entitle it to terminate the Acquisition Agreement;

 

		(vii)	that all approvals required to be obtained from any Governmental Authority for the
consummation of the Acquisition have been obtained, including approval by The Office of Insurance Commission of Thailand (and a copy of
each such approvals shall be attached to such certificate); and

 

		(viii)	the Acquisition Consideration payable by the Guarantor (including the Acquisition
Agreement Consideration (Siam PCG)) (in the aggregate) is no less than Thai Baht 92,720,000,000.

 

 4.       Equity funding and funds flow 

 

		(a)	Evidence that the Obligors and Siam PCG have or will have sufficient funds (taking
into account the Total Commitments) to complete the Acquisition and to discharge the Acquisition Costs and to fund the Required Balance
in full (such funds, excluding the Total Commitments, being the "Equity Monies"), as evidenced by bank account statement(s)
of account(s) held by any Obligor or Siam PCG (or such other form of evidence acceptable to the Agent) showing aggregate available funds
sufficient for such purposes, which amount (without prejudice to the generality of the foregoing) must be no less than the aggregate of
US$1,200,000,000, the Acquisition Costs and the Required Balance (or its equivalent in other currencies).

 

		(b)	The Funds Flow Statement (provided that, if the Acquisition Consideration is payable in instalments,
each such instalment shall first be funded by Equity Monies and, only to the extent that the Equity Monies are not sufficient, by the
proceeds of the Facility).

 

5.       Other documents and
evidence

 

		(a)	Evidence that any process agent referred to in Clause 39.2 (Service of process) or any other Finance
Document (or any document referred to in the Side Letter) has accepted its appointment.

 

		(b)	The Original Financial Statements of each Obligor and the Target.

 

		(c)	Evidence that the fees, costs and expenses then due from the Borrower pursuant to
Clause 11 ( Fees) and Clause 16 (Costs and expenses) have been paid or will be paid by the first Utilisation Date.

 

		(d)	Evidence that the Reserve Account and the Baht Account have been opened.

 

		(e)	Evidence that the Relevant Account has been opened and the balance standing to the
credit of the Relevant Account is or will by the first Utilisation Date be not less than US$75,000,000.

 

		(f)	Evidence required and reasonably requested by each Finance Party in respect of the
Obligors for the purpose of any "know your customer", anti-money laundering or similar identification procedures under applicable
laws and regulations and internal policies.

 

    - 144 -

     

    

 

		(g)	A copy of the Group's organisational chart showing the structure of the Group pre- and post-Closing Date.

 

6.       Security and other Finance
Documents

 

		(a)	A copy of the following Finance Documents duly executed by the relevant parties thereto and (to the extent
required by applicable law) affixed with applicable stamp duties in Thailand:

 

		(i)	this Agreement;

 

		(ii)	the Side Letter;

 

		(iii)	the Borrower Account Charge;

 

		(iv)	the Business Security Agreement over Thai Account;

 

		(v)	any Fee Letter; and

 

		(vi)	the Syndication Letter, 

and a copy of each signed but undated Receipt (in respect
of the proposed Loan) referred to in Clause 5.5 ( Receipt).

 

		(b)	A copy of the documents as detailed in the Side Letter duly executed by the relevant parties thereto.

 

		(c)	A copy of all notices required to be sent, and acknowledgments thereto required to be delivered, under
any Transaction Security Document executed by the applicable parties as required by such Transaction Security Document (where such notices
and acknowledgments are required to be delivered on the date of execution of such Transaction Security Document or otherwise prior to
the delivery of the first Utilisation Request).

 

		(d)	Evidence that all consents and waivers required to be obtained by the Obligors under the documentation
governing the Existing Senior Facilities in respect of the transactions contemplated under the Transaction Documents have been obtained.

 

		(e)	All other documents and evidence required, pursuant to the terms of any Finance Document, to be delivered
upon execution of such Finance Document or otherwise prior to the delivery of the first Utilisation Request.

 

		(f)	A copy of the approval from the Bank of Thailand permitting the balance standing to the credit of the
Baht Account not to be subject to the daily limit prescribed by the Bank of Thailand.

 

    - 145 -

     

    

 

SCHEDULE 3

REQUESTS, NOTICES AND RECEIPTS

 

Part I

 

Utilisation Request

 

From: FWD Group Limited

 

To:Standard Chartered Bank (Hong Kong) Limited

 

Dated:

 

Dear Sirs

 

FWD Group Limited – US$1,800,000,000
Facility Agreement 

dated [        ] (the "Facility Agreement")

 

		1.	We refer to the Facility Agreement. This is a Utilisation Request. Terms defined in the Facility Agreement
shall have the same 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)

 

Amount:                                            [     ] or, if less, the Available Facility

 

First
Interest Period:                         [      ]

 

3.
We  confirm  that  the  Acquisition  Consideration  is  payable  in  [one  lump
sum]/[instalments] [and the instalment to be funded (in part) by this Loan is [      ]].

 

4. We confirm that each condition specified in Clause  [4.2 (Further conditions precedent)]/[4.3 ( Utilisations during the Certain Funds Period)]* of the Facility Agreement is satisfied on the date of this Utilisation Request.

 

		5.	We authorise you to deduct from the proceeds of this Loan any fees payable pursuant to Clause 11 ( Fees)
of the Facility Agreement and agreed professional fees, which fees are (in each case) payable on or before the first Utilisation Date
but unpaid.

 

		6.	The proceeds of this Loan (after the deduction of any fees payable under paragraph 5 above) should be
credited to the following accounts:

 

		(a)	US$75,000,000 should be credited to [insert details of the Relevant Account]; and

 

		(b)	the balance should be credited to [insert details of the Reserve Account].

 

	 	 

 

	*    Use the second option in the case of a
    Certain Funds Utilisation.

 

    - 146 -

     

    

 

		7.	We confirm that the proceeds of this Loan will be applied towards such purposes as permitted under Clause
3 (Purpose) of the Facility Agreement.

 

		8.	This Utilisation Request is irrevocable.

 

Yours faithfully

 

 

 

......................................................................

authorised signatory for

 

FWD Group Limited

 

    - 147 -

     

    

 

Part II

 

Selection Notice

 

From: FWD Group Limited

 

To:Standard Chartered Bank (Hong Kong) Limited

 

Dated:

 

Dear Sirs

 

FWD Group Limited –
US$1,800,000,000 Facility Agreement (the "Facility Agreement")

 

		1.	We refer to the Facility Agreement. This is a Selection Notice. Terms defined in the Facility Agreement
have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.

 

2. We refer to the following Loan[s] with an Interest Period ending on [     ].

 

3.
[We request that the above Loan[s] be divided into [    ] Loans with the following  Interest
Periods:]

 

or

 

[We
request that the next Interest Period for the above Loan[s] is [      ]].

 

4. This Selection Notice is irrevocable.    

 

Yours faithfully

 

.....................................

authorised signatory for

 

FWD Group Limited

 

    - 148 -

     

    

 

Part III

 

Receipt

 

From: FWD Group Limited

 

To:      [Each Lender]

 

Dated:

 

 

 

Dear Sirs,

 

FWD Group Limited – US$1,800,000,000
Facility Agreement 

dated [ ] (the "Facility Agreement")

 

		1.	We refer to the Facility Agreement. This is a Receipt. Terms used in the Facility Agreement shall have
the same meanings in this Receipt.

 

		2.	We acknowledge receipt of the Loan of [●] made on [insert Utilisation Date]
as requested by FWD Group Limited (the "Received Loan") in accordance with the Utilisation Request dated [·] and
agree that this receipt is conclusive evidence of receipt by FWD Group Limited of the Received Loan, pursuant to the details below.

 

Name of Lender                                                                                                                                                                    Amount

 

[Lender]                                                                                                                                                                                 USD [  ]

 

 

 

Yours faithfully

 

.......................................

authorised signatory for

 

FWD Group Limited

 

    - 149 -

     

    

 

SCHEDULE 4

FORM OF TRANSFER CERTIFICATE

 

To:       Standard Chartered Bank (Hong Kong) Limited as Agent

 

		From:	[the Existing Lender] (the "Existing Lender") and [the New Lender] (the "New Lender")

 

Dated:

 

FWD Group Limited – US$1,800,000,000 Facility Agreement
dated [     ] (the "Facility Agreement")

 

		1.	We refer to Clause 23.5 (Procedure for transfer) of the Facility Agreement. This is a Transfer
Certificate. Terms used in the Facility Agreement shall have the same meaning in this Transfer Certificate.

 

		2.	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by
novation, and in accordance with Clause 23.5 (Procedure for transfer), all of the Existing Lender's rights and obligations under
the Facility Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment and participations
in Loans under the Facility Agreement as specified in the Schedule.

 

3.            The proposed Transfer Date is [     ].

 

		4.	The Facility Office and address, fax number and attention particulars for notices of the New Lender for
the purposes of Clause 32.2 (Addresses) are set out in the Schedule.

 

		5.	The New Lender expressly acknowledges:

 

		(c)	the limitations on the Existing Lender's obligations set out in paragraphs (a) and (c) of Clause 23.4 (Limitation of responsibility
of Existing Lenders); and

 

		(d)	that it is the responsibility of the New Lender to ascertain whether any document is required or any formality
or other condition requires to be satisfied to effect or perfect the transfer contemplated by this Transfer Certificate or otherwise to
enable the New Lender to enjoy the full benefit of each Finance Document.

 

		6.	The New Lender confirms that:

 

		(a)	it is a "New Lender" within the meaning of Clause 23.1 (Assignments and transfers by the
Lenders);

 

		(b)	it [is]/[is not] ∗ a Competitor; and

 

		(c)	it [is]/[is not] ∗∗ a Distressed Investor.

 

 

 

 *    Delete as applicable.

 

**   Delete as applicable.

 

    - 150 -

     

    

 

		7.	The Existing Lender and the New Lender confirm that the New Lender is not an Obligor or an Affiliate of
an Obligor.

 

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

 

		9.	This Transfer Certificate and all non-contractual obligations arising out of or in connection with this
Transfer Certificate is governed by English law.

 

		10.	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.

 

    - 151 -

     

    

 

THE SCHEDULE

 

Commitment/rights and obligations to be transferred, and
other particulars

 

	Commitment/participation(s) transferred	 	 	 
	Drawn Loan(s) participation(s) amount(s):	[	]	 
	Available Commitment amount:	[	]	 

 

	Administration particulars:	 	 	 
	New Lender's receiving account:	[	]	 
	Address:	[	]	 
	Telephone:	[	]	 
	Facsimile:	[	]	 
	Attn/Ref:	[	]	 

 

Details of US$ account designated for payment purposes (if applicable):

 

	Correspondence Bank:	[	]	 
	Swift Code:	[	]	 
	Account Bank (if applicable):	[	]	 
	Account Bank Swift Code (if applicable):	[	]	 
	Account Name:	[	]	 
	Account Number	[	]	 
	Ref:	[	]	 
	Attn:	[	]	 

  

	[the Existing Lender]	 	[the New Lender]
	 	 	 	 	 
	By:	 		
By:	 

 

This Transfer Certificate is executed by the Agent and the Transfer
Date is confirmed as [     ].

 

    - 152 -

     

    

 

[the Agent]

 

	By:	 	 

 

		Note:	It is the New Lender's responsibility to ascertain whether any other document is required, or any
formality or other condition is required to be satisfied, to effect or perfect the transfer contemplated in this Transfer Certificate
or to give the New Lender full enjoyment of all the Finance Documents.

 

    - 153 -

     

    

 

SCHEDULE 5

FORM OF COMPLIANCE CERTIFICATE

 

To:      Standard Chartered Bank (Hong Kong) Limited as Agent

 

From: FWD Group Limited

 

Dated:

 

Dear Sirs

 

FWD Group Limited – US$1,800,000,000
Facility Agreement 

dated [ ] (the "Facility Agreement")

 

		1.	We refer to the Facility Agreement. This is a Compliance Certificate. Terms used in
the Facility Agreement shall have the same meaning in this Compliance Certificate.

 

		2.	We confirm that, as at [•]:

 

		(a)	Consolidated Total Debt is [•], Consolidated Total Equity is [•] and the
aggregate amount of Relevant Subordinated Debts is [•]; therefore Consolidated Total Debt [does not exceed]/[exceeds] 82.5 per cent.
of the aggregate of Consolidated Total Equity and Relevant Subordinated Debts;

 

		(b)	Consolidated Tangible Net Assets is [•]; and

 

		(c)	the Capital Adequacy Ratio is [•], which complies with any such ratio imposed by laws or regulations
applicable to the Target or any Licensed Entity and/or by any Governmental Authority having jurisdiction over the Target or any Licensed
Entity.

 

		3.	[We confirm that no Default is continuing.] *

 

	 	 

Name:

Director / Authorised Signatory

 

for and on behalf of

FWD Group Limited

 

	 	 

 

		*	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.

 

    - 154 -

     

    

 

SCHEDULE 6

TIMETABLES

 

	Function	 	Day/Time
	Delivery of a duly completed
    Utilisation Request (Clause 5.1  (Delivery of a Utilisation Request))	 	Two (2) Business Days prior
    to the proposed Utilisation Date as of 11:00 a.m. Hong Kong time
	 	 	 
	Delivery of a duly
    completed  Selection Notice (Clause  9.1 (Selection of Interest Periods))	 	Three (3) Business Days prior
    to the first day of the relevant Interest Period for the relevant Loan.
	 	 	 
	Agent notifies the Lenders
    of a Loan in accordance with Clause 5.4  (Lenders' participations)	 	Two (2) Business Days prior
    to the proposed Utilisation Date as of 12:00 noon Hong Kong time
	 	 	 
	LIBOR is fixed	 	Quotation Day as of 11:00
    a.m. London time

 

    - 155 -

     

    

 

SCHEDULE 7

EXISTING SECURITY

  

	Obligor	 	Security  	 	Principal amount secured
	Borrower	 	Security over an interest reserve account established for the purpose of the Existing Senior Facility falling under paragraph (a) of the definition thereof	 	US$275,000,000
	 	 	 	 	 
	Borrower	 	Security over an interest reserve account established for the purpose of the Existing Senior Facility falling under paragraph (b) of the definition thereof	 	US$175,000,000

 

    - 156 -

     

    

 

SIGNATURES

 

THE
BORROWER

 

FWD
GROUP LIMITED

 

		BY:	[***]

 

		Address:	[***]

 

		Telephone:	[***]

 

		Fax:	[***]

 

		Attention:	[***]

 

		Email:	[***]

 

     

     

    

 

THE
GUARANTOR

 

FWD
GROUP FINANCIAL SERVICES PTE.LTD.

 

		By:	[***]

 

		Address:	[***]

 

		Telephone:	[***]

 

		Fax:	[***]

 

		Attention:	[***]

 

		Email:	[***]

 

     

     

    

 

MLAB

 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

 

By:

 

[***]

 

     

     

    

 

MLAB

 

STANDARD
CHARTERED BANK (SINGAPORE)LIMITED

 

By:

 

[***]

 

     

     

    

 

 

ORIGINAL LENDER

 

STANDARD CHARTERED BANK (HONG
KONG) LIMITED

 

By:

 

[***]

 

     

     

    

 

ORIGINAL LENDER

 

STANDARD CHARTERED BANK (SINGAPORE) LIMITED

 

By:
[***]

 

Signature Page to Facility Agreement

 

     

     

    

 

ORIGINAL LENDER

 

STANDARD CHARTERED BANK (THAI) PUBLIC COMPANY LIMITED

 

		By:	[***]

 

     

     

    

 

THE AGENT

 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

 

		By:	[***]

 

		Address:	[***]

 

		Telephone:	[***]

 

		Attention:	[***]

 

		Email:	[***]

 

     

     

    

 

THE SECURITY AGENT

 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

 

		By:	[***]

 

		Address:	[***]

 

		Telephone:	[***]

 

		Attention:	[***]

 

		Email:	[***]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]