Document:

Commitment Letter

 Exhibit 10.2 
  

					
	To:	  	(1)	  	Lion/Rally Cayman 4; and
			
		  	(2)	  	Lion/Rally Cayman 5
			
		  		  	(together, the “Lion Holdcos”)
			
		  	(3)	  	Lion Capital LLP
		  		  	21 Grosvenor Place
		  		  	London SW1X 7HF
			
		  		  	(“Lion Capital” and, together with the Lion Holdcos, the “Lion Parties”)
			
	From:	  		  	Central European Distribution Corporation (“CEDC”)
		  		  	Bobrowiecka 6
		  		  	00-723 Warszawa
		  		  	Poland

 Date: 24 April 2009 
 Dear Sirs 
 Project Rally 2: Commitment Letter 
  

	1	We refer to: 

  

	 	(i)	the note purchase and share subscription agreement to be made between CEDC, Carey Agri International Poland Sp. z. o.o., Lion/Rally Cayman 2, and Lion/Rally Cayman 5 in the
form attached at Schedule 1 (the “Note Purchase Agreement”); 

  

	 	(ii)	the limited partnership agreement relating to Lion/Rally Cayman 7 L.P. to be made between Lion/Rally Cayman 8 as general partner and CEDC, Lion/Rally Cayman 2 as limited
partners in the form attached at Schedule 2 (the “Limited Partnership Agreement”); 

  

	 	(iii)	the option agreement relating to shares in Lion/Rally Cayman 6 to be made between Lion/Rally Cayman 4, Lion/Rally Cayman 5, Lion/Rally Cayman 7 L.P. and CEDC in the form
attached at Schedule 3 (the “Option Agreement”); 

  

	 	(iv)	the governance and shareholders agreement to be made between Lion/Rally Cayman 7 L.P., Lion/Rally Cayman 4, Lion/Rally Cayman 5, Lion/Rally Cayman 6, Lion/Rally Cayman GP 1
Limited and CEDC in the form attached at Schedule 4 (the “Shareholders Agreement”); 

	 	(v)	the proposed memorandum of association and articles of association of Lion/Rally Cayman 6, including the schedule thereto, in the form attached at Schedule 5;

  

	 	(vi)	the share mortgages made between: Lion/Rally Cayman 7 L.P., Lion/Rally Cayman 4, and Lion/Rally Cayman 5; in the form attached at Schedule 6 (the “Pledges”),

 together, the “Equity Documents”; and 
  

	 	(vii)	the letter of undertaking between the Lion Parties and CEDC, dated 24 April 2009. 

  

	2	CEDC and funds managed by Lion Capital hold an investment in Russian Alcohol Group (the “Original Investment”). CEDC and the Lion Parties have agreed to restructure
the Original Investment (the “New Investment”) on the terms set out in the Equity Documents. 

  

	3	This letter agreement (this “Commitment Letter”) is being entered into by the parties to confirm the parties’ mutual understandings and agreements with respect
to the New Investment. 

  

	4	In consideration of each of the parties separately entering into the Equity Documents, the parties hereby agree as follows: 

  

	4.1	CEDC undertakes to each of the Lion Parties that: 

  

	 	(i)	immediately following signing of this Commitment Letter, it will enter into and will cause Carey Agri International Poland Sp. z o.o. to enter into the Note Purchase
Agreement; and 

  

	 	(ii)	it will enter into those of the Equity Documents to which it is a party and perform its obligations thereunder, and procure that its relevant Affiliates (as defined in the
Shareholders Agreement together with the associated definitions of Person and Control) also do so. 

  

	4.2	The Lion Parties undertake to CEDC that: 

  

	 	(i)	they will immediately following signing of this Commitment Letter, enter into and cause Lion/Rally Cayman 2 and Lion/Rally Cayman 5 to enter into the Note Purchase Agreement;
and 

  

	 	(ii)	they will enter into those of the Equity Documents to which they are a party and perform their obligations thereunder and procure that their relevant Affiliates (as defined
in the Shareholders’ Agreement together with the associated definitions of Person and Control) also do so. 

	5	The obligations of the parties under this Commitment Letter are subject to the satisfaction of the following conditions: 

  

	 	(i)	there having been no changes to the Equity Documents except as may be agreed by CEDC and Lion Capital in writing; and 

  

	 	(ii)	no existing order, writ, injunction, decree, statute, rule, regulation or other requirement of any governmental authority shall have been made, promulgated or enacted that
restrains, enjoins, invalidates or declares the New Investment ineffective or otherwise prohibits the Original Investment being reorganised on the terms set out in the Equity Documents. 

  

	6	The parties hereby agree and undertake to each other that any material public announcements made in connection with this Commitment Letter, the New Investment or the entry into the
Equity Documents (including but not limited to any announcements required to be made in accordance with applicable law or regulation, to the extent permitted by law) shall be made only following consultation between the parties as to the contents of
such announcements. 

  

	7	CEDC acknowledges that the Lion Parties will be relying on the provisions of this Commitment Letter in entering into the New Investment. The Lion Parties acknowledge that CEDC will
be relying on the provisions of this Commitment Letter in entering into the New Investment. 

  

	8	Notwithstanding anything that may be expressed or implied in this Commitment Letter, CEDC and the Lion Parties, each by its acceptance of the benefits hereof, covenants, agrees and
acknowledges that no person other than CEDC and the Lion Parties shall have any obligation hereunder and that no recourse hereunder or under any documents or instruments delivered in connection herewith shall be had against, and no personal
liability whatsoever shall attach to, be imposed on or otherwise be incurred by, any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder, affiliate or assignee of any of CEDC or the
Lion Parties or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder, affiliate or assignee of any of the foregoing, whether by the enforcement of any assessment or by any legal
or equitable proceeding, or by virtue of any statute, regulation or other applicable law, for any obligations of CEDC or any of the Lion Parties under this Commitment Letter or any documents or instruments delivered in connection herewith or for any
claim based on, in respect of or by reason of such obligations or their creation. This paragraph 8 does not exclude any liability for, or remedy in respect of, fraudulent misrepresentation. 

	9	Notwithstanding any provision of this Commitment Letter it is agreed and acknowledged that Lion Capital shall only be subject to the equitable remedies of injunction and specific
performance in the event of a violation of the terms of this Commitment Letter and shall not be liable for money damages or money damages in lieu of equitable remedies. 

  

	10	This Commitment Letter is confidential and may not be disclosed by a party to any third party other than to the financial or professional advisers of the Lion Parties or CEDC in
connection with the New Investment, or as may be required by law, regulation or any governmental or competent regulatory authority, without the prior written consent of the other party. 

  

	11	The Parties irrevocably agree that, subject as provided below, the courts of England shall have exclusive jurisdiction over any dispute or claim arising out of or in connection with
this Commitment Letter or its subject matter or formation (including non-contractual claims). Nothing in this paragraph 11 shall limit the right of the Parties to commence proceedings to seek equitable (or equivalent) relief or to seek enforcement
of a final non-appealable judgment of the courts of England in any federal or state court of New York or Delaware, or in any court of the Cayman Islands or Poland (an “Approved Jurisdiction”) which has competent jurisdiction, nor
shall the commencement of such proceedings in any one or more Approved Jurisdictions preclude the commencement of similar proceedings in any other Approved Jurisdiction, whether concurrently or not, to the extent permitted by the law of such other
Approved Jurisdiction. No Party shall be entitled to commence proceedings in any court in any jurisdiction other than England or of an Approved Jurisdiction. 

  

	12	This Commitment Letter and all matters (including, without limitation, any contractual or non-contractual obligation) arising from or connected with it are governed by, and will be
construed in accordance with, English law. 

 Yours faithfully 
  

			
	 /s/ William Carey

	Name: William Carey
	Title: President
	for and on behalf of 
	Central European Distribution Corporation

			
	Agreed and accepted on behalf of
	
	 /s/ Rob Jones

	Name: Rob Jones
	Title: Director
	for and on behalf of
	Lion/Rally Cayman 4
	
	 /s/ Rob Jones

	Name: Rob Jones
	Title: Director
	for and on behalf of
	Lion/Rally Cayman 5
	
	 /s/ James Cocker, as Attorney

	Name: James Cocker
	Title: Member
	for and on behalf of
	Lion Capital LLP

 SCHEDULE 1: NOTE PURCHASE AGREEMENT 

 SCHEDULE 2: LIMITED PARTNERSHIP AGREEMENT 

 AGREED FORM 
  
  
 [LION/RALLY
CAYMAN 7 L.P.] 
 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 Dated      April 2009 
  
  
 PARTNERSHIP INTERESTS ARE SUBJECT TO TRANSFER RESTRICTIONS 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Article 1
	  	ORGANISATION	  	1
			
	 Article 2
	  	DEFINITIONS	  	2
			
	 Article 3
	  	CAPITAL CONTRIBUTIONS	  	7
			
	 Article 4
	  	DISTRIBUTIONS	  	9
			
	 Article 5
	  	TAX	  	11
			
	 Article 6
	  	POWERS OF GENERAL PARTNER	  	12
			
	 Article 7
	  	RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS	  	14
			
	 Article 8
	  	EXCULPATION, INDEMNIFICATION AND GUARANTEE	  	14
			
	 Article 9
	  	FINANCIAL ACCOUNTING AND TAX MATTERS	  	15
			
	 Article 10
	  	ADMISSIONS, TRANSFERS AND WITHDRAWALS	  	16
			
	 Article 11
	  	DISSOLUTION AND WINDING UP	  	19
			
	 Article 12
	  	POWER OF ATTORNEY	  	20
			
	 Article 13
	  	MISCELLANEOUS	  	21
		
	 Schedule A Capital Contributions
	  	27
		
	 Schedule B Deed of Adherence
	  	28
		
	 Schedule 1 to the Deed of Adherence – Capital Contributions
	  	31

  

 i 

 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 [Lion/Rally Cayman 7 L.P.] 
 This AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT (this “Agreement”) of Lion/Rally Cayman 7 L.P., a Cayman Islands exempted limited partnership (the “Partnership”), is made and entered into      April 2009, by
and among [Lion/Rally Cayman 8] Limited a Cayman limited liability company (the “General Partner”), Central European Distribution Corporation (the “Original Class A1 Limited Partner” or
“CEDC”) and Lion/Rally Cayman 2 (the “Original Class A2 Limited Partner”). Capitalised terms used herein and not otherwise defined shall have the meanings set forth in Article 2. 
 WHEREAS, the Partnership was formed on [—] [April] 2009, by the General Partner and the Original Class A2 Limited
Partner and as of such date, the General Partner and the Original Class A2 Limited Partner entered into the Partnership’s Limited Partnership Agreement (the “Original Partnership Agreement”); and 
 WHEREAS, the General Partner, the Original Class A1 Limited Partner and the Original Class A2 Limited Partner now desire to amend and restate the
Original Partnership Agreement effective as of the date set forth above. 
 ARTICLE 1 
 ORGANISATION 
 Section 1.1 Formation. The General Partner and the Original Class A2 Limited Partner have formed a limited partnership pursuant to and in accordance with the provisions of The Cayman Islands Exempted Limited Partnership
Law (as revised) (the “Partnership Law”). The General Partner filed, on behalf of the Partnership, a Statement in Terms of Section 9 of the Exempted Limited Partnership Law conforming to the Partnership Law with the
registrar of Exempted Limited Partnerships (the “Registrar”). The Partnership commenced on the date on which the Certificate of Registration was issued by the Registrar and shall continue in existence until its affairs are
dissolved, liquidated and terminated in accordance with this Agreement and the Partnership Law. This Agreement hereby amends and restates the Original Partnership Agreement and the interests held by the General Partner shall henceforth be designated
as Class B Interests. This Agreement shall be the only document governing the Partnership. 
 Section 1.2 Name. The name
of the Partnership is Lion/Rally Cayman 7 L.P. The General Partner may, in its sole discretion and in compliance with the Partnership Law, change the name of the Partnership from time to time and shall give prompt written notice thereof to the
Limited Partners; provided, however, that such name may not contain any portion of the name or mark of any Limited Partner without such Limited Partner’s consent. In any such event, the General Partner shall promptly file in the
office of the Registrar notice of such change of name. 
 Section 1.3 Purpose. The purpose of the Partnership is to carry
on the business of an investor and in particular but without limitation to identify, research, negotiate, make and monitor the progress of and sell, realise, exchange or distribute investments which shall include but shall not be limited to the
purchase, subscription, acquisition, sale and disposal of shares, debentures, convertible loan stock and other securities in unquoted companies and in certain quoted situations, and the making of loans 

 
whether secured or unsecured to such companies in connection with equity or equity related investments, with the principal objective of providing Partners
with capital appreciation. This shall include the business of investing directly or indirectly in the Group and in particular, but without limitation, to research, negotiate, make and monitor the progress of and sell, realise, exchange or distribute
such investment, with the principal objective of providing Partners with capital appreciation. The Partnership (acting through the General Partner or persons authorised on behalf of the Partnership pursuant to this Agreement) may execute, deliver
and perform all contracts and other undertakings and engage in all activities and transactions as may in the opinion of the General Partner be necessary or advisable in order to carry out the foregoing purposes and objectives, subject to and in
accordance with the provisions of this Agreement. For the avoidance of doubt, the Partnership shall not undertake business with the public in the Cayman Islands other than to the extent necessary for the conduct of business of the Partnership
exterior to the Cayman Islands. 
 Section 1.4 Partnership Qualification Requirements. 
 1.4.1 The Original Class A Limited Partners are not investment companies within the meaning of Section 3(a) of the 1940 Act (the
“Qualification Requirement”). 
 1.4.2 Each Original Class A Limited Partner shall meet the Qualification
Requirement applicable to it for so long as it is a Limited Partner. 
 Section 1.5 Status of the Partnership. The
Partnership is not and the General Partner shall manage the Partnership such that it will not be required to register as an investment company within the meaning of the 1940 Act. 
 Section 1.6 Maximum Partnership Interests. At any time, there may not be more than ten owners of Class A1 Interests and Class A2
Interests. 
 Section 1.7 Registered Office. The Partnership’s initial registered office in the Cayman Islands shall
be located at the offices of [Stuarts Corporate Services Ltd., PO Box 2510 Grand Cayman KY1-1104, Cayman Islands], and the address of its principal place of business shall be [Stuarts Corporate Services Ltd., PO Box 2510 Grand Cayman
KY1-1104, Cayman Islands]. The General Partner may change such registered office, registered agent, or principal place of business from time to time. The General Partner shall give prompt written notice of any such change to each Limited
Partner. The Partnership may from time to time have such other place or places of business within or outside the Cayman Islands as may be determined by the General Partner. 
 Section 1.8 Fiscal Year. The fiscal year of the Partnership shall end on the last day of each calendar year. 
 ARTICLE 2 
 DEFINITIONS 

 Section 2.1 Definitions. Capitalised words and phrases used in this Agreement have the following meanings: 

“1940 Act” shall mean the Investment Company Act of 1940 of the United States of America. 
  

 2 

 “Adjusted Capital Contribution” shall mean, as of any date, a
Partner’s Capital Contributions adjusted as follows: 
 (a) increased by the amount of any Partnership liabilities which,
in connection with distributions in accordance with the provisions of Section 4.1(a), are assumed by such Partner or are secured by any Partnership Assets distributed to such Partner; and 
 (b) reduced by the amount of cash and the Fair Market Value of any Partnership Assets distributed to such Partner in accordance with the
provisions of Section 4.1(a) and the amount of any liabilities of such Partner assumed by the Partnership or which are secured by any property contributed by such Partner, or any other Partner, to the Partnership. 
 “Affiliate” with respect to any person, another person Controlled directly or indirectly by such first person,
Controlling directly or indirectly such first person or directly or indirectly under the same Control as such first person, and “Affiliated” shall have a meaning correlative to the foregoing. 
 “Agreement” shall mean this Amended and Restated Limited Partnership Agreement. 
 “Approved Jurisdictions” shall mean the federal or state courts in the State of New York, the federal or state
courts in the State of Delaware, England and Poland. 
 “Business Day” shall mean a day (other than a
Saturday, a Sunday or a public holiday) on which banks in London, New York, Warsaw, and the Cayman Islands are normally open for the conduct of general banking business. 
 “Capital Account” shall have the meaning set forth in Section 3.3 of this Agreement. 
 “Capital Contribution” shall mean, with respect to any Partner, the aggregate amount of money and the Fair Market
Value at the date of contribution of any property (other than money) contributed at any time to the Partnership by the Partner. 
 “Class A Interest” shall mean the Class A1 Interest and the Class A2 Interest. 
 “Cayman 7 Call Option Consideration Notice” shall have the meaning set forth in the Option Agreement. 
 “Class A1 Interest” shall mean the Partnership Interest of the Original Class A1 Limited Partner acquired pursuant to this Agreement (for the avoidance of doubt, nothing within this definition
or within this Agreement is intended to imply any division or sub-division of the single class of Ordinary Shares of Lion/Rally Cayman 6). 
 “Class A2 Interest” shall mean the Partnership Interest of the Original Class A2 Limited Partner acquired pursuant to this Agreement (for the avoidance of doubt, nothing within this definition
or within this Agreement is intended to imply any division or sub-division of the single class of Ordinary Shares of Lion/Rally Cayman 6). 
  

 3 

 “Class B Interests” shall mean the Partnership Interests of the
Original Class B Limited Partner (being Lion/Rally Cayman 5) as at the date of the execution and delivery of a Deed of Adherence by the Original Class B Limited Partner as set out in a Deed of Adherence executed by the Original Class B Limited
Partner as well as the Partnership’s Interests of the General Partner. 
 “Commitment Letter”
shall mean the letter agreement made between the Central European Distribution Corporation, Lion/Rally Cayman 4, Lion/Rally Cayman 5 and Lion Capital LLP dated [—]. 
 “Control” (including, with their correlative meanings, “Controlled by”,
“Controlling” and “under common Control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or
partnership or other ownership interests, by contract or otherwise) of any other Person, provided that, in any event, any Person who owns, directly or indirectly, a majority of the securities having ordinary voting power or otherwise having the
power to elect a majority of the directors or other governing body of a corporation or having a majority of the partnership or other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to
control such corporation or other Person for the avoidance of doubt, a limited partnership is controlled by its general partner. 
 “Deed of Adherence” shall mean a deed of adherence to this Agreement in the form attached as Schedule B; 
 “Distributable Property” shall mean the excess of cash and property on hand over the amount that the General Partner determines is required to be retained as a reasonable reserve to meet any
Partnership liabilities or proposed expenditures which are accrued or reasonably foreseeable or that is reasonably necessary to be retained. 
 “Distribution” shall mean any dividend or other form of distribution of assets that Lion/Rally Cayman 6 makes to the Partnership. 
 “Encumbrance” shall mean any mortgage, charge (fixed or floating), pledge, lien, hypothecation, option, right of set off,
security trust, assignment by way of security, reservation of title, option, restriction, right of first refusal, right of pre-emption, third party right or interest, or any other encumbrance or security interest whatsoever created or arising or any
other agreement or arrangement (including any sale and leaseback transaction) entered into for the purposes of conferring security or having similar effect and any agreement to enter into, create or establish any of the foregoing. 
 “Fair Market Value” shall have the meaning set forth in Section 4.1 of this Agreement. 
 “Final Cayman 7 Call Option” shall have the meaning set forth in the Option Agreement. 
 “Final Cayman 7 Call Option Completion Date” shall have the meaning set forth in the Option Agreement. 

 

 4 

 “General Partner” shall have the meaning set forth in the first
paragraph of this Agreement and any other Person who, pursuant to the provisions of this Agreement, becomes the general partner of the Partnership. 
 “Governance and Shareholders Agreement” shall mean the Governance and Shareholders Agreement, made between [Lion Rally/Cayman 6], the Holdcos, the Partnership, the General Partner and CEDC on
or about the date hereof; 
 “Group” shall mean Lion/Rally Cayman 6 and its Subsidiaries from time to
time and “member of the Group” and “Group Company” shall be construed accordingly. 
 “Holdcos” shall have the meaning set forth in the Option Agreement. 
 “Holdco
Call Option” shall have the meaning set forth in the Option Agreement. 
 “Holdco Put
Option” shall have the meaning set forth in the Option Agreement. 
 “Hurdle Amount”
shall mean an amount equal to the higher of: (i) zero; and (ii) $[1.93] multiplied by the number of Ordinary Shares held by the Partnership immediately following completion of the Holdco Call Option, if the Holdco Call Option is exercised.

 “Investment” shall mean an investment or investments acquired or subscribed for by the Partnership
(either directly or indirectly), including but not limited to shares, debentures, convertible loan stock, options, warrants or other securities and loans (whether secured or unsecured) made to any body corporate or other entity and interests or
participations or commitments in a limited partnership or other collective investment scheme including investment, in or to Lion/Rally Cayman 6 or any other member of the Group; 
 “Letter of Undertaking” shall mean the letter agreement made between the Central European Distribution
Corporation, Lion/Rally Cayman 4, Lion/Rally Cayman 5 and Lion Capital LLP dated [—]. 
 “LIBOR” means, in relation to any day, BBA LIBOR for six month US dollar deposits for that day. 
 “Limited Partner” shall mean any Person listed as a Limited Partner on Schedule A attached hereto, as the same may be amended from time to time, pursuant to the provisions of this Agreement and shall include
any Person identified on the books and records of the Partnership as a Limited Partner. 
 “Majority in Interest of
the Partners” shall mean Partners holding not less than a majority of each of (a) the Adjusted Capital Contributions of the holders of Class A1 Interests, (b) the Adjusted Capital Contributions of the holders of Class A2
Interests and (c) the Adjusted Capital Contributions of the holders of Class B Interests. 
 “Marketable
Securities” shall mean securities admitted to trading on an internationally recognised stock exchange. 
  

 5 

 “Note Purchase and Share Subscription Agreement” shall have the
meaning set forth in the Option Agreement. 
 “Option Agreement” shall mean the option agreement
entered into on or about the date of this Agreement between: (i) Lion/Rally Cayman 4; (ii) Lion/Rally Cayman 5; (iii) the Partnership; and (iv) CEDC. 
 “Ordinary Shares” shall have the meaning set forth in the Option Agreement. 
 “Original Class A Limited Partners” shall mean the Original Class A1 Limited Partner and the Original Class
A2 Limited Partner. 
 “Original Class B Limited Partner” shall mean Lion/Rally Cayman 5. 

“Outstanding Consideration” shall have the meaning set forth in the Option Agreement. 
 “Partner” shall mean any one of the General Partner or the Limited Partners. 
 “Partner Loans” shall have the meaning set forth in Section 3.5 of this Agreement. 
 “Partnership” shall mean the limited partnership formed and continued in accordance with the terms, conditions and
provisions of this Agreement. 
 “Partnership Assets” shall mean all intangible and tangible personal
property and real property acquired by the Partnership and any replacements of, or additions or improvements to, such property. 
 “Partnership Interests” shall mean, collectively, the interests of the Partners in the Partnership. 
 “Partnership Law” shall have the meaning set forth in Section 1.1 of this Agreement. 
 “Person” shall mean any individual, partnership, corporation, limited liability company, trust or other entity. 
 “Pledges” shall have the meaning set forth in the Option Agreement. 
 “Registrar” shall have the meaning set forth in Section 1.1 of this Agreement. 
 “Registration Rights Agreement” shall have the meaning set forth in the Option Agreement. 
 “Subsidiary” shall mean in relation to any person (a “Holding Company”), any other person directly or indirectly Controlled by that Holding Company. 
 “Substitute Partner” shall mean a person admitted pursuant to Section 10 of this Agreement as a Partner as
the successor to all, or part of, the rights and liabilities of a Partner in respect of such Partner’s Partnership Interest. 
  

 6 

 “Taxation” shall mean any form of taxation together with interest
or penalties (if any) thereon and any reasonable costs incurred in resisting claims therefor. 
 “Transaction
Documents” shall mean the Option Agreement, the Pledges, the Commitment Letter, the Letter of Undertaking, the Warrant Instruments, the Note Purchase & Share Subscription Agreement, the Registration Rights Agreement, the
Governance and Shareholders Agreement and this Agreement, and “Transaction Document” means any of them; 
 “Transfer” shall mean any sale, exchange, transfer, gift, bequest, assignment of, all or any portion of any interest in tangible or intangible personal or real property, voluntarily or involuntarily, by operation of
law or otherwise. 
 “U.S.$ or $” means the lawful currency of the U.S. 
 “Warrant Instruments” shall have the meaning set forth in the Option Agreement. 
 ARTICLE 3 
 CAPITAL CONTRIBUTIONS

 Section 3.1 Initial Capital Contributions by General Partner and Limited Partners. 
 (a) Original Class A1 Limited Partner. The Original Class A1 Limited Partner shall contribute to the Partnership in readily
available funds the amount set forth opposite its name under the heading “Capital Contribution” on Schedule A, for which the Original Class A1 Limited Partner shall receive the Original Class A1 Limited Partner’s
Partnership Interest (which shall be designated as a Class A1 Interest). 
 (b) Original Class A2 Limited Partner. The
Original Class A2 Limited Partner has contributed to the Partnership on or before the date of this Agreement the assets set forth opposite its name under the heading “Capital Contribution” on Schedule A and has
received therefor the Original Class A2 Limited Partner’s Partnership Interest (which shall be designated as Class A2 Interests). 
 (c) Application of Original Class A Limited Partners contributions. The Original Class A1 Limited Partner and the Original Class A2 Limited Partner acknowledge that the Partnership has entered into certain
agreements in reliance upon the Original Class A1 Limited Partner’s commitments to contribute funds to the Partnership as set out in this Section and in Section 3.2 below. The Original Class A1 Limited Partner shall indemnify
the Partnership against any claim, loss, damage, liability, or expense, including reasonable attorneys’ fees, court costs, and costs of investigation and appeal, suffered or incurred by the Partnership by reason of, arising from, or relating to
the failure by it to comply with its obligations under Section 3.2 below. Notwithstanding any other provision of this Agreement, the Partnership may assign its rights under this Section 3.1(c) and, in relation thereto, under
Section 8.2, to the Holdcos (as defined in the Option Agreement). 
  

 7 

 Section 3.2 Further Capital Contributions to fund additional commitments 

(a) It is acknowledged that the Partnership is party to the Transaction Documents under which it has certain obligations and rights
which if exercised give rise to the obligation for the Partnership to make payment of cash amounts. 
 (b) Where the
Partnership is permitted to exercise a right under a Transaction Document which gives rise to an obligation to make a payment on the part of the Partnership, the General Partner will first (and before exercising such right under the relevant
Transaction Document) seek (in writing) a direction from the Original Class A1 Limited Partner as to whether the Original Class A1 Limited Partner wishes the Partnership to exercise such right. 
 (c) Where a Cayman 7 Call Option Consideration Notice is received by the Partnership the General Partner shall within one Business Day of
its receipt send a copy of such notice to the Original Class A1 Limited Partner. 
 (d) Where the Original Class A1 Limited
Partner notifies (in writing) the General Partner that the Original Class A1 Limited Partner does not wish the General Partner to exercise such right, the General Partner undertakes not to exercise such right under the Transaction Documents.

 (e) Where the Original Class A1 Limited Partner notifies (in writing) the General Partner that the Original Class A1
Limited Partner wishes the General Partner to exercise a right under a Transaction Document which gives rise to an obligation on the part of the Partnership to make a payment, the Original Class A1 Limited Partner undertakes to make a Capital
Contribution, in cash, to the Partnership, in amount and at such time as the General Partner may direct, only to the extent that will allow the General Partner to exercise the relevant right under the relevant Transaction Document and satisfy the
payment obligation arising thereunder. 
 (f) The General Partner shall be under no obligation to exercise any right under a
Transaction Document which gives rise to an obligation to make a payment on the part of the Partnership until the Partnership has received, in full and in cleared funds from the Class A1 Limited Partner, the Capital Contribution which enables the
General Partner to timely meet in full the relevant payment obligation as it arises. 
 (g) Where the Partnership timely
receives such a Capital Contribution the General Partner shall be obligated to exercise the relevant right under the Transaction Document giving rise to the payment obligation and shall be obligated to make payment on the terms set out in the
relevant Transaction Document. 
 (h) Where a payment obligation of the Partnership arises or will arise under a Transaction
Document the Original Class A1 Limited Partner shall, at the direction of the General Partner, be obligated to make a Capital Contribution to the Partnership to allow the Partnership to satisfy such payment obligation under the relevant Transaction
Document. Where the Partnership receives such Capital Contribution in accordance with the General Partner’s direction the General Partner shall be obligated to apply such Capital Contribution in satisfaction of the relevant payment obligation
under the Transaction Document. 
 (i) Where a Outstanding Consideration Payment Notice is received by the Partnership the
General Partner shall within one Business Day of receipt of such notice request a Capital Contribution for the amount set out in the Outstanding Consideration Payment Notice from the Original Class A1 Limited Partner. 
  

 8 

 (j) The General Partner shall issue such Class A1 Interests to the Original Class A
Limited Partner as required under Clause 5.4 of the Option Agreement. 
 Section 3.3 Capital Accounts. The Partnership
shall maintain a separate capital account (each, a “Capital Account”) for each Partner. 
 Section 3.4
Withdrawal of Capital. Subject to Section 11.1 hereof, no Partner shall have the right to withdraw any capital from the Partnership; provided, however, that the General Partner may distribute capital to the
Partners from time to time, in accordance with the terms hereof. 
 Section 3.5 Loans. Any Partner or Affiliate thereof
may (with the consent of the General Partner), but shall not be required to, make loans to the Partnership for any Partnership purpose (hereinafter, “Partner Loans”). The General Partner will provide the opportunity for all
Limited Partners to participate, on a pro rata basis, in any such Partner Loans that exceed in the aggregate US$100,000. In respect of any such Partner Loans, the lending Partners shall be treated as creditors of the Partnership. Such Partner Loans
shall be repaid as and when the Partnership has funds available therefor, but prior to any further distributions to the Partners, unless otherwise agreed by such lending Partner. Such Partner Loans and interest thereon (at reasonable rates to be
agreed upon by the lending Partner and the Partnership, but not to exceed market rates for similar loans) shall constitute obligations of the Partnership. Any such Partner Loans shall not increase such Partner’s Capital Contribution or entitle
such Partner to any increase in his share of the profits of the Partnership nor subject such Partner to any greater proportion of losses which it may sustain. 
 Section 3.6 Interest. No Partner shall be entitled to interest on its Capital Contribution or its Capital Account. Any interest actually received by reason of temporary investment of any part of the
Partnership’s funds shall be included in the Partnership’s funds. 
 ARTICLE 4 
 DISTRIBUTIONS 
 Section 4.1 Distributions. All Distributable Property shall be distributed as follows after payment of the General Partner’s share under Section 6.4(b): 
 (a) where the Holdco Put Option has not been exercised on its terms or where the Holdco Put Option has been exercised in accordance with
Clauses 13.3.2 (Security Impairment Event) or 13.3.5 (Change of Control of CEDC) of the Option Agreement, amongst the holders of Class A Interests, in proportion to their respective Adjusted Capital Contribution immediately prior
to the distribution, subject to the prior written approval of the Original Class A1 Limited Partner; 
 (b) except where the
Holdco Put Option has been exercised in accordance with Clauses 13.3.2 (Security Impairment Event) and 13.3.5 (Change of Control of CEDC) of the Option Agreement, following the exercise of the Holdco Put Option on its terms:

 (i) first, to the holders of Class A Interests up to the value of the Hurdle Amount in proportion to their respective
Adjusted Capital Contributions immediately prior to the distribution; and 
  

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 (ii) thereafter: 
 (A) twenty seven and a half percent (27.5%) to the holders of the Class B Interests in proportion to their respective Adjusted Capital Contributions
immediately prior to the distribution; and 
 (B) the remainder to the holders of Class A Interests and in proportion to their
respective Adjusted Capital Contributions immediately prior to the distribution; and 
 (c) any distribution of Distributable
Property which is not in the form of cash or cash equivalents shall be made to the Partners, so far as practicable, in the proportions expressed in Section 4.1(a) and 4.1(b) above or in such other proportions as they may
reasonably agree. 
 The value of any non-cash Distributable Property to be distributed in accordance with this Section 4.1 shall
be its Fair Market Value as determined by the General Partner in good faith (the “Fair Market Value”). In determining the Fair Market Value of any non-cash property of the Partnership, all factors which the General Partner
determines might reasonably affect such value shall be taken into account without regard to any discounts for illiquidity or non-transferability; provided, however, that any non-cash property that consists of Marketable Securities
shall be valued as follows: any investment of a class that is publicly traded shall be valued by reference to a distribution record date which shall be fixed by the General Partner as of a date not less than ten trading days before the proposed
Partnership distribution of any such investment and shall take into account the arithmetic average of the trading prices on such record date and on each of the ten trading days immediately preceding, and on each of the ten trading days immediately
following, such record date. Such trading prices shall equal (A) the closing sale prices of such investment as reported for each such trading day by the principal securities exchange or interdealer market system on which such investment is then
listed or authorised for trading, or (B) if not so listed or authorised, the average of the closing bid and asked quotations for each such trading day as reported by any interdealer quotation system on which such investment is then authorised
for trading. Notwithstanding the preceding sentence, if the volume of trading or other aspects of the securities market on which the class of securities is traded are such that the General Partner reasonably determines that prices in such market may
not accurately reflect the fair value of the investment, then the General Partner shall not be required to value such investment based solely on the formula previously set forth. In no event shall an investment be valued at less than the price at
which the Partnership can require a third Person to buy the investment, taking into account the creditworthiness of the Person with such purchase obligation, the availability of any collateral for the obligation, and other factors that the General
Partner deems appropriate. 
 For the avoidance of doubt, to the extent that the Partnership holds Marketable Securities it shall not
automatically be dissolved pursuant to paragraph (d) of Section 11.1 of this Agreement. 
 Section 4.2 Timing and
Manner of Distributions. The General Partner may, in its absolute discretion, make a distribution of Distributable Property among the Partners at any time, as specified in Section 4.1 above, provided that: 
 (a) any Distribution received by the Partnership prior to the exercise of the Holdco Put Option shall, subject to the approval of the
Original Class A1 Partner, be promptly distributed to the Partners; 
 (b) no distribution in specie of shares in the capital
of Lion/Rally Cayman 6 which are held by the Partnership shall be made prior to the Holdco Put Option being exercised. 
  

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 Where the General Partner makes a distribution of a Distribution to the Original Class A Limited
Partners in accordance with this Section, such distribution shall be made in instalments of up to (but not exceeding) $30 million, and (other than the first instalment of such distribution) no instalment of a distribution shall be made to an
Original Class A Limited Partner unless the Original Class A Limited Partner has first made a Capital Contribution (a “Distribution Capital Contribution”) equal in value to the prior instalment. 
 Where the Partnership receives a Distribution Capital Contribution or where the Partnership receives a Distribution which is not distributed to the
Partners as a result of the Original Class A1 Partner not giving approval under Section 4.2(a), the Partnership shall immediately make an advanced payment in such amount equal to the Distribution Capital Contribution to the Holdcos, as required
under Clause [8.6.2] of the Option Agreement. 
 Section 4.3 Restriction on Distributions. No distribution shall be made
that would have the effect of reducing the value of the Partnership Assets below the liabilities of the Partnership other than liabilities to Partners on account of their interests in the Partnership. Prior to authorising any distribution, the
General Partner shall determine whether the Partnership has available to it unencumbered cash funds sufficient for the distribution after taking into account (except in the case of liquidation of the Partnership) the amounts which should be set
aside to provide a reasonable reserve for the continuing conduct of the business of the Partnership and for normal working capital. 
 Section 4.4 Demand for Distributions. No Partner shall be entitled to demand and receive a distribution of Partnership property in return for its Capital Contributions to the Partnership. 
 Section 4.5 Allocation of Profits and Losses. Every Partner shall have an interest in every asset of the Partnership and accordingly,
all items of income, gain, loss and deduction of the Partnership shall be allocated among the Partners in the same proportions as the Partners are entitled to Distributable Property under Section 4.1. 
 ARTICLE 5 
 TAX

 Section 5.1 Allocations of Income and Loss. Allocations of items of income, gain, loss, deduction, allowance,
expense and credit for each taxable year of the Partnership shall be in accordance with each Partner’s interest in the Partnership as determined pursuant to Section 4.1 of this Agreement. Allocations shall be made to each Partner in
the same manner as such Partner (a) would contribute capital to the Partnership or (b) would receive distributions if the Partnership were to liquidate the assets of the Partnership at their book value and distribute the proceeds in
accordance with Section 4.1; provided, however, that if any such allocation is not permitted by applicable law, the Partnership’s subsequent income, gain, loss, deduction, expense, and credit shall be allocated among
the Partners so as to reflect as nearly as possible the allocation used in computing Capital Accounts. 
 Section 5.2 Withholding
Taxes. 
 (a) Withholding. The General Partner shall be entitled to withhold or cause to be withheld from any Limited
Partner’s distributions from the Partnership or any allocable share of Partnership income such amounts, if any, as are required by applicable law. Each Limited Partner shall furnish to the General Partner from time to time all such information
as is required by applicable law or otherwise reasonably requested by the General Partner to permit the General Partner to ascertain whether and in what amount withholding is required in respect of such Limited Partner. Notwithstanding the 

  

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foregoing, the General Partner shall have no liability to the Partnership or any Limited Partner for failure to request or obtain such information from any
Limited Partner, or for failure to withhold in respect of any Limited Partner who has not furnished such information to the General Partner. 
 (b) Recoupment. If the Partnership or the General Partner itself pays (i) any withholding obligation imposed by applicable law or (ii) any amount (including any Taxation, penalty, or interest) in respect of any failure to
withhold from any Limited Partner as required by applicable law, in either case such Limited Partner shall on demand reimburse the Partnership or the General Partner (as the case may be) for the amount of such payment plus interest thereon (accruing
from the date such payment was made by the person entitled to reimbursement) at a floating rate per annum (which shall change from time to time in accordance with the prime rate specified below as the prime rate changes) equal to the lesser of
(A) the highest lawful rate of interest or (B) LIBOR plus 200 basis points (calculated and accrued daily and compounded six-monthly). For these purposes, Each person paying an amount (including any Taxation, penalties, and interest) in
respect of a Limited Partner’s Taxation shall have a security interest in the Partnership interest of any Limited Partner who owes money to such paying person pursuant to this Section 5.2(b) and, in addition to all other rights and
remedies of such paying person with respect to such security interest or otherwise available at law or in equity, the General Partner shall have the right to offset, or cause to be offset, against any such Limited Partner’s distributions under
this Agreement all amounts owed by such Limited Partner to such paying Person pursuant to this Section 5.2(b). The rights and obligations set forth in this Section 5.2 shall survive the dissolution, liquidation, and
termination of the Partnership until the expiration of all statutes of limitation applicable to such rights and obligations. 
 (c) Deemed
Distributions. Any amounts withheld or offset by the General Partner in accordance with Section 5.2(a) or 5.2(b) shall nevertheless, for purposes of this Agreement, be deemed to have been distributed to the Limited Partner in
respect of which they are withheld. 
 ARTICLE 6 
 POWERS OF GENERAL PARTNER 
 Section 6.1 Standard of Conduct and Management.
The management of the Partnership and its business and affairs shall be vested fully and exclusively in the General Partner, which shall have the power by itself and shall be authorised and empowered on behalf and in the name of the Partnership to
carry out any and all of the objects and purposes of the Partnership as provided in Section 1.3 hereof and to perform all acts and enter into and perform all contracts and other undertakings, and to make (or refrain from making) all
elections, that it may in its sole discretion deem necessary or advisable or incidental thereto in connection therewith, and to reasonably interpret and determine, in a manner consistent with the objects and purposes of the Partnership, allocations,
distributions, and financial reporting, to the extent not otherwise clearly provided herein. 
 Section 6.2 Additional
Powers. For the avoidance of doubt the General Partner shall have the right, power and authority to do on behalf of the Partnership all things which, in its sole judgment, are necessary, proper or desirable to carry out the aforementioned
duties and responsibilities, including, but not limited to, the right, power and authority: 
 (a) to incur all reasonable expenditures;

 (b) to employ and dismiss from employment any and all employees, agents, independent contractors, brokers, attorneys and accountants;

  

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 (c) to borrow money on a short term basis and use as security therefor all or any part of any property of
the Partnership; 
 (d) to do any and all of the foregoing at such price, rental or amount, for cash, securities or other property and upon
such terms as the General Partner reasonably deems proper; and 
 (e) to execute, acknowledge and deliver any and all instruments to
effectuate any and all of the foregoing. 
 Subject to the terms of this Agreement, the General Partner shall have the right, power and
authority to lease, sell, exchange, refinance or grant an option for the sale of, all or any portion of the property of the Partnership, at such rental, price or amount, for cash, securities or other property and upon such other terms as the General
Partner in its sole and absolute discretion deems proper. 
 Section 6.3 Devotion of Time. The General Partner shall
devote such time to the Partnership business as the General Partner shall deem to be necessary to manage and supervise the business and affairs of the Partnership in an efficient manner; but nothing in this Agreement shall preclude the engagement,
at the expense of the Partnership, of any agent or third party to manage or provide other services in respect of the Partnership and/or its properties, subject to the control of the General Partner, provided that at such time of engagement the
General Partner has the reasonable belief that such agent or third party has professional or expert competence and that such agent or third party has been selected with reasonable care. 
 Section 6.4 Competitive Activities. The General Partner shall not be required to manage the Partnership as its sole and exclusive
function and may have other business interests and may engage in other activities in addition to those relating to the Partnership. Such other business interests and activities may be of any nature or description, and may be engaged in independently
or with others. Neither the Partnership nor any Partner shall have any right, by virtue of this Agreement or the partnership relationship created hereby, in or to such other ventures or activities of the General Partner or any Affiliates of the
General Partner, or to the income or proceeds derived therefrom, and the pursuit of such ventures, even if competitive with the business of the Partnership, shall not be deemed wrongful or improper. The General Partner shall have the right to take
for its own account or to recommend to others, including Affiliates of the General Partner, any investment opportunity including investment opportunities that may be competitive with or involve the same line of business as that conducted or proposed
to be conducted from time to time by the Partnership, and shall have no obligation whatsoever to present or otherwise make available any such investment opportunities to the Partnership. 
 Section 6.5 Fees and Expenses. 
 (a) Fees and Expenses. The Partnership shall reimburse the General Partner for all reasonable costs and other obligations incurred by or on behalf of the Partnership or the General Partner in connection with the formation or
operation of the Partnership, including reasonable travel and communication expenses, meeting expenses, fees and expenses of finders, brokers, investment bankers, financial advisors, and similar Persons, fees and expenses of legal counsel and other
professionals (such as accountants, environmental consultants, insurance consultants, solvency experts, and others) retained by or on behalf of the Partnership or the General Partner for the purposes of the Partnership. 
 (b) General Partner’s Share. The General Partner shall be entitled to receive a share of profits equal to US $1 per annum attributable to the
Partnership Interests as provided for in Section 4. 
  

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 Section 6.6 Transactions with Affiliates. Notwithstanding anything to the contrary
contained herein, and notwithstanding any obligations or duties (fiduciary or otherwise) that the General Partner may have at law or in equity, the Partnership may from time to time enter into transactions with the General Partner or any Affiliates
of the General Partner in order to carry out the purpose of the Partnership as described in Section 1.3 above, provided that such transactions are save for the transactions under the Transaction Documents, in the reasonable judgment of
the General Partner, not less favourable than would be obtained in a comparable arms length transaction with a Person that is not an Affiliate of the General Partner. Except as set forth in Section 6.4 of this Agreement, the General
Partner shall not charge or be paid a fee by the Partnership for any services rendered to the Partnership. 
 Section 6.7
Prohibition of Encumbrances. Unless the prior written consent of all Partners has been obtained, the General Partner shall maintain the Partnership Interest that it holds free from all Encumbrances at all times. 
 ARTICLE 7 
 RIGHTS AND
OBLIGATIONS OF LIMITED PARTNERS 
 Section 7.1 No Participation by Limited Partners. Notwithstanding any other
provision of this Agreement to the contrary or the specific rights listed in Section 7.1(a) and Section 7.1(b), no Limited Partner shall have any right to participate in the conduct of the Partnership or of its business.

 (a) The budget of the Partnership which may be prepared from time to time shall promptly, following it being produced, be
circulated amongst the Partners, but shall not become effective until the Original Class A1 Limited Partner has specifically approved the same. 
 (b) Nothing contained in this Section 7.1 shall prohibit any Limited Partner or its officers, directors, partners, members, stockholders or Affiliates from acting as officers and/or directors of the
General Partner and its Affiliates. 
 Section 7.2 Liabilities of the Limited Partners. Except as otherwise required by
law, no Limited Partner shall be personally liable for any of the debts or obligations of the Partnership, and the liability of each Limited Partner to the Partnership shall be limited to the total Capital Contributions that the Limited Partner is
required to make to the Partnership under Section 3.1 hereof, and such liability shall be enforceable only by the Partnership and the Partners thereof and not by any creditors of the Partnership. 
 ARTICLE 8 
 EXCULPATION,
INDEMNIFICATION AND GUARANTEE 
 Section 8.1 Exculpation. Neither the General Partner nor any Affiliate of the
General Partner, nor any officer, director, member, stockholder, employee, partner, or agent of the General Partner or any of its Affiliates, shall be liable, responsible, or accountable in loss, damages or otherwise to the Partnership or to any
Partner by reason of, arising from, or relating to the operations, business, or affairs of the Partnership, or any act or failure to act on behalf of the Partnership by, the General Partner, or any of their respective Affiliates, except to the
extent that any of the foregoing is caused by (i) the negligence, wilful misconduct, or bad faith of a person claiming exculpation, or (ii) a material breach of this Agreement (provided that the General Partner shall have ninety
(90) days to cure any material breach of this Agreement after receiving notice thereof). 
  

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 Section 8.2 Indemnity. To the fullest extent permitted by law, the Partnership shall
indemnify the General Partner (which for the purposes of this Section 8.2 shall include both for itself and as trustee for any Affiliate of the General Partner and each officer, director, member, stockholder, employee, partner, or agent
of the General Partner each, (and including for the avoidance of doubt the General Partner) being a “General Partner Indemnified Party”) against any claim, loss, damage, liability, actions, proceedings, or expense, including
reasonable attorneys’ fees, court costs, and costs of investigation and appeal, suffered or incurred by any such General Partner Indemnified Party by reason of, arising from, or relating to the operations, business, or affairs of or any act or
failure to act on behalf of the Partnership, the General Partner, or any of their respective Affiliates, except to the extent that any of the foregoing is caused by the negligence, bad faith or wilful misconduct of any General Partner Indemnified
Party or a material breach of this Agreement (provided that the General Partner shall have ninety (90) days to cure any material breach of this Agreement after receiving notice thereof). Unless a determination has been made (by final,
nonappealable order of a court of competent jurisdiction) that indemnification is not required, the Partnership shall, upon the request of any General Partner Indemnified Party, advance or promptly reimburse such General Partner Indemnified
Party’s reasonable costs of investigation, litigation, or appeal, including reasonable attorneys’ fees; provided, however, that the affected General Partner Indemnified Party shall, as a condition of such General Partner
Indemnified Party’s right to receive such advances and reimbursements, undertake in writing to repay promptly the Partnership for all such advancements or reimbursements if a court of competent jurisdiction determines that such General Partner
Indemnified Party is not then entitled to indemnification under this Section 8.2 and, at the request of any Limited Partner, shall secure such repayment undertaking with a perfected first-priority lien or equivalent (in favour of the
Partnership) on such General Partner Indemnified Party’s Partnership interest or on other collateral reasonably acceptable to such the requesting Limited Partner and the Partnership. No Partner shall be required to contribute capital in respect
of any indemnification claim under this Section 8.2 unless otherwise provided in any other written agreement to which such Partner is a party. Where requested by the General Partner, the Partnership shall enter into separate deeds of
indemnity in favour of the relevant General Partner Indemnified Party where necessary to give effect to this Section 8.2. 
 ARTICLE 9

 FINANCIAL ACCOUNTING AND TAX MATTERS 
 Section 9.1 Books and Records. The General Partner shall keep or cause to be kept complete and appropriate records and books of account in which shall be entered all such transactions and other
matters relative to the Partnership’s business as are usually entered into records and books of account maintained by persons engaged in businesses of like character or which are required by the Partnership Law. The books and records shall be
maintained at the principal place of business of the Partnership, and all such books and records shall be available for inspection and copying at the request, and at the expense, of any Partner during the ordinary business hours of the Partnership.

 Section 9.2 Tax Information. As soon as practicable, but no later than one hundred twenty (120) days after the end
of each Partnership taxable year, the General Partner shall cause to be prepared and mailed to each Partner all necessary Taxation reporting information. 
 Section 9.3 Register. The General Partner shall ensure that a register of the General Partner and, pursuant to the Partnership Law, of the Limited Partners shall be maintained at the registered
office of the Partnership in the Cayman Islands. Such register shall reflect the name and address of each of the Partners, the amount and date of the Capital Contributions made by each Limited Partner and the amount and date of any payment to any of
the Limited Partners representing a return of any part of their Capital Contributions in the event of any such distribution. The register shall be open to inspection by the Partners, any person authorised by the General Partner and any other person
with the right to inspect the register pursuant to the Partnership Law. 
  

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 Section 9.4 Banking. 
 All funds of every kind and nature received by the Partnership, including Capital Contributions, loan proceeds and operating receipts, shall be deposited
in such bank accounts as shall be determined by the General Partner. Signatories shall be as designated from time to time by the General Partner. 
 Section 9.5 Accounting Decisions. All decisions as to accounting matters, except as specifically provided to the contrary herein, shall be made by the General Partner. These decisions must be acceptable to the
Partnership’s accountants. 
 Section 9.6 Access to Information The General Partner shall afford each Partner
reasonable and timely access to the information maintained and generated by the Partnership and General Partner under this Article 9 upon the written request of any Partner. 
 ARTICLE 10 
 ADMISSIONS, TRANSFERS AND WITHDRAWALS 
 Section 10.1 Admission of New Partners. Save in relation to the Transfer of a Partnership Interest in accordance with this
Article 10 and the admission of the Original Class B Limited Partner in accordance with Section 10.1(a), no new Partner may be admitted to the Partnership. 
 (a) Admission of the Original Class B Limited Partner. Subject to the remaining provisions hereof, the Original Class B Limited
Partner shall be admitted as a Limited Partner upon the exercise of the Holdco Put Option and the execution and delivery of the Deed of Adherence by the Original Class B Limited Partner. 
 Section 10.2 Transfer of Partners’ Interests. 
 (a) General Partner Transfer. The General Partner may Transfer all or any portion of its Partnership Interest to any Affiliate of
Lion Capital LLP without obtaining any consent from any other Partner; provided however, that in the event that such Affiliate ceases to be an Affiliate of Lion Capital LLP, the then General Partner shall immediately procure that the transferred
Partnership Interest (or proportion of such Partnership Interest) is transferred back to the General Partner or a continuing Affiliate thereof. Save as herein provided, the General Partner may not Transfer all or any proportion of its Partnership
Interest without the prior consent of the Limited Partners. 
 (b) Original Class A1 Limited Partner Transfer. The
Original Class A1 Limited Partner may Transfer all or any portion of its Partnership Interest to any of its Affiliates without obtaining any consent from any other Partner; provided however, that: the Original Class A1 Limited Partner guarantees the
obligations in respect of the Partnership Interest (or proportion of such Partnership Interest) transferred to such Affiliate to the reasonable satisfaction of the General Partner; and in the event that the such Affiliate ceases to be an Affiliate
of the Original Class A1 Limited Partner, the Original Class A1 Limited Partner shall immediately procure that the transferred Partnership Interest (or proportion of such Partnership Interest) is transferred back to the Original Class A1 Limited
Partner or a continuing Affiliate thereof. 
  

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 (c) Original Class B Limited Partner Transfer. The Original Class B Limited
Partner may Transfer all or any portion of its Partnership Interest to any of its Affiliates without obtaining any consent from any other Partner; provided however, that: the Original Class B Limited Partner guarantees the obligations in respect of
the Partnership Interest (or proportion of such Partnership Interest) transferred to such Affiliate to the reasonable satisfaction of the General Partner; and in the event that the such Affiliate ceases to be an Affiliate of the Original Class B
Limited Partner, the Original Class B Limited Partner shall immediately procure that the transferred Partnership Interest (or proportion of such Partnership Interest) is transferred back to the Original Class B Limited Partner or a continuing
Affiliate thereof. 
 (d) Limited Partner Transfer. The Original Class A1 Limited Partner and the Original Class A2
Limited Partner, and (when admitted) the Original Class B Limited Partner may each Transfer all or any portion of such Partner’s Partnership Interest to any of the Original Class A1 Limited Partner, the Original Class A2 Limited Partner or
(when admitted) the Original Class B Limited Partner without obtaining any consent from any other Partner. 
 (e) Death,
Bankruptcy, etc. of Limited Partner. In the event of the death, incompetence, insolvency, bankruptcy, dissolution, liquidation, or termination of any Limited Partner: 
 (i) the Partnership shall not be terminated or dissolved, and the remaining Partners shall continue the Partnership and its operations,
business, and affairs until the dissolution thereof as provided in Section 11.1; 
 (ii) such affected Limited
Partner shall thereupon cease to be a Partner for all purposes of this Agreement and, except as provided in Section 10.3, no officer, partner, beneficiary, creditor, trustee, receiver, fiduciary, or other legal representative and no
estate or other successor in interest of such Limited Partner (whether by operation of law or otherwise) shall become or be deemed to become a Limited Partner for any purpose under this Agreement; 
 (iii) the Partnership Interest of such affected Limited Partner shall not be subject to withdrawal or redemption in whole or in part prior
to the dissolution, liquidation, and termination of the Partnership; 
 (iv) the estate or other successor in interest of such
affected Limited Partner shall be deemed a transferee of, and shall be subject to all of the obligations with respect to, the Partnership Interest of such affected Limited Partner as of the date of death, incompetence, insolvency, bankruptcy,
dissolution, liquidation, or termination, except to the extent the General Partner releases such estate or successor from such obligations; 
 (v) any legal representative or successor in interest having lawful ownership of the assigned Partnership Interest of such affected Limited Partner shall have the right to receive notices, reports, and distributions,
if any, to the same extent as would have been available to such affected Limited Partner; and 
 (vi) no Transfer of any
Partnership Interest, pursuant to this Article 10, shall be completed where such Transfer would cause the Partnership to be required to register as an investment company within the meaning of the 1940 Act. Any purported transfer that
would cause the Partnership to be required to register as an investment company within the meaning of the 1940 Act shall be void ab initio. 
  

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 (f) Effect of Transfer. Upon a Transfer of a Partnership Interest (or part
thereof) pursuant to this Article 10: 
 (i) in the case of the Transfer of the whole of a Partnership Interest
held by a Partner, the transferee shall acquire such Partnership Interest and shall be deemed to have made the transferor’s Adjusted Capital Contributions as at the date of Transfer, and the transferor shall cease to hold such Partnership
Interest from such date; and 
 (ii) in the case of the Transfer of part of a Partnership Interest held by a Partner, the
transferee shall acquire such part of that Partnership Interest and shall be deemed to have made such proportion of the transferor’s Adjusted Capital Contributions as at the date of Transfer as that part of the Partnership Interest so
Transferred bears to the whole of the Partnership Interest held by the transferor immediately prior to such Transfer, and the Adjusted Capital Contributions of the transferor shall be deemed to be reduced accordingly from such date. 
 Section 10.3 Substitute Partners. 
 (a) Each Substitute Partner shall be bound by all the provisions of this Agreement and, as a condition of giving its consent to any Transfer to be made in accordance with the provisions of this Article 10,
the transferring Partner shall procure that the proposed Substitute Partner acknowledges its assumption of the obligations of the transferring Partner in respect of the Partnership Interest (or proportion of such Partnership Interest) proposed to be
transferred to the Substitute Partner, by agreeing to be bound by all the provisions of this Agreement and to become a Partner and undertaking to indemnify the Partnership and the General Partner in respect of any legal costs, taxes and expenses
associated with such Transfer. The Substitute Partner shall not become a Partner and neither of the Partnership or the General Partner shall incur any liability for allocations and distributions made in good faith to the transferring Partner until
the written instrument of transfer and a signed form of adherence to this Agreement as provided by the General Partner has been received by the Partnership and recorded in its books and the effective date of the transfer has passed. 
 (b) Each Substitute Partner shall meet the Qualification Requirements applicable to its transferor. If only a portion of a
Limited Partner’s interest is transferred to a Substitute Partner, the transferor Limited Partner and the Substitute Partner both will be subject to the applicable Qualification Requirements.
 Section 10.4 Withdrawal of Partners. Except as permitted by this Article 10, no Partner shall have any right to withdraw or
resign from the Partnership unless such Partner transfers its entire Partnership Interest to one or more transferees who are admitted as a Substitute Partner in accordance with Section 10.3. The General Partner may not withdraw or resign
as General Partner of the Partnership without having first found a suitable substitute with the appointment of such substitute to comply with Section 10.2(a). The General Partner may not be removed, suspended or (except as provided in
Section 10.5 or Section 11.1) replaced without its consent. 
 Section 10.5 Removal of General
Partner. The Original Class A Limited Partners (where all of the Original Class A Limited Partners agree in writing) may remove the General Partner, and appoint, effective as of the date of such removal, a successor General
Partner, but only following: (i) on the Final Cayman 7 Call Option Completion Date; or (ii) timely settlement, in cash, of the entire Outstanding Consideration, provided in each case there has been no exercise of the Holdco Call Option.

  

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 ARTICLE 11 
 DISSOLUTION AND WINDING UP 
 Section 11.1 Dissolution. The Partnership
shall commence winding up upon the first to occur of any of the following events: 
 (a) 50 years after the date of this
Agreement, provided that the General Partner, in its sole and absolute discretion, may extend the term of the Partnership in one or more increments for up to two additional years if necessary to realise upon any assets which may be illiquid and may
extend the term of the Partnership further with the consent of Limited Partners holding a Majority in Interest of the Partners; 
 (b) the election of the General Partner to dissolve the Partnership at any time subject to the prior approval of the Original Class A1 Limited Partner; 
 (c) the General Partner has withdrawn from the Partnership within the meaning of the Partnership Law, or any other dissolution event
specified in the Partnership Law shall have occurred; 
 (d) a final realisation and distribution of all Distributable
Property having occurred; 
 (e) the Partnership no longer holding any shares in Lion/Rally Cayman 6; or 
 (f) the General Partner has (i) made a general assignment for the benefit of creditors, (ii) filed a voluntary petition in
bankruptcy, (iii) filed a petition or answer seeking for itself any reorganisation, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any bankruptcy, insolvency, or debtor relief law, (iv) filed an
answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any bankruptcy, liquidation, or insolvency proceeding brought against it, or (v) sought, consented to, or acquiesced in the
appointment of a trustee, receiver, or liquidator of the General Partner or of all or any substantial part of its property. 
 Notwithstanding the foregoing provisions of this Section 11.1, but subject to the provisions of the Partnership Law, the Partnership shall not commence winding up upon the occurrence of any event specified in paragraphs (e)
and (f) of this Section 11.1 if within 90 days after such occurrence all the Partners or all of the remaining Partners, as the case may be, agree in writing to continue the business of the Partnership and, if applicable, to the
appointment, effective as of the date of withdrawal, of a successor General Partner. At the end of the winding-up process, the General Partner shall file the notice of dissolution required by the Partnership Law. 
 Section 11.2 Accounting on Winding-Up. Following the commencement of winding-up of the Partnership (without reconstitution) pursuant
to Section 11.1, the books of the Partnership shall be closed, and a proper accounting of the Partnership Assets, liabilities, and operations shall be made by the General Partner, all as of the most recent practicable date. Subject to
the rights of a Partner or a creditor to apply to the courts of the Cayman Islands in respect of the commencement of winding-up of the Partnership under the Partnership Law, the General Partner shall serve as the liquidator of the Partnership unless
it fails or refuses to serve or unless the Partnership has been dissolved (without reconstitution) as a result of any event specified in any of paragraphs (e) and (f) of Section 11.1. If the General Partner does not serve as
the liquidator, one or more other persons may, to the extent permitted by law, be elected to serve by consent or vote of Limited Partners then representing a Majority in Interest of the Partners. The 

  

 19 

 
liquidator shall have all rights and powers that the Partnership Law confers on any person serving in such a capacity. The expenses incurred by the
liquidator in connection with the dissolution, liquidation, and termination of the Partnership shall be borne by the Partnership. 
 Section 11.3 Termination. As expeditiously as practicable, but in no event later than one year (except as may be necessary to realise upon any material amount of property that may be illiquid), after the commencement of
winding-up of the Partnership (without reconstitution) pursuant to Section 11.1, the liquidator shall cause the Partnership (i) to pay and discharge all commercial or trading debts, (ii) to pay and discharge all other
liabilities of the Partnership (other than those to the Partners) and to establish a reserve fund (which may be in the form of cash or other property, as the liquidator shall determine) for any and all other liabilities, including contingent
liabilities, of the Partnership in a reasonable amount determined by the liquidator to be appropriate for such purposes or otherwise to make adequate provision for such other liabilities, (iii) to pay any debts or liabilities to the Partners
including any such debts owed to the Partners which do not constitute Capital Accounts or Partner Loans entered into for any purposes of the Partnership and (iv) to distribute proceeds to the Partners in accordance with Article 4 of
this Agreement. The liquidator may sell property, if any, of the Partnership for cash or other consideration and shall cause all remaining cash or other property, if any, of the Partnership (after payment of the sums required to be paid pursuant to
(i) to (ii) above) to be distributed to the Partners in accordance with Article 4. At the time final distributions are made in accordance with Article 4, all required filings shall be made in accordance with law, and the
legal existence of the Partnership shall terminate; provided, however, that if at any time thereafter any reserved cash or property is released because in the judgment of the liquidator the need for such reserve has ended, then such
cash or property shall be distributed in accordance with Article 4. 
 Section 11.4 No Negative Capital Account
Obligation. Notwithstanding any other provision of this Agreement, in no event shall any Partner who has a negative Capital Account upon final distribution of all cash and other property of the Partnership be required to restore such
negative account to zero. 
 Section 11.5 No Other Cause of Dissolution. The Partnership shall not be dissolved, or its
legal existence terminated, for any reason whatsoever except as expressly provided in this Article 11 or under the Partnership Law. 
 Section 11.6 No Obligation to Make Further Contributions. Except as provided in Article 8, the Partners shall look solely to the assets of the Partnership for the return of their contributions, and if the funds
remaining after the payment or discharge of the debts and liabilities of the Partnership pursuant to this Article 11 are insufficient to return such contributions, the Partners shall have no recourse against the General Partner for that
purpose. 
 ARTICLE 12 
 POWER OF ATTORNEY 
 Section 12.1 Grant. Each Limited Partner hereby irrevocably constitutes,
appoints and empowers the General Partner and its designees with full power of substitution, as the true and lawful attorney-in-fact of such Limited Partner, with full power and authority in such Limited Partner’s name, place and stead and for
such Limited Partner’s use or benefit, to make, execute, sign, acknowledge, certify, publish, consent to, record or file with respect to the Partnership: 
 (a) Amendments. All instruments or documents that the General Partner deems appropriate or necessary to reflect any amendment,
change or modification to this Agreement which has been approved by the requisite parties pursuant to the terms of this Agreement; 
  

 20 

 (b) Dissolution or Termination. All conveyances and other instruments or documents
that the General Partner deems appropriate or necessary to effectuate or reflect the dissolution, termination and liquidation of the Partnership pursuant to the terms of this Agreement; 
 (c) Encumbrances. Any and all financing statements, continuation statements, or other documents necessary to grant or perfect for
creditors of the Partnership, including the General Partner and its Affiliates, a security interest, mortgage, pledge or lien on all or any of the Partnership Assets pursuant to the terms of this Agreement; 
 (d) Continuation of Business. All instruments or documents required to continue the business of the Partnership; and 
 (e) Admission of Partners. All instruments or documents relating to the admission of any Partner pursuant to the terms of this
Agreement. 
 Section 12.2 Authorisation of Execution and Delivery. The execution and delivery by the General Partner of
any such agreements, amendments, consents, certificates or other instruments or documents shall, as regards third parties, be conclusive evidence that such execution and delivery was authorised by this Agreement. Nothing in this Agreement shall be
construed as authorising any Person acting as attorney-in-fact for any Limited Partner to increase in any way the liability of Limited Partners beyond the liability expressly set forth in this Agreement or to amend this Agreement except in
accordance with the provisions of Section 13.4. Each Limited Partner shall execute and deliver to the General Partner, within fifteen (15) days after receipt of the General Partner’s reasonable request therefor, all such
further designations, powers of attorney and other instruments as the General Partner deems necessary to effectuate this Agreement and the purposes of the Partnership. 
 Section 12.3 Scope of Power. The grant of authority in Section 12.1: 
 (a) is a special power of attorney coupled with an interest, is irrevocable and shall survive the death, incapacity, disability, bankruptcy, incompetency, termination or dissolution of any Limited Partner; 
 (b) may be exercised by the General Partner for each Limited Partner by a facsimile signature or by listing all of the Limited Partners
executing any instrument with the General Partner’s signature as attorney-in-fact for all of them; and 
 (c) shall
extend to the Limited Partners’ heirs, successors and assigns. 
 ARTICLE 13 
 MISCELLANEOUS 
 Section 13.1 Specific Performance. Each Partner acknowledges that damages are not necessarily an adequate remedy for the breach by any Partner of this Agreement and that the non-breaching Partner shall be entitled to
specific performance, injunction, and other appropriate equitable remedies, without the posting of any bond. 
  

 21 

 Section 13.2 Waiver of Partition. Each Partner hereby irrevocably waives any and all
rights that it may have to maintain an action for partition of any of the Partnership’s property. 
 Section 13.3
Waivers. Neither the waiver by a Partner of a breach of or a default under any of the provisions of this Agreement nor the failure of a Partner, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise
any right, remedy or privilege under this Agreement shall be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights, remedies or privileges. 
 Section 13.4 Amendments. Amendments to this Agreement may be proposed by the General Partner. The General Partner shall submit in
writing the text of any such amendment to all Limited Partners and shall seek the written consents of the Limited Partners with respect to the proposed amendment. If the General Partner and a Majority in Interest of the Partners shall have given
their written consents, then such proposed amendment shall become effective as of the date specified in such proposal; provided, however, that: 
 (a) Consent Requirements. Without the consent of each Partner to be adversely affected, the Agreement shall not be amended so as
to: 
 (i) convert a Limited Partner into a General Partner; 
 (ii) modify the limited liability of a Limited Partner; 
 (iii) amend this Agreement including without limitation Sections 4.1 or 5.1 (or any defined term used in such sections) to
affect adversely the interest of a Partner in distributions or in the income and loss of the Partnership; 
 (iv) amend this
Agreement including without limitation Section 3.1 or Section 11.2 to increase a Partner’s obligations to contribute to the capital of the Partnership or to affect adversely any Partner; 
 (v) amend this Section 13.4 to affect adversely any Partner; or 
 (vi) add new provisions to this Agreement that would have the effect of any of the foregoing. 
 (b) Additional Consent for Certain Amendments. In the case of any provision of this Agreement which requires the action, approval
or consent of Partners holding a specified interest in the Partnership, such provision may not be amended without the consent of Partners holding such specified interest. 
 (c) Notification. The General Partner shall notify all Limited Partners upon the final adoption or rejection of any proposed
amendment. 
 Section 13.5 Amendment by the General Partner. Subject always to the provisions of Section 13.4,
the General Partner (pursuant to the powers of attorney from the Limited Partners granted as provided in Article 12), without the consent or approval at the time of any Limited Partner (each Limited Partner, by acquiring a Partnership
Interest, being deemed to consent to any such amendment), may amend any provision of this Agreement or the Certificate of Registration issued by the Registrar, and may execute, swear to, acknowledge, deliver, file and record all documents required
or desirable in connection therewith, to reflect: 
 (a) Change in Name or Location. A change in the name of the
Partnership or the location of the principal place of business of the Partnership; 
  

 22 

 (b) Change of Partners. The admission, dilution, substitution, termination or
withdrawal of any Partner in accordance with the provisions of this Agreement; 
 (c) Qualification to Do Business. A
change that is necessary to qualify the Partnership as a limited partnership or a partnership in which the Limited Partners have limited liability; 
 (d) Changes Which are Inconsequential, Curative, or Required. A change that is: 
 (i)
of an inconsequential nature and does not adversely affect the Partners in any material respect; 
 (ii) necessary or
desirable to cure any ambiguity or to correct or supplement any provisions of this Agreement; 
 (iii) required or
specifically contemplated by this Agreement; or 
 (iv) necessary to reflect the Partnership Interests of the Partners from
time to time as contemplated by this Agreement; and 
 (e) Changes Under Applicable Law. A change in any provision of
this Agreement which requires any action to be taken by or on behalf of the General Partner or the Partnership pursuant to the requirements of applicable Cayman Islands law if the provisions of applicable law are amended, modified, or revoked so
that the taking of such action is no longer required; the authority set forth in this Section 13.5(e) shall specifically include the authority to make such amendments to this Agreement and to the Certificate of Registration as the
General Partner deems necessary or desirable in the event that the Partnership Law is amended to eliminate or change any provision now in effect. 
 Section 13.6 Withdrawal of the General Partner  
 If, pursuant to Section 11.1, the General Partner
withdraws as general partner of the Partnership with its consent, the name of the Partnership shall be changed so as not to include the words “Lion” or any imitation thereof and all obligations and undertakings of the General
Partner to the Partnership and the Limited Partners, whether arising pursuant to this Agreement or otherwise shall cease with immediate effect provided that nothing herein shall affect the liability of any such General Partner for any act or
omission prior to such removal. 
 Section 13.7 Notices. 
 (a) Procedure For Giving Notice. All notices or other communications required or permitted to be given pursuant to this Agreement
to a Partner shall be given in writing and shall be considered as properly given or made if personally delivered, if sent by a recognised overnight courier (such as Federal Express) or if mailed by registered or certified mail, return receipt
requested, postage prepaid, and addressed, in the case of a Limited Partner, to such Partner’s address for notices as it appears on the records of the Partnership and, in the case of the General Partner, to the General Partner at the
Partnership’s principal office. 
  

 23 

 (b) Change of Address. Any Partner may change his address for notices by giving
notice in writing to the General Partner, stating his new address for notices. Commencing on the tenth (10th) day after the giving of such notice, such newly designated address shall be such Partner’s address for the purpose of all notices
or other communication required or permitted to be given pursuant to this Agreement. 
 (c) Delivery. Any notice or
other communication shall be deemed to have been given as of the date on which it is personally delivered or one day after it is sent by recognised overnight courier. 
 Section 13.8 Other Terms. All references to “Articles” and “Sections” contained in this Agreement are, unless specifically indicated otherwise,
references to articles, sections, subsections, and paragraphs of this Agreement. Whenever in this Agreement the singular number is used, the same shall include the plural where appropriate (and vice versa), and words of any gender shall include each
other gender where appropriate. As used in this Agreement, the following words or phrases all have the meanings indicated: (a) “or” shall mean “and/or”; (b) “day”
shall mean a calendar day; (c) “including” or “include” shall mean “including without limitation”; and (d) “law” or
“laws” shall mean statutes, regulations, rules, judicial orders, and other legal pronouncements having the effect of law. Whenever any provision of this Agreement requires or permits the General Partner to take or omit to
take any action, or make or omit to make any decision, unless the context clearly requires otherwise, such provision shall be interpreted to authorise an action taken or omitted, or a decision made or omitted, by the General Partner acting alone and
in good faith. 
 Section 13.9 Transfer and Other Restrictions. Interests in the Partnership have not been registered
under the securities laws of any jurisdiction and may not be offered or sold unless such interests have been registered, or are exempt from registration, under all applicable securities laws. Interests in the Partnership are subject to certain
restrictions on transfer, voting, and other terms and conditions set forth in this Agreement. 
 Section 13.10 Entire
Agreement. This Agreement constitutes the entire agreement of the Partners with respect to the transactions contemplated by the Partners and supersedes all prior oral or written agreements, commitments or understandings with respect to the
matters provided for in this Agreement. 
 Section 13.11 Execution in Counterparts. This Agreement may be executed in
multiple counterparts, all of which shall constitute one and the same instrument. 
 Section 13.12 Binding Effect. Subject
to the restrictions on Transfers set forth in Article 10, this Agreement shall be binding upon and shall inure to the benefit of the General Partner and the Limited Partners and their heirs, devisees, executors, administrators, legal
representatives, successors and assigns. 
 Section 13.13 Governing Law. This Agreement, the rights and obligations of the
parties hereto and any claims or disputes relating thereto, shall be governed by and construed and enforced in accordance with the laws of the Cayman Islands (without regard to principles of conflicts of laws). 
 Section 13.14 Jurisdiction The Parties irrevocably agree that, subject as provided below, the courts of the Cayman Islands shall have
exclusive jurisdiction over any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual claims). Nothing in this Section 13.14 shall limit the right of the Parties to
commence proceedings to seek equitable (or equivalent) relief or to seek enforcement of a final non-appealable judgment of the courts of the Cayman Islands in any court of an Approved Jurisdiction which has competent jurisdiction, nor shall 

  

 24 

 
the commencement of such proceedings in any one or more Approved Jurisdictions preclude the commencement of similar proceedings in any other Approved
Jurisdiction, whether concurrently or not, to the extent permitted by the law of such other Approved Jurisdiction. No Party shall be entitled to commence proceedings in any court in any jurisdiction other than the Cayman Islands or of an Approved
Jurisdiction. 
 Section 13.15 Severability. The invalidity of any one or more provisions of this Agreement or any
instrument given in connection herewith shall not affect the remaining provisions of this Agreement or any other agreement or instrument, all of which are used subject to the condition of their being held valid at law; in the event that one or more
of the provisions of this Agreement should be invalid, or should operate to render this Agreement or any other agreement or instrument invalid, this Agreement and such other agreements and instruments shall be construed as if such invalid provisions
had not been included in this Agreement. 
 Section 13.16 Compliance with Certain Laws. It is the intention of the
Partners to comply with applicable usury laws and no provision of this Agreement is intended or shall be construed to permit the charging or receipt of any amount which may be characterised as interest in excess of the maximum rate or amount
permitted by applicable law. 
 Section 13.17 No Implied Duties Of The General Partner. NOTWITHSTANDING ANY
PROVISION TO THE CONTRARY ELSEWHERE IN THIS AGREEMENT, TO THE EXTENT THAT, AT LAW OR IN EQUITY, THE GENERAL PARTNER HAS ANY DUTIES (FIDUCIARY OR OTHERWISE) AND LIABILITIES RELATING THERETO TO THE PARTNERSHIP OR ANOTHER PARTNER OF THE PARTNERSHIP,
THE GENERAL PARTNER SHALL NOT BE LIABLE TO THE PARTNERSHIP OR THE OTHER PARTNERS FOR ACTIONS TAKEN BY THE GENERAL PARTNER OR ANY OF ITS AFFILIATES IN RELIANCE UPON THE PROVISIONS OF THIS AGREEMENT. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 25 

 IN WITNESS WHEREOF, the undersigned have executed and duly delivered this Agreement as a Deed on
the date first above written. 
  

 26 

 Schedule A 
 Capital Contributions 
  

													
	 Name and Address of Partner
	  	Capital Contribution	  	Date of
Contribution
	  	Class A1
Interests	 	 	Class A2
Interests	 	 	Class B
Interests	  	 
	 Original Class A1 Limited Partner
 (a Limited Partner):
	  	$	[1	]	 				 		  	[—] April 2009
					
	 Central European Distribution Corporation,
 Bobrowiecka 6,
 02-723 Warsaw
 Poland
	  				 				 		  	
					
	 Original Class A2 Limited Partner
 (a Limited Partner):
	  				 	$	[1	]	 		  	[—] April 2009
					
	 Lion/Rally Cayman 2
	  				 				 		  	
					
	 [address]
	  				 				 		  	
					
	 TOTALS
	  	$	[1	]	 	$	[1	]	 		  	

  

 27 

 Schedule B 
 Deed of Adherence 
 DEED OF ADHERENCE dated [—] made by Lion/Rally Cayman
5 (the “Adhering Party” and the “Original Class B Limited Partner”) in favour of the Persons whose names are set out in the schedule to this deed. 
 RECITALS 
  

	(A)	This deed is supplemental to the Amended and Restated Limited Partnership Agreement dated [—] made between the General Partner, the
Original Class A1 Limited Partner and the Original Class A2 Limited Partner (the “Amended and Restated Limited Partnership Agreement”). 

  

	(B)	The Original Class B Limited Partner has agreed to become a Limited Partner in the Partnership and this deed is entered into pursuant to Section 10.1(a) of the
Amended and Restated Limited Partnership Agreement. 

  

	1	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

 The
Adhering Party warrants, as of the date of this deed, to the other Partners that: 
  

	 	(a)	it has full power and authority, without requiring the consent of any other Person, and has taken all necessary actions, to enter into and exercise its rights and perform its
obligations under this deed and the Amended and Restated Limited Partnership Agreement; 

  

	 	(b)	the provisions of this deed or the Amended and Restated Limited Partnership Agreement will not result in a breach of any provision of the Adhering Party’s constitutional
documents or result in a breach of any order, judgment or decree of any court or governmental agency to which it is a party or by which it is bound; 

  

	 	(c)	this deed and the Amended and Restated Limited Partnership Agreement constitutes lawful, valid and binding obligations of the Adhering Party in accordance with its terms; and

  

	 	(d)	it either: 

  

	 	(i)	is not an investment company within the meaning of Section 3(a) of the 1940 Act; or 

  

	 	(ii)	together with its direct and indirect beneficial owners, does not constitute more than 75 beneficial owners of interests in the Partnership for purposes of
Section 3(c)(1) of the 1940 Act, provided that for purposes of determining beneficial owners under this subsection, only US persons shall be counted (the “Qualification Requirement”). 

 The Adhering Party shall meet the Qualification Requirement applicable to it for so long as it is a Limited Partner. 
  

	2	INITIAL CAPITAL CONTRIBUTION OF THE ADHERING PARTY 

  

 28 

 The Adhering Party shall contribute to the Partnership on the date of this Deed in readily available
funds the amount set forth opposite the Original Class B Limited Partner’s name under the heading “Capital Contribution” on Schedule 1 to this Deed and shall receive therefor the Original Class B Limited
Partner’s Partnership Interest (which shall be designated as Class B Interests). 
  

	3	OPERATIVE PROVISIONS 

 The Adhering Party confirms
that it has been given and read a copy of the Amended and Restated Limited Partnership Agreement and covenants with each Partner to perform and be bound by all the terms of the Amended and Restated Limited Partnership Agreement. 
  

	4	Unless the context requires otherwise, words and expressions defined in the Amended and Restated Limited Partnership Agreement shall have the same meaning when used in this
deed. 

  

	5	The Parties irrevocably agree that, subject as provided below, the courts of the Cayman Islands shall have exclusive jurisdiction over any dispute or claim arising out of or
in connection with this Deed or its subject matter or formation (including non-contractual claims). Nothing in this Clause 5 shall limit the right of the Parties to commence proceedings to seek equitable (or equivalent) relief or to seek enforcement
of a final non-appealable judgment of the courts of the Cayman Islands in any federal or state court of New York or Delaware or in any court in Poland or England (an “Approved Jurisdiction”) which has competent jurisdiction, nor
shall the commencement of such proceedings in any one or more Approved Jurisdictions preclude the commencement of similar proceedings in any other Approved Jurisdiction, whether concurrently or not, to the extent permitted by the law of such other
Approved Jurisdiction. No Party shall be entitled to commence proceedings in any court in any jurisdiction other than the Cayman Islands or of an Approved Jurisdiction. 

  

	6	This Agreement and all matters (including, without limitation, any contractual or non-contractual obligation) arising from or connected with it are governed by, and will be
construed in accordance with, the law of the Cayman Islands. 

 IN WITNESS WHEREOF THIS DEED OF ADHERENCE IS DULY EXECUTED AND DELIVERED AS
A DEED ON THE DATE STATED ABOVE 
  

					
	[Executed as a deed by	    	)	 	
	Lion/Rally Cayman 5	    	)	 	
	acting by [name of director],	    	)	 	  

	a director, in the presence of:	    	)	 	Signature of director
		
	  
	    	  

	Signature of witness	    	Name of witness
		
	  
	    	  

	Address of witness	    	Occupation of witness
			
	Acknowledged and Accepted:	    		 	
	[Executed as a deed by	    	)	 	
	Lion/Rally Cayman 7 LP	    	)	 	
	acting through its general partner	    	)	 	
	Lion/Rally Cayman 8 acting by	    	)	 	  

	its director in the presence of:	    	)	 	Signature of director

  

 29 

			
	  
	    	  

	Signature of witness	    	Name of witness
		
	  
	    	  

	Address of witness	    	Occupation of witness

  

 30 

 Schedule 1 to the Deed of Adherence 
 Capital Contributions 
  

									
	 Name and Address of Partner
	  	Capital Contribution	  	Date of
Contribution
	  	Class A1
Interests	  	Class A2
Interests	  	Class B
Interests	  	 
	 Original Class B Limited Partner
 (a Limited Partner):
	  		  		  		  	
					
	 Lion/Rally Cayman 5
 [Address]
	  		  		  		  	
					
	 TOTALS
	  		  		  		  	

  

 31 

			
	 General Partner:

	
	 [Lion/Rally Cayman 8 Limited]

		
	By:	 	
	Name:	 	
	Title:	 	

  

 32 

			
	 Original Class A1 Limited Partner:

	
	 Central European Distribution Corporation

		
	By:	 	
	Name:	 	
	Title:	 	

  

 33 

			
	 Original Class A2 Limited Partner:

	
	 Lion/Rally Cayman 2

		
	 Name:
	 	
	Title:	 	

  

 34 

 SCHEDULE 3: OPTION AGREEMENT 

 SCHEDULE 4: GOVERNANCE AND SHAREHOLDERS AGREEMENT 

 SCHEDULE 5: MEMORANDUM OF ASSOCIATION AND ARTICLES OF ASSOCIATION 

 AGREED FORM 
 THE COMPANIES LAW (AS AMENDED) 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION 
 AND ARTICLES OF ASSOCIATION 
 OF 
 LION/RALLY CAYMAN 6 
 (ADOPTED BY A SPECIAL RESOLUTION DATED      APRIL 2009)

 

 
 REF: DP/L02191 
  

 1 

 THE COMPANIES LAW (AS AMENDED) 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED 
 MEMORANDUM OF ASSOCIATION 
 OF 

 LION/RALLY CAYMAN 6 
 (ADOPTED BY A SPECIAL RESOLUTION DATED      APRIL 2009) 
  

	1.	The name of the Company is Lion/Rally Cayman 6 (the “Company”). 

  

	2.	The registered office of the Company will be situated at the offices of Stuarts Corporate Services Ltd., Cayman Financial Centre, 36A Dr Roy’s Drive, PO Box 2510, George
Town, Grand Cayman KY1-1104, Cayman Islands or at such other location as the Directors may from time to time determine. 

  

	3.	The objects for which the Company is established are to act as a holding company and the Company shall have full power and authority to carry out any object not prohibited by any
law as provided by Section 7(4) of the Companies Law of the Cayman Islands (as amended) (the “Law”). 

  

	4.	The Company shall have and be capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit as provided by
Section 27(2) of the Law. 

  

	5.	The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the Company carried on outside the Cayman Islands;
provided that nothing in this section shall be construed as to prevent the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary for the carrying on of its business outside
the Cayman Islands. 

  

	6.	The liability of the shareholders of the Company is limited to the amount, if any, unpaid on the shares respectively held by them. 

  

	7.	The capital of the Company is US$[482,500,101] divided into [482,500,001] A Ordinary Shares of a nominal or par value of US$ 1.00 each, and [100] Preference Shares of nominal or par
value of US$1.00 each provided always that subject to the Law and the Articles of Association the Company shall have power to redeem or purchase any of its shares and to sub-divide or consolidate the said shares or any of them and to issue all or
any part of its capital whether original, redeemed, increased or reduced with or without any preference, priority, special privilege or other rights or subject to any postponement of rights or to any conditions or restrictions whatsoever and so that
unless the conditions of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary, preference or otherwise shall be subject to the powers on the part of the Company herein before provided. 

 

	8.	The Company may exercise the power contained in Section 226 of the Law to deregister in the Cayman Islands and be registered by way of continuation in some other jurisdiction.

  

 2 

 TABLE OF CONTENTS 
  

			
	 TABLE A
	  	2
		
	 Interpretation
	  	2
		
	 Preliminary
	  	5
		
	 Shares
	  	5
		
	 Modification Of Rights
	  	6
		
	 Certificates
	  	7
		
	 Fractional Shares
	  	7
		
	 Lien
	  	7
		
	 Calls On Shares
	  	7
		
	 Forfeiture Of Shares
	  	8
		
	 Transfer Of Shares
	  	9
		
	 Transmission Of Shares
	  	9
		
	 Redemption And Purchase Of Shares
	  	10
		
	 General Meetings
	  	11
		
	 Notice Of General Meetings
	  	11
		
	 Proceedings At General Meetings
	  	11
		
	 Votes Of shareholders
	  	13
		
	 Corporations Acting By Representatives At Meetings
	  	14
		
	 Directors
	  	14
		
	 Alternate Director or proxy
	  	15
		
	 Powers And Duties Of Directors
	  	15
		
	 Borrowing Powers Of Directors
	  	17
		
	 The Seal
	  	17
		
	 Disqualification Of Directors
	  	17
		
	 Proceedings Of Directors
	  	17
		
	 Dividends
	  	19
		
	 Accounts, Audit and annual return and declaration
	  	20
		
	 Capitalisation Of reserves
	  	20
		
	 Share Premium Account
	  	21
		
	 Notices
	  	21
		
	 Indemnity
	  	22
		
	 Non-Recognition Of Trusts
	  	23
		
	 Winding- Up
	  	23
		
	 Amendment Of Articles Of Association
	  	23
		
	 Closing of register or fixing record date
	  	23
		
	 Registration By Way Of Continuation
	  	24
		
	 Disclosure
	  	24

  

 i 

 THE COMPANIES LAW (AS AMENDED) 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED 
 ARTICLES OF ASSOCIATION 
 OF 

 LION/RALLY CAYMAN 6 
 (ADOPTED BY A SPECIAL RESOLUTION DATED      APRIL 2009) 
 TABLE A 
 The Regulations contained or incorporated in Table ‘A’ in the First Schedule of the Law shall not apply to Lion/Rally Cayman 2 (the
“Company”) and the following Articles shall comprise the Articles of Association of the Company. 
 INTERPRETATION 

  

	1.	In these Articles the following defined terms will have the meanings ascribed to them, if not inconsistent with the subject or context: 

 “Affiliate” means with respect to any person, another person Controlled directly or indirectly by such first person, Controlling directly
or indirectly such first person or directly or indirectly under the same Control as such first person, and “Affiliated” shall have a meaning correlative to the foregoing. 
 “A Ordinary Shares” means A Ordinary Shares of US$1.00 each in the capital of the Company. 
 “Articles” means these articles of association of the Company, as amended or substituted from time to time; 
 Cayman 5 Share Mortgage” means the share mortgage dated [—] between Lion/Rally Cayman 5, Lion/Rally
Cayman 7 L.P. and Central European Distribution Corporation; 
 “Cayman 7 Share Mortgage” means the share mortgage dated
[—] between Lion/Rally Cayman 7 L.P., Lion/Rally Cayman 5, Lion/Rally Cayman 4 and Central European Distribution Corporation; 
 “CEDC” means Central European Distribution Corporation; 
 “Class” or
“Classes” means any class or classes of Shares as may from time to time be issued by the Company; 
 “Control” means with respect to a person (other than an individual): (a) ownership of more than 50% of the voting securities of such person; (b) the right to appoint, or cause the appointment of, more than 50% of
the members of the board of directors (or similar governing body) of such person; or (c) the right to manage, or direct the management of, on a discretionary basis the business, affairs, and/or assets of such person, and for the avoidance of
doubt, a general partner is deemed to Control a limited partnership (and the terms “Controlling” and “Controlled” shall have meanings correlative to all of the foregoing); 
 “Directors” means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a
committee thereof; 
  

 2 

 “Enforcement Event” has the meaning given in the Option Agreement; 
 “Governance Agreement” means the governance and shareholders agreement dated [—] 2009 made between
Lion/Rally Cayman 8 (1), [a partnership to be established in the Cayman Islands, to be known as] Lion/Rally Cayman 7 L.P. (2), Lion/Rally Cayman 4 (3), Lion/Rally Cayman 5 (4), the Company (5), and CEDC (6); 
 “Insolvency Event” means, in relation to the Company, any winding-up, dissolution, reconstruction, reorganisation, administration,
examinership, moratorium, arrangement or composition with creditors, proceedings under any bankruptcy or reorganisation legislation, receivership, legal limitation, incapacity or lack of corporate power or authority or other circumstances of, or any
change in the constitution or change of corporate identity or loss of corporate identity by such person and any equivalent or analogous proceeding by whatever name known and in whatever jurisdiction, and any step taken (including, but without
limitation, the presentation of a petition or the passing of a resolution) for or with a view to any of the foregoing; 
 “Irrevocable
Proxy” means a person appointed to represent a Shareholder by an Irrevocable Appointment of Proxy in the form set out in Part I of each of the Cayman 5 Share Mortgage and the Cayman 7 Share Mortgage; 
 “Investment Account” shall have the meaning ascribed to it herein; 
 “Law” means the Companies Law of the Cayman Islands (as amended); 
 “Memorandum of Association” means the memorandum of association of the Company, as amended or substituted from time to time; 

“Office” means the registered office of the Company as required by the Law; 
 “Option Agreement” means the option agreement dated [—] 2009 relating to shares in Lion/Rally Cayman
6 made between Lion/Rally Cayman 4 (1), Lion/Rally Cayman 5 (2), [a partnership to be established in the Cayman Islands, to be known as] Lion/Rally Cayman 7 L.P. (3), and Central European Distribution Corporation (4); 
 “Ordinary Resolution” means a resolution: 
  

	 	(a)	passed by a simple majority of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company and where a
poll is taken regard shall be had in computing a majority to the number of votes to which each Shareholder is entitled; or 

  

	 	(b)	approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the
effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; 

 “Ordinary Shares” means the A Ordinary Shares; 
 “paid up” means paid up as
to the par value in respect of the issue of any Shares and includes credited as paid up; 
 “Person” means any natural
person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; 
 “Preference Shares” means the preference shares of US$1 each in the capital of the Company; 
  

 3 

 “Register” means the register of Members of the Company required to be kept pursuant to
the Law; 
 “Reserved Matter” means any resolution of the Shareholders of the Company 
  

	 	(a)	to wind up the Company; 

  

	 	(b)	to approve the presentation by the Company of a petition for its own winding up or the Company’s taking any action to institute or consent to an Insolvency Event in any
jurisdiction; 

  

	 	(c)	to amend the Memorandum of Association and/or the Articles; or 

  

	 	(d)	to increase the authorised share capital of the Company; 

 “Seal” means the common seal of the Company (if adopted) including any facsimile thereof; 
 “Secretary” means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; 
 “Share” means a share in the capital of the Company. All references to “Shares” herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles
the expression “Share” shall include a fraction of a Share; 
 “Shareholder” or “Member” means a
Person who is registered as the holder of Shares in the Register and includes each subscriber to the Memorandum of Association pending the issue to such subscriber of the subscriber Share or Shares; 
 “Share Premium Account” means the share premium account established in accordance with these Articles and the Law; 
 “signed” means bearing a signature or representation of a signature affixed by mechanical means; 
 “Special Resolution” means a special resolution of the Company passed in accordance with the Law, being a resolution: 
  

	 	(a)	passed by a majority of not less than two-thirds of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the
Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Shareholder is
entitled; or 

  

	 	(b)	approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the
effective date of the special resolution so adopted shall be the date on which the instrument or the last of such instruments, if more than one, is executed. 

 “Subsidiary” in relation to a person (a “Holding Company”), any other person directly or indirectly Controlled by that Holding Company. 
  

	2.	In these Articles, save where the context requires otherwise: 

  

	 	(a)	words importing the singular number shall include the plural number and vice versa; 

  

	 	(b)	words importing the masculine gender only shall include the feminine gender and any Person as the context may require; 

  

 4 

	 	(c)	the word “may” shall be construed as permissive and the word “shall” shall be construed as imperative; 

  

	 	(d)	reference to a dollar or dollars (or $) and to a cent or cents is reference to dollars and cents of the United States; 

  

	 	(e)	reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for the time being in force; 

  

	 	(f)	reference to any determination by the Directors shall be construed as a determination by the Directors in their absolute discretion and shall be applicable either generally or in
any particular case; 

  

	 	(g)	reference to an amount paid up on a share shall be to the nominal amount plus the amount of any premium paid on such share; 

  

	 	(h)	reference to “in writing” shall be construed as written or represented by any means reproducible in writing, including any form of print, lithograph, email, facsimile,
photograph or telex or represented by any other substitute or format for storage or transmission for writing or partly one and partly another; and 

  

	 	(i)	terms used in these Articles shall have the definitions attributed to them in the Shareholders Agreement. 

  

	3.	Subject to the last two preceding Articles, any words defined in the Law shall, if not inconsistent with the subject or context, bear the same meaning in these Articles.

 PRELIMINARY 
  

	4.	The business of the Company may be commenced at any time after incorporation. 

  

	5.	The Office shall be at such address in the Cayman Islands as the Directors may from time to time determine. The Company may in addition establish and maintain such other offices and
places of business and agencies in such places as the Directors may from time to time determine. 

  

	6.	The preliminary expenses incurred in the formation of the Company and in connection with the issue of Shares shall be paid by the Company. Such expenses may be amortised over such
period as the Directors may determine and the amount so paid shall be charged against income and/or capital in the accounts of the Company as the Directors shall determine. 

  

	7.	The Directors shall keep, or cause to be kept, the Register at such place as the Directors may from time to time determine and, in the absence of any such determination, the
Register shall be kept at the Office. 

 SHARES 
  

	8.	As at the date of adoption of these Articles, the share capital of the Company shall comprise: 

  

	 	(a)	[482,500,001] A Ordinary Shares; 

  

	 	(b)	[100] Preference Shares. 

  

	9.	The A Ordinary Shares shall carry one vote each. The Preference Shares shall carry no voting rights. 

  

	10.	On a distribution of the Company’s assets, whether by way of dividend, return of capital or otherwise amounts available for distribution shall be divided amongst the holders of
the A Shares pro rata to the amounts paid up on such shares. Subject always to the provision of Article 11, the Preference Shares shall not be entitled to participate in any such distribution. 

  

 5 

	11.	In respect of any distribution of the Company’s assets on a winding up of the Company pursuant to an Insolvency Event, the holders of the Preference Shares shall, to the extent
amounts are available for distribution to the holders of Shares in the Company, be entitled to receive a preferential dividend of $1 in priority to, and in advance of, any other payment or distribution to the holders of Ordinary Shares.

  

	12.	All Shares for the time being unissued may only be issued in accordance with the terms of the Governance Agreement and subject thereto, shall be under the control of the Directors
who may: 

  

	 	(a)	issue, allot and dispose of the same to such Persons, in such manner, on such terms and having such rights and being subject to such restrictions as they may from time to time
determine; and 

  

	 	(b)	grant options with respect to such Shares and issue warrants or similar instruments with respect thereto; 

 and, for such purposes, the Directors may reserve an appropriate number of Shares for the time being unissued. 
  

	13.	The Directors may divide Shares into any number of Classes and the different Classes shall be authorised, established and designated (or re-designated as the case may be) and the
variations in the relative rights (including, without limitation, voting, dividend and redemption rights), restrictions, preferences, privileges and payment obligations as between the different Classes (if any) shall be fixed and determined in
accordance with the terms of the Governance Agreement. 

  

	14.	The Company may insofar as may be permitted by law and the Governance Agreement, pay a commission to any Person in consideration of his subscribing or agreeing to subscribe whether
absolutely or conditionally for any Shares. Such commissions may be satisfied by the payment of cash or the lodgement of fully or partly paid-up Shares or partly in one way and partly in the other. The Company may also on any issue of Shares pay
such brokerage as may be lawful and permitted by the terms of the Governance Agreement. 

  

	15.	The Directors shall accept any application for Shares made in accordance with the terms of the Governance Agreement and subject thereto, may refuse to accept any application for
Shares, in whole or in part, for any reason or for no reason. 

 MODIFICATION OF RIGHTS  
  

	16.	Whenever the capital of the Company is divided into different Classes the rights attached to any such Class may (unless otherwise provided by the terms of issue of the Shares of
that Class) only be materially adversely varied or abrogated with the consent in writing of the holders of not less than two-thirds of the issued Shares of the relevant Class, or with the sanction of a resolution passed at a separate meeting of the
holders of the Shares of such Class by a majority of two-thirds of the votes cast at such a meeting, but not otherwise. To every such separate meeting all the provisions of these Articles relating to general meetings of the Company or to the
proceedings thereat shall, mutatis mutandis, apply, except that the necessary quorum shall be one or more Persons at least holding or representing by proxy one-third in nominal or par value amount of the issued Shares of the relevant Class
(but so that if at any adjourned meeting of such holders a quorum as above defined is not present, those Shareholders who are present shall form a quorum) and that, subject to the terms of issue of the Shares of that Class, every Shareholder of the
Class shall on a poll have one vote for each Share of the Class held by him. For the purposes of convening and holding a meeting pursuant to this Article the Directors may treat all the Classes or any two or more Classes as forming one Class if they
consider that all such Classes would be affected in the same way by the proposals under consideration but in any other case shall treat them as separate Classes. 

  

 6 

	17.	The rights conferred upon the holders of the Shares of any Class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the
Shares of that Class, be deemed to be materially adversely varied or abrogated by, inter alia, the creation, allotment or issue of further Shares ranking pari passu with or subsequent to them, the redemption or purchase of Shares of
any Class by the Company. 

 CERTIFICATES 
  

	18.	No Person shall be entitled to a certificate for any or all of his Shares, unless the Directors shall determine otherwise. 

 FRACTIONAL SHARES 
  

	19.	The Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect
to nominal or par value, premium, contributions, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without prejudice to the generality of the foregoing, voting and participation rights) and
other attributes of a whole Share. If more than one fraction of a Share of the same Class is issued to or acquired by the same Shareholder such fractions shall be accumulated. 

 LIEN 
  

	20.	The Company shall have a first priority lien and charge on every partly paid Share for all moneys (whether presently payable or not) called or payable at a fixed time in respect of
that Share, and the Company shall also have a first priority lien and charge on all partly paid Shares standing registered in the name of a Shareholder (whether held solely or jointly with another Person) for all moneys presently payable by him or
his estate to the Company, but the Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The Company’s lien, if any, on a Share shall extend to all distributions payable thereon.

  

	21.	The Company may sell, in such manner as the Directors in their absolute discretion think fit, any Shares on which the Company has a lien, but no sale shall be made unless an amount
in respect of which the lien exists is presently payable nor until the expiration of fourteen days after a notice in writing, stating and demanding payment of such part of the amount in respect of which the lien exists as is presently payable, has
been given to the registered holder for the time being of the Share, or the Persons entitled thereto by reason of his death or bankruptcy. 

  

	22.	For giving effect to any such sale the Directors may authorise some Person to transfer the Shares sold to the purchaser thereof. The purchaser shall be registered as the holder of
the Shares comprised in any such transfer and he shall not be bound to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.

  

	23.	The proceeds of the sale after deduction of expenses, fees and commission incurred by the Company shall be received by the Company and applied in payment of such part of the amount
in respect of which the lien exists as is presently payable, and the residue shall (subject to a like lien for sums not presently payable as existed upon the Shares prior to the sale) be paid to the Person entitled to the Shares at the date of the
sale. 

 CALLS ON SHARES 
  

	24.	The Directors may from time to time make calls upon the Shareholders in respect of any moneys unpaid on their partly paid Shares, and each Shareholder shall (subject to receiving at
least fourteen days’ notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on such Shares. 

  

 7 

	25.	The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof. 

  

	26.	If a sum called in respect of a Share is not paid before or on the day appointed for payment thereof, the Person from whom the sum is due shall pay interest upon the sum at the rate
of eight percent per annum from the day appointed for the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest wholly or in part. 

  

	27.	The provisions of these Articles as to the liability of joint holders and as to payment of interest shall apply in the case of non-payment of any sum which, by the terms of issue of
a Share, becomes payable at a fixed time, whether on account of the amount of the Share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified. 

  

	28.	The Directors may make arrangements on the issue of partly paid Shares for a difference between the Shareholders, or the particular Shares, in the amount of calls to be paid and in
the times of payment. 

  

	29.	The Directors may, if they think fit, receive from any Shareholder willing to advance the same all or any part of the moneys uncalled and unpaid upon any partly paid Shares held by
him, and upon all or any of the moneys so advanced may (until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding without the sanction of an Ordinary Resolution, eight percent per annum) as may be
agreed upon between the Shareholder paying the sum in advance and the Directors. 

 FORFEITURE OF SHARES 
  

	30.	If a Shareholder fails to pay any call or instalment of a call in respect of partly paid Shares on the day appointed for payment, the Directors may, at any time thereafter during
such time as any part of such call or instalment remains unpaid, serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued. 

  

	31.	The notice shall name a further day (not earlier than the expiration of fourteen days from the date of the notice) on or before which the payment required by the notice is to be
made, and shall state that in the event of non-payment at or before the time appointed the Shares in respect of which the call was made will be liable to be forfeited. 

  

	32.	If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which the notice has been given may at any time thereafter, before the payment
required by notice has been made, be forfeited by a resolution of the Directors to that effect. 

  

	33.	A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors think fit, and at any time before a sale or disposition the forfeiture may
be cancelled on such terms as the Directors think fit. 

  

	34.	A Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the forfeited Shares, but shall, notwithstanding, remain liable to pay to the Company all
moneys which at the date of forfeiture were payable by him to the Company in respect of the Shares forfeited, but his liability shall cease if and when the Company receives payment in full of the amount unpaid on the Shares forfeited.

  

	35.	A statutory declaration in writing that the declarant is a Director, and that a Share has been duly forfeited on a date stated in the declaration, shall be conclusive evidence of
the facts in the declaration as against all Persons claiming to be entitled to the Share. 

  

	36.	 The Company may receive the consideration, if any, given for a Share on any sale or disposition thereof pursuant to the provisions of these Articles as to
forfeiture and may execute a transfer of the Share in favour of the Person to whom the Share is sold or disposed of and that Person shall be registered as the holder of the Share, and shall not be bound to 

  

 8 

	 	 
see to the application of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity or invalidity in the proceedings in
reference to the disposition or sale. 

  

	37.	The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which by the terms of issue of a Share becomes due and payable, whether on
account of the amount of the Share, or by way of premium, as if the same had been payable by virtue of a call duly made and notified. 

 TRANSFER OF SHARES 
  

	38.	Subject to Article 36, Shares may only be transferred, assigned or disposed of or otherwise the subject of a Transfer (as such term is defined in the Governance Agreement) in
accordance with and to the extent permitted by the terms of the Governance Agreement and/or the Option Agreement or with the prior consent of the parties to the Governance Agreement (other than the Company). 

  

	39.	Notwithstanding anything contained in these Articles, the Directors shall promptly register any transfer of: 

  

	 	(a)	the Enforcement Shares (as defined in the Cayman 5 Share Mortgage) pursuant to the terms of the Cayman 5 Share Mortgage; and 

  

	 	(b)	the Shares (as defined in the Cayman 7 Share Mortgage) pursuant to the terms of the Cayman 7 Share Mortgage; 

  

	40.	The instrument of transfer of any Share shall be in the form specified by and executed in accordance with the terms of the Governance Agreement, the Option Agreement, the Cayman 5
Share Mortgage or the Cayman 7 Share Mortgage (as the case may be) and subject thereto, any usual or common form or such other form as the Directors may, in their absolute discretion, approve and in those circumstances be executed by or on behalf of
the transferor and if in respect of a nil or partly paid up Share, or if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied by the certificate (if any) of the Shares to which it relates and such
other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer. The transferor shall be deemed to remain a Shareholder until the name of the transferee is entered in the Register in respect of the
relevant Shares. 

  

	41.	Except in respect of any person who takes a transfer of Shares in accordance with the Governance Agreement, the Option Agreement, the Cayman 5 Share Mortgage or the Cayman 7 Share
Mortgage where the Directors shall register immediately any such transfer of Shares, the Directors may in their absolute discretion decline to register any transfer of Shares without assigning any reason therefor. 

  

	42.	The registration of transfers may be suspended at such times and for such periods as are specified in the Governance Agreement, the Option Agreement, the Cayman 5 Share Mortgage or
the Cayman 7 Share Mortgage and subject thereto, the Directors may from time to time determine. 

  

	43.	All instruments of transfer that are registered shall be retained by the Company, but any instrument of transfer that the Directors decline to register shall (except in any case of
fraud) be returned to the Person depositing the same. 

 TRANSMISSION OF SHARES 
  

	44.	 The Company shall be required to recognise any Person required by the terms of the Governance Agreement or the Option Agreement to be recognised as having a title
to a Share and subject thereto the legal personal representative of a deceased sole holder of a Share shall be the only Person recognised by the Company as having any title to the Share. In the case of a Share registered in the name of two or more
holders, save to the extent otherwise 

  

 9 

	 	 
provided by the terms of the Governance Agreement, the survivors or survivor, or the legal personal representatives of the deceased survivor, shall be the
only Person recognised by the Company as having any title to the Share. 

  

	45.	Any Person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder shall upon such evidence being produced as may from time to time be required by
the terms of the Governance Agreement (if any) and subject thereto the Directors, have the right either to be registered as a Shareholder in respect of the Share or, instead of being registered himself, to make such transfer of the Share as the
deceased or bankrupt Person could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the deceased or bankrupt Person before the
death or bankruptcy. 

  

	46.	A Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder shall, subject to the terms of the Shareholders Agreement, be entitled to the same
dividends and other advantages to which he would be entitled if he were the registered Shareholder, except that (save to the extent permitted by the terms of the Shareholders Agreement) he shall not, before being registered as a Shareholder in
respect of the Share, be entitled in respect of it to exercise any right conferred by membership in relation to meetings of the Company. 

 ALTERATION OF SHARE CAPITAL 
  

	47.	The Company may from time to time, subject to the terms of the Governance Agreement, by Ordinary Resolution increase the share capital by such sum, to be divided into Shares of such
Classes and amount, as the resolution shall prescribe. 

  

	48.	The Company may by Ordinary Resolution: 

  

	 	(a)	consolidate and divide all or any of its share capital into Shares of a larger amount than its existing Shares; 

  

	 	(b)	convert all or any of its paid up Shares into stock and reconvert that stock into paid up Shares of any denomination; 

  

	 	(c)	subdivide its existing Shares, or any of them into Shares of a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid
on each reduced Share shall be the same as it was in case of the Share from which the reduced Share is derived; and 

  

	 	(d)	cancel any Shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any Person and diminish the amount of its share capital by the
amount of the Shares so cancelled. 

  

	49.	The Company may subject to the terms of the Governance Agreement, by Special Resolution reduce its share capital and any capital redemption reserve in any manner authorised by law.

 REDEMPTION AND PURCHASE OF SHARES 
  

	50.	Subject to the Law and the terms of the Governance Agreement, the Company may and where these Articles require, shall : 

  

	 	(a)	issue Shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company or the Shareholder on such terms and in such manner as the Directors
may, before the issue of such Shares, determine; 

  

	 	(b)	purchase its own Shares (including any redeemable Shares) on such terms and in such manner as the Directors may determine and agree with the Shareholder; and

  

 10 

	 	(c)	make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Law and the terms of the Governance Agreement, including out of its
capital, profits or the proceeds of a fresh issue of Shares. 

  

	51.	Any Share in respect of which notice of redemption has been given shall not be entitled to participate in the profits of the Company in respect of the period after the date
specified as the date of redemption in the notice of redemption. 

  

	52.	The redemption or purchase of any Share shall not be deemed to give rise to the redemption or purchase of any other Share. 

  

	53.	The Directors may when making payments in respect of redemption or purchase of Shares, if authorised by the terms of issue of the Shares being redeemed or purchased or with the
agreement of the holder of such Shares, make such payment either in cash or in specie. 

 GENERAL MEETINGS 
  

	54.	The Directors may, whenever they think fit, convene a general meeting of the Company. 

  

	55.	General meetings shall also be convened on the requisition in writing of any Shareholder or Shareholders entitled to attend and vote at general meetings of the Company holding at
least a majority of the paid up voting share capital of the Company deposited at the Office specifying the objects of the meeting for a date no later than 21 days from the date of deposit of the requisition signed by the requisitionists, and if the
Directors do not convene such meeting for a date not later than 45 days after the date of such deposit, the requisitionists themselves may convene the general meeting in the same manner, as nearly as possible, as that in which general meetings may
be convened by the Directors, and all reasonable expenses incurred by the requisitionists as a result of the failure of the Directors to convene the general meeting shall be reimbursed to them by the Company. 

  

	56.	If at any time there are no Directors, any two Shareholders (or if there is only one Shareholder then that Shareholder) entitled to vote at general meetings of the Company may
convene a general meeting in the same manner as nearly as possible as that in which general meetings may be convened by the Directors. 

 NOTICE OF GENERAL MEETINGS 
  

	57.	At least seven days’ notice in writing counting from the date service is deemed to take place as provided in these Articles specifying the place, the day and the hour of the
meeting and, in case of special business, the general nature of that business, shall be given in the manner hereinafter provided or in such other manner (if any) as may be prescribed by the Company by Ordinary Resolution to such Persons as are,
under these Articles, entitled to receive such notices from the Company, but with the consent of all the Shareholders entitled to receive notice of some particular meeting and attend and vote thereat, that meeting may be convened by such shorter
notice or without notice and in such manner as those Shareholders may think fit. 

  

	58.	The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by any Shareholder shall not invalidate the proceedings at any meeting.

 PROCEEDINGS AT GENERAL MEETINGS 
  

	59.	Subject always to the provisions of the Governance Agreement, all business carried out at a general meeting shall be deemed special and no special business shall be transacted at
any general meeting without the consent of all Shareholders entitled to receive notice of that meeting unless notice of such special business has been given in the notice convening that meeting. 

  

	60.	 No business shall be transacted at any general meeting unless a quorum of Shareholders is present at the time when the meeting proceeds to business. Save as
otherwise provided by 

  

 11 

	 	 
these Articles, one or more Shareholders holding at least a majority of the paid up voting share capital of the Company present in person or by proxy and
entitled to vote at that meeting shall form a quorum. 

  

	61.	If within half an hour from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of Shareholders, shall be dissolved. In any
other case it shall stand adjourned to the same day in the next week, at the same time and place, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting the Shareholder or Shareholders
present and entitled to vote shall form a quorum. 

  

	62.	If the Directors wish to make this facility available to Shareholders for a specific general meeting or all general meetings of the Company, a Shareholder may participate in any
general meeting of the Company, by means of a telephone or similar communication equipment by way of which all Persons participating in such meeting can communicate with each other and such participation shall be deemed to constitute presence in
person at the meeting. 

  

	63.	The chairman, if any, of the Directors shall preside as chairman at every general meeting of the Company. 

  

	64.	If there is no such chairman, or if at any general meeting he is not present within fifteen minutes after the time appointed for holding the meeting or is unwilling to act as
chairman, any Director or Person nominated by the Directors shall preside as chairman, failing which the Shareholders present shall choose any Person present to be chairman of that meeting. 

  

	65.	The chairman may with the consent of any general meeting at which a quorum is present (and shall if so directed by the meeting) adjourn a meeting from time to time and from place to
place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting, or adjourned meeting, is adjourned for fourteen days or more, notice of
the adjourned meeting shall be given as in the case of an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting. 

  

	66.	The Directors may cancel or postpone any duly convened general meeting, except for general meetings requisitioned by the Shareholders in accordance with these Articles, for any
reason or for no reason upon notice in writing to Shareholders. A postponement may be for a stated period of any length or indefinitely as the Directors may determine. 

  

	67.	At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll is (before or on the declaration of the result of the show of
hands) demanded by one or more Shareholders present in person or by proxy entitled to vote, and unless a poll is so demanded, a declaration by the chairman that a resolution has, on a show of hands, been carried, or carried unanimously, or by a
particular majority, or lost, and an entry to that effect in the book of the proceedings of the Company, shall be conclusive evidence of the fact, without proof of the number or proportion of the votes recorded in favour of, or against, that
resolution. 

  

	68.	If a poll is duly demanded it shall be taken in such manner as the chairman directs, and the result of the poll shall be deemed to be the resolution of the meeting at which the poll
was demanded. 

  

	69.	In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded,
shall be entitled to a second or casting vote. 

  

	70.	A poll demanded on the election of a chairman of the meeting or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such
time as the chairman of the meeting directs. 

  

 12 

 VOTES OF SHAREHOLDERS 
  

	71.	Subject always to the terms of the Governance Agreement and to any rights and restrictions for the time being attached to any Share, on a show of hands every Shareholder present in
person and every Person representing a Shareholder by proxy shall, at a general meeting of the Company, each have one vote and on a poll every Shareholder and every Person representing a Shareholder by proxy shall have one vote for each Share of
which he or the Person represented by proxy is the holder. 

  

	72.	In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the other joint holders and
for this purpose seniority shall be determined by the order in which the names stand in the Register. 

  

	73.	A Shareholder of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his
committee, or other Person in the nature of a committee appointed by that court, and any such committee or other Person, may vote by proxy. 

  

	74.	No Shareholder shall be entitled to vote at any general meeting of the Company unless all calls, if any, or other sums presently payable by him in respect of Shares carrying the
right to vote held by him have been paid. 

  

	75.	On a poll votes may be given either personally or by proxy. 

  

	76.	The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either
under Seal or under the hand of an officer or attorney duly authorised. A proxy need not be a Shareholder. 

  

	77.	An instrument appointing a proxy may be in any usual or common form or such other form as the Directors may approve. 

  

	78.	The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll. 

  

	79.	The appointment of any Irrevocable Proxy by a Shareholder shall be irrevocable until the relevant Shareholder who appointed the Irrevocable Proxy ceases to be a Shareholder in
respect of the relevant Shares or both the relevant Shareholder and the Irrevocable Proxy appointed by such Shareholder have provided their written confirmation to the Company that such appointment is terminated. 

  

	80.	No Shareholder may appoint more than one Irrevocable Proxy such that there is more than one Irrevocable Proxy of such Shareholder in existence at any one time and any purported
later appointment which is inconsistent with an earlier appointment shall be ineffective unless both the relevant Shareholder and the Irrevocable Proxy appointed under the earlier appointment have provided their written confirmation to the Company
that such later appointment should be effective and that the earlier appointment should be terminated. 

  

	81.	Notwithstanding any provision to the contrary contained in these Articles, following the appointment of an Irrevocable Proxy and service of a copy of the relevant Irrevocable Proxy
Instrument on the Company, 

  

	 	(a)	only the Irrevocable Proxy and no Shareholder nor any other proxy of that Shareholder may cast the vote of such Shareholder at a meeting (whether by way of poll or on a show of
hands) convened in respect of a Reserved Matter otherwise than through the Irrevocable Proxy of such Shareholder and the votes of the Shareholder represented by such Irrevocable Proxy, shall, for the avoidance of doubt, not be counted in any poll or
show of hands if cast by the Shareholder or by any proxy other than the Irrevocable Proxy during such period; 

  

 13 

	 	 (b)
	 only the Irrevocable Proxy and no Shareholder nor any other proxy of that Shareholder may sign a resolution in writing
concerning any Reserved Matter as contemplated in Article 75 otherwise than through the Irrevocable Proxy of such Shareholder and only a resolution in writing signed by the Irrevocable Proxy appointed by such Shareholder and the other Shareholders
of the Company (if any) shall be effective as provided in Article 75 and a resolution signed by all of the Shareholders or by any proxy of any Shareholder other than an Irrevocable Proxy during such period shall not be so effective; and

  

	 	(c)	the Company shall, in addition to giving any notice to Shareholders as required by these Articles, give written notice to the Irrevocable Proxy of any meeting convened in respect of
a Reserved Matter and shall provide to the Irrevocable Proxy copies of any resolution in writing concerning any Reserved Matter (in each case such notice or copies to be provided to the Irrevocable Proxy on such terms and within such time limits as
are set out in these Articles of Association as if such Irrevocable Proxy were the Shareholder represented by the Irrevocable Proxy). 

  

	82.	A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of and to attend and vote at general meetings of the Company (or being
corporations by their duly authorised representatives) shall be as valid and effective as if the same had been passed at a general meeting of the Company duly convened and held. 

 CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS 
  

	83.	Any corporation which is a Shareholder or a Director may by resolution of its directors or other governing body authorise such Person as it thinks fit to act as its representative
at any meeting of the Company or of any meeting of holders of a Class or of the Directors or of a committee of Directors, and the Person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as
that corporation could exercise if it were an individual Shareholder or Director. 

 DIRECTORS 
  

	84.	The Director(s) shall be determined in accordance with the Governance Agreement. 

  

	85.	The Company shall appoint and remove Directors in accordance with the provisions of the Governance Agreement and subject thereto, may by Ordinary Resolution appoint any natural
person or corporation to be a Director. 

  

	86.	Subject to these Articles, a Director shall hold office until such time as he is removed from office by Ordinary Resolution. 

  

	87.	The Company may, subject to the terms of the Governance Agreement, by Ordinary Resolution from time to time fix the maximum and minimum number of Directors to be appointed but
unless such numbers are fixed as aforesaid the minimum number of Directors shall be one and the maximum number of Directors shall be unlimited. 

  

	88.	The remuneration of the Directors may be determined in accordance with the provisions of the Governance Agreement and subject thereto, by the Directors or by Ordinary Resolution.

  

	89.	There shall be no shareholding qualification for Directors unless determined otherwise required by the terms of the Governance Agreement. 

  

	90.	The Directors shall, to the extent permitted by the Governance Agreement, have power at any time and from time to time to appoint a natural person or corporation as a Director,
either as a result of a casual vacancy or as an additional Director, subject to the maximum number (if any) imposed by the Governance Agreement or by Ordinary Resolution. 

  

	91.	During such time as the Option Agreement continues to be in place and has not been terminated, notwithstanding anything to the contrary contained in these Articles, the Option
Agreement or the Governance Agreement, immediately upon the occurrence of an Enforcement Event the following shall take place: 

  

	 	(a)	any Director who, at any time prior to the Enforcement Event, was appointed to the Board by or on behalf of CEDC shall immediately cease to be a Director; 

 

 14 

	 	(b)	those Directors who, at any time prior to the Enforcement Event, were appointed to the Board by or on behalf of Cayman 5 (the “Cayman 5 Directors”) shall be
entitled to exercise complete control of the Board; and 

  

	 	(c)	the Cayman 5 Directors, shall have the right to appoint such additional Directors to the Board as they think fit. 

  

	92.	Notwithstanding any of the provisions of these Articles, at any time when under the terms of the Governance Agreement CEDC does not have the right to appoint Directors then any
person previously appointed by CEDC as a Director shall immediately cease to be a Director. 

  

	93.	If at any time CEDC, having the right under the Governance Agreement to appoint a specified number of Directors (the “Original Appointment Right”), subsequently
acquires the right to appoint additional Directors (the “Additional Appointment Right”) in excess of those allowed by the Original Appointment Right, and then ceases under the terms of the Governance Agreement to have the Additional
Appointment Right any Directors appointed by CEDC pursuant to the Additional Appointment Right shall immediately cease to be Directors and only those Directors appointed pursuant to the Original Appointment Right shall continue to hold office.

 ALTERNATE DIRECTOR OR PROXY 
  

	94.	Subject to the terms of the Governance Agreement, any Director may in writing appoint another Person to be his alternate and, save to the extent provided otherwise in the form of
appointment, such alternate shall have authority to sign written resolutions on behalf of the appointing Director and to act in such Director’s place at any meeting of the Directors at which he is unable to be present. Every such alternate
shall be entitled to attend and vote at meetings of the Directors as a Director when the Director appointing him is not personally present and where he is a Director to have a separate vote on behalf of the Director he is representing in addition to
his own vote. A Director may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate shall not be an officer of the Company and shall be deemed to be the agent of the Director appointing him. The remuneration
of such alternate shall be payable out of the remuneration of the Director appointing him and the proportion thereof shall be agreed between them. To the extent permitted by the terms of the Governance Agreement, an alternate shall be entitled to
disclose to any Shareholder any information that it thinks fit. 

  

	95.	Subject to the terms of the Governance Agreement and to the extent permitted thereby, any Director may appoint any Person, whether or not a Director, to be the proxy of that
Director to attend and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion of the proxy, at a meeting or meetings of the Directors which that Director is unable to
attend personally. The instrument appointing the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as the Directors may approve, and must be lodged with the chairman of
the meeting of the Directors at which such proxy is to be used, or first used, prior to the commencement of the meeting. 

 POWERS AND DUTIES OF DIRECTORS 
  

	96.	 Subject to the Law, these Articles, the Governance Agreement, and to any resolutions passed in a general meeting, the business of the Company shall be managed by
the Directors, who may pay all expenses incurred in setting up and registering the Company and may, subject to the terms of the Governance Agreement, exercise all powers of the Company. The Directors will have the power to commence in the name of
the Company a winding up or any other 

  

 15 

	 	 
insolvency proceedings in accordance with the Law and the Governance Agreement. No resolution passed by the Company in general meeting shall invalidate any
prior act of the Directors that would have been valid if that resolution had not been passed. 

  

	97.	The Directors may from time to time, subject to the terms of the Governance Agreement, appoint any Person, whether or not a Director to hold such office in the Company as the
Directors may think necessary for the administration of the Company, including but not limited to, the office of president, one or more vice-presidents, treasurer, assistant treasurer, manager or controller, and for such term and at such
remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly in another), and with such powers and duties as the Directors may think fit. Any Person so appointed by the Directors may be removed by
the Directors or by the Company by Ordinary Resolution. The Directors may also, subject to the terms of the Governance Agreement, appoint one or more of their number to the office of managing director upon like terms, but any such appointment shall
ipso facto determine if any managing director ceases from any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of office be terminated. 

  

	98.	The Directors may appoint a Secretary (and if need be an assistant Secretary or assistant Secretaries) who shall hold office for such term, at such remuneration and upon such
conditions and with such powers as they think fit. Any Secretary or assistant Secretary so appointed by the Directors may, subject to the terms of the Governance Agreement, be removed by the Directors or by the Company by Ordinary Resolution.

  

	99.	The Directors may, subject to the terms of the Governance Agreement, delegate any of their powers to committees consisting of such member or members of their body as they think fit;
any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the Directors. 

  

	100.	The Directors may from time to time and at any time by power of attorney, whether under Seal or under hand, appoint any company, firm or Person or body of Persons, whether nominated
directly or indirectly by the Directors, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested in or exercisable by the Directors under these Articles) and for
such period and subject to such conditions as they may think fit, and any such power of attorney may contain such provisions for the protection and convenience of Persons dealing with any such attorney as the Directors may think fit, and may also
authorise any such attorney to delegate all or any of the powers, authorities and discretion vested in him. 

  

	101.	The Directors may from time to time subject to the terms of the Governance Agreement, provide for the management of the affairs of the Company in such manner as they shall think fit
and the provisions contained in the three next following Articles shall not limit the general powers conferred by this Article. 

  

	102.	The Directors from time to time and at any time may subject to the terms of the Governance Agreement, establish any committees, local boards or agencies for managing any of the
affairs of the Company and may appoint any Persons to be members of such committees or local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such Persons. 

  

	103.	The Directors from time to time and at any time may subject to the terms of the Governance Agreement, delegate to any such committee, local board, manager or agent any of the
powers, authorities and discretions for the time being vested in the Directors and may authorise the members for the time being of any such local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and any such
appointment or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time remove any Person so appointed and may annul or vary any such delegation, but no Person dealing in
good faith and without notice of any such annulment or variation shall be affected thereby. 

  

 16 

	104.	Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers, authorities, and discretion for the time being vested in them.

 BORROWING POWERS OF DIRECTORS 
  

	105.	The Directors may subject to the terms of the Governance Agreement, exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and
uncalled capital or any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed or as security for any debt, liability or obligation of the Company or of any third party. 

 THE SEAL 
  

	106.	The Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always that such authority may be given prior to or after the
affixing of the Seal and if given after may be in general form confirming a number of affixings of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant Secretary) or in the presence of any one or more
Persons as the Directors may appoint for the purpose and every Person as aforesaid shall sign every instrument to which the Seal is so affixed in their presence. 

  

	107.	The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint and such facsimile Seal shall not be affixed to any instrument except by
the authority of a resolution of the Directors provided always that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form confirming a number of affixings of such facsimile Seal.
The facsimile Seal shall be affixed in the presence of such Person or Persons as the Directors shall for this purpose appoint and such Person or Persons as aforesaid shall sign every instrument to which the facsimile Seal is so affixed in their
presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as if the Seal had been affixed in the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or
in the presence of any one or more Persons as the Directors may appoint for the purpose. 

  

	108.	Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have the authority to affix the Seal, or the facsimile Seal, to any instrument for the purposes of
attesting authenticity of the matter contained therein but which does not create any obligation binding on the Company. 

 DISQUALIFICATION OF DIRECTORS 
  

	109.	The office of Director shall be vacated, if the Director: 

  

	 	(a)	becomes bankrupt or makes any arrangement or composition with his creditors; 

  

	 	(b)	dies or is found to be or becomes of unsound mind; 

  

	 	(c)	resigns his office by notice in writing to the Company; 

  

	 	(d)	is removed from office by Ordinary Resolution; or 

  

	 	(e)	is removed from office by notice addressed to him at his last known address and signed by all of his co-Directors (not being less than two in number). 

 PROCEEDINGS OF DIRECTORS 
  

	110.	The Directors shall meet at least once in every 12 month period and may subject always to the terms of the Governance Agreement, meet together (either within or without the Cayman
Islands) for the despatch of business, adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by a majority of votes. In case of an equality of votes the chairman shall not
have a second or casting vote. A Director may, and a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors. 

  

 17 

	111.	A Director may participate in any meeting of the Directors, or of any committee appointed by the Directors of which such Director is a member, by means of telephone or similar
communication equipment by way of which all Persons participating in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting. 

  

	112.	Subject always to the terms of the Governance Agreement the quorum necessary for the transaction of the business of the Directors may be fixed by the Directors, and unless so fixed,
if there be two or more Directors the quorum shall be two, and if there be one Director the quorum shall be one. A Director represented by proxy or by an alternate Director at any meeting shall be deemed to be present for the purposes of determining
whether or not a quorum is present. 

  

	113.	[Subject to the terms of the Governance Agreement, a Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with the Company shall
declare the nature of his interest at a meeting of the Directors. A general notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract which
may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made. A Director may vote in respect of any contract or proposed contract or arrangement where he may be interested
therein and may be counted in the quorum at any meeting of the Directors at which any such contract or proposed contract or arrangement shall come before the meeting for consideration, provided that he shall first have disclosed his interest
therein.] 

  

	114.	A Director may subject to the terms of the Governance Agreement, hold any other office or place of profit under the Company (other than the office of auditor) in conjunction with
his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine and no Director or intending Director shall be disqualified by his office from contracting with the Company either with regard
to his tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered into by or on behalf of the Company in which any Director is in any way interested, be liable to be
avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relation thereby
established. A Director, notwithstanding his interest, may be counted in the quorum present at any meeting of the Directors whereat he or any other Director is appointed to hold any such office or place of profit under the Company or whereat the
terms of any such appointment are arranged and he may vote on any such appointment or arrangement. 

  

	115.	Any Director may subject to the terms of the Governance Agreement, act by himself or his firm in a professional capacity for the Company, and he or his firm shall be entitled to
remuneration for professional services as if he were not a Director; provided that nothing herein contained shall authorise a Director or his firm to act as auditor to the Company. 

  

	116.	The Directors shall cause minutes to be made in books or loose-leaf folders provided for the purpose of recording: 

  

	 	(a)	all appointments of officers made by the Directors; 

  

	 	(b)	the names of the Directors present at each meeting of the Directors and of any committee of the Directors; and 

  

	 	(c)	all resolutions and proceedings at all meetings of the Company, and of the Directors and of committees of Directors. 

  

 18 

	117.	When the chairman of a meeting of the Directors signs the minutes of such meeting the same shall be deemed to have been duly held notwithstanding that all the Directors have not
actually come together or that there may have been a technical defect in the proceedings. 

  

	118.	A resolution signed by all the Directors entitled to receive notice of a meeting of Directors, including a resolution signed by a duly appointed alternate (subject as provided
otherwise in the terms of appointment of the alternate), shall be as valid and effectual as if it had been passed at a meeting of the Directors duly called and constituted. When signed a resolution may consist of several documents each signed by one
or more of the Directors or his duly appointed alternate. 

  

	119.	The continuing Directors may act notwithstanding any vacancy in their body but if and for so long as their number is reduced below the number fixed by or pursuant to these Articles
as the necessary quorum of Directors, the continuing Directors may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose. 

  

	120.	The Directors may elect a chairman of their meetings and determine the period for which he is to hold office but if no such chairman is elected, or if at any meeting the chairman is
not present within fifteen minutes after the time appointed for holding the meeting, the Directors present may choose one of their number to be chairman of the meeting. 

  

	121.	Subject to any regulations imposed on it by the Directors, a committee appointed by the Directors may elect a chairman of its meetings. If no such chairman is elected, or if at any
meeting the chairman is not present within fifteen minutes after the time appointed for holding the meeting, the committee members present may choose one of their number to be chairman of the meeting. 

  

	122.	A committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to any regulations imposed on it by the Directors, questions arising at any meeting shall be
determined by a majority of votes of the committee members present and in case of an equality of votes the chairman shall have a second or casting vote. 

  

	123.	All acts done by any meeting of the Directors or of a committee of Directors, or by any Person acting as a Director, shall notwithstanding that it be afterwards discovered that
there was some defect in the appointment of any such Director or Person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such Person had been duly appointed and was qualified to be a Director.

 DIVIDENDS 
  

	124.	Subject to any rights and restrictions for the time being attached to any Shares, the Directors may from time to time subject to the terms of the Governance Agreement, declare
dividends (including interim dividends) and other distributions on Shares in issue and authorise payment of the same out of the funds of the Company lawfully available therefor. 

  

	125.	Subject to any rights and restrictions for the time being attached to any Shares and to the terms of the Governance Agreement, the Company by Ordinary Resolution may declare
dividends, but no dividend shall exceed the amount recommended by the Directors. 

  

	126.	The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available for distribution such sums as they think proper as a reserve or
reserves which shall, in the absolute discretion of the Directors be applicable for meeting contingencies, or for equalising dividends or for any other purpose to which those funds may be properly applied and pending such application may in the
absolute discretion of the Directors, either be employed in the business of the Company or be invested in such investments as the Directors may from time to time think fit. 

  

	127.	 Any dividend may be paid in any manner as the Directors may determine. If paid by cheque it will be sent through the post to the registered address of the
Shareholder or Person entitled 

  

 19 

	 	 
thereto, or in the case of joint holders, to any one of such joint holders at his registered address or to such Person and such address as the Shareholder or
Person entitled, or such joint holders as the case may be, may direct. Every such cheque shall be made payable to the order of the Person to whom it is sent or to the order of such other Person as the Shareholder or Person entitled, or such joint
holders as the case may be, may direct. 

  

	128.	The Directors when paying dividends to the Shareholders in accordance with the foregoing provisions of these Articles may make such payment either in cash or in specie.

  

	129.	Subject to any rights and restrictions for the time being attached to any Shares and to the terms of the Governance Agreement, all dividends shall be declared and paid according to
the amounts paid up on the Shares, but if and for so long as nothing is paid up on any of the Shares dividends may be declared and paid according to the par value of the Shares. 

  

	130.	If several Persons are registered as joint holders of any Share, any of them may give effectual receipts for any dividend or other moneys payable on or in respect of the Share.

  

	131.	No dividend shall bear interest against the Company. 

 ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION 
  

	132.	The books of account relating to the Company’s affairs shall be kept as required by the terms of the Governance Agreement and subject thereto, in such manner as may be
determined from time to time by the Directors. 

  

	133.	The books of account shall be kept at the Office, or at such other place or places as the Directors think fit, and shall always be open to the inspection of the Directors.

  

	134.	The accounts and books of the Company or any of them shall be open to inspection as required by and in accordance with the terms of the Governance Agreement and subject thereto, the
Directors shall from time to time determine whether and to what extent and at what times and places and under what conditions and regulations the accounts and books of the Company or any of them shall be open to inspection of Shareholders not being
Directors, and no Shareholder (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by law, the Governance Agreement or authorised by the Directors. 

  

	135.	The accounts relating to the Company’s affairs shall be audited in accordance with the terms of the Governance Agreement and otherwise only if the Directors so determine, in
which case the financial year end and the accounting principles will be determined by the terms of the Governance Agreement and subject thereto, the Directors. 

  

	136.	The Directors in each year shall prepare, or cause to be prepared, an annual return and declaration setting forth the particulars required by the Law and deliver a copy thereof to
the Registrar of Companies in the Cayman Islands. 

 CAPITALISATION OF RESERVES 
  

	137.	Subject to the Law and the terms of the Governance Agreement, the Directors may, with the authority of an Ordinary Resolution: 

  

	 	(a)	resolve to capitalise an amount standing to the credit of reserves (including a Share Premium Account, capital redemption reserve and profit and loss account), whether or not
available for distribution; 

  

	 	(b)	appropriate the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount of Shares (whether or not fully paid) held by them respectively and apply that
sum on their behalf in or towards: 

  

	 	(i)	paying up the amounts (if any) for the time being unpaid on Shares held by them respectively, or 

  

 20 

	 	(ii)	paying up in full unissued Shares or debentures of a nominal amount equal to that sum, 

 and allot the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital
redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Shareholders credited as fully paid; 
  

	 	(c)	make any arrangements they think fit to resolve a difficulty arising in the distribution of a capitalised reserve and in particular, without limitation, where Shares or debentures
become distributable in fractions the Directors may deal with the fractions as they think fit; 

  

	 	(d)	authorise a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the Company providing for either: 

  

	 	(i)	the allotment to the Shareholders respectively, credited as fully paid, of Shares or debentures to which they may be entitled on the capitalisation, or 

  

	 	(ii)	the payment by the Company on behalf of the Shareholders (by the application of their respective proportions of the reserves resolved to be capitalised) of the amounts or part of
the amounts remaining unpaid on their existing Shares, 

 and any such agreement made under this authority being effective and
binding on all those Shareholders; and 
  

	 	(e)	generally do all acts and things required to give effect to the resolution. 

 SHARE PREMIUM ACCOUNT 
  

	138.	The Directors shall in accordance with the Law establish a Share Premium Account and shall carry to the credit of such account from time to time a sum equal to the amount or value
of the premium paid on the issue of any Share. 

  

	139.	There shall be debited to any Share Premium Account on the redemption or purchase of a Share the difference between the nominal value of such Share and the redemption or purchase
price provided always that at the discretion of the Directors such sum may be paid out of the profits of the Company or, if permitted by the Law, out of capital. 

 NOTICES 
  

	140.	Any notice or document may be served by the Company or by the Person entitled to give notice to any Shareholder either personally, or by posting it airmail or air courier service in
a prepaid letter addressed to such Shareholder at his address as appearing in the Register, or by electronic mail to any electronic mail address such Shareholder may have specified in writing for the purpose of such service of notices, or by cable,
telex or facsimile should the Directors deem it appropriate. In the case of joint holders of a Share, all notices shall be given to that one of the joint holders whose name stands first in the Register in respect of the joint holding, and notice so
given shall be sufficient notice to all the joint holders. 

  

	141.	Any Shareholder present, either personally or by proxy, at any meeting of the Company shall for all purposes be deemed to have received due notice of such meeting and, where
requisite, of the purposes for which such meeting was convened. 

  

	142.	Any notice or other document, if served by: 

  

	 	(a)	post, shall be deemed to have been served five days after the time when the letter containing the same is posted; 

  

 21 

	 	(b)	facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of a report confirming transmission of the facsimile in full to the facsimile
number of the recipient; 

  

	 	(c)	recognised courier service, shall be deemed to have been served 48 hours after the time when the letter containing the same is delivered to the courier service; or

  

	 	(d)	electronic mail, shall be deemed to have been served immediately upon the time of the transmission by electronic mail. 

 In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed
and duly posted or delivered to the courier service. 
  

	143.	Any notice or document delivered or sent by post to or left at the registered address of any Shareholder in accordance with the terms of these Articles shall notwithstanding that
such Shareholder be then dead or bankrupt, and whether or not the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of such Shareholder as sole or joint holder, unless
his name shall at the time of the service of the notice or document, have been removed from the Register as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or document on all Persons
interested (whether jointly with or as claiming through or under him) in the Share. 

  

	144.	Notice of every general meeting of the Company shall be given to: 

  

	 	(a)	all Shareholders holding Shares with the right to receive notice and who have supplied to the Company an address for the giving of notices to them; and 

  

	 	(b)	every Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who but for his death or bankruptcy would be entitled to receive notice of the meeting.

 No other Person shall be entitled to receive notices of general meetings. 
 INDEMNITY 
  

	145.	Every Director (including for the purposes of this Article any alternate Director appointed pursuant to the provisions of these Articles), Secretary, assistant Secretary, or other
officer for the time being and from time to time of the Company (but not including the Company’s auditors) and the personal representatives of the same (each an “Indemnified Person”) shall be indemnified and secured harmless
out of the assets and funds of the Company against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person’s own
dishonesty, wilful default or fraud, in or about the conduct of the Company’s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including
without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any
court whether in the Cayman Islands or elsewhere. 

  

	146.	No Indemnified Person shall be liable: 

  

	 	(a)	for the acts, receipts, neglects, defaults or omissions of any other Director or officer or agent of the Company; or 

  

	 	(b)	for any loss on account of defect of title to any property of the Company; or 

  

 22 

	 	(c)	on account of the insufficiency of any security in or upon which any money of the Company shall be invested; or 

  

	 	(d)	for any loss incurred through any bank, broker or other similar Person; or 

  

	 	(e)	for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight on such Indemnified Person’s part; or

  

	 	(f)	for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge of the duties, powers, authorities, or discretions of such Indemnified
Person’s office or in relation thereto, 

 unless the same shall happen through such Indemnified Person’s own
dishonesty, wilful default or fraud. 
 NON-RECOGNITION OF TRUSTS 
  

	147.	Subject to the proviso hereto, no Person shall be recognised by the Company as holding any Share upon any trust and the Company shall not, unless required by law, be bound by or be
compelled in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any Share or (except only as otherwise provided by these Articles or as the Law requires) any other right in respect of any
Share except an absolute right to the entirety thereof in each Shareholder registered in the Register, provided that, notwithstanding the foregoing, the Company shall be entitled to recognise any such interests as are required by the terms of the
Governance Agreement. 

 WINDING- UP 
  

	148.	If the Company shall be wound up, the liquidator shall, subject to the Law divide amongst the Shareholders in specie or kind the whole or any part of the assets of the Company
(whether they shall consist of property of the same kind or not) in accordance with the terms of the Governance Agreement and subject thereto may divide the same as he may think fit with the sanction of an Ordinary Resolution and may, for such
purpose set such value as he deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the Shareholders or different Classes. The liquidator may, with the like sanction, vest the
whole or any part of such assets in trustees upon such trusts for the benefit of the Shareholders as the liquidator, with the like sanction shall think fit, but so that no Shareholder shall be compelled to accept any asset whereon there is any
liability. 

 AMENDMENT OF ARTICLES OF ASSOCIATION 
  

	149.	Subject to the Law, the provisions of the Governance Agreement, and the rights attaching to the various Classes, the Company may at any time and from time to time by Special
Resolution alter or amend these Articles in whole or in part. 

 CLOSING OF REGISTER OR FIXING RECORD DATE 
  

	150.	For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote at any meeting of Shareholders or any adjournment thereof, or those
Shareholders that are entitled to receive payment of any dividend, or in order to make a determination as to who is a Shareholder for any other purpose, the Directors may provide that the Register shall be closed for transfers for a stated period
which shall not exceed in any case 40 days. If the Register shall be so closed for the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders the Register shall be so closed for
at least ten days immediately preceding such meeting and the record date for such determination shall be the date of the closure of the Register. 

  

	151.	 In lieu of or apart from closing the Register, the Directors may fix in advance a date as the record date for any such determination of those Shareholders that are
entitled to receive notice of, attend or vote at a meeting of the Shareholders and for the purpose of determining 

  

 23 

	 	 
those Shareholders that are entitled to receive payment of any dividend the Directors may, at or within 90 days prior to the date of declaration of such
dividend, fix a subsequent date as the record date for such determination. 

  

	152.	If the Register is not so closed and no record date is fixed for the determination of those Shareholders entitled to receive notice of, attend or vote at a meeting of Shareholders
or those Shareholders that are entitled to receive payment of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the
record date for such determination of Shareholders. When a determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in this Article, such determination shall
apply to any adjournment thereof. 

 REGISTRATION BY WAY OF CONTINUATION 
  

	153.	The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for the
time being incorporated, registered or existing. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister the Company in the Cayman Islands or such
other jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

 DISCLOSURE 
  

	154.	The Directors, or any authorised service providers (including the officers, the Secretary and the registered office agent of the Company) shall be entitled to disclose to any
regulatory or judicial authority any information regarding the affairs of the Company including without limitation information contained in the Register and books of the Company. 

  

 24 

 SCHEDULE 6: PLEDGES 

 [            ] 2009 
 SHARE MORTGAGE 
 between

 [LION/RALLY CAYMAN 4] 
 as Mortgagor 
 and 
 [LION/RALLY CAYMAN 7 L.P.] 
 as Mortgagee 
 and 
 CENTRAL EUROPEAN DISTRIBUTION
CORPORATION 
 WEIL, GOTSHAL & MANGES 
 One South Place London EC2M 2WG 
 Tel: +44 (0) 20 7903 1000 Fax: +44 (0) 20 7903 0990 
 www.weil.com 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page
	1	  	INTERPRETATION	  	1
			
	2	  	COVENANT	  	3
			
	3	  	CREATION OF SECURITY	  	3
			
	4	  	TRANSFER DOCUMENTS	  	4
			
	5	  	CONTINUING SECURITY	  	5
			
	6	  	REPRESENTATIONS AND WARRANTIES	  	8
			
	7	  	UNDERTAKINGS OF MORTGAGOR	  	9
			
	8	  	ENFORCEMENT OF SECURITY	  	10
			
	9	  	RECEIVER	  	10
			
	 10
	  	FURTHER ASSURANCES	  	12
			
	 11
	  	POWER OF ATTORNEY	  	12
			
	 12
	  	DELEGATION	  	13
			
	 13
	  	NO LIABILITY AS MORTGAGEE IN POSSESSION	  	13
			
	 14
	  	PROTECTION OF THIRD PARTIES	  	14
			
	 15
	  	STAMP DUTIES	  	14
			
	 16
	  	ADDITIONAL PROVISIONS	  	14
			
	 17
	  	REMEDIES AND WAIVERS	  	14
			
	 18
	  	NOTICES	  	15
			
	 19
	  	COSTS AND EXPENSES	  	16
			
	 20
	  	CURRENCY OF ACCOUNT	  	16
			
	 21
	  	ASSIGNMENTS, ETC	  	17
			
	 22
	  	SET-OFF	  	17
			
	 23
	  	COVENANT TO RELEASE	  	17
			
	 24
	  	GOVERNING LAW	  	17
			
	 25
	  	JURISDICTION	  	17
			
	 26
	  	COUNTERPARTS AND EFFECTIVENESS	  	19

					
			
	SCHEDULE 1	  	SHARE TRANSFER FORM	  	20
			
	SCHEDULE 2	  	PART I IRREVOCABLE APPOINTMENT OF PROXY	  	22
			
	SIGNATORIES	  		  	24

  

 i 

 THIS MORTGAGE (this “Mortgage”) is made as a deed on the [—] day of [—] 2009 
 BETWEEN: 
  

	(1)	[LION/RALLY CAYMAN 4], a company incorporated in the Cayman Islands whose registered office is at [—] (“the
“Mortgagor”); 

  

	(2)	[LION/RALLY CAYMAN 7 L.P.], a Cayman Exempted Limited Partnership whose principal place of business is at [—] acting
through its general partner [—] whose registered office is at [—] (the “Mortgagee”); and 

  

	(3)	CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a company incorporated in Delaware, whose principal place of business is at ul. Babrowiecka6, 02 278 Warsawa, Poland
(“CEDC”). 

 WHEREAS: 
  

	(A)	The Mortgagor and the Mortgagee have entered into an Option Agreement dated on or about the date hereof. Clause [14.2] of the Option Agreement requires
[Lion/Rally Cayman 4] to enter into this Mortgage. 

  

	(B)	The Option Agreement provides for the Mortgagor to sell to [Lion/Rally Cayman 7] a number of the Shares (as defined in the Option Agreement) following each
Cayman 7 Call Option Exercise Date (as defined in the Option Agreement) and/or for [Lion/Rally Cayman 7] to acquire such Shares following any Holdco Put Option Exercise Date (as defined in the Option Agreement). Clause
[13.3] of the Option Agreement provides that the Mortgagee may only enforce its rights under this Mortgage in relation to those Shares in respect of which the Mortgagor is in breach of its obligations under the Option Agreement to have
transferred to [Lion/Rally Cayman 7] (the Enforcement Shares, as defined below). Accordingly, there may be more than one enforcement under this Mortgage depending on the number of such breaches. 

  

	(C)	The board of directors of the Mortgagor is satisfied that the Mortgagor will receive direct and/or indirect economic benefit from the transactions under the Option Agreement
and that entering into this Mortgage is for the purposes and to the benefit of the Mortgagor and its business. 

  

	(D)	The Mortgagee and the Mortgagor intend this Mortgage to, and it shall, take effect as a deed. 

 IT IS AGREED as follows: 
  

	1	INTERPRETATION 

 1.1 Definitions In this Mortgage the
following terms have the meanings given to them in this Clause 1.1, except where the context otherwise requires. 
 “Default Rate” means
12% per annum. 
  

 1 

 “Enforcement Event” means a breach by the Mortgagor of an obligation under the Option Agreement
to transfer any Security Assets to [Lion/Rally Cayman 7], which Enforcement Event is “continuing” until such breach is waived, remedied or such obligation is satisfied by enforcement of this Mortgage.

 “Enforcement Related Rights” means: 
  

	(a)	any dividend or interest paid or payable in relation to any of the Enforcement Shares, in each case arising while an Enforcement has occurred and is continuing;

  

	(b)	any stock, shares, debentures, bonds, warrants, options, securities, rights, benefits, advantages, moneys or property accruing or offered, in each case while an Enforcement
Event has occurred and is continuing, (whether by way of redemption, substitution, exchange, conversion, replacement, bonus or preference, under option rights or otherwise) to or in respect of any of the Shares or in substitution or exchange for or
otherwise derived from any of the Enforcement Shares; and 

  

	(c)	any dividend, interest or other income in respect of any asset referred to in paragraph (b) above, in each case arising while an Enforcement Event has occurred and is
continuing. 

 “Enforcement Security Assets” means the Enforcement Shares and the Enforcement Related Rights. 
 “Enforcement Shares” has the meaning given in Clause 8.1(a) (Process Upon Enforcement of Security). 
 “Encumbrance” has the meaning given in the Option Agreement. 
 “Issuer” means [Lion/Rally Cayman 6]. 
 “Letter of Undertaking” has the meaning given in the Option
Agreement. 
 “Option Agreement” means the Option Agreement dated on or about the date of this Mortgage between the Mortgagor, the
Mortgagee, [Lion/Rally Cayman 5] and CEDC. 
 “Receiver” means a receiver and manager or (if the Mortgagee so specifies in the
relevant appointment) a receiver, in either case, appointed under this Mortgage. 
 “Related Rights” means: 
  

	(a)	any dividend or interest paid or payable in relation to any of the Shares; 

  

	(b)	any stock, shares, debentures, bonds, warrants, options, securities, rights, benefits, advantages, moneys or property accruing or offered at any time, present and future,
(whether by way of redemption, substitution, exchange, conversion, replacement, bonus or preference, under option rights or otherwise) to or in respect of any of the Shares or in substitution or exchange for or otherwise derived from any of the
Shares; and 

  

	(c)	any dividend, interest or other income in respect of any asset referred to in paragraph (b) above. 

  

 2 

 “Secured Obligations” 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 the Mortgagor under the Option Agreement to transfer Security Assets to [Lion/Rally Cayman 7]. 
 “Security Assets” means the Shares and the Related Rights. 
 “Security Period” means the period beginning on the date of this Mortgage and ending on the date upon which the Mortgagee is satisfied that all the Secured Obligations have been unconditionally and irrevocably paid and/or
discharged in full in cash or the security interests contemplated to be created hereby have been unconditionally and irrevocably released and discharged in full. 
 “Shares” means the shares in the capital of the Issuer and owned either legally or beneficially at any time now or in the future by the Mortgagor or transferred or assigned to the Mortgagor pursuant to the Option Agreement.

 “Transaction Document” has the meaning given in the Option Agreement. 
 1.2 Interpretation Unless expressly defined in this Mortgage, capitalised terms defined in the Option Agreement have the same meanings in this Mortgage and the construction rules set out in Clause 1.2 of the
Option Agreement shall apply to this Mortgage, mutatis mutandis, as though they were set out in full in this Mortgage except that references to “this Agreement” shall be construed as references to this Mortgage. 
  

	2	COVENANT  

 The Mortgagor covenants with the Mortgagee that it will
discharge each of the Secured Obligations when due in the manner provided for in the Option Agreement. 
  

	3	CREATION OF SECURITY 

 The Mortgagor as continuing security for the
discharge and performance of all the Secured Obligations, hereby as legal and beneficial owner (subject to the terms of any Transaction Document): 
  

	(a)	mortgages and charges and agrees to mortgage and charge to the Mortgagee all the Shares held now or in the future by it and/or any nominee on its behalf, by way of first
fixed charge and first equitable mortgage; and 

  

	(b)	mortgages and charges and agrees to mortgage and charge to the Mortgagee all the Related Rights held now or in the future by it and/or any nominee on its behalf, by way of
first fixed charge and first equitable mortgage; and 

  

	(c)	(to the extent they are not effectively mortgaged or charged pursuant to paragraphs (a) and (b) above), charges the Shares and the Related Rights held now or in the future
by it and/or any nominee on its behalf, by way of first floating charge, 

 PROVIDED THAT whilst no Enforcement Event has occurred and is
continuing (and, other than in respect of the Enforcement Security Assets, at all times including whilst an Enforcement Event has occurred and is continuing) the Mortgagor shall be entitled (notwithstanding the security contemplated to be created
hereby): 
  

	 	(i)	to receive all dividends, interest and income from and any property accruing or in respect of the Security Assets; 

  

 3 

	 	(ii)	to make distributions to [Lion/Rally Cayman 1 L.P.] pursuant to any Transaction Document (other than distributions in specie of the Shares); and

  

	 	(iii)	to exercise, any voting or other rights attached to any of the Security Assets (subject to the terms of any Transaction Document), provided that if a resolution is proposed
which, in the opinion of the Mortgagee (acting reasonably), might reasonably be expected to prejudice the security created under this Mortgage in any material respect, then such votes will be exercised by the Mortgagor only in accordance with the
instructions of the Mortgagee, 

 and the Mortgagee shall, if requested by the Mortgagor, appoint the Mortgagor its proxy to exercise such
rights and powers or, insofar as necessary the Mortgagee will comply with or procure that any nominee of the Mortgagee shall comply with such instructions of the Mortgagor in respect thereof, in either case as soon as reasonably practicable.

  

	4	TRANSFER DOCUMENTS 

 4.1 Delivery of Documents The Mortgagor
shall, as soon as reasonably practicable after the date of this Mortgage and following the acquisition from time to time of Security Assets, subject to the terms of any Transaction Document: 
  

	(a)	deposit with the Mortgagee (or as the Mortgagee may direct) all bearer instruments, share certificates (if any) and any other documents of title or evidence of ownership in
relation to the Security Assets as are owned by it, as at the date hereof and following the acquisition from time to time of Security Assets, or in which it has or acquires an interest which entitles it to control such documents;

  

	(b)	deliver to the Mortgagee five copies of the share transfer form in the form set out in Schedule 1 to this Mortgage and any other documents (in each case duly executed
but undated) as may be reasonably requested by the Mortgagee in order to enable the Mortgagee (or its nominee) to be registered as the owner or otherwise to obtain a legal title to the Security Assets on or following an Enforcement Event which is
continuing pursuant to Clause 4.2 (Registration on Transfer) below; and 

  

	(c)	deliver to the Mortgagee a duly executed and dated irrevocable proxy and a duly executed and dated irrevocable power of attorney made in respect of the Security Assets in
favour of the Mortgagee in respect of all general meetings and written resolutions of the Issuer respectively in the forms set out in Parts I and II of Schedule 2 to this Mortgage. 

 4.2 Registration on Transfer The Mortgagor hereby: 
  

	(a)	authorises the Mortgagee, at any time on or following an Enforcement Event which is continuing: 

  

	 	(i)	to arrange for any of the Enforcement Security Assets to be registered in the name of the Mortgagee (or its nominee); and/or 

  

 4 

	 	(ii)	(under its powers of realisation) to transfer or cause the Enforcement Security Assets to be transferred to and registered in the name of the Mortgagee (or its nominee) or any
purchaser or transferee and to date, issue and/or otherwise deal with any of the documents delivered under Clause 4.1 (Delivery of Documents); and 

  

	(b)	undertakes from time to time, following an Enforcement Event which is continuing: 

  

	 	(i)	promptly to execute and sign all transfers, contract notes, powers of attorney and other documents (and to procure the registration of any such transfer of the Enforcement
Security Assets in the relevant shareholders register) that may be required by the Mortgagee in connection with paragraph (a) above; and 

  

	 	(ii)	if the Mortgagee so requests, to procure that all such share transfer forms are forthwith registered by the relevant person and that any share certificates in the name of the
Mortgagee (or such nominee) in respect of the Enforcement Security Assets are forthwith delivered to the Mortgagee. 

 4.3 Liability to
Perform Notwithstanding anything to the contrary herein contained, the Mortgagor shall remain liable to observe and perform all of the conditions and obligations assumed by it in respect of the Security Assets and, without limitation, to pay all
calls or other payments that may become due in respect of any of the Security Assets. The Mortgagee shall not be required in any manner to perform or fulfil any obligation of the Mortgagor in respect of the Security Assets, or to make any payment,
or to make any enquiry as to the nature or sufficiency of any payment received by it, or to present or file any claim or take any other action to collect or enforce the payment of any amount to which it may have been or to which it may be entitled
hereunder at any time or times. 
 4.4 Subsequently Acquired Shares The Mortgagor shall, forthwith upon it becoming the registered owner of and/or
receiving any share certificates in respect of any Security Assets after the date hereof: 
  

	(a)	deliver to the Mortgagee the share certificates in respect thereof (if any) together with all such share transfer forms or other share transfer documentation (in the form set
out at Schedule 1 to this Mortgage) in respect of such Security Assets duly executed in blank by or on behalf of the Mortgagor as appropriate; and 

  

	(b)	deliver to the Mortgagee any other documents as may be reasonably requested by the Mortgagee in order to enable the Mortgagee (or its nominee) to be registered as the owner
or otherwise to obtain a legal title to the Security Assets on or following an Enforcement Event which is continuing pursuant to Clause 4.2 (Registration on Transfer) above. 

  

	5	CONTINUING SECURITY 

 5.1 Continuing Security The security
constituted by this Mortgage shall be continuing security which shall extend to all the Secured Obligations and shall not be considered as satisfied or discharged by any intermediate performance or settlement of all or any of the Secured
Obligations, or by any enforcement of this Mortgage in respect of any Enforcement Security Assets whilst any Secured Obligations remain outstanding. 
  

 5 

 5.2 Avoided Payments Where any release or discharge or other arrangement in respect of all or part of the Secured
Obligations (or in respect of any security for those Secured Obligations including the security created under this Mortgage) is made in reliance on any payment, security or other disposition which is avoided or must be restored in an insolvency,
liquidation or otherwise and whether or not the Mortgagee has conceded or compromised any claim that any payment, security or other disposition will or should be avoided, the obligations of the Mortgagor to perform the Secured Obligation and the
obligations of the Mortgagor under this Mortgage shall continue as if such release, discharge or other arrangement had not been made. 
 5.3 Waiver of
Defences The obligations of the Mortgagor hereunder will not be affected by any act, omission, circumstance, matter or thing which but for this provision would release or prejudice any of its obligations hereunder or prejudice or diminish such
obligations in whole or in part, including whether or not known to the Mortgagor or the Mortgagee or any other person whatsoever: 
  

	(a)	any time, indulgence or waiver granted to, or composition with, any the Mortgagor or any other person; or 

  

	(b)	the taking, variation, compromise, exchange, renewal or release of, refusal or neglect to perfect, take up or enforce any rights or remedies against, or any security over
assets of the Mortgagor or any other person or any non-presentment or non-observance of any formality or other requirement in respect of any instruments or any failure to realise the full value of any other security; or 

  

	(c)	any incapacity or lack of powers, authority or dissolution or change in the members or status of the Mortgagor or any other person; or 

  

	(d)	any variation (however fundamental and whether or not involving any increase in the liability of the Mortgagor or any other person thereunder), replacement and/or restatement
of any Transaction Document or any other document or security so that references to that Option Agreement or other document or security in this Mortgage shall include each such variation, replacement and/or restatement; or 

 

	(e)	the unenforceability, illegality or invalidity of any obligation of any person under any Transaction Document or of any other security the Mortgagee may hold in respect of
the Secured Obligations (or any of them) or otherwise; or 

  

	(f)	any postponement, discharge, reduction, non-provability or other similar circumstances affecting any obligation of the Mortgagor or any other person under any Transaction
Document resulting from any insolvency, liquidation or dissolution proceedings or from any law, regulation or order or otherwise. 

 The
Mortgagee shall not be concerned to see or investigate the powers or authorities of any Mortgagor or any of its respective officers or agents, and moneys obtained or Secured Obligations incurred in the purported exercise of such powers or
authorities or by any person purporting to be the Mortgagor shall be deemed to form a part of the Secured Obligations, and “Secured Obligations” shall be construed accordingly. 
 5.4 Immediate Recourse The Mortgagee shall not be required to proceed against or enforce any other rights or security it may have or hold in respect of the
Secured Obligations or claim payment from any other person before enforcing the security constituted by the Mortgage. 
  

 6 

 5.5 No Competition Until all the Secured Obligations have been unconditionally and irrevocably discharged or
performed in full, any rights (if any) which the Mortgagor may have: 
  

	(a)	to be subrogated to any rights or security of or moneys held, received or receivable by the Mortgagee (or any agent or trustee on its behalf) with respect to the Secured
Obligations; or 

  

	(b)	to be entitled to any right of contribution or indemnity from any other person; or 

  

	(c)	to claim, rank, prove or vote as a creditor of such other person or its estate in competition with the Mortgagee (or any agent or trustee on its behalf),

 shall be exercised by the Mortgagor only if and to the extent that the Mortgagee so requires and in such manner and upon such terms as the
Mortgagee may specify and the Mortgagor shall hold any moneys, rights or security held or received by it as a result of the exercise of any such rights on trust for the Mortgagee for application in accordance with the terms hereof as if such moneys,
rights or security were held or received by the Mortgagee under this Mortgage. 
 5.6 Additional Security This Mortgage is in addition to and shall
not in any way be prejudiced by, prejudicial to or affect or merge with any other security or right now or hereafter held by the Mortgagee (or any agent or trustee on its behalf) for the Secured Obligations or any of them. 
 5.7 Remedies not Exclusive 
  

	(a)	The rights and remedies of the Mortgagee and any Receiver provided for in this Mortgage: 

  

	 	(i)	may be exercised as often as necessary; 

  

	 	(ii)	are cumulative and not exclusive of any rights or remedies provided by law; and 

  

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

 Delay in exercising or non-exercise of any such right is not a waiver of that right. 
  

	(b)	The Mortgagee may waive any breach by the Mortgagor of any of its obligations hereunder. 

 5.8 Protection of the Mortgagee The Mortgagee shall not be liable in respect of any loss or damage which arises out of the exercise, or the attempted or purported exercise of, or the failure to exercise any of
its powers, with the exception of the undertaking with respect to enforcement of this Mortgage in Clause 8.1(a), unless such loss or damage is caused by its gross negligence, fraud or wilful misconduct. 
  

 7 

	6	REPRESENTATIONS AND WARRANTIES 

 The Mortgagor makes each of the
representations and warranties set out in this Clause 7 and acknowledges that the Mortgagee has entered into the Option Agreement and this Mortgage in reliance on those representations and warranties. 
 6.1 No Filing or Stamp Taxes Under the laws of the Cayman Islands in force at the date hereof, it is not necessary that this Mortgage be filed, recorded or
enrolled with any court or other authority or (save where this Mortgage is executed in, brought into or produced before the court in the Cayman Islands, in which case stamp duty will be payable) that any stamp, registration or similar tax be paid on
or in relation to this Mortgage. 
 6.2 Security Assets As at the date hereof: 
  

	(a)	the Mortgagor has not received notice of any adverse claim in respect of any of the Security Assets; 

  

	(b)	the Mortgagor is (subject to the terms of any Transaction Document) the legal and beneficial owner of the Security Assets and it is the absolute legal owner of the Security
Assets and, as legal and beneficial owner (subject to the terms of any Transaction Document), it is able to mortgage and has so mortgaged the Security Assets; 

  

	(c)	the security created over the Security Assets under this Mortgage constitutes a first priority security interest over the Security Assets; 

  

	(d)	the Security Assets are within the Mortgagor’s disposition and control (subject to the terms of any Transaction Document); 

  

	(e)	except as stated in Clause 3 (Creation of Security) and/or under any Transaction Document, the Mortgagor has not sold or granted any rights of pre-emption over or
agreed to sell or grant any right of pre-emption over or otherwise disposed of or agreed to dispose of the benefit of all or any of its rights, title and interest in and to all or any part of the Security Assets; and 

  

	(f)	the Shares are non-assessable and, except under the Transaction Documents, neither the Shares nor the Related Rights, in each case owned by the Mortgagor, are subject to any
options to purchase or similar rights of any person. 

 6.3 Ability to pay debts The Mortgagor is able to pay its debts as they fall due
in the ordinary course of business. 
 6.4 Representations and Warranties in the Letter of Undertaking The Mortgagor repeats the representations and
warranties given by it in Clause [11] of the Letter of Undertaking. 
 6.5 Times of Making Representations and Warranties The
representations and warranties set out in this Clause 6: 
  

	(a)	will survive the execution of the Option Agreement and each transfer of any of the Shares to the Mortgagor or other transaction under the Option Agreement; and

  

 8 

	(b)	are made on the date hereof and are deemed to be repeated on the date of each transfer of any of the Shares to the Mortgagor under the Option Agreement during the Security
Period with reference to the facts and circumstances then existing. 

  

	7	UNDERTAKINGS OF MORTGAGOR 

 7.1 Duration The undertakings in
this Clause 7 shall remain in force throughout the Security Period. 
 7.2 Maintenance of Legal Validity Without prejudice to any other agreement
entered into between the parties hereto, the Mortgagor shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws and
regulations of the Cayman Islands to enable it lawfully to enter into and perform its obligations under this Mortgage and to ensure the legality, validity, enforceability or admissibility in evidence of this Mortgage. 
 7.3 Untrue Representations The Mortgagor shall notify the Mortgagee of the occurrence of any event which results in or may reasonably be expected to result in any
of the representations and warranties contained in Clause 6 (Representations and Warranties) being untrue in any material respect. 
 7.4 Proxies
and Powers of Attorney Pursuant to enforcement of the security constituted by this Mortgage, the Mortgagor shall not exercise its voting rights as shareholder of the Issuer so as to frustrate the Mortgagee’s exercise of any irrevocable
proxy and/or irrevocable power of attorney delivered under Clause 4 (Transfer Documents) in the forms set out in Parts I and II of Schedule 2 to this Mortgage. 
 7.5 Restrictions on Dealing The Mortgagor undertakes that, except as permitted or otherwise provided under the terms of or set out in this Mortgage and/or any Transaction Document (as the case may be), it will not: 
  

	(a)	create or permit to subsist any Encumbrance over any Security Asset; or 

  

	(b)	lease, sell, transfer, assign or otherwise dispose of or agree to lease, sell, transfer, assign or otherwise dispose of, any Security Asset or any interest therein.

 7.6 Security Assets The Mortgagor undertakes that, except as permitted or otherwise provided under the terms of or set out in this
Mortgage and/or any Transaction Document (as the case may be): 
  

	(a)	it will remain the legal and beneficial owner of the Security Assets and it will remain the absolute legal owner of the Security Assets; 

  

	(b)	it will not nominate any person or persons to enjoy or exercise all or any of the Mortgagor’s rights in relation to the Security Assets; 

  

	(c)	it will not take any action whereby the rights attaching to the Shares or the Related Rights are altered or diluted except to the extent permitted by the Mortgagee; and

  

	(d)	it will pay all calls and discharge all obligations in relation to the Security Assets. 

  

 9 

	8	ENFORCEMENT OF SECURITY 

 8.1 Process upon Enforcement of
Security 
  

	(a)	Notwithstanding any other provision of this Mortgage, the Mortgagee may only enforce its rights under this Mortgage in accordance with paragraph (b) below in relation to
the Shares in respect of which the Mortgagor is in breach of its obligations under the Option Agreement to have transferred to [Lion/Rally Cayman 7] (the “Enforcement Shares”) and/or any Enforcement Related Rights.
After any such enforcement, the security constituted by this Mortgage shall continue in force unaffected in respect of the remaining Security Assets. 

  

	(b)	On or following the occurrence of an Enforcement Event: 

  

	 	(i)	the Mortgagee may exercise its rights under Clause 4.2(a) of this Mortgage; and 

  

	 	(ii)	the Mortgagor shall promptly perform its obligations under Clause 4.2(b) of this Mortgage, 

 in order to transfer the Enforcement Security Assets to [Lion/Rally Cayman 7] in satisfaction of the Secured Obligations in respect of the
Enforcement Security Assets. 
 8.2 Powers 
  

	(a)	At any time after an Enforcement Event has occurred and is continuing, without any further consent or authority on the part of the Mortgagor, the Mortgagee may, subject to
Clause 8.1 (Process upon Enforcement of Security) above, exercise (or refrain from exercising) at its discretion in the name of the Mortgagor (or the registered holder) in respect of the Enforcement Security Assets any voting rights and any
powers or rights under the terms thereof or otherwise which may be exercised by the person or persons in whose name or names the Enforcement Security Assets are registered or who is the holder thereof. 

  

	(b)	If the Mortgagee takes any such action as is referred to in paragraph (a) above, it shall give notice to the Mortgagor as soon as practicable. 

 

	(c)	For the purposes of giving effect to this Clause 8.2 (Powers) and to the extent that the Enforcement Security Assets remain registered in the name of the Mortgagor,
the Mortgagor hereby irrevocably appoints the Mortgagee (or its nominee) as its proxy to exercise all voting and other rights in respect of the Enforcement Security Assets, in each case while an Enforcement Event has occurred and is continuing.

  

	(d)	The Mortgagor and any Receiver shall have the powers conferred under this Mortgage (and those conferred on the Mortgagee) and under any applicable law.

  

	9	RECEIVER 

 9.1 Appointment of Receiver Subject to Clause 8
above, at any time after the security constituted by this Mortgage becomes enforceable in accordance with its terms or if an application is made for the appointment of or notice is given of intention to appoint an administrator in respect of the
Mortgagor or if requested by the Mortgagor, the Mortgagee 

  

 10 

 
may without further notice appoint under seal, deed or in writing under its hand any one or more persons to be a Receiver of all or any part of the
Enforcement Security Assets in like manner in every respect as if the Mortgagee had become entitled under this Mortgage or under applicable law to exercise the powers thereby conferred. 
 9.2 Powers of Receiver Every Receiver appointed in accordance with Clause 9.1 (Appointment of Receiver) shall have and be entitled, subject to the terms of the Option Agreement, to exercise all of the
powers of the Mortgagee conferred by Clause 8.2 (Powers) in addition to the powers conferred by applicable law on any receiver. The Receiver shall have the power to do all things which, in the opinion of the Receiver, are incidental to any of
the powers, functions, authorities or discretions conferred or vested in the Receiver pursuant to this Mortgage or upon receivers by applicable law generally (including, without limitation, the bringing or defending of proceedings in the name of, or
on behalf of, the Mortgagor; the collection and/or realisation of the Enforcement Security Assets in such manner and on such terms as the Receiver sees fit; and the execution of documents in the name of the Mortgagor (whether under hand, or by way
of deed or by utilisation of the company seal of the Mortgagor or its general partner) and in particular shall have and be entitled to exercise in relation to the Mortgagor all the powers set out below: 
  

	(a)	to exercise all rights of the Mortgagee under or pursuant to this Mortgage including all voting and other rights attaching to the Enforcement Security Assets;

  

	(b)	to make any arrangement or compromise with others over and/or in connection with any of the Enforcement Security Assets as he shall think fit; 

  

	(c)	to appoint managers, officers and agents for the above purposes at such remuneration as the receiver may determine; 

  

	(d)	to redeem any prior encumbrance over and/or in connection with any of the Enforcement Security Assets and settle and pass the accounts of the encumbrancer and any accounts so
settled and passed shall (subject to any manifest error) be conclusive and binding on the Mortgagor and the money so paid shall be deemed an expense properly incurred by the receiver; 

  

	(e)	to pay the proper administrative charges in respect of time spent by its agents and employees in dealing with matters raised by the receiver or relating to the receivership
of the Mortgagor; and 

  

	(f)	to do all such other acts and things as may be considered by the receiver to be incidental or conducive to any of the above matters or powers or otherwise incidental or
conducive to the preservation, improvement or realisation of the Enforcement Security Assets or the value thereof. 

 If at any time there is
more than one Receiver of all or any part of the Enforcement Security Assets, each such Receiver may (unless otherwise stated in any document appointing him) exercise all of the powers conferred on a Receiver under this Mortgage individually and
separately from each other Receiver. 
 9.3 Removal and Remuneration The Mortgagee may from time to time by writing under its hand (subject to any
requirement for an order of the court in the case of an administrative receiver) remove any Receiver appointed by it and may, whenever it may 

  

 11 

 
deem it expedient, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated and may from time to time fix the
remuneration of any Receiver appointed by it provided that such remuneration shall be substantially on market terms. 
 9.4 Mortgagee May Exercise Powers
of Receiver To the fullest extent permitted by law, all or any of the powers, authorities and discretions which are conferred by this Mortgage (either expressly or implied) upon a Receiver may be exercised by the Mortgagee at any time after the
security constituted by this Mortgage has become enforceable in relation to the whole of such Enforcement Security Assets or any part thereof without first appointing a Receiver of such property or any part thereof or notwithstanding the appointment
of a Receiver of such property or any part thereof. 
  

	10	FURTHER ASSURANCES 

 The Mortgagor shall, at its own expense from
time to time, execute and give all such assurances and do all acts and things as the Mortgagee may reasonably require or reasonably consider desirable under the laws of any jurisdiction governing the Security Assets to enable the Mortgagee to
perfect or protect the security intended to be created hereby over the Security Assets or any part thereof or to facilitate the sale of the Security Assets or any part thereof or the exercise by the Mortgagee of any of the rights, powers,
authorities and discretions vested in it or any Receiver of the Security Assets or any part thereof or any such delegate or sub-delegate as aforesaid. To that intent, without prejudice to the generality of the foregoing and subject to the terms and
conditions set out in the other Clauses of this Mortgage, the Mortgagor shall execute all transfers, sales, dispositions and appropriations (whether to the Mortgagee or otherwise) and shall give all notices, orders and directions and make all
registrations which the Mortgagee may (in its absolute discretion) consider expedient but containing terms no more onerous than reasonably required by the Mortgagee to give effect to this Mortgage. 
  

	11	POWER OF ATTORNEY 

 11.1 Appointment The Mortgagor hereby, by
way of security and in order more fully to secure the performance of its obligations hereunder, irrevocably appoints the Mortgagee and every Receiver of the Security Assets (or any part thereof) appointed hereunder and any person nominated for the
purpose by the Mortgagee or any Receiver in writing under hand by an officer of the Mortgagee or any Receiver severally as its attorney and on its behalf and in its name or otherwise to execute and do all such assurances, acts and things which the
Mortgagor is required to do under the covenants and provisions contained in this Mortgage (including to make any demand upon or to give any notice or receipt to any person owing moneys to the Mortgagor and to execute and deliver any charges, legal
mortgages, assignments or other security and any transfers of securities) and generally in its name and on its behalf to exercise all or any of the powers, authorities and discretions conferred by or pursuant to this Mortgage or by statute on the
Mortgagee or any such Receiver, delegate or sub-delegate and (without prejudice to the generality of the foregoing) to seal and deliver and otherwise perfect any deed, assurance, agreement, instrument or act which it may reasonably deem proper in or
for the purpose of exercising any of such powers, authorities and discretions. 
 11.2 Ratification The Mortgagor hereby ratifies and confirms and
agrees to ratify and confirm whatever any such attorney as is mentioned in Clause 11.1 (Appointment) shall do or purport to do in the exercise or purported exercise of all or any of the powers, authorities and discretions referred to in such
Clause 11.1 (Appointment). 
  

 12 

	12	DELEGATION 

 The Mortgagee or any Receiver appointed hereunder may
at any time and from time to time delegate by power of attorney or in any other manner to any properly qualified person or persons all or any of the powers, authorities and discretions which are for the time being exercisable by the Mortgagee or
such Receiver under this Mortgage in relation to the Security Assets or any part thereof. Any such delegation may be made upon such terms (including power to sub-delegate) and subject to such regulations as the Mortgagee or such Receiver may think
fit. Neither the Mortgagee nor any Receiver shall be in any way liable or responsible to the Mortgagor for any loss or damage arising from any act, default, omission or misconduct on the part of any such delegate or sub-delegate, provided the
Mortgagee or Receiver gives the Mortgagor notice of such delegation. 
  

	13	NO LIABILITY AS MORTGAGEE IN POSSESSION 

 Neither the Mortgagee nor
its nominee nor any Receiver shall by reason of entering into possession of the Enforcement Security Assets or any of them be liable: 
  

	(a)	to account as mortgagee in possession or be liable for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable;

  

	(b)	for failing to present any coupon or other document relating to any of the Enforcement Security Assets; 

  

	(c)	for accepting or failing to accept any offer relating to any of the Enforcement Security Assets; 

  

	(d)	for failing to attend or vote at any meetings relating to the Enforcement Security Assets; 

  

	(e)	for failing to notify the Mortgagor of any communication received by the Mortgagee or Receiver in relation to the Enforcement Security Assets; or 

  

	(f)	for any loss arising out of or in connection with the exercise or non-exercise of any rights or powers (with the exception of the undertaking with respect to enforcement of
this Mortgage under Clause 8.1(a)) attaching or accruing to the Enforcement Security Assets or which may be exercised by the Mortgagee or any nominee for the Mortgagee or Receiver under this Mortgage. 

 except in the case of gross negligence, fraud or wilful misconduct on the part of the Mortgagee or such Receiver, respectively. Every Receiver duly appointed by the
Mortgagee under the powers set forth herein shall be deemed to be the agent of the Mortgagor for all purposes and shall as such agent for all purposes be deemed to be in the same position as a Receiver duly appointed by a mortgagee under applicable
law. The Mortgagor alone shall be responsible for its contracts, engagements, acts, omissions, defaults and losses and for liabilities incurred by it and neither the Mortgagee nor any Receiver shall incur any liability therefor (either to the
Mortgagor or to any other person whatsoever) or for any other reason whatsoever other than for their gross negligence, fraud or wilful misconduct. 
  

 13 

	14	PROTECTION OF THIRD PARTIES 

 No purchaser, mortgagee or other
person dealing with the Mortgagee or the Receiver or its agents shall be concerned to enquire whether the Secured Obligations have become due for performance or whether any power which the Mortgagee or Receiver is purporting to exercise has become
exercisable or whether any of the Secured Obligations remains outstanding or to see to the application of any money paid to the Mortgagee or to such Receiver. 
  

	15	STAMP DUTIES 

 The Mortgagor shall pay and, forthwith on demand,
indemnify the Mortgagee against any liability it incurs in respect of any stamp, registration and similar tax which is or becomes payable in connection with the performance or enforcement of this Mortgage. 
  

	16	ADDITIONAL PROVISIONS 

 16.1 Provisions Severable 

 

	(a)	If a provision of this Mortgage is, or but for this Clause 15.1 would be, held to be illegal, invalid or unenforceable, in whole or in part, in any jurisdiction the provision
shall be ineffective to the extent of such illegality, invalidity or unenforceability without rendering the remaining provisions of this Mortgage illegal, invalid or unenforceable, and any such illegality, invalidity or unenforceability in any
jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

  

	(b)	If a provision of this Mortgage is held to be illegal, invalid or unenforceable, in whole or in part and paragraph (a) of this Clause 15.1 (Provisions Severable)
cannot be used to make it legal, valid and enforceable, either party to this Mortgage may require the other party to enter into a deed under which that other party undertakes in the terms of the original provision, but subject to such amendments as
are necessary or required in order to make the provision legal, valid and enforceable. No party will be obliged to enter into a deed that would increase its liability beyond that contained in this Mortgage had all its provisions been legal, valid
and enforceable. 

 16.2 Potentially Avoided Payments If the Mortgagee considers (acting reasonably) that an amount paid to the
Mortgagee under the Option Agreement or this Mortgage is capable of being avoided or otherwise set aside on the liquidation or administration of the person by whom such amount is paid, then for the purposes of this Mortgage, such shall be regarded
as not having been paid, provided that if such amount is not avoided or otherwise set aside following such liquidation or administration, the Mortgagee shall not be entitled to regard such amount as not having been paid. 
 16.3 Variation This Mortgage shall not be varied except by an agreement in writing between the Mortgagor and Mortgagee and, in the case of Clause 8.1 (Process
upon Enforcement of Security) above, all parties including CEDC. 
  

	17	REMEDIES AND WAIVERS 

 A delay in exercising, or failure to
exercise, any right or remedy under this Mortgage does not constitute a waiver of such or other rights or remedies and does not operate to prevent the 

  

 14 

 
exercise or enforcement of any such right or remedy. No single or partial exercise of any right or remedy under this Mortgage prevents further exercise of
such or other rights or remedies. The rights, powers and remedies provided in this Mortgage are cumulative and not exclusive of any rights and remedies provided by law. The Mortgagee may, in connection with the exercise of its powers, join or concur
with any person in any transaction scheme or arrangement whatsoever. A waiver given or consent granted by the Mortgagee under this Mortgage will be effective only if given in writing and then only in the instance and for the purpose for which it is
given. 
  

	18	NOTICES 

 18.1 Communications in Writing A notice, other
communication or document given under this Mortgage other than as set out in Clause 22 (Notices) of the Option Agreement shall be in writing and signed by or on behalf of the person giving it and, unless otherwise stated, may be made or
delivered personally, posted or faxed in accordance with Clause 19.3 (Delivery). 
 18.2 Addresses The address and fax number (and the
department or officer, if any, for whose attention the notice, other communication or document is to be made or delivered) of each party for any notice, communication or document to be made or delivered under or in connection with this Mortgage is
that identified with its name below, or any substitute address, fax number or department or officer as the relevant party notifies to the other party by not less than five Business Days notice. 
 18.3 Delivery 
  

	(a)	Any notice, other communication or document so addressed shall be deemed to have been received: 

  

	 	(i)	if personally delivered, at the time of delivery; 

  

	 	(ii)	if sent by pre-paid first class post, recorded delivery or registered post, two Business Days after the date of posting to the relevant address; 

  

	 	(iii)	if sent by registered air-mail, five Business Days after the date of posting to the relevant address; and 

  

	 	(iv)	if sent by fax, on successful completion of its transmission as per transmission report from the machine from which the fax was sent, save that if such notice, communication
or document is received after normal working hours (which shall be deemed to be 8.30 a.m. and 5.30 p.m. on any Business Day in the country of the recipient), such notice, communication or document shall be deemed to have been received on the next
Business Day, 

 and, if a particular department or officer is specified as part of its address details provided under Clause
18.2 (Addresses), if addressed to that department or officer. 
  

	(b)	For the avoidance of doubt, notice given under this Mortgage shall not be validly served if given by e-mail. 

  

 15 

	19	COSTS AND EXPENSES 

 19.1 Costs and Expenses Subject to any
term of this Mortgage, any Transaction Document or any other agreement between the parties hereto, each party hereto shall bear its own costs and EXPENSES in connection with the negotiation, preparation, execution, modification, amendment,
release and/or preservation of any of its rights under this Mortgage. 
 19.2 Indemnity The Mortgagor shall indemnify the Mortgagee on demand against
any and all properly incorrect costs, claims, losses, expenses (including legal fees) and liabilities, and any VAT thereon, which the Mortgagee may incur as a result of the occurrence of any Enforcement Event or the exercise by the Mortgagee of any
of its rights and powers under this Mortgage. 
 19.3 Interest The amounts payable under Clauses 19.1 (Costs and Expenses) and 19.2
(Indemnity) above shall bear interest (compounded monthly) at the Default Rate (payable as well after as before judgment), from the dates on which they were paid or incurred by the Mortgagee to the date of payment thereof by the Mortgagor.

  

	20	CURRENCY OF ACCOUNT 

 20.1 Currency of Account All payments
hereunder shall be made in immediately available funds in the currency and to the account specified by the Mortgagee in the corresponding demand. 
 20.2
Currency Conversion If notwithstanding Clause 20.1 (Currency of Account) any monies are received or held by the Mortgagee in a currency other than that specified in such demand, such monies shall be converted into the currency specified
in the demand issued by the Mortgagee pursuant to Clause 20.1 (Currency of Account) to cover the Secured Obligations in that other currency at the spot rate of exchange quoted by a bank selected by the Mortgagee (acting reasonably) then
prevailing for purchasing that other currency with the existing currency. 
 20.3 No Discharge No payment to the Mortgagee (whether under any judgment
or court order or otherwise) shall discharge the obligation or liability of the Mortgagor unless and until the Mortgagee shall have received payment in full in the currency in which the obligation or liability was incurred and to the extent that the
amount of any such payment shall on actual conversion into such currency fall short of such obligation or liability expressed in that currency the Mortgagee shall have a further separate cause of action against the Mortgagor to recover the amount of
the shortfall. 
 20.4 Currency Indemnity If any sum due from the Mortgagor under this Mortgage or any order or judgment given or made in relation
hereto has to be converted from the currency (the “first currency”) in which the same is payable hereunder or under such order or judgment into another currency (the “second currency”) for the purpose of
(1) making or filing a claim or proof against the Mortgagor; (2) obtaining an order or judgment in any court or other tribunal; or (3) enforcing any order or judgment given or made in relation hereto, the Mortgagor shall indemnify and
hold harmless the Mortgagee from and against any loss suffered or incurred as a result of any discrepancy between (A) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and
(B) the rate or rates of exchange at which the Mortgagee may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order,
judgment, claim or proof. 
  

 16 

	21	ASSIGNMENTS, ETC 

 21.1 The Mortgagee The Mortgagee may
assign and transfer all of its respective rights and obligations hereunder to a replacement Mortgagee appointed in accordance with the terms of this Mortgage to act as Mortgagee on behalf [Lion/Rally Cayman 7 L.P.]. Upon such
assignment and transfer taking effect, the replacement Mortgagee shall be and be deemed to be acting as Mortgagee for [Lion/Rally Cayman 7 L.P.] for the purposes of this Mortgage in place of the old Mortgagee. 
 21.2 The Mortgagor The Mortgagor shall not be entitled to transfer or assign all or any of its rights or obligations in respect of this Mortgage without the prior
written consent of the Mortgagee. 
  

	22	SET-OFF 

 Where an Enforcement Event has occurred and is continuing,
the Mortgagee may (but shall not be obliged to) set off any obligation which is due and payable by the Mortgagor and unpaid against any obligation (whether or not matured) owed by the Mortgagee to the Mortgagor, regardless of the place of payment,
booking branch or currency of either obligation. If the obligations are in different currencies, the Mortgagee may convert either obligation at the closing mid-market rate of exchange applying to such currencies, as against the US Dollar, as
published in the Financial Times on the day of such set off (in respect of the previous days’ closing mid-market rate) for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Mortgagee may set off in an amount
estimated by it in good faith to be the amount of that obligation. 
  

	23	COVENANT TO RELEASE 

 Upon the expiry of the Security Period or as
otherwise permitted under the terms of any Transaction Document (but not otherwise), the Mortgagee shall (or procure that its nominees shall), at the request and cost of the Mortgagor, execute and do all such deeds, acts and things as may be
necessary to release the Security Assets from the security constituted hereby. The Mortgagee shall not be bound to return the identical shares which were deposited, held or transferred and the Mortgagor shall accept shares of the same class and
denomination. 
  

	24	GOVERNING LAW 

 This Mortgage is governed by, and shall be construed
in accordance with, Cayman Islands law. 
  

	25	JURISDICTION 

 25.1 Exclusive jurisdiction For the benefit of
the Mortgagee, and subject to Clause 25.4 (Proceedings in Other Jurisdictions) below, each of the Mortgagor and CEDC hereby irrevocably agrees that: 
  

	(a)	any dispute, controversy or claim arising out of or in connection with this Mortgage (including a dispute regarding the existence, validity or termination of this Mortgage or
the consequences of its nullity), the security constituted by this Mortgage (a “Dispute”) shall be heard by the courts of the Cayman Islands; and 

  

 17 

	(b)	the courts of the Cayman Islands shall have exclusive jurisdiction to hear and determine any suit, action or proceedings (“Proceedings”) and to settle any
Disputes and, for such purposes, irrevocably submits to the jurisdiction of such courts. 

 25.2 Service of Process The Mortgagor and
CEDC each submit to the jurisdiction of the courts of the Cayman Islands. Without prejudice to any other mode of service allowed under any relevant law, CEDC: 
  

	(a)	irrevocably appoints Maples Corporate Services Limited (at PO Box 309, Ugland House, South Church Street, George Town, Grand Cayman KY1-1104, Cayman Islands, Tel: +1 345 949
8066, Fax: +1 345 949 8080) as its agent for service of process in relation to any Proceedings before the Cayman Islands courts in connection with any Dispute; and 

  

	(b)	agrees that failure by an agent for service of process to notify the Mortgagor and/or CEDC of the process will not invalidate the proceedings concerned.

 If any person appointed as agent for service of process is unable for any reason to act as agent for service of process, CEDC must
immediately (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Mortgagee. Failing this, the Mortgagee may appoint another agent for this purpose. 
 25.3 Waiver of Objection Each of the parties to this Mortgage other than the Mortgagee irrevocably waives any objection which it might now or hereafter have to
Proceedings being brought or Disputes settled in the courts of the Cayman Islands and agrees not to claim that any such court is an inconvenient or inappropriate forum. 
 25.4 Proceedings in Other Jurisdictions Nothing in this Mortgage limits (and shall not be construed so as to limit) the right of the Mortgagee to bring Proceedings, including third party proceedings, against
the Mortgagor and/or CEDC or to apply for interim remedies, in connection with this Mortgage in any other court of competent jurisdiction, nor shall the taking of Proceedings by the Mortgagee in any one or more jurisdictions preclude the taking of
Proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law. The obtaining by the Mortgagee of judgement in one jurisdiction shall not prevent the Mortgagee from bringing or continuing
Proceedings in any other jurisdiction, whether or not these shall be founded on the same cause of action. 
 25.5 Waiver of Immunity To the extent
that any party to this Mortgage other than the Mortgagee may in any jurisdiction claim for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process and to the
extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claims), such party hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the full extent permitted by
the laws of such jurisdiction. 
  

 18 

	26	COUNTERPARTS AND EFFECTIVENESS 

 26.1 Counterparts This
Mortgage may be executed in any number of counterparts, each of which when executed and delivered constitutes an original of this Mortgage, but all the counterparts shall together constitute one and the same agreement. 
 26.2 Effectiveness This Mortgage shall come into effect as a Deed on the date set forth above. 
 IN WITNESS WHEREOF THIS MORTGAGE HAS BEEN EXECUTED AS A DEED by the parties hereto on the date stated at the beginning of this Mortgage. 
  

 19 

 SCHEDULE 1 
 SHARE TRANSFER FORM 
 We, [            ]
(the “Transferor”) for good and valuable consideration received by us from [            ] (the “Transferee”) do hereby: 
  

	1.	transfer to the Transferee [            ]
([            ]) [            ] shares of par value
US$[            ] each (the “Share”) standing in our name in the register of the Company to hold unto the Transferee, and assigns, subject to the several conditions
on which we held the same at the time of execution of this Share Transfer Form; and 

  

	2.	consent that our name remains on the register of the Company until such time as the Company enters the Transferee’s name in the register of the Company;

 And I/we, the Transferee, do hereby agree to take the Share subject to the same conditions. 
 As Witness Our Hands 
 Signed by the Transferor on 
 [            ] in the presence of: 
  

					
	  
	 		 	  

	Witness	 		 	Transferor

 Signed by the Transferee on 
 [            ] in the presence of: 
  

					
	  
	 		 	  

	Witness	 		 	Transferee

  

 20 

 And I/we do hereby agree to take the Shares. 
  

							
	SIGNED by the Transferee by:	 	)	 		 	  

		 	)	 		 	Duly Authorised Signatory
		 	)	 		 	
		 	)	 		 	Name:
		 	)	 		 	
		 	)	 		 	Title:
		 	)	 		 	

  

	
	in the presence of:
	  

	Signature of Witness

  

					
	 Name:
	 	  
	 	
			
	 Address:
	 	  
	 	
			
	 Occupation:
	 	  
	 	

  

 21 

 SCHEDULE 2 
 PART I 
 IRREVOCABLE APPOINTMENT OF PROXY 
 We, [MORTGAGOR], hereby irrevocably appoint [MORTGAGEE] as our proxy to vote at meetings of the Shareholders of [Issuer] (the
“Company”), while an Enforcement Event (as defined in the Mortgage) is continuing, in respect of any existing or further shares in the Company which may have been or may from time to time be issued and/or registered in our name.
This proxy is irrevocable by reason of being coupled with the interest of [MORTGAGEE] as mortgagee of the aforesaid shares pursuant to a Mortgage dated [l] (the “Mortgage”). 

IN WITNESS whereof this instrument has been duly executed as a deed this [            ] day
of [            ]. 
  

							
	EXECUTED AS A DEED by [MORTGAGOR]:	 	)	 		 	  

		 	)	 		 	Duly Authorised Signatory
		 	)	 		 	
		 	)	 		 	Name:
		 	)	 		 	
		 	)	 		 	Title:
		 	)	 		 	
				
	in the presence of:	 		 		 	
				
	  
	 		 		 	
	Signature of Witness	 		 		 	
				
	Name:	 		 		 	
				
	Address:	 		 		 	
				
	Occupation:	 		 		 	

  

 22 

 PART II 
 IRREVOCABLE APPOINTMENT OF POWER OF ATTORNEY 
 We, [MORTGAGOR], hereby irrevocably appoint
[MORTGAGEE] as our duly authorised representative and duly appointed attorney-in-fact to sign resolutions in writing of [Issuer] (the “Company”), while an Enforcement Event (as defined in the Mortgage) is
continuing, in respect of any existing or further shares in the Company which may have been or may from time to time be issued and/or registered in our name. This power of attorney is irrevocable by reason of being coupled with the interest of
[MORTGAGEE] as mortgagee of the aforesaid shares pursuant to a Mortgage dated [l] (the “Mortgage”). 
 IN WITNESS whereof this instrument has been duly executed as a deed this [            ] day of
[            ]. 
  

							
	EXECUTED AS A DEED by [MORTGAGOR]:	 	)	 		 	  

		 	)	 		 	Duly Authorised Signatory
		 	)	 		 	
		 	)	 		 	Name:
		 	)	 		 	
		 	)	 		 	Title:
				
	in the presence of:	 		 		 	
				
	  
	 		 		 	
	Signature of Witness	 		 		 	
				
	Name:	 		 		 	
				
	Address:	 		 		 	
				
	Occupation:	 		 		 	

  

 23 

 SIGNATORIES 
  

							
	 THE MORTGAGOR
	  		  		  	
				
	 Executed as a deed by
	  	)	  		  	
	[LION/RALLY CAYMAN 4]	  	)	  		  	

							
				
	  
	  	Signature of director	 	  
	  	Signature of director/secretary
				
	  
	  	Name of director	 	  
	  	Name of director/secretary

 in the presence of: 
 [                    ] 
 Address:

 Fax number: 
 Attn: 
  

							
	THE MORTGAGEE	 		 		 	
				
	Executed as a deed by	 	 )
	 		 	
	[LION/RALLY CAYMAN 7 L.P.]	 	 )
	 		 	
	acting by its general partner 	 	 )
	 		 	
	[                    ]	 	 )
	 		 	

  

							
	  
	 	Signature of director	 	  
	  	Signature of director/secretary
				
	  
	 	Name of director	 	  
	  	Name of director/secretary

 in the presence of: 
 [                    ] 
 Address:

 Fax number: 
 Attn: 
  

 24 

							
	CEDC	 		  		  	
				
	 Executed as a deed by
	 		  	)	  	
	[CENTRAL EUROPEAN 	 		  	)	  	
	DISTRIBUTION	 		  	)	  	
	CORPORATION]	 		  	)	  	

  

							
	  
	  	Signature of director	 	  
	  	Signature of director/secretary
				
	  
	  	Name of director	 	  
	  	Name of director/secretary

 in the presence of: 
 [            ] 
 Address: 
 Fax number: 
 Attn: 
  

 25 

 [            ] 2009 
 SHARE MORTGAGE 
 between

 [LION/RALLY CAYMAN 5] 
 as Mortgagor 
 and 
 [LION/RALLY CAYMAN 7 L.P.] 
 as Mortgagee 
 and 
 CENTRAL EUROPEAN DISTRIBUTION
CORPORATION 
 WEIL, GOTSHAL & MANGES 
 One South Place London EC2M 2WG 
 Tel: +44 (0) 20 7903 1000 Fax: +44 (0) 20 7903 0990 
 www.weil.com 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 1
	  	INTERPRETATION	  	1
			
	 2
	  	COVENANT	  	3
			
	 3
	  	CREATION OF SECURITY	  	3
			
	 4
	  	TRANSFER DOCUMENTS	  	4
			
	 5
	  	CONTINUING SECURITY	  	5
			
	 6
	  	REPRESENTATIONS AND WARRANTIES	  	8
			
	 7
	  	UNDERTAKINGS OF MORTGAGOR	  	9
			
	 8
	  	ENFORCEMENT OF SECURITY	  	10
			
	 9
	  	RECEIVER	  	10
			
	 10
	  	FURTHER ASSURANCES	  	12
			
	 11
	  	POWER OF ATTORNEY	  	12
			
	 12
	  	DELEGATION	  	13
			
	 13
	  	NO LIABILITY AS MORTGAGEE IN POSSESSION	  	13
			
	 14
	  	PROTECTION OF THIRD PARTIES	  	14
			
	 15
	  	STAMP DUTIES	  	14
			
	 16
	  	ADDITIONAL PROVISIONS	  	14
			
	 17
	  	REMEDIES AND WAIVERS	  	14
			
	 18
	  	NOTICES	  	15
			
	 19
	  	COSTS AND EXPENSES	  	16
			
	 20
	  	CURRENCY OF ACCOUNT	  	16
			
	 21
	  	ASSIGNMENTS, ETC	  	17
			
	 22
	  	SET-OFF	  	17
			
	 23
	  	COVENANT TO RELEASE	  	17
			
	 24
	  	GOVERNING LAW	  	17
			
	 25
	  	JURISDICTION	  	17
			
	 26
	  	COUNTERPARTS AND EFFECTIVENESS	  	19
		
	 SCHEDULE 1    SHARE TRANSFER FORM
	  	20
		
	 SCHEDULE 2    PART I IRREVOCABLE APPOINTMENT OF PROXY
	  	22
		
	 SIGNATORIES
	  	24

  

 i 

 THIS MORTGAGE (this “Mortgage”) is made as a deed on the [—] day of [—] 2009 
 BETWEEN: 
  

	(1)	[LION/RALLY CAYMAN 5], a company incorporated in the Cayman Islands whose registered office is at [—] (“the
“Mortgagor”); 

  

	(2)	[LION/RALLY CAYMAN 7 L.P.], a Cayman Exempted Limited Partnership whose principal place of business is at [—] acting
through its general partner [—] whose registered office is at [—] (the “Mortgagee”); and 

  

	(3)	CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a company incorporated in Delaware, whose principal place of business is at ul. Babrowiecka6, 02 278 Warsawa, Poland
(“CEDC”). 

 WHEREAS: 
  

	(A)	The Mortgagor and the Mortgagee have entered into an Option Agreement dated on or about the date hereof. Clause [14.2] of the Option Agreement requires
[Lion/Rally Cayman 5] to enter into this Mortgage. 

  

	(B)	The Option Agreement provides for the Mortgagor to sell to [Lion/Rally Cayman 7] a number of the Shares (as defined in the Option Agreement) following each
Cayman 7 Call Option Exercise Date (as defined in the Option Agreement) and/or for [Lion/Rally Cayman 7] to acquire such Shares following any Holdco Put Option Exercise Date (as defined in the Option Agreement). Clause
[13.3] of the Option Agreement provides that the Mortgagee may only enforce its rights under this Mortgage in relation to those Shares in respect of which the Mortgagor is in breach of its obligations under the Option Agreement to have
transferred to [Lion/Rally Cayman 7] (the Enforcement Shares, as defined below). Accordingly, there may be more than one enforcement under this Mortgage depending on the number of such breaches. 

  

	(C)	The board of directors of the Mortgagor is satisfied that the Mortgagor will receive direct and/or indirect economic benefit from the transactions under the Option Agreement
and that entering into this Mortgage is for the purposes and to the benefit of the Mortgagor and its business. 

  

	(D)	The Mortgagee and the Mortgagor intend this Mortgage to, and it shall, take effect as a deed. 

 IT IS AGREED as follows: 
 1 INTERPRETATION 
 1.1 Definitions In this Mortgage the following terms have the meanings given to them in this Clause 1.1, except where the context
otherwise requires. 
 “Default Rate” means 12% per annum. 
  

 1 

 “Enforcement Event” means a breach by the Mortgagor of an obligation under the Option Agreement
to transfer any Security Assets to [Lion/Rally Cayman 7], which Enforcement Event is “continuing” until such breach is waived, remedied or such obligation is satisfied by enforcement of this Mortgage.

 “Enforcement Related Rights” means: 
  

	(a)	any dividend or interest paid or payable in relation to any of the Enforcement Shares, in each case arising while an Enforcement has occurred and is continuing;

  

	(b)	any stock, shares, debentures, bonds, warrants, options, securities, rights, benefits, advantages, moneys or property accruing or offered, in each case while an Enforcement
Event has occurred and is continuing, (whether by way of redemption, substitution, exchange, conversion, replacement, bonus or preference, under option rights or otherwise) to or in respect of any of the Shares or in substitution or exchange for or
otherwise derived from any of the Enforcement Shares; and 

  

	(c)	any dividend, interest or other income in respect of any asset referred to in paragraph (b) above, in each case arising while an Enforcement Event has occurred and is
continuing. 

 “Enforcement Security Assets” means the Enforcement Shares and the Enforcement Related Rights. 
 “Enforcement Shares” has the meaning given in Clause 8.1(a) (Process Upon Enforcement of Security). 
 “Encumbrance” has the meaning given in the Option Agreement. 
 “Issuer” means [Lion/Rally Cayman 6]. 
 “Letter of Undertaking” has the meaning given in the Option
Agreement. 
 “Option Agreement” means the Option Agreement dated on or about the date of this Mortgage between the Mortgagor, the
Mortgagee, [Lion/Rally Cayman 4] and CEDC. 
 “Receiver” means a receiver and manager or (if the Mortgagee so specifies in the
relevant appointment) a receiver, in either case, appointed under this Mortgage. 
 “Related Rights” means: 
  

	(d)	any dividend or interest paid or payable in relation to any of the Shares; 

  

	(e)	any stock, shares, debentures, bonds, warrants, options, securities, rights, benefits, advantages, moneys or property accruing or offered at any time, present and future,
(whether by way of redemption, substitution, exchange, conversion, replacement, bonus or preference, under option rights or otherwise) to or in respect of any of the Shares or in substitution or exchange for or otherwise derived from any of the
Shares; and 

  

	(f)	any dividend, interest or other income in respect of any asset referred to in paragraph (b) above. 

  

 2 

 “Secured Obligations” 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 the Mortgagor under the Option Agreement to transfer Security Assets to [Lion/Rally Cayman 7]. 
 “Security Assets” means the Shares and the Related Rights. 
 “Security Period” means the period beginning on the date of this Mortgage and ending on the date upon which the Mortgagee is satisfied that all the Secured Obligations have been unconditionally and irrevocably paid and/or
discharged in full in cash or the security interests contemplated to be created hereby have been unconditionally and irrevocably released and discharged in full. 
 “Shares” means the shares in the capital of the Issuer and owned either legally or beneficially at any time now or in the future by the Mortgagor or transferred or assigned to the Mortgagor pursuant to the Option Agreement.

 “Transaction Document” has the meaning given in the Option Agreement. 
 1.2 Interpretation Unless expressly defined in this Mortgage, capitalised terms defined in the Option Agreement have the same meanings in this Mortgage and the construction rules set out in Clause 1.2 of the
Option Agreement shall apply to this Mortgage, mutatis mutandis, as though they were set out in full in this Mortgage except that references to “this Agreement” shall be construed as references to this Mortgage. 
  

	2	COVENANT  

 The Mortgagor covenants with the Mortgagee that it will
discharge each of the Secured Obligations when due in the manner provided for in the Option Agreement. 
  

	3	CREATION OF SECURITY 

 The Mortgagor as continuing security for the
discharge and performance of all the Secured Obligations, hereby as legal and beneficial owner (subject to the terms of any Transaction Document): 
  

	(a)	mortgages and charges and agrees to mortgage and charge to the Mortgagee all the Shares held now or in the future by it and/or any nominee on its behalf, by way of first
fixed charge and first equitable mortgage; and 

  

	(b)	mortgages and charges and agrees to mortgage and charge to the Mortgagee all the Related Rights held now or in the future by it and/or any nominee on its behalf, by way of
first fixed charge and first equitable mortgage; and 

  

	(c)	(to the extent they are not effectively mortgaged or charged pursuant to paragraphs (a) and (b) above), charges the Shares and the Related Rights held now or in the future
by it and/or any nominee on its behalf, by way of first floating charge, 

 PROVIDED THAT whilst no Enforcement Event has occurred and is
continuing (and, other than in respect of the Enforcement Security Assets, at all times including whilst an Enforcement Event has occurred and is continuing) the Mortgagor shall be entitled (notwithstanding the security contemplated to be created
hereby): 
  

	 	(i)	to receive all dividends, interest and income from and any property accruing or in respect of the Security Assets; 

  

 3 

	 	(ii)	to make distributions to [Lion/Rally Carry Eng L.P.] pursuant to any Transaction Document (other than distributions in specie of the Shares); and

  

	 	(iii)	to exercise, any voting or other rights attached to any of the Security Assets (subject to the terms of any Transaction Document), provided that if a resolution is proposed
which, in the opinion of the Mortgagee (acting reasonably), might reasonably be expected to prejudice the security created under this Mortgage in any material respect, then such votes will be exercised by the Mortgagor only in accordance with the
instructions of the Mortgagee, 

 and the Mortgagee shall, if requested by the Mortgagor, appoint the Mortgagor its proxy to exercise such
rights and powers or, insofar as necessary the Mortgagee will comply with or procure that any nominee of the Mortgagee shall comply with such instructions of the Mortgagor in respect thereof, in either case as soon as reasonably practicable.

  

	4	TRANSFER DOCUMENTS 

 4.1 Delivery of Documents The Mortgagor
shall, as soon as reasonably practicable after the date of this Mortgage and following the acquisition from time to time of Security Assets, subject to the terms of any Transaction Document: 
  

	(a)	deposit with the Mortgagee (or as the Mortgagee may direct) all bearer instruments, share certificates (if any) and any other documents of title or evidence of ownership in
relation to the Security Assets as are owned by it, as at the date hereof and following the acquisition from time to time of Security Assets, or in which it has or acquires an interest which entitles it to control such documents;

  

	(b)	deliver to the Mortgagee five copies of the share transfer form in the form set out in Schedule 1 to this Mortgage and any other documents (in each case duly executed
but undated) as may be reasonably requested by the Mortgagee in order to enable the Mortgagee (or its nominee) to be registered as the owner or otherwise to obtain a legal title to the Security Assets on or following an Enforcement Event which is
continuing pursuant to Clause 4.2 (Registration on Transfer) below; and 

  

	(c)	deliver to the Mortgagee a duly executed and dated irrevocable proxy and a duly executed and dated irrevocable power of attorney made in respect of the Security Assets in
favour of the Mortgagee in respect of all general meetings and written resolutions of the Issuer respectively in the forms set out in Parts I and II of Schedule 2 to this Mortgage. 

 4.2 Registration on Transfer The Mortgagor hereby: 
  

	(a)	authorises the Mortgagee, at any time on or following an Enforcement Event which is continuing: 

  

	 	(i)	to arrange for any of the Enforcement Security Assets to be registered in the name of the Mortgagee (or its nominee); and/or 

  

 4 

	 	(ii)	(under its powers of realisation) to transfer or cause the Enforcement Security Assets to be transferred to and registered in the name of the Mortgagee (or its nominee) or any
purchaser or transferee and to date, issue and/or otherwise deal with any of the documents delivered under Clause 4.1 (Delivery of Documents); and 

  

	(b)	undertakes from time to time, following an Enforcement Event which is continuing: 

  

	 	(i)	promptly to execute and sign all transfers, contract notes, powers of attorney and other documents (and to procure the registration of any such transfer of the Enforcement
Security Assets in the relevant shareholders register) that may be required by the Mortgagee in connection with paragraph (a) above; and 

  

	 	(ii)	if the Mortgagee so requests, to procure that all such share transfer forms are forthwith registered by the relevant person and that any share certificates in the name of the
Mortgagee (or such nominee) in respect of the Enforcement Security Assets are forthwith delivered to the Mortgagee. 

 4.3 Liability to
Perform Notwithstanding anything to the contrary herein contained, the Mortgagor shall remain liable to observe and perform all of the conditions and obligations assumed by it in respect of the Security Assets and, without limitation, to pay all
calls or other payments that may become due in respect of any of the Security Assets. The Mortgagee shall not be required in any manner to perform or fulfil any obligation of the Mortgagor in respect of the Security Assets, or to make any payment,
or to make any enquiry as to the nature or sufficiency of any payment received by it, or to present or file any claim or take any other action to collect or enforce the payment of any amount to which it may have been or to which it may be entitled
hereunder at any time or times. 
 4.4 Subsequently Acquired Shares The Mortgagor shall, forthwith upon it becoming the registered owner of and/or
receiving any share certificates in respect of any Security Assets after the date hereof: 
  

	(a)	deliver to the Mortgagee the share certificates in respect thereof (if any) together with all such share transfer forms or other share transfer documentation (in the form set
out at Schedule 1 to this Mortgage) in respect of such Security Assets duly executed in blank by or on behalf of the Mortgagor as appropriate; and 

  

	(b)	deliver to the Mortgagee any other documents as may be reasonably requested by the Mortgagee in order to enable the Mortgagee (or its nominee) to be registered as the owner
or otherwise to obtain a legal title to the Security Assets on or following an Enforcement Event which is continuing pursuant to Clause 4.2 (Registration on Transfer) above. 

  

	5	CONTINUING SECURITY 

 5.1 Continuing Security The security
constituted by this Mortgage shall be continuing security which shall extend to all the Secured Obligations and shall not be considered as satisfied or discharged by any intermediate performance or settlement of all or any of the Secured
Obligations, or by any enforcement of this Mortgage in respect of any Enforcement Security Assets whilst any Secured Obligations remain outstanding. 
  

 5 

 5.2 Avoided Payments Where any release or discharge or other arrangement in respect of all or part of the Secured
Obligations (or in respect of any security for those Secured Obligations including the security created under this Mortgage) is made in reliance on any payment, security or other disposition which is avoided or must be restored in an insolvency,
liquidation or otherwise and whether or not the Mortgagee has conceded or compromised any claim that any payment, security or other disposition will or should be avoided, the obligations of the Mortgagor to perform the Secured Obligation and the
obligations of the Mortgagor under this Mortgage shall continue as if such release, discharge or other arrangement had not been made. 
 5.3 Waiver of
Defences The obligations of the Mortgagor hereunder will not be affected by any act, omission, circumstance, matter or thing which but for this provision would release or prejudice any of its obligations hereunder or prejudice or diminish such
obligations in whole or in part, including whether or not known to the Mortgagor or the Mortgagee or any other person whatsoever: 
  

	(a)	any time, indulgence or waiver granted to, or composition with, any the Mortgagor or any other person; or 

  

	(b)	the taking, variation, compromise, exchange, renewal or release of, refusal or neglect to perfect, take up or enforce any rights or remedies against, or any security over
assets of the Mortgagor or any other person or any non-presentment or non-observance of any formality or other requirement in respect of any instruments or any failure to realise the full value of any other security; or 

  

	(c)	any incapacity or lack of powers, authority or dissolution or change in the members or status of the Mortgagor or any other person; or 

  

	(d)	any variation (however fundamental and whether or not involving any increase in the liability of the Mortgagor or any other person thereunder), replacement and/or restatement
of any Transaction Document or any other document or security so that references to that Option Agreement or other document or security in this Mortgage shall include each such variation, replacement and/or restatement; or 

 

	(e)	the unenforceability, illegality or invalidity of any obligation of any person under any Transaction Document or of any other security the Mortgagee may hold in respect of
the Secured Obligations (or any of them) or otherwise; or 

  

	(f)	any postponement, discharge, reduction, non-provability or other similar circumstances affecting any obligation of the Mortgagor or any other person under any Transaction
Document resulting from any insolvency, liquidation or dissolution proceedings or from any law, regulation or order or otherwise. 

 The
Mortgagee shall not be concerned to see or investigate the powers or authorities of any Mortgagor or any of its respective officers or agents, and moneys obtained or Secured Obligations incurred in the purported exercise of such powers or
authorities or by any person purporting to be the Mortgagor shall be deemed to form a part of the Secured Obligations, and “Secured Obligations” shall be construed accordingly. 
 5.4 Immediate Recourse The Mortgagee shall not be required to proceed against or enforce any other rights or security it may have or hold in respect of the
Secured Obligations or claim payment from any other person before enforcing the security constituted by the Mortgage. 
  

 6 

 5.5 No Competition Until all the Secured Obligations have been unconditionally and irrevocably discharged or
performed in full, any rights (if any) which the Mortgagor may have: 
  

	(a)	to be subrogated to any rights or security of or moneys held, received or receivable by the Mortgagee (or any agent or trustee on its behalf) with respect to the Secured
Obligations; or 

  

	(b)	to be entitled to any right of contribution or indemnity from any other person; or 

  

	(c)	to claim, rank, prove or vote as a creditor of such other person or its estate in competition with the Mortgagee (or any agent or trustee on its behalf),

 shall be exercised by the Mortgagor only if and to the extent that the Mortgagee so requires and in such manner and upon such terms as the
Mortgagee may specify and the Mortgagor shall hold any moneys, rights or security held or received by it as a result of the exercise of any such rights on trust for the Mortgagee for application in accordance with the terms hereof as if such moneys,
rights or security were held or received by the Mortgagee under this Mortgage. 
 5.6 Additional Security This Mortgage is in addition to and shall
not in any way be prejudiced by, prejudicial to or affect or merge with any other security or right now or hereafter held by the Mortgagee (or any agent or trustee on its behalf) for the Secured Obligations or any of them. 
 5.7 Remedies not Exclusive 
  

	(a)	The rights and remedies of the Mortgagee and any Receiver provided for in this Mortgage: 

  

	 	(i)	may be exercised as often as necessary; 

  

	 	(ii)	are cumulative and not exclusive of any rights or remedies provided by law; and 

  

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

 Delay in exercising or non-exercise of any such right is not a waiver of that right. 
  

	(b)	The Mortgagee may waive any breach by the Mortgagor of any of its obligations hereunder. 

 5.8 Protection of the Mortgagee The Mortgagee shall not be liable in respect of any loss or damage which arises out of the exercise, or the attempted or purported exercise of, or the failure to exercise any of
its powers, with the exception of the undertaking with respect to enforcement of this Mortgage in Clause 8.1(a), unless such loss or damage is caused by its gross negligence, fraud or wilful misconduct. 
  

 7 

	6	REPRESENTATIONS AND WARRANTIES 

 The Mortgagor makes each of the
representations and warranties set out in this Clause 7 and acknowledges that the Mortgagee has entered into the Option Agreement and this Mortgage in reliance on those representations and warranties. 
 6.1 No Filing or Stamp Taxes Under the laws of the Cayman Islands in force at the date hereof, it is not necessary that this Mortgage be filed, recorded or
enrolled with any court or other authority or (save where this Mortgage is executed in, brought into or produced before the court in the Cayman Islands, in which case stamp duty will be payable) that any stamp, registration or similar tax be paid on
or in relation to this Mortgage. 
 6.2 Security Assets As at the date hereof: 
  

	(a)	the Mortgagor has not received notice of any adverse claim in respect of any of the Security Assets; 

  

	(b)	the Mortgagor is (subject to the terms of any Transaction Document) the legal and beneficial owner of the Security Assets and it is the absolute legal owner of the Security
Assets and, as legal and beneficial owner (subject to the terms of any Transaction Document), it is able to mortgage and has so mortgaged the Security Assets; 

  

	(c)	the security created over the Security Assets under this Mortgage constitutes a first priority security interest over the Security Assets; 

  

	(d)	the Security Assets are within the Mortgagor’s disposition and control (subject to the terms of any Transaction Document); 

  

	(e)	except as stated in Clause 3 (Creation of Security) and/or under any Transaction Document, the Mortgagor has not sold or granted any rights of pre-emption over or
agreed to sell or grant any right of pre-emption over or otherwise disposed of or agreed to dispose of the benefit of all or any of its rights, title and interest in and to all or any part of the Security Assets; and 

  

	(f)	the Shares are non-assessable and, except under the Transaction Documents, neither the Shares nor the Related Rights, in each case owned by the Mortgagor, are subject to any
options to purchase or similar rights of any person. 

 6.3 Ability to pay debts The Mortgagor is able to pay its debts as they fall due
in the ordinary course of business. 
 6.4 Representations and Warranties in the Letter of Undertaking The Mortgagor
repeats the representations and warranties given by it in Clause [11] of the Letter of Undertaking. 
  

	6.5	Times of Making Representations and Warranties The representations and warranties set out in this Clause 6: 

  

	(a)	will survive the execution of the Option Agreement and each transfer of any of the Shares to the Mortgagor or other transaction under the Option Agreement; and

  

 8 

	(b)	are made on the date hereof and are deemed to be repeated on the date of each transfer of any of the Shares to the Mortgagor under the Option Agreement during the Security
Period with reference to the facts and circumstances then existing. 

  

	7	UNDERTAKINGS OF MORTGAGOR 

 7.1 Duration The undertakings in
this Clause 7 shall remain in force throughout the Security Period. 
 7.2 Maintenance of Legal Validity Without prejudice to any other agreement
entered into between the parties hereto, the Mortgagor shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws and
regulations of the Cayman Islands to enable it lawfully to enter into and perform its obligations under this Mortgage and to ensure the legality, validity, enforceability or admissibility in evidence of this Mortgage. 
 7.3 Untrue Representations The Mortgagor shall notify the Mortgagee of the occurrence of any event which results in or may reasonably be expected to result in any
of the representations and warranties contained in Clause 6 (Representations and Warranties) being untrue in any material respect. 
 7.4 Proxies
and Powers of Attorney Pursuant to enforcement of the security constituted by this Mortgage, the Mortgagor shall not exercise its voting rights as shareholder of the Issuer so as to frustrate the Mortgagee’s exercise of any irrevocable
proxy and/or irrevocable power of attorney delivered under Clause 4 (Transfer Documents) in the forms set out in Parts I and II of Schedule 2 to this Mortgage. 
 7.5 Restrictions on Dealing The Mortgagor undertakes that, except as permitted or otherwise provided under the terms of or set out in this Mortgage and/or any Transaction Document (as the case may be), it will not: 
  

	(a)	create or permit to subsist any Encumbrance over any Security Asset; or 

  

	(b)	lease, sell, transfer, assign or otherwise dispose of or agree to lease, sell, transfer, assign or otherwise dispose of, any Security Asset or any interest therein.

 7.6 Security Assets The Mortgagor undertakes that, except as permitted or otherwise provided under the terms of or set out in this
Mortgage and/or any Transaction Document (as the case may be): 
  

	(a)	it will remain the legal and beneficial owner of the Security Assets and it will remain the absolute legal owner of the Security Assets; 

  

	(b)	it will not nominate any person or persons to enjoy or exercise all or any of the Mortgagor’s rights in relation to the Security Assets; 

  

	(c)	it will not take any action whereby the rights attaching to the Shares or the Related Rights are altered or diluted except to the extent permitted by the Mortgagee; and

  

	(d)	it will pay all calls and discharge all obligations in relation to the Security Assets. 

  

 9 

	8	ENFORCEMENT OF SECURITY 

 8.1 Process upon Enforcement of
Security 
  

	(a)	Notwithstanding any other provision of this Mortgage, the Mortgagee may only enforce its rights under this Mortgage in accordance with paragraph (b) below in relation to
the Shares in respect of which the Mortgagor is in breach of its obligations under the Option Agreement to have transferred to [Lion/Rally Cayman 7] (the “Enforcement Shares”) and/or any Enforcement Related Rights.
After any such enforcement, the security constituted by this Mortgage shall continue in force unaffected in respect of the remaining Security Assets. 

  

	(b)	On or following the occurrence of an Enforcement Event: 

  

	 	(i)	the Mortgagee may exercise its rights under Clause 4.2(a) of this Mortgage; and 

  

	 	(ii)	the Mortgagor shall promptly perform its obligations under Clause 4.2(b) of this Mortgage, 

 in order to transfer the Enforcement Security Assets to [Lion/Rally Cayman 7] in satisfaction of the Secured Obligations in respect of the
Enforcement Security Assets. 
 8.2 Powers 
  

	(a)	At any time after an Enforcement Event has occurred and is continuing, without any further consent or authority on the part of the Mortgagor, the Mortgagee may, subject to
Clause 8.1 (Process upon Enforcement of Security) above, exercise (or refrain from exercising) at its discretion in the name of the Mortgagor (or the registered holder) in respect of the Enforcement Security Assets any voting rights and any
powers or rights under the terms thereof or otherwise which may be exercised by the person or persons in whose name or names the Enforcement Security Assets are registered or who is the holder thereof. 

  

	(b)	If the Mortgagee takes any such action as is referred to in paragraph (a) above, it shall give notice to the Mortgagor as soon as practicable. 

 

	(c)	For the purposes of giving effect to this Clause 8.2 (Powers) and to the extent that the Enforcement Security Assets remain registered in the name of the Mortgagor,
the Mortgagor hereby irrevocably appoints the Mortgagee (or its nominee) as its proxy to exercise all voting and other rights in respect of the Enforcement Security Assets, in each case while an Enforcement Event has occurred and is continuing.

  

	(d)	The Mortgagor and any Receiver shall have the powers conferred under this Mortgage (and those conferred on the Mortgagee) and under any applicable law.

  

	9	RECEIVER 

 9.1 Appointment of Receiver Subject to Clause 8
above, at any time after the security constituted by this Mortgage becomes enforceable in accordance with its terms or if an application is made for the appointment of or notice is given of intention to appoint an administrator in respect of the
Mortgagor or if requested by the Mortgagor, the Mortgagee 

  

 10 

 
may without further notice appoint under seal, deed or in writing under its hand any one or more persons to be a Receiver of all or any part of the
Enforcement Security Assets in like manner in every respect as if the Mortgagee had become entitled under this Mortgage or under applicable law to exercise the powers thereby conferred. 
 9.2 Powers of Receiver Every Receiver appointed in accordance with Clause 9.1 (Appointment of Receiver) shall have and be entitled, subject to the terms of the Option Agreement, to exercise all of the
powers of the Mortgagee conferred by Clause 8.2 (Powers) in addition to the powers conferred by applicable law on any receiver. The Receiver shall have the power to do all things which, in the opinion of the Receiver, are incidental to any of
the powers, functions, authorities or discretions conferred or vested in the Receiver pursuant to this Mortgage or upon receivers by applicable law generally (including, without limitation, the bringing or defending of proceedings in the name of, or
on behalf of, the Mortgagor; the collection and/or realisation of the Enforcement Security Assets in such manner and on such terms as the Receiver sees fit; and the execution of documents in the name of the Mortgagor (whether under hand, or by way
of deed or by utilisation of the company seal of the Mortgagor or its general partner) and in particular shall have and be entitled to exercise in relation to the Mortgagor all the powers set out below: 
  

	(a)	to exercise all rights of the Mortgagee under or pursuant to this Mortgage including all voting and other rights attaching to the Enforcement Security Assets;

  

	(b)	to make any arrangement or compromise with others over and/or in connection with any of the Enforcement Security Assets as he shall think fit; 

  

	(c)	to appoint managers, officers and agents for the above purposes at such remuneration as the receiver may determine; 

  

	(d)	to redeem any prior encumbrance over and/or in connection with any of the Enforcement Security Assets and settle and pass the accounts of the encumbrancer and any accounts so
settled and passed shall (subject to any manifest error) be conclusive and binding on the Mortgagor and the money so paid shall be deemed an expense properly incurred by the receiver; 

  

	(e)	to pay the proper administrative charges in respect of time spent by its agents and employees in dealing with matters raised by the receiver or relating to the receivership
of the Mortgagor; and 

  

	(f)	to do all such other acts and things as may be considered by the receiver to be incidental or conducive to any of the above matters or powers or otherwise incidental or
conducive to the preservation, improvement or realisation of the Enforcement Security Assets or the value thereof. 

 If at any time there is
more than one Receiver of all or any part of the Enforcement Security Assets, each such Receiver may (unless otherwise stated in any document appointing him) exercise all of the powers conferred on a Receiver under this Mortgage individually and
separately from each other Receiver. 
 9.3 Removal and Remuneration The Mortgagee may from time to time by writing under its hand (subject to any
requirement for an order of the court in the case of an administrative receiver) remove any Receiver appointed by it and may, whenever it may 

  

 11 

 
deem it expedient, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated and may from time to time fix the
remuneration of any Receiver appointed by it provided that such remuneration shall be substantially on market terms. 
 9.4 Mortgagee May Exercise Powers
of Receiver To the fullest extent permitted by law, all or any of the powers, authorities and discretions which are conferred by this Mortgage (either expressly or implied) upon a Receiver may be exercised by the Mortgagee at any time after the
security constituted by this Mortgage has become enforceable in relation to the whole of such Enforcement Security Assets or any part thereof without first appointing a Receiver of such property or any part thereof or notwithstanding the appointment
of a Receiver of such property or any part thereof. 
  

	10	FURTHER ASSURANCES 

 The Mortgagor shall, at its own expense from
time to time, execute and give all such assurances and do all acts and things as the Mortgagee may reasonably require or reasonably consider desirable under the laws of any jurisdiction governing the Security Assets to enable the Mortgagee to
perfect or protect the security intended to be created hereby over the Security Assets or any part thereof or to facilitate the sale of the Security Assets or any part thereof or the exercise by the Mortgagee of any of the rights, powers,
authorities and discretions vested in it or any Receiver of the Security Assets or any part thereof or any such delegate or sub-delegate as aforesaid. To that intent, without prejudice to the generality of the foregoing and subject to the terms and
conditions set out in the other Clauses of this Mortgage, the Mortgagor shall execute all transfers, sales, dispositions and appropriations (whether to the Mortgagee or otherwise) and shall give all notices, orders and directions and make all
registrations which the Mortgagee may (in its absolute discretion) consider expedient but containing terms no more onerous than reasonably required by the Mortgagee to give effect to this Mortgage. 
  

	11	POWER OF ATTORNEY 

 11.1 Appointment The Mortgagor hereby, by
way of security and in order more fully to secure the performance of its obligations hereunder, irrevocably appoints the Mortgagee and every Receiver of the Security Assets (or any part thereof) appointed hereunder and any person nominated for the
purpose by the Mortgagee or any Receiver in writing under hand by an officer of the Mortgagee or any Receiver severally as its attorney and on its behalf and in its name or otherwise to execute and do all such assurances, acts and things which the
Mortgagor is required to do under the covenants and provisions contained in this Mortgage (including to make any demand upon or to give any notice or receipt to any person owing moneys to the Mortgagor and to execute and deliver any charges, legal
mortgages, assignments or other security and any transfers of securities) and generally in its name and on its behalf to exercise all or any of the powers, authorities and discretions conferred by or pursuant to this Mortgage or by statute on the
Mortgagee or any such Receiver, delegate or sub-delegate and (without prejudice to the generality of the foregoing) to seal and deliver and otherwise perfect any deed, assurance, agreement, instrument or act which it may reasonably deem proper in or
for the purpose of exercising any of such powers, authorities and discretions. 
 11.2 Ratification The Mortgagor hereby ratifies and confirms and
agrees to ratify and confirm whatever any such attorney as is mentioned in Clause 11.1 (Appointment) shall do or purport to do in the exercise or purported exercise of all or any of the powers, authorities and discretions referred to in such
Clause 11.1 (Appointment). 
  

 12 

	12	DELEGATION 

 The Mortgagee or any Receiver appointed hereunder may
at any time and from time to time delegate by power of attorney or in any other manner to any properly qualified person or persons all or any of the powers, authorities and discretions which are for the time being exercisable by the Mortgagee or
such Receiver under this Mortgage in relation to the Security Assets or any part thereof. Any such delegation may be made upon such terms (including power to sub-delegate) and subject to such regulations as the Mortgagee or such Receiver may think
fit. Neither the Mortgagee nor any Receiver shall be in any way liable or responsible to the Mortgagor for any loss or damage arising from any act, default, omission or misconduct on the part of any such delegate or sub-delegate, provided the
Mortgagee or Receiver gives the Mortgagor notice of such delegation. 
  

	13	NO LIABILITY AS MORTGAGEE IN POSSESSION 

 Neither the Mortgagee nor
its nominee nor any Receiver shall by reason of entering into possession of the Enforcement Security Assets or any of them be liable: 
  

	(a)	to account as mortgagee in possession or be liable for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable;

  

	(b)	for failing to present any coupon or other document relating to any of the Enforcement Security Assets; 

  

	(c)	for accepting or failing to accept any offer relating to any of the Enforcement Security Assets; 

  

	(d)	for failing to attend or vote at any meetings relating to the Enforcement Security Assets; 

  

	(e)	for failing to notify the Mortgagor of any communication received by the Mortgagee or Receiver in relation to the Enforcement Security Assets; or 

  

	(f)	for any loss arising out of or in connection with the exercise or non-exercise of any rights or powers (with the exception of the undertaking with respect to enforcement of
this Mortgage under Clause 8.1(a)) attaching or accruing to the Enforcement Security Assets or which may be exercised by the Mortgagee or any nominee for the Mortgagee or Receiver under this Mortgage. 

 except in the case of gross negligence, fraud or wilful misconduct on the part of the Mortgagee or such Receiver, respectively. Every Receiver duly appointed by the
Mortgagee under the powers set forth herein shall be deemed to be the agent of the Mortgagor for all purposes and shall as such agent for all purposes be deemed to be in the same position as a Receiver duly appointed by a mortgagee under applicable
law. The Mortgagor alone shall be responsible for its contracts, engagements, acts, omissions, defaults and losses and for liabilities incurred by it and neither the Mortgagee nor any Receiver shall incur any liability therefor (either to the
Mortgagor or to any other person whatsoever) or for any other reason whatsoever other than for their gross negligence, fraud or wilful misconduct. 
  

 13 

	14	PROTECTION OF THIRD PARTIES 

 No purchaser, mortgagee or other
person dealing with the Mortgagee or the Receiver or its agents shall be concerned to enquire whether the Secured Obligations have become due for performance or whether any power which the Mortgagee or Receiver is purporting to exercise has become
exercisable or whether any of the Secured Obligations remains outstanding or to see to the application of any money paid to the Mortgagee or to such Receiver. 
  

	15	STAMP DUTIES 

 The Mortgagor shall pay and, forthwith on demand,
indemnify the Mortgagee against any liability it incurs in respect of any stamp, registration and similar tax which is or becomes payable in connection with the performance or enforcement of this Mortgage. 
  

	16	ADDITIONAL PROVISIONS 

 16.1 Provisions Severable 

 

	(a)	If a provision of this Mortgage is, or but for this Clause 15.1 would be, held to be illegal, invalid or unenforceable, in whole or in part, in any jurisdiction the provision
shall be ineffective to the extent of such illegality, invalidity or unenforceability without rendering the remaining provisions of this Mortgage illegal, invalid or unenforceable, and any such illegality, invalidity or unenforceability in any
jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

  

	(b)	If a provision of this Mortgage is held to be illegal, invalid or unenforceable, in whole or in part and paragraph (a) of this Clause 15.1 (Provisions Severable)
cannot be used to make it legal, valid and enforceable, either party to this Mortgage may require the other party to enter into a deed under which that other party undertakes in the terms of the original provision, but subject to such amendments as
are necessary or required in order to make the provision legal, valid and enforceable. No party will be obliged to enter into a deed that would increase its liability beyond that contained in this Mortgage had all its provisions been legal, valid
and enforceable. 

 16.2 Potentially Avoided Payments If the Mortgagee considers (acting reasonably) that an amount paid to the
Mortgagee under the Option Agreement or this Mortgage is capable of being avoided or otherwise set aside on the liquidation or administration of the person by whom such amount is paid, then for the purposes of this Mortgage, such shall be regarded
as not having been paid, provided that if such amount is not avoided or otherwise set aside following such liquidation or administration, the Mortgagee shall not be entitled to regard such amount as not having been paid. 
 16.3 Variation This Mortgage shall not be varied except by an agreement in writing between the Mortgagor and Mortgagee and, in the case of Clause 8.1 (Process
upon Enforcement of Security) above, all parties including CEDC. 
  

	17	REMEDIES AND WAIVERS 

 A delay in exercising, or failure to
exercise, any right or remedy under this Mortgage does not constitute a waiver of such or other rights or remedies and does not operate to prevent the 

  

 14 

 
exercise or enforcement of any such right or remedy. No single or partial exercise of any right or remedy under this Mortgage prevents further exercise of
such or other rights or remedies. The rights, powers and remedies provided in this Mortgage are cumulative and not exclusive of any rights and remedies provided by law. The Mortgagee may, in connection with the exercise of its powers, join or concur
with any person in any transaction scheme or arrangement whatsoever. A waiver given or consent granted by the Mortgagee under this Mortgage will be effective only if given in writing and then only in the instance and for the purpose for which it is
given. 
  

	18	NOTICES 

 18.1 Communications in Writing A notice, other
communication or document given under this Mortgage other than as set out in Clause 22 (Notices) of the Option Agreement shall be in writing and signed by or on behalf of the person giving it and, unless otherwise stated, may be made or
delivered personally, posted or faxed in accordance with Clause 19.3 (Delivery). 
 18.2 Addresses The address and fax number (and the
department or officer, if any, for whose attention the notice, other communication or document is to be made or delivered) of each party for any notice, communication or document to be made or delivered under or in connection with this Mortgage is
that identified with its name below, or any substitute address, fax number or department or officer as the relevant party notifies to the other party by not less than five Business Days notice. 
 18.3 Delivery 
  

	(a)	Any notice, other communication or document so addressed shall be deemed to have been received: 

  

	 	(i)	if personally delivered, at the time of delivery; 

  

	 	(ii)	if sent by pre-paid first class post, recorded delivery or registered post, two Business Days after the date of posting to the relevant address; 

  

	 	(iii)	if sent by registered air-mail, five Business Days after the date of posting to the relevant address; and 

  

	 	(iv)	if sent by fax, on successful completion of its transmission as per transmission report from the machine from which the fax was sent, save that if such notice, communication
or document is received after normal working hours (which shall be deemed to be 8.30 a.m. and 5.30 p.m. on any Business Day in the country of the recipient), such notice, communication or document shall be deemed to have been received on the next
Business Day, 

 and, if a particular department or officer is specified as part of its address details provided under Clause
18.2 (Addresses), if addressed to that department or officer. 
  

	(b)	For the avoidance of doubt, notice given under this Mortgage shall not be validly served if given by e-mail. 

  

 15 

	19	COSTS AND EXPENSES 

 19.1 Costs and Expenses Subject to any
term of this Mortgage, any Transaction Document or any other agreement between the parties hereto, each party hereto shall bear its own costs and expenses in connection with the negotiation, preparation, execution, modification, amendment, release
and/or preservation of any of its rights under this Mortgage. 
 19.2 Indemnity The Mortgagor shall indemnify the Mortgagee on demand against any and
all properly incorrect costs, claims, losses, expenses (including legal fees) and liabilities, and any VAT thereon, which the Mortgagee may incur as a result of the occurrence of any Enforcement Event or the exercise by the Mortgagee of any of its
rights and powers under this Mortgage. 
 19.3 Interest The amounts payable under Clauses 19.1 (Costs and Expenses) and 19.2 (Indemnity)
above shall bear interest (compounded monthly) at the Default Rate (payable as well after as before judgment), from the dates on which they were paid or incurred by the Mortgagee to the date of payment thereof by the Mortgagor. 
  

	20	CURRENCY OF ACCOUNT 

 20.1 Currency of Account All payments
hereunder shall be made in immediately available funds in the currency and to the account specified by the Mortgagee in the corresponding demand. 
 20.2
Currency Conversion If notwithstanding Clause 20.1 (Currency of Account) any monies are received or held by the Mortgagee in a currency other than that specified in such demand, such monies shall be converted into the currency specified
in the demand issued by the Mortgagee pursuant to Clause 20.1 (Currency of Account) to cover the Secured Obligations in that other currency at the spot rate of exchange quoted by a bank selected by the Mortgagee (acting reasonably) then
prevailing for purchasing that other currency with the existing currency. 
 20.3 No Discharge No payment to the Mortgagee (whether under any judgment
or court order or otherwise) shall discharge the obligation or liability of the Mortgagor unless and until the Mortgagee shall have received payment in full in the currency in which the obligation or liability was incurred and to the extent that the
amount of any such payment shall on actual conversion into such currency fall short of such obligation or liability expressed in that currency the Mortgagee shall have a further separate cause of action against the Mortgagor to recover the amount of
the shortfall. 
 20.4 Currency Indemnity If any sum due from the Mortgagor under this Mortgage or any order or judgment given or made in relation
hereto has to be converted from the currency (the “first currency”) in which the same is payable hereunder or under such order or judgment into another currency (the “second currency”) for the purpose of
(1) making or filing a claim or proof against the Mortgagor; (2) obtaining an order or judgment in any court or other tribunal; or (3) enforcing any order or judgment given or made in relation hereto, the Mortgagor shall indemnify and
hold harmless the Mortgagee from and against any loss suffered or incurred as a result of any discrepancy between (A) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and
(B) the rate or rates of exchange at which the Mortgagee may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order,
judgment, claim or proof. 
  

 16 

	21	ASSIGNMENTS, ETC 

 21.1 The Mortgagee The Mortgagee may
assign and transfer all of its respective rights and obligations hereunder to a replacement Mortgagee appointed in accordance with the terms of this Mortgage to act as Mortgagee on behalf [Lion/Rally Cayman 7 L.P.]. Upon such
assignment and transfer taking effect, the replacement Mortgagee shall be and be deemed to be acting as Mortgagee for [Lion/Rally Cayman 7 L.P.] for the purposes of this Mortgage in place of the old Mortgagee. 
 21.2 The Mortgagor The Mortgagor shall not be entitled to transfer or assign all or any of its rights or obligations in respect of this Mortgage without the prior
written consent of the Mortgagee. 
  

	22	SET-OFF 

 Where an Enforcement Event has occurred and is continuing,
the Mortgagee may (but shall not be obliged to) set off any obligation which is due and payable by the Mortgagor and unpaid against any obligation (whether or not matured) owed by the Mortgagee to the Mortgagor, regardless of the place of payment,
booking branch or currency of either obligation. If the obligations are in different currencies, the Mortgagee may convert either obligation at the closing mid-market rate of exchange applying to such currencies, as against the US Dollar, as
published in the Financial Times on the day of such set off (in respect of the previous days’ closing mid-market rate) for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Mortgagee may set off in an amount
estimated by it in good faith to be the amount of that obligation. 
  

	23	COVENANT TO RELEASE 

 Upon the expiry of the Security Period or as
otherwise permitted under the terms of any Transaction Document (but not otherwise), the Mortgagee shall (or procure that its nominees shall), at the request and cost of the Mortgagor, execute and do all such deeds, acts and things as may be
necessary to release the Security Assets from the security constituted hereby. The Mortgagee shall not be bound to return the identical shares which were deposited, held or transferred and the Mortgagor shall accept shares of the same class and
denomination. 
  

	24	GOVERNING LAW 

 This Mortgage is governed by, and shall be construed
in accordance with, Cayman Islands law. 
  

	25	JURISDICTION 

 25.1 Exclusive jurisdiction For the benefit of
the Mortgagee, and subject to Clause 25.4 (Proceedings in Other Jurisdictions) below, each of the Mortgagor and CEDC hereby irrevocably agrees that: 
  

	(a)	any dispute, controversy or claim arising out of or in connection with this Mortgage (including a dispute regarding the existence, validity or termination of this Mortgage or
the consequences of its nullity), the security constituted by this Mortgage (a “Dispute”) shall be heard by the courts of the Cayman Islands; and 

  

 17 

	(b)	the courts of the Cayman Islands shall have exclusive jurisdiction to hear and determine any suit, action or proceedings (“Proceedings”) and to settle any
Disputes and, for such purposes, irrevocably submits to the jurisdiction of such courts. 

 25.2 Service of Process The Mortgagor and
CEDC each submit to the jurisdiction of the courts of the Cayman Islands. Without prejudice to any other mode of service allowed under any relevant law, CEDC: 
  

	(a)	irrevocably appoints Maples Corporate Services Limited (at PO Box 309, Ugland House, South Church Street, George Town, Grand Cayman KY1-1104, Cayman Islands, Tel: +1 345 949
8066, Fax: +1 345 949 8080) as its agent for service of process in relation to any Proceedings before the Cayman Islands courts in connection with any Dispute; and 

  

	(b)	agrees that failure by an agent for service of process to notify the Mortgagor and/or CEDC of the process will not invalidate the proceedings concerned.

 If any person appointed as agent for service of process is unable for any reason to act as agent for service of process, CEDC must
immediately (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Mortgagee. Failing this, the Mortgagee may appoint another agent for this purpose. 
 25.3 Waiver of Objection Each of the parties to this Mortgage other than the Mortgagee irrevocably waives any objection which it might now or hereafter have to
Proceedings being brought or Disputes settled in the courts of the Cayman Islands and agrees not to claim that any such court is an inconvenient or inappropriate forum. 
 25.4 Proceedings in Other Jurisdictions Nothing in this Mortgage limits (and shall not be construed so as to limit) the right of the Mortgagee to bring Proceedings, including third party proceedings, against
the Mortgagor and/or CEDC or to apply for interim remedies, in connection with this Mortgage in any other court of competent jurisdiction, nor shall the taking of Proceedings by the Mortgagee in any one or more jurisdictions preclude the taking of
Proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law. The obtaining by the Mortgagee of judgement in one jurisdiction shall not prevent the Mortgagee from bringing or continuing
Proceedings in any other jurisdiction, whether or not these shall be founded on the same cause of action. 
 25.5 Waiver of Immunity To the extent
that any party to this Mortgage other than the Mortgagee may in any jurisdiction claim for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process and to the
extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claims), such party hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the full extent permitted by
the laws of such jurisdiction. 
  

 18 

	26	COUNTERPARTS AND EFFECTIVENESS 

 26.1 Counterparts This
Mortgage may be executed in any number of counterparts, each of which when executed and delivered constitutes an original of this Mortgage, but all the counterparts shall together constitute one and the same agreement. 
  

	26.2	Effectiveness This Mortgage shall come into effect as a Deed on the date set forth above. 

 IN WITNESS WHEREOF THIS MORTGAGE HAS BEEN EXECUTED AS A DEED by the parties hereto on the date stated at the beginning of this Mortgage. 
  

 19 

 SCHEDULE 1 
 SHARE TRANSFER FORM 
 We, [            ]
(the “Transferor”) for good and valuable consideration received by us from [            ] (the “Transferee”) do hereby: 
  

	1.	transfer to the Transferee [            ]
([            ]) [            ] shares of par value
US$[            ] each (the “Share”) standing in our name in the register of the Company to hold unto the Transferee, and assigns, subject to the several conditions
on which we held the same at the time of execution of this Share Transfer Form; and 

  

	2.	consent that our name remains on the register of the Company until such time as the Company enters the Transferee’s name in the register of the Company;

 And I/we, the Transferee, do hereby agree to take the Share subject to the same conditions. 
 As Witness Our Hands 
 Signed by the Transferor on 
 [            ] in the presence of: 
  

					
	  
	 		 	  

	Witness	 		 	Transferor

 Signed by the Transferee on 
 [            ] in the presence of: 
  

					
	  
	 		 	  

	Witness	 		 	Transferor

  

 20 

 And I/we do hereby agree to take the Shares. 
  

							
	SIGNED by the Transferee by:	  	)	    	  
	  	
		  	)	    	Duly Authorised Signatory	  	
		  	)	    		  	
		  	)	    	Name:	  	
		  	)	    		  	
		  	)	    	Title:	  	
		  	)	    		  	

  

							
	in the presence of:	 		 	
	  
	 		 	
	Signature of Witness	 		 	
				
	 Name:
	 	  
	 		 	
				
	 Address:
	 	  
	 		 	
				
	 Occupation:
	 	  
	 		 	

  

 21 

 SCHEDULE 2 
 PART I 
 IRREVOCABLE APPOINTMENT OF PROXY 
 We, [MORTGAGOR], hereby irrevocably appoint [MORTGAGEE] as our proxy to vote at meetings of the Shareholders of [Issuer] (the
“Company”), while an Enforcement Event (as defined in the Mortgage) is continuing, in respect of any existing or further shares in the Company which may have been or may from time to time be issued and/or registered in our name.
This proxy is irrevocable by reason of being coupled with the interest of [MORTGAGEE] as mortgagee of the aforesaid shares pursuant to a Mortgage dated [—] (the “Mortgage”).

 IN WITNESS whereof this instrument has been duly executed as a deed this
[            ] day of [            ]. 
  

							
	EXECUTED AS A DEED by [MORTGAGOR]:	 	)	    	  
	  	
		 	)	    	Duly Authorised Signatory	  	
		 	)	    		  	
		 	)	    	Name:	  	
		 	)	    		  	
		 	)	    	Title:	  	
		 	)	    		  	

							
	in the presence of:	 		 		  	
				
	  
	 		 		  	
	Signature of Witness	 		 		  	
				
	Name:	 		 		  	
				
	Address:	 		 		  	
				
	Occupation:	 		 		  	

  

 22 

 PART II 
 IRREVOCABLE APPOINTMENT OF POWER OF ATTORNEY 
 We, [MORTGAGOR], hereby irrevocably appoint
[MORTGAGEE] as our duly authorised representative and duly appointed attorney-in-fact to sign resolutions in writing of [Issuer] (the “Company”), while an Enforcement Event (as defined in the Mortgage) is
continuing, in respect of any existing or further shares in the Company which may have been or may from time to time be issued and/or registered in our name. This power of attorney is irrevocable by reason of being coupled with the interest of
[MORTGAGEE] as mortgagee of the aforesaid shares pursuant to a Mortgage dated [—] (the “Mortgage”). 
 IN WITNESS whereof this instrument has been duly executed as a deed this [            ] day of
[            ]. 
  

							
	EXECUTED AS A DEED by [MORTGAGOR]:	 	)	    	  
	  	
		 	)	    	Duly Authorised Signatory	  	
		 	)	    		  	
		 	)	    	Name:	  	
		 	)	    		  	
		 	)	    	Title:	  	
		 		    		  	

							
	in the presence of:	 		 		  	
				
	  
	 		 		  	
	Signature of Witness	 		 		  	
				
	Name:	 		 		  	
				
	Address:	 		 		  	
				
	Occupation:	 		 		  	

  

 23 

 SIGNATORIES 
 THE
MORTGAGOR 
  

					
	 Executed as a deed by
	 	 )
	 	
	[LION/RALLY CAYMAN 5]	 	 )
	 	

  

									
	  
	 	Signature of director	 	  
	  	Signature of director/secretary	  	
					
	  
	 	Name of director	 	  
	  	Name of director/secretary	  	

 in the presence of: 
 [                    ] 
 Address:

 Fax number: 
 Attn: 
 THE MORTGAGEE 
  

					
	 Executed as a deed by
	 	 )
	 	
	[LION/RALLY CAYMAN 7 L.P.]	 	 )
	 	
	 acting by its general partner 
	 	 )
	 	
	 [                    ]
	 	 )
	 	

  

									
	  
	 	Signature of director	 	  
	  	Signature of director/secretary	  	
					
	  
	 	Name of director	 	  
	  	Name of director/secretary	  	

 in the presence of: 
 [                    ] 
 Address:

 Fax number: 
 Attn: 
  

 24 

					
	CEDC	 		 	
	 Executed as a deed by
	 	 )
	 	
	[CENTRAL EUROPEAN	 	 )
	 	
	DISTRIBUTION	 	 )
	 	
	CORPORATION]	 	 )
	 	

  

									
	  
	 	Signature of director	 	  
	  	Signature of director/secretary	  	
					
	  
	 	Name of director	 	  
	  	Name of director/secretary	  	

 in the presence of: 
 [                    ] 
 Address: 
 Fax number: 
 Attn: 
  

 25 

 [                    ] 2009 
 SHARE MORTGAGE 
 between 
 [LION/RALLY CAYMAN 7 L.P.] 
 as Mortgagor 
 and 
 [LION/RALLY CAYMAN 5] 

 as Mortgagee 
 and

 [LION/RALLY CAYMAN 4] 
 and 
 CENTRAL EUROPEAN DISTRIBUTION CORPORATION 
 

 
 One South Place London EC2M 2WG 
 Tel: +44 (0) 20 7903 1000 Fax: +44 (0) 20 7903 0990 
 www.weil.com 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 1
	  	INTERPRETATION	  	1
			
	 2
	  	COVENANT TO PAY	  	3
			
	 3
	  	CREATION OF SECURITY	  	3
			
	 4
	  	TRANSFER DOCUMENTS	  	4
			
	 5
	  	CONTINUING SECURITY	  	6
			
	 6
	  	REPRESENTATIONS AND WARRANTIES	  	8
			
	 7
	  	UNDERTAKINGS OF MORTGAGOR	  	9
			
	 8
	  	ENFORCEMENT OF SECURITY	  	10
			
	 9
	  	RECEIVER	  	13
			
	 10
	  	FURTHER ASSURANCES	  	14
			
	 11
	  	POWER OF ATTORNEY	  	14
			
	 12
	  	DELEGATION	  	15
			
	 13
	  	NO LIABILITY AS MORTGAGEE IN POSSESSION	  	15
			
	 14
	  	PROTECTION OF THIRD PARTIES	  	16
			
	 15
	  	STAMP DUTIES	  	16
			
	 16
	  	ADDITIONAL PROVISIONS	  	16
			
	 17
	  	REMEDIES AND WAIVERS	  	17
			
	 18
	  	NOTICES	  	17
			
	 19
	  	COSTS AND EXPENSES	  	18
			
	 20
	  	CURRENCY OF ACCOUNT	  	18
			
	 21
	  	ASSIGNMENTS, ETC	  	19
			
	 22
	  	SET-OFF	  	19
			
	 23
	  	COVENANT TO RELEASE	  	19
			
	 24
	  	MORTGAGEE AS TRUSTEE	  	20
			
	 25
	  	GOVERNING LAW	  	21
			
	 26
	  	JURISDICTION	  	21
			
	 27
	  	COUNTERPARTS AND EFFECTIVENESS	  	22
		
	SCHEDULE 1 SHARE TRANSFER FORM	  	23
		
	SCHEDULE 2 PART I IRREVOCABLE APPOINTMENT OF PROXY	  	25
		
	SIGNATORIES	  	27

  

 i 

 THIS MORTGAGE (this “Mortgage”) is made as a deed on the [—] day of [—] 2009 
 BETWEEN: 
  

	(1)	[LION/RALLY CAYMAN 7 L.P.], a Cayman Exempted Limited Partnership whose principal place of business is at [—] acting
through its general partner [—] whose registered office is at [—] (the “Mortgagor”); 

  

	(2)	[LION/RALLY CAYMAN 5], a company incorporated in the Cayman Islands whose registered office is at [—] for itself
(“Cayman 5”) and as trustee for the Secured Parties pursuant to the terms of this Mortgage (the “Mortgagee”, which expression includes any person which is for the time being a trustee for the Secured Parties for the
purposes of this Mortgage); 

  

	(3)	[LION/RALLY CAYMAN 4], a company incorporated in the Cayman Islands whose registered office is at [—] (“Cayman
4”); and 

  

	(4)	CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a company incorporated in Delaware, whose principal place of business is at ul. Babrowiecka 6, 02-278 Warszawa, Poland
(“CEDC”). 

 WHEREAS: 
  

	(A)	The Secured Parties (defined below) have entered into an Option Agreement dated on or about the date hereof pursuant to which the Secured Parties have agreed to grant to the
Mortgagor Call Options (as defined in the Option Agreement ) in respect of their shares in the Issuer (as defined below), and the Mortgagor has agreed to grant to the Secured Parties the Holdco Call Option and the Holdco Put Option (each as defined
in the Option Agreement). The Option Agreement requires that the Mortgagor enter into this Mortgage. 

  

	(B)	The general partner of the Mortgagor is satisfied that the Mortgagor will receive direct and/or indirect economic benefit from the transactions under the Option Agreement and
that entering into this Mortgage is for the purposes and to the benefit of the Mortgagor and its business. 

  

	(C)	The Mortgagee and the Mortgagor intend this Mortgage to, and it shall, take effect as a deed. 

  

	(D)	The Mortgagee is holding the benefit of this Mortgage on trust for the Secured Parties in accordance with the terms of this Mortgage. 

 IT IS AGREED as follows: 
  

	1	INTERPRETATION 

 1.1 Definitions In this Mortgage the
following terms have the meanings given to them in this Clause 1.1, except where the context otherwise requires. 
 “Approved Bank” has the
meaning set out in the Option Agreement. 
  

 1 

 “Default Rate” means 12% per annum. 
 “Enforcement Date” has the meaning given in Clause 8.1 (Process Upon Enforcement of Security). 
 “Enforcement Event” has the meaning given in Clause 13.1 of the Option Agreement, which Enforcement Event is “continuing” until waived by the Mortgagee or remedied in full. 
 “Encumbrance” has the meaning given in the Option Agreement. 
 “Issuer” means [Lion/Rally Cayman 6]. 
 “Letter of Undertaking” has the meaning given in the Option
Agreement. 
 “Limited Partnership Agreement” means the Limited Partnership Agreement dated on or about the date of this Mortgage between
the [Lion/Rally Guernsey 1] Limited, CEDC, Lion/Rally Cayman 2 and Lion/Rally Cayman 5. 
 “Option Agreement” means the Option
Agreement dated on or about the date of this Mortgage between the Mortgagor, the Secured Parties and CEDC. 
 “Receiver” means a receiver
and manager or (if the Mortgagee so specifies in the relevant appointment) a receiver, in either case, appointed under this Mortgage. 
 “Related
Rights” means: 
  

	(a)	any dividend or interest paid or payable in relation to any of the Shares; 

  

	(b)	any stock, shares, debentures, bonds, warrants, options, securities, rights, benefits, advantages, moneys or property accruing or offered at any time, present and future,
(whether by way of redemption, substitution, exchange, conversion, replacement, bonus or preference, under option rights or otherwise) to or in respect of any of the Shares or in substitution or exchange for or otherwise derived from any of the
Shares; and 

  

	(c)	any dividend, interest or other income in respect of any asset referred to in paragraph (b) above. 

 “Secured Obligations” 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 the Mortgagor to any of the Mortgagee and any Secured Party under the Option Agreement together with all costs, charges and expenses incurred by the Mortgagee and the Secured Parties in connection with the
protection, preservation or enforcement of its respective rights under the Option Agreement and this Mortgage. 
 “Secured Parties” means
Cayman 4 and Cayman 5 as parties to the Option Agreement and this Mortgage, and any successor, transferee, replacement and/or assignee of any of Cayman 4 and Cayman 5. 
 “Security Assets” means the Shares and the Related Rights. 
  

 2 

 “Security Period” means the period beginning on the date of this Mortgage and ending on the date upon
which the Mortgagee is satisfied that all the Secured Obligations have been unconditionally and irrevocably paid and/or discharged in full in cash or the security interests contemplated to be created hereby have been unconditionally and irrevocably
released and discharged in full. 
 “Shareholders Agreement” means the Governance and Shareholders Agreement dated on or about the date of
this Mortgage between the Mortgagor, the Secured Parties, the Issuer, [GP] Limited and CEDC. 
 “Shares” means the shares in
the capital of the Issuer and owned either legally or beneficially at any time now or in the future by the Mortgagor or transferred or assigned to the Mortgagor pursuant to the Option Agreement. 
 “Transaction Document” has the meaning given in the Option Agreement. 
 1.2 Interpretation Unless expressly defined in this Mortgage, capitalised terms defined in the Option Agreement have the same meanings in this Mortgage and the construction rules set out in Clause 1.2 of the
Option Agreement shall apply to this Mortgage, mutatis mutandis, as though they were set out in full in this Mortgage except that references to “this Agreement” shall be construed as references to this Mortgage. 
  

	2	COVENANT TO PAY 

 2.1 Covenant to Pay The Mortgagor covenants
with the Mortgagee that it will pay or discharge each of the Secured Obligations when due in the manner provided for in the Option Agreement. 
 2.2
Default Interest The Mortgagor agrees to pay interest on any amount not paid when due under this Mortgage (after as well as before judgment) at the Default Rate from time to time from the due date until the date such amount is unconditionally
and irrevocably paid and discharged in full, except to the extent such interest is included in such amount under Clause [4] of the Option Agreement (so that such interest is not double-counted under Clause [4] of the
Option Agreement and this Clause 2.2 (Default Interest)). 
  

	3	CREATION OF SECURITY 

 The Mortgagor as continuing security for the
payment, discharge and performance of all the Secured Obligations, hereby as legal and beneficial owner (subject to the terms of the Option Agreement and the Shareholders Agreement): 
  

	(a)	mortgages and charges and agrees to mortgage and charge to the Mortgagee all the Shares held now or in the future by it and/or any nominee on its behalf, by way of first
charge and first equitable mortgage; and 

  

	(b)	mortgages and charges and agrees to mortgage and charge to the Mortgagee all the Related Rights held now or in the future by it and/or any nominee on its behalf, by way of
first charge and first equitable mortgage; and 

  

 3 

	(c)	(to the extent they are not effectively mortgaged or charged pursuant to paragraphs (a) and (b) above), charges the Shares and the Related Rights held now or in the future
by it and/or any nominee on its behalf, by way of first floating charge, 

 PROVIDED THAT: 
  

	 	(i)	whilst no Enforcement Event has occurred, the Mortgagor shall be entitled (notwithstanding the security contemplated to be created hereby) to receive all dividends, interest
and income from and any property accruing or in respect of the Security Assets; 

  

	 	(ii)	whilst no Enforcement Event has occurred, the Mortgagor shall be entitled (notwithstanding the security contemplated to be created hereby) to make distributions to the
Limited Partners and the General Partner (as defined in the Limited Partnership Agreement) pursuant to the Limited Partnership Agreement and the Option Agreement (other than distributions in specie of the Shares or any Related Rights); and

  

	 	(iii)	whilst no Enforcement Event has occurred, the Mortgagor shall be entitled (notwithstanding the security contemplated to be created hereby) to exercise, any voting or other
rights attached to any of the Security Assets (subject to the terms of the Option Agreement), provided that if a resolution is proposed which, in the opinion of the Mortgagee (acting reasonably), might reasonably be expected to prejudice the
security created under this Mortgage in any material respect, then such votes will be exercised by the Mortgagor only in accordance with the instructions of the Mortgagee, 

 and the Mortgagee shall, if requested by the Mortgagor, appoint the Mortgagor its proxy to exercise such rights and powers or, insofar as necessary the Mortgagee will comply with or procure that any nominee of the
Mortgagee shall comply with such instructions of the Mortgagor in respect thereof, in either case as soon as reasonably practicable. 
  

	4	TRANSFER DOCUMENTS 

 4.1 Delivery of Documents The Mortgagor
shall, as soon as reasonably practicable after the date of this Mortgage and following the acquisition from time to time of Security Assets, subject to the terms of any Transaction Document: 
  

	(a)	deposit with the Mortgagee (or as the Mortgagee may direct) all bearer instruments, share certificates (if any) and any other documents of title or evidence of ownership in
relation to the Security Assets as are owned by it, as at the date hereof and following the acquisition from time to time of Security Assets, or in which it has or acquires an interest which entitles it to control such documents;

  

	(b)	deliver to the Mortgagee five copies of the share transfer form in the form set out in Schedule 1 to this Mortgage and any other documents (in each case duly executed
but undated) as may be reasonably requested by the Mortgagee in order to enable the Mortgagee (or its nominee) to be registered as the owner or otherwise to obtain a legal title to the Security Assets on or following an Enforcement Event which is
continuing pursuant to Clause 4.2 (Registration on Transfer) below; and 

  

 4 

	(c)	deliver to the Mortgagee a duly executed and dated irrevocable proxy and a duly executed and dated irrevocable power of attorney made in respect of the Security Assets in
favour of the Mortgagee in respect of all general meetings and written resolutions of the Issuer respectively in the forms set out in Parts I and II of Schedule 2 to this Mortgage. 

  

	4.2	Registration on Transfer The Mortgagor hereby: 

  

	(a)	authorises the Mortgagee, at any time on or following an Enforcement Event which is continuing: 

  

	 	(i)	to arrange for any of the Security Assets to be registered in the name of the Mortgagee (or its nominee); and/or 

  

	 	(ii)	(under its powers of realisation) to transfer or cause the Security Assets to be transferred to and registered in the name of the Mortgagee (or its nominee) or any purchaser or
transferee and to date, issue and/or otherwise deal with any of the documents delivered under Clause 4.1 (Delivery of Documents); and 

  

	(b)	undertakes from time to time, following an Enforcement Event which is continuing: 

  

	 	(i)	promptly to execute and sign all transfers, contract notes, powers of attorney and other documents (and to procure the registration of any such transfer of the Security
Assets in the relevant shareholders register) that may be required by the Mortgagee in connection with paragraph (a) above; and 

  

	 	(ii)	if the Mortgagee so requests, to procure that all such share transfer forms are forthwith registered by the relevant person and that any share certificates in the name of the
Mortgagee (or such nominee) in respect of the Shares and their Related Rights are forthwith delivered to the Mortgagee. 

 4.3 Liability to
Perform Notwithstanding anything to the contrary herein contained, the Mortgagor shall remain liable to observe and perform all of the conditions and obligations assumed by it in respect of the Security Assets and, without limitation, to pay all
calls or other payments that may become due in respect of any of the Security Assets. The Mortgagee shall not be required in any manner to perform or fulfil any obligation of the Mortgagor in respect of the Security Assets, or to make any payment,
or to make any enquiry as to the nature or sufficiency of any payment received by it, or to present or file any claim or take any other action to collect or enforce the payment of any amount to which it may have been or to which it may be entitled
hereunder at any time or times. 
 4.4 Subsequently Acquired Shares The Mortgagor shall, forthwith upon it becoming the registered owner of and/or
receiving any share certificates in respect of any Security Assets after the date hereof: 
  

	(a)	deliver to the Mortgagee the share certificates in respect thereof (if any) together with all such share transfer forms or other share transfer documentation (in the form set
out at Schedule 1 to this Mortgage) in respect of such Security Assets duly executed in blank by or on behalf of the Mortgagor as appropriate; and 

  

	(b)	 deliver to the Mortgagee any other documents as may be reasonably requested by the Mortgagee in order to enable the Mortgagee (or its nominee) to be
registered as the 

  

 5 

	 	 
owner or otherwise to obtain a legal title to the Security Assets on or following an Enforcement Event which is continuing pursuant to Clause 4.2
(Registration on Transfer) above. 

  

	5	CONTINUING SECURITY 

 5.1 Continuing Security The security
constituted by this Mortgage shall be continuing security which shall extend to all the Secured Obligations and shall not be considered as satisfied or discharged by any intermediate payment or settlement of all or any of the Secured Obligations.

 5.2 Avoided Payments Where any release or discharge or other arrangement in respect of all or part of the Secured Obligations (or in respect of any
security for those Secured Obligations including the security created under this Mortgage) is made in reliance on any payment, security or other disposition which is avoided or must be restored in an insolvency, liquidation or otherwise and whether
or not the Mortgagee has conceded or compromised any claim that any payment, security or other disposition will or should be avoided, the obligations of the Mortgagor for the payment of the Secured Obligation and the obligations of the Mortgagor
under this Mortgage shall continue as if such release, discharge or other arrangement had not been made. 
 5.3 Waiver of Defences The obligations of
the Mortgagor hereunder will not be affected by any act, omission, circumstance, matter or thing which but for this provision would release or prejudice any of its obligations hereunder or prejudice or diminish such obligations in whole or in part,
including whether or not known to the Mortgagor or the Mortgagee or any other person whatsoever: 
  

	(a)	any time, indulgence or waiver granted to, or composition with, any the Mortgagor or any other person; or 

  

	(b)	the taking, variation, compromise, exchange, renewal or release of, refusal or neglect to perfect, take up or enforce any rights or remedies against, or any security over
assets of the Mortgagor or any other person or any non-presentment or non-observance of any formality or other requirement in respect of any instruments or any failure to realise the full value of any other security; or 

  

	(c)	any incapacity or lack of powers, authority or dissolution or change in the members or status of the Mortgagor or any other person; or 

  

	(d)	any variation (however fundamental and whether or not involving any increase in the liability of the Mortgagor or any other person thereunder), replacement and/or restatement
of any Transaction Document or any other document or security so that references to that Option Agreement or other document or security in this Mortgage shall include each such variation, replacement and/or restatement; or 

 

	(e)	the unenforceability, illegality or invalidity of any obligation of any person under any Transaction Document or of any other security the Mortgagee may hold in respect of
the Secured Obligations (or any of them) or otherwise; or 

  

	(f)	any postponement, discharge, reduction, non-provability or other similar circumstances affecting any obligation of the Mortgagor or any other person under any Transaction
Document resulting from any insolvency, liquidation or dissolution proceedings or from any law, regulation or order or otherwise. 

  

 6 

 The Mortgagee shall not be concerned to see or investigate the powers or authorities of any Mortgagor or any of its
respective officers or agents, and moneys obtained or Secured Obligations incurred in the purported exercise of such powers or authorities or by any person purporting to be the Mortgagor shall be deemed to form a part of the Secured Obligations, and
“Secured Obligations” shall be construed accordingly. 
 5.4 Immediate Recourse Neither the Mortgagee nor any Secured Party shall be
required to proceed against or enforce any other rights or security it may have or hold in respect of the Secured Obligations or claim payment from any other person before enforcing the security constituted by the Mortgage. 
 5.5 No Competition Until all the Secured Obligations have been unconditionally and irrevocably discharged in full, any rights (if any) which the Mortgagor may
have: 
  

	(a)	to be subrogated to any rights or security of or moneys held, received or receivable by the Mortgagee or any Secured Party (or any agent or trustee on its behalf) with
respect to the Secured Obligations; or 

  

	(b)	to be entitled to any right of contribution or indemnity from any other person; or 

  

	(c)	to claim, rank, prove or vote as a creditor of such other person or its estate in competition with the Mortgagee or any Secured Party (or any agent or trustee on its behalf),

 shall be exercised by the Mortgagor only if and to the extent that the Mortgagee so requires and in such manner and upon such terms as the
Mortgagee may specify and the Mortgagor shall hold any moneys, rights or security held or received by it as a result of the exercise of any such rights on trust for the Mortgagee for application in accordance with the terms hereof as if such moneys,
rights or security were held or received by the Mortgagee under this Mortgage. 
 5.6 Appropriations Until all the Secured Obligations have been
unconditionally and irrevocably paid and discharged in full in cash, the Mortgagee and each Secured Party (or any agent or trustee on its behalf) may: 
  

	(a)	if it believes the Secured Obligations may not be repaid in full refrain from applying or enforcing any other moneys, security or rights held or received by it in respect of
the Secured Obligations or apply and enforce the same in such manner and order as it sees fit (whether against the Secured Obligations or otherwise) and the Mortgagor shall not be entitled to the benefit of the same; and 

  

	(b)	hold in a suspense account any moneys received from the Mortgagor or any other person in respect of the Secured Obligations, without liability to pay interest on those
moneys. 

 5.7 Additional Security This Mortgage is in addition to and shall not in any way be prejudiced by, prejudicial to or affect
or merge with any other security or right now or hereafter held by the Mortgagee or any Secured Party (or any agent or trustee on its behalf) for the Secured Obligations or any of them. 
  

 7 

	5.8	Remedies not Exclusive 

  

	(a)	The rights and remedies of the Mortgagee and any Receiver provided for in this Mortgage: 

  

	 	(i)	may be exercised as often as necessary; 

  

	 	(ii)	are cumulative and not exclusive of any rights or remedies provided by law; and 

  

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

 Delay in exercising or non-exercise of any such right is not a waiver of that right. 
  

	(b)	The Mortgagee may waive any breach by the Mortgagor of any of its obligations hereunder. 

 5.9 Protection of the Mortgagee The Mortgagee shall not be liable in respect of any loss or damage which arises out of the exercise, or the attempted or purported exercise of, or the failure to exercise any of
its powers, with the exception of the undertaking with respect to the power of sale, in Clause 8.1(a), unless such loss or damage is caused by its gross negligence, fraud or wilful misconduct. 
  

	6	REPRESENTATIONS AND WARRANTIES 

 The Mortgagor makes each of the
representations and warranties set out in this Clause 7 and acknowledges that the Mortgagee and the Secured Parties have entered into the Option Agreement and this Mortgage in reliance on those representations and warranties. 
 6.1 No Filing or Stamp Taxes Under the laws of the Cayman Islands in force at the date hereof, it is not necessary that this Mortgage be filed, recorded or
enrolled with any court or other authority or (save where this Mortgage is executed in, brought into or produced before the court in the Cayman Islands, in which case stamp duty will be payable) that any stamp, registration or similar tax be paid on
or in relation to this Mortgage. 
  

	6.2	Security Assets As at the date hereof: 

  

	(a)	the Mortgagor has not received notice of any adverse claim in respect of any of the Security Assets; 

  

	(b)	the Mortgagor is (subject to the terms of any Transaction Document) the legal and beneficial owner of the Security Assets and it is the absolute legal owner of the Security
Assets and, as legal and beneficial owner (subject to the terms of any Transaction Document), it is able to mortgage and has so mortgaged the Security Assets; 

  

	(c)	the security created over the Security Assets under this Mortgage constitutes a first priority security interest over the Security Assets; 

  

	(d)	the Security Assets are within the Mortgagor’s disposition and control (subject to the terms of any Transaction Document); 

  

 8 

	(e)	except as stated in Clause 3 (Creation of Security) and/or under any Transaction Document, the Mortgagor has not sold or granted any rights of pre-emption over or
agreed to sell or grant any right of pre-emption over or otherwise disposed of or agreed to dispose of the benefit of all or any of its rights, title and interest in and to all or any part of the Security Assets; and 

  

	(f)	the Shares are non-assessable and, except under the Transaction Documents, neither the Shares nor the Related Rights, in each case owned by the Mortgagor, are subject to any
options to purchase or similar rights of any person. 

 6.3 Ability to pay debts The Mortgagor is able to pay its debts as they fall due
in the ordinary course of business. 
 6.4 Representations and Warranties in the Letter of Undertaking The Mortgagor repeats the representations and
warranties given by it in Clause [11] of the Letter of Undertaking. 
 6.5 Times of Making Representations and Warranties The
representations and warranties set out in this Clause 6: 
  

	(a)	will survive the execution of the Option Agreement and each transfer of any of the Shares to the Mortgagor or other transaction under the Option Agreement; and

  

	(b)	are made on the date hereof and are deemed to be repeated on the date of each transfer of any of the Shares to the Mortgagor under the Option Agreement during the Security
Period with reference to the facts and circumstances then existing. 

  

	7	UNDERTAKINGS OF MORTGAGOR 

 7.1 Duration The undertakings in
this Clause 7 shall remain in force throughout the Security Period. 
 7.2 Maintenance of Legal Validity Without prejudice to any other agreement
entered into between the parties hereto, the Mortgagor shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws and
regulations of the Cayman Islands to enable it lawfully to enter into and perform its obligations under this Mortgage and to ensure the legality, validity, enforceability or admissibility in evidence of this Mortgage. 
 7.3 Untrue Representations The Mortgagor shall notify the Mortgagee of the occurrence of any event which results in or may reasonably be expected to result in any
of the representations and warranties contained in Clause 6 (Representations and Warranties) being untrue in any material respect. 
 7.4 Proxies
and Powers of Attorney Pursuant to enforcement of the security constituted by this Mortgage, the Mortgagor shall not exercise its voting rights as shareholder of the Issuer so as to frustrate the Mortgagee’s exercise of any irrevocable
proxy and/or irrevocable power of attorney delivered under Clause 4 (Transfer Documents) in the forms set out in Parts I and II of Schedule 2 to this Mortgage. 
  

 9 

 7.5 Restrictions on Dealing The Mortgagor undertakes that, except as permitted or otherwise provided under the
terms of or set out in this Mortgage, and/or any Transaction Document (as the case may be), it will not: 
  

	(a)	create or permit to subsist any Encumbrance over any Security Asset; or 

  

	(b)	lease, sell, transfer, assign or otherwise dispose of or agree to lease, sell, transfer, assign or otherwise dispose of, any Security Asset or any interest therein.

 7.6 Security Assets The Mortgagor undertakes that, except as permitted or otherwise provided under the terms of or set out in this
Mortgage and/or any Transaction Document (as the case may be). 
  

	(a)	it will remain the legal and beneficial owner of the Security Assets and it will remain the absolute legal owner of the Security Assets; 

  

	(b)	it will not nominate any person or persons to enjoy or exercise all or any of the Mortgagor’s rights in relation to the Security Assets; 

  

	(c)	it will not take any action whereby the rights attaching to the Shares or the Related Rights are altered or diluted except to the extent permitted by the Mortgagee; and

  

	(d)	it will pay all calls and discharge all obligations in relation to the Security Assets. 

  

	8	ENFORCEMENT OF SECURITY 

 8.1 Process upon Enforcement of
Security 
  

	(a)	Upon the date on which any of the Mortgagee and/or Secured Parties exercises its rights under Clause 8 (Enforcement of Security) or Clause 9 (Receiver) on or
following the occurrence of an Enforcement Event (the “Enforcement Date”), the Secured Parties undertake to use all commercially reasonable efforts to conduct an orderly process with the aim of realising the maximum value from a
sale of the Security Assets. 

  

	(b)	Unless the Secured Parties and CEDC otherwise agree in writing, the Secured Parties shall, within 14 calendar days from the Enforcement Date, mandate a bank which is an
Approved Bank to conduct a sale of the Security Assets. Following the appointment of the relevant Approved Bank, the Secured Parties and CEDC shall use their reasonable efforts to agree, within 28 calendar days following appointment of the Approved
Bank, a process for the sale of the Security Assets and upon such agreement the Secured Parties shall instruct the Approved Bank to conduct a sale of the Security Assets on the agreed basis. 

  

	(c)	 In the absence of agreement between CEDC and the Secured Parties as to a process for the sale of the Security Assets the Secured Parties shall instruct the
Approved Bank to endeavour to realise the maximum value of the Security Assets by the requisite means and process which the Approved Bank shall in its discretion deem appropriate whilst using reasonable endeavours to effect such realisation within
six months of its instruction to do as aforesaid subject to its endeavours to achieve the maximum value of the Security Assets reasonably possible considering the prevailing and future market conditions. In the event that the Approved Bank is not
able to 

  

 10 

	 	 
realise the Security Assets before the expiry of six months following its instruction to do so as aforesaid, the Mortgagee and CEDC shall for no more than 14
calendar days reconsider, each acting reasonably, the sale strategy and timetable with a view to reaching a mutually agreeable outcome, after which the Mortgagee and Secured Parties may exercise (or refrain from exercising) any other rights or
powers under this Mortgage or under any applicable law. 

  

	(d)	All costs incurred by the Secured Parties in connection with performance of their obligations under this Clause 8.1 (Process upon Enforcement of Security) shall be
paid out of the proceeds of a sale of the Security Assets before distribution to the Mortgagor. 

 8.2 Powers 
  

	(a)	At any time after an Enforcement Event has occurred and is continuing, without any further consent or authority on the part of the Mortgagor, the Mortgagee may, subject to
Clause 8.1 (Process upon Enforcement of Security) above, exercise (or refrain from exercising) at its discretion in the name of the Mortgagor (or the registered holder) in respect of the Security Assets any voting rights and any powers or
rights under the terms thereof or otherwise which may be exercised by the person or persons in whose name or names the Security Assets are registered or who is the holder thereof. 

  

	(b)	If the Mortgagee takes any such action as is referred to in paragraph (a) above, it shall give notice to the Mortgagor as soon as practicable. 

 

	(c)	For the purposes of giving effect to this Clause 8.2 (Powers) and to the extent that the Security Assets remain registered in the name of the Mortgagor, the Mortgagor
hereby irrevocably appoints the Mortgagee (or its nominee) as its proxy to exercise all voting and other rights in respect thereof. 

  

	(d)	The Mortgagor and any Receiver shall have the powers conferred under this Mortgage (and those conferred on the Mortgagee) and under any applicable law.

 8.3 Enforcement At any time on or following the occurrence of an Enforcement Event which is continuing, the Mortgagee shall be
entitled, subject to Clause 8.1 (Process upon Enforcement of Security) above, in its absolute discretion and without prior authorisation of any court, to exercise immediately or as and when it may see fit any and every power possessed by the
Mortgagee by virtue of this Mortgage or available to a secured creditor, including to: 
  

	(a)	sell all or any of the Security Assets in any manner permitted by law upon such terms as the Mortgagee shall in its absolute discretion determine; 

 

	(b)	collect, recover or compromise and give a good discharge for any moneys payable to the Mortgagor in respect of the Security Assets or in connection therewith;

  

	(c)	solely and exclusively exercise all voting and/or consensual powers pertaining to the Security Assets or any part thereof and may exercise such powers in such manner as the
Mortgagee may think fit (subject to Clause 8.1 (Process upon Enforcement of Security) above); 

  

 11 

	(d)	receive and retain all dividends, interest or other moneys or assets accruing on or in respect of the Security Assets or any part thereof, such dividends, interest or other
moneys or assets to be held by the Mortgagee, as additional security mortgaged and charged under and subject to the terms of this Mortgage and any such dividends, interest and other moneys or assets received by the Mortgagor after such time shall be
held in trust by the Mortgagor for the Mortgagee and paid or transferred to the Mortgagee on demand; 

  

	(e)	take possession of, get in, assign, exchange, sell, transfer, grant options over or otherwise dispose of the Security Assets or any part thereof at such place and in such
manner and at such price or prices as the Mortgagee may deem fit, and thereupon the Mortgagee shall have the right to deliver, assign and transfer in accordance therewith the Security Assets so sold, transferred, granted options over or otherwise
disposed of including by way of changing the ownership of the Shares as shown on the Issuer’s register of members; 

  

	(f)	settle, adjust, refer to arbitration, compromise and arrange any claims, accounts, disputes, questions and demands with or by any person who is or claims to be a creditor of
the Mortgagor or relating to the Security Assets; 

  

	(g)	bring, prosecute, enforce, defend and abandon actions, suits and proceedings in relation to the Mortgagor’s title to the Security Assets; 

  

	(h)	redeem any security (whether or not having priority to the Mortgage) over the Security Assets and to settle the accounts of any person with an interest in the Security
Assets; 

  

	(i)	exercise and do (or permit the Mortgagor to exercise and do) all such rights and things as the Mortgagee would be capable of exercising or doing if it were the absolute
beneficial owner of the Security Assets; and 

  

	(j)	do anything else it may think fit for the realisation of the Security Assets or incidental to the exercise of any of the rights conferred on the Mortgagee under or by virtue
of any document to which the Mortgagor is party. 

 For the avoidance of doubt, the Mortgagor agrees that the enforceability of this Mortgage
is not dependent on the performance or non-performance by the Mortgagee or any Secured Party of its obligations under the Option Agreement or this Mortgage (other than under Clause 8.1 (Process upon Enforcement of Security) above).

 8.4 No duty to enquire The Mortgagee shall not be obliged to make any enquiry as to the nature or sufficiency of any payment received by it under
this Mortgage or to make any claim or to take any action to collect any moneys assigned by this Mortgage or to enforce any rights or benefits assigned to the Mortgagee by this Mortgage or to which the Mortgagee may at any time be entitled hereunder.

 8.5 Application Until all Secured Obligations have been unconditionally and irrevocably paid and discharged in full, the Mortgagee may refrain from
applying or enforcing any other moneys, security or rights held by it in respect of the Secured Obligations or may apply and enforce such moneys, security or rights in such manner and in such order as it shall decide in its unfettered discretion.

  

 12 

	9	RECEIVER 

 9.1 Appointment of Receiver Subject to Clause 8
above, at any time after the security constituted by this Mortgage becomes enforceable in accordance with its terms or if an application is made for the appointment of or notice is given of intention to appoint an administrator in respect of the
Mortgagor or if requested by the Mortgagor, the Mortgagee may without further notice appoint under seal, deed or in writing under its hand any one or more persons to be a Receiver of all or any part of the Security Assets in like manner in every
respect as if the Mortgagee had become entitled under this Mortgage or under applicable law to exercise the power of sale thereby conferred. 
 9.2
Powers of Receiver Every Receiver appointed in accordance with Clause 9.1 (Appointment of Receiver) shall have and be entitled, subject to the terms of the Option Agreement, to exercise all of the powers of the Mortgagee conferred by
Clause 8.2 (Powers) in addition to the powers conferred by applicable law on any receiver. The Receiver shall have the power to do all things which, in the opinion of the Receiver, are incidental to any of the powers, functions, authorities
or discretions conferred or vested in the Receiver pursuant to this Mortgage or upon receivers by applicable law generally (including, without limitation, the bringing or defending of proceedings in the name of, or on behalf of, the Mortgagor; the
collection and/or realisation of Security Assets in such manner and on such terms as the Receiver sees fit; and the execution of documents in the name of the Mortgagor (whether under hand, or by way of deed or by utilisation of the company seal of
the Mortgagor or its general partner) and in particular shall have and be entitled to exercise in relation to the Mortgagor all the powers set out below: 
  

	(a)	to exercise all rights of the Mortgagee under or pursuant to this Mortgage including all voting and other rights attaching to the Security Assets; 

 

	(b)	to make any arrangement or compromise with others over and/or in connection with any of the Security Assets as he shall think fit; 

  

	(c)	to appoint managers, officers and agents for the above purposes at such remuneration as the receiver may determine; 

  

	(d)	to redeem any prior encumbrance over and/or in connection with any of the Security Assets and settle and pass the accounts of the encumbrancer and any accounts so settled and
passed shall (subject to any manifest error) be conclusive and binding on the Mortgagor and the money so paid shall be deemed an expense properly incurred by the receiver; 

  

	(e)	to pay the proper administrative charges in respect of time spent by its agents and employees in dealing with matters raised by the receiver or relating to the receivership
of the Mortgagor; and 

  

	(f)	to do all such other acts and things as may be considered by the receiver to be incidental or conducive to any of the above matters or powers or otherwise incidental or
conducive to the preservation, improvement or realisation of the Security Assets or the value thereof. 

 If at any time there is more than one
Receiver of all or any part of the Security Assets, each such Receiver may (unless otherwise stated in any document appointing him) exercise all of the powers conferred on a Receiver under this Mortgage individually and separately from each other
Receiver. 
  

 13 

 9.3 Removal and Remuneration The Mortgagee may from time to time by writing under its hand (subject to any
requirement for an order of the court in the case of an administrative receiver) remove any Receiver appointed by it and may, whenever it may deem it expedient, appoint a new Receiver in the place of any Receiver whose appointment may for any reason
have terminated and may from time to time fix the remuneration of any Receiver appointed by it provided that such remuneration shall be substantially on market terms. 
 9.4 Mortgagee May Exercise Powers of Receiver To the fullest extent permitted by law, all or any of the powers, authorities and discretions which are conferred by this Mortgage (either expressly or implied)
upon a Receiver may be exercised by the Mortgagee at any time after the security constituted by this Mortgage has become enforceable in relation to the whole of such Security Assets or any part thereof without first appointing a Receiver of such
property or any part thereof or notwithstanding the appointment of a Receiver of such property or any part thereof. 
 9.5 Application of Proceeds Any
moneys received by the Mortgagee or by any Receiver appointed by it pursuant to this Mortgage and/or under the powers hereby conferred shall, after the security hereby constituted shall have become enforceable, but subject to the payment of any
claims having priority to the security constituted by this Mortgage and to the Mortgagee’s and such Receiver’s rights under Clause 9.2 (Powers of Receiver), be applied against the amounts due and payable by the Mortgagor to the
Secured Parties and the Mortgagee under the Option Agreement, the Shareholders Agreement and this Mortgage, in accordance with Clause 24.3 (Ranking and Priority) of this Mortgage. 
  

	10	FURTHER ASSURANCES 

 The Mortgagor shall, at its own expense from
time to time, execute and give all such assurances and do all acts and things as the Mortgagee may reasonably require or reasonably consider desirable under the laws of any jurisdiction governing the Security Assets to enable the Mortgagee to
perfect or protect the security intended to be created hereby over the Security Assets or any part thereof or to facilitate the sale of the Security Assets or any part thereof or the exercise by the Mortgagee of any of the rights, powers,
authorities and discretions vested in it or any Receiver of the Security Assets or any part thereof or any such delegate or sub-delegate as aforesaid. To that intent, without prejudice to the generality of the foregoing and subject to the terms and
conditions set out in the other Clauses of this Mortgage, the Mortgagor shall execute all transfers, sales, dispositions and appropriations (whether to the Mortgagee or otherwise) and shall give all notices, orders and directions and make all
registrations which the Mortgagee may (in its absolute discretion) consider expedient but containing terms no more onerous than reasonably required by the Mortgagee to give effect to this Mortgage. 
  

	11	POWER OF ATTORNEY 

 11.1 Appointment The Mortgagor hereby, by
way of security and in order more fully to secure the performance of its obligations hereunder, irrevocably appoints the Mortgagee and every Receiver of the Security Assets (or any part thereof) appointed hereunder and any person nominated for the
purpose by the Mortgagee or any Receiver in writing under hand by 

  

 14 

 
an officer of the Mortgagee or any Receiver severally as its attorney and on its behalf and in its name or otherwise to execute and do all such assurances,
acts and things which the Mortgagor is required to do under the covenants and provisions contained in this Mortgage (including to make any demand upon or to give any notice or receipt to any person owing moneys to the Mortgagor and to execute and
deliver any charges, legal mortgages, assignments or other security and any transfers of securities) and generally in its name and on its behalf to exercise all or any of the powers, authorities and discretions conferred by or pursuant to this
Mortgage or by statute on the Mortgagee or any such Receiver, delegate or sub-delegate and (without prejudice to the generality of the foregoing) to seal and deliver and otherwise perfect any deed, assurance, agreement, instrument or act which it
may reasonably deem proper in or for the purpose of exercising any of such powers, authorities and discretions. 
 11.2 Ratification The Mortgagor
hereby ratifies and confirms and agrees to ratify and confirm whatever any such attorney as is mentioned in Clause 11.1 (Appointment) shall do or purport to do in the exercise or purported exercise of all or any of the powers, authorities and
discretions referred to in such Clause 11.1 (Appointment). 
  

	12	DELEGATION 

 The Mortgagee or any Receiver appointed hereunder may
at any time and from time to time delegate by power of attorney or in any other manner to any properly qualified person or persons all or any of the powers, authorities and discretions which are for the time being exercisable by the Mortgagee or
such Receiver under this Mortgage in relation to the Security Assets or any part thereof. Any such delegation may be made upon such terms (including power to sub-delegate) and subject to such regulations as the Mortgagee or such Receiver may think
fit. Neither the Mortgagee nor any Receiver shall be in any way liable or responsible to the Mortgagor for any loss or damage arising from any act, default, omission or misconduct on the part of any such delegate or sub-delegate, provided the
Mortgagee or Receiver gives the Mortgagor notice of such delegation. 
  

	13	NO LIABILITY AS MORTGAGEE IN POSSESSION 

 Neither the Mortgagee nor
its nominee nor any Receiver shall by reason of entering into possession of the Security Assets or any of them be liable: 
  

	(a)	to account as mortgagee in possession or be liable for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable;

  

	(b)	for failing to present any coupon or other document relating to any of the Security Assets; 

  

	(c)	for accepting or failing to accept any offer relating to any of the Security Assets; 

  

	(d)	for failing to attend or vote at any meetings relating to the Security Assets; 

  

	(e)	for failing to notify the Mortgagor of any communication received by the Mortgagee or Receiver in relation to the Security Assets; or 

  

	(f)	for any loss arising out of or in connection with the exercise or non-exercise of any rights or powers (with the exception of the undertaking with respect to the power of
sale under Clause 8.1(a)) attaching or accruing to the Security Assets or which may be exercised by the Mortgagee or any nominee for the Mortgagee or Receiver under this Mortgage. 

  

 15 

 except in the case of gross negligence, fraud or wilful misconduct on the part of the Mortgagee or such Receiver,
respectively. Every Receiver duly appointed by the Mortgagee under the powers set forth herein shall be deemed to be the agent of the Mortgagor for all purposes and shall as such agent for all purposes be deemed to be in the same position as a
Receiver duly appointed by a mortgagee under applicable law. The Mortgagor alone shall be responsible for its contracts, engagements, acts, omissions, defaults and losses and for liabilities incurred by it and neither the Mortgagee nor any Receiver
shall incur any liability therefor (either to the Mortgagor or to any other person whatsoever) or for any other reason whatsoever other than for their gross negligence, fraud or wilful misconduct. 
  

	14	PROTECTION OF THIRD PARTIES 

 No purchaser, mortgagee or other
person dealing with the Mortgagee or the Receiver or its or his agents shall be concerned to enquire whether the Secured Obligations have become due and payable or whether any power which the Mortgagee or Receiver is purporting to exercise has
become exercisable or whether any of the Secured Obligations remains outstanding or to see to the application of any money paid to the Mortgagee or to such Receiver. 
  

	15	STAMP DUTIES 

 The Mortgagor shall pay and, forthwith on demand,
indemnify the Mortgagee against any liability it incurs in respect of any stamp, registration and similar tax which is or becomes payable in connection with the performance or enforcement of this Mortgage. 
  

	16	ADDITIONAL PROVISIONS 

  

	16.1	Provisions Severable 

  

	(a)	If a provision of this Mortgage is, or but for this Clause 16.1 would be, held to be illegal, invalid or unenforceable, in whole or in part, in any jurisdiction the provision
shall be ineffective to the extent of such illegality, invalidity or unenforceability without rendering the remaining provisions of this Mortgage illegal, invalid or unenforceable, and any such illegality, invalidity or unenforceability in any
jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

  

	(b)	If a provision of this Mortgage is held to be illegal, invalid or unenforceable, in whole or in part and paragraph (a) of this Clause 16.1 (Provisions Severable)
cannot be used to make it legal, valid and enforceable, either party to this Mortgage may require the other party to enter into a deed under which that other party undertakes in the terms of the original provision, but subject to such amendments as
are necessary or required in order to make the provision legal, valid and enforceable. No party will be obliged to enter into a deed that would increase its liability beyond that contained in this Mortgage had all its provisions been legal, valid
and enforceable. 

 16.2 Potentially Avoided Payments If the Mortgagee considers (acting reasonably) that an amount paid to the
Mortgagee or any Secured Party under the Option Agreement or this Mortgage is capable of being avoided or otherwise set aside on the liquidation or 

  

 16 

 
administration of the person by whom such amount is paid, then for the purposes of this Mortgage, such shall be regarded as not having been paid, provided
that if such amount is not avoided or otherwise set aside following such liquidation or administration, the Mortgagee shall not be entitled to regard such amount as not having been paid. 
 16.3 Variation This Mortgage shall not be varied except by an agreement in writing between the Mortgagor and Mortgagee and, in the case of Clause 8.1 (Process
upon Enforcement of Security) above, all parties including CEDC. 
  

	17	REMEDIES AND WAIVERS 

 A delay in exercising, or failure to
exercise, any right or remedy under this Mortgage does not constitute a waiver of such or other rights or remedies and does not operate to prevent the exercise or enforcement of any such right or remedy. No single or partial exercise of any right or
remedy under this Mortgage prevents further exercise of such or other rights or remedies. The rights, powers and remedies provided in this Mortgage are cumulative and not exclusive of any rights and remedies provided by law. The Mortgagee may, in
connection with the exercise of its powers, join or concur with any person in any transaction scheme or arrangement whatsoever. A waiver given or consent granted by the Mortgagee under this Mortgage will be effective only if given in writing and
then only in the instance and for the purpose for which it is given. 
  

	18	NOTICES 

 18.1 Communications in Writing A notice, other
communication or document given under this Mortgage other than as set out in Clause 22 (Notices) of the Option Agreement shall be in writing and signed by or on behalf of the person giving it and, unless otherwise stated, may be made or
delivered personally, posted or faxed in accordance with Clause 19.3 (Delivery). 
 18.2 Addresses The address and fax number (and the
department or officer, if any, for whose attention the notice, other communication or document is to be made or delivered) of each party for any notice, communication or document to be made or delivered under or in connection with this Mortgage is
that identified with its name below, or any substitute address, fax number or department or officer as the relevant party notifies to the other party by not less than five Business Days notice. 
 18.3 Delivery 
  

	(a)	Any notice, other communication or document so addressed shall be deemed to have been received: 

  

	 	(i)	if personally delivered, at the time of delivery; 

  

	 	(ii)	if sent by pre-paid first class post, recorded delivery or registered post, two Business Days after the date of posting to the relevant address; 

  

	 	(iii)	if sent by registered air-mail, five Business Days after the date of posting to the relevant address; and 

  

	 	(iv)	 if sent by fax, on successful completion of its transmission as per transmission report from the machine from which the fax was sent, save that if such
notice, 

  

 17 

	 	 
communication or document is received after normal working hours (which shall be deemed to be 8.30 a.m. and 5.30 p.m. on any Business Day in the country of
the recipient), such notice, communication or document shall be deemed to have been received on the next Business Day, 

 and, if a particular department or officer is specified as part of its address details provided under Clause 18.2 (Addresses), if addressed to that department or officer. 
  

	(b)	For the avoidance of doubt, notice given under this Mortgage shall not be validly served if given by e-mail. 

  

	19	COSTS AND EXPENSES 

 19.1 Costs and Expenses Subject to any
term of this Mortgage, any Transaction Document or any other agreement between the parties hereto, each party hereto shall bear its own costs and expenses in connection with the negotiation, preparation, execution, modification, amendment, release
and/or preservation of any of its rights under this Mortgage. 
 19.2 Indemnity The Mortgagor shall indemnify the Mortgagee on demand against any and
all properly incorrect costs, claims, losses, expenses (including legal fees) and liabilities, and any VAT thereon, which the Mortgagee may incur as a result of the occurrence of any Enforcement Event or the exercise by the Mortgagee of any of its
rights and powers under this Mortgage. 
 19.3 Interest The amounts payable under Clauses 19.1 (Costs and Expenses) and 19.2 (Indemnity)
above shall bear interest (compounded monthly) at the Default Rate (payable as well after as before judgment), from the dates on which they were paid or incurred by the Mortgagee to the date of payment thereof by the Mortgagor. 
  

	20	CURRENCY OF ACCOUNT 

 20.1 Currency of Account All payments
hereunder shall be made in immediately available funds in the currency and to the account specified by the Mortgagee in the corresponding demand, provided that any payments of Secured Obligations owing under the Option Agreement shall be made in the
currency in which such payments are required to be made under the Option Agreement. 
 20.2 Currency Conversion If notwithstanding Clause 20.1
(Currency of Account) any monies are received or held by the Mortgagee in a currency other than that specified in such demand, such monies shall be converted into the currency specified in the demand issued by the Mortgagee pursuant to Clause
20.1 (Currency of Account) to cover the Secured Obligations in that other currency at the spot rate of exchange quoted by a bank selected by the Mortgagee (acting reasonably) then prevailing for purchasing that other currency with the
existing currency. 
 20.3 No Discharge No payment to the Mortgagee (whether under any judgment or court order or otherwise) shall discharge the
obligation or liability of the Mortgagor unless and until the Mortgagee shall have received payment in full in the currency in which the obligation or liability was incurred and to the extent that the amount of any such payment shall on actual
conversion into such currency fall short of such obligation or liability expressed in that currency the Mortgagee shall have a further separate cause of action against the Mortgagor to recover the amount of the shortfall. 
  

 18 

 20.4 Currency Indemnity If any sum due from the Mortgagor under this Mortgage or any order or judgment given or
made in relation hereto has to be converted from the currency (the “first currency”) in which the same is payable hereunder or under such order or judgment into another currency (the “second currency”) for the
purpose of (1) making or filing a claim or proof against the Mortgagor; (2) obtaining an order or judgment in any court or other tribunal; or (3) enforcing any order or judgment given or made in relation hereto, the Mortgagor shall
indemnify and hold harmless the Mortgagee from and against any loss suffered or incurred as a result of any discrepancy between (A) the rate of exchange used for such purpose to convert the sum in question from the first currency into the
second currency and (B) the rate or rates of exchange at which the Mortgagee may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of
any such order, judgment, claim or proof. 
  

	21	ASSIGNMENTS, ETC 

 21.1 The Mortgagee The Mortgagee may
assign and transfer all of its respective rights and obligations hereunder to a replacement Mortgagee appointed in accordance with the terms of this Mortgage. Upon such assignment and transfer taking effect, the replacement Mortgagee shall be and be
deemed to be acting as Mortgagee for the Secured Parties for the purposes of this Mortgage in place of the old Mortgagee. 
 21.2 The Mortgagor The
Mortgagor shall not be entitled to transfer or assign all or any of its rights or obligations in respect of this Mortgage without the prior written consent of the Mortgagee. 
  

	22	SET-OFF 

 Where an Enforcement Event has occurred and is continuing,
the Mortgagee may (but shall not be obliged to) set off any obligation which is due and payable by the Mortgagor and unpaid against any obligation (whether or not matured) owed by the Mortgagee to the Mortgagor, regardless of the place of payment,
booking branch or currency of either obligation. If the obligations are in different currencies, the Mortgagee may convert either obligation at the closing mid-market rate of exchange applying to such currencies, as against the US Dollar, as
published in the Financial Times on the day of such set off (in respect of the previous days’ closing mid-market rate) for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Mortgagee may set off in an amount
estimated by it in good faith to be the amount of that obligation. 
  

	23	COVENANT TO RELEASE 

 Upon the expiry of the Security Period or as
otherwise permitted under the terms of any Transaction Document (but not otherwise), the Mortgagee shall (or procure that its nominees shall), at the request and cost of the Mortgagor, execute and do all such deeds, acts and things as may be
necessary to release the Security Assets from the security constituted hereby. The Mortgagee shall not be bound to return the identical shares which were deposited, held or transferred and the Mortgagor shall accept shares of the same class and
denomination. 
  

 19 

	24	MORTGAGEE AS TRUSTEE 

 24.1 Declaration of trust The
Mortgagee declares itself trustee of the security and other rights (including, without limitation, the benefit of the covenants, indemnities and representations and warranties), titles and interests constituted by this Mortgage and of all monies,
property and assets paid to the Mortgagee or its order or held by the Mortgagee or received or recovered by the Mortgagee pursuant to or in connection with this Mortgage with effect from the date hereof to hold the same on trust for itself and each
of the Secured Parties in accordance with the terms of this Mortgage and the Option Agreement (save as may otherwise be agreed between the Mortgagee and the Secured Parties from time to time). 
  

	24.2	Duration The trusts in this Mortgage shall remain in force until whichever is the earlier of: 

  

	(a)	the expiration of a period of 80 years from the date hereof; and 

  

	(b)	the date on which all Security Assets are released from the security constituted by the Mortgage in accordance with Clause 24 (Covenant to Release).

 24.3 Ranking and priority The Secured Obligations owed by the Mortgagor to each of the Secured Parties shall rank in right and
priority of payment, and the security constituted by this Mortgage shall rank and secure the Secured Obligations owed by the Mortgagor to each of the Secured Parties, pari passu and rateably, without any preference between them. 
 24.4 Indemnity The Mortgagee and the Secured Parties shall be indemnified out of monies recovered under this Mortgage in respect of all liabilities, costs,
charges, losses and expenses properly incurred or suffered by them or any of them in the execution or the purported execution of the trusts created by this Mortgage or of any powers, authorities or discretions vested in them or any of them pursuant
to this Mortgage and against all actions, proceedings, claims or demands in respect of any matter or thing done or omitted in any way relating to the provisions of this Mortgage (including in connection with any proceedings brought by the Mortgagor
and/or CEDC in breach of Clause 26 (Jurisdiction)), except to the extent such claims, losses or liabilities result from the Mortgagee’s gross negligence, fraud or wilful misconduct as finally determined by a court of competent
jurisdiction. 
 24.5 Expenditure Nothing contained in this Mortgage shall require the Mortgagee to expend or risk its own funds or otherwise incur
any financial liability in the performance of its duties or the exercise of any right, power, authority or discretion hereunder it is has grounds for believing the repayment of such funds or adequate indemnity against or security for such risk or
liability is not assured to it. 
 24.6 Rights The Mortgagee may rely on exercise and be protected by the discretions, protections, powers and rights
conferred on trustees, mortgagees or receivers under Cayman Trusts Law (2007 Revision). 
 24.7 Duties To the extent permitted by applicable law, the
Mortgagee shall have only those duties, obligations and responsibilities expressly specified in this Mortgage and no other duties, obligations or responsibilities (whether implied by law or otherwise). 
  

 20 

 24.8 Conflicts Where there are any inconsistencies between the applicable law insofar as it relates to trustees
and their duties and the provisions of this Mortgage, the provisions of this Mortgage shall prevail to the extent allowed by the law. 
 24.9 Custody
The Mortgagee shall be entitled to keep all certificates and documents of title relating to the Security Assets which it receives in safe custody at any of its branches or offices or otherwise provide for their safe custody by third parties and
shall not be responsible for any loss or damage occurring to or in respect thereof unless such loss or damage shall be caused by its own gross negligence, fraud or wilful misconduct. The Mortgagee shall be deemed to have exercised reasonable care in
the custody and preservation of any Security Assets in its actual possession if such Security Assets are accorded treatment substantially equal to that which the Mortgagee accords its own property. 
 24.10 No responsibility Neither the Mortgagee nor any of the Secured Parties will be liable to the Mortgagor or any other person for any costs, charges, losses,
liabilities or expenses arising from or connected with any realisation by the Mortgagee or any of them of the Security Assets or from any exercise or non-exercise by the Mortgagee of any of them of any right or power exercisable by it under this
Mortgage. 
  

	25	GOVERNING LAW 

 This Mortgage is governed by, and shall be construed
in accordance with, Cayman Islands law. 
  

	26	JURISDICTION 

 26.1 Exclusive jurisdiction For the benefit of
the Mortgagee and Secured Parties, and subject to Clause 26.4 (Proceedings in Other Jurisdictions) below, each of the Mortgagor and CEDC hereby irrevocably agrees that: 
  

	(a)	any dispute, controversy or claim arising out of or in connection with this Mortgage (including a dispute regarding the existence, validity or termination of this Mortgage or
the consequences of its nullity), the security constituted by this Mortgage (a “Dispute”) shall be heard by the courts of the Cayman Islands; and 

  

	(b)	the courts of the Cayman Islands shall have exclusive jurisdiction to hear and determine any suit, action or proceedings (“Proceedings”) and to settle any
Disputes and, for such purposes, irrevocably submits to the jurisdiction of such courts. 

 26.2 Service of Process The Mortgagor and
CEDC each submit to the jurisdiction of the courts of the Cayman Islands. Without prejudice to any other mode of service allowed under any relevant law, CEDC: 
  

	(a)	irrevocably appoints Maples Corporate Services Limited (at PO Box 309, Ugland House, South Church Street, George Town, Grand Cayman KY1-1104, Cayman Islands, Tel: +1 345 949
8066, Fax: +1 345 949 8080) as its agent for service of process in relation to any Proceedings before the Cayman Islands courts in connection with any Dispute; and 

  

	(b)	agrees that failure by an agent for service of process to notify the Mortgagor and/or CEDC of the process will not invalidate the proceedings concerned.

  

 21 

 If any person appointed as agent for service of process is unable for any reason to act as agent for service of process,
CEDC must immediately (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Mortgagee. Failing this, the Mortgagee may appoint another agent for this purpose. 
 26.3 Waiver of Objection Each of the parties to this Mortgage other than the Mortgagee and Secured Parties irrevocably waives any objection which it might now or
hereafter have to Proceedings being brought or Disputes settled in the courts of the Cayman Islands and agrees not to claim that any such court is an inconvenient or inappropriate forum. 
 26.4 Proceedings in Other Jurisdictions Nothing in this Mortgage limits (and shall not be construed so as to limit) the right of the Mortgagee and/or the Secured Parties to bring Proceedings, including third
party proceedings, against the Mortgagor and/or CEDC, or to apply for interim remedies, in connection with this Mortgage in any other court of competent jurisdiction, nor shall the taking of Proceedings by the Mortgagee and/or Secured Parties in any
one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law. The obtaining by the Mortgagee and/or any Secured Party of judgement in one
jurisdiction shall not prevent the Mortgagee and/or any Secured Party from bringing or continuing Proceedings in any other jurisdiction, whether or not these shall be founded on the same cause of action. 
 26.5 Waiver of Immunity To the extent that any party to this Mortgage other than the Mortgagee and the Secured Parties may in any jurisdiction claim for itself or
its assets immunity from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity
(whether or not claims), such party hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. 
  

	27	COUNTERPARTS AND EFFECTIVENESS 

 27.1 Counterparts This
Mortgage may be executed in any number of counterparts, each of which when executed and delivered constitutes an original of this Mortgage, but all the counterparts shall together constitute one and the same agreement. 
 27.2 Effectiveness This Mortgage shall come into effect as a Deed on the date set forth above. 
 IN WITNESS WHEREOF THIS MORTGAGE HAS BEEN EXECUTED AS A DEED by the parties hereto on the date stated at the beginning of this Mortgage. 
  

 22 

 SCHEDULE 1 
 SHARE TRANSFER FORM 
 We, [            ]
(the “Transferor”) for good and valuable consideration received by us from [            ] (the “Transferee”) do hereby: 
  

	1.	transfer to the Transferee [            ]
([            ]) [            ] shares of par value
US$[            ] each (the “Share”) standing in our name in the register of the Company to hold unto the Transferee, and assigns, subject to the several conditions
on which we held the same at the time of execution of this Share Transfer Form; and 

  

	2.	consent that our name remains on the register of the Company until such time as the Company enters the Transferee’s name in the register of the Company;

 And I/we, the Transferee, do hereby agree to take the Share subject to the same conditions. 
 As Witness Our Hands 
 Signed by the Transferor on 

[            ] in the presence of: 
  

					
	  
	 		 	  

	Witness	 		 	Transferor

 Signed by the Transferee on 
 [            ] in the presence of: 
  

					
	  
	 		 	  

	Witness	 		 	Transferee

  

 23 

 And I/we do hereby agree to take the Shares. 
  

							
	SIGNED by the Transferee by:	  	)	    	  
	  	
		  	)	    	Duly Authorised Signatory	  	
		  	)	    		  	
		  	)	    	Name:	  	
		  	)	    		  	
		  	)	    	Title:	  	
		  	)	    		  	

  

							
	in the presence of:	 		 	
	  
	 		 	
	Signature of Witness	 		 	
				
	 Name:
	 	  
	 		 	
				
	 Address:
	 	  
	 		 	
				
	 Occupation:
	 	  
	 		 	

  

 24 

 SCHEDULE 2 
 PART I 
 IRREVOCABLE APPOINTMENT OF PROXY 
 We, [MORTGAGOR], hereby irrevocably appoint [MORTGAGEE] as our proxy to vote at meetings of the Shareholders of [Issuer] (the
“Company”), while an Enforcement Event (as defined in the Mortgage) is continuing, in respect of any existing or further shares in the Company which may have been or may from time to time be issued and/or registered in our name.
This proxy is irrevocable by reason of being coupled with the interest of [MORTGAGEE] as mortgagee of the aforesaid shares pursuant to a Mortgage dated [—] (the “Mortgage”).

 IN WITNESS whereof this instrument has been duly executed as a deed this
[            ] day of [            ]. 
  

					
	EXECUTED AS A DEED by [MORTGAGOR]:	 	)	    	  

		 	)	    	Duly Authorised Signatory
		 	)	    	
		 	)	    	Name:
		 	)	    	

  

 25 

 PART II 
 IRREVOCABLE APPOINTMENT OF POWER OF ATTORNEY 
 We, [MORTGAGOR], hereby irrevocably appoint
[MORTGAGEE] as our duly authorised representative and duly appointed attorney-in-fact to sign resolutions in writing of [Issuer] (the “Company”), while an Enforcement Event (as defined in the Mortgage) is
continuing, in respect of any existing or further shares in the Company which may have been or may from time to time be issued and/or registered in our name. This power of attorney is irrevocable by reason of being coupled with the interest of
[MORTGAGEE] as mortgagee of the aforesaid shares pursuant to a Mortgage dated [—] (the “Mortgage”). 
 IN WITNESS whereof this instrument has been duly executed as a deed this [            ] day of
[            ]. 
  

							
	EXECUTED AS A DEED by [MORTGAGOR]:	 	)	    	  
	  	
		 	)	    	Duly Authorised Signatory	  	
		 	)	    		  	
		 	)	    	Name:	  	
		 	)	    		  	
		 	)	    	Title:	  	

							
	in the presence of:	 		    		  	
				
	  
	 		    		  	
	Signature of Witness	 		    		  	

							
				
	Name:	 		    	  
	  	
				
	Address:	 		    	  
	  	
				
	Occupation:	 		    	  
	  	

  

 26 

 SIGNATORIES 
 THE
MORTGAGOR 
  

					
	 Executed as a deed by
	 	 )
	 	
	[LION/RALLY CAYMAN 7 L.P.]	 	 )
	 	
	 acting by its general partner 
	 	 )
	 	
	 [                    ]
	 	 )
	 	

  

									
	  
	 	Signature of director	 	  
	  	Signature of director/secretary	  	
					
	  
	 	Name of director	 	  
	  	Name of director/secretary	  	

 in the presence of: 
 [                    ] 
 Address:

 Fax number: 
 Attn: 
 THE MORTGAGEE 
  

					
	 Executed as a deed by
	 	 )
	 	
	[LION/RALLY CAYMAN 4]	 	 )
	 	

  

									
	  
	 	Signature of director	 	  
	  	Signature of director/secretary	  	
					
	  
	 	Name of director	 	  
	  	Name of director/secretary	  	

 in the presence of: 
 [                    ] 
 Address:

 Fax number: 
 Attn: 
  

 27 

					
	 Executed as a deed by
	 	 )
	 	
	[LION/RALLY CAYMAN 5]	 	 )
	 	

  

									
	  
	 	Signature of director	 	  
	  	Signature of director/secretary	  	
					
	  
	 	Name of director	 	  
	  	Name of director/secretary	  	

 in the presence of: 
 [                    ] 
 Address:

 Fax number: 
 Attn: 
  

					
	 Executed as a deed by
	 	 )
	 	
	 CENTRAL EUROPEAN
	 	 )
	 	
	DISTRIBUTION CORPORATION	 	 )
	 	

  

									
	  
	 	Signature of director	 	  
	  	Signature of director/secretary	  	
					
	  
	 	Name of director	 	  
	  	Name of director/secretary	  	

 in the presence of: 
 [                    ] 
 Address:

 Fax number: 
 Attn: 
  

 28Form of Option Agreement

 Exhibit 10.3 
 [—] 2009 
 OPTION AGREEMENT 
 relating to shares in 
 [LION/RALLY
CAYMAN 6] 
 between 
 LION/RALLY CAYMAN 4 
 and 
 LION/RALLY CAYMAN 5 
 and 
 [LION/RALLY CAYMAN 7 L.P.] 
 and 
 CENTRAL EUROPEAN DISTRIBUTION CORPORATION 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 1 INTERPRETATION
	  	1
		
	 2 GRANT OF PUT AND CALL OPTIONS
	  	16
		
	 3 EXERCISE AND COMPLETION OF PUT AND CALL OPTIONS
	  	18
		
	 4 COMPLETION OF THE SALE OF SHARES UNDER PUT AND CALL OPTIONS
	  	20
		
	 5 CONSIDERATION PAYABLE FOR GRANT OF CAYMAN 7 CALL OPTIONS
	  	22
		
	 6 ANTITRUST OBLIGATIONS
	  	27
		
	 7 DEFERRAL OF ISSUE OF SHARES AND WARRANTS
	  	28
		
	 8 ADJUSTMENTS TO INITIAL CASH AMOUNTS AND ADDITIONAL CONSIDERATION
	  	29
		
	 9 OFFER TO INITIAL SELLER PARTIES
	  	35
		
	 10 WARRANTIES AND UNDERTAKINGS
	  	35
		
	 11 CEDC GUARANTEE
	  	37
		
	 12 DEFAULT
	  	37
		
	 13 SECURITY
	  	38
		
	 14 US TAX COMPLIANCE
	  	39
		
	 15 ASSIGNMENT
	  	39
		
	 17 VARIATION
	  	39
		
	 18 WAIVER
	  	39
		
	 19 ILLEGALITY AND SEVERANCE
	  	40
		
	 20 RIGHTS OF THIRD PARTIES
	  	40
		
	 21 COUNTERPARTS
	  	40
		
	 22 NOTICES
	  	40
		
	 23 JURISDICTION
	  	42
		
	 24 GOVERNING LAW
	  	42
		
	 SCHEDULE 1 INFORMATION ABOUT THE COMPANY
	  	43
		
	 SCHEDULE 2 CONSIDERATION PAYABLE
	  	44
		
	 SCHEDULE 3 FORM OF OPTION NOTICES
	  	45

  

 i 

 THIS AGREEMENT is made on [—] 2009 between the following parties:

  

	(1)	LION/RALLY CAYMAN 4 a company incorporated in the Cayman Islands whose principal place of business is at c/o Stuarts Corporate Services Ltd., PO Box 2510 Grand Cayman
KY1-1104, Cayman Islands (“Cayman 4”); 

  

	(2)	LION/RALLY CAYMAN 5 a company incorporated in the Cayman Islands whose principal place of business is at c/o Stuarts Corporate Services Ltd., PO Box 2510 Grand Cayman
KY1-1104, Cayman Islands (“Cayman 5”); 

  

	(3)	[LION/RALLY CAYMAN 7 L.P.], a Cayman Exempted Limited Partnership whose principal place of business is at c/o Stuarts Corporate Services Ltd., PO Box 2510 Grand Cayman
KY1-1104, Cayman Islands acting through its general partner [Lion/Rally Cayman 8] (“Cayman 7”); and 

  

	(4)	CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a company incorporated in Delaware, whose principal place of business is at ul. Bobrowiecka 6, 02-728 Warszawa, Poland
(“CEDC”). 

 WHEREAS 
  

	(A)	[LION/RALLY CAYMAN 6] (the “Company”) was incorporated in the Cayman Islands on [date] with registered number [—]
with its principal place of business at c/o Stuarts Corporate Services Ltd., PO Box 2510 Grand Cayman KY1-1104, Cayman Islands. Particulars of the Company are set out in Schedule 1. 

  

	(B)	The Holdcos (as defined below) have agreed to grant to Cayman 7 the Cayman 7 Call Options (as defined below), and Cayman 7 has agreed to grant to the Holdcos the Holdco Put
Option and the Holdco Call Option (each as defined below) on the terms of and subject to the conditions set out in this Agreement. 

  

	(C)	CEDC has agreed, in consideration of Cayman 4 and Cayman 5 entering into this Agreement, to guarantee the obligations of Cayman 7 under this Agreement in accordance with the
terms set out in Clause 11 (CEDC Guarantee) and to issue shares of CEDC Common Stock (as defined below) and the Warrants (also as defined below) to Cayman 4 and Cayman 5. 

 IT IS AGREED as follows 
  

	1	INTERPRETATION 

  

	1.1	In this Agreement (including its recitals), the words and expressions set out below have the meanings given to each of them respectively: 

  

			
	“2009 Earnout Amount”	  	has the meaning given in Clause 8.4.1;
		
	“2009 Group EBITDA”	  	has the meaning given in Clause 8.4.1;
		
	“2009 Shares”	  	has the meaning given in Clause 5.2.1(a);
		
	“2009 Shares Issue Date”	  	the date on which the 2009 Shares are issued;
		
	“2009 Shares Registration Effective Date”	  	the date on which the registration statement filed under the Securities Act with the Securities and Exchange Commission to register the 2009 Shares is declared effective;

  

 1 

			
	“2010 Shares”	  	has the meaning given in Clause 5.2.1(b)
		
	“2011 Warrants”	  	the 1,490,550 warrants over CEDC Common Stock, exercisable on 31 May 2011, on the terms of the 2011 Warrants Instrument;
		
	“2011 Warrants Instrument”	  	the warrant instrument issued by CEDC in the agreed form as set out in the Commitment Letter;
		
	“2012 Shares”	  	has the meaning given in Clause 5.2.1(c);
		
	“2012 Warrants”	  	the 300,000 warrants over CEDC Common Stock, exercisable on 31 July 2012, on the terms of the 2012 Warrants Instrument;
		
	“2012 Warrants Instrument”	  	the warrant instrument issued by CEDC in the agreed form as set out in the Commitment Letter;
		
	“2013 Warrants”	  	the 1,803,813 warrants over CEDC Common Stock, exercisable on 31 May 2013, on the terms of the 2013 Warrants Instrument;
		
	“2013 Warrants Instrument”	  	the warrant instrument issued by CEDC in the agreed form as set out in the Commitment Letter;
		
	“31 October 2009 Upside VWAP”	  	the Thirty Day VWAP of CEDC Common Stock on (x) the 2009 Shares Registration Effective Date; or (y) if the 2009 Shares Issue Date is earlier than the 2009 Shares Registration Effective Date,
and if the Holdcos notify CEDC in writing no later than the Business Day following the 2009 Shares Issue Date, the 2009 Shares Issue Date;
		
	“Accounting Principles”	  	IFRS, or, if Cayman 5 elects, US GAAP, such election (if made) to be final and notified to the Parties in writing no later than 31 December 2009;
		
	“Acquired Unit Count”	  	the Cayman 7 Ownership Proportion minus 42;
		
	“Advance Payment”	  	has the meaning given in Clause 8.6.2;
		
	“Affiliate”	  	with respect to any Person, another Person Controlled by such first Person, Controlling such first Person or under the same Control as such first Person, and “Affiliated”
shall have a meaning correlative to the foregoing;
		
	“Antitrust Adjustment Payment”	  	an amount calculated as at the Relevant Cayman 7 Call Option Exercise Date in $ in cash equal to the product of (i) the Acquired Unit Count; and (ii) the Antitrust Unit Price
Adjustment;
		
	“Antitrust Approval”	  	shall have the meaning set out in the Governance and Shareholders Agreement;
		
	“Antitrust Unit Price Adjustment”	  	the amount by which the Overall Average Unit Price exceeds the Realised Average Unit Price;
		
	“Approved Bank”	  	 means any of the following:
  
 (i)     JP Morgan

  

 2 

			
		  	  
 (ii)    Citi

  
 (iii)  Morgan Stanley
  
 (iv)   Renaissance Capital
  
 (iv)   RBS
  
 (v)    Deutsche Bank
  
 or such other Person as CEDC and the Holdcos shall otherwise agree in writing;

		
	“Approved Jurisdictions”	  	The federal or state courts in the State of New York, the federal or state courts in the State of Delaware, the Cayman Islands and Poland.
		
	“Bank Guarantee”	  	a guarantee given in respect of obligations of a Person to another Person from a bank of international repute and good standing whose long-term credit rating is A1 or higher by Moody’s
Investor Services Limited, A or higher by Standard & Poor’s Rating Services, and A or higher by Fitch Rating Limited.
		
	“Business Day”	  	any day other than a Saturday or Sunday on which banks are normally open for general banking business in London, New York, Warsaw and the Cayman Islands;
		
	“Cash”	  	in relation to the Lux 1 Group shall mean the consolidated cash in hand or at bank (so long as such cash is repayable immediately on demand) as shown in the accounting records of members of
the Lux 1 Group on the relevant date, less trapped cash;
		
	“Cash Equivalent”	  	means, in relation to a number of shares of CEDC Common Stock, a cash amount in US Dollars equal to: (i) that number of shares; multiplied by (ii) the Ten Day VWAP on the dealing day
immediately preceding the date on which such shares are issued pursuant to this Agreement;
		
	“Cayman 1”	  	Lion/Rally Cayman 1 L.P., a Cayman Exempted Limited Partnership, whose principal place of business is at c/o Stuarts Corporate Services Ltd, PO Box 2510, George Town, Grand Cayman, KY1-1104,
Cayman Islands;
		
	“Cayman 4 Put Option Price”	  	 shall mean the $ amount equal to:
  
 (A) (i) the aggregate of all $ Initial Cash Amounts; plus (ii) the aggregate of all € Initial Cash Amounts in each case, which would become payable by Cayman 7 to
Cayman 4 following the exercise of the Cayman 7 Call Options not already completed at the Holdco Put Option Exercise Date; plus
  
 (B) (i) if the 2009 Shares have not been issued, $15,197,051; plus (ii) if the 2010 Shares have not been issued, $22,738,588; plus (iii) if the 2012 Shares have not been
issued, $4,570,373;

		
	“Cayman 4 Outstanding Consideration”	  	has the meaning set out in Clause 4.2.2(c)(i);

  

 3 

			
	“Cayman 5 Outstanding Consideration”	  	has the meaning set out in Clause 4.2.2(c)(ii);
		
	“Cayman 5 Put Option Price”	  	 shall mean the $ amount equal to:
  
 (A) the aggregate of all $ Initial Cash Amounts which would become payable by Cayman 7 to Cayman 5 following the exercise of the Cayman 7 Call Options not already
completed at the Holdco Put Option Exercise Date; plus
  
 (B) (i) if the 2009 Shares have
not been issued, $4,802,949; plus (ii) if the 2010 Shares have not been issued, $7,186,412; plus (iii) if the 2012 Shares have not been issued, $1,444,443;

		
	“Cayman 7 Call Option”	  	has the meaning given in Clause 2.1.1;
		
	“Cayman 7 Call Option Completion Date”	  	has the meaning given in Clause 3.1.4;
		
	“Cayman 7 Call Option Exercise Date”	  	each of those dates set out in Column B of Schedule 2 as such dates may be modified in accordance with this Agreement;
		
	“Cayman 7 Call Option Notice”	  	has the meaning given in Clause 3.1.3;
		
	“Cayman 7 Call Option Consideration Notice”	  	has the meaning given in Clause 3.1.2;
		
	“Cayman 7 Call Option Period”	  	has the meaning given in Clause 3.1.1;
		
	“Cayman 7 Call Option Substitute Right	  	each of the Second Cayman 7 Call Option Substitute Right, the Third Cayman 7 Call Option Substitute Right, the First Final Cayman 7 Call Option Substitute Right, the Second Final Cayman 7 Call
Option Substitute Right and the Third Final Cayman 7 Call Option Substitute Right;
		
	“Cayman 7 Early Call Option Notice”	  	has the meaning given in Clause 3.1.5;
		
	“Cayman 7 Pledge”	  	the Cayman 7 pledge, in the agreed form, as set out in the Commitment Letter;
		
	“Cayman 7 Ownership Proportion”	  	the proportion of Ordinary Shares held by Cayman 7 as a percentage of all the Ordinary Shares then in issue, multiplied by the percentage ownership of the Company in Lux 1, in each case on the
relevant date, multiplied by 100. In the event that any new shares have been issued by either the Company or Lux 1 after the date of this Agreement and on or before the date in respect of which the Cayman 7 Ownership Proportion is being calculated,
such new shares shall be excluded from the calculation of the Cayman 7 Ownership Proportion, which shall be calculated as if such issue of new shares had not occurred;

  

 4 

			
	“CEDC Common Stock”	  	$0.01 common stock of CEDC, listed for trading on the NASDAQ Global Select Market under the symbol “CEDC”;
		
	“CEDC Finance Default”	  	shall mean any of the following events: (a) a default by any member of the CEDC Group with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by
which there may be secured or evidenced, any indebtedness for money borrowed in excess of $40 million in the aggregate of the Company and/or any member of the CEDC Group, whether such indebtedness now exists or shall hereafter be created, either:
(i) resulting in such indebtedness becoming or being declared due and payable; or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration
or otherwise; or (b) a final judgment for the payment of $40 million or more (excluding any amounts covered by insurance) is rendered against any member of the CEDC Group, which judgment is not discharged or stayed within 60 days after: (i) the date
on which the right to appeal thereof has expired if no such appeal has commenced; or (ii) the date on which all rights to appeal have been extinguished;
		
	“CEDC Group”	  	CEDC or any of its Subsidiaries which it controls at the relevant time (which for the avoidance of doubt shall include the Group where CEDC is entitled to exercise its rights to become the
Controlling Shareholder under Clause 2 of the Governance and Shareholders Agreement);
		
	“Change of Control”	  	the completion of the acquisition of Control of CEDC, or any successor entity, or of any future ultimate Holding Company of CEDC, by any Person or group acting in concert;
		
	“Class A Limited Partner”	  	has the meaning given in the Limited Partnership Agreement;
		
	“Code”	  	US Internal Revenue Code of 1986, as amended;
		
	“Commitment Letter”	  	the commitment letter entered into on 24 April 2009 between the Holdcos, Lion Capital LLP and CEDC;
		
	“Common Stock Equivalents”	  	has the meaning given in Clause 5.2.2(b);
		
	“Control”	  	(including, with their correlative meanings, “Controlled by”, “Controlling” and “under common Control with”) shall mean possession, directly or
indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of any other Person, provided that, in any event, any
Person which owns, directly or indirectly, a majority of the securities having ordinary voting power or otherwise having the power to elect a majority of the directors or other governing body of a corporation or having a majority of the partnership
or other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to control such corporation or other Person; and for the avoidance of doubt a limited partnership is Controlled by its general
partner;

  

 5 

			
	“Corporate Income Tax”	  	all taxes based upon, measured by, or calculated with respect to (i) gross or net income or gross (or any intermediate measure) or net receipts or profits (including any capital gains and
municipal business tax or any similar tax but not including sales, value added, consumption, use, real or personal property, transfer or other similar taxes); (ii) withholding taxes measured by, or calculated with respect to, any payments or
distributions (other than wages) and in the case of (i) or (ii) payments on account of or in respect of to those taxes and (iii) any interest, fine, penalty or charge paid, payable or accrued in respect of or in relation to (i) or
(ii);
		
	“Cyprus 1”	  	Pasalba Limited, a company incorporated in the Republic of Cyprus with company number 202291 having its principal place of business at Theklas Lysioti 35, Eagle Star House, 5th Floor, 3030
Limossol, Cyprus;
		
	“Earnout Dispute Notice”	  	has the meaning given in Clause 8.4.6;
		
	“Earnout Evaluation Period”	  	has the meaning given in Clause 8.4.5;
		
	“Earnout Notice”	  	has the meaning given in Clause 8.4.4;
		
	“Elective Minority Purchase”	  	has the meaning given in Clause 9.1;
		
	“Earnout Settlement Amount”	  	has the meaning given in Clause 8.5.3;
		
	“Encumbrance”	  	any mortgage, charge (fixed or floating), pledge, lien, hypothecation, option, right of set off, security trust, assignment by way of security, reservation of title, option, restriction, right
of first refusal, right of pre-emption, third party right or interest, or any other encumbrance or security interest whatsoever created or arising or any other agreement or arrangement (including any sale and leaseback transaction) entered into for
the purposes of conferring security or having similar effect and any agreement to enter into, create or establish any of the foregoing;
		
	“Enforcement Event”	  	has the meaning given in Clause 12.1;
		
	“Enterprise Value”	  	has the meaning given in Clause 2.3.2;
		
	“Equity Value”	  	has the meaning given in Clause 2.3.3;
		
	“Exit”	  	shall have the meaning set out in the Governance and Shareholders Agreement;
		
	“Exchange Rate”	  	1.30;
		
	“Fair Market Value”	  	shall mean Ten Day VWAP;
		
	“Final Cayman 7 Call Option”	  	the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the sixth row of Schedule 2;
		
	“Final Cayman 7 Call Option Completion Date”	  	the Cayman 7 Call Option Completion Date relating to the Final Cayman 7 Call Option;

  

 6 

			
	“Final Cayman 7 Call Option Exercise Date”	  	the Cayman 7 Call Option Exercise Date of the Final Cayman 7 Call Option;
		
	“Final Discharge Date”	  	the first date on which Cayman 7 has satisfied all obligations under this Agreement in respect of any exercise of the Cayman 7 Call Options, the Holdco Put Option and the Holdco Call Option, and
the transfer of shares thereunder, and on which there is no Outstanding Consideration actually or potentially payable hereunder by Cayman 7;
		
	“Finance Documents”	  	the Finance Documents as defined in the Senior Facilities Agreement and the Finance Documents as defined in the Definitions and Schedules Deed (as defined in the On-Loan Facility Agreement).
On-Loan Facility Agreement has the meaning given in the Senior Facilities Agreement. Senior Facilities Agreement means the senior facilities agreement dated 10 July 2008 (as amended on or around 23 December 2008, and as further amended and/or
restated from time to time) between, among others, Nowdo Limited as Senior Borrower, Pasalba Limited as the Company, the Arrangers, the Original Lenders, the Facility Agent, the Security Agent and the Issuing Bank (each as defined
therein);
		
	“First Cayman 7 Call Option”	  	the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the second row of Schedule 2;
		
	“First Cayman 7 Call Option Exercise Date”	  	the Cayman 7 Call Option Exercise Date of the First Cayman 7 Call Option;
		
	“Fourth Cayman 7 Call Option”	  	the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the fifth row of Schedule 2;
		
	“Fourth Cayman 7 Call Option Completion Date”	  	the Cayman 7 Call Option Completion Date relating to the Fourth Cayman 7 Call Option;
		
	“Fourth Cayman 7 Call Option Exercise Date”	  	the Cayman 7 Call Option Exercise Date of the Fourth Cayman 7 Call Option;
		
	“Governance and Shareholders Agreement”	  	the Governance and Shareholders Agreement dated on or about the date hereof and made between the Company, the Holdcos, Cayman 7 and CEDC, as set out in the Commitment Letter;
		
	“Group”	  	the Company and its Subsidiaries from time to time and “member of the Group” and “Group Company” shall be construed accordingly; for the avoidance of doubt, no
Shareholder nor any of their respective Affiliates (as such terms are defined in the Governance and Shareholders Agreement) (other than the Company and the Subsidiaries of the Company) shall be a member of the Group for the purposes of this
Agreement;
		
	“Holdcos”	  	Cayman 4 and Cayman 5, each being a “Holdco”;
		
	“Holdco Call Option”	  	has the meaning given in Clause 2.3.1;

  

 7 

			
	“Holdco Call Option Completion Date”	  	has the meaning given in Clause 3.3.3;
		
	“Holdco Call Option Exercise Date”	  	the date on which the Holdcos serve a Holdco Call Option Notice on Cayman 7;
		
	“Holdco Call Option Notice”	  	has the meaning given in Clause 3.3.2;
		
	“Holdco Call Option Period”	  	has the meaning given in Clause 3.3.1;
		
	“Holdco Call Option Valuation Date”	  	31 December in the year immediately preceding the Holdco Call Option Exercise Date;
		
	“Holdco Pledges”	  	the Holdco pledges, in the agreed form, as set out in the Commitment Letter;
		
	“Holdco Put Option”	  	has the meaning given in Clause 2.2.1;
		
	“Holdco Put Option Completion Date”	  	has the meaning given in Clause 3.2.3;
		
	“Holdco Put Option Exercise Date”	  	the date on which the Holdcos serve a Holdco Put Option Notice on Cayman 7;
		
	“Holdco Put Option Notice”	  	has the meaning given in Clause 3.2.2;
		
	“Holdco Put Option Period”	  	has the meaning given in Clause 3.2.1;
		
	“Holdco Sharing Proportions”	  	76 per cent. to Cayman 4 and 24 per cent. to Cayman 5;
		
	“Indebtedness”	  	 in relation to the Lux 1 Group, shall mean on the relevant date:
  
 (a)      all outstanding obligations for money borrowed, including overdrafts, from any
Person (including, for the avoidance of doubt, any accrued but unpaid interest and prepayment penalties);
  
 (b)      all outstanding obligations under any hedges, swaps and other derivative contracts
to the extent that they are out of the money;
  
 (c)       all outstanding obligations evidenced by notes, debentures, bonds or other similar instruments for the payment of which the Lux 1 Group is responsible or liable;
  
 (d)      the net
present value of all outstanding obligations as lessees under all finance leases including sale and leaseback programs, in accordance with the Accounting Principles, irrespective of whether accrued for in the relevant accounts or not;
  
 (e)       all
outstanding recourse liabilities (whether conditional or unconditional) arising from any transactions related to the assignment of receivables for financing purposes by any member of the Lux 1 Group to any Person who is not a member of the Lux 1
Group, including all factoring agreements and similar agreements executed for the purpose of obtaining financing;

  

 8 

			
		  	  
 (f)       all unfunded pension and similar liabilities and accruals in accordance with Accounting Principles whether accrued or not;
  
 (g)      redeemable
preference shares or other similar equity instruments classified as liabilities under Accounting Principles;
  
 (h)      an amount equal to the lower of: a) $25 million; and b) the aggregate of i) all
litigation provisions; and ii) all tax provisions excluding such tax provisions to the extent that a claim has been made and settled under the Original Sale Agreement in respect of the tax relating to any such tax provision;
  
 (i)       any
capital creditors;
  
 (j)       all outstanding obligations of members of the Lux 1 Group issued or assumed for deferred or contingent purchase price payments associated with transactions involving acquisitions of assets
(for the avoidance of doubt, including the acquisition of shares, intellectual property, any business or any other fixed asset but excluding payables to creditors in relation to goods and/or services provided to the Lux 1 Group in the ordinary
course of the Lux 1 Group’s business), excluding any obligations arising under the Original Sale Agreement including the current portion of any such obligation;
  
 (k)      all outstanding liabilities arising from legally binding surety agreements,
guarantees, indemnities, letters of comfort, Encumbrances or similar arrangements or obligations, furnished for liabilities or obligations of any third party, whether actual or contingent, with the exception of guarantees and other similar
arrangements entered into the ordinary course of trading in relation to, inter alia, customs, excise taxes and VAT;
  
 (l)       all outstanding obligations for the reimbursement of any obligor on any
letter of credit, banker’s acceptance, guarantee or similar credit transaction, with the exception of guarantees and other similar arrangements entered into the ordinary course of trading in relation to, inter alia, customs, excise taxes, VAT,
and
  
 (m)     an
amount equal to 50 per cent. of any reasonable provisions or accruals made in respect of actual or potential obligations of any member of the Group under the Original Sale Agreement, except to the extent such obligations have actually been paid,

  
 but shall not include any Indebtedness from Lux 1 to the Company or any Indebtedness
arising between members of the Lux 1 Group;

  

 9 

			
	“Independent Accountant”	  	an independent firm of internationally recognised chartered accountants as agreed by CEDC and the Holdcos in writing, or in default of nomination by agreement between CEDC and the Holdcos,
appointed at the request of either CEDC or the Holdcos by the President, for the time being, of the Institute of Chartered Accountants in England and Wales, or any successor body thereto;
		
	“Initial Cash Amounts”	  	the cash amounts payable in respect of a Cayman 7 Call Option or the Holdco Put Option as set out in Columns C, D, and E of Schedule 2 (as adjusted in accordance with this Agreement or as
otherwise agreed between the Parties);
		
	“Initial Seller Party Securities”	  	has the meaning given in the Lux 1 Shareholders Agreement;
		
	“Leading Tranche”	  	has the meaning given in the Registration Rights Agreement;
		
	“Letter of Undertaking”	  	the letter of undertaking entered into on 24 April 2009 between the Holdcos, Carey Agri International – Poland sp. z o.o., Lion Capital LLP and CEDC;
		
	“Limited Partnership Agreement”	  	the amended and restated limited partnership agreement relating to Cayman 7 made, on or about the date of this Agreement, between CEDC, Lion/Rally Cayman 2 and [Lion/Rally Cayman 8 Limited];

		
	“Lux 1”	  	Lion/Rally Lux 1, company number B139.056, a société anonyme incorporated in Luxembourg with registered offices at 13-15, avenue de la Liberté, L-M31
Luxembourg;
		
	“Lux 1 Group”	  	Lux 1 and its Subsidiaries from time to time;
		
	“Lux 1 Group EBITDA”	  	 for any period, the consolidated Net Profit of the Lux 1 Group expressed in $ for the relevant period before bringing into account any of the
following items without duplication, so that, for the avoidance of doubt, to the extent any of the following have been charged, expensed or deducted or credited in computing such Net Profit they shall be adjusted as follows:
  
 (a)      any interest
paid, payable or accrued by any member of the Lux 1 Group (including fees or penalties incurred in connection with third party borrowings or the issue of guarantees and letters of credit) and including any amounts payable under any interest rate
hedging arrangement shall be added back and any interest owing to or received by any member of the Lux 1 Group and including any amounts receivable under any interest rate hedging arrangement shall be deducted;
  
 (b)      any Corporate
Income Tax paid, payable or accrued by any member of the Lux 1 Group or any deferred tax charges arising for such period shall be added back and any amount received or receivable by any member of the Lux 1 Group in respect of a refund or receipt of
Corporate Income Tax or any deferred tax credit shall be deducted;

  

 10 

			
		  	 (c)       any loss against book value incurred by any member of
the Lux 1 Group on the sale, lease or any other disposal of any capital asset shall be added back and any gain against book value incurred by any member of the Lux 1 Group on the sale, lease or any other disposal of any capital asset shall be
deducted;
  
 (d)      any provision in respect of bad debts in excess of $6 million in aggregate shall be added back;
  
 (e)       any provision for any fundamental restructuring costs shall be added back and
any release or reversal of such provision shall be deducted;
  
 (f)       any loss arising on any revaluation of any fixed asset shall be added back and any gain arising on any revaluation of any fixed asset shall be deducted;

 
 (g)      any
realised or unrealised foreign exchange losses shall be added back and any realised or unrealised foreign exchange gains shall be deducted;
  
 (h)      depreciation shall be added back;
  
 (i)       any
amortisation or impairment of tangible or intangible assets shall be added back;
  
 (j)       any amortisation of debt issuance costs shall be added back;
  
 (k)      the costs paid
or payable in relation to any acquisition or disposal of any company or business or brand shall be added back;
  
 (l)       any dividends paid or payable shall be added back and any dividends received
or receivable shall be deducted;
  
 (m)     any transfer of funds or capital contributions received by any member of the Lux 1 Group shall be deducted;
  
 (n)      any gain or loss resulting from any changes in the fair value of financial
instruments (excluding trade receivables and trade payables) shall be added back or deducted;
  
 (o)      any fines, late payment interest and/or penalties paid or to be paid to the tax
authorities or other governmental authorities shall be added back; any refunds/credits shall be deducted;
  
 (p)      any taxes paid or payable in respect to prior periods shall be added back and
refunds or receipts of taxes in respect to prior periods shall be deducted;

  

 11 

			
		  	  
 (q)      any charge in respect of the fair value of share options under the Accounting Principles shall be added back and any reversal of such charge or credit in respect to the fair value of share
options shall be deducted;
  
 (r)       any charge in respect of any Management Incentive Payments shall be added back and any reversal of such charge or credit in respect to such Management Incentive Payments shall be deducted;
and
  
 (s)       any profit before interest, tax, depreciation and amortisation or other profit attributable to any minority interest in any member of the Lux 1 Group shall be deducted by ensuring that Lux
1 Group EBITDA proportionately consolidates any member of the Lux 1 Group where there is a minority interest;

		
	“Lux 1 Shareholders Agreement”	  	the Shareholders Agreement entered into on 9 July 2008 between Lion/Rally Cayman 2, the Initial Seller Parties (as defined therein), Lux 1, and Lion Capital (Guernsey)
Limited;
		
	“Management Incentive Payment”	  	incentive payments made to senior management of the Group in addition to usual base salary amounts, consulting fees and/or bonuses;
		
	“Merger”	  	has the meaning given in Clause 5.2.2;
		
	“Minority Purchase”	  	means an Elective Minority Purchase or the purchase or redemption by Lux 1 of the shares and CPECs of Lux 1 in accordance with the Put Option (as defined in the Lux 1 Shareholders Agreement);

		
	“NASDAQ Marketplace Rule”	  	the Marketplace Rules of NASDAQ listed companies and trading in the NASDAQ stock market;
		
	“Net Profit”	  	the consolidated profit or loss of Lux 1 after taking account of all items required by the Accounting Principles to be included in the income statement and corresponding to the total of net
profit, subject thereto being calculated on a consistent basis with the consolidated audited accounts of Lux 1 for the relevant period;
		
	“New Investment”	  	has the meaning given in the Commitment Letter;
		
	“Normalised Level of Working Capital”	  	the average level of Working Capital of the Lux 1 Group calculated by taking the average of the last twelve months ends’ or the last four quarters ends’ (as the Company may
determine) Working Capital immediately prior to the relevant date, having first excluded any one-off or exceptional items from such Working Capital;
		
	“Note Purchase Agreement”	  	the note purchase and share subscription agreement entered into on 24 April 2009 between CEDC, Carey Agri International – Poland sp. z o.o., Lion/Rally Cayman 2 and Cayman
5;

  

 12 

			
	“Original Sale Agreement”	  	the sale and purchase agreement dated 22 May 2008 between Cyprus 1 and Cirey Holdings, Inc. concerning the acquisition of certain entitles comprising the Russian Alcohol
Group;
		
	“Ordinary Shares”	  	the A Ordinary Shares in the capital of the Company;
		
	“Outstanding Consideration”	  	the sum of the Cayman 4 Outstanding Consideration and the Cayman 5 Outstanding Consideration;
		
	“Outstanding Consideration Payment Notice”	  	has the meaning given in Clause 4.2.2(c);
		
	“Outstanding Consideration Payment Notice Period”	  	has the meaning given in Clause 4.2.2(c);
		
	“Overall Average Unit Price”	  	$12,684,412;
		
	“Person”	  	shall mean any natural person, corporation, general partnership, simple partnership, limited partnership, proprietorship, other business organisation, trust, union, association or governmental
authority, whether incorporated or unincorporated; a reference to any Person shall include such Person’s successors and permitted assigns under any agreement, instrument, contract or other document;
		
	“Pledges”	  	the Cayman 7 Pledge and the Holdco Pledges;
		
	“Preference Shares”	  	the 100 Preference Shares of $1 each in the capital of the Company, as such shares may be reclassified from time to time;
		
	“Principal Investment Value”	  	in respect of any Initial Seller Party Securities the aggregate $ amount paid by the Initial Seller Parties for such Initial Seller Party Securities as is set out in Column 3 of Schedule 5 of
the Lux 1 Shareholders Agreement;
		
	“Realised Average Unit Price”	  	The $ amount equal to (A) (i) the aggregate of all $ Initial Cash Amounts actually paid by Cayman 7 to the Holdcos under this Agreement prior to the Relevant Cayman 7 Call Option Exercise Date
(excluding any adjustments made in accordance with this Agreement); plus (ii) the aggregate of all € Initial Cash Amounts actually paid by Cayman 7 to the Holdcos under this Agreement prior to the relevant date, multiplied by the Exchange Rate;
plus (iii) $110 million; divided by (B) the Acquired Unit Count;
		
	“Registration Rights Agreement”	  	the registration rights agreement in the agreed form as set out in the Commitment Letter;
		
	“Relevant Cayman 7 Call Option”	  	has the meaning given in Clause 6.1;
		
	“Relevant Cayman 7 Call Option Exercise Date”	  	has the meaning given in Clause 6.2;
		
	“Reorganisation”	  	has the meaning given in Clause 5.2.2;

  

 13 

			
	“Second Cayman 7 Call Option”	  	the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the third row of Schedule 2;
		
	“Second Cayman 7 Call Option Exercise Date”	  	the Cayman 7 Call Option Exercise Date of the Second Cayman 7 Call Option;
		
	“Security Impairment Event”	  	any event or circumstance which has, or is reasonably likely to have, a material adverse effect on the validity, enforceability or the priority or ranking of any security granted to the Holdcos
pursuant to the Cayman 7 Pledge and which, if capable of remedy by the Parties, is not remedied within 20 Business Days of the date of such effect occurring;
		
	“Securities Act”	  	the Securities Act of 1933, as amended;
		
	“Share Equivalent”	  	means, in relation to an amount of cash in US Dollars, a number of shares of CEDC Common Stock equal to: (i) that cash amount; divided by (ii) the Ten Day VWAP on the dealing day immediately
preceding the date on which such shares are issued pursuant to this Agreement, rounded up to the nearest whole share;
		
	“Shares”	  	the Ordinary Shares and the Preference Shares;
		
	“Subsidiary”	  	in relation to any Person (a “Holding Company”), any other Person directly or indirectly Controlled by that Holding Company;
		
	“Tax”	  	all forms of taxation, duties, imposts, contributions and levies and all related withholdings and deductions of any kind imposed by a relevant tax authority and any associated interest, penalty,
surcharge or fine and any amount agreed to be paid to any relevant tax authority in settlement of any claim for any of the foregoing;
		
	“Ten Day VWAP”	  	on the relevant dealing day, the volume weighted average VWAP over a period of ten dealing days prior to and including the relevant dealing day;
		
	“Third Cayman 7 Call Option”	  	the Cayman 7 Call Option exercisable on the Cayman 7 Call Option Exercise Date set out in the fourth row of Schedule 2;
		
	“Third Cayman 7 Call Option Exercise Date”	  	the Cayman 7 Call Option Exercise Date of the Third Cayman 7 Call Option;
		
	“Third Consideration Instalment”	  	has the meaning given in the Note Purchase Agreement;
		
	“Third Completion Date”	  	has the meaning given in the Note Purchase Agreement;
		
	“Thirty-Day VWAP”	  	on the relevant dealing day, the volume weighted average VWAP over a period of thirty dealing days prior to and including the relevant dealing day;
		
	“Trailing Tranche”	  	has the meaning given in the Registration Rights Agreement;
		
	“Transaction Documents”	  	this Agreement, the Pledges, the Commitment Letter, the Letter of Undertaking, the Warrant Instruments, the Note Purchase Agreement, the Registration Rights Agreement, and the Governance
and Shareholders Agreement, and “Transaction Document” means any of them;

  

 14 

			
	“VWAP”	  	with respect to a particular date, the volume weighted average trading price of a share of CEDC Common Stock on and as reported by the principal securities exchange on which the CEDC Common
Stock is then listed or admitted to trading for any relevant trading date, or, if the CEDC Common Stock is not listed or admitted to trading on any securities exchange, as determined in good faith and in a commercially reasonable manner by
resolution of the Board of Directors of CEDC, based on the best information available to it and (if so requested by Cayman 5) having engaged an independent appraiser in such regard;
		
	“Warrants”	  	the 2011 Warrants, the 2012 Warrants and the 2013 Warrants;
		
	“Warrant Instruments”	  	the 2011 Warrants Instrument, the 2012 Warrants Instrument and the 2013 Warrants Instrument; and
		
	“Working Capital”	  	 the aggregate value of:
  
 (a)       the consolidated inventory of the Lux 1 Group;
  
 (b)      the consolidated
trade receivables of the Lux 1 Group; and
  
 (c)       all consolidated other current assets of the Lux 1 Group,
  
 less the aggregate value of:
  
 (a)       the consolidated trade payables of the Lux 1 Group; and
  
 (b)      the consolidated other payables of the Lux 1 Group (but excluding interest
accruals),
  
 as at the relevant date, in each case calculated in accordance with the
Accounting Principles.

  

	1.2	In this Agreement: 

  

	 	1.2.1	references to a document in the “agreed form” are to that document in the form agreed to and initialled for the purposes of identification by or on behalf of
the Parties; 

  

	 	1.2.2	references to a Clause or Schedule are to a clause or schedule of this Agreement, and references to this Agreement include the Schedules; 

  

	 	1.2.3	the headings in this Agreement do not affect its construction or interpretation; 

  

	 	1.2.4	references to a “Party” or to the “Parties” are references to a party or parties to this Agreement; 

  

	 	1.2.5	a reference to a document is a reference to that document as amended or modified from time to time in writing by the mutual consent of the parties; 

 

	 	1.2.6	references to “$”or “USD” are references to the lawful currency for the time being of the United States of America;

  

 15 

	 	1.2.7	references to “€” or “Euro” are references to the single currency and the legal means of payment in the territory of the European
Monetary Union; 

  

	 	1.2.8	the singular includes the plural and vice versa and any gender includes any other gender; and 

  

	 	1.2.9	all obligations of the Holdcos under this Agreement, including liability in respect of any claims or any other breach of this Agreement, are several only and not joint.

  

	2	GRANT OF PUT AND CALL OPTIONS 

  

	2.1	Cayman 7 Call Options 

  

	 	2.1.1	The Holdcos grant to Cayman 7 a series of options entitling Cayman 7 to acquire the Ordinary Shares and Preference Shares (each a “Cayman 7 Call Option”). In
relation to each Cayman 7 Call Option Exercise Date Cayman 7 shall be entitled to require: 

  

	 	(a)	Cayman 4 to sell to it the number of Ordinary Shares set out in Column F of Schedule 2 for the relevant Cayman 7 Call Option Exercise Date in exchange for the payment to
Cayman 4, in cash, of the aggregate of: (i) the $ Initial Cash Amount set out in Column C of Schedule 2 (as adjusted in accordance with this Agreement or as otherwise may be agreed between the Parties); and (ii) the € Initial Cash
Amount set out in Column D of Schedule 2; and 

  

	 	(b)	Cayman 5 to sell to it the number of Preference Shares set out in Column G of Schedule 2 for the relevant Cayman 7 Call Option Exercise Date in exchange for the payment to
Cayman 5, in cash, of the $ Initial Cash Amount set out in Column E of Schedule 2 (as adjusted in accordance with this Agreement or as otherwise may be agreed between the Parties). 

  

	 	2.1.2	Each Cayman 7 Call Option may be exercised only in respect of both of: (a) all of the corresponding number of Ordinary Shares which Cayman 7 shall be entitled to acquire
under Clause 2.1.1(a); and (b) all of the corresponding number of Preference Shares which Cayman 7 shall be entitled to acquire under Clause 2.1.1(b). 

  

	2.2	Holdco Put Option 

  

	 	2.2.1	Cayman 7 grants: 

  

	 	(a)	to Cayman 4 the right to require Cayman 7 to acquire all (but not some) of the Ordinary Shares held by Cayman 4; and 

  

	 	(b)	to Cayman 5 the right to require Cayman 7 to acquire all (but not some) of the Preference Shares held by Cayman 5, 

 in each case as at the Holdco Put Option Exercise Date (together the “Holdco Put Option”). 
  

	 	2.2.2	The Holdco Put Option may be exercised only in respect of both of: (a) all of the corresponding number of Ordinary Shares which Cayman 4 shall be entitled to require
Cayman 7 to acquire under Clause 2.2.1(a); and (b) all of the corresponding number of Preference Shares which Cayman 5 shall be entitled to require Cayman 7 to acquire under Clause 2.2.1(b). 

  

 16 

	 	2.2.3	The consideration to be paid by Cayman 7 in respect of the Holdco Put Option shall be: 

  

	 	(a)	the Cayman 4 Put Option Price, to be paid to Cayman 4; and 

  

	 	(b)	the Cayman 5 Put Option Price, to be paid to Cayman 5. 

  

	2.3	Holdco Call Option 

  

	 	2.3.1	Cayman 7 grants to the Holdcos the right for each of the Holdcos to acquire, subject to Clauses 2.3.4 and 2.3.5, some or all of the Ordinary Shares in the capital of the
Company held from time to time by Cayman 7 (the “Holdco Call Option”). The amounts to be paid by the Holdcos to Cayman 7 upon exercise of the Holdco Call Option shall be such amount as is equal, for each Holdco, to:

 A x B x C 
  

			
	where :	  	A = the Equity Value;
		
		  	B = the percentage ownership of the Company in Lux 1; and
		
		  	C = the number of Ordinary Shares to be acquired by Cayman 4 or Cayman 5 (as the case may be) under the Holdco Call Option as a percentage of all the Ordinary Shares then in
issue,

 (in respect of Cayman 4, the “Cayman 4 Call Option Consideration” and in respect
of Cayman 5 the “Cayman 5 Call Option Consideration”). 
  

	 	2.3.2	The enterprise value of the Lux 1 Group in respect of the Holdco Call Option (the “Enterprise Value”) shall be equal to seven times Lux 1 Group EBITDA for
the period of twelve months ending on 31 December in the year immediately prior to the Holdco Call Option Exercise Date. 

  

	 	2.3.3	The equity value of the Lux 1 Group (the “Equity Value”) shall be equal to: 

  

	 	(a)	the Enterprise Value; minus 

  

	 	(b)	Indebtedness on the Holdco Call Option Valuation Date; minus 

  

	 	(c)	any Indebtedness arising after the Holdco Call Option Valuation Date and before the Holdco Call Option Exercise Date, which arises other than in the ordinary course of
trading for the Group and which remains outstanding on the Holdco Call Option Exercise Date; plus 

  

	 	(d)	Cash on the Holdco Call Option Valuation Date; plus 

  

	 	(e)	Working Capital on the Holdco Call Option Valuation Date; minus 

  

	 	(f)	Normalised Working Capital on the Holdco Call Option Valuation Date. 

  

	 	2.3.4	The Holdcos shall exercise the Holdco Call Option jointly, and neither Holdco shall be permitted to exercise the Holdco Call Option unless the other does so simultaneously.

  

 17 

	 	2.3.5	The number of Ordinary Shares held from time to time by Cayman 7 that each Holdco shall respectively acquire under the Holdco Call Option, shall be the lower of:
(i) that number of such Ordinary Shares as shall be equal in value (as determined in this Clause 2.3) to the Cayman 4 Outstanding Consideration or Cayman 5 Outstanding Consideration (as the case may be) rounded up to the nearest whole Ordinary
Share; and (ii) that proportion of such total number of Ordinary Shares held by Cayman 7 as is equal to the proportion that the Cayman 4 Outstanding Consideration or Cayman 5 Outstanding Consideration (as the case may be) bears in relation to
the Outstanding Consideration. 

  

	3	EXERCISE AND COMPLETION OF PUT AND CALL OPTIONS 

  

	3.1	Exercise of Cayman 7 Call Options 

  

	 	3.1.1	Subject to Clause 3.1.5, each Cayman 7 Call Option shall only be exercisable: 

  

	 	(a)	in respect of the First Cayman 7 Call Option, on the First Cayman 7 Call Option Exercise Date or during the period of 30 days thereafter, but not before the issue by CEDC of
those shares of CEDC Common Stock set out in Clause 5.2.1(a); 

  

	 	(b)	in respect of the Second Cayman 7 Call Option on the Second Cayman 7 Call Option Exercise Date or during the period of 30 days thereafter; 

  

	 	(c)	in respect of the Third Cayman 7 Call Option, on the Third Cayman 7 Call Option Exercise Date or during the period of 60 days thereafter; 

  

	 	(d)	in respect of the Fourth Cayman 7 Call Option, on the Fourth Cayman 7 Call Option Exercise Date or during the period of 90 days thereafter; and 

  

	 	(e)	in respect of the Final Cayman 7 Call Option, on the Final Cayman 7 Call Option Exercise Date or during the period of 120 days thereafter, 

 (each a “Cayman 7 Call Option Period”). No Cayman 7 Call Option may be exercised on or after the Holdco Put Option Exercise Date.

  

	 	3.1.2	Twelve days prior to the relevant Cayman 7 Call Option Exercise Date, the Holdcos shall send to Cayman 7 a written notice setting out the consideration payable (including,
where relevant, the number of shares of CEDC Common Stock to be issued) and the number of Ordinary Shares and Preference Shares which may be acquired by Cayman 7 in respect of the relevant Cayman 7 Call Option if Cayman 7 exercises such Cayman 7
Call Option (a “Cayman 7 Call Option Consideration Notice”). 

  

	 	3.1.3	In order to exercise a Cayman 7 Call Option, Cayman 7 shall notify the Holdcos, in writing, of its exercise of the Cayman 7 Call Option (a “Cayman 7 Call Option
Notice”) in the form set out in Part A of Schedule 7, which shall specify the number of Ordinary Shares and Preference Shares to be sold by the Holdcos pursuant to that Cayman 7 Call Option and the consideration to be paid. The service of a
Cayman 7 Call Option Notice, and thus the exercise of a Cayman 7 Call Option, shall be irrevocable. 

  

	 	3.1.4	If a Cayman 7 Call Option Notice is validly served, Cayman 7 and CEDC (as the case may be) and the Holdcos shall be obliged to complete the sale of the relevant Ordinary
Shares and Preference Shares under the relevant Cayman 7 Call Option within five Business Days of service of the relevant Cayman 7 Call Option Notice in accordance with Clause 4 (the “Cayman 7 Call Option Completion Date”).

  

 18 

	 	3.1.5	Cayman 7 shall, at the direction of CEDC only (and subject to CEDC first satisfying its funding obligations under section 3 of the Limited Partnership Agreement), exercise a
Cayman 7 Call Option earlier than the relevant Cayman 7 Call Option Exercise Date specified in Schedule 2 provided that, at the time of such exercise, all Cayman 7 Call Options with Cayman 7 Call Option Exercise Dates relating to dates earlier than
that of the relevant Cayman 7 Call Option have, at the time of such exercise, been exercised and completed in full or are being exercised simultaneously with the relevant Cayman 7 Call Option. The relevant Cayman 7 Call Option may be exercised early
by CEDC notifying, in writing, Cayman 7 and the Holdcos of the revised relevant Cayman 7 Call Option Exercise Date (a “Cayman 7 Early Call Option Notice”), such date being no fewer than 30 days after the date of such notice, and no
later than the original relevant Cayman 7 Call Option Date, provided however that such 30 day minimum period shall not apply if the Holdcos are in continuing breach of their obligation to transfer Sale Shares to Cayman 7 on the terms of this
Agreement or if any of them (or Lion Capital LLP) has a liquidator, receiver, administrative receiver or administrator appointed (other than in respect of a solvent liquidation). 

  

	3.2	Exercise of Holdco Put Option 

  

	 	3.2.1	The Holdco Put Option shall be exercisable: 

  

	 	(a)	for a period of 45 days commencing on the day immediately following the last day of any Cayman 7 Call Option Period during which the relevant Cayman 7 Call Option was not
exercised; and 

  

	 	(b)	in accordance with Clause 12.2, 

 (the
“Holdco Put Option Period”), provided that a failure to exercise such option in any given Holdco Put Option Period shall not prevent the Holdco Put Option being exercised at any time when it subsequently becomes exercisable again
pursuant to Clause 3.2.1. 
  

	 	3.2.2	In order to exercise the Holdco Put Option, the Holdcos shall notify Cayman 7, in writing, of their exercise of the Holdco Put Option, (a “Holdco Put Option
Notice”) in the form set out in Part B of Schedule 7, which shall specify the number of Ordinary Shares and Preference Shares to be sold by each of Cayman 4 and Cayman 5 pursuant to the Holdco Put Option and the consideration to be paid to
each of them. 

  

	 	3.2.3	If a Holdco Put Option Notice is validly served, Cayman 7 and the Holdcos shall be obliged to complete the sale of the relevant Shares within three Business Days of service
of the Holdco Put Option Notice in accordance with Clause 4 (the “Holdco Put Option Completion Date”). 

  

	3.3	Exercise of Holdco Call Option 

  

	 	3.3.1	The Holdco Call Option shall be exercisable for a period of 45 days commencing on the Holdco Put Option Completion Date provided that Cayman 7 has not settled the Outstanding
Consideration and that no Outstanding Consideration Payment Notice has been given (the “Holdco Call Option Period”). 

  

 19 

	 	3.3.2	In order to exercise the Holdco Call Option, the Holdcos shall notify Cayman 7, in writing, of their exercise of the Holdco Call Option, (a “Holdco Call Option
Notice”) in the form set out in Part C of Schedule 7, which shall specify the number of Ordinary Shares to be sold by Cayman 7 pursuant to the Holdco Call Option and the consideration to be paid. 

  

	 	3.3.3	If a Holdco Call Option Notice is validly served, Cayman 7 and the Holdcos shall be obliged to complete the sale of the relevant Ordinary Shares within five Business Days of
service of the Holdco Call Option Notice in accordance with Clause 4 (the “Holdco Call Option Completion Date”). 

  

	4	COMPLETION OF THE SALE OF SHARES UNDER PUT AND CALL OPTIONS 

  

	4.1	Completion of the sale of Ordinary Shares and Preference Shares in respect of a Cayman 7 Call Option, the Holdco Put Option or the Holdco Call Option shall take place:

  

	 	4.1.1	in respect of a Cayman 7 Call Option, on the corresponding Cayman 7 Call Option Completion Date; 

  

	 	4.1.2	in respect of the Holdco Put Option, on the Holdco Put Option Completion Date; and 

  

	 	4.1.3	in respect of the Holdco Call Option, on the Holdco Call Option Completion Date. 

  

	4.2	On completion of the sale of Shares following exercise of a Cayman 7 Call Option, the Holdco Put Option or the Holdco Call Option: 

  

	 	4.2.1	in respect of each Cayman 7 Call Option: 

  

	 	(a)	Cayman 4 shall deliver to Cayman 7: 

  

	 	(i)	duly executed transfer(s) in favour of Cayman 7 in respect of the Ordinary Shares to be transferred in respect of the relevant Cayman 7 Call Option; and

  

	 	(ii)	the relevant share certificate(s) in respect of such Ordinary Shares being transferred; and 

  

	 	(b)	Cayman 5 shall deliver to Cayman 7: 

  

	 	(i)	duly executed transfer(s) in favour of Cayman 7 in respect of the Preference Shares to be transferred in respect of the relevant Cayman 7 Call Option; and

  

	 	(ii)	the relevant share certificate(s) in respect of such Preference Shares being transferred; and 

  

	 	(c)	against delivery of the duly executed transfer(s) Cayman 7 shall pay, in cash and in immediately available funds: (A) to Cayman 4 the aggregate of (i) the
corresponding $ Initial Cash Amount set out in Column C of Schedule 2, (as adjusted in accordance with this Agreement or as otherwise may be agreed between the Parties); plus (ii) the corresponding € Initial Cash Amount set out in Column D
of Schedule 2; and (B) to Cayman 5 the corresponding $ Initial Cash Amount set out in Column E of Schedule 2, (as adjusted in accordance with this Agreement or as otherwise may be agreed between the Parties); 

  

 20 

	 	4.2.2	in respect of the Holdco Put Option: 

  

	 	(a)	Cayman 4 shall deliver to Cayman 7: 

  

	 	(i)	duly executed transfer(s) in favour of Cayman 7 in respect of all Ordinary Shares held by Cayman 4 on the Holdco Put Option Exercise Date; and 

  

	 	(ii)	the relevant share certificate(s) in respect of such Ordinary Shares being transferred; and 

  

	 	(b)	Cayman 5 shall deliver to Cayman 7: 

  

	 	(i)	duly executed transfer(s) in favour of Cayman 7 in respect of all Preference Shares held by Cayman 5 on the Holdco Put Option Exercise Date; and 

  

	 	(ii)	the relevant share certificate(s) in respect of such Preference Shares being transferred; and 

  

	 	(c)	Cayman 7 shall, against delivery of the duly executed transfer(s), be liable to pay: 

  

	 	(i)	the Cayman 4 Put Option Price to Cayman 4, which shall be left outstanding on account due from Cayman 7 to Cayman 4 and which shall accrue interest daily at an annual rate of
12 per cent., compounding annually, for the period from the Holdco Put Option Exercise Date until the date on such aggregate amount is paid (the “Cayman 4 Outstanding Consideration”); and 

  

	 	(ii)	the Cayman 5 Put Option Price to Cayman 5, which shall be left outstanding on account due from Cayman 7 to Cayman 5 and which shall accrue interest daily at an annual rate of
12 per cent., compounding annually, for the period from the Holdco Put Option Exercise Date until the date on such aggregate amount is paid (the “Cayman 5 Outstanding Consideration”), 

 and which shall be paid, in cash, only upon the Holdcos giving written notice to Cayman 7 (an “Outstanding Consideration Payment
Notice”) requiring Cayman 7 to satisfy the entire Outstanding Consideration. If an Outstanding Consideration Payment Notice is validly served, Cayman 7 shall pay the Outstanding Consideration on or before the date falling three Business
Days from service of the Outstanding Consideration Payment Notice (the “Outstanding Consideration Payment Notice Period”). 
  

	 	4.2.3	in respect of the Holdco Call Option: 

  

	 	(a)	Cayman 7 shall deliver to Cayman 4: 

  

	 	(i)	duly executed transfer(s) in favour of Cayman 4 in respect of that number of Ordinary Shares held by Cayman 7 as specified in the Holdco Call Option Notice; and

  

 21 

	 	(ii)	the relevant share certificate(s) in respect of such Ordinary Shares being transferred; and 

  

	 	(b)	Cayman 7 shall deliver to Cayman 5: 

  

	 	(i)	duly executed transfers in favour of Cayman 5 in respect of that number of Ordinary Shares held by Cayman 7 as specified in the Holdco Call Option Notice and all of the
Preference Shares held by Cayman 7; and 

  

	 	(ii)	the relevant share certificate(s) in respect of such Ordinary Shares and Preference Shares being transferred; 

  

	 	(c)	Cayman 4 and Cayman 5 shall, against delivery of the duly executed transfer(s), satisfy the Cayman 4 Call Option Consideration and Cayman 5 Call Option Consideration to be
paid by setting off such amounts against the Cayman 4 Outstanding Consideration and the Cayman 5 Outstanding Consideration (as the case may be). 

  

	4.3	If the Holdco Put Option is exercised after the Fourth Cayman 7 Call Option Exercise Date any remaining Outstanding Consideration after the set off pursuant to Clause 4.2.3
shall immediately cease to be due and payable and Cayman 7 shall be released from all obligations hereunder to pay the same. 

  

	5	CONSIDERATION PAYABLE FOR GRANT OF CAYMAN 7 CALL OPTIONS 

  

	5.1	Delivery of Warrants 

 In consideration of the
Holdcos granting to Cayman 7 the Cayman 7 Call Options, CEDC shall, within 30 days from the date of this Agreement, deliver, or cause to be delivered, the Warrants to the Holdcos in the amounts set out in Columns H and I of Schedule 2. 

 

	5.2	Issue of CEDC Common Stock 

  

	 	5.2.1	In consideration of the Holdcos granting to Cayman 7 the Cayman 7 Call Options, CEDC shall, subject to the Holdcos not having exercised the Holdco Put Option:

  

	 	(a)	on 31 October 2009 issue 1,000,000 shares of CEDC Common Stock to the Holdcos in the proportions set out in the second row of Columns J and K of Schedule 2 (the
“2009 Shares”); 

  

	 	(b)	on 15 June 2010 issue 1,575,000 shares of CEDC Common Stock to the Holdcos in the proportions set out in the third row of Columns J and K of Schedule 2 (the
“2010 Shares”); and 

  

	 	(c)	on 31 July 2012 issue 751,852 shares of CEDC Common Stock to the Holdcos in the proportions set out in the fifth row of Columns J and K of Schedule 2 (the “2012
Shares”), 

 in each case subject to adjustment as per Clause 8.3.4. 
  

	 	5.2.2	Until the 2009 Shares, the 2010 Shares and the 2012 Shares (together, the “Consideration Shares”) have been issued pursuant to Clause 5.2.1:

  

	 	(a)	 Mergers or Consolidations. If at any time after the date hereof until all of the Consideration Shares have been issued pursuant to Clause 5.2.1, there

  

 22 

	 	 
shall be a capital reorganisation (other than a combination or subdivision of CEDC Common Stock otherwise provided for herein) resulting in a
reclassification to or change in the Consideration Shares (a “Reorganisation”), or a merger or consolidation of CEDC with another Person (other than a merger with another Person in which CEDC is a continuing corporation and which
does not result in any reclassification or change in the Consideration Shares or a merger effected exclusively for the purpose of changing the domicile of CEDC) (a “Merger”) or the sale of all or substantially all of the assets of
CEDC (a “Disposal”), then, as a part of such Reorganisation, Merger or Disposal, lawful provision and adjustment shall be made so that the Holdcos shall thereafter be entitled to receive in respect of any unissued Consideration
Shares, pursuant to Clause 5.2.1 and at the times provided for and subject to the terms and conditions of the Transaction Documents, the number of shares of stock or any other equity or debt securities or property to which the Holdcos would have
been entitled upon consummation of the Reorganisation, Merger or Disposal if the Holdcos had received all such unissued Consideration Shares immediately prior to such Reorganisation, Merger or Disposal. In any such case, appropriate adjustment shall
be made in the application of the provisions of Clause 5.2.1 with respect to the rights and interests of the Holdcos after the Reorganisation, Merger or Disposal to the end that the provisions of Clause 5.2.1 and Clause 5.2.2 shall be applicable
after that event, as near as reasonably may be, in relation to any shares of stock, securities, property or other assets thereafter deliverable pursuant to Clause 5.2.1. CEDC will not effect any Reorganisation, Merger or Disposal unless prior to the
consummation thereof each corporation or entity (other than CEDC) which may be required to deliver any securities or other property pursuant to Clause 5.2.1 as provided herein shall assume in a written agreement the obligation to deliver to the
Holdcos such securities or other property as (in accordance with the foregoing provisions) the Holdcos may be entitled to receive and agreeing and confirming that the provisions of Clause 5.2.1 shall continue in full force and effect, enforceable
against CEDC and such corporation or entity in accordance with the terms thereof and hereof. The foregoing provisions of this Clause 5.2.2(a) shall similarly apply to successive Reorganisations, Mergers and Disposals. 

 

	 	(b)	Splits and Subdivisions; Dividends. In the event CEDC should at any time or from time to time (i) effectuate a split or subdivision of the outstanding shares of
CEDC Common Stock, (ii) pay a dividend in or make a distribution payable in additional shares of CEDC Common Stock or other securities that are convertible or exchangeable or exercisable into shares of CEDC Common Stock (“Common Stock
Equivalents”), or (iii) issue by reclassification of CEDC Common Stock any other capital stock of CEDC, in each case without payment of any consideration by such holder for the additional shares of CEDC Common Stock or Common Stock
Equivalents (including the additional shares of CEDC Common Stock issuable upon conversion or exercise thereof), then, as of the applicable record date (or the date of such distribution, split, subdivision or reclassification if no record date is
fixed), the number of unissued Consideration Shares shall be appropriately increased in proportion to such increase (or potential increase) of outstanding shares; provided, however, that no adjustment shall be made in the event the split,
subdivision, dividend, distribution or reclassification is not effectuated. The adjustment pursuant to this Clause 5.2.2(b) shall be made successively each time that any event listed in this Clause 5.2.2(b) above shall occur.

  

 23 

	 	(c)	Combination of Shares. If the number of shares of CEDC Common Stock outstanding at any time after the date hereof is decreased by a combination or reverse split of the
outstanding shares of CEDC Common Stock, the number of shares of unissued Consideration Shares shall be appropriately decreased in proportion to such decrease in outstanding shares as at the effective date of such combination or reverse split;
provided, however, that no adjustment shall be made in the event such combination or reverse split is not effectuated. 

  

	 	(d)	Cash Dividends and Other Distributions. If CEDC shall distribute to holders of CEDC Common Stock (i) any dividend or other distribution of cash, evidences of its
indebtedness, or any other properties or securities (other than any dividend or distribution described in Clause 5.2.2(b)) or (ii) any options, warrants, or other rights to subscribe for or purchase any of the foregoing (other than any rights,
options, warrants, or securities described below), that, in the case of both clause (i) and clause (ii) together, aggregate on a rolling twelve-month basis to a Fair Market Value per share of CEDC Common Stock as of the trading day
immediately preceding the declaration of such distribution (the “FMV Date”) that exceeds 3% of the Fair Market Value of one share of CEDC Common Stock on the FMV Date, then in each such case the number of unissued Consideration
Shares shall be increased in each case to the number obtained by multiplying (A) the number of unissued Consideration Shares, before such adjustment, and (B) the quotient of (1) the Fair Market Value of one share of CEDC Common Stock
on the last trading day preceding the first date on which the CEDC Common Stock trades regular way without the right to receive such distribution, divided by (2) the Fair Market Value calculated in clause (1) minus the amount of cash
and/or the Fair Market Value of any evidences of indebtedness, other property or securities, options, warrants or other rights to subscribe for or purchase the foregoing so distributed in respect of one share of CEDC Common Stock. In the event that
such distribution is not so made, then no such adjustment to the number of unissued Consideration Shares shall be made pursuant to this Clause 5.2.2(d). Notwithstanding anything in this Clause 5.2.2(d) to the contrary, no adjustment to the number of
unissued Consideration Shares shall be made pursuant to this Clause 5.2.2(d) as a result of the issuance or other sale by CEDC of any of its shares of CEDC Common Stock upon (A) the conversion or exchange of any of CEDC’s preferred stock,
warrants, options or other convertible or exchangeable securities, provided, such preferred stock, warrants, options or other convertible or exchangeable securities are outstanding as of the date of this Agreement, (B) the grant or exercise of
any stock options, restricted stock, restricted stock units, stock appreciation rights or other forms of stock or stock-based rights granted to officers, directors or employees of CEDC pursuant to a stock option plan, benefit plan or incentive plan
of CEDC, whether in effect as of the date of this Agreement or approved by the Board of Directors of CEDC after the date of this Agreement, or (C) the grant or issuance of rights pursuant to a shareholder rights plan. 

 

 24 

	 	(e)	Certain Issuances. 

 (i) Without duplication
of any other items contained in this Agreement, if at any time or from time to time CEDC shall issue (A) CEDC Common Stock at a price per share that is lower at the date of such issuance than 85% of either, at CEDC’s sole election,
(x) the closing sale price of one share of CEDC Common Stock on the date of such issuance on and as reported by the principal securities exchange on which the CEDC Common Stock is then listed or admitted to trading, or, if the CEDC Common Stock
is not listed or admitted to trading on any securities exchange, as determined in good faith and in a commercially reasonable manner by resolution of the Board of Directors of CEDC, based on the best information available to it and (if requested by
the Holdcos) having engaged an independent appraiser in such regard (the “Closing Price”), or (y) the volume weighted average trading price of one share of CEDC Common Stock on and as reported by the principal securities
exchange on which the CEDC Common Stock is then listed or admitted to trading for the thirty (30) trading days immediately preceding the date of such issuance, or, if the CEDC Common Stock is not listed or admitted to trading on any securities
exchange, the fair market value of one share of CEDC Common Stock as determined in good faith and in a commercially reasonable manner by resolution of the Board of Directors of CEDC, based on the best information available to it and (if requested by
the Holdcos) having engaged an independent appraiser in such regard (the “30-Day FMV”) or (B) rights, options, or warrants for, or securities convertible or exchangeable into, CEDC Common Stock entitling the holders thereof to
subscribe for or purchase shares of CEDC Common Stock at a price per share that is lower at the date of such issuance than 85% of either, at CEDC’s sole election, the Closing Price or the 30-Day FMV, then the number of unissued Consideration
Shares thereafter issuable pursuant to Clause 5.2.1 shall be determined by multiplying the number of then unissued Consideration Shares by a fraction, the numerator of which shall be the number of shares of CEDC Common Stock outstanding on the date
of issuance of such CEDC Common Stock, rights, options, warrants, or convertible or exchangeable securities (assuming the exercise or conversion of all then outstanding rights, options, warrants or convertible or exchangeable securities) plus the
number of additional shares of CEDC Common Stock offered for subscription or purchase or into which such securities are convertible or exchangeable, and the denominator of which shall be the number of shares of CEDC Common Stock outstanding on the
date of issuance of such CEDC Common Stock, rights, options, warrants, or convertible or exchangeable securities (assuming the exercise or conversion of all then outstanding rights, options, warrants or convertible or exchangeable securities) plus
the total number of shares of CEDC Common Stock that could be purchased with the aggregate consideration received through issuance of such Common Stock, rights, options, warrants, or convertible or exchangeable securities at either, at CEDC’s
sole election, the Closing Price or the 30-Day FMV. Such adjustment shall be made whenever such shares of CEDC Common Stock, rights, options, warrants, or convertible or exchangeable securities are issued and shall become effective retroactively
immediately after the date on which such Persons became entitled to receive such shares of CEDC Common Stock, rights, options, warrants or convertible or exchangeable securities. 
  

 25 

 (ii) This Clause 5.2.2(e) shall not apply to issuances of CEDC Common Stock, rights, options, warrants,
or convertible or exchangeable securities resulting from or in connection with: 
 (A) the conversion or exchange of any of CEDC’s
preferred stock, warrants, options or other convertible or exchangeable securities, provided, such preferred stock, warrants, options or other convertible or exchangeable securities are outstanding as of the date of this Agreement or were issued in
connection with a transaction not covered by Clause 5.2.2(e)(i)(B), 
 (B) the grant or exercise of any stock options, restricted stock,
restricted stock units, stock appreciation rights or other forms of stock or stock-based rights granted to officers, directors or employees of CEDC pursuant to a stock option plan, benefit plan or incentive plan of CEDC, whether in effect as of the
date of this Agreement or approved by the Board of Directors of CEDC after the date of this Agreement, 
 (C) the Note Purchase and Share
Subscription Agreement, 
 (D) this Agreement, 
 (E) the issuance or exercise of any of the Warrants, 
 (F) a Merger, Reorganization or Disposal, or

 (G) the grant or issuance of rights pursuant to a shareholder rights plan. 
 (iii) If any CEDC Common Stock, rights, options, warrants or convertible or exchangeable securities are issued together with other obligations or
securities, then an allocation shall be made of the aggregate consideration received as between such CEDC Common Stock, rights, options, warrants or convertible or exchangeable securities, on the one hand, and such other obligations or securities,
on the other hand (as determined in good faith and in a commercially reasonable manner by the Board of Directors of CEDC, whose determination shall be evidenced by a board resolution, a copy of which will be sent to the Holdcos upon request), to
determine a price per share for such CEDC Common Stock, rights, options, warrants or convertible or exchangeable securities for the purposes of this Clause 5.2.2(e). This Clause 5.2.2(e) shall apply with equal force and effect to any amendment,
revision, adjustment, or other modification of the terms of any outstanding rights, options, or warrants for, or securities convertible or exchangeable into, CEDC Common Stock if and to the extent that such amendment, revision, adjustment, or other
modification has the effect of allowing the holders thereof to subscribe for or purchase shares of CEDC Common Stock at a price per share that is lower at the date of such modification than 85% of either, at CEDC’s sole election, the Closing
Price or the 30-Day FMV, subject to the provisions of Clause 5.2.2(e)(ii). No adjustment shall be made pursuant to this Clause 5.2.2(e) that would have the effect of decreasing the number of unissued Consideration Shares. 
  

	 	(f)	 Superseding Adjustment. Upon the expiration of any rights, options, warrants, or conversion or exchange privileges that resulted in any 

  

 26 

	 	 
adjustment pursuant to this Clause 5.2.2, if any thereof shall not have been exercised, the number of unissued Consideration Shares shall be readjusted as if
(i) the only shares of CEDC Common Stock issuable upon exercise of such rights, options, warrants, or conversion or exchange privileges were the shares of CEDC Common Stock, if any, actually issued upon the exercise of such rights, options,
warrants, or conversion or exchange privileges and (ii) shares of CEDC Common Stock actually issued, if any, were issuable for the consideration actually received by CEDC upon such exercise plus the aggregate consideration, if any, actually
received by CEDC for the issuance, sale, or grant of all such rights, options, warrants, or conversion or exchange privileges whether or not exercised; provided, however, that no such readjustment shall (except by reason of an intervening adjustment
under Clause 5.2.2(b)) have the effect of decreasing the number of unissued Consideration Shares by an amount in excess of the amount of the adjustment to such number of unissued Consideration Shares initially made in respect of the issuance, sale,
or grant of such rights, options, warrants, or conversion or exchange privileges. 

  

	 	(g)	No Duplication. Notwithstanding anything else contained in this Clause 5.2.2, no single event shall result in an adjustment to the number of unissued Consideration
Shares under more than one of the subsections set forth in Clause 5.2.2 so as to result in duplication. 

  

	5.3	All shares of CEDC Common Stock issued under this Agreement and all shares of CEDC Common Stock issuable upon exercise of the Warrants shall be issued as fully paid up and
free from Encumbrances and shall be entitled to the rights and subject to the obligations set out in the Registration Rights Agreement. 

  

	5.4	Where CEDC issues shares of CEDC Common Stock or the Warrants under Clause 5 or Clause 8 of this Agreement, such issues shall be deemed to have been made on behalf of Cayman
7 and Cayman 7 agrees to issue Partnership Interests (as defined under the Limited Partnership Agreement) to CEDC equal to the fair market value (as at the date of such issue of CEDC Common Stock or Warrants) of such shares of CEDC Common Stock and
Warrants so issued. 

  

	6	ANTITRUST OBLIGATIONS 

  

	6.1	The right of Cayman 7 to exercise (i) any Cayman 7 Call Option (the “Relevant Cayman 7 Call Option”) the completion of which would give CEDC the right
to exercise control rights in respect of the Company, which rights would require an Antitrust Approval; and (ii) any subsequent Cayman 7 Call Options, shall be subject, in each case, to such Antitrust Approval being received. For the avoidance
of doubt, if the Cayman 7 Call Option Exercise Date of the Relevant Cayman 7 Call Option has been amended in accordance with Clause 3.1.5, such that it falls on the same date as the Cayman 7 Call Option Exercise Date of any other Cayman 7 Call
Option(s), then the exercise of such other Cayman 7 Call Option(s) shall not be subject to such Antitrust Approval being received. 

  

	6.2	If such a required Antitrust Approval has not been received prior to the Cayman 7 Call Option Exercise Date of the Relevant Cayman 7 Call Option as such date may be amended
in accordance with this Agreement except by operation of this Clause 6 (the “Relevant Cayman 7 Call Option Exercise Date”), Cayman 7 shall be obligated to pay to the Holdcos in cash: 

  

	 	6.2.1	if the Relevant Cayman 7 Call Option Exercise Date occurs on or before 31 December 2011, the lower of $50 million, and the Antitrust Adjustment Payment; and

  

 27 

	 	6.2.2	if the Relevant Cayman 7 Call Option Exercise Date occurs after 31 December 2011, the lower of $42.5 million, and the Antitrust Adjustment Payment,

 in each case, on the Relevant Cayman 7 Call Option Exercise Date. Such payment will be allocated between the Holdcos in the
Holdco Sharing Proportions. 
  

	6.3	If Antitrust Approval is subsequently received after the Relevant Cayman 7 Call Option Exercise Date, the Cayman 7 Call Option Exercise Date of the Relevant Cayman 7 Call
Option, and any other Cayman 7 Call Options delayed in accordance with the provision of this Clause 6, shall be deemed to be the date falling 60 days after the date of receipt of Antitrust Approval and all remaining Cayman 7 Call Options shall once
again be exercisable in accordance with their terms. 

  

	6.4	The $ Initial Cash Amounts payable to Cayman 4 and Cayman 5 in relation to the Relevant Cayman 7 Call Option shall be reduced by the amount actually received in accordance
with Clause 6.2, allocated between the Holdcos in the Holdco Sharing Proportions. 

  

	6.5	Where the exercise by Cayman 7 of any Cayman 7 Call Option is delayed due to the failure to obtain Antitrust Approval, the Initial Cash Amounts payable following the exercise
of such Cayman 7 Call Option shall be increased by an amount equal to interest accruing thereon at an annual rate of 8 per cent. from the relevant Cayman 7 Call Option Exercise Date before the application of Clauses 6.1 and 6.3 until the
relevant Cayman 7 Call Option Exercise Date following the application of Clauses 6.1 and 6.3 

  

	6.6	If Antitrust Approval is not subsequently received after the Relevant Cayman 7 Call Option Exercise Date, and an Exit is undertaken, then Cayman 7 shall, from the proceeds
received from such Exit, pay to the Holdcos within 30 days of such Exit, an amount in cash equal to the amount by which the Antitrust Adjustment Payment under Clause 6.2 exceeds the amounts paid by Cayman 7 to the Holdcos pursuant to Clause 6.2.
Such payment will be allocated between the Holdcos in the Holdco Sharing Proportions, and shall in no circumstance exceed the aggregate Exit proceeds received by Cayman 7 net of any fees, costs or expenses incurred by Cayman 7 with regard to such
Exit. 

  

	7	DEFERRAL OF ISSUE OF SHARES AND WARRANTS 

  

	7.1	Notwithstanding anything herein to the contrary, in order to ensure compliance with NASDAQ Marketplace Rule 4350(i)(1)(c)(i), if, immediately following the issuance of any
shares of CEDC Common Stock pursuant to this Agreement, the Holdcos and their Affiliates would collectively own 5% or more of the number of shares of CEDC Common Stock outstanding or 5% or more of the voting power of CEDC outstanding (the
“Substantial Shareholder Threshold”), then the following shall apply: 

  

	 	7.1.1	such number of shares of CEDC Common Stock as may be issued without breaching the Substantial Shareholder Threshold shall be issued in accordance with the terms of this
Agreement; 

  

	 	7.1.2	in the case of shares of CEDC Common Stock issuable pursuant to Clause 5 hereof (excluding, for the avoidance of doubt, shares of CEDC Common Stock issuable upon the exercise
of any Warrant), the number of shares of CEDC Common Stock issuable but not yet issued shall accordingly be reduced by the number of such shares of CEDC Common Stock permitted to be issued pursuant to Clause 7.1.1; 

  

 28 

	 	7.1.3	in the case of shares of CEDC Common Stock issuable pursuant to Clause 8.2 hereof, the amount of the relevant $ Initial Cash Amount outstanding and not yet paid shall
accordingly be reduced by the Cash Equivalent of such shares of CEDC Common Stock permitted to be issued pursuant to Clause 7.1.1; 

  

	 	7.1.4	after such time as the Holdcos and their Affiliates have advised CEDC in writing that they collectively own 3.5% or less of the number of shares of CEDC Common Stock
outstanding and 3.5% or less of the voting power of CEDC outstanding, CEDC shall issue a number of shares of CEDC Common Stock to the Holdcos (a) in the case of shares of CEDC Common Stock relating to a Trailing Tranche (as defined in the
Registration Rights Agreement), promptly and (b) in the case of shares of CEDC Common Stock relating to a Leading Tranche (as defined in the Registration Rights Agreement), on the first Business Day after the effectiveness of the registration
statement filed in relation to such shares of CEDC Common Stock (as contemplated by Sections 2.2(a) and/or 2.2(b), as the case may be, and Section 2.11(c) of the Registration Rights Agreement) equal to the lesser of: 

 

	 	(a)	(1) the Share Equivalent of all outstanding $ Initial Cash Amounts that have not been paid due to the operation of this Clause 7.1 plus (2) the number of shares of CEDC Common
Stock issuable pursuant to Clause 5 hereof that have not been issued due to the operation of this Clause 7.1; and 

  

	 	(b)	the maximum number of shares of CEDC Common Stock that may be issued without breaching the Substantial Shareholder Threshold, 

 and the relevant $ Initial Cash Amounts outstanding shall accordingly be reduced by the Cash Equivalent of the shares of CEDC Common Stock issued
pursuant to Clause 7.1.4(a)(1), and the number of shares of CEDC Common Stock issuable pursuant to Clause 5 hereof that have not been issued due to the operation of this Clause 7.1 shall accordingly be reduced by the number of shares of CEDC Common
Stock issued pursuant to Clause 7.1.4(a)(2); and 
  

	 	7.1.5	Clause 7.1.4 shall continue to be applied until the amount of all outstanding $ Initial Cash Amounts that have not been paid due to the operation of this Clause 7.1, and the
number of all shares of CEDC Common Stock issuable pursuant to Clause 5 hereof that have not been issued due to the operation of this Clause 7.1, have been reduced to zero. 

  

	7.2	Each Holdco agrees to provide to CEDC such information regarding ownership of CEDC Common Stock by it and its Affiliates as CEDC may reasonably request in connection with
Clause 7.1. 

  

	8	ADJUSTMENTS TO INITIAL CASH AMOUNTS AND ADDITIONAL CONSIDERATION 

  

	8.1	Interest on Initial Cash Amounts 

 In respect of any
Initial Cash Amounts payable in respect of any Cayman 7 Call Option, each such Initial Cash Amount shall be increased by 8 per cent. per annum for the period from: (a) the relevant Cayman 7 Call Option Exercise Date; to (b) the
earlier of: (i) the Holdco Put Option Exercise Date; and (ii) the actual date on which the relevant Cayman 7 Call Option is exercised, in accordance with Clause 3.1.3. 
  

 29 

	8.2	Adjustments in respect of the Second, Third and Final Cayman 7 Call Options 

  

	 	8.2.1	CEDC shall have the right to require that: 

  

	 	(a)	up to the lower of: (i) $15 million of the $ Initial Cash Amounts to be paid in respect of the Second Cayman 7 Call Option and (ii) the 2009 Earnout Amount, shall
instead be paid by CEDC on behalf of Cayman 7 through the issue of shares of CEDC Common Stock to the Holdcos (the “Second Cayman 7 Call Option Substitute Right”); 

  

	 	(b)	up to $15 million of the $ Initial Cash Amounts to be paid in respect of the Third Cayman 7 Call Option shall instead be paid by CEDC on behalf of Cayman 7 through the issue
of shares of CEDC Common Stock to the Holdcos (the “Third Cayman 7 Call Option Substitute Right”); 

  

	 	(c)	if the Final Cayman 7 Call Option Completion Date occurs after 30 June 2012, up to $20 million of the $ Initial Cash Amounts to be paid in respect of the Final Cayman 7 Call
Option shall instead be paid by CEDC on behalf of Cayman 7 through the issue of shares of CEDC Common Stock to the Holdcos (the “First Final Cayman 7 Call Option Substitute Right”); 

  

	 	(d)	if the Final Cayman 7 Call Option Completion Date occurs after 31 December 2011 but on or before 30 June 2012 (i) the $ Initial Cash Amounts to be paid in
respect of the Final Cayman 7 Call Option shall be reduced by $5 million and (ii) up to $15 million of such reduced $ Initial Cash Amount shall instead be paid by CEDC on behalf of Cayman 7, through the issue of shares of CEDC Common Stock to
the Holdcos (the “Second Final Cayman 7 Call Option Substitute Right”); and 

  

	 	(e)	if the Final Cayman 7 Call Option Completion Date occurs on or before 31 December 2011 (i) the $ Initial Cash Amounts to be paid in respect of the Final Cayman 7
Call Option shall be reduced by $10 million; and (ii) up to $10 million of such reduced $ Initial Cash Amount shall instead be paid by CEDC on behalf of Cayman 7, through the issue of shares of CEDC Common Stock to the Holdcos (the
“Third Final Cayman 7 Call Option Substitute Right”). 

  

	 	8.2.2	Each Cayman 7 Call Option Substitute Right shall be exercised by CEDC giving written notice to the Holdcos no later than 30 days prior to the Cayman 7 Call Option Exercise
Date of the relevant Cayman 7 Call Option, such notice to include the amount of the $ Initial Cash Amounts to be substituted through exercise of the relevant Cayman 7 Call Option Substitute Right (the “Substitute Amount”).

  

	 	8.2.3	The number of shares of CEDC Common Stock to be issued to the Holdcos following exercise of a Cayman 7 Call Option Substitute Right shall be equal to:

  

	 	(a)	in respect of the Second Cayman 7 Call Option Substitute Right, the Substitute Amount, divided by the Ten Day VWAP of CEDC Common Stock on the dealing day immediately prior
to the Second Cayman 7 Call Option Exercise Date; 

  

	 	(b)	in respect of the Third Cayman 7 Call Option Substitute Right, the Substitute Amount divided by the Ten Day VWAP of CEDC Common Stock on the dealing day immediately prior to
the Third Cayman 7 Call Option Exercise Date; and 

  

 30 

	 	(c)	in respect of the First Final Cayman 7 Call Option Substitute Right, the Second Final Cayman 7 Call Substitute Right and the Third Final Cayman 7 Call Option Substitute
Right, the Substitute Amount divided by the Ten Day VWAP of CEDC Common Stock on the dealing day immediately prior to the Final Cayman 7 Call Option Exercise Date. 

  

	 	8.2.4	The shares of CEDC Common Stock issued following exercise of a Cayman 7 Call Option Substitute Right shall be allocated between the Holdcos according to the Holdco Sharing
Proportions. 

  

	 	8.2.5	Where CEDC exercises a Cayman 7 Call Option Substitute Right, CEDC shall issue the relevant number of shares of CEDC Common Stock to the Holdcos on the relevant Cayman 7 Call
Option Exercise Date, save that if CEDC defaults on such obligation to issue such shares of CEDC Common Stock on the relevant Cayman 7 Call Option Exercise Date CEDC shall be afforded a cure period of 30 days thereafter during which to effect such
issue (the “Substitute Cure Period”), and if CEDC so issues such shares of CEDC Common Stock during the Substitute Cure Period, the relevant Ten Day VWAP to be used for calculating the number of shares of CEDC Common Stock to be
issued shall be the Ten Day VWAP on the trading day immediately prior to the date of the actual issue of such shares. 

  

	 	8.2.6	Where CEDC exercises its rights under a Cayman 7 Call Option Substitute Right and issues the relevant shares of CEDC Common Stock, the $ Initial Cash Amounts to be paid by
Cayman 7 shall be reduced by the Substitute Amount and such reduction shall be allocated between the Holdcos according to the Holdco Sharing Proportions. 

  

	 	8.2.7	The adjustments set out in this Clause 8.2 shall not apply in respect of the calculation or determination of the Cayman 4 Put Option Price and the Cayman 5 Put Option Price.

  

	8.3	Adjustment in respect of issue of 2009 Shares, 2010 Shares and 2012 Shares 

  

	 	8.3.1	If the Thirty Day VWAP of CEDC Common Stock on 31 October 2009 (the “31 October 2009 VWAP”) is less than $20, Cayman 7 shall pay:

  

	 	(a)	to Cayman 4, in $ in cash, as an increase to the $ Initial Cash Amount payable in respect of the Second Cayman 7 Call Option an amount equal to the number of shares of CEDC
Common Stock to be issued to Cayman 4 as set out in the second row of Column J of Schedule 2 x ($20 minus the 31 October 2009 VWAP); and 

  

	 	(b)	pay to Cayman 5, in $ in cash, as an increase to the $ Initial Cash Amount payable in respect of the Second Cayman 7 Call Option an amount equal to the number of shares of
CEDC Common Stock to be issued to Cayman 5 as set out in the second row of Column K of Schedule 2 x ($20 minus the 31 October 2009 VWAP). 

  

	 	8.3.2	If the 31 October 2009 Upside VWAP is greater than $20: 

  

	 	(a)	 the $ Initial Cash Amount payable to Cayman 4 in respect of the Third Cayman 7 Call Option shall be reduced by an amount equal to 50 per cent 

  

 31 

	 	 
of the number of shares of CEDC Common Stock to be issued to Cayman 4 as set out in the second row of Column J of Schedule 2 x (the 31 October 2009
Upside VWAP minus $20); and 

  

	 	(b)	the $ Initial Cash Amount payable to Cayman 5 in respect of the Third Cayman Call Option shall be reduced by an amount equal to 50 per cent of the number of shares of
CEDC Common Stock to be issued to Cayman 5 as set out in the second row of Column K of Schedule 2 x (the 31 October 2009 Upside VWAP minus $20). 

  

	 	8.3.3	If the Thirty Day VWAP of CEDC Common Stock on 15 June 2010 (the “15 June 2010 VWAP”), is less than $19, Cayman 7 shall pay: 

 

	 	(a)	to Cayman 4, in $ in cash, as an increase to the $ Initial Cash Amount payable in respect of the Second Cayman 7 Call Option an amount equal to the number of shares of CEDC
Common Stock to be issued to Cayman 4 as set out in the third row of Column J of Schedule 2 x ($19 minus the 15 June 2010 VWAP); and 

  

	 	(b)	to Cayman 5, in $ in cash, as an increase to the $ Initial Cash Amount payable in respect of the Second Cayman 7 Call Option an amount equal to the number of shares of CEDC
Common Stock to be issued to Cayman 5 as set out in the third row of Column K of Schedule 2 x ($19 minus the 15 June 2010 VWAP). 

  

	 	8.3.4	In respect of the shares of CEDC Common Stock to be issued pursuant to Clause 5.2.1(c), the number of shares of CEDC Common Stock to be issued to each of Cayman 4 and Cayman
5 will be reduced: 

  

	 	(a)	by 100 per cent. if the Final Cayman 7 Call Option Completion Date falls on or before 31 December 2010; 

  

	 	(b)	by 50 per cent. if the Final Cayman 7 Call Option Completion Date falls after 31 December 2010 but on or before 31 December 2011; or 

 

	 	(c)	by 25 per cent. if the Final Cayman 7 Call Option Completion Date falls after 31 December 2011 but before 30 June 2012. 

  

	8.4	Earnout adjustment in respect of the Second Cayman 7 Call Option 

  

	 	8.4.1	If Lux 1 Group EBITDA for the year ending 31 December 2009 (“2009 Group EBITDA”) is greater than $70 million, Cayman 7 shall pay to the Holdcos the sum
of: 1.0 x (2009 Group EBITDA minus $70 million), subject to a maximum payment of $20 million (the “2009 Earnout Amount”). 

  

	 	8.4.2	Cayman 7 shall satisfy its obligations to pay the 2009 Earnout Amount by increasing the $ Initial Cash Amounts to be paid in respect of the Second Cayman 7 Call Option by an
amount equal to the 2009 Earnout Amount, and such increase shall be allocated between the Holdcos according to the Holdco Sharing Proportions. 

  

	 	8.4.3	The Holdcos shall use their reasonable endeavours to ensure that the consolidated (or combined as the case may be) accounts of the Lux 1 Group (produced in accordance with
the Accounting Principles) are approved and signed by the Lux 1 Group’s auditor on or before 31 March 2010. 

  

 32 

	 	8.4.4	The Holdcos shall, within 15 Business Days of receiving the audited accounts of Lux 1 for 2009, send to Cayman 7 and CEDC a copy of such accounts together with a notice (an
“Earnout Notice”) setting out in reasonable detail: 

  

	 	(a)	the calculation of 2009 Group EBITDA; and 

  

	 	(b)	the calculation of the 2009 Earnout Amount. 

  

	 	8.4.5	CEDC, who shall have the right to act on behalf of Cayman 7 with respect to this Clause 8, shall have 15 Business Days (the “Earnout Evaluation Period”),
from service of the Earnout Notice, within which to give notice to the Holdcos that Cayman 7 does not accept the accuracy of the Earnout Notice and disputes the calculation of the 2009 Earnout Amount. If CEDC does not give such notice during the
Earnout Evaluation Period, CEDC shall be deemed to have accepted the Earnout Notice as accurate at the expiry of the Earnout Evaluation Period and the 2009 Earnout Amount payable under the Earnout Notice shall, in the absence of fraud or manifest
error, be binding on both Cayman 7 and the Holdcos. 

  

	 	8.4.6	If CEDC gives notice (an “Earnout Dispute Notice”) that it does not accept the accuracy of the Earnout Notice (such notice to include, in reasonable detail,
details of the objection to the Earnout Notice including the relevant amounts), CEDC and the Holdcos shall have 20 Business Days or such longer period as they may agree, from service of the Earnout Dispute Notice, within which to resolve any
disagreement relating to the Earnout Notice. CEDC and the Holdcos shall use their best endeavours to resolve the disagreement within that period and shall afford each other reasonable access to the books and records of the Lux 1 Group to enable CEDC
and the Holdcos to use such best endeavours to resolve their disagreement. 

  

	 	8.4.7	If CEDC and the Holdcos are unable to resolve their disagreement within the period set out in Clause 8.4.6, the calculation of the 2009 Earnout Amount shall be referred to
the Independent Accountant for determination on the following terms: 

  

	 	(a)	the Independent Accountant will act as an expert (and not as an arbitrator); 

  

	 	(b)	in so far as they are able, CEDC and the Holdcos will each provide the Independent Accountant with all information relating to the Lux 1 Group which the Independent
Accountant reasonably requires; 

  

	 	(c)	the Independent Accountant’s decision will be made within 30 days of the referral and will, in the absence of fraud or manifest error, be final and binding on Cayman 7
and the Holdcos; and 

  

	 	(d)	the Independent Accountant’s costs will be paid by a member of the Lux 1 Group as determined by Cayman 5. 

  

	 	8.4.8	To the extent that an Earnout Dispute Notice has been served and such dispute has not, in respect of the 2009 Earnout Amount, been resolved by the Second Cayman 7 Call Option
Exercise Date, then the 2009 Earnout Amount shall be paid within 10 Business Days of its final determination as an adjustment to the $ Initial Cash Amounts payable in respect of the Second Cayman 7 Call Option. 

  

	 	8.4.9	Where payment of the Second Cayman 7 Call Option has been accelerated in accordance with Clause 3.1.5, payment of the 2009 Earnout Amount, if applicable, shall be made within
10 Business Days of the Second Cayman 7 Call Option Exercise Date, as if Clause 3.1.5 had not been applied. 

  

 33 

	 	8.4.10	If the Holdcos exercise their rights under the Holdco Put Option prior to determination of the 2009 Earnout Amount in accordance with this Clause 8.4, the 2009 Earnout Amount
shall be $20 million. 

  

	 	8.4.11	If CEDC prior to 31 December 2009 exercises its rights either to become the Controlling Shareholder or for the Company to be under JV Control, each under Clause 2 of the
Governance and Shareholders Agreement (as defined therein), the 2009 Earnout Amount shall be $20 million. 

  

	8.5	Adjustments in respect of the earnout amounts under the Original Sale Agreement 

  

	 	8.5.1	To the extent that Cyprus 1 makes payment of any First Earnout Amount (as such term is defined in the Original Sale Agreement), as such First Earnout Amount shall be finally
determined in accordance with the Original Sale Agreement, the $ Initial Cash Amounts payable in respect of the Third Cayman 7 Call Option shall be reduced by an amount equal to one third of the amount by which the Second Earnout Amount paid exceeds
$40 million, such reduction of the relevant $ Initial Cash Amounts not to exceed $10 million in aggregate, and to be allocated between the Holdcos according to the Holdco Sharing Proportions. 

  

	 	8.5.2	To the extent that Cyprus 1 makes payment of any Second Earnout Amount (as such term is defined in the Original Sale Agreement), as such Second Earnout Amount shall be
finally determined in accordance with the Original Sale Agreement, the $ Initial Cash Amounts payable in respect of the Cayman 7 Call Option next exercised after the Second Earnout Amount is settled shall be reduced by an amount equal to
7.5 per cent. of the Second Earnout Amount paid, such reduction of the relevant $ Initial Cash Amounts not to exceed $10,875,000 in aggregate, and to be allocated between the Holdcos according to the Holdco Sharing Proportions.

  

	 	8.5.3	If the Original Sale Agreement is amended such that the First Earnout Amount and the Second Earnout Amount are settled in one payment (the “Earnout Settlement
Amount”), the $ Initial Cash Amounts payable in respect of (i) the Second Cayman 7 Call Option and (ii) the Third Cayman 7 Call Option will be each be reduced by 3.75 per cent. of the Earnout Settlement Amount, such
reductions of the relevant $ Initial Cash Amounts not to exceed $10,875,000 in aggregate, and each to be allocated between the Holdcos according to the Holdco Sharing Proportions. Clauses 8.5.1 and 8.5.2 shall not apply upon the operation of this
Clause 8.5.3 and this Clause 8.5.3 shall not apply upon the operation of Clauses 8.5.1 and 8.5.2. 

  

	8.6	Payment of dividends 

  

	 	8.6.1	If the Company makes any dividend, payment or other form of cash distribution (a “Distribution”) to a Holdco in respect of its holding of Shares in the
Company, the $ Initial Cash Amount payable to that Holdco upon the exercise of the next Cayman 7 Call Option becoming exercisable following the date of the Distribution shall be reduced by an amount equal in value to such Distribution increased by
an amount equivalent to interest at the rate of 8 per cent. per annum from the date of receipt of the Distribution to the next Cayman 7 Call Option Exercise Date. 

  

 34 

	 	8.6.2	To the extent that the Company makes a Distribution to Cayman 7, it is acknowledged that under the terms of the Limited Partnership Agreement Cayman 7 will further distribute
the proceeds of the Distribution to the Class A Limited Partners in Cayman 7. Under the Limited Partnership Agreement, immediately upon receipt of such distribution, the Class A Limited Partners have agreed to put Cayman 7 in funds of
equal value to that Distribution (once made), and Cayman 7 undertakes to pay such amount to the Holdcos (divided pro rata between the Holdcos based on their respective entitlements under the next Initial Cash Amount due) as a payment on account of
the next $ Initial Cash Amount due (an “Advance Payment”), with the benefit of such payment on account deemed to have increased by an amount equal to such amount accruing interest at 8 per cent. per annum from the date that
Cayman 7 has made payment of such amount on account to the Holdcos until the Cayman 7 Call Option Exercise Date of the next Cayman 7 Call Option. 

  

	8.7	Minority Purchase adjustment 

 In the event of a
Minority Purchase the $ Initial Cash Amount payable from Cayman 7 to Cayman 5 in respect of the exercise of the next Cayman 7 Call Option following such Minority Purchase shall be increased by an amount equal to $0.20 for each $1 of Principal
Investment Value payable under the Minority Purchase, subject to a maximum increase of $10 million. 
  

	9	OFFER TO INITIAL SELLER PARTIES 

  

	9.1	Cayman 7 shall have the right, at the direction of CEDC only (and Cayman 7 shall so exercise such right at the direction of CEDC), to acquire some or all of the Initial
Seller Party Securities (the “Elective Minority Purchase”), subject to the Initial Seller Parties agreeing to the terms of such an Elective Minority Purchase and also the Company consenting to the transfer of the Initial Seller
Party Securities under the terms of the Lux 1 Shareholders Agreement which consent shall be given subject to the following conditions: 

  

	 	9.1.1	that the existing pledges over the Initial Seller Party Securities given as security for the obligations of Cirey Holdings, Inc. under the Original Sale Agreement will be
replaced with substitute security which is satisfactory to Cyprus 1, acting reasonably; 

  

	 	9.1.2	that, to the extent that any consent, amendment or waiver is required from any person who is a party to any Finance Documents, such consent, amendment or waiver is duly
obtained (and the Parties shall use their reasonable commercial endeavours to obtain such consents, and shall consult with each other in relation thereto); 

  

	 	9.1.3	that Cayman 7 shall pledge the Initial Seller Party Securities acquired to the Holdcos on substantially the same terms as the Cayman 7 Pledge; and 

 

	 	9.1.4	such Elective Minority Purchase is completed no later than the Final Discharge Date. 

  

	10	WARRANTIES AND UNDERTAKINGS 

  

	10.1	Cayman 4 warrants to Cayman 7 that: 

  

	 	10.1.1	as of the date of this Agreement, Cayman 4 is the sole owner of the Ordinary Shares which are free from Encumbrances; and 

  

 35 

	 	10.1.2	as at the dates of completion of the transfers of any of the Ordinary Shares to Cayman 7 pursuant to this Agreement, Cayman 4 will be the sole owner of the Ordinary Shares
being transferred to Cayman 7 and such Ordinary Shares will, save for the Holdco Pledges, be free from Encumbrances. 

  

	10.2	Cayman 5 warrants to Cayman 7 that: 

  

	 	10.2.1	as of the date of this Agreement, Cayman 5 is the sole owner of the Preference Shares which are free from Encumbrances; and 

  

	 	10.2.2	as at the dates of completion of the transfers of any of the Preference Shares to Cayman 7 pursuant to this Agreement, Cayman 5 will be the sole owner of the Preference
Shares being transferred to Cayman 7 and such Preference Shares will, save for the Holdco Pledges, be free from Encumbrances. 

  

	10.3	Cayman 7 warrants to the Holdcos that as at the date of completion of the transfer of any shares from Cayman 7 to the Holdcos pursuant to this Agreement, Cayman 7 will be the
sole owner of the shares being transferred by it to the Holdcos and such shares will, save for the Cayman 7 Pledge, be free from Encumbrances. 

  

	10.4	CEDC represents and warrants to the Holdcos that, as of the date hereof, the number of shares of CEDC Common Stock issuable pursuant to this Agreement and any other
Transaction Document is equal to or less than the sum of (a) the number of authorized but unissued shares of CEDC Common Stock and (b) the number of treasury shares of CEDC Common Stock, in each case that are not reserved for future
issuance in connection with transactions in the shares of the capital stock of CEDC (other than under the Transaction Documents) on the date hereof (such shares, the “Available Shares”). 

  

	10.5	If CEDC shall not have delivered the full number of shares of CEDC Common Stock otherwise deliverable pursuant to this Agreement or any other Transaction Document as a result
of CEDC not having sufficient authorized but unissued shares of CEDC Common Stock available at the time or times that the relevant rights under this Agreement or any other Transaction Document is exercised (the resulting deficit, the
“Deficit Shares”), CEDC shall use reasonable efforts to promptly authorize unissued shares of CEDC Common Stock sufficient to issue the full number of the Deficit Shares and to issue and deliver such Deficit Shares thereafter. In
any event CEDC shall be continually obligated to deliver, from time to time until the full number of Deficit Shares have been delivered pursuant to this paragraph, shares of CEDC Common Stock when, and to the extent, that: 

 

	 	(i)	shares of CEDC Common Stock are subsequently repurchased, acquired or otherwise received by CEDC or any of its subsidiaries (whether or not in exchange for cash, fair value
or any other consideration); 

  

	 	(ii)	authorized and unissued shares of CEDC Common Stock reserved for issuance in respect of other transactions become no longer so reserved; or 

  

	 	(iii)	CEDC additionally authorizes any unissued shares of CEDC Common Stock. 

  

	10.6	CEDC shall promptly notify the Holdcos of the occurrence of any of the events described in Clause 10.5(i), 10.5(ii) or 10.5(iii)) (including the number of shares of CEDC
Common Stock subject to Clause 10.5(i), 10.5(ii) or 10.5(iii) and the corresponding number of shares of CEDC Common Stock to be delivered) and promptly deliver such shares of Common Stock thereafter. Except as contemplated in the Transaction
Documents, CEDC shall not take any action to decrease the number of Available Shares below the number of shares of CEDC Common Stock which are required to be issued pursuant to the Transaction Documents. 

  

 36 

	11	CEDC GUARANTEE 

  

	11.1	CEDC, as primary obligor, unconditionally and irrevocably guarantees, by way of continuing guarantee to the Holdcos, the payment and performance by Cayman 7, when due, of all
amounts and obligations under this Agreement (the “Guaranteed Obligations”). This guarantee shall remain in full force and effect until all such amounts and obligations have been irrevocably paid and discharged in full.

  

	11.2	This guarantee shall be in addition to and independent of all other security which the Holdcos may hold from time to time in respect of the discharge and performance by
Cayman 7 of the Guaranteed Obligations. 

  

	11.3	CEDC’s obligations under this Clause 11: 

  

	 	11.3.1	constitute direct, primary and unconditional obligations to pay on demand by the Holdcos any sum which Cayman 7 is liable to pay under this Agreement and to perform on demand
any obligation of Cayman 7 under this Agreement without requiring the Holdcos first to take any steps against Cayman 7 or any other Person; and 

  

	 	11.3.2	shall not be affected by any matter or thing which but for this provision might operate to affect or prejudice those obligations, including: 

  

	 	(a)	any time or indulgence granted to, or composition with, Cayman 7 or any other Person; or 

  

	 	(b)	any amendment of this Agreement; or 

  

	 	(c)	the taking, variation, renewal or release of, or refusal or neglect to perfect or enforce, any right, remedy or security against Cayman 7 or any other Person; or

  

	 	(d)	any legal limitation, disability or other circumstance relating to Cayman 7 or any unenforceability or invalidity of any obligation of Cayman 7 under this Agreement.

  

	12	DEFAULT 

  

	12.1	If upon expiry of the Outstanding Consideration Payment Notice Period, Cayman 7 has not discharged in full its obligations to pay the Outstanding Consideration, Cayman 7
shall be in breach of its obligations under this Agreement to satisfy the Outstanding Consideration (an “Enforcement Event”) and the Holdcos shall, without prejudice to any other rights they may have under this Agreement or at law,
be entitled to enforce their rights under the Cayman 7 Pledge in addition to the exercise of their rights under Clause 11. 

  

	12.2	The Holdcos shall, notwithstanding the term of the Holdco Put Option Period at Clause 3.2.1, be entitled to immediately exercise the Holdco Put Option (and subsequently the
Holdco Call Option) if at any time prior to the Final Discharge Date: 

  

	 	12.2.1	a CEDC Finance Default occurs, provided that CEDC shall have the right to provide a Bank Guarantee in favour of the Holdcos in respect of the maximum amount of all of its
future cash obligations under the Transaction Documents within five Business Days of the occurrence of a CEDC Finance Default and for as long as the Bank Guarantee remains in force, the Holdcos shall not be entitled by operation of this Clause
12.2.1 alone, to exercise the Holdco Put Option; 

  

 37 

	 	12.2.2	CEDC has failed to issue shares of CEDC Common Stock under this Agreement, and CEDC has not remedied such failure within five Business Days (or such other period as the
Parties may agree) following the date on which such obligations arose; 

  

	 	12.2.3	there is a Security Impairment Event; 

  

	 	12.2.4	CEDC (in its capacity of Controlling Party or Minority Party, as the case may be, as both terms are defined in the Governance and Shareholders Agreement) is in material
breach of a material obligation under the Governance and Shareholders Agreement, and such breach has remained unremedied for 60 days and has not been waived by the relevant Lion Parties (as defined in the Governance and Shareholders Agreement)
thereunder; 

  

	 	12.2.5	CEDC is the Controlling Party (as defined in the Governance and Shareholders Agreement), and there is a breach of the obligation to obtain Minority Consent (as defined in the
Governance and Shareholders Agreement) when required and such breach has remained unremedied for 45 days; 

  

	 	12.2.6	there is a Change of Control of CEDC or of any ultimate Holding Company of CEDC (save that the Holdcos shall only be entitled to exercise the Holdco Put Option for the period
of 60 days following the occurrence of such event); 

  

	 	12.2.7	payment of those amounts due under Clause 6.2 are not made within 30 days of their falling due; or 

  

	 	12.2.8	as a result of any act or omission by CEDC, Cayman 7 breaches its obligations under Clause 8.6.2 to make an Advance Payment, subject to Cayman 7 being afforded 15 days from
the date such breach arises to remedy such breach. 

  

	12.3	Holdco Default 

 If, at any time prior to the Final
Discharge Date, the Holdcos are in breach of their obligations under this Agreement to transfer Shares to Cayman 7, Cayman 7 shall be entitled to enforce its rights under the Holdco Pledge, but only in relation to those Shares in respect of which
the Holdcos are in breach of their respective obligations under this Agreement to have transferred to Cayman 7. 
  

	13	SECURITY 

  

	13.1	As security for Cayman 7’s obligations under this Agreement, Cayman 7 shall pledge all shares in the Company held by Cayman 7 from time to time in favour of the Holdcos
on the terms of the Cayman 7 Pledge (the “Security Assets”). The Cayman 7 Pledge shall be released by the Holdcos only on the Final Discharge Date. 

  

	13.2	As security for the Holdcos’ obligations under this Agreement the Holdcos shall pledge all Shares held by the Holdcos from time to time in favour of Cayman 7 on the
terms of the Holdco Pledge. 

  

	13.3	Cayman 7 undertakes to grant to the Holdcos additional security, on terms reasonably satisfactory to the Holdcos, in respect of any assets held by Cayman 7 from time to time
and not subject to the Cayman 7 Pledge. 

  

 38 

	14	US TAX COMPLIANCE 

  

	14.1	The parties to this Agreement agree to treat the Cayman 7 Call Option and the Holdco Put Option as an instrument treated in accordance with section 1275 of the United States
Internal Revenue Code of 1986, as amended, issued by Cayman 7 Cayman 4 and Cayman 5 in exchange for all shares of the Company held by each of Cayman 4 and Cayman 5 in an installment sale solely for US Tax purposes. The Parties shall consistently
report, for all US Tax purposes, the transactions contemplated herein in the manner described in this Clause 14. 

  

	14.2	To the extent permissible under applicable GAAP, the Parties agree to treat the transactions contemplated under this Agreement as a sale of the Company.

  

	14.3	Cayman 7 shall keep a register of the option and holders of Shares for purposes of complying with the US Portfolio Interest provisions of Section 871(h) and/or 881(c) of
the Code. 

  

	15	ASSIGNMENT 

 No Party will be entitled to assign or
transfer all or any of its rights, benefits or obligations under this Agreement or any document referred to in it without the prior written consent of the other parties. 
  

	16	ENTIRE AGREEMENT 

 This Agreement, and the documents
referred to in it in agreed form together constitute the entire agreement and understanding of the Parties in relation to the matters the subject thereto and supersede any previous agreement between the Parties (whether written or oral) in relation
to all or any of such matters and without prejudice to the generality of the foregoing, excludes any representation, warranty, condition or other undertaking implied at law or by custom other than where expressly contained in this Agreement,
provided that nothing in this Clause 16 shall exclude a Party from liability for fraudulent misrepresentation. 
  

	17	VARIATION 

 Any variation of this Agreement must be
in a written document and signed by each Party or a duly authorised officer or representative of each Party and where any such document exists and is so signed such Party shall not allege that the same is not binding by virtue of an absence of
consideration. 
  

	18	WAIVER 

  

	18.1	A delay in exercising, or failure to exercise, any right or remedy under this Agreement does not constitute a waiver of such or other rights or remedies nor shall operate so
as to bar the exercise or enforcement thereof. No single or partial exercise of any right or remedy under this Agreement shall prevent further or other exercise of such or other rights or remedies. 

  

	18.2	No waiver by any Party of any requirement of this Agreement, or of any remedy or right under this Agreement, shall have effect unless given in writing and signed by such
Party. 

  

	18.3	The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights and remedies provided by law. 

  

 39 

	19	ILLEGALITY AND SEVERANCE 

  

	19.1	The provisions contained in each Clause of this Agreement shall be enforceable independently of the others and the invalidity of any one provision shall not affect the
validity of the others. 

  

	19.2	If a provision of this Agreement is, or but for this Clause 19 would be, held to be illegal, invalid or unenforceable, in whole or in part, in the jurisdiction to which it
pertains but would be legal, valid and enforceable if part of the provision was deleted, the provision shall apply with the minimum modification necessary to make it legal, valid and enforceable in that jurisdiction, and any such illegality,
invalidity or unenforceability in any jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

  

	19.3	If a provision of this Agreement is held to be illegal, invalid or unenforceable, in whole or in part and Clause 19.2 cannot be used to make it legal, valid and enforceable,
a Party may require the other Parties to enter into a new agreement or deed under which those Parties undertake in the terms of the original provision, but subject to such amendments as the first Party specifies in order to make the provision legal,
valid and enforceable. No Party will be obliged to enter into a new agreement or deed that would increase its liability beyond that contained in this Agreement, had all its provisions been legal, valid and enforceable. 

  

	20	RIGHTS OF THIRD PARTIES 

  

	20.1	A Party who is not a Party to this Agreement has no rights under the Contracts (Rights of Third Parties) Act 1999 or otherwise to enforce any term of this Agreement but this
does not affect any right or remedy of a third party which exists or is available apart from such Act. Accordingly, this Agreement shall be binding upon and enure solely for the benefit of the Parties hereto in accordance with this Agreement and
nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. 

  

	21	COUNTERPARTS 

 This Agreement may be executed in any
number of counterparts, each of which when executed and delivered shall constitute an original of this Agreement, but all the counterparts shall together constitute one and the same agreement. No counterpart shall be effective until each Party has
executed at least one part or counterpart. 
  

	22	NOTICES 

  

	22.1	Any notice or other communication given under this Agreement shall be in writing and shall be served by delivering it to the Party due to receive it at the address or fax
numbers set out in Clause 22.2 and shall be deemed to have been delivered in accordance with Clause 22.3. 

  

 40 

	22.2	The Parties’ addresses and fax numbers for the purposes of this Agreement are: 

  

	 	22.2.1	In the case of the Holdcos and Cayman 7: 

 Lion
Capital LLP 
 21 Grosvenor Place 
 London SW1X 7HF 
 United Kingdom 
 For the attention of: Javier Ferrán/James Cocker 
 Fax number: +44 20 7201 2222 
 with a courtesy copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges 
 One South Place 
 London EC2M 2WG 
 United Kingdom 

For the attention of: Michael Francies/Ian Hamilton 
 Fax number: +44 20 7903 0990 
  

	 	22.2.2	In the case of CEDC: 

 CEDC Warsaw, 
 ul. Bobrowiecka 6 
 02-728 Warszawa

 Poland 
 For the attention
of: Bill Carey 
 Fax number: +48 22 455 1810/+1 941 330 9617 
 with a courtesy copy (which shall not constitute notice) to: 
 Dewey & LeBoeuf 
 No. 1 Minster Court 
 Mincing Lane

 London EC3R 7YL 
 For the
attention of: Steve Horvath 
 Fax number: +44 20 7459 5099 
 or such other address or fax number as the relevant Party notifies to the other Parties, which change of address shall only take effect if delivered and received in accordance Clause 22.3. 
  

	22.3	A notice so addressed shall be deemed to have been received: 

  

	 	22.3.1	if personally delivered, at the time of delivery; 

  

	 	22.3.2	if sent by pre-paid, recorded delivery or registered post, two Business Days after the date of posting to the relevant address; 

  

	 	22.3.3	if sent by registered air-mail, five Business Days after the date of posting to the relevant address; or 

  

	 	22.3.4	if sent by fax, on successful completion of its transmission as per a transmission report from the machine from which the fax was sent, save that if such notice or
communication is received after the end of normal working hours (and “normal working hours” shall be deemed to be 8.30 am and 5.30 pm on any Business Day in the country of the recipient), such notice or communication shall be deemed
to have been received on the next Business Day. 

  

 41 

	22.4	CEDC irrevocably authorises and appoints Law Debenture Corporate Services Limited presently at Fifth Floor, 100 Wood Street, London EC2V 7EX, United Kingdom as its agent for
service of notices and/or proceedings in relation to any matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 22 shall be deemed to be effective service on CEDC.

  

	22.5	Each of Cayman 4, Cayman 5 and Cayman 7 irrevocably authorises and appoints Lion Capital LLP whose registered address is at 21 Grosvenor Place, London, SW1X 7HF United
Kingdom as their agent for service of notices and/or proceedings in relation to any matter arising out of or in connection with this Agreement and service on such agent in accordance with this Clause 22 shall be deemed to be effective service on
Cayman 4, Cayman 5 or Cayman 7, as the case may be. 

  

	23	JURISDICTION 

 The Parties irrevocably agree that,
subject as provided below, the courts of England shall have exclusive jurisdiction over any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual claims). Nothing in this
Clause 23 shall limit the right of the Parties to commence proceedings to seek equitable (or equivalent) relief or to seek enforcement of a final non-appealable judgment of the courts of England or in any court of an Approved Jurisdiction which has
competent jurisdiction, nor shall the commencement of such proceedings in any one or more Approved Jurisdictions preclude the commencement of similar proceedings in any other Approved Jurisdiction, whether concurrently or not, to the extent
permitted by the law of such other Approved Jurisdiction. No Party shall be entitled to commence proceedings in any court in any jurisdiction other than England or of an Approved Jurisdiction. 
  

	24	GOVERNING LAW 

 This Agreement and all matters
(including, without limitation, any contractual or non-contractual obligation) arising from or connected with it are governed by, and will be construed in accordance with, English law. 
 THIS AGREEMENT IS EXECUTED ON THE DATE SHOWN ON PAGE 1 ABOVE. 
  

 42 

 SCHEDULE 1 
 INFORMATION ABOUT THE COMPANY 
  

	1	Registered number: 

  

	2	Date of incorporation: 

  

	3	Place of incorporation: 

  

	4	Registered office address: 

  

	5	Type of company: 

  

	6	Authorised share capital: 

  

	 	(a)	amount: 

  

	 	(b)	number and class of shares: 

  

	7	Issued share capital: 

  

	 	(a)	amount: 

  

	 	(b)	number and class of shares: 

  

	8	Members: 

  

	9	Directors: 

  

	10	Secretary: 

  

	11	Accounting reference date: 

  

 43 

 SCHEDULE 2 
 CONSIDERATION PAYABLE 
  

																					
	 A
 Cayman
7 Call
Option
	 	B
Cayman 7
Call Option
Exercise
Date	 	C
$ Initial
Cash
Amount due
to Cayman 4
in respect of
the
Relevant
Cayman 7
Call Option	 	D
€ Initial
Cash
Amount due
to Cayman 4
in respect of
the
exercise
of the
Relevant
Cayman 7
Call Option	 	E
$ Initial
Cash
Amount due
to Cayman 5
in respect of
the
exercise
of Relevant
Cayman 7
Call Option	 	F
No. of
Ordinary
Shares to be
delivered by
Cayman 4 to
Cayman
7 in
respect of
the Relevant
Cayman 7
Call Option	 	G
No. of
Preference
Shares to be
delivered by
Cayman 5
to
Cayman
7 in respect
of the
Relevant
Cayman 7
Call Option	 	H
No. of
Warrants
to be
delivered
to Cayman
4,
by
exercise
date	 	I
No. of
Warrants
to be
delivered
to
Cayman
5,
by
exercise
date	 	 J
 No. of
Shares of
CEDC
Common
Stock to be
issued to
Cayman 4
	 	 K
 No. of
Shares of
CEDC
Common
Stock to be
issued to
Cayman 5

	First	 	31/10/2009	 	0	 	0	 	0	 	6,900,000	 	3	 	0	 	0	 	759,853	 	240,147
	Second	 	30/06/2010	 	17,358,415	 	22,822,679	 	7,972,102	 	63,500,000	 	32	 	0	 	0	 	 (to be issued on 15 June 2010)
 1,196,768
	 	 (to be issued on 15 June 2010)
 378,232

	Third	 	31/05/2011	 	47,341,132	 	62,243,670	 	21,742,097	 	53,000,000	 	26	 	1,132,598	 	357,952	 	0	 	0
	Fourth	 	31/07/2012	 	47,982,867	 	63,087,417	 	22,036,823	 	48,000,000	 	24	 	227,956	 	72,044	 	571,297	 	180,555
	Final	 	31/05/2013	 	47,341,132	 	62,243,670	 	21,742,097	 	29,600,000	 	15	 	1,370,632	 	433,181	 	0	 	0

  

 44 

 SCHEDULE 3 
 FORM OF OPTION NOTICES 
 PART A 
 CAYMAN 7 CALL OPTION NOTICE 
  

			
	From:	  	[Lion /Rally Cayman 7 L.P. (“Cayman 7”)]
		  	[c/o Stuarts Corporate Services Ltd.]
		  	[PO Box 2510]
		  	[Grand Cayman KY1-1104]
		  	[Cayman Islands]
		
	To:	  	Lion/Rally Cayman 4 (“Cayman 4”)
		  	c/o Stuarts Corporate Services Ltd.
		  	PO Box 2510
		  	Grand Cayman KY1-1104
		  	Cayman Islands
		
		  	Lion/Rally Cayman 5 (“Cayman 5”)
		  	c/o Stuarts Corporate Services Ltd.
		  	PO Box 2510
		  	Grand Cayman KY1-1104
		  	Cayman Islands

 By Fax and Courier 
 [date] 
 EXERCISE OF CAYMAN 7 CALL OPTION 
 Dear Sirs 
 Reference is made to the option agreement dated [—] May 2009 between: (i) Lion/Rally Cayman 4; (ii) Lion/Rally Cayman 5; (iii) Lion/Rally Cayman 7 L.P.; and (iv) Central European Distribution Corporation, (the “Option Agreement”).
Capitalised terms used in this notice shall bear the meanings given in the Option Agreement unless otherwise defined herein. This is a Cayman 7 Call Option Notice under the Option Agreement. 
 We, Cayman 7, hereby exercise our rights under Clause 2.1 of the Option Agreement in respect of the [First/Second/Third/Fourth/Final] Cayman 7 Call Option to
acquire the following Shares: 
 Ordinary Shares held by Cayman 4: [—] 
 Preference Shares held by Cayman 5: [—] 
 (the “Option Shares”). 
 Accordingly, against payment to: 
  

	1)	Cayman 4 of the $ Initial Cash Amount set out in the [second/third/fourth/fifth] row of Column C of Schedule 2 (as adjusted in accordance with the Option Agreement);

  

 45 

	2)	Cayman 4 of the € Initial Cash Amount set out in the [second/third/fourth/fifth] row of Column D of Schedule 2; and 

  

	3)	Cayman 5 of the $ Initial Cash Amount set out in the [second/third/fourth/fifth] row of Column E of Schedule 2 (as adjusted in accordance with the Option Agreement),

 we hereby require you to deliver to us duly executed transfer(s) in our favour transferring to us such Option Shares. 
 [CEDC has exercised its rights under Clause 8.2.1[(a)/(b)/(c)/(d)/(e)] of the Option Agreement and $[—] of the Initial Cash Amounts
shall be substituted by CEDC through the issue of [—] shares of CEDC Common Stock to Lion/Rally Cayman 4 and [—] shares CEDC Common Stock to Lion/Rally Cayman 5.] 

In accordance with the Option Agreement, the transfer to us by you of the Option Shares, and the payment by us to you in respect of those Option Shares, will take
place on [date being five Business Days from date of service of this notice]. 
 Payment by us to you in respect of the Option Shares shall be made to
the following account, unless otherwise notified to us by you: 
 in respect of the payment to Cayman 4: 
 [insert Cayman 4 bank details] 
 in respect of the payment to Cayman
5: 
 [insert Cayman 5 bank details] 
 Yours faithfully

  

	
	  

	Signed by [name of director]
	for and on behalf of
	[Lion/Rally Cayman 8]
	acting as general partner of
	[Lion/Rally Cayman 7 L.P.]

 Acknowledged and Accepted: 
  

	
	  

	for and on behalf of
	Lion/Rally Cayman 4

  

	
	  

	for and on behalf of
	Lion/Rally Cayman 5

  

 46 

 PART B 
 HOLDCO PUT OPTION NOTICE 
  

			
	From:	  	Lion/Rally Cayman 4 (“Cayman 4”)
		  	c/o Stuarts Corporate Services Ltd.
		  	PO Box 2510
		  	Grand Cayman KY1-1104
		  	Cayman Islands
		
		  	Lion/Rally Cayman 5 (“Cayman 5”)
		  	c/o Stuarts Corporate Services Ltd.
		  	PO Box 2510
		  	Grand Cayman KY1-1104
		  	Cayman Islands
		  	(together the “Holdcos”)
		
	To:	  	[Lion /Rally Cayman 7 L.P. (“Cayman 7”)]
		  	[c/o Stuarts Corporate Services Ltd.]
		  	[PO Box 2510]
		  	[Grand Cayman KY1-1104]
		  	[Cayman Islands]

 By Fax and Courier 
 [date] 
 EXERCISE OF HOLDCO PUT OPTION 
 Dear Sirs 
 Reference is made to the option agreement dated [—] May 2009 between: (i) Lion/Rally Cayman 4; (ii) Lion/Rally Cayman 5; (iii) Lion/Rally Cayman 7 L.P.; and (iv) Central European Distribution Corporation, (the “Option Agreement”).
Capitalised terms used in this notice shall bear the meanings given in the Option Agreement unless otherwise defined herein. This is a Holdco Put Option Notice under the Option Agreement. 
 We, the Holdcos, hereby exercise our rights under Clause 2.2 of the Option Agreement in respect of the Holdco Put Option to require Cayman 7 to acquire the following
Shares: 
 Ordinary Shares held by Cayman 4: [—] 
 Preference Shares held by Cayman 5: [—] 
 (the “Option Shares”). 
 Payment to Cayman 4 of [—] (the Cayman 4 Put
Option Price) and to Cayman 5 of [—] (the Cayman 5 Put Option Price) shall be left outstanding on the terms of the Option Agreement. 
 In accordance with the Option Agreement, the transfer to you by us of the Option Shares, and the payment by you to us in respect of those Option Shares, will take place on [date being five Business Days from date
of service of this notice]. 
  

 47 

	
	Yours faithfully
	
	  

	for and on behalf of
	Lion/Rally Cayman 4
	
	  

	for and on behalf of
	Lion/Rally Cayman 5
	
	Acknowledged and Accepted:
	
	  

	Signed by [name of director]
	for and on behalf of
	[Lion/Rally Cayman 8]
	acting as general partner of
	[Lion/Rally Cayman 7 L.P.]

  

 48 

 PART C 
 HOLDCO CALL OPTION NOTICE 
  

			
	From:	  	Lion/Rally Cayman 4 (“Cayman 4”)
		  	c/o Stuarts Corporate Services Ltd.
		  	PO Box 2510
		  	Grand Cayman KY1-1104
		  	Cayman Islands
		
		  	Lion/Rally Cayman 5 (“Cayman 5”)
		  	c/o Stuarts Corporate Services Ltd.
		  	PO Box 2510
		  	Grand Cayman KY1-1104
		  	Cayman Islands
		
		  	(together the “Holdcos”)
		
	To:	  	[Lion /Rally Cayman 7 L.P. (“Cayman 7”)]
		  	[c/o Stuarts Corporate Services Ltd.]
		  	[PO Box 2510]
		  	[Grand Cayman KY1-1104]
		  	[Cayman Islands]

 By Fax and Courier 
 [date] 
 EXERCISE OF HOLDCO CALL OPTION 
 Dear Sirs 
 Reference is made to the option agreement dated [—] May 2009 between: (i) Lion/Rally Cayman 4; (ii) Lion/Rally Cayman 5; (iii) Lion/Rally Cayman 7 L.P.; and (iv) Central European Distribution Corporation, (the “Option Agreement”).
Capitalised terms used in this notice shall bear the meanings given in the Option Agreement unless otherwise defined herein. This is a Holdco Call Option Notice under the Option Agreement. 
 We, Holdcos, hereby exercise our rights under Clause 2.3 of the Option Agreement in respect of the Holdco Call Option to acquire the following Shares: 
 Ordinary Shares to be acquired by Cayman 4: [—] 
 Ordinary Shares to be acquired by Cayman 5: [—] 
 (the “Option
Shares”). 
 Accordingly, against payment to you of the Cayman 4 Call Option Consideration and the Cayman 5 Call Option Consideration (to be made by
means of set off under the terms of the Option Agreement) we hereby require you to deliver to us duly executed transfer(s) in our favour transferring to us such Option Shares. 
 As calculated in accordance with Clause 2.3.1 of the Option Agreement, the Cayman 4 Call option Consideration is $[—], and the Cayman 5 Call Option Consideration is $[—]. In accordance with the Option Agreement, the transfer to us by you of the Option Shares, and the payment by us to you in respect of those Option Shares, will take place on [date being five Business Days from
date of service of this notice]. 
  

 49 

	
	Yours faithfully
	
	  

	for and on behalf of
	Lion/Rally Cayman 4
	
	  

	for and on behalf of
	Lion/Rally Cayman 5
	
	Acknowledged and Accepted:
	
	  

	Signed by [name of director]
	for and on behalf of
	[Lion/Rally Cayman 8]
	acting as general partner of
	[Lion/Rally Cayman 7 L.P.]

  

 50 

							
	Signed by [name of director]	 	)	 		 	
	for and on behalf of	 	)	 		 	
	LION/RALLY CAYMAN 4	 	)	 		 	  

		 	)	 		 	Director
				
	Signed by [name of director]	 	)	 		 	
	for and on behalf of	 	)	 		 	
	LION/RALLY CAYMAN 5	 	)	 		 	  

		 	)	 		 	Director
				
	Signed by [name of director]	 	)	 		 	
	for and on behalf of	 	)	 		 	
	[LION/RALLY CAYMAN 8]	 	)	 		 	
	acting as general partner of	 	)	 		 	
	[LION/RALLY CAYMAN 7 L.P.]	 	)	 		 	  

		 	)	 		 	Director
				
	Signed by [name of director]	 	)	 		 	
	for and on behalf of	 	)	 		 	
	CENTRAL EUROPEAN	 	)	 		 	
	DISTRIBUTION CORPORATION	 	)	 		 	  

		 	)	 		 	Director

  

 51

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