Document:

CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED
UPON A REQUEST

 

FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE
24b-2 OF THE

 

SECURITIES EXCHANGE ACT OF 1934 AND HAVE
BEEN SEPARATELY FILED

 

WITH THE SECURITIES AND EXCHANGE COMMISSION.

  

	 	
        HEINEKEN SUB-LICENCE AGREEMENT

        between

        Heineken UK Limited

        and

        United Breweries International (UK) Limited

        and

        Kingfisher Beer Europe Limited

        and

        United Breweries Limited

 

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This Sub-Licence Agreement
is dated April 18, 2013 between:-

 

PARTIES:-

 

	A.	HEINEKEN UK LIMITED, a company incorporated in Scotland (Registered Number SC065527) and having its registered office at 2-4 Broadway Park, South Gyle Broadway, Edinburgh, EH12 9JZ (“Heineken UK”); and
	 	 
	B.	UNITED
    BREWERIES INTERNATIONAL (UK) LIMITED, a company incorporated in England and Wales (Registered Number 1688201) and having
    its registered office at 75 Westow Hill, Crystal Palace, London, SE19 1TX (“UBI”); and
	 	 
	C.	KINGFISHER BEER EUROPE LIMITED, a company incorporated in England and Wales (Registered Number 02367133) and having its registered office at Springfield House, Sandling Road, Maidstone, Kent, ME14 2LP (“KBE”); and
	 	 
	D.	UNITED BREWERIES LIMITED, a company incorporated in India and having its registered office at Level 3-5, UB Tower, UB City 24, Vittal Mallya Road, Bangalore, 560001, India (“UB”).
	 	 
	 	(each a “party” and together the “parties”)

 

BACKGROUND:-

 

	(1)	KBE and Heineken UK have entered into a Contract Brewing and Distribution Agreement and a Loan Agreement (both as defined below). 
	 	 
	(2)	The parties have agreed that in the event that KBE defaults under the Contract Brewing and Distribution Agreement and/or the Loan Agreement, Heineken UK shall, at its option, acquire an exclusive licence from UBI to produce, market and sell the Product (as defined below) in the United Kingdom.
	 	 
	(3)	This Agreement sets out the terms and conditions on which Heineken UK shall acquire the exclusive licence. 

 

IT IS AGREED:-

 

	1.	Definitions and Interpretation
	 	 
	1.1	Unless the context otherwise requires, in this Agreement the following words and expressions shall have the meaning set out opposite them:

 

	 	“Agent”	means any subsidiary or holding company of Heineken UK and any third party appointed by Heineken UK in connection with this Agreement;

 

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	 	“Agreement” 	means this Sub-Licence Agreement together with its Schedules;
	 	 	 
	 	“Contract Brewing and Distribution Agreement”	means the contract brewing and distribution agreement entered into between KBE and Heineken UK on or around the date of this Agreement;
	 	 	 
	 	“Contract Year”	means any period of twelve months beginning on the Effective Date or any anniversary thereof;
	 	 	 
	 	“Debt”	has the meaning given to it in Clause 4.1;
	 	 	 
	 	“Distribution Agreement”	means the distribution agreement between UBI and KBE dated 9th October 1998, as the same was amended pursuant to a supplemental agreement dated 24th October 2001 and a deed of variation dated 11th March 2013;
	 	 	 
	 	“Effective Date”	has the meaning given in Clause 3.1;
	 	 	 
	 	“Event of Default”	has the meaning given to it in the Loan Agreement;
	 	 	 
	 	“Finance Document”	has the meaning given to it in the Loan Agreement;
	 	 	 
	 	“Gross Revenue”	means the proceeds from Product supplied to third parties, to personnel and group companies, associates, joint ventures and investments;
	 	“Loan Agreement”	means the loan agreement entered into between KBE and Heineken UK on or around the date of this Agreement;
	 	 	 
	 	“Product”	means Kingfisher beer;
	 	 	 
	 	“Recipe”	means the list of ingredients and agreed manufacturing process for the Product;
	 	 	 
	 	“Revenue”	has the meaning given to it in the Heineken SCAN database (i.e. Gross Revenue (excluding excise) less discounts to customers less variable selling expenses plus proceeds from services);
	 	 	 
	 	“Specifications”	means the product specifications and details as to the method of production and also the packaging of the Product and the quality procedures and performance standards relating to the Product as agreed between the parties from time to time;

 

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	 	“Term”	means the term of this Agreement as set out in Clause 3.1; 
	 	 	 
	 	“Term Date”	means the earlier of (i) the date on which KBE has repaid the Debt to Heineken UK; or (ii) the date on which the Agreement terminates pursuant to Clause 4.3; or (iii) 9 October 2018;
	 	 	 
	 	“Territory”	means the United Kingdom (England, Wales, Scotland and Northern Ireland); 
	 	 	 
	 	“Trade Marks”	means the trade marks which subsist in the Products, Recipes and Specifications, as more particularly set out in Schedule 2; and
	 	 	 
	 	“TMLA”	means the trade mark licence agreement between UBI and United Breweries Limited, a company incorporated in India and having its registered office at Level 3-5, UB Tower, UB City 24, Vittal Mallya Road, Bangalore, 560001, India, dated 9th October 1998, as the same was amended pursuant to a supplemental agreement dated 22nd October 2001 and a deed of variation dated 11th March 2013.

 

	1.2	In this Agreement:-

 

	 	 	1.2.1	the singular includes the plural and vice versa;
	 	 	 	 
	 	 	1.2.2	references to gender include references to all genders;
	 	 	 	 
	 	 	1.2.3	unless otherwise stated, references to sub-Clauses, Clauses and to the Schedules  are to sub-Clauses, Clauses and the Schedules to this Agreement;
	 	 	 	 
	 	 	1.2.4	the Clause headings are for reference only and shall not affect the construction or interpretation of this Agreement;
	 	 	 	 
	 	 	1.2.5	the Schedules annexed hereto are incorporated into and form part of this Agreement;
	 	 	 	 
	 	 	1.2.6	“subsidiary” and “holding company” shall have the meanings given to them in section 1159 of the Companies Act 2006; and
	 	 	 	 
	 	 	1.2.7	references to statutes, any statutory instrument, regulation or order shall be construed as a reference to such statute, statutory instrument, regulation or order as amended or re-enacted from time to time. 

 

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	1.3	In this Agreement, except where the context otherwise requires, any reference to:-

 

	 	 	1.3.1	another agreement or any deed or other instrument or document shall be construed as a reference to that other agreement, deed or other instrument or document as the same may have been, or may from time to time be, amended, varied, supplemented or novated;
	 	 	 	 
	 	 	1.3.2	a “day” means a period of 24 hours (or such other number of hours as may be relevant in the case of changes for daylight saving) ending at 12.00 midnight;
	 	 	 	 
	 	 	1.3.3	the words “include” or “including” are to be construed as meaning without limitation;
	 	 	 	 
	 	 	1.3.4	a “month” means a calendar month; and
	 	 	 	 
	 	 	1.3.5	a “person” includes any individual, partnership, firm, company, corporation, joint venture, trust, association, organisation or other entity, in each case whether or not having a separate legal personality.

 

	2.	Licence
	 	 
	2.1	UBI grants to Heineken UK an exclusive, royalty-free and irrevocable licence to use the Trade Marks for the purpose of producing, marketing, selling and distributing the Product in the Territory on the terms set out in this Agreement, and in particular the terms of the licence as set out in Schedule 1 (Licence Terms and Conditions).
	 	 
	2.2	As the owner of the Trade Marks, UB irrevocably consents to the grant of the licence pursuant to Clause 2.1 on the terms and conditions set out in this Agreement.
	 	 
	3.	Term
	 	 
	3.1	Notwithstanding the date of this Agreement, this Agreement and the licence granted pursuant to clause 2.1 shall come into force with effect from the time:

 

	 	(i)	the notice issued pursuant to Clause 11.2(e) of the Loan Agreement is deemed to have been received in accordance with the notice provisions in Clause 15 of the Loan Agreement; or
	 	 	 
	 	(ii)	the
    notice issued pursuant to Clause 19.2 of the Contract Brewing and Distribution Agreement is deemed to have been received in
    accordance with the notice provisions in Clause 26 of the Contract Brewing and Distribution Agreement, (the
    “Effective Date”), and shall continue until the Term Date, unless terminated earlier in accordance with
    Clause 7 (the “Term”). For the avoidance of doubt, Heineken UK’s exercise of its right to the
    licence pursuant to Clause 11.2(e) of the Loan Agreement or Clause 19.2 of the Contract Brewing and Distribution Agreement
    shall lead to the immediate and automatic coming into force of the licence on the terms set out in this Agreement and no
    further action shall be required by the parties in order to give effect to the licence.

 

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	3.2	KBE and UBI acknowledge and agree that in the event of the coming into force of Heineken UK’s licence pursuant to clause 3.1 above, the terms of the Distribution Agreement shall be automatically varied such that KBE’s licence to the Trade Marks in the Territory are suspended with immediate effect from the Effective Date until the expiry of the Term.
	 	 
	4.	Debt Write Off
	 	 
	4.1	In
    consideration of acquiring the exclusive licence pursuant to Clause 2.1, Heineken UK shall reduce the total amount
    outstanding and due by KBE to Heineken UK under this Agreement and any and all Finance Documents (the
    “Debt”) as at the Effective Date, at a notional royalty rate of [ * ]% of Revenue, which shall be written
    off at quarterly intervals throughout the Term. 
	 	 
	4.2	Interest shall accrue on the Debt, from and including the Effective Date until the Debt has been repaid in full at the rate of 5% above the Bank of England base rate. The interest payable by KBE to Heineken UK pursuant to this Clause 4.2 shall be added to the Debt and written off in accordance with Clause 4.1 during the Term.
	 	 
	4.3	At the end of the first Contract Year, Heineken UK shall review the amount of the Debt and Heineken UK, UBI and KBE shall meet to discuss and consider whether the Debt can be settled at that point in a mutually acceptable way. If Heineken UK, UBI and KBE are able to reach a settlement solution, this Agreement shall terminate when Heineken UK has received the amount agreed to be payable to Heineken UK, in accordance with the settlement solution pursuant to this Clause 4.3, by BACS with cleared funds to such account in the United Kingdom as Heineken UK may nominate from time to time.

 

* CONFIDENTIAL PORTIONS
OMITTED AND FILED SEPARATELY WITH THE COMMISSION

 

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	4.4	In the event that Heineken UK, UBI and KBE cannot reach a settlement solution pursuant to Clause 4.3 above, the Debt shall continue to be written off in accordance with Clause 4.1 until the expiry of the Term.
	 	 
	5.	Marketing Support
	 	 
	5.1	Subject to Clause 5.2, Heineken UK shall accrue a notional marketing fund of £[ * ] per hectolitre of Product sold by Heineken UK in the Territory during the Term, to be spent on marketing activities to promote the Product in the Territory, including any trade support to customers. Any unused marketing fund on the expiry or termination of this Agreement shall lapse. For the avoidance of doubt, no cash equivalent shall be payable.
	 	 
	5.2	Heineken UK, UBI and KBE may agree during the Term to use the notional marketing fund which has accrued pursuant to Clause 5.1 in order to accelerate KBE’s repayment of the Debt in such amounts as Heineken UK, UBI and KBE may agree from time to time. For the avoidance of any doubt, the amount to be spent by Heineken UK on marketing activities pursuant to Clause 5.1 shall be reduced by an amount equal to that portion of the marketing fund that has been used to accelerate KBE’s repayment of the Debt.
	 	 
	6.	Trade Marks
	 	 
	6.1	UBI warrants that it has and will continue to have the full right and title to license the Trade Marks to Heineken UK during the Term.
	 	 
	6.2	Heineken UK acknowledges that UB are the owners of the Trade Marks and that Heineken UK will not obtain or assert any right to any part of them, except to the extent that the Licence permits.
	 	 
	6.3	UBI shall indemnify Heineken UK and/or its Agents in relation to any reasonable costs and expenses incurred as a result of any third party actions brought against Heineken UK and/or its Agents (as the case may be) in relation to their use of the Trade Marks and Heineken UK and/or its Agents shall give UBI reasonable assistance and control of any such action. 

 

* CONFIDENTIAL PORTIONS
OMITTED AND FILED SEPARATELY WITH THE COMMISSION

 

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	6.4	Heineken UK shall not, without the written consent of UBI sell, dispose of or describe the Product under or by reference to any name or description other than the name or description applied to the Product by UBI.
	 	 
	7.	Termination
	 	 
	7.1	Heineken UK shall be entitled to terminate this Agreement immediately in the event that:

 

	 	7.1.1	a material breach of this Agreement by UBI which, having been notified to UBI, goes unremedied for a period of 30 days or more; or
	 	 	 
	 	7.1.2	UBI’s licence pursuant to the TMLA is terminated for any reason.

 

	7.2	UBI shall be entitled to terminate this Agreement immediately in the event that:

 

	 	7.2.1	a material breach of this Agreement by Heineken UK which, having been notified to Heineken UK, goes unremedied for a period of 30 days or more; or
	 	 	 
	 	7.2.2	Heineken UK (i) voluntarily or involuntarily enters a bankruptcy, insolvency or similar proceeding; (ii) passes a resolution for winding up its business or a court of competent jurisdiction makes an order to that effect (other than for the purpose of amalgamation or restructuring) or (iii) a receiver is appointed in respect of substantially all of its assets.

 

	8.	Consequences of Termination
	 	 
	8.1	On expiry or termination of this Agreement for any reason and subject to any express provisions set out elsewhere in this Agreement:

 

	 	8.1.1	subject
    to clause 8.2 below, the Debt (which for the avoidance of doubt, shall include any interest payable on the Debt) shall
    immediately become due and payable by KBE to Heineken UK;
	 	 	 
	 	8.1.2	all rights and licences granted under this Agreement shall cease;
	 	 	 
	 	8.1.3	subject to Clause 8.1.4 below, Heineken UK shall cease all use of the Trade Marks;
	 	 	 
	 	8.1.4	Heineken UK shall, for a period of 180 days after the date of termination, have the right to dispose of all stocks of Product in its or its Agents’ possession and all Product in the course of manufacture at the date of termination.

 

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	8.2	Where KBE is unable to make payment of the Debt on termination of this Agreement for any reason, UBI shall be liable to make payment of the Debt to Heineken UK immediately on termination.
	 	 
	8.3	The
    expiry or termination of this Agreement, for any reason, shall not affect any provision of this Agreement that is expressed
    to survive or operate in the event of expiry or termination and shall be without prejudice to the provisions of this Clause
    8.3 and to any rights of a party which may have accrued by, at or up to the date of such expiry or termination.
	 	 
	9.	Limitation of Liability
	 	 
	9.1	Neither party excludes or restricts their liability for death, personal injury or fraudulent misrepresentation.
	 	 
	9.2	Subject always to Clause 9.1, the aggregate liability of Heineken UK for any single breach or series of similar breaches of this Agreement shall be limited to £[ * ] in any Contract Year.
	 	 
	9.3	Subject always to Clause 9.1, neither party shall be liable to the other party in contract, delict, tort (including negligence) or otherwise arising out of or in connection with this Agreement including by way of indemnity for any special, indirect or consequential losses or damage (including loss of profits and loss of business), provided that where such losses were within the contemplation of the parties at the date of this Agreement this Clause 9.3 shall not apply.
	 	 
	10.	Force Majeure
	 	 
	10.1	Any delay in or failure by a party hereto in performance hereunder shall be excused if and to the extent that such delay or failure is caused by occurrences beyond such party’s control including but not limited to, acts of God, decrees or restraints of government, strikes, labour disputes, war, fire, riot, sabotage, terrorism and any other cause or causes whether similar or dissimilar to those already specified which cannot be controlled by such party. Such performance shall be so excused for the period during which such inability of the party to perform is so caused but for no longer period and shall be remedied as far as possible with all reasonable despatch. Any time period for performance shall be extended by a period equal to duration to any period during which such performance is excused by this Clause.

 

* CONFIDENTIAL PORTIONS
OMITTED AND FILED SEPARATELY WITH THE COMMISSION

 

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	11.	Confidentiality
	 	 
	11.1	Each of the parties agrees to keep the terms of this Agreement and of any information exchanged between the parties in the course of this Agreement (in whatever form and including materials, notes, or papers in whatever form derived from such information) (“Confidential Information”) strictly confidential and shall not divulge any Confidential Information to any other person, except to its employees, licensees and/or Agents engaged in the production, marketing (including advertising) and distribution of the Product to whom it shall be essential to disclose the same.
	 	 
	11.2	Nothing in Clause 11.1 shall restrict the disclosure of any Confidential Information:

 

	 	11.2.1	which has entered into the public domain (other than by breach of a party to this Agreement);
	 	 	 
	 	11.2.2	which comes into the possession of a party independently provided that such information has come into the possession of that party in circumstances of good faith; or
	 	 	 
	 	11.2.3	which is required to be disclosed by law, regulation, any competent court, governmental or regulatory authority pursuant to the rules of any stock exchange. 

 

	12.	Assignment & Sub-Contracting
	 	 
	12.1	Save as set out in Clause 12.2, none of the rights, duties, or obligations under this Agreement may be assigned, delegated, transferred or sub-contracted by either party without the other party’s prior written consent, such consent not to be unreasonably withheld. 
	 	 
	12.2	UBI, UB and KBE acknowledge and accept that Heineken UK may sub-contract distribution of the Product to its nominated distributor from time to time and that Heineken UK may appoint an Agent to manufacture and package the Product under Heineken UK’s supervision.
	 	 
	13.	Waiver
	 	 
	13.1	Subject to Clause13.2, failure, delay or neglect by a party to enforce at any time any provision of this Agreement shall not be construed nor shall be deemed to be a waiver of that party’s rights hereunder nor in any way affect the validity of the whole or any part of this Agreement nor prejudice the party’s rights to take subsequent action.

 

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	13.2	Each of the parties shall be entitled by notice in writing to the other parties to waive its rights under this Agreement.
	 	 
	14.	Severability
	 	 
	14.1	If any provision of this Agreement is declared to be void or unenforceable by any judicial or administrative authority in any jurisdiction in which this Agreement is effective, such provision will be deemed to be severable and the parties shall each use their reasonable endeavours in good faith to modify this Agreement so that the intent of this Agreement can be legally carried out.
	 	 
	15.	Notices
	 	 
	15.1	Any notice, consent, confirmation or other information required or authorised by this Agreement to be given by a party to another party to this agreement may be given by hand or sent by first class recorded delivery post to such other party at the address specified in this Agreement or such other address as may from time to time be notified in writing to the party giving such notice or other communication by the party to whom such notice or other communication is given.
	 	 
	15.2	Notices shall be deemed given, in the case of notice given by hand, when given, and in the case of notice given by recorded delivery post, two business days after the date of posting.
	 	 
	16.	Contracts (Rights of Third parties)
	 	 
	16.1	A person who is not party to this Agreement shall have no rights under the Contracts (Rights of Third parties) Act 1999 to enforce any terms of this Agreement. This Clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.

 

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	17.	Disclaimer of Agency and Partnership
	 	 
	17.1	This
    Agreement shall not, unless expressly agreed otherwise, constitute a party as an agent of another party. The parties hereto
    are independent contractors and shall have no power, nor will each of the parties represent that it has any power, to bind
    the other party (or parties) or to assume or to create any obligation or responsibility, express or implied, on behalf of the
    other party (or parties) or in the other party’s (or parties’) name.
	 	 
	17.2	Nothing in this Agreement shall be construed as creating any relationship of partnership between the parties hereto.
	 	 
	18.	Variation
	 	 
	18.1	This Agreement shall not be amended and no variation to its terms shall be effective unless such amendment or variation is in writing and is signed by or on behalf of each of the parties.
	 	 
	19.	Entire Agreement
	 	 
	19.1	This Agreement and the Schedules annexed hereto constitute the entire understanding between the parties with respect to the subject matter hereof and supersedes any previous understandings, arrangements, representations, negotiations or agreements previously entered into between the parties. Provided that nothing in this Clause 19 shall have effect to exclude the liability of either party for fraud or fraudulent misrepresentation.
	 	 
	20.	Counterparts
	 	 
	20.1	This Agreement may be executed in any number of counterparts, each of which so executed shall be an original, but together shall constitute one and the same instrument.
	 	 
	21.	Governing Law
	 	 
	21.1	This Agreement shall be governed by and construed in accordance with the law of England & Wales and the parties hereby submit to the exclusive jurisdiction of the courts in England & Wales.

 

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Schedule 1

 

Licence Terms
and Conditions

 

	1.	APPOINTMENT, TECHNICAL DIRECTIONS, ADVICE AND SUPERVISION
	 	 
	1.1	Throughout the continuance of this Agreement, UBI (or its appointed agent) shall, in order to enable Heineken UK (or its appointed Agent) to produce and to package the Product materially in accordance with the Specifications, supply the Recipe and the Specifications to Heineken UK.
	 	 
	2.	PRODUCTION

 

Throughout the continuance
of this Agreement Heineken UK shall, or shall procure that its Agent, in respect of the Product shall:

 

	2.1	install and maintain at its breweries such equipment (including laboratory equipment) and installations for the production and packaging of the Product in accordance with the Specifications;
	 	 
	2.2	manufacture the liquid for the Product to the Recipes, materially in accordance with the Specifications;
	 	 
	2.3	produce, package and store the Product at the breweries materially in conformity with:

 

	 	2.3.1	the Specifications; and
	 	 	 
	 	2.3.2	all applicable laws, bye-laws and regulations in the Territory and it will be Heineken UK’s responsibility to notify UBI of any incompatibility between Clauses 2.3.1 and 2.3.2;

 

	2.4	at all reasonable times, and subject to agreeing a date and time in advance with Heineken UK, permit UBI to inspect all ingredients and such parts of the breweries, manufacturing facilities and stores in which the Product is produced, packaged or stored;
	 	 
	2.5	provide to UBI at its request, or permit UBI to take samples of raw and other materials and of the Product (irrespective of the stage of its production) at UBI’s expense;
	 	 
	2.6	provide to UBI, at UBI’s expense, and subject to receiving reasonable notice from UBI:

 

	 	2.6.1	samples of the Product in advance of their use in such quantities and at such times as UBI may from time to time specify;
	 	 	 
	 	2.6.2	technical reports in such form and at such times as may from time to time be indicated by UBI;

 

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	 	2.6.3	progress-reports of new works and information about the condition of plant, equipment, installations used for the production and packaging of the Product when requested to do so by UBI;
	 	 	 
	 	2.6.4	particulars of difficulties encountered in the production and packaging of the Product and in plant, equipment, installations or their components used therefore when requested to do so by UBI;

 

	 	All such requests under this clause 2.6 shall not be made unreasonably.
	 	 
	2.7	in all its activities so act as to avoid bringing UBI or the name of the Product into disrepute in any part of the Territory.
	 	 
	3.	MARKETING

 

Heineken UK shall
throughout the continuance of this Agreement:

 

	3.1	market the Product and ensure that all marketing is carried out in accordance with Clause 4 hereof;
	 	 
	3.2	not sell and distribute any off standard Product (as hereinafter defined);
	 	 
	3.3	use for the presentation of the Product only:

 

	 	i)	such sizes, designs and colours of bottles and cans,
	 	 	 
	 	ii)	such bottle closures and outer containers,
	 	 	 
	 	iii)	such labels, get-up and markings on bottles and outer containers, and
	 	 	 
	 	iv)	such advertising materials and literature,

 

	 	as shall conform to laws and regulations applicable to the relevant part of the Territory in which that particular Product is to be sold (including but not limited to Excise Regulations);
	 	 
	3.4	use the Trade Marks only in relation to the Product, sell the Product only under the Trade Marks and keep UBI informed of all manners in which the Trade Marks are proposed to be used and are used by Heineken UK;
	 	 
	3.5	neither while this Agreement is in force nor at any time after its termination register, attempt to register or secure any rights therein or assert any proprietary rights or use anywhere any Trade Marks which in any way includes, resembles or is associated with the Trade Marks or any part thereof;

 

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	3.6	not without UBI’s prior consent in writing, sell or export the Product in or to any part, region or country outside the Territory nor knowingly sell or supply it to any customer who requires it for any such export or sale, such consent not to be unreasonably withheld.
	 	 
	4.	MARKETING AND ADVERTISING
	 	 
	4.1	UBI shall during the continuance of this Agreement render to Heineken UK all marketing assistance as UBI consider necessary or as Heineken UK may request to enable Heineken UK to carry out the provisions hereof.
	 	 
	4.2	If Heineken UK requires additional marketing services specific to the Territory, such as market surveys, assistance in local promotions or management of local sponsorships (hereinafter referred to as “Additional Marketing Services”), UBI and Heineken UK shall agree on the terms and conditions of such Additional Marketing Services in accordance with Clause 4.3 hereof.
	 	 
	4.3	Subject to Clause 4.4, Heineken UK undertakes that all marketing of the Product (including but not limited to media-advertisements, publicity and sales promotion) shall be carried out at Heineken UK’s sole discretion (a) for Heineken UK’s account but subject to UBI’s approval in order to ensure that it will be in line with UBI’s worldwide advertising policy; and (b) shall always be in strict compliance with the laws of the Territory.
	 	 
	4.4	Heineken UK shall be under no obligation to spend any amount in excess of what Heineken UK has agreed to provide pursuant to Clause 5.1 of this Agreement on marketing activities during the Term.
	 	 
	4.5	Copyright in any advertising materials and literature including in the artistic work appearing in the Trade Marks acquired by or coming into the possession of Heineken UK or any of its advertising or other agents or employees designed or written for the purpose of the promotion of sales of the Product (“Advertising Materials and Literature”) shall in all circumstances be UB’s property without payment and Heineken UK shall accordingly reserve such ownership in any authority or order which it may give or which may be given by its direction for the preparation of Advertising Materials and Literature. UB may require Heineken UK to execute such documents as may be required to affirm the ownership of UB in the Trade Marks as well as the Advertising Materials and Literature.

 

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	4.6	In the event of any infringement or suspected infringement of UB’s copyright in Advertising Materials and Literature or any act or thing which might be detrimental thereto coming to Heineken UK’s notice, Heineken UK shall promptly notify UBI or KBE thereof and take such steps or join with UB if required in taking such steps against the alleged infringer as UB may require.
	 	 
	4.7	Clause 4.5 shall survive the termination of this Agreement.
	 	 
	5.	PRODUCT CONTROL

 

If UBI, being of the
opinion that any beer produced or marketed by Heineken UK as the Product is in any aspect different from its specifications or
standard (“off standard Product”), has given a notice in writing to Heineken UK to that effect, Heineken UK shall:

 

	5.1	keep and procure to be retained in its or its Agent’s depot all such off standard Product;
	 	 
	5.2	use its reasonable endeavours to recover any such off standard Product already delivered;
	 	 
	5.3	dispose of such off standard Product; and
	 	 
	5.4	cease the delivery of the Product until the required appearance nature and quality thereof has been re-attained.
	 	 
	6.	LICENCES, CLAIMS
	 	 
	6.1	Heineken UK warrants to UBI that it has all appropriate licences, permits and authority to enable it to produce, bottle, package, store, distribute, market and sell the Product in the Territory and that it will maintain such licences, permits and authorities in full force and effect throughout the continuation of this Agreement.

 

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Schedule 2

 

Trade Marks

 

 

 

 

 

 

 

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IN WITNESS WHEREOF the parties hereto
have caused this Agreement to be executed by their duly authorised representatives and delivered on the date first above written.

 

	SIGNED
    for HEINEKEN UK LIMITED by:	 	Before
    THIS WITNESS:
	 	 	 
	Signature	/s/
Joss van der Burg	 	Signature	/s/
Mark Hannam
	 	 	 	 	 
	Name:	Joss van der Burg	 	Name:	Mark
Hannam 
	 	 	 	 	 
	Title:
    	Finance
Director 	 	Address:	30 Kingston Road, Oxford, OX2 6RQ
	 	 	 	 	 
	Date:
    	04/16/2013	 	Date:	04/16/2013

 

	SIGNED
    for UNITED BREWERIES INTERNATIONAL(UK) LIMITED by	 	Before
    THIS WITNESS:
	 	 	 
	Signature	/s/
    Jerome G. Merchant	 	Signature	/s/
    Alain Littee
	 	 	 	 	 
	Name:	Jerome G. Merchant 	 	Name	Alain
Littee
	 	 	 	 	 
	Title:	Director	 	Address:	107
    Egloff Drive 
	 	 	 	 	 
	Date:	04/15/2013	 	Date:	04/15/2013

 

    	18

    	 

    

 

	SIGNED for KINGFISHER BEER EUROPE LIMITED by:	 	Before
    THIS WITNESS:
	 	 	 
	Signature	/s/
    Damon Swarbrick	 	Signature	/s/
    Mark Davis
	 	 	 	 	 
	Name:	Damon Swarbrick 	 	Name:	Mark Davis 
	 	 	 	 	 
	Title:
    	Director 	 	Address:	Springfield House, Sandling Road, Maidstone, Kent
	 	 	 	 	 
	Date:
    	04/17/2013	 	Date:	04/17/2013

 

	SIGNED for UNITED BREWERIES LIMITED by:	 	Before
    THIS WITNESS:
	 	 	 
	Signature	/s/
    Shekhar Ramamurthy	 	Signature	/s/
    Govind Iyengar
	 	 	 	 	 
	Name:	Shekhar Ramamurthy 	 	Name:	Govind Iyengar
	 	 	 	 	 
	Title:
    	Joint President 	 	Address:	UB City, UB Tower, Level 4
	 	 	 	 	#24, Vital Mallaya Road
	 	 	 	 	Bangalore, 560001
	 	 	 	 	India
	 	 	 	 	 
	Date:
    	04/17/2013	 	Date:	04/17/2013

  

    	19CONFIDENTIAL PORTIONS HAVE BEEN OMITTED
BASED UPON A REQUEST

 

FOR CONFIDENTIAL TREATMENT PURSUANT
TO RULE 24b-2 OF THE

 

SECURITIES EXCHANGE ACT OF 1934 AND
HAVE BEEN SEPARATELY FILED

 

WITH THE SECURITIES AND EXCHANGE COMMISSION.

   

	 	
        LOAN AGREEMENT

        between

        Heineken UK Limited

        and

        Kingfisher Beer Europe Limited

 

    	 

    	 

    

 

Contents

 

	Clause	 	 
	1.	Definitions and Interpretation	 	1
	2.	The Commitment	 	5
	3.	Drawdown	 	6
	4.	Conditions precedent	 	6
	5.	Interest	 	6
	6.	Default interest	 	6
	7.	Repayment, prepayment and cancellation	 	7
	8.	Payments	 	7
	9.	Representations and warranties	 	8
	10.	Undertakings	 	11
	11.	Events of default	 	14
	12.	Indemnities	 	16
	13.	VAT	 	17
	14.	Set Off	 	17
	15.	Notices	 	17
	16.	Assignment	 	19
	17.	Severance	 	19
	18.	Waiver	 	19
	19.	Third Party Rights	 	19
	20.	Counterparts	 	20
	21.	Governing law and jurisdiction	 	20
	 	 	 	 
	Schedule	 	 
	 	 	 	 
	Schedule 1 - Conditions Precedent	 	21
	1.	Constitutional documents, resolutions and certificates	 	21
	2.	Finance Documents	 	22
	3.	Financial	 	22
	4.	Other documents and evidence	 	22
	 	 	 	 
	Schedule 2 – Facility Repayment	 	23
	 	 	 	 
	Schedule 3 – Draft Letter of Direction 	 	24

 

    	 

    	 

    

 

This
Loan Agreement is dated April 18, 2013 between:-

 

PARTIES:-

 

	A.		HEINEKEN UK LIMITED, a company incorporated in Scotland (Registered Number
SC065527) having its registered office at 2-4 Broadway Park, South Gyle Broadway, Edinburgh, EH12 9JZ (the “Lender”);
and

 

	B.		KINGFISHER BEER EUROPE LIMITED, a company incorporated in England and Wales
(Registered Number 02367133) having its registered office at Springfield House, Sandling Road, Maidstone, Kent, ME14 2LP (the
“Borrower”).

 

			(each a “party” and together the “parties”)

 

BACKGROUND

 

The Lender has agreed to provide the
Borrower with a secured term loan facility of £1,000,000.

 

IT IS AGREED:-

 

	1.		Definitions
                                                                                                                            and
                                                                                                                            Interpretation

 

	1.1		Unless the context otherwise requires, in this Agreement the following words and expressions
shall have the meaning set out opposite them:

 

Affiliate:
in relation to any person, a subsidiary of that person or a holding company of that person or any other subsidiary of that
holding company.

 

Agreement:
means this loan agreement together with its Schedules.

 

Borrower’s
Parent Company: means United Breweries International (UK) Limited, a company registered in England with company number
1688201 and having its registered office at 75 Westow Hill, Crystal Palace, London, SE19 1TX.

 

Business
Day: a day (other than a Saturday or a Sunday) on which the Lender is open for business.

 

Change
of Control: a situation where:

 

	(a)		any person, or group of connected persons not having control (as defined in sections
450 and 451 of the Corporation Tax Act 2010) of the Borrower on the Effective Date acquires control of the Borrower; or

 

	(b)		any shareholder of the Borrower who owns more than 50% of the issued ordinary share
capital of the Borrower on the Effective Date transfers (whether by a single transfer or a series of transfers at different times)
shares constituting, in aggregate, 50% or more in nominal value of the Borrower’s issued ordinary share capital without the Lender’s
prior written consent.

 

    	1

    	 

    

 

Contract
Brewing and Distribution Agreement: means the contract brewing and distribution agreement entered into between the parties
on or around the Effective Date.

 

Drawdown
Date: means 9 October 2013.

 

Effective
Date: means the date of this Agreement.

 

Event
of Default: any event or circumstance listed in clause 11.

 

Facility:
means the sterling term loan facility of £1,000,000 to be made available to the Borrower pursuant to this Agreement.

 

Final
Repayment Date: means 9 October 2016.

 

Finance
Documents: means

 

	(a)		this Agreement;

 

	(b)		the Contract Brewing and Distribution Agreement;

 

	(c)		all agreements and other documents entered into from time to time pursuant to any
of the foregoing; and

 

	(d)		any other documents designated by the Lender and the Borrower as a Finance Document.

 

Financial
Indebtedness: means all payment or repayment obligations, whether present or future, actual
or contingent incurred by the Borrower at that time in respect of all or any of the following (but without double counting):

 

	(a)		money borrowed or raised from any source;

 

	(b)		any bonds, notes, loan stock, debenture or similar
instruments;

 

	(c)		any acceptance credit, note purchase facility, invoice
discounting facility, bills of exchange or documentary credits;

 

	(d)		gross obligations under or in respect of finance
leases;

 

	(e)		the supply of any goods or services which is more
than 60 days past the expiry of the period customarily allowed by the relevant supplier after the due date;

 

	(f)		guarantees, indemnities or other assurances against
financial loss whether in connection with the performance of contracts or otherwise; and

 

	(g)		amounts raised or obligations incurred in respect
of any other transaction which have the commercial effect of Financial Indebtedness (including, without limitation, forward sale
or purchase agreements, leases, hire purchase and conditional sale agreements),

 

but
excluding the invoice discounting facility created pursuant to the invoice discounting agreement between the Borrower and
The Royal Bank of Scotland Commercial Services Limited (company number 03220331) dated 26th April 2005.

 

Financial
Year: means 1st January to 31st December in the same year.

 

    	2

    	 

    

 

First
Interest Payment Date: means 9th January 2014.

 

Interest
Payment Date: means

 

	(a)		the First Interest Payment Date and each date falling
every 3 months thereafter; and

 

	(c)		the Final Repayment Date.

 

Heineken
Sub-licence Agreement: means the sub-licence agreement entered into between the Lender,
the Borrower, the Borrower’s Parent Company and UB on or around the Effective Date.

 

Material
Adverse Effect: means any event or circumstance which, in the opinion of the Lender:

 

	(a)		is likely to materially and adversely affect the Borrower’s ability to perform or
otherwise comply with all or any of its obligations under this Agreement; or

 

	(b)		is likely to materially and adversely affect the business, operations, property, condition
(financial or otherwise) or prospects of the Borrower; or

 

	(c)		is likely to result in this Agreement or the Security not being legal, valid and binding
on, and enforceable in accordance with its terms against, the Borrower and, in the case of the Security, not providing to the
Lender the security interest under the Security.

 

Permitted
Debt: means the amount of £[ * ] owed by the Borrower to Shepherd Neame Limited (company
number 00138256) as at the Effective Date.

 

Permitted
Security: means any Security Interest arising under:

 

	(a)		the Fixed and Floating Charge dated 16th May 2005 and created by the Borrower
for the purpose of securing all monies due or to become due from the Borrower to The Royal Bank of Scotland Commercial Services
Limited (company number 03220331);

 

	(b)		the Heineken Sub-licence Agreement;

 

	(c)		any liens arising by operation of law and in the ordinary course of the Borrower’s
business and not as a result of any default or omission by the Borrower;

 

	(d)		any normal title retention arrangements included in a supplier’s standard conditions
of supply of goods acquired by the Borrower in the ordinary course of trade;

 

	(e)		any netting or set-off arrangement entered into by the Borrower in the ordinary course
of its banking arrangements for the purpose of netting debit and credit balances; and

 

* CONFIDENTIAL PORTIONS
OMITTED AND FILED SEPARATELY WITH THE COMMISSION

 

    	3

    	 

    

 

	(f)		any Security Interest created or outstanding with the Lender’s prior written consent.

 

Potential
Event of Default: means the occurrence of any event which, with the giving of notice and/or the lapse of time
and/or the making of any determination, or the fulfillment of any condition under clause 11 would, in the reasonable opinion of
the Lender, be expected to constitute an Event of Default.

 

Security:
means the Heineken Sub-licence Agreement, pursuant to which the Borrower’s Parent Company agrees to grant the
Lender an exclusive licence to produce, market, sell and distribute the Kingfisher brand in the United Kingdom in the event that
an Event of Default or a Potential Event of Default occurs.

 

Security
Interest: any mortgage, charge (whether fixed or floating, legal or equitable), pledge, lien, assignment by
way of security or other security interest securing any obligation of any person or any other agreement or arrangement having
or purporting to have the effect of granting or constituting priority over unsecured creditors’ rights.

 

Tax:
any tax, levy, impost, duty or other charge, fee, deduction or withholding of a similar nature (including any penalty or interest
payable in connection with the failure to pay, or delay in paying, any of these).

 

TMLA:
means the trade mark licence agreement between the Borrower’s Parent Company and UB dated 9th October
1998, as the same was amended pursuant to a supplemental agreement dated 22nd October 2001 and a deed of variation entered into
on or around the Effective Date.

 

UB:
means United Breweries Limited, a company incorporated in India and having its registered office at Level 3-5, UB Tower,
UB City 24, Vittal Mallya Road, Bangalore, 560001, India.

 

Unpaid
Sum: means any sum due and payable but unpaid by the Borrower under this Agreement.

 

VAT:
value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature.

 

	1.2		A reference to a statute, statutory provision or subordinate legislation is a reference
to it as it is in force for the time being, taking account of any amendment, re-enactment or extension and includes any former
statute, statutory provision or subordinate legislation which it amends or re-enacts.

 

	1.3		Unless the context otherwise requires, a reference to one gender shall include a reference
to the other genders.

 

	1.4		Unless the context otherwise requires, words in the singular include the plural and
in the plural the singular.

 

	1.5		A reference to a clause or Schedule is to a clause of, or Schedule to, this Agreement
unless the context requires otherwise.

 

    	4

    	 

    

 

	1.6		A reference to a holding company or subsidiary means a holding company
or subsidiary as defined in section 1159 of the Companies Act 2006.

 

	1.7		A reference to this Agreement (or any provision of it) or any other document
shall be construed as a reference to this Agreement, that provision or that document as it is in force for the time being and
as amended, varied or supplemented in accordance with its terms or with the agreement of the relevant parties.

 

	1.8		A reference to a person shall include a reference to an individual, firm, company,
corporation, unincorporated body of persons, or any state or any agency of any person.

 

	1.9		A reference to a document in the agreed form is to that document in the form
agreed by the parties and initialled by or on behalf of them for identification (including any alteration which may be so agreed).

 

	1.10		A reference to a certified copy of a document means a copy certified to be
a true, complete and up-to-date copy of the original document, in writing and signed by a director or the secretary of the party
delivering the document.

 

	1.11		A reference to an amendment includes a novation, re-enactment, supplement or
variation (and amended shall be construed accordingly).

 

	1.12		A reference to assets includes present and future properties, undertakings,
revenues, rights and benefits of every description.

 

	1.13		A reference to an authorisation includes an approval, authorisation, consent,
exemption, filing, licence, notarisation, registration or resolution.

 

	1.14		A reference to a regulation includes any regulation, rule, official directive,
request or guideline (whether or not having the force of law) of any governmental, inter-governmental or supranational body, agency,
department or regulatory, self-regulatory or other authority or organisation.

 

	1.15		A reference to the Lender shall include the Lender’s respective successors,
permitted transferees and permitted assigns.

 

	1.16		Clause, Schedule and paragraph headings shall not affect the interpretation of this
agreement.

 

	2.		The
                                                                                                                                                                                    Commitment

 

	2.1		Amount

 

	(a)		Subject to the terms of this Agreement, the Lender shall make available to the Borrower
the Facility on the terms and subject to the conditions of this Agreement.

 

	2.2		Purpose

 

	(a)		The Borrower shall, subject to the terms of this Agreement, use or procure the use
of the Facility for the purpose of:

 

	(i)		refinancing its Permitted Debt; and

 

	(ii)		providing additional working capital in the Borrower’s business.

 

    	5

    	 

    

 

	(b)		The Lender shall not be bound to monitor or verify the application of any amount borrowed
pursuant to this Agreement.

 

	3.		Drawdown

 

	3.1		Subject to clause 4, the Lender shall make the Facility available to the Borrower
in full on the Drawdown Date.

 

	4.		Conditions
                                                                                                                                                                                    precedent

 

	4.1		The Facility will only be made available, and the obligations of the Lender under
this Agreement will only arise, once the Lender has received all the documents and evidence specified in Schedule 1 in the form,
and containing the information, that it requires.

 

	4.2		The Lender’s obligation to make the Facility available pursuant to clause 3, is subject
to the further conditions precedent that, on the Effective Date and the Drawdown Date:

 

	(a)		the representation and warranties in clause 9 are true and correct and will be true
and correct immediately after the Lender has made the Facility available; and

 

	(b)		no Event of Default or Potential Event of Default is continuing or would result from
the Facility being made available to the Borrower.

 

	4.3		The conditions specified in this clause 4 are inserted solely for the Lender’s benefit.
The Lender may waive them, in whole or in part and with or without conditions, without prejudicing the Lender’s right to require
subsequent fulfillment of such conditions.

 

	5.		Interest

 

	5.1		Interest shall accrue on the Facility, from and including the Drawdown Date to the
date the Facility is repaid in full.

 

	5.2		Interest shall be payable by the Borrower to the Lender quarterly in arrears (at such
account as the Lender may specify from time to time) on the outstanding balance of the Facility on each Interest Payment Date
at the rate of 5% above the Bank of England base rate.

 

	5.3		Interest shall accrue from day to day and is calculated on the basis of the actual
number of days elapsed and a year of 365 days.

 

	6.		Default
                                                                                                                                                                                    interest

 

	6.1		If the Borrower fails to pay any amount payable by it under this Agreement on its
due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment)
at a rate which is two per cent (2%) per annum higher than the applicable rate under clause 5.2. Any interest accruing under this
clause 6.1 shall be immediately payable by the Borrower on demand by the Lender.

 

    	6

    	 

    

 

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

 

	7.		Repayment,
                                                                                                                                                                                    prepayment
                                                                                                                                                                                    and
                                                                                                                                                                                    cancellation

 

	7.1		Repayment

 

Subject
to clauses 7.2 and 7.3 below, the Borrower shall repay the Facility quarterly in arrears on each Interest Payment Date in equal
installments of £83,333.33, with the first payment falling due on the First Interest Payment Date. In any event, the Borrower
shall repay the outstanding balance of the Facility in full (together with all other sums outstanding to the Lender under this
Agreement) on or before the Final Repayment Date.

 

	7.2		Voluntary Prepayment

 

The
Borrower may, by irrevocable written notice to be received by the Lender not later than 11.00 am five Business Days before an
Interest Payment Date (or such shorter period as the Lender may agree), prepay the outstanding balance of the Facility or part
thereof together with all accrued but unpaid interest and all other costs payable pursuant to clause 12.

 

	7.3		No re-borrowing of the Facility

 

No
amount of the Facility repaid or prepaid may be redrawn or drawn once repaid or prepaid (as the case may be).

 

	7.4		Application of Prepayments

 

Any
prepayment of the Facility in part pursuant to this Agreement shall reduce the repayment installments outstanding under clause
7.1. Such prepayments shall be applied to the amount due on the last of the repayment dates set out in Schedule 2.

 

	8.		Payments

 

	8.1		Facility Payments

 

Subject
to satisfaction of all the applicable conditions in clause 4, the Lender shall pay the Facility to the Borrower on the Drawdown
Date in accordance with the Borrower’s draft letter of direction as set out in Schedule 3 which shall be issued on or before
the Drawdown Date.

 

    	7

    	 

    

 

	8.2		Place and time

 

All
payments to be made by the Borrower to the Lender under this Agreement shall be made on the due date specified in this Agreement
to the account specified by the Lender.

 

	8.3		Non-Business Day

 

If
any payment should become due on a day which is not a Business Day the due date for such payment shall be the following Business
Day unless such following Business Day shall fall in the next calendar month in which case it shall be the preceding Business
Day.

 

	8.4		No Set-Off/Counterclaim

 

All
payments to be made by the Borrower under this Agreement shall be made in pounds sterling:

 

	(a)		without set-off, deduction or counterclaim; and

 

	(b)		free and clear of and without deduction for or on account of all taxes unless the
Borrower is compelled by law to make payment subject to such taxes.

 

	8.5		Payment of taxes/grossing-up

 

All
taxes in respect of this Agreement and any amounts paid or payable hereunder shall be paid by the Borrower when due and in any
event prior to the date on which penalties attach thereto. If any such taxes or amounts in respect thereof must by law be deducted
from any monies payable or paid by the Borrower hereunder, the Borrower shall pay such additional amounts as may be necessary
to ensure that the Lender receives after payment of such taxes an amount equal to the full amount which it would have received
had payment not been made subject to such taxes or amounts.

 

	8.6		Tax receipts

 

As
soon as practicable after each payment by the Borrower of tax or in respect of taxes, the Borrower shall deliver to the Lender
evidence satisfactory to the Lender (including all relevant tax receipts) that such tax has been duly remitted to the appropriate
authority.

 

	9.		Representations
                                                                                                                            and
                                                                                                                            warranties

 

	9.1		Representations and Warranties

 

The
Borrower represents and warrants to the Lender that:

 

	(a)		Status

 

    	8

    	 

    

 

	(i)		it is a limited liability company duly incorporated and validly existing under the
laws of England and Wales;

 

	(ii)		it has full power and authority to own its assets and carry on its business, as it
is being conducted;

 

	(b)		Powers and authority

 

It
has the power to execute, deliver and perform its obligations under this Agreement, and to carry out the transactions contemplated
by this Agreement and all necessary steps have been or will be taken to authorise the execution, delivery and performance of the
same. No limit on its powers will be exceeded as a result of the borrowing or granting of the Security contemplated by this Agreement;

 

	(c)		Non-Contravention

 

The
execution, delivery and performance by it of this Agreement will not contravene or conflict with:

 

	(i)		its constitutional documents;

 

	(ii)		any agreement or instrument binding on it or its assets or constitute a default or
termination event (however described) under any such agreement or instrument; or

 

	(iii)		any law or regulation or judicial or official order, applicable to it;

 

	(e)		No default

 

	(i)		no Potential Event of Default has occurred or is continuing; and

 

	(ii)		no Event of Default has occurred or is continuing;

 

	(iii)		no other event or circumstance is outstanding which constitutes a default or termination
event (howsoever described) under any other agreement or instrument which is binding on it or to which any of its assets is subject
which has or is likely to have a Material Adverse Effect;

 

	(g)		Litigation

 

No
action, litigation, arbitration or administrative proceeding has been commenced, or is pending or threatened against the Borrower,
nor is there subsisting any unsatisfied judgement or award given against the Borrower by any court, arbitrator or other body which
has or is reasonably likely to have a Material Adverse Effect.

 

    	9

    	 

    

 

	(h)		Financial Statements

 

Each
set of financial statements delivered by it to the Lender were prepared in accordance with consistently applied accounting principles,
standards and practices generally accepted in its jurisdiction of incorporation and presents a true and fair view of the Borrower’s
financial condition and operations during the relevant accounting period and were approved by the Borrower’s directors in compliance
with section 393 of the Companies Act 2006;

 

	(i)		No material adverse change

 

There
has been no material adverse change in the business, assets or financial condition, trading position or prospects of the Borrower
since the date of the publication of its most recent audited financial statements;

 

	(j)		Security Interests and Financial Indebtedness

 

	(i)		no Security Interest other than a Permitted Security Interest exists over all or any
part of the assets of the Borrower; and

 

	(ii)		it does not have any Financial Indebtedness outstanding other than under the Permitted
Debt and as permitted by this Agreement;

 

	(k)		Taxes

 

	(i)		it has complied with all taxation laws in all jurisdictions in which it is subject
to taxation and has paid all taxes due and payable by it on or before penalties are incurred and no claims are being asserted
against it in respect of taxes; and

 

	(ii)		it is not required to make any deduction for or on account of Tax from any payment
it may make under this Agreement;

 

	(l)		Information

 

All
information, in written or electronic format, supplied by, or on behalf of the Borrower to the Lender in connection with the Facility
was, at the time it was supplied or at the date it was stated to be given (as the case may be);

 

	(i)		if it was factual information, complete, true and accurate in all material respects;

 

	(ii)		if it was a financial projection or forecast, prepared on the basis of recent historical
information and on the basis of reasonable assumptions and was arrived at after careful consideration;

 

	(iii)		if it was an opinion or intention, made after careful consideration and was fair and
made on reasonable grounds; and

 

	(iv)		not misleading in any material respect, nor rendered misleading by a failure to disclose
other information, except to the extent that it was amended, superseded or updated by more recent information supplied by, or
on behalf of, the Borrower to the Lender;

 

    	10

    	 

    

 

	(m)		Pari Passu

 

Its
payment obligations under this Agreement rank at least pari passu in right and priority of payments with all existing and future
unsecured and unsubordinated obligations (including contingent obligations), except for those mandatorily preferred by law applying
to companies generally.

 

	9.2		Repetition

 

Each
of the representations and warranties given pursuant to clause 9.1 shall be deemed to be repeated by reference to the facts and
circumstances then existing on the Effective Date, the Drawdown Date and on each Interest Payment Date.

 

	10.		Undertakings

 

	10.1		Information Undertakings

 

The
Borrower undertakes that from the date of this Agreement unless the Lender otherwise agrees:

 

	(a)		Audited Accounts

 

As
soon as the same become available, but in any event within 90 days after the end of each Financial Year, deliver to the Lender
a copy of the Accounts of the Borrower for the relevant Financial Year.

 

	(b)		Management Accounts.

 

As
soon as the same become available, but in any event within 10 days after the end of the period to which they relate, deliver monthly
management accounts of the Borrower for such period;

 

	(c)		Notices

 

It
shall deliver copies of all notices or other documents sent by the Borrower to its shareholders and/or creditors;

 

	(d)		Default, litigation, etc

 

Promptly,
upon becoming aware of the same, notify the Lender of:

 

	(i)		any Event of Default or Potential Event of Default;

 

    	11

    	 

    

 

	(ii)		any litigation, arbitration or administrative proceeding commenced or threatened against
the Borrower which, if adversely determined could reasonably be expected to have a Material Adverse Effect; or

 

	(iii)		any Security Interest (other than a Permitted Security Interest) attaching to any
assets of the Borrower.

 

	10.2		Positive undertakings

 

The
Borrower undertakes from the Effective Date that it shall:

 

	(a)		Ranking of obligations

 

Ensure
that the Borrower’s payment obligations under the Finance Documents shall at all times rank rank at least pari passu with all
other present and future unsecured and unsubordinated Financial Indebtedness of the Borrower except for such Financial Indebtedness
which is mandatorily preferred by law and not by contract;

 

	(b)		Further assurance

 

Notify
the Lender promptly if it becomes aware of any lack of efficacy, validity or enforceability of any provision of any of the Finance
Documents and in any event promptly do all such things as the Lender (or any receiver or similar insolvency official in any relevant
jurisdiction) may reasonably request from time to time to perfect, remedy any defaults or lack of validity in, and protect the
payment obligations and/or security constituted or evidenced or purported to be constituted or evidenced by any of the Finance
Documents, and it shall forthwith pay to the Lender on demand all reasonable costs incurred in connection with the same, save
in the case of negligence or error on the part of the Lender or its advisors;

 

	(c)		Pay taxes

 

Save
for where the Lender is satisfied that the relevant Tax or governmental charge is being contested in good faith and the Borrower
has maintained adequate reserves to pay such Taxes and governmental charges and the costs required to contest them, pay and discharge
all Tax and governmental charges payable by or assessed upon it prior to the date on which the same become overdue or before any
penalty is incurred;

 

	(d)		Insurance

 

The
Borrower shall:

 

	(i)		effect such insurances as a prudent company in the same business would effect, each
insurance to be in an amount and in a form a prudent company in the same business would effect;

 

	(ii)		pay (or procure the payment of) all premiums promptly and do all other things necessary
to keep each insurance policy in force.

 

    	12

    	 

    

 

	(e)		Authorisations

 

The
Borrower shall promptly:

 

	(i)		obtain, maintain and comply with; and

 

	(ii)		supply a certified copy to the Lender of, any authorisation required under any law
or regulation for the validity or enforceability of or to enable it to perform its obligations under any Finance Document.

 

	10.3		Negative undertakings

 

The
Borrower undertakes from the Effective Date that it shall not:

 

	(a)		Negative Pledge

 

Create
or permit to subsist any Security Interest over any of its assets other than a Permitted Security Interest;

 

	(b)		Fees

 

Pay
any fees or commissions to any person other than:

 

	(i)		to any third party on open market terms and for the purpose of and in the ordinary
course of business; or

 

	(ii)		fees incurred under any Finance Document;

 

	(c)		Loans

 

Make
any loans to or for the benefit of any person;

 

	(d)		Credit

 

Grant
any credit to or for the benefit of any person other than in the ordinary course of business;

 

	(e)		Financial Indebtedness

 

Save
for the Permitted Debt incur or permit to subsist any Financial Indebtedness other than in the ordinary course of carrying on
its business or as expressly contemplated in any Finance Document;

 

	(f)		Arm’s Length

 

Transact
or contract with a third party, other than on an arm’s length basis.

 

    	13

    	 

    

 

	11.		Events
                                                                                                                             of
                                                                                                                             default

 

	11.1		Each of the following shall be an Event of Default:

 

	(a)		Non-payment

 

The
Borrower does not pay on the due date (which shall be the date of demand if so payable) any amount payable by it under this Agreement
at the place and in the currency and funds in which it is expressed to be payable;

 

	(b)		Certain defaults or claims

 

The
Borrower does not comply with any of its obligations under clause 10.3;

 

	(c)		Other defaults

 

The
Borrower does not comply with any of its obligations under any Finance Document;

 

	(c)		Termination of TMLA

 

The
TMLA is terminated for any reason;

 

	(d)		Breach of representation or warranty

 

Any
representation, warranty or statement made or deemed to be repeated by the Borrower under any Finance Document or in any document
delivered by or on behalf of the Borrower under or in connection with any Finance Document is in any material respect incorrect
when made or deemed to have been repeated;

 

	(e)		Attachment or distress

 

A
creditor or encumbrancer attaches or takes possession of, or a distress, execution, sequestration or other process is levied or
enforced upon or sued out against, any of the assets of the Borrower and such civil remedy is not, in the opinion of the Lender,
frivolous, vexatious and/or is not released within 30 Business Days;

 

	(f)		Enforcement of Security Interest

 

Any
Security Interest over any of the assets of the Borrower becomes enforceable;

 

	(g)		Inability to pay debts

 

    	14

    	 

    

 

The
Borrower:

 

	(i)		suspends payment of its debts or is unable or admits its inability to pay its debts
as they fall due; or

 

	(ii)		begins negotiations with any creditor with a view to the general readjustment or rescheduling
of all or any class of creditors; or

 

	(iii)		proposes or enters into any composition or other arrangement for the benefit of its
creditors generally or any class of creditors;

 

	(h)		Insolvency proceedings

 

Any
person takes any action or any legal proceedings are started or other steps taken (including, without limitation, the presentation
of a petition) for the sequestration, winding up, administration, reorganisation or dissolution of the Borrower or the appointment
of a liquidator, trustee, receiver, administrator, administrative receiver or similar officer in respect of the Borrower or any
of their assets or any analogous procedure or step is taken in any jurisdiction;

 

	(i)		Adjudication or appointment

 

Any
adjudication, order or appointment is made under or in relation to any of the proceedings referred to in clause 11.1(h);

 

	(j)		Cessation of business

 

The
Borrower suspends, ceases or threatens to suspend or cease to carry on its business or ceases to hold any licence, authorisation
or consent necessary or desirable for the conduct of its business;

 

	(k)		Ownership

 

Without
the prior written consent of the Lender, there is a Change of Control; and

 

	(l)		Material Adverse Effect

 

Any
event or series of events occurs which in the reasonable opinion of the Lender is likely to have a Material Adverse Effect.

 

    	15

    	 

    

 

	11.2		Acceleration

 

Within
thirty (30) days of the occurrence of an Event of Default, the parties shall use their reasonable endeavours to agree a plan which
would accelerate payments by the Borrower of any outstanding balance due to the Lender under the Finance Documents to a level
that is acceptable to the Lender. If the parties are unable to reach agreement on a suitable plan within 30 days of the relevant
Event of Default occurring, then on the expiry of the 30 day period the Lender may by written notice to the Borrower:

 

	(a)		terminate the Facility; and/or

 

	(b)		terminate the obligations of the Lender under this Agreement; and/or

 

	(c)		declare the Facility immediately due and repayable; and/or

 

	(d)		charge interest on the Facility at the rate specified in clause 5.2; and/or

 

	(e)		exercise its right to the exclusive licence pursuant to the Heineken Sub- licence
Agreement.

 

	12.		Indemnities

 

	12.1		Indemnity

 

The
Borrower shall indemnify the Lender on demand against any Loss (including any Loss on account of funds borrowed, contracted for
or utilised to fund any amount payable under this Agreement, any amount repaid or prepaid under this Agreement and any loss of
profits) which the Lender has sustained or incurred as a consequence of:

 

	(a)		the failure of the Borrower to make a payment on the due date of any sum due under
this Agreement;

 

	(b)		the occurrence of any Event of Default, Potential Event of Default or the operation
of clause 11.2; and/or

 

	(c)		the enforcement or preservation of the Lender’s rights under the Finance Documents.

 

	12.2		Indemnity payments

 

Where
in any Finance Document the Borrower has an obligation to indemnify or reimburse the Lender in respect of any loss or payment,
the calculation of the amount payable by way of indemnity or reimbursement shall take account of the likely tax treatment in the
hands of the Lender (as conclusively determined by the Lender) of the amount payable by way of indemnity or reimbursement and
of the Loss or payment in respect of which that amount is payable.

 

	12.3		General

 

Each
indemnity in this clause 12 shall constitute a separate and independent obligation from the other obligations contained in the
Finance Documents, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted
from time to time and shall continue in full force and effect notwithstanding any judgment, decree or order or a liquidated sum
or sums in respect of amounts due under the Finance Documents or under any such judgment or order.

 

    	16

    	 

    

 

	13.		VAT

 

All
payments made by the Borrower under this Agreement are calculated without regard to VAT. If any such payment constitutes the whole
or any part of the consideration for a taxable or deemed taxable supply (whether that supply is taxable pursuant to the exercise
of an option or otherwise) by the Lender, the amount of that payment shall be increased by an amount equal to the amount of VAT
which is chargeable in respect of the taxable supply in question.

 

No
payment or other consideration to be made or furnished to the Borrower by the Lender pursuant to or in connection with this Agreement
may be increased or added to by reference to (or as a result of any increase in the rate of) any VAT which shall be or may become
chargeable in respect of any taxable supply.

 

	14.		Set
                                                                                                                             Off

 

The
Borrower authorises that the Lender may, without notice to the Borrower, set off any obligation due from the Borrower under the
Finance Documents against any obligation owed by the Lender to the Borrower.

 

	15.		Notices

 

	15.1		Notices and deemed receipt

 

Any
notice or other communication to be given under, or in connection with the matters contemplated by, this Agreement shall be in
writing and signed by or on behalf of the party giving it and shall be served by delivering it personally or sending it by pre-paid
recorded delivery or registered post to the address and for the attention of the relevant party set out in clause 15.2 (or as
otherwise notified by that party hereunder). Any such notice shall be deemed to have been received:

 

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

 

	(b)		in the case of pre-paid recorded delivery or registered post, 48 hours from the date
of posting; and

 

	(c)		in the case of registered airmail, five days from the date of posting.

 

Provided
that if deemed receipt occurs before 9.00 am on a business day the notice shall be deemed to have been received at 9.00 am on
that day and if deemed receipt occurs after 5.00 pm on a business day, or on a day which is not a business day, the notice shall
be deemed to have been received at 9.00 am on the next business day. For the purpose of this clause, “business day”
means any day which is not a Saturday, a Sunday or a public holiday in the place at or to which the notice is left or sent.

 

    	17

    	 

    

 

	15.2		Addresses for notices

 

The
addresses of the Parties for the purposes of clause 14.1 are:

 

	Lender	 
	 	 
	Address: Heineken	UK Limited
	 	2-4 Broadway Park
	 	South Gyle Broadway
	 	Edinburgh
	 	EH12 9JZ
	 	 
	For the attention of:	The Legal Department 
	 	 
	Borrower	 
	 	 
	Address:	Kingfisher Beer Europe Limited
	 	Springfield House
	 	Sandling Road
	 	Maidstone
	 	Kent, ME14 2LP
	 	 
	For the attention of:	The Chief Executive

 

or
such other address in the United Kingdom as may be notified in writing from time to time by the relevant party to the other party.

 

	15.3		No electronic service

 

Notice
given under this Agreement shall not be validly served if sent by e-mail.

 

    	18

    	 

    

 

	16.		Assignment

 

	16.1		The Lender may assign all or any part of its rights or benefits under this Agreement
to an Affiliate of the Lender and to any third party provided that the Lender gives the Borrower at least 30 days notice of such
assignment and subject to the Borrower consenting to the proposed assignment to a third party (such consent not to be unreasonably
withheld or delayed). For the avoidance of any doubt, an assignment by the Lender to an Affiliate of the Lender shall not be subject
to the Borrower’s consent.

 

	16.2		The Lender may disclose to a prospective assignee or to any other person who may propose
entering into contractual relations with the Lender, or to any investor or potential investor in a securitisation (or similar
transaction of broadly equivalent economic effect), in relation to this Agreement such information about the Borrower or the Lender’s
rights or obligations under this Agreement, and any associated documentation (including any security), as the Lender shall consider
appropriate provided that any such assignee or other person undertakes to the Lender and the Borrower to keep such information
confidential.

 

	16.3		The Borrower may not assign any of its rights or transfer any of its rights or obligations
under this Agreement.

 

	17.		Severance

 

If
any provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect:

 

	(a)		the legality, validity or enforceability in that jurisdiction of any other provision
of this Agreement; or

 

	(b)		the legality, validity or enforceability in any other jurisdiction of that or any
other provision of this Agreement.

 

	18.		Waiver

 

Failure,
delay or neglect by either party to enforce at any time any provision of this Agreement shall not be construed nor shall be deemed
to be a waiver of that party’s rights hereunder nor in any way affect the validity of the whole or any part of this Agreement
nor prejudice the party’s rights to take subsequent action.

 

	19.		Third
                                                                                                                             Party
                                                                                                                             Rights

 

A
person who is not party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to
enjoy the benefit of any term of this Agreement.

 

    	19

    	 

    

 

	20.		Counterparts

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and this has the same effect
as if the signatures on the counterparts were on a single copy of this Agreement. Any party may enter into this Agreement by signing
any such counterpart.

 

	21.		Governing
                                                                                                                             law
                                                                                                                             and
                                                                                                                             jurisdiction

 

	21.1		This agreement and any dispute or claim arising out of, or in connection with, it
or its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance
with, the law of England and Wales.

 

	21.2		The parties to this agreement irrevocably agree that, subject as provided below, the
courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of, or in connection
with, this agreement or its subject matter or formation (including non-contractual disputes or claims). Nothing in this clause
shall limit the right of the Lender to take proceedings against the Borrower in any other court of competent jurisdiction, nor
shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdictions,
whether concurrently or not, to the extent permitted by the law of such other jurisdiction.

 

This agreement has been entered into
on the date stated at the beginning of it.

 

    	20

    	 

    

 

Schedule
1 - Conditions Precedent

 

	1.		Constitutional
                                                                                                                            documents,
                                                                                                                            resolutions
                                                                                                                            and
                                                                                                                            certificates

 

	1.1		A copy of the constitutional documents of the Borrower.

 

	1.2		A copy of the resolutions duly passed by the Borrower’s and the Borrower’s Parent
Company’s board of directors:

 

	(a)		approving the entry into, terms of and transactions contemplated by the Finance Documents;

 

	(b)		authorising specified persons to execute the Finance Documents on its behalf, to give
all notices (and take all other action in connection with the Finance Documents;

 

	(c)		confirming no limit on the powers of the Borrower or the Borrower’s Parent Company
or their directors to borrow money or create security would be exceeded by its entry into or performance of its obligations under
the Finance Documents; and

 

	(d)		confirming that entry into the relevant Finance Document is in the commercial interests
of the Borrower (stating the reasons for such conclusion).

 

	1.3		A certificate, signed by a director of the Borrower, confirming that borrowing or
granting security in respect of the Facility would not mean any borrowing, security or similar limit binding on the Borrower would
be exceeded.

 

	1.4		A certificate, signed by a director of the Borrower’s Parent Company, confirming
that borrowing or granting security in respect of the Facility would not mean any borrowing, security or similar limit binding
on the Borrower would be exceeded.

 

	1.5		A certificate, signed by a director of the Borrower, confirming that each copy of
a document relating to it that it has provided under Schedule 1 is correct, complete and in full force and effect at a date no
earlier than the Effective Date.

 

	1.6		A certificate, signed by a director of the Borrower’s Parent Company, confirming
that each copy of a document relating to it that it has provided under Schedule 1 is correct, complete and in full force and effect
at a date no earlier than the Effective Date.

 

    	21

    	 

    

 

	2.		Finance
                                                                                                                            Documents

 

	2.1		Each of the Finance Documents, duly executed by the Borrower.

 

	3.		Financial

 

	3.1		A copy of the Borrower’s latest available audited financial statements.

 

	3.2		The Borrower’s unaudited financial statements for the six (6) month trading period
ending on 30th June 2013.

 

	4.		Other
                                                                                                                            documents
                                                                                                                            and
                                                                                                                            evidence

 

	4.1		A copy of any power of attorney under which the Borrower may execute the Finance Documents.

 

	4.2		A copy of any other authorisation, document, opinion or assurance which the Lender
considers necessary in connection with the entry into, and performance of, the transactions contemplated by the Finance Documents,
or for the Finance Documents to be valid and enforceable.

 

    	22

    	 

    

 

Schedule
2 – Facility Repayment

 

	Repayment Date	Repayment Amount
	9th January 2014	£83,333.33
	9th April 2014	£83,333.33
	9th July 2014	£83,333.33
	9th October 2014	£83,333.33
	9th January 2015	£83,333.33
	9th April 2015	£83,333.33
	9th July 2015	£83,333.33
	9th October 2015	£83,333.33
	9th January 2016	£83,333.33
	9th April 2016	£83,333.33
	9th July 2016	£83,333.33
	9th October 2016	£83,333.33
	Total capital repayment:	£1,000,000

 

    	23

    	 

    

 

Schedule
3 – Draft Letter of Direction

 

[ON KBE HEADED PAPER]

 

HEINEKEN UK LIMITED

2-4 Broadway Park

South Gyle Broadway

Edinburgh

EH12 9JZ

 

[DATE]

 

Dear Sirs

 

Letter of Direction

 

Heineken UK Limited (“Heineken”)
and Kingfisher Beer Europe Limited (“Kingfisher”) entered into a loan agreement on [DATE] (the “Loan
Agreement”), under the terms of which Heineken agrees to make available to Kingfisher a loan of £1,000,000 (the
“Loan”) on the terms and conditions set out in the Loan Agreement.

 

Pursuant to clause 8.1 of the Loan Agreement,
Kingfisher requests for Heineken to make payment of the Loan in accordance with the terms set out in this letter of direction.
Specifically, Kingfisher requests for payment of the Loan to be made in two installments on the due date for payment of the Loan
as follows:

 

	1.		£[ * ] or the amount of Kingfisher’s debt to Shepherd Neame Limited (company
number 00138256) (“Shepherd Neame”) on the Drawdown Date, whichever is the lesser, shall be paid directly to
Shepherd Neame to the undernoted account details. The parties have acknowledged in the Loan Agreement that the main purpose of
the Loan is to enable Kingfisher to repay an amount of £[ * ] that it owes to Shepherd Neame, and accordingly, Kingfisher’s
direction for payment to be made by Heineken directly to Shepherd Neame is to enable Kingfisher to settle its debt to Shepherd
Neame at the earliest opportunity. For the avoidance of doubt, Kingfisher must satisfy itself that payment by Heineken to Shepherd
Neame pursuant to this letter of direction will constitute settlement of Kingfisher’s debt to Shepherd Neame.

 

	2.		The amount owing by Kingfisher to Heineken pursuant to clause 3.4 of the contract
brewing and distribution agreement entered into between the parties on [DATE], in relation to the costs of trial brews and package
design changes, shall be set off against the remainder of the Loan due under the Loan Agreement, and the balance of £[ ]
shall be paid directly to Kingfisher to the undernoted account details.

 

* CONFIDENTIAL PORTIONS OMITTED AND
FILED SEPARATELY WITH THE COMMISSION

 

    	24

    	 

    

 

The parties agree that payment of the
Loan by Heineken in accordance with this letter of direction shall crystallise the Loan and that Heineken’s obligation under
the Loan Agreement to pay the Loan pursuant to clause 8.1 of the Loan Agreement shall be satisfied. For the avoidance of any doubt,
no further amount shall be payable by Heineken under the Loan Agreement.

 

With effect from the date of payment
by Heineken of the Loan in accordance with the terms of this letter of direction, Kingfisher’s right and obligations under
the Loan Agreement shall commence in respect of the full Loan amount on the terms and conditions set out in the Loan Agreement.

 

A person who is not party to this letter
has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this letter.

 

Please confirm your agreement to the
terms set out or referred to in this letter by signing and returning the enclosed duplicate copy of this letter.

 

Yours faithfully

 

Damon Swarbrick, Chief Executive Officer

Kingfisher Beer Europe Limited

 

Undernote:

Shepherd Neame Bank Details

[          ]

 

Kingfisher Bank Details

[          ]

 

	
        Accepted and agreed for and on
behalf of Heineken UK Limited, by:-

_____________________________________ Director ________________________________

	
        Date

	 
	
        _____________________________________
        Print Name

 

    	25

    	 

    

 

EXECUTION
PAGE

 

THE BORROWER

 

	
        Signed for and on behalf of

        KINGFISHER BEER EUROPE LIMITED by:
	)

)	 	 
	 	 	 	 
	 	 	Signature  	/s/
    Damon Swarbrick
	 	 	 	 
	 	 	Name (block capitals)  	DAMON SWARBRICK
	
        Before this witness:

         

         
	 	 	Director
	Witness signature  	/s/
    Mark Davis	 
	 	 	 
	Witness name  	MARK
    DAVIS 	 
	(block capitals)  	 	 
	 	 	 
	Witness address  	Springfield
    House 	 
	 	 	 
	 	Sandling Road	 
	 	 	 
	 	Maidstone, Kent	 
	 	 	 	 	 	 

THE LENDER

 

	
        Signed for and on behalf of

        HEINEKEN UK LIMITED by:
	)

)	 	 
	 	 	Signature  	/s/
    Joss van der Burg
	 	 	 	 
	 	 	Name (block capitals)  	JOSS
    VAN DER BURG
	Before this witness:	 	 	Director
	 	 	 	 
	Witness signature  	/s/
    Mark Hannam	 
	 	 	 
	Witness name  	MARK
    HANNAM 	 
	(block capitals)  	 	 
	 	 	 
	Witness address  	30
    Kingston Road 	 
	 	 	 
	 	Oxford 	 
	 	 	 
	 	OX2 6RQ	 
	 	 	 	 	 	 

    	26

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