Document:

EX-10.7

 Exhibit 10.7 
  

					
	 DATED
	  	10 May	  	2002

 THE PRUDENTIAL ASSURANCE COMPANY LIMITED 

-and- 
 J WALTER THOMPSON GROUP
LIMITED 
 -and- 
 WPP
GROUP (UK) LIMITED 
 LEASE 

-of- 
 LEVEL 1, 1 KNIGHTSBRIDGE
GREEN, 
 LONDON SW1 
  

			
	Term commences:                	  	29 September 2001
	Term expires:	  	28 September 2021
	Initial annual rent:	  	£500,630.86
	Initial advance service charge payment: £ 22,768.75 per quarter
	LTCA 1995:	  	new tenancy

 Lovells 

Ref: P1/GS D/DBDM 
 D0764/75453 

LIB03/P1DSD/870153.01 

 CONTENTS 
  

					
	Clause	  	Page No	 
		
	 1. DEFINITIONS AND INTERPRETATION
	  	 	1	 
		
	 2. DEMISE, TERM, RENT AND
RENT PAYMENT DATES
	  	 	5	 
		
	 3. TENANT’S COVENANTS
	  	 	6	 
		
	 4. LANDLORD’S COVENANTS
	  	 	6	 
		
	 5. PROVISOS
	  	 	6	 
		
	 6. INCORPORATION OF SCHEDULES 6, 7
AND 8
	  	 	6	 
		
	 7. GUARANTOR’S COVENANTS
	  	 	6	 
		
	 8. OPERATION OF THIS
DEED
	  	 	6	 
		
	 9. NEW TENANCY
	  	 	6	 
		
	 SCHEDULE 1
	  	 	7	 
		
	 Part A The Premises
	  	 	7	 
		
	 Part B Rights Granted
	  	 	8	 
		
	 Part C Exceptions And Reservations
	  	 	8	 
		
	 SCHEDULE 2
	  	 	10	 
		
	 The Encumbrances
	  	 	10	 
		
	 SCHEDULE 3
	  	 	11	 
		
	 Covenants By The Tenant
	  	 	11	 
		
	 1.  Payment Of Rents
	  	 	11	 
		
	 2.  Outgoings
	  	 	11	 
		
	 3.  Value Added Tax
	  	 	11	 
		
	 4.  Decoration
	  	 	11	 
		
	 5.  Repairs
	  	 	12	 
		
	 6.  Yielding Up
	  	 	13	 

					
	 7.  To Notify Landlord Of Statutory Notices
	  	 	13	 
		
	 8.  Compliance With Statutory Requirements
	  	 	14	 
		
	 9.  Fire Precautions
	  	 	14	 
		
	 10.  Compliance With Town And Country Planning Requirements
	  	 	15	 
		
	 11.  Compliance With Landlord’s Regulations
	  	 	15	 
		
	 12.  Entry By Landlord To View And Require Tenant To Repair
	  	 	15	 
		
	 13.  Entry By Landlord To Repair And For Other Purposes
	  	 	16	 
		
	 14.  Entry By Landlord For Sale Or Reletting
	  	 	16	 
		
	 15.  Costs On Breach
	  	 	17	 
		
	 16.  Not To Encumber Common Parts
	  	 	17	 
		
	 17.  As To Alterations
	  	 	17	 
		
	 18.  Cdm Regulations
	  	 	18	 
		
	 19.  Permitted Use
	  	 	18	 
		
	 20.  Prohibited Uses
	  	 	19	 
		
	 21.  Not To Permit Encroachments
	  	 	19	 
		
	 22.  Restrictions On Alienation
	  	 	19	 
		
	 23.  Costs Of Licences
	  	 	23	 
		
	 24.  Registration Of Dealings
	  	 	23	 
		
	 25.  Aerials And Signs
	  	 	23	 
		
	 26.  Not To Strain Floors And Ceilings
	  	 	23	 
		
	 27.  Not To Interfere With Common Media
	  	 	23	 
		
	 28.  Interest On Arrears
	  	 	24	 
		
	 29.  Indemnity
	  	 	24	 

  
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	 30.  Encumbrances
	  	 	25	 
		
	 SCHEDULE 4
	  	 	26	 
		
	 Covenants By The Landlord
	  	 	26	 
		
	 1.  Quiet Enjoyment
	  	 	26	 
		
	 2.  Insurance And Services
	  	 	26	 
		
	 3.  Enforcement Of Covenant Against Other Tenants
	  	 	26	 
		
	 4.  Non-Competition
	  	 	26	 
		
	 5.  Prohibited Use
	  	 	26	 
		
	 SCHEDULE 5
	  	 	27	 
		
	 Provisos, Agreements And Declarations
	  	 	27	 
		
	 1.  Forfeiture
	  	 	27	 
		
	 2.  Tenant’s Goods
	  	 	27	 
		
	 3.  Landlord’s Right To Develop
	  	 	28	 
		
	 4.  Notices
	  	 	28	 
		
	 5.  Value Added Tax
	  	 	28	 
		
	 6.  Expert Determination Proceedings
	  	 	28	 
		
	 7.  Disclaimer Of Liability For Use Of Car Park
	  	 	29	 
		
	 8.  Perpetuity Period
	  	 	30	 
		
	 9.  Data Protection Act 1998
	  	 	30	 
		
	 10.  Address For Rent Demands
	  	 	30	 
		
	 11.  Tenant’s Option To Determine
	  	 	30	 
		
	 12.  Third Party Rights
	  	 	31	 
		
	 SCHEDULE 6
	  	 	32	 

  
 -3- 

					
		
	 Rent Reviews
	  	 	32	 
		
	 1.  The Review Dates
	  	 	32	 
		
	 2.  Upward Only Rent Reviews
	  	 	32	 
		
	 3.  The Market Rent
	  	 	32	 
		
	 4.  Matters To Be Disregarded
	  	 	33	 
		
	 5.  Procedure For Determination Of Market Rent
	  	 	34	 
		
	 6.  Reviewed Rent Reserved In Phases
	  	 	35	 
		
	 7.  Time Limits
	  	 	35	 
		
	 8.  Rental Adjustments
	  	 	35	 
		
	 9.  Memorandum Of Rent Review
	  	 	35	 
		
	 SCHEDULE 7
	  	 	37	 
		
	 Insurance Provisions
	  	 	37	 
		
	 1.  Tenant’s Covenants
	  	 	37	 
		
	 2.  Landlord’s Covenants
	  	 	39	 
		
	 3.  Landlord An Insurance Company
	  	 	40	 
		
	 4.  Suspension Of Rent
	  	 	40	 
		
	 5.  Options To Determine
	  	 	40	 
		
	 SCHEDULE 8
	  	 	42	 
		
	 Part A
	  	 	42	 
		
	 Part A Service Charge Provisions
	  	 	42	 
		
	 1.  Tenant’s Liability To Pay Service Charge
	  	 	42	 
		
	 2.  Advance Payments On Preliminary Basis
	  	 	42	 
		
	 3.  Landlord’s Costs Accounts And Service Charge Adjustments
	  	 	43	 

  
 -4- 

					
		
	 4.  Exceptional Expenditure
	  	 	44	 
		
	 5.  Landlord’s Protection Provisions
	  	 	44	 
		
	 6.  Vacant Parts Of The Building And Actions By The Landlord
	  	 	45	 
		
	 7.  Landlord’s Costs To Exclude Tenants’ Liabilities
	  	 	45	 
		
	 8.  Management Charges
	  	 	45	 
		
	 9.  The Landlord’s Obligation To Provide Services
	  	 	46	 
		
	 Part  B Mandatory Services And Heads Of Charge
	  	 	47	 
		
	 10.  Common Parts
	  	 	47	 
		
	 11.  Repairs
	  	 	47	 
		
	 12.  Heating Air Conditioning And Ventilation And Water
	  	 	47	 
		
	 13.  Lifts And Escalators
	  	 	48	 
		
	 14.  Insurances
	  	 	48	 
		
	 15.  Statutory Requirements
	  	 	48	 
		
	 Part C Non-Mandatory Services And Heads Of Charge
	  	 	48	 
		
	 16.  Legal Proceedings
	  	 	48	 
		
	 17.  Employees
	  	 	49	 
		
	 18.  Common Parts
	  	 	49	 
		
	 19.  Management Premises
	  	 	49	 
		
	 20.  Refuse Collection
	  	 	49	 
		
	 21.  Fire Fighting Equipment, Security And Public Address
	  	 	49	 
		
	 22.  Insurances
	  	 	50	 
		
	 SCHEDULE 9
	  	 	51	 
		
	 Covenants By The Guarantor
	  	 	51	 
		
	 SCHEDULE 10
	  	 	53	 
		
	 Authorised Guarantee Agreement
	  	 	53	 

  
 -5- 

 

 

 

 

  
 -2- 

 

 
  

  
 -3- 

 LEASE 

THIS LEASE is made on    10 May 

BETWEEN: 
  

	(1)	 The Prudential Assurance Company Limited (Company Registration Number 15454) whose registered office is
at 142 Holbom Bars London EC1N 2NH (the “Landlord”); and 

  

	(2)	 J Walter Thompson Group Limited (Company Registration Number 1660783) whose registered office is at 40
Berkeley Square London W1X 6AD (the “Tenant”); and 

  

	(3)	 WPP Group (UK) Limited (Company Registration Number 2670617) whose registered office is at 27 Farm
Street London W1X 6RD (the “Guarantor”). 

  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Lease where the context so admits the following expressions shall have the following meanings (that is
to say): 

 “Agreement for Lease” means the agreement dated 6 October 2000 pursuant to which this
Lease was granted and made between the Landlord (1) the Tenant (2) and the Guarantor (3); 
 “Authorised Guarantee
Agreement” means an agreement within sectionl6 of the Landlord and Tenant (Covenants) Act 1995 containing the provisions set out in Schedule 10; 

“Base Rate Interest” means Interest at an annual rate equal to the base rate of HSBC Bank PLC (or such other rate or rates by
reference to which London clearing banks determine their own rates of interest) from time to time; 
 “Building” the
building known as 1 Knightsbridge Green and 44-58 Brompton Road, London shown edged blue on the plan annexed numbered 2 and includes all landlord’s fixtures and fittings in it and any areas the use and
enjoyment of which is appurtenant to it (whether or not within the structure) and any extensions or additions from time to time made to it; 

“Car Park” means the car park forming part of the Building shown edged green on the plan annexed numbered 3; 

“Car Parking Spaces” means the car parking space in the Car Park as may be allocated for the Tenant from time to time and such
other facilities for the parking of bicycles or motor bicycles as may be designated from time to time; 

 “CDM Regulations” means all Construction (Design and Management)
regulations 1994 as amended, supplemented or replaced from time to time. 
 “Common Parts” means all parts of the Building
which are available or provided by the Landlord for the general use in common by the Landlord and the tenants or occupiers of the Building (including, but without limitation, any of the following: the Car Park, forecourts, pathways, accessways,
entrances, corridors, lobbies, stairways, lifts, escalators, passages, turntables courtyards, atria, light wells •pavement lights, external paviours, car park ramps, service areas, toilets, bin stores or other refuse facilities and fire escapes
but excluding and such forming part of any Lettable Areas); 
 “Conducting Media” means pipes, wires, cables, sewers,
drains, watercourses, trunking, ducts, flues, gutters, gullies, channels, conduits, and other media; 
 “Encumbrances” means
the restrictions, stipulations, covenants, rights, reservations, provisions and other matters contained, imposed by or referred to in the documents brief particulars of which are set out in Schedule 2; 

“Excluded Plant” means the plant and machinery, air handling units, radiators, fan coil units, chilled beam units, ductwork
and all ancillary or associated wiring or control equipment, plumbing, pipework and conducting media and the conducting media comprised in the central heating and hot water system air conditioning and ventilation system serving the Premises in
common with other parts of the Building including any items installed by the Tenant (or any predecessor in title of the Tenant or anyone claiming title to the Premises through or under the Tenant or any of them) and exclusively serving the Premises
but connected to a system serving other parts of the Building but excluding the air diffusers, grilles, fascias, surrounds or other equipment forming part of the suspended ceiling or perimeter fabric and fittings; 

“Group Company” means any company which is for the time being a member of the same group of companies as the Landlord or the
Tenant or the Guarantor (as the case may be) within the meaning of section 42(1) of the Landlord and Tenant Act 1954; 

“Guarantor” includes the executors or administrators of the Guarantor; 

“Higher Rate Interest” means Interest at an annual rate of 4% over the base rate of HSBC Bank PLC (or such other rate or rates
by reference to which London clearing banks determine their own rates of interest) from time to time; 
 “Insured Risks”
means (subject to such exclusions and limitations as may be imposed from time to time by the insurer provided always that notice of such exclusions and limitations will be given to the Tenant on request) fire, lightning, explosion, aircraft and
articles dropped from them, riot, terrorism, civil commotion, malicious damage, storm, tempest, flood, earthquake, bursting or overflowing of water tanks, apparatus and pipes, impact by any vehicle and such other risks as the Landlord may consider
necessary to insure; 

  
 -2- 

 “Interest” means interest from time to time calculated on a day to day
basis (as well after as before judgment) compounded at quarterly rests on the usual quarter days; 
 “Landlord” includes the
reversioner for the time being immediately expectant on the Term; 
 “Landlord’s Costs” has the meaning given to it in
Schedule 8 paragraph 1.3; 
 “Landlord’s Surveyor” means a surveyor or member of a firm of surveyors instructed by the
Landlord for any of the purposes of this Lease who shall be a fellow or associate of the Royal Institution of Chartered Surveyors or the Incorporated Society of Valuers and Auctioneers or suitably experienced and such surveyor may be a person
employed by the Landlord or a company which is a Group Company of the Landlord; 
 “Lettable Areas” means the accommodation
in the Building from time to time let or intended for letting by the Landlord to one or more tenants whether or not actually let or occupied; 

“Main Structure” means the exterior and main structure of the Building including the foundations, roofs, load bearing walls,
load bearing columns, ceilings and floors and exterior windows and lights (but excluding any glass within interior doors, walls or partitions, raised floors, suspended ceilings, all internal cladding, plasterwork and decoration - save where
internal to any Common Parts and all floor screening and finishes); 
 “Management Premises” means all administrative,
security and control offices and centres and stores (if any) maintained by the Landlord for the purpose of managing the Building and providing the Services together with any accommodation including residential accommodation (whether in the Building
or elsewhere) provided by the Landlord for a caretaker or facilities manager employed by it for purposes connected with the Building; 

“Net Internal Area” means net internal floor area measured in accordance with Definition 3 of the Code of Measuring Practice
issued by the Royal Institution of Chartered Surveyors and the Incorporated Society of Valuers and Auctioneers Fourth Edition (November 1993); 

“Normal Working Hours” means the hours between 8am and 7pm Monday to Friday; 

“Outgoings” means all monetary obligations of any kind (whether parliamentary, parochial or otherwise) which are now or may at
any time be assessed, charged or imposed on property or on the owner or occupier of property; 
 “Planning Acts” means
“the consolidating Acts” as defined in the Planning (Consequential Provisions) Act 1990 and any other legislation relating to town and country planning in force from time to time; 

  
 -3- 

 “Premises” means the premises (forming part of the Building) described in
Schedule 1 Part A and each and every part of them; 
 “Service Charge” has the meaning given to it in Schedule 8 paragraph
1.2; 
 “Services” has the meaning given to it in Schedule 8 paragraph 1.4; “Tenant” includes the
successors in title and assigns of the Tenant; 
 “Term” means a term commencing on and including 29 September 2001 and
thereafter a term of 20 years; 
 “VAT” means value added tax and any other tax of a similar nature; 

“Water and Sewerage Charges” means all charges for the supply of water together with any charges for services performed,
facilities provided or rights made available by the water undertaker or the sewerage undertaker or other relevant authority under the powers granted by any relevant legislation in force from time to time (including, but without limitation, sewerage
and environmental charges and water meter rents). 
  

	1.2	 (a) Where two or more persons are included in the expression “Tenant” or “Guarantor” the
liability under any covenant or other obligation on the part of such persons shall be joint and several. 

  

	 	(b)	 Any words or expressions importing the singular number include the plural number and vice versa and words
importing gender include any other gender. 

  

	 	(c)	 The index and clause headings in this Lease are for ease of reference only and have no other significance.

  

	 	(d)	 Unless otherwise specified any reference to an Act of Parliament includes a reference to that Act as
amended or replaced whether before or after the date of this Lease and to subordinate legislation or bylaws made under it and any general reference to statute or legislation includes subordinate legislation and bylaws. 

 

	 	(e)	 Any reference in this Lease to the end of the Term shall mean the expiration or earlier termination of this
Lease for whatever reason. 

  

	 	(f)	 References to numbered clauses and schedules are references to the relevant clause or Schedule to this Lease
unless the context otherwise requires. 

  

	 	(g)	 References in any Schedule to numbered paragraphs are references to the relevant paragraph in that Schedule
unless the context otherwise requires. 

  
 -4- 

	 	(h)	 In any case where the Tenant is placed under a restriction by this Lease the restriction shall be deemed to
include the obligation on the Tenant not knowingly to permit or allow the infringement of the restriction by any person under the control of the Tenant. 

  

	 	(i)	 Any consent or approval under this Lease shall be required to be obtained before 

the act or event to which it applies is carried out or done and shall be effective only if the consent or approval is given in writing. 

 

	 	(j)	 Any right to enter the Premises conferred upon the Landlord by this Lease shall be exercisable when appropriate
also by the Landlord’s employees, agents and workpeople and any others authorised by it under the terms of this Lease. 

  

	2.	 DEMISE, TERM, RENT AND RENT PAYMENT DATES 

 

	2.1	 In consideration of the rents and other obligations on the part of the Tenant and of the Guarantor contained in
this Lease the Landlord demises to the Tenant the Premises 

  

	2.2	 TOGETHER WITH the rights set out in Schedule 1 Part B 

 

	2.3	 EXCEPT AND RESERVED to the Landlord the rights set out in Schedule 1 Part C 

 

	2.4	 for the Term 

  

	2.5	 SUBJECT to the Encumbrances 

 

	2.6	 the Tenant PAYING during the Term: 

 

	 	(a)	 the yearly rent of £500,630.86 (subject to the provisions for revision in Schedule 6) by equal quarterly
payments in advance on the usual quarter days in every year, the first of such payments to be calculated from 30 August 2002 to 28 September 2002 (both dates inclusive) and to be made on 30 August 2002; 

 

	 	(b)	 as additional rent the Service Charge, the first payment to be made in respect of the period commencing on and
including 30 November 2001; 

  

	 	(c)	 on demand as additional rent the sums specified in Schedule 7, the first payment to be made in respect of the
period commencing on and including 30 November 2001; 

  

	 	(d)	 where Water and Sewerage charges are not levied directly on the occupier of the Premises on demand as
additional rent a sum equal to the proportion attributable to the Premises of Water and Sewerage Charges payable by the Landlord in respect of the Building; 

  

	 	(e)	 as additional rent any VAT which may be or become chargeable in respect of any rent payable under this Lease;

  
 -5- 

	 	(f)	 as additional rent any other sums payable pursuant to this Lease. 

 

	3.	 TENANT’S COVENANTS 

The Tenant hereby covenants with the Landlord to observe and perform the covenants and stipulations set out in Schedule 3. 

 

	4.	 LANDLORD’S COVENANTS 

The Landlord hereby covenants with the Tenant to observe and perform the covenants and stipulations set out in Schedule 4. 

 

	5.	 PROVISOS 

It is hereby agreed and declared as mentioned in Schedule 5. 
  

	6.	 INCORPORATION OF SCHEDULES 6, 7 AND 8 

The provisions for rent review set out in Schedule 6, the insurance provisions set out in Schedule 7 and the provisions for service charge set
out in Schedule 8 are incorporated. 
  

	7.	 GUARANTOR’S COVENANTS 

The Guarantor hereby covenants with the Landlord in the manner set out in Schedule 9. 

 

	8.	 OPERATION OF THIS DEED 

This document shall be treated as having been executed and delivered as a deed only upon being dated. 

 

	9.	 NEW TENANCY 

This Lease is a new tenancy within the meaning of section 1 of the Landlord and Tenant (Covenants) Act 1995. 

IN WITNESS whereof this deed has been duly executed and delivered the day and year first before written 

  
 -6- 

 SCHEDULE 1 

Part A 
 The Premises

  

	1.	 ALL THOSE premises situate on the first floor of the Building which premises are for the purpose of
identification only edged red on the plan numbered 1 annexed to this Lease. 

  

	2.	 There is included within the premises: 

 

	2.1	 all walls, floors and ceilings (including any raised floors, suspended ceilings and the voids below and above
them and all light fittings) of the premises; 

  

	2.2	 all internal cladding, plasterwork and decoration and all floor screeding and finishes; 

 

	2.3	 all doors, door frames, equipment, fitments and any glass relating to the doors of the premises;

  

	2.4	 the decorative finish on the inside of the windows and other lights of the premises and (to the extent that
they are not part of any sealed units forming the exterior of the premises) any equipment and fitments relating to windows and lights of the premises; 

  

	2.5	 all Conducting Media within and exclusively serving the premises except where they form part of the Excluded
Plant; 

  

	2.6	 all landlord’s fixtures and fittings (except where they form part of the Common Media or the Excluded
Plant) including, but without limitation, the following: 

  

	 	(a)	 electrical services for power, lighting and telecommunications; 

 

	 	(b)	 drainage and water services; 

 

	 	(c)	 gas services; 

  

	 	(d)	 fire protection systems; 

 

	 	(e)	 distribution trunking, ducting and conduits for electrical, telephone and other communication services;

  

	 	(f)	 carpets; 

  

	2.7	 all improvements and additions made to the premises. 

 

	3.	 The Main Structure is excluded from the premises but subject to paragraphs 2.3 and 2.4 of this Part of
this Schedule. 

  
 -7- 

	4.	 The Excluded Plant is excluded from the premises. 

Part B 
 Rights Granted

  

	5.	 The rights in common with all others having similar rights from time to time: 

 

	5.1	 of passage to and from the Premises along and through the common entrance, staircases and passages of
the Building and by means of the lifts and escalators in it during such times as the same shall be working; 

  

	5.2	 of free passage of services from and to the Premises through the Common Media; 

 

	5.3	 to use such of the toilets, kitchens, tea making facilities and refuse facilities in the Building as may be
allocated to the Tenant by the Landlord from time to time with the right of access to and from them. 

  

	6.	 The right to use the Car Parking Spaces: 

 

	6.1	 only for the parking of private motor cars or bicycles belonging to the Tenant or any undertenant or their
respective staff or invitees; 

  

	6.2	 the rights contained in this paragraph may upon reasonable notice be suspended during such period as the
Landlord may reasonably require in connection with any repairs or alterations to or rebuilding of the Building or any adjoining premises or any other works which may be carried out in the Building or any adjoining premises or the Car Park.

  

	7.	 The right to install a generator in the basement of the Building and thereafter to maintain, repair and
renew such generator. 

  

	8.	 The right of access on to such parts of the Building as may be necessary in order to exercise the rights
granted in Part B of this Schedule. 

 Part C 

Exceptions and Reservations 
  

	9.	 

  

	9.1	 The free and uninterrupted passage of air, water, soil, gas and electricity through the Common Media which are
now or may at any time be within the Premises with power for the Landlord at all reasonable times to enter the Premises where reasonably necessary for the purpose of: 

 

	 	(a)	 any matter or thing connected with the Services; and/or 

  
 -8- 

	 	(b)	 adding to, inspecting, cleansing, maintaining, modernising, repairing, replacing or altering the Common Media.

  

	9.2	 Any such adding to, inspections, cleansing, maintenance, modernisation, repairs, replacements or alterations
shall be done as soon as reasonably practicable. 

  

	10.	 Full right and liberty to enter by reasonable prior notice upon the Premises at any reasonable time in
order to erect scaffolding and/or to build on, under or into any part of the Building including, but without limitation, structural walls, floors, ceilings, columns, roofs and foundations or to build over the Building. 

 

	11.	 The Landlord shall make good in a reasonable manner to the reasonable satisfaction of the Tenant all
damage occasioned to the Premises in the exercise of the rights referred to in paragraphs 9 and 10 of this Schedule but the Landlord shall not be liable to pay compensation for any inconvenience caused to the Tenant. 

 

	12.	 All rights of entry upon the Premises referred to in Schedule 3 paragraphs 8, 12, 13 and 0.

  

	13.	 In the interest of maintaining uniformity of appearance the right to maintain, decorate or replace any
door or window giving on to the Common Parts or forming part of the exterior of the Building with power for the Landlord at all reasonable times to enter the Premises for the purpose of exercising such right. 

  
 -9- 

 SCHEDULE 2 

The Encumbrances 
 The entries in the
Property and Charges Registers of Title Number NGL789688 insofar as they relate to the Premises but excluding the Section 106 Agreements dated 21 April 1995 and 15 May 2000 and the Supplementary Deed dated 18 October 1999. 

  
 -10- 

 SCHEDULE 3 

Covenants by the Tenant 
  

	1.	 Payment of rents 

To pay the rents reserved by this Lease as and when stipulated without any deduction or set off and by bankers’ standing order unless
otherwise required by the Landlord. 
  

	2.	 Outgoings 

  

	2.1	 Subject to paragraph 2.2 to pay and discharge all Outgoings in respect of the Premises and a fair and
reasonable proportion of all Outgoings which may be payable in respect of the Premises in common with other property. 

  

	2.2	 There is excepted from paragraph 2.1 income and corporation tax (or other tax of a like nature) assessed on the
Landlord in respect of its rental and other income arising from or under this Lease or tax payable as a result of any dealing with any reversion immediately or mediately expectant on the Term. 

 

	2.3	 To indemnify the Landlord against any loss to the Landlord of any void rating relief which would have been
applicable to the Premises by reason of the Premises being vacant after the end of the Term but which is not available to the Landlord on the ground that relief has already been allowed to the Tenant or any person claiming title to the Premises
through the Tenant. 

  

	3.	 Value Added Tax 

 

	3.1	 To pay on demand such VAT as may be chargeable on goods and services supplied by or on behalf of the Landlord.

  

	3.2	 To indemnify and keep indemnified the Landlord against any VAT paid or payable by the Landlord in respect of
any costs, fees, disbursements, expenses or other sums which the Landlord is entitled to recover under the terms of this Lease which do not constitute consideration for taxable supplies of goods and services made by the Landlord.

  

	4.	 Decoration 

  

	4.1	 In every fifth year of the Term and also in the last six months before the end of the Term in a proper and
workmanlike manner to prepare and paint with two coats of good quality paint all parts of the Premises usually or requiring to be painted and to treat other parts of the Premises with suitable and appropriate materials. 

 

	4.2	 Not to paint or otherwise decorate: 

 

	 	(a)	 any external part of the Premises; 

  
 -11- 

	 	(b)	 the surface of any door or window giving on to the Common Parts without first giving the Landlord at least 28
days notice of its intention. 

  

	4.3	 If within 28 days of receipt of such notice as is referred to in paragraph 4.2(b) the Landlord shall notify the
Tenant that it wishes to carry out the painting or decoration in question the Tenant shall refrain from doing so. 

  

	4.4	 If the Landlord notifies the Tenant that it does not wish to carry out such painting or decoration or if the
Landlord fails to give the Tenant any notification within such 28 day period the Tenant may carry out the painting or decoration in question and in so doing the Tenant shall adhere to the then existing colour scheme and shall carry out the work in
the manner and with the materials specified in paragraph 4.1. 

  

	4.5	 Decoration of the inside of the Premises in the last six months of the Term shall be carried out in such
colours, patterns and materials as the Landlord may approve (such approval not to be -unreasonably withheld). 

  

	5.	 Repairs 

  

	5.1	 Subject to paragraphs 4.3 and 5.2 to well and substantially repair, cleanse and keep in good and substantial
repair, decorative order and condition the Premises. 

  

	5.2	 There is excepted from paragraph 5.1: 

 

	 	(a)	 damage by any of the Insured Risks unless and to the extent that the insurance moneys are wholly or partially
irrecoverable by reason solely or in part of any act or default of the Tenant or any person deriving title under the Tenant or any of their respective agents, employees or licensees; 

 

	 	(b)	 any liability to repair or replace any part of the central heating and hot water and air-conditioning and ventilation services and on the contrary the Tenant shall not repair or replace them but the Landlord shall be responsible for so doing as part of the Services. 

 

	5.3	 To notify the Landlord immediately the Tenant becomes aware of any defect in the Excluded Plant.

  

	5.4	 To replace any door or window requiring to be replaced under the provisions of paragraph 5.1 with a door or
window of similar quality and appearance or with such other door or window as shall be approved by the Landlord (such approval not to be unreasonably withheld). 

 

	5.5	 To clean all the glass in the Premises (including the inside surface of any exterior windows) as often as may
reasonably be required and in any event at least once a month. 

  
 -12- 

	5.6	 There is excepted from paragraph 5.5 the external face of any windows giving on to the Common Parts or forming
part of the exterior of the Building. 

  

	5.7	 As often as required (and in any event at the end of the Term) to replace (where necessary) the carpeting with
good quality carpeting of similar nature, quality and appearance. 

  

	5.8	 In connection with s 4 Defective Premises Act 1972 to notify the Landlord immediately the Tenant becomes aware
of any defect in the Premises or the Building which may cause personal injury or damage to property. 

  

	6.	 Yielding up 

  

	6.1	 At the end of the Term: 

 

	 	(a)	 subject always to the provisions of paragraph 5 quietly to yield up the Premises duly kept in accordance with
the Tenant’s obligations together with all additions and improvements made in the meantime; 

  

	 	(b)	 unless otherwise required by the Landlord to remove from the Premises all tenant’s fixtures and fittings
and other property belonging to the Tenant or to any third party; 

  

	 	(c)	 unless otherwise required by the Landlord at the Tenant’s expense to remove any alterations or additions
made to the Premises by the Tenant or the predecessors in title to the Premises of the Tenant or anyone claiming title to the Premises through or under the Tenant or any of them during the subsistence of this Lease or under an agreement for the
grant of this Lease; and 

  

	 	(d)	 to make good to the reasonable satisfaction of the Landlord any damage caused to the Premises by such removal.

  

	6.2	 In case of default the Landlord may execute such works or do any other thing which may be necessary to comply
with the requirements specified in paragraph 6.1. 

  

	6.3	 To pay to the Landlord on demand all expenses so incurred and mesne profits at the rate of the rent payable
under this Lease immediately prior to the end of the Term during the period reasonably required for the exercise of the Landlord’s rights under paragraph 6.2 with Higher Rate Interest on such expenses from the date of expenditure and on the
mesne profits from the date of demand until in each case the date they are paid by the Tenant to the Landlord. 

  

	7.	 To notify Landlord of statutory notices 

 

	7.1	 As soon as practicable following receipt of any permission, notice, direction, order, certificate, assessment
or proposal relevant to the Premises or to the use or condition of the Premises or otherwise concerning the Landlord’s interest in the Premises given or issued under or by virtue of any Act of Parliament to produce a copy to the Landlord.

  
 -13- 

	7.2	 At the request and cost of the Landlord to make or join with the Landlord in making such objections or
representations against or in respect of any such permission, notice, order, certificate, assessment or proposal as the Landlord shall reasonably deem expedient. 

 

	8.	 Compliance with statutory requirements 

 

	8.1	 At the Tenant’s own expense to execute all works and provide and maintain all arrangements upon or in
respect of the Premises or the use to which the Premises are being put by the Tenant or any lawful occupier that are required in order to comply with the requirements of any statute (already or in the future to be passed) or any government
department, local authority, other public or competent authority or court of competent jurisdiction regardless of whether such requirements are imposed on the owner or occupier. 

 

	8.2	 Not knowingly to do in or near the Premises any act or thing by reason of which the Landlord may under any
statute incur, have imposed upon it or become liable to pay any penalty, damages, compensation, costs, charges or expenses. 

  

	8.3	 Without prejudice to the generality of paragraphs 8.1 and 8.2 to comply in all respects with the provisions of
any statutes and any other obligations imposed by law or by any bylaws applicable to the Premises or in regard to carrying on the trade or business for the time being carried on in the Premises by the Tenant or any lawful occupier.

  

	8.4	 In relation to health and safety to comply with the proper practice recommended by all appropriate authorities.

  

	8.5	 In case of default it shall be lawful for the Landlord to enter the Premises and execute such works or do any
other thing which may be necessary to comply with the requirements specified in this paragraph. 

  

	8.6	 To pay to the Landlord on demand all expenses so incurred with Higher Rate Interest on such expenses from the
date of expenditure until the date they are paid by the Tenant to the Landlord. 

  

	9.	 Fire precautions 

 

	9.1	 To comply with all requirements and recommendations made from time to time by the fire authority or the
insurers of the Premises. 

  

	9.2	 To carry out periodic testing of any independently operated fire alarms within the Premises and participate in
evacuation procedures and keep all requisite log-books and other documents and records up to date and available for inspection. 

 

	9.3	 To keep the Premises sufficiently supplied and equipped with such fire fighting and extinguishing appliances as
shall from time to time be required by any statute or by the fire or other competent authority or the insurers of the Premises or (at the Landlord’s option) to pay to the Landlord on demand the cost of providing and installing any of the same
and such appliances shall be open to inspection and shall be maintained to the reasonable satisfaction of the Landlord. 

  
 -14- 

	9.4	 If so required by the Landlord to connect to the Landlord’s reasonable satisfaction any fire alarm system
for the Premises into any fire alarm system for the Building generally. 

  

	10.	 Compliance with town and country planning requirements 

 

	10.1	 To comply with the provisions and requirements of the Planning Acts and of all consents, permissions and
conditions (if any) granted or imposed or having effect under the Planning Acts so far as the same respectively relate to or affect the Premises or any part of the Premises or any operations, works, acts or things already or in the future to be done
or omitted on the Premises or the use of the Premises by the Tenant or any lawful occupier. 

  

	10.2	 Not to make any application for planning permission without the consent of the Landlord (such consent not to be
unreasonably withheld where the Landlord’s consent to the subject matter of the application cannot be unreasonably withheld under the terms of this Lease). 

 

	10.3	 Notwithstanding any consent which may be granted by the Landlord under this Lease not to carry out or make any
alteration or addition to the Premises or any change of use (being an alteration or addition or change of use which is prohibited by or for which the Landlord’s consent is required to be obtained under this Lease and for which a planning
permission needs to be obtained) before a planning permission for such work or change of use has been produced to the Landlord and acknowledged by it in writing as satisfactory to it But so that the Landlord may refuse so to express its satisfaction
with any such planning permission on the ground that the period of it or any condition contained with or anything omitted from it in the reasonable opinion of the Landlord’s Surveyor would be or be likely to be prejudicial to the
Landlord’s interest in the Premises or the Building whether during or after the Term. 

  

	10.4	 Unless the Landlord shall otherwise direct to carry out and complete before the end of the Term any works
stipulated to be carried out to the Premises by a date subsequent to the end of the Term as a condition of any planning permission granted for any development begun before the end of the Term. 

 

	10.5	 If and when called upon so to do to produce to the Landlord or the Landlord’s Surveyor all such plans,
documents and other evidence as the Landlord may reasonably require in order to satisfy itself that the provisions of this paragraph have been complied with in all respects. 

 

	11.	 Compliance with Landlord’s regulations 

To observe all reasonable regulations made by the Landlord from time to time and notified in writing to the Tenant having as their object the
safety, promotion, maintenance, management and general amenity of the Building (including the Common Parts). 
  

	12.	 Entry by Landlord to view and require Tenant to repair 

  
 -15- 

	12.1	 To permit the Landlord at all reasonable times after notice (except in an emergency) to enter the Premises to
view their state and condition and to give notice to the Tenant of any defects in the state of repair and condition of the Premises which are the Tenant’s responsibility or any unauthorised alterations. 

 

	12.2	 The Tenant will within one month after any such notice (or sooner if necessary) commence to repair and make
good such defects or remove such alterations to the reasonable satisfaction of the Landlord’s Surveyor. 

  

	12.3	 In case of default it shall be lawful for the Landlord to enter the Premises and execute such works.

  

	12.4	 To pay to the Landlord on demand all expenses so incurred with Higher Rate Interest on such expenses from the
date of expenditure until the date they are paid by the Tenant to the Landlord. 

  

	13.	 Entry by Landlord to repair and for other purposes 

To permit the Landlord and also the tenants and occupiers of any adjoining premises or their workpeople where reasonably necessary at
reasonable times after notice (except in an emergency) to enter upon the Premises for the purpose of: 
  

	13.1	 inspecting or executing repairs or alterations to or upon such adjoining premises or the Building;

  

	13.2	 inspecting, maintaining, repairing or replacing the Excluded Plant; 

 

	13.3	 decorating the Common Parts and the exterior of the Building; 

 

	13.4	 doing anything which the Landlord considers necessary or desirable for the performance by the Landlord of the
covenants on its part contained in this Lease or to third parties or the provision of the Services; 

  

	13.5	 inspecting or surveying the Premises for valuation purposes; 

 

	13.6	 doing anything reasonably incidental to the repair, maintenance, management or security of the Building or the
performance of the Landlord’s legal duties and compliance with proper practice in relation to health and safety or otherwise; 

and the Landlord shall not be liable to pay compensation for any nuisance, annoyance, inconvenience or damage caused to the Tenant subject to
the Landlord (or other person so entering) exercising such right in a reasonable manner and making good any damage caused to the Premises as soon as reasonably practicable. 
  

	14.	 Entry by Landlord for sale or reletting 

  
 -16- 

	14.1	 To permit the Landlord at reasonable times after notice to enter upon the Premises to survey the same and to
affix upon any suitable part of the exterior of the Premises notice boards or bills for selling the interest of the Landlord or for reletting the Premises or any other part of the Building. 

 

	14.2	 Not to remove or obscure any such notice boards or bills. 

 

	14.3	 To permit all persons with authority from the Landlord at all reasonable times in the daytime to enter and view
the Premises. 

  

	15.	 Costs on breach 

To pay on demand to the Landlord all costs, charges and expenses (including, but without limitation, legal costs, bailiffs fees and fees
payable to a surveyor and/or architect) which may be incurred by the Landlord: 
  

	 	(a)	 in or in reasonable contemplation of any proceedings under s 146 and/or 147 Law of Property Act 1925
notwithstanding forfeiture is avoided otherwise than by relief granted by the Court; and/or 

  

	 	(b)	 in the recovery or attempted recovery of arrears of rent and/or additional rent due from the Tenant under this
Lease; and/or 

  

	 	(c)	 in the preparation and/or service of any notice or schedule relating to the condition of the Premises whether
during or after the end of the Term. 

  

	16.	 Not to encumber Common Parts 

Not to encumber the Common Parts with articles or goods of any description. 

 

	17.	 As to alterations 

 

	17.1	 Not without the consent of the Landlord (which it shall be entitled to withhold at its absolute discretion) to
make any alterations or additions or other works whatsoever to the Main Structure or affecting the appearance of the Premises as seen from the exterior or the Common Parts. 

 

	17.2	 Not without the consent of the Landlord (such consent not to be unreasonably withheld or delayed) to make any
other alterations or additions to the Premises or to the mechanical and electrical plant and equipment within the Premises PROVIDED that the Tenant may erect or remove demountable partitioning within the Premises on condition that:

  

	 	(a)	 prior to the commencement of such works full details are provided to the Landlord; and 

 

	 	(b)	 all necessary consents required for the works have been obtained; and 

  
 -17- 

	 	(c)	 the external appearance of the Building and the efficiency of the Excluded Plant is not thereby affected.

  

	17.3	 Without prejudice to the preceding provisions of this paragraph in the event that any alteration or addition
shall be carried out to the Premises to notify the Landlord in writing immediately following completion of the cost of the works for insurance purposes. 

  

	18.	 CDM Regulations 

Without prejudice to its other obligations under this Lease, if the Tenant carries out or engages others to carry out any work at the Premises
to which the CDM Regulations apply the Tenant shall: 
  

	 	(a)	 comply with the requirements of the CDM Regulations; 

 

	 	(b)	 either be the only client for the purposes of the CDM Regulations, in which case the Tenant warrants to the
Landlord that it has the competence and resources to comply with the requirements of the CDM Regulations or forthwith appoint an agent pursuant to regulation 4(1) of the CDM Regulations; 

 

	 	(c)	 forthwith either make a declaration to the Executive (as defined in the Health and Safety at Work, etc Act
1974) that the Tenant is the client or procure that its agent appointed pursuant to paragraph 18 (b) makes a declaration to the Executive in either case in accordance with regulation 4(4) of the CDM Regulations; 

 

	 	(d)	 supply to the Landlord a copy of the applicable declaration referred to in paragraph 18(c) and of the
Executive’s notice in response as soon as it is respectively made and received; 

  

	 	(e)	 deliver to the Landlord as soon as it is prepared, but in any event no later than the completion of the
Tenant’s works, the health and safety file which complies with the requirements of the CDM Regulations and as identified in this Lease of the Landlord; and 

 

	 	(f)	 keep a copy of the health and safety file referred to in paragraph 18(e) available at the Premises for
inspection by the Landlord and third parties. 

  

	19.	 Permitted use 

 

	19.1	 Not to use the Premises or permit any part of the Premises to be used otherwise than as offices within
Class B1 Town and Country Planning (Use Classes) Order 1987 (the “Order”) together with uses ancillary thereto which may include a wine bar (being an ancillary use and not involving any change of use under the Order) for use by the
Tenant’s employees, clients and all others expressly authorised by it. 

  
 -18- 

	19.2	 Nothing in this Lease shall imply or be treated as a warranty by the Landlord that the use permitted by this
Lease complies with the Planning Acts. 

  

	20.	 Prohibited uses 

Not to: 
  

	 	(a)	 use the Premises or permit any part of the Premises to be used in connection with the sale of timeshares;

  

	 	(b)	 permit any sale by auction or public meeting to be held upon the Premises; 

 

	 	(c)	 permit in or upon the Premises or the Car Park any act or thing which is illegal or immoral or which shall or
may be or become a nuisance, damage, or excess annoyance or inconvenience to the Landlord or its tenants or the occupiers of any adjoining or neighbouring premises. 

 

	21.	 Not to permit encroachments 

 

	21.1	 Not to: 

  

	 	(a)	 stop up, darken or obstruct any windows or light belonging to the Premises or any other part of the Building;

  

	 	(b)	 permit any new window, light, opening, doorway, path, passage, drain or other encroachment or easement to be
made or acquired in, against, out of or upon the Premises which may be or grow to the damage, annoyance or inconvenience of the Landlord or any of its tenants. 

 

	21.2	 In case any such window, light, opening, doorway, path, passage, drain or other encroachment or easement shall
be made or acquired or attempted to be made or acquired the Tenant will give immediate notice to the Landlord and will at the request and cost of the Landlord adopt such means as may be reasonably required or deemed proper for preventing any such
encroachment or the acquisition of any such easement. 

  

	22.	 Restrictions on alienation 

 

	22.1	 Not to: 

  

	 	(a)	 part with or share possession or occupation of the whole or any part or parts of the Premises or charge or
mortgage the whole or any part or parts of the Premises; 

  

	 	(b)	 grant to any third parties any rights over the Premises; 

except by way of an assignment, underlease or charge of the whole of the Premises or an underletting of a Permitted Part in accordance with the
provisions of this paragraph 22. 

  
 -19- 

	22.2	 Consent of the Landlord 

 

	 	(a)	 Without prejudice to the Tenant’s obligations in the following provisions of this paragraph 22, neither
the Tenant nor any person deriving title under the Tenant shall assign, underlet or charge the Premises without the Landlord’s consent (such consent not to be unreasonably withheld). 

 

	 	(b)	 Any consent granted under this paragraph shall only be valid for a period of three months from its date unless
acted upon within such period and without prejudice to paragraph 24 may be revoked at the Landlord’s sole discretion if the transaction for which consent has been granted has not been registered with the Landlord within such period.

 Assignments 
  

	22.3	 Not to assign any part of the Premises (as distinct from the whole). 

 

	22.4	 Not to assign the whole of the Premises without prior written consent of the Landlord (such consent not to be
unreasonably withheld) provided that the Landlord shall be entitled (for the purposes of s 19(1A) Landlord and Tenant Act 1927): 

  

	 	(a)	 to withhold its consent in any of the circumstances set out in paragraph 22.6; 

 

	 	(b)	 to impose all or any of the matters set out in paragraph 22.7 as a condition of its consent.

  

	22.5	 The provisos to paragraph 22.4 shall operate without prejudice to the rights of the Landlord to withhold such
consent on any other ground or grounds where such withholding of consent would be reasonable or to impose any further condition or conditions upon the grant of consent where the imposition of such condition or conditions would be reasonable.

  

	22.6	 The circumstances referred to in paragraph 22.4(a) are as follows: 

 

	 	(a)	 where the proposed assignee is a Group Company of the Tenant; 

 

	 	(b)	 where in the reasonable opinion of the Landlord the proposed assignee is not of sufficient financial standing
to enable it to comply with the tenants covenants in the Lease; 

  

	 	(c)	 where the proposed assignee is not resident in the United Kingdom of Great Britain and Northern Ireland or in
the European Community or in a jurisdiction where reciprocal enforcement of judgments exists. 

  
 -20- 

	22.7	 The conditions referred to in paragraph 22.4(b) are as follows: 

 

	 	(a)	 the execution by the Tenant and delivery to the Landlord prior to the assignment in question of an Authorised
Guarantee Agreement; 

  

	 	(b)	 the payment to the Landlord of all rents and other sums which have fallen due under the Lease prior to the date
of the assignment; 

  

	 	(c)	 if it is reasonable to do so in all the circumstances the Landlord shall be entitled to require any intended
assignee to procure a surety or sureties for such assignee acceptable to the Landlord and such surety or sureties (if more than one jointly and severally) shall covenant with the Landlord in the terms set out in Schedule 9; 

 

	 	(d)	 if it is reasonable to do so in all the circumstances the Landlord shall be entitled to require the execution
by any intended assignee and delivery to the Landlord by the time of the assignment in question of a rent deposit deed (in such form as the Landlord shall reasonably require to provide for the deposit of a sum equal to six months rent with any
applicable VAT) together with the payment by way of cleared funds of such sum. 

 Underletting 

 

	22.8	 Not to underlet any part of the Premises (as distinct from the whole) if by so doing the Premises would
comprise more than two units of occupation. 

  

	22.9	 Not to underlet the whole or part of the Premises except where the following conditions are fulfilled:

  

	 	(a)	 any underlease whether mediate or immediate to be granted out of this Lease shall: 

 

	 	(i)	 initially and at each rent review (if any) be at not less than an open market rent at the time of grant without
fine or premium; 

  

	 	(ii)	 contain provision for rent review in an upward direction only at least at such times as to coincide with the
rent reviews provided for in this Lease; 

  

	 	(iii)	 contain an absolute covenant on the part of the undertenant not to underlet, part with possession of or share
possession or occupation of the whole or any part or parts of the sub-demised premises or mortgage or charge the whole or any part or parts of the sub-demised premises
except by way of an assignment or charge of the whole of the sub-demised premises; 

  

	 	(iv)	 contain a covenant on the part of the undertenant not to assign or charge the whole of the sub-demised premises without the consent of the Landlord under this Lease; 

  

	 	(v)	 otherwise be on similar terms mutatis mutandis to the terms of this Lease; 

  
 -21- 

	 	(vi)	 be in a form approved by the Landlord prior to its grant; 

 

	 	(b)	 any underlease of part shall contain an agreement to exclude the provisions of s 24 to 28 Landlord and Tenant
Act 1954 in relation to such underlease and that agreement shall have been duly authorised beforehand by the Court; 

  

	 	(c)	 prior to the grant of any underlease the Tenant shall procure that the undertenant enters into a deed of
covenant with the Landlord to pay the rents and other sums reserved by and observe and perform the covenants on the undertenant’s part and the conditions contained in the proposed underlease and not to do or omit any act or thing in respect of
the sub-demised premises which would or might cause the Tenant to be in breach of the covenants on the part of the Tenant contained in this Lease. 

 

	22.10	 The Tenant shall: 

  

	 	(a)	 not consent to or participate in any variation or addition whatsoever to any such underlease granted in
accordance with the preceding provisions of this paragraph without the consent of the Landlord; 

  

	 	(b)	 enforce all the covenants and obligations of the undertenant under any such underlease; 

 

	 	(c)	 operate and effect all reviews of rent pursuant to the terms of any such underlease but shall not agree or have
determined any reviewed rent until the corresponding rent review under this Lease is agreed or determined; 

  

	 	(d)	 notify the Landlord of the reviewed rent immediately it has been agreed or determined; 

 

	 	(e)	 not accept a surrender of any underlease without the consent of the Landlord. 

 

	22.11	 Sharing with Group Companies 

Notwithstanding the preceding provisions of this paragraph 22, if and so long as the Tenant shall be a Group Company of WPP Group Plc nothing
in this paragraph shall prevent the Tenant from sharing occupation of the whole or any part or parts of the Premises with any other Group Company of WPP Group Plc on condition that: 

 

	 	(a)	 the registered office of the Group Company shall also be in the United Kingdom of Great Britain, Northern
Ireland or the European Community; 

  

	 	(b)	 the interest in the Premises so created shall be no more than a tenancy at will; 

 

	 	(c)	 the right of any company to occupy the Premises or any part or parts of the Premises shall immediately
determine upon such company ceasing to be a Group Company. 

  
 -22- 

	22.12	 To supply information 

From time to time on demand during the Term to furnish the Landlord with particulars of any derivative interest in the Premises, including
particulars of the rents payable and such other information and copy documents as the Landlord may reasonably require, and the cost of so doing shall be borne by the Tenant if this clause is not invoked more frequently than once a year but otherwise
on each second or subsequent occasion in any year the Landlord shall bear the Tenant’s reasonable costs of compliance. 
  

	23.	 Costs of licences 

To pay all the Landlord’s reasonable and proper costs fees and/or expenses incurred in connection with any request for a licence or
consent pursuant to the terms of this Lease including where the request is withdrawn or the licence or consent is lawfully withheld. 
  

	24.	 Registration of dealings 

Within one month after any assignment or underletting of whole or of part or the assignment of any such underlease or after any devolution by
will or otherwise or mortgage or charge affecting the Premises (except a floating charge affecting an underlease) to produce to the solicitor for the time being of the Landlord the deed or instrument effecting the same and pay his fee for
registration. 
  

	25.	 Aerials and signs 

25.1 Subject to paragraph 25.2 not to place or affix any aerial or satellite dish or any sign, signboard, facia, placard, bill, notice or other
notification whatsoever to or upon the outside of the Premises or the windows or inside the Premises so as to be visible from the outside. 
  

	25.2	 There is excepted from paragraph 25.1: 

 

	 	(a)	 the name of the Tenant and any permitted undertenants signwritten on or close to the entrance doors of the
Premises in materials and a style and manner approved by the Landlord or the Landlord’s Surveyor; 

  

	 	(b)	 the name of the Tenant and any permitted undertenants displayed on the Landlord’s indicator board (if any)
in the entrance lobby in the Building. 

  

	26.	 Not to strain floors and ceilings 

Not to impose any strain on the floors and ceilings of the Premises beyond that which they were designed to bear. 

 

	27.	 Not to interfere with Common Media 

Not to overload damage or interfere with: 

  
 -23- 

	 	(a)	 the Common Media; or 

 

	 	(b)	 the plant and machinery and landlord’s fixtures and fittings in the Common Parts; or

  

	 	(c)	 any sprinkler or fire alarm system whether forming part of the Common Media or exclusively serving the
Premises; or 

  

	 	(d)	 the Excluded Plant. 

  

	28.	 Interest on arrears 

 

	28.1	 If any sum payable by the Tenant to the Landlord under this Lease shall not be paid within 14 days of the same
becoming due to pay to the Landlord Higher Rate Interest from the date of the same becoming due down to the date of payment. 

  

	28.2	 Paragraph 28.1 shall apply to shortfall on review or interest on such shortfall payable under the provisions of
Schedule 6 paragraph 8 with effect from the date of demand where such shortfall and interest are not paid within seven days as referred to in that paragraph. 

  

	28.3	 If collection of rent has been suspended by the Landlord for breach of covenant the Tenant shall, when the
breach has been made good to the satisfaction of the Landlord or when this Lease shall be forfeited (as the case may be), pay to the Landlord in addition to the arrears of rent then due Higher Rate Interest from the date that rent became due down to
the date of actual payment. 

  

	29.	 Indemnity 

To indemnify the Landlord against all claims, demands, proceedings, damages, costs and expenses properly incurred: 

 

	29.1	 in respect of or incurred in connection with any damage or injury occasioned to: 

 

	 	(a)	 the Premises or the Building; or 

 

	 	(b)	 any adjacent or neighbouring premises belonging to the Landlord; or 

 

	 	(c)	 any person or any property movable or immovable 

by any act, default or negligence of the Tenant or any person deriving title under the Tenant or their respective agents, employees or
licensees; or 
  

	29.2	 for which the Landlord may be rendered liable or be exposed by reason of the breach, non-observance or non-performance by the Tenant of its covenants and the conditions in this Lease. 

  
 -24- 

	30.	 Encumbrances 

To perform and observe the Encumbrances so far as they relate to the Premises. 

  
 -25- 

 SCHEDULE 4 

Covenants by the Landlord 
  

	1.	 Quiet enjoyment 

That subject to the Tenant paying the rents reserved by and observing and performing the covenants on the part of the Tenant contained in this
Lease the Tenant may peaceably and quietly enjoy the Premises and the rights conferred in Part B to Schedule 1 during the Term without any lawful interruption or disturbance from or by the Landlord or any person or persons lawfully or equitably
claiming under or in trust for it. 
  

	2.	 Insurance and services 

To observe and perform the Landlord’s obligations as to insurance and services set out in Schedules 7 and 8 respectively. 

 

	3.	 Enforcement of covenant against other tenants 

To impose in all leases of the office areas of the Building covenants similar to those contained in Schedule 3 and to enforce those covenants
against the tenants of all parts of the Building. 
  

	4.	 Non-competition 

For so long as not less than four complete floors of the Building are occupied by J Walter Thompson Group Limited or by a Group Company of WPP
Group PLC not to: 
  

	 	(a)	 grant any lease or dispose of any office space in the Building to any of Omnicom, True North, Interpublic and
Cordiant or companies which were as at 15 May 2000 a Group Company of any of the foregoing (the “Excluded Companies”) and will not consent to any assignment, lease or other disposition as aforesaid to any of the Excluded
Companies; and 

  

	 	(b)	 grant naming rights for the Building to any other occupier and will consult with the Tenant before changing the
name of the Building from Number One Knightsbridge Green. 

  

	5.	 Prohibited use 

Whilst the Premises or any part thereof are occupied by J Walter Thompson Group Limited not to permit the unit shown marked “Retail
1” on the plan annexed numbered 1 to be used for any purpose within Class A3 of the Town & Country Planning (Use Classes) Order 1987. 

  
 -26- 

 SCHEDULE 5 

Provisos, agreements and declarations 
  

	1.	 Forfeiture 

Without prejudice to any other provisions contained in this Lease the Landlord may at any time re-enter
the Premises and immediately on so doing this Lease shall terminate absolutely but without prejudice to any rights of the Landlord in respect of any breach of any of the obligations on the Tenant’s part in this Lease: 

 

	1.1	 if the reserved rents are unpaid for 21 days after becoming payable (whether formally demanded or not); or

  

	1.2	 if the Tenant is in breach of any of the Tenant’s obligations in this Lease which have not been remedied;
or 

  

	1.3	 if the Tenant or any guarantor of the Tenant’s obligations: 

 

	 	(a)	 (being a company or if in partnership) enters into liquidation whether compulsory or voluntary (other than for
the purpose of reconstruction or amalgamation not involving a realisation of assets) or has a winding up order made against it by the Court or has a receiver appointed over all or any part of its assets or an administration order is made pursuant to
the Insolvency Act 1986 or the Insolvent Partnerships Order 1994; or 

  

	 	(b)	 (being one or more individuals whether or not in partnership together) any one of them petitions the court for
his own bankruptcy or has a bankruptcy order made against him; or 

  

	 	(c)	 becomes insolvent or enters into any composition with its or his creditors or enters into a voluntary
arrangement (within the meaning of s 1 or 253 Insolvency Act 1986 or the Insolvent Partnerships Order 1994) or distress, sequestration or execution is levied on its or his goods. 

 

	2.	 Tenant’s goods 

 

	2.1	 The Landlord shall be deemed to have been irrevocably appointed the Tenant’s agent to store and/or dispose
of all tenant’s fixtures and fittings and other property belonging to the Tenant or to any third party not removed from the Premises by the Tenant in accordance with its covenants contained in Schedule 3 paragraph 6 and/or Schedule 7 paragraph
1.7. 

  

	2.2	 The Tenant shall indemnify the Landlord against all costs and expenses as the Landlord may properly incur in so
storing and/or disposing of any such property and against any claim made against the Landlord in relation to any such property by any third party. 

  
 -27- 

	2.3	 To pay to the Landlord on demand Higher Rate Interest on such costs and expenses from the date of expenditure
until the date they are paid by the Tenant to the Landlord. 

  

	3.	 Landlord’s right to develop 

Nothing contained in this Lease shall by implication of law or otherwise operate to confer on the Tenant any easement, right or privilege
whatsoever over or against any adjoining or other property belonging to the Landlord (whether forming part of the Building or not) which might restrict or prejudicially affect the future rebuilding, alteration or development of such adjoining
or other property nor shall the Tenant be entitled to compensation for any damage or disturbance caused by or suffered through any such rebuilding, alteration or development. 
  

	4.	 Notices 

  

	4.1	 Any notice or notification served or given under or in connection with this Lease shall be in writing.

  

	4.2	 Section 196(4) Law of Property Act 1925 (as amended by the Recorded Delivery Service Act 1962) shall apply
to all notices and certificates required to be given or served under this Lease. 

  

	5.	 Value Added Tax 

All sums payable by the Tenant under this Lease which are from time to time subject to VAT shall be considered to be tax exclusive sums. 

 

	6.	 Expert determination proceedings 

 

	6.1	 The provisions of this paragraph shall apply to determination of issues by an independent expert if it is
invoked elsewhere in this Lease or the parties otherwise agree to invoke it. 

  

	6.2	 The expert shall be appointed by the parties jointly or if there is no agreement on the appointment he shall be
appointed by the President (or other acting senior officer for the time being) of the relevant professional body on the request of either party. 

  

	6.3	 For the purposes of paragraph 6.2 the relevant professional body shall in relation to any dispute or difference
over matters of: 

  

	 	(a)	 valuation, service charge, management or the condition of the Building or the Premises be the Royal Institution
of Chartered Surveyors; 

  

	 	(b)	 accountancy or the incidence of taxation be the Institute of Chartered Accountants in England and Wales; and

  

	 	(c)	 law be the Law Society; 

  
 -28- 

 but where there are matters that materially involve issues falling under more than one such
grouping more than one expert to act jointly with one another shall be appointed (unless the parties otherwise agree) and references in this paragraph 6 to an expert shall then be treated as referring to experts acting jointly. 

 

	6.4	 The person so appointed shall act as an expert and not as an arbitrator. 

 

	6.5	 The expert shall be required to: 

 

	 	(a)	 give notice to the Landlord and the Tenant allowing each of them to submit to him within such reasonable time
as he may stipulate representations on the relevant issue accompanied (if either of them so wish) by a statement of reasons and professional valuations or reports (as the case may be) of which copies are supplied to the other party; and

  

	 	(b)	 permit each of the Landlord and the Tenant to make a submission in respect of the other’s reasons,
valuation and reports provided under paragraph 6.5(a); but 

  

	 	(c)	 neither the Landlord nor the Tenant may without the consent of the other disclose to the expert correspondence
or other evidence to which the privilege of non-production (“without prejudice”) properly attaches; 

but the expert shall not be bound by any such submission, and he may make his determination as he thinks fit. 

 

	6.6	 The determination of the expert shall be final and binding on the parties except in the case of manifest error.

  

	6.7	 The fees and expenses of the expert including the cost of his nomination shall be borne either as to the whole
or in the proportions as the expert shall determine (but in the absence of such a determination they shall be borne equally) and each of the parties shall bear its own costs with respect to the determination of the issue by the expert, but the
Landlord may pay the costs required to be borne by the Tenant if they remain unpaid more than 21 days after they become due and then recover these and any incidental expenses incurred from the Tenant on demand. 

 

	6.8	 If the expert refuses to act becomes incapable of acting or dies the Landlord or the Tenant may require the
appointment of a replacement expert as provided in paragraph 6.2. 

  

	7.	 Disclaimer of liability for use of Car Park 

The Landlord shall not be under any liability whatsoever for loss or damage to any vehicle or other property or any damage or injury to any
person howsoever arising or for the prevention of ingress to or egress from the Car Parking Spaces caused by the use or attempted use by any person of the Car Parking Spaces or any other part of the Car Park except in the case of negligence on the
part of the Landlord, its servants or agents. 

  
 -29- 

	8.	 Perpetuity period 

In so far as the perpetuity rule applies to any provision of this Lease the perpetuity period shall be 80 years from the date stipulated in the
definition of “Term” in clause 1.1 as the date on which the Term commences. 
  

	9.	 Data Protection Act 1998 

For the purposes of the Data Protection Act 1998 or otherwise the Tenant and the Guarantor (if any) agree to any information relating to this
tenancy held by the Landlord being disclosed to third parties so far only as is necessary in connection with the management or disposal of the Premises. 
  

	10.	 Address for Rent Demands 

The first rent demand shall be delivered to the Tenant at the Premises. 

 

	11.	 Tenant’s option to determine 

 

	11.1	 The Tenant may end this Lease on 29 September 2016 by giving at least 12 months° written notice
expiring on that day PROVIDED that at the time of expiry of such notice: 

  

	 	(a)	 there are no arrears of any rents reserved by or any other sums payable by the Tenant under this Lease (whether
or not subject to dispute); and 

  

	 	(b)	 vacant possession of the Premises is gi ien and at the same time the Tenant pays to the Landlord a sum equal to
six months’ rent at the rate then payable pursuant to clause 2.6(a) of this Lease. 

  

	11.2	 If any of the conditions referred to in (a) or (b) above are not satisfied at the date of expiry of such
notice the notice is deemed to be ,‘ lc effect and this Leas shall continue as before, provided that the Landlord may waive all or any of the said conditions by giving notice to the Tenant at any time. 

 

	11.3	 The ending of this Lease shall not affect either party’s rights in respect of any earlier breach of any
provision of this Lease. 

  

	11.4	 The provisions contained in this paragraph 12 are personal to and exercisable only by J Walter Thompson Group
Limited. They are not capable of being assigned or otherwise dealt with by J Walter Thompson Group Limited and shall cease to have effect upon the date of the first deed of assignment of this Lease between J Walter Thompson Group Limited and its
assignee irrespective of whether such assignment is notified to the Landlord. 

  

	11.5	 Nothing in this paragraph 12 shall have the effect of making time of the essence for the purposes of the review
of rent under this Lease. 

  
 -30- 

	12.	 Third party rights 

No person other than a contracting party may enforce any provision of this Lease by virtue of the Contracts (Rights of Third Parties) Act 1999.

  
 -31- 

 SCHEDULE 6 

Rent Reviews 
  

	1.	 The review dates 

 

	1.1	 The yearly rent payable under this Lease shall be reviewed on the 29th September in each of the years 2006 2011 and 2016 (referred to in this Schedule as the “review dates” and the “relevant review date” shall be construed accordingly).

  

	1.2	 With effect on and from each review date the reviewed rent as agreed or determined in accordance with the
following provisions of this Schedule shall become payable as the yearly rent reserved by this Lease. 

  

	2.	 Upward only rent reviews 

The reviewed rent shall be the higher of: 
  

	2.1	 the yearly rent payable under this Lease immediately preceding the relevant review date; and

  

	2.2	 the market rent of the Premises at the relevant review date; and 

 

	2.3	 90% of the market rent of Level 3 in the Building calculated on a per square foot basis.

  

	3.	 The market rent 

For the purposes of this Lease the expression the “market rent” means the best yearly rent at which the Premises might reasonably be
expected to be let in the open market by a willing landlord to a willing tenant: 
  

	3.1	 with vacant possession; 

 

	3.2	 for the unexpired residue of the term of this Lease at the relevant review date or for a term of 10 years from
the relevant review date (whichever is the greater) and having a rent review, in the same terms as this Lease, at the expiry of each consecutive period of five years throughout the term; 

 

	3.3	 without the payment of a premium by the willing tenant; 

 

	3.4	 subject to the provisions of this Lease (other than “paragraph 2.3, the length of the term and the amount
of rent but including these provisions for rent review); 

 but upon the assumption, if not the fact, that at the relevant
review date: 
  

	3.5	 the Premises have an agreed Net Internal Area of 1,301.72 square metres (14,011.58 square feet):

  
 -32- 

	3.6	 the Premises may be used for any of the uses permitted by this Lease; 

 

	3.7	 the Premises have been fitted out at the cost of the tenant and are therefore ready for immediate commencement
of the normal operation of the business of the willing tenant consistent with paragraph 3.6 above so that the willing tenant would not require a rent free period or other allowance for fitting out the Premises; 

 

	3.8	 in case the Premises have been destroyed or damaged they have been fully reinstated; 

 

	3.9	 the covenants and conditions in this Lease have been fully observed and performed; 

 

	3.10	 there is not in operation any statute, order or instrument, regulation or direction which has the effect of
regulating or restricting the amount of rent of the Premises which might otherwise be payable. 

  

	3.11	 For the purposes of paragraph 2.3 the expression the “Premises” in paragraphs 3 and 4 shall mean
Level 3 and for the purposes of paragraph 3.5 shall be taken as referring to a Net Internal Area of 1,540.39 square metres (16,580.60 square feet). 

  

	4.	 Matters to be disregarded 

 

	4.1	 in this paragraph 4 references to the “Tenant” include the predecessors in title to the
Premises of the Tenant ana any person claiming title to the Premises through or under the Tenant or any of them. 

  

	4.2	 In agreeing or determining the market rent the effect upon it of the following matters shall be disregarded:

  

	 	(a)	 the occupation of the Premises or any other parts of the Building by the Tenant; 

 

	 	(b)	 any goodwill attached to the Premises by reason of the carrying on at the Premises or any other parts of the
Building of the business of the Tenant; 

  

	 	(c)	 any improvements to the Premises or the Building made by the Tenant during the Term with the written consent of
the Landlord other than those: 

  

	 	(i)	 made by way of replacement of any of the items comprised in the list of landlord’s fixtures and fittings
as listed in Schedule 1 paragraph 2.6; or 

  

	 	(ii)	 made in pursuance of an obligation to the Landlord or in the case of an under-tenant to his immediate reversioner; or 

  

	 	(iii)	 completed by the Tenant more than 21 years before the relevant review date; or 

 

	 	(iv)	 in respect of which the Landlord has made or is under an obligation to make a financial contribution to the
whole or part of the cost; or 

  
 -33- 

	 	(d)	 any Ten—ant’s Requested Modifications and the
Tenant’s Works as defined in and carried out under the Agreement for Lease; or 

  

	 	(e)	 any work carried out to the Premises by the Tenant either before or after the grant of this Lease which, apart
from this sub-paragraph, would diminish the market rent. 

  

	5.	 Procedure for determination of market rent 

 

	5.1	 The Landlord and the Tenant may agree the market rent at any time but if they do not agree the market rent:

  

	 	(a)	 the amount of the market rent may be determined by reference to either arbitration or the determination of an
independent expert as the Landlord may elect: 

  

	 	(b)	 the Landlord may exercise the right of election at any time either by giving notice to the Tenant or
alternatively by requesting the nomination of an arbitrator or independent expert in such application for a nomination as may be made by the Landlord; but 

  

	 	(c)	 if the Landlord has not actually exercised its right of election before the rent review date the Tenant may at
any time thereafter require the Landlord to do so by giving notice to the Landlord to that effect and if the Landlord has not done so within 28 days of receipt of the notice it shall be treated as having elected for a reference to the determination
of an independent expert: and 

  

	 	(d)	 the Tenant may not make an application for the nomination of an arbitrator or an expert (as the case may be)
until the Landlord has made an election or is treated as having made an election in accordance with this paragraph 5.1. 

  

	5.2	 In the case of arbitration the arbitrator shall be nominated by the Landlord and the Tenant jointly or in the
absence of an agreed nomination he shall be nominated by the President for the time being of the Royal Institution of Chartered Surveyors on the application either of the Landlord or of the Tenant. 

 

	5.3	 The arbitrator or expert to be nominated shall be a valuer and chartered surveyor having not less than ten
years’ experience of rental valuation of property being put to the same or similar use as the Premises and of property in the same region in which the Premises are situated. 

 

	5.4	 A reference to and award of an arbitrator shall be governed by the Arbitration Act 1996 and the decision of the
arbitrator shall be final and binding on the parties. 

  

	5.5	 In the case of a determination by an independent expert the provisions in this Lease relating to expert
determination proceedings shall apply as supplemented by the provisions of this paragraph 5. 

  
 -34- 

	5.6	 If the arbitrator or the expert refuses to act becomes incapable of acting or dies the Landlord or the Tenant
may require the appointment of a replacement arbitrator or expert (as the case may be) in the same manner as applied to the original appointment but without further right of election under paragraph 5.1 on the part of the Landlord.

  

	5.7	 The Landlord may pay such costs of the rent review required to be paid by the Tenant as have been awarded by
the arbitrator or determined by the expert (as the case may be) if they remain unpaid for more than 21 days after they have become due and then recover these and any incidental expenses incurred from the Tenant on demand. 

 

	6.	 Reviewed rent reserved in phases 

The Landlord and the Tenant may at any time before the market rent is determined by an arbitrator or an independent expert (as the case may be)
settle the amount of the reviewed rent and agree to reserve it in phases. 
  

	7.	 Time limits 

Time shall not be of the essence in agreeing or determining the reviewed rent or of appointing an arbitrator or expert. 

 

	8.	 Rental adjustments 

 

	8.1	 If the market rent has not been agreed or determined in accordance with the provisions of this Schedule before
the relevant review date then until the market rent has been so agreed or determined the Tenant shall continue to pay on account rent at the rate of yearly rent payable immediately before the relevant review date. 

 

	8.2	 The Tenant shall pay to the Landlord within seven days of a demand by the Landlord following the agreement or
determination of the market rent: 

  

	 	(a)	 all arrears of the reviewed rent which have accrued in the meantime; and 

 

	 	(b)	 Base Rate Interest on each of the instalments of the arrears from the time that it would have become due for
payment if the market rent had then been agreed or determined until the demand is made by the Landlord for payment by the Tenant in accordance with this paragraph. 

 

	9.	 Memorandum of rent review 

The Landlord and the Tenant shall cause: 
  

	9.1	 in the case of agreement of the reviewed rent a memorandum of the reviewed rent duly signed by each of them;

  
 -35- 

	9.2	 in the case of an award or determination of the reviewed rent a copy of the award or determination

 without delay to be securely annexed to this Lease and the counterpart of this Lease and each shall bear its own costs
of doing so. 

  
 -36- 

 SCHEDULE 7 

Insurance provisions 
  

	1.	 Tenant’s covenants 

The Tenant covenants with the Landlord: 

Insurance rent 
  

	1.1	 To pay a sum equal to: 

 

	 	(a)	 such fair and reasonable proportion as the Landlord may from time to time reasonably deem appropriate having
regard (inter alia) to: 

  

	 	(i)	 any alterations or additions to the Building or any change of use of any part of it; or 

 

	 	(ii)	 information supplied to it by the Tenant pursuant to Schedule 3 paragraph 17 

 

	 	of	 such sums as the Landlord may from time to time expend in insuring the Building and all additions to the
Building against the Insured Risks (including: 

  

	 	(iii)	 the preparation and settlement of any insurance claim; 

 

	 	(iv)	 the cost of complying with any requirements from time to time of the insurer); 

 

	 	(v)	 valuation of the whole or any part of the Building; 

 

	 	(vi)	 insurance of the Landlord against employers’ liability and public liability risks in respect of the
Building; 

  

	 	(b)	 the whole of such sums as the Landlord may from time to time properly expend in insuring against three
years’ loss of the rent first reserved by this Lease and the Service Charge arising from damage to the Building or any part of it by any of the Insured Risks. 

The insurance cover may include VAT and take due account of the effects of inflation and escalation of costs and the Landlord’s estimate
of the market rent in the context of ensuing rent reviews and/or the end of the Term and the Landlord (here meaning The Prudential Assurance Company Limited only) or a Group Company of the Landlord shall be entitled to retain any commissions paid to
it. 

  
 -37- 

 Tenant’s insurance obligations 

 

	1.2	 Not knowingly to do or omit in or upon the Premises anything whatsoever which may: 

 

	 	(a)	 render the Landlord liable to pay in respect of the Premises and/or the Building or any part of them more than
the rate of premium which the Landlord might expect to pay in the open market to insure premises of a similar nature let on a similar basis against the Insured Risks; or 

 

	 	(b)	 restrict or make void or voidable any policy for such insurance. 

 

	1.3	 To repay to the Landlord any increase in the rate of premium and all expenses incurred by it in or about any
renewal of such policy rendered necessary by a breach of paragraph 1.2. 

  

	1.4	 In the event of: 

  

	 	(a)	 any part of the Premises or the Building being destroyed or damaged by any of the Insured Risks; and

  

	 	(b)	 the insurance moneys being wholly or partially irrecoverable by reason solely or in part of any act or default
of the Tenant or any person deriving title under the Tenant or any of their respective agents, employees or licensees 

the Tenant shall pay to the Landlord on demand a sum equal to the whole or a fair proportion (as the case may require) of the irrecoverable
insurance moneys. 
  

	1.5	 Not to insure any part of the Premises against any of the Insured Risks. 

 

	1.6	 To notify the Landlord immediately in writing in the event of damage to any part of the Premises by any of the
Insured Risks. 

  

	1.7	 In the event of damage to any part of the Premises by any of the Insured Risks so as to render the same unfit
for occupation or use (if so required by the Landlord) to remove from the Premises all tenant’s fixtures and fittings and other property belonging to the Tenant or to any third party within one month of such damage and/or to indemnify the
Landlord against the cost of so doing. 

  

	1.8	 In the event of damage to the Premises or the Building or any part or parts of them by any of the Insured Risks
to pay to the Landlord on demand a sum equal to the whole or a proper proportion of any uninsured excess to which the insurance policy may be subject. 

  

	1.9	 To maintain in force throughout the Term in the joint names of the Landlord and the Tenant engineering
insurance for all electrical or mechanical equipment and apparatus forming part of the Premises and to produce to the Landlord on demand the policy relating to such insurance and evidence of payment of the current premium. 

 

	1.10	 Not to leave the Premises continuously unoccupied for more than 21 days without notifying the Landlord and
providing such caretaking or security arrangements as the Landlord and/or its insurers may require in order to protect the Premises from vandalism, theft, damage or unlawful occupation. 

  
 -38- 

	2.	 Landlord’s covenants 

The Landlord covenants with the Tenant: 

To insure 
  

	2.1	 To insure and keep insured the Building and all additions to the Building against loss or damage by the Insured
Risks with an insurer of repute subject to such exclusions, conditions and uninsured excesses as the insurer may reasonably apply in a sum equal to: 

  

	 	(a)	 the Landlord’s proper opinion of the full cost of reinstatement (taking into account receipt by the
Landlord of any appropriate notification from the Tenant pursuant to Schedule 3 paragraph 17) including architects’, surveyors’ and consultants’ fees and the cost of removing all debris (excluding contents and stock debris) from the
site of the Building and other incidental expenses; 

  

	 	(b)	 three years’ loss of the rent first reserved by this Lease and Service Charge. To reinstate

  

	2.2	 Subject to paragraph 2.3 to cause all money received by virtue of such insurance (other than sums received for
loss of rent) to be laid out in clearing the site and reinstating the Building or the Premises (as the case may be) and to make good any shortfall out of its own moneys save to the extent that any such shortfall shall arise due to the failure of the
Tenant to comply with its covenants contained in Schedule 3 paragraph 17 and/or paragraphs 1.2 and/or 1.8 of this Schedule. 

  

	2.3	 The Landlord’s obligation under this covenant shall cease if: 

 

	 	(a)	 the insurance shall be rendered void by reason of any act or default of the Tenant or any person deriving title
under the Tenant or their respective agents, servants or licensees; and/or 

  

	 	(b)	 this Lease shall be determined in accordance with paragraph 5 of this Schedule. 

 

	2.4	 Nothing in Schedule 8 shall impose on the Landlord any liability to make good damage caused by an Insured Risk.

  
 -39- 

 OTHER PROVISIONS 

 

	3.	 Landlord an insurance company 

 

	3.1	 If at any time and so long as the Landlord (here meaning The Prudential Assurance Company Limited only) or a
Group Company of the Landlord is an insurance company the Landlord may carry the risk referred to in paragraph 2.1 itself in which case: 

  

	 	(a)	 the Landlord shall be deemed to have effected an insurance policy on terms (and subject to such exclusions,
conditions and uninsured excesses) equivalent to those quoted by it or the Group Company from time to time when underwriting similar business; 

  

	 	(b)	 the Landlord shall be deemed to have expended from time to time such premiums as it would have charged for
insuring and keeping insured the Building and rent in accordance with this Lease as if such insurance had been effected by a single tenant of the whole of the Building (let as a whole) with the Landlord (as insurer); and 

 

	 	(c)	 all the provisions of this Lease which relate to insurance (including, but without limitation, the provisions
for reinstatement and making up of any shortfall in the insurance moneys) shall apply mutatis mutandis where the Landlord carries the risk as if the Landlord had effected a policy with an independent insurer. 

 

	4.	 Suspension of Rent 

 

	4.1	 The provisions of paragraph 4.2 shall apply if the Building or any part of it shall at any time during the Term
be so damaged by any of the Insured Risks as to render the Premises or any part of them unfit for occupation or use (but shall not apply if no insurance moneys shall be payable owing to the act or default of the Tenant or any person deriving title
under the Tenant or their respective agents, employees or licensees). 

  

	4.2	 If paragraph 4.1 applies the rent first reserved by this Lease and the Service Charge or a fair proportion of
them according to the nature and extent of the damage sustained shall be suspended and cease to be payable until either the Building or the Premises as the case may be shall have been reinstated and made fit for occupation or use (excluding fitting
out and replacement of contents) or if earlier until the expiry of three years from the date of such damage. 

  

	4.3	 In the event of dispute as to the amount or duration of the rent to be abated such dispute shall be settled by
a single arbitrator to be appointed by the President for the time being of the Royal Institution of Chartered Surveyors. 

  

	5.	 Options to determine 

 

	5.1	 If the Building or a substantial part of it (whether including the Premises or not) is destroyed or damaged by
any of the Insured Risks then this Lease may at the option of the Landlord be determined by the Landlord giving to the Tenant not less than six months’ notice (such notice to be given within 12 months after such destruction or damage).

  
 -40- 

	5.2	 If for any reason outside the control of the Landlord it shall prove impossible to commence rebuilding work on
site within two years of the date of such damage or destruction by any of the Insured Risks then the Landlord may by notice to the Tenant determine this Lease and upon receipt by the Tenant of such notice the Term shall cease and determine.

  

	5.3	 if either the Landlord has not commenced rebuilding work on site within two years of the date of such damage or
destruction by any of the Insured Risks or the Landlord has not completed reinstatement of the Building within two years and six months of such date then in either event this Lease may at the option of the Tenant be determined by the Tenant giving
to the Landlord not less than six months’ notice and upon the expiration of such notice the Term shall cease and determine but if by the expiration of such notice the Building has been reinstated the notice shall become void and this Lease
shall continue in full force and effect. 

  

	5.4	 If this Lease is determined pursuant to paragraph 5.1, 5.2 or 5.3 the Landlord shall be entitled to retain the
whole of the insurance moneys for its absolute use and benefit. 

  
 -41- 

 SCHEDULE 8 

Part A 
 Service Charge
Provisions 
  

	1.	 Tenant’s liability to pay Service Charge 

 

	1.1	 The Tenant shall pay to the Landlord the Service Charge. 

 

	1.2	 The Service Charge is such proportion of the Landlord’s Costs as the Landlord reasonably deems fair
and attributable to the Premises in any service charge period beginning or ending during the Term, but without affecting the general operation of the Landlord’s discretion: 

 

	 	(a)	 the proportion shall be calculated primarily on a comparison for the time being of the Net Internal Area of the
Premises with the Net Internal Area of the Building (excluding however the Net Internal Area of the Management Premises); but 

  

	 	(b)	 in the event of such comparison being inappropriate having regard to the nature of the expenditure (or item of
expenditure) incurred or the premises in or upon the Building which benefit from it or otherwise the Landlord shall be at liberty in its discretion to adopt such other method of calculation of the proportion of such expenditure to be attributed to
the Premises as shall be fair and reasonable in the circumstances (including if appropriate the attribution of the whole of such expenditure to the Premises). 

 

	1.3	 The Landlord’s Costs are the costs and expenses properly incurred by the Landlord of and incidental to the
provision of the Services in or with respect to any service charge period beginning or ending during the Term. 

  

	1.4	 The Services are itemised in Parts B and C of this Schedule. 

 

	1.5	 The Landlord’s Costs, the Service Charge and the provision of the Services shall be calculated and dealt
with in accordance with the provisions of this Schedule. 

  

	2.	 Advance payments on preliminary basis 

 

	2.1	 The Service Charge shall be discharged by means of advance payments to be made on each of the usual quarter
days in every year and also by such additional payments as may be required under paragraphs 3 and 4. 

  

	2.2	 The amount of each advance payment shall be equal to the last advance payment or shall otherwise be such amount
as the Landlord may reasonably determine as likely to be equal in the aggregate to the Service Charge for the relevant service charge period and which is notified to the Tenant at or before the time when the demand for an advance payment is made and
the advance payment for the service charge period current at the date of this Lease shall be £ 22,768.75 per quarter. 

  
 -42- 

	2.3	 For the purposes of this Schedule “service charge period” means the period of 12 months from
1 October to 30 September in each year (or such other appropriate period of more or less than 12 months as the Landlord may from time to time reasonably determine). 

 

	2.4	 The Service Charge shall be deemed to accrue on a day-to-day basis in order to ascertain yearly rates and for the purposes of apportionment in relation to periods of other than one year. 

 

	3.	 Landlord’s Costs accounts and Service Charge adjustments 

 

	3.1	 The Landlord shall as soon as may be practicable after the end of each service charge period submit to the
Tenant a statement duly certified by the Landlord, the Landlord’s Surveyor. or the Landlord’s managing agents (or audited by the Landlord’s auditors if the Landlord so decides) giving a proper summary of the Landlord’s Costs and
the calculation of the Service Charge for the service charge period just ended and the provisions in this Lease as to the giving of notices apply to the submission of the statement. 

 

	3.2	 if the Service Charge as certified shall be more or less than the total of the advance payments (or the grossed-up equivalent of such payments if made for any period of less than the service charge period) then any sum due to or payable by the Landlord by way of adjustment in respect of the Service Charge shall
forthwith become due and be paid or allowed as the case may be. 

  

	3.3	 The provisions of this paragraph 3 shall continue to apply notwithstanding the expiry or earlier determination
of this Lease in respect of any service charge period then current. 

  

	3.4	 The Tenant may within 28 days after the submission of a certified statement under paragraph 3.1 (time being of
the essence) challenge it on the ground that it contains errors or is otherwise incorrectly drawn by giving to the Landlord notice to that effect but only if it has first made payment of the full amount of any Service Charge that the statement shows
as due from the Tenant and if so: 

  

	 	(a)	 the Landlord and the Tenant shall endeavour to resolve the relevant issue but if they cannot do so;

  

	 	(b)	 the issue in dispute shall be referred to the determination of an independent expert and the provisions in this
Lease relating to expert determination proceedings shall apply; 

  

	 	(c)	 such adjustments to the statement as may be required to be made in consequence of the determination of the
expert shall be made and any sum due to or payable by the Landlord shall forthwith be paid or allowed as the case may be; 

  
 -43- 

	 	(d)	 Base Rate Interest shall be paid or allowed in respect of the period during which the relevant amount has been
underpaid or overpaid; 

 but if not the Tenant’s right of challenge to that certified statement shall lapse. 

 

	3.5	 The Tenant shall be entitled during the period of six months commencing on the submission of the statement
under paragraph 3.1 to: 

  

	 	(a)	 inspect the service charge invoices and vouchers of the Landlord at such location as the Landlord may
reasonably appoint for the purpose during normal working hours on weekdays; and 

  

	 	(b)	 at the Tenant’s expense take copies of them. 

 

	4.	 Exceptional expenditure 

 

	4.1	 If funds collected by way of advance payments towards Landlord’s Costs prove insufficient to meet an
immediate liability (and there is no reserve fund available or which may be applied to meet the liability) and the cause of the insufficiency is not that any Lettable Areas are or have been vacant or that a tenant or occupier has defaulted in
payment of his proportion of the Landlord’s Costs, the Landlord shall be entitled to advance moneys (or borrow moneys for the purpose from reputable banks) at commercially competitive rates of interest and interest payable on the advance or the
borrowing shall be recoverable as an item of the Landlord’s Costs. 

  

	4.2	 Where the Landlord carries out major works of repair, maintenance and decoration or replaces major items of
plant or machinery it may: 

  

	 	(a)	 at its discretion apportion the Landlord’s Costs in respect of the relevant expenditure over more than one
service charge period; and 

  

	 	(b)	 include in the Landlord’s Costs Base Rate Interest on the part of the expenditure to be recovered in later
service charge periods. 

  

	5.	 Landlord’s protection provisions 

The Tenant shall not be entitled to object to the Landlord’s Costs (or any item comprised in it) or otherwise on any of the following
grounds: 
  

	5.1	 the inclusion in a subsequent service charge period of any item of expenditure or liability omitted from the
Landlord’s Costs for any earlier service charge period so long as the Landlord has acted in good faith; 

  

	5.2	 an item of Landlord’s Costs included at a proper cost might have been provided or performed at a lower
cost; or 

  
 -44- 

	5.3	 disagreement with any estimate of future expenditure for which the Landlord requires to make provision so long
as the Landlord has acted reasonably and in good faith and in the absence of manifest error; or 

  

	5.4	 the manner in which the Landlord exercises its discretion in providing Services so long as the Landlord acts in
good faith and in accordance with the principles of good estate management; or 

  

	5.5	 the employment of managing agents to carry out and provide on the Landlord’s behalf any of the Services;
or 

  

	5.6	 the employment of a Group Company to carry out and provide on the Landlord’s behalf any of the Services;

 PROVIDED that the Landlord uses all reasonable endeavours to ensure that the Services are carried out in as efficient
and cost effective manner as is reasonably practicable. 
  

	6.	 Vacant parts of the Building and actions by the Landlord 

 

	6.1	 The Service Charge shall not be increased or altered by reason only that at any relevant time any Lettable
Areas of the Building may be vacant or be occupied by the Landlord or that any tenant or other occupier of another part of the Building may default in payment of his proportion of the Landlord’s Costs. 

 

	6.2	 Subject to paragraph 6.1 it is the intention that the Landlord should recover the whole of the Landlord’s
costs from the Tenant and other tenants and occupiers of the Building. 

  

	6.3	 If the Landlord recovers moneys in exercise of its powers referred to in paragraph 0 representing expenditure
which has been or which would otherwise fall to be included in the Landlord’s Costs the Landlord shall set off or credit such moneys against the Landlord’s Costs accordingly. 

 

	7.	 Landlord’s Costs to exclude tenants’ liabilities 

There shall be excluded from the items comprising the Landlord’s Costs any liability or expense for which the Tenant or other tenants or
occupiers of the Building may individually be responsible under the terms of the tenancy or other arrangement by which they use.or occupy the Building. 
  

	8.	 Management charges 

The Landlord shall be entitled to include in the Landlord’s costs: 

 

	8.1	 a reasonable fee for the provision of Services, which shall include the reasonable and proper fees for
employing managing agents for the carrying out and provision of Services but shall exclude any charge for the collection of rent; and 

  
 -45- 

	8.2	 any reasonable and proper cost of the accountants, auditors or surveyors for auditing or certifying the
Landlord’s Costs or providing other similar services in connection with the Landlord’s Costs. 

  

	9.	 The Landlord’s obligation to provide services 

 

	9.1	 Subject to the payment of the Service Charge by the Tenant in the manner and at the times required under this
Lease and to the following provisions of this paragraph 9 the Landlord: 

  

	 	(a)	 shall use its best endeavours to provide the Services itemised in Part B of this Schedule during Normal Working
Hours and at such additional times as the Tenant may request; and 

  

	 	(b)	 may provide the Services itemised in Part C of this Schedule. 

 

	9.2	 The Landlord shall not be liable to the Tenant for failure to provide any Services in this Schedule to the
extent that the Landlord is prevented from doing so by Insured Risks and other such perils, accident, strikes, lockouts of workmen or other cause beyond the Landlord’s reasonable control. 

 

	9.3	 The Landlord shall not be liable to the Tenant for failure to provide any Services in this Schedule that it is
obliged to do unless the Landlord has had written notice of and a reasonable period in which to remedy the failure. 

  

	9.4	 The Landlord shall not be liable to the Tenant for any loss, damage or inconvenience which may be caused by
reason of: 

  

	 	(a)	 temporary interruption of services during periods of inspection, maintenance, repair and renewal;

  

	 	(b)	 temporary interruption of services during the course of building works; 

 

	 	(c)	 the breakdown, failure, stoppage, leaking, bursting or defect of any hot or cold water, sanitary, ventilation,
extraction plant and machinery or of soil, gas, water or electricity or other plant and machinery or of the Common Media or the Conducting Media in the Premises, the Building or neighbouring or adjoining property. 

 

	9.5	 The Landlord shall not be under any obligation to the Tenant to continue the provision of the Services
specified in Part C of this Schedule and may in its absolute discretion vary, extend, alter or add to the Services in Parts B and C if the Landlord considers that by so doing the interests of the occupiers of the Building as a class will be better
served, the amenities in the Building may be improved and/or the management of the Building may be more efficiently conducted. 

  

	9.6	 The Landlord shall not be concerned in the administration and collection of or accounting for the Service
Charge on an assignment of this Lease and accordingly the Landlord shall: 

  
 -46- 

	 	(a)	 not be required to make any apportionment relative to the assignment; and 

 

	 	(b)	 be entitled to deal exclusively with the Tenant in whom this Lease is for the time being vested (and for this
purpose in disregard of any assignment which has not been registered in accordance with Schedule 3 paragraph 24). 

Part B 
 Mandatory
services and heads of charge 
  

	10.	 Common Parts 

  

	10.1	 The cleaning, lighting and maintenance of the Common Parts. 

 

	10.2	 The payment of any Outgoings in respect of the Common Parts. 

 

	10.3	 Keeping the Common Parts clear of all rubbish. 

 

	10.4	 The cleaning and clearing of Conducting Media. 

 

	10.5	 The cleaning of all windows which do not form part of any Lettable Area and the external faces of all windows
which although forming part of a Lettable Area give on to the Common Parts or form part of the exterior of the Building. 

  

	11.	 Repairs 

  

	11.1	 The repair, decoration, inspection, maintenance, renewal, replacement, resurfacing, washing down, cleaning and
upkeep of the Main Structure (without prejudice to the Tenant’s responsibility for maintaining doors and windows and paragraph 18.4 of this Schedule) and the Common Parts, the Conducting Media, Common Media and other common service facilities
and of plant, equipment and tools and utensils serving or used in the Building. 

  

	11.2	 Cleaning, lighting, repairing, renewing, decorating, maintaining, and rebuilding any fences, party walls, party
structures, entrance ways, stairs and passages and service areas and Conducting Media and any other items which are or may be used or enjoyed in common with adjacent or neighbouring properties (whether the relevant costs and expenses are incurred by
the Landlord or it is required to make a contribution to those incurred by the owners and occupiers of adjacent or neighbouring properties or by a competent authority). 

 

	12.	 Heating air conditioning and ventilation and water 

 

	12.1	 Heating the Building as may be appropriate in the prevailing climatic conditions and air conditioning and
ventilation and providing hot water to the hot water taps in the Building. 

  

	12.2	 Providing cold water to the cold water taps in the Building. 

  
 -47- 

	12.3	 The repair, maintenance, inspection, renewal and replacement of all plant and equipment required for or in
connection with the working and operation of heating air conditioning and ventilation and hot and cold water. 

  

	13.	 Lifts and Escalators 

 

	13.1	 The operation of a lifts’ and escalator service in the Building. 

 

	13.2	 The repair, maintenance, renewal and replacement of the lifts and escalators and of all plant and equipment for
or in connection with the working and operation of the lifts. 

  

	14.	 Insurances 

Engineering insurances for lifts, escalators, boilers, air-conditioning plant, lightning conductor
equipment and all other electrical or mechanical equipment and apparatus in the Building save to the extent that the Tenant or any other tenant is responsible for effecting such insurance. 

 

	15.	 Statutory requirements 

Compliance with the requirements of any statute (already or in the future to be passed) or any government department, local authority, other
public or competent authority or court of competent jurisdiction and of the insurers in relation to the use, occupation and enjoyment of the Building (including in relation to health and safety compliance with the proper practice recommended by all
appropriate authorities). 
 Part C 

Non-mandatory services and heads of charge 

 

	16.	 Legal proceedings 

 

	16.1	 Making representations which the Landlord in its discretion reasonably and properly considers should be made
against or otherwise contesting the incidence of the provisions of any notice, direction, order, certificate, assessment or proposal relating to or affecting the whole or any part of the Building. 

 

	16.2	 The proper costs of pursuing and enforcing any claim, and taking or defending any proceedings which the
Landlord may in its discretion make take or defend: 

  

	 	(a)	 against contractors, consultants, architects, consulting engineers and surveyors employed or engaged in
connection with the construction and/or refurbishment and/or repair of the Building and/or the Premises or any other third party for the remedy of a defect repairs in or to the Building or otherwise for which they or any of them may be liable; and

  
 -48- 

	 	(b)	 for the purpose of establishing, preserving or defending any rights, amenities or facilities used or enjoyed by
the tenants and occupiers of the Building or any part of it or to which they may be entitled. 

  

	17.	 Employees 

  

	17.1	 Employment of a facilities manager, porter, caretaker, cleaning staff, gardener or other staff for the
maintenance and upkeep of and the provision of services and security in the Building including (without limitation upon the general operation of this paragraph) National Insurance and pension contributions of such employees. 

 

	17.2	 The provision of uniforms, overalls and protective clothing for such employees or other staff required in
connection with their duties. 

  

	17.3	 The running cost of living accommodation for the facilities manager, porter or caretaker in or nearby the
Building and the payment of Outgoings in respect of such accommodation. 

  

	18.	 Common Parts 

  

	18.1	 The provision of repair, maintenance, inspection, renewal and replacement of directional and other informative
notices in the Common Parts. 

  

	18.2	 The furnishing, carpeting and equipping and ornamentation of the Common Parts. 

 

	18.3	 Landscaping, planting and replanting and the maintenance and upkeep of the Common Parts and of garden or
grassed areas and flagpoles on or within the curtilage of the Building. 

  

	18.4	 The maintenance, decoration or replacement of any door or window giving on to the Common Parts or forming part
of the exterior of the Building. 

  

	19.	 Management Premises 

 

	19.1	 The operating costs of Management Premises. 

 

	19.2	 The payment of all Outgoings in respect of Management Premises. 

 

	19.3	 The payment of any rent or service charge or other costs payable by the Landlord or any deemed rents in
relation to the Management Premises. 

  

	19.4	 The provision, maintenance, inspection, repair and replacement of equipment, tools and utensils for the
efficient management of the Services. 

  

	20.	 Refuse collection 

The provision of any refuse collection services or other refuse facilities. 

 

	21.	 Fire fighting equipment, security and public address 

  
 -49- 

	21.1	 The maintenance, inspection, repair and replacement of fire alarms and sprinkler systems.

  

	21.2	 The provision, maintenance, repair and replacement of ancillary fire prevention apparatus and fire fighting
equipment and telephone and public address systems. 

  

	21.3	 Security arrangements for entry to the Car Park. 

 

	21.4	 Security arrangements for the safety of occupiers and users of the Building and their property kept in the
Building. 

  

	21.5	 The engagement of security officers and security services. 

 

	22.	 Insurances 

Such additional insurances (other than as referred to in paragraph 14 or in respect of risks the Landlord covenants to insure in accordance
with Schedule 7) as the Landlord may reasonably effect in respect of or incidental to the Building, its operation and management. 

  
 -50- 

 SCHEDULE 9 

Covenants by the Guarantor 
  

	1.	 The Guarantor (if any) in consideration of the grant of this Lease (or the agreement to the assignment
of this Lease as appropriate) COVENANTS AND GUARANTEES with and to the Landlord that: 

  

	1.1	 The Tenant shall punctually pay the rents and perform and observe the covenants and other terms of this Lease;

  

	1.2	 if the Tenant shall make any default in payment of the rents or in performing or observing any of the covenants
or other terms of this Lease, the Guarantor will pay the rents and perform or observe the covenants or terms in respect of which the Tenant shall be in default and make good to the Landlord on demand and indemnify the Landlord against all reasonable
and proper losses, damages, costs and expenses arising or incurred by the Landlord as a result of such non-payment, non-performance or
non-observance notwithstanding: 

  

	 	(a)	 any time or indulgence granted by the Landlord to the Tenant or any neglect or forbearance of the Landlord in
enforcing the payment of the rents or the observance or performance of the covenants or other terms of this Lease; 

  

	 	(b)	 that the terms of this Lease may have been varied by agreement between the parties except where such variation
is materially adverse to the Guarantor; 

  

	 	(c)	 that the Tenant shall have surrendered part of the Premises in which event the liability of the Guarantor under
this Lease shall continue in respect of the part of the Premises not so surrendered after making any necessary apportionments under s 140 Law of Property Act 1925. 

 

	1.3	 This guarantee is to take effect immediately on the grant (or the assignment as appropriate) of this Lease to
the Tenant and is to remain in force so long as and to the extent that the Tenant is not released by law from liability for any of the covenants and other terms of this Lease. 

 

	2.	 The Guarantor FURTHER COVENANTS with the Landlord that if this Lease is disclaimed or forfeited prior to
any lawful assignment by the Tenant of this Lease the Landlord may within six months after the disclaimer or forfeiture by notice in writing require the Guarantor to accept a new lease of the Premises for a term equivalent to the residue which if
there had been no disclaimer or forfeiture would have remained of the Term at the same rent and subject to the like covenants and conditions as are payable under and applicable to the tenancy immediately before the date of such disclaimer or
forfeiture, the said new lease and the rights and liabilities thereunder to take effect as from the date of such disclaimer or forfeiture, and in such case the Guarantor shall pay the Landlord’s costs reasonably and properly incurred by the
Landlord in connection with such new lease and the Guarantor shall accept such new lease accordingly and will execute and deliver to the Landlord a Counterpart thereof. 

  
 -51- 

	3.	 If this Lease is disclaimed or forfeited and for any reason the Landlord does not require the Guarantor
to accept a new lease of the Premises in accordance with paragraph 3 of this Schedule, the Guarantor shall pay to the Landlord on demand an amount equal to the difference between any money received by the Landlord for the use or occupation of the
Premises less any expenditure incurred by the Landlord in connection with the Premises and the rents which would have been payable under the Lease but for such disclaimer or forfeiture, in both cases for the period commencing with the date of such
disclaimer or forfeiture and ending on whichever is the earlier of the following dates: 

  

	 	(a)	 the date six months after such disclaimer or forfeiture; and 

 

	 	(b)	 the date (if any) upon which the Premises are relet. 

 

	4.	 The Guarantor FURTHER COVENANTS and guarantees the obligations of the Tenant under any Authorised
Guarantee Agreement entered into by the Tenant pursuant to the terms of this Lease. 

  

	5.	 For the purposes of these guarantee provisions references to the Tenant are to the Tenant in relation to
whom the Guarantor’s guarantee is given but not any lawful assignee of such Tenant. 

  
 -52- 

 SCHEDULE 10 

Authorised Guarantee Agreement 
  

	1.	 The Tenant in consideration of the agreement to the assignment of the Lease COVENANTS AND GUARANTEES
with and to the Landlord that: 

  

	1.1	 The Assignee shall punctually pay the rents and perform and observe the covenants and other terms of the Lease;

  

	1.2	 If the Assignee shall make any default in payment of the rents or in performing or observing any of the
covenants or other terms of the Lease, the Tenant will pay the rents and perform and observe the covenants or terms in respect of which the Assignee shall be in default and make good to the Landlord on demand and indemnify the Landlord against all
reasonable and proper losses, damages, costs and expenses arising or incurred by the Landlord as a result of such non-payment, non-performance or nonobservance
notwithstanding: 

  

	 	(a)	 any time or indulgence granted by the Landlord to the Assignee or any neglect or forbearance of the Landlord in
enforcing the payment of the rents or the observance or performance of the covenants or other terms of the Lease; 

  

	 	(b)	 that the terms of the Lease may have been varied by agreement between the parties (but subject always to s 18
Landlord and Tenant (Covenants) Act 1995) except where such variation is materially adverse to the Tenant; 

  

	 	(c)	 that the Assignee shall have surrendered part of the Premises in which event the liability of the Tenant under
this guarantee shall continue in respect of the part of the Premises not so surrendered after making any necessary apportionments under s 140 Law of Property Act 1925. 

 

	2.	 The Tenant FURTHER COVENANTS with the Landlord that if the Lease is disclaimed prior to any lawful
assignment by the Assignee of the Lease the Landlord may within six months after the disclaimer require the Tenant to accept a new lease of the Premises for a term equivalent to the residue which if there had been no disclaimer would have remained
of the Term at the same rent and subject to the like covenants and conditions as are payable under and applicable to the tenancy immediately before the date of such disclaimer, the said new lease and the rights and liabilities thereunder to take
effect as from the date of such disclaimer, and in such case the Tenant shall pay the Landlord’s costs reasonably and properly incurred by the Landlord in connection with such new lease and the Tenant shall accept such new lease accordingly and
will execute and deliver to the Landlord a Counterpart thereof. 

  

	3.	 If the Lease is disclaimed and for any reason the Landlord does not require the Tenant to accept a new
lease of the Premises in accordance with clause 2, the Tenant shall pay to the Landlord on demand an amount equal to the difference between any money received by the Landlord for the use or occupation of the Premises less any expenditure incurred by
the Landlord in connection with the Premises and the rents which would have been payable under the Lease but for such disclaimer, in both cases for the period commencing with the date of such disclaimer and ending on whichever is the earlier of the
following dates: 

  
 -53- 

	 	(a)	 the date six months after such disclaimer; 

 

	 	(b)	 the end or sooner determination of the Term. 

 

	4.	 Notwithstanding any of the foregoing provisions the Tenant: 

 

	 	(a)	 shall not be required to guarantee in any way the liability for the covenants and other terms of the Lease of
any person other than the Assignee: and 

  

	 	(b)	 shall not be subject to any liability, restriction or other requirement (of whatever nature) in relation to any
time after the Assignee is by law released from the covenants and other terms of the Lease. 

  

	5.	 Words and expressions used herein shall have the same meaning as in the Lease. 

  
 -54- 

 

 

  
 -55- 

			
	DATED	  	2002

 THE PRUDENTIAL ASSURANCE COMPANY
LIMITED 
 - and - 

J WALTER THOMPSON GROUP LIMITED 

- and - 
 WPP
GROUP (UK) LIMITED 
 LEASE 

- of - 

LEVEL 2, 1 KNIGHTSBRIDGE GREEN, 

LONDON SW1 
  

			
	Term commences:	  	29 September 2001
	Term expires:	  	28 September 2021
	Initial annual rent:	  	£500,630.86
	Initial advance service charge payment: 	  	£ 22,768.75 per quarter
	LTCA 1995:	  	new tenancy

  
 

 

 CONTENTS 
  

							
	Clause	  	Page No	 
	 1.   Definitions and Interpretation
	  	 	1	 
	 2.   Demise, Term, Rent and Rent Payment Dates
	  	 	4	 
	 3.   Tenant’s Covenants
	  	 	5	 
	 4.   Landlord’s Covenants
	  	 	5	 
	 5.   Provisos
	  	 	5	 
	 6.   Incorporation Of Schedules 6, 7 and 8
	  	 	5	 
	 7.   Guarantor’s Covenants
	  	 	5	 
	 8.   Operation of This Deed
	  	 	5	 
	 9.   New Tenancy
	  	 	5	 
	 Schedule 1
	  	 	6	 
	 Part A The Premises
	  	 	6	 
	 Part B Rights granted
	  	 	6	 
	 Part C Exceptions and Reservations
	  	 	7	 
	 Schedule 2
	  	 	9	 
	 The Encumbrances
	  	 	9	 
	 Schedule 3
	  	 	10	 
	 Covenants by the Tenant
	  	 	10	 
	 2.   Payment of rents
	  	 	10	 
	 3.   Outgoings
	  	 	10	 
	 4.   Value Added Tax
	  	 	10	 
	 5.   Decoration
	  	 	10	 
	 6.   Repairs
	  	 	11	 
	 7.   Yielding up
	  	 	11	 
	 8.   To notify Landlord of statutory notices
	  	 	12	 
	 9.   Compliance with statutory requirements
	  	 	12	 
	 10.  Fire precautions
	  	 	13	 
	 11.  Compliance with town and country planning requirements
	  	 	13	 
	 12.  Compliance with Landlord’s regulations
	  	 	14	 
	 13.  Entry by Landlord to view and require Tenant to repair
	  	 	14	 
	 14.  Entry by Landlord to repair and for other purposes
	  	 	14	 
	 15.  Entry by Landlord for sale or reletting
	  	 	15	 
	 16.  Costs on breach
	  	 	15	 
	 17.  Not to encumber Common Parts
	  	 	15	 
	 18.  As to alterations
	  	 	15	 
	 19.  CDM Regulations
	  	 	16	 
	 20.  Permitted use
	  	 	16	 
	 21.  Prohibited uses
	  	 	16	 
	 22.  Not to permit encroachments
	  	 	17	 
	 23.  Restrictions on alienation
	  	 	17	 
	 24.  Consent of the Landlord
	  	 	20	 
	 25.  Costs of licences
	  	 	20	 
	 26.  Registration of dealings
	  	 	20	 
	 27.  Aerials and signs
	  	 	20	 
	 28.  Not to strain floors and ceilings
	  	 	20	 
	 29.  Not to interfere with Common Media
	  	 	20	 
	 30.  Interest on arrears
	  	 	21	 
	 31.  Indemnity
	  	 	21	 
	 32.  Encumbrances
	  	 	21	 
	 Schedule 4
	  	 	22	 
	 Covenants by the Landlord
	  	 	22	 
	 1.   Quiet enjoyment
	  	 	22	 

							
	 2.   Insurance and services
	  	 	22	 
	 3.   Enforcement of covenant against other tenants
	  	 	22	 
	
4.   Non-competition
	  	 	22	 
	 5.   Prohibited use
	  	 	22	 
	Schedule 5	  	 	23	 
	 Provisos, agreements and declarations
	  	 	23	 
	 1.   Forfeiture
	  	 	23	 
	 2.   Tenant’s goods
	  	 	23	 
	 3.   Landlord’s right to develop
	  	 	23	 
	 4.   Notices
	  	 	24	 
	 5.   Value Added Tax
	  	 	24	 
	 6.   Expert determination proceedings
	  	 	24	 
	 7.   Disclaimer of liability for use of Car Park
	  	 	25	 
	 8.   Perpetuity period
	  	 	25	 
	 9.   Data Protection Act 1998
	  	 	25	 
	 10.  Address for Rent Demands
	  	 	25	 
	 11.  Tenant’s option to determine
	  	 	25	 
	 12.  Third party rights
	  	 	26	 
	Schedule 6	  	 	27	 
	 Rent  Reviews
	  	 	27	 
	 1.   The review dates
	  	 	27	 
	 2.   Upward only rent reviews
	  	 	27	 
	 3.   The market rent
	  	 	27	 
	 4.   Matters to be disregarded
	  	 	28	 
	 5.   Procedure for determination of market rent
	  	 	28	 
	 6.   Reviewed rent reserved in phases
	  	 	29	 
	 7.   Time limits
	  	 	29	 
	 8.   Rental adjustments
	  	 	29	 
	 9.   Memorandum of rent review
	  	 	30	 
	Schedule 7	  	 	31	 
	 Insurance provisions
	  	 	31	 
	 1.   Tenant’s covenants
	  	 	31	 
	 2.   Landlord’s covenants
	  	 	32	 
	 3.   Landlord an insurance company
	  	 	33	 
	 4.   Suspension of Rent
	  	 	33	 
	 5.   Options to determine
	  	 	34	 
	Schedule 8	  	 	35	 
	 Part A Service Charge Provisions
	  	 	35	 
	 1.   Tenant’s liability to pay Service Charge
	  	 	35	 
	 2.   Advance payments on preliminary basis
	  	 	35	 
	 3.   Landlord’s Costs accounts and Service Charge
adjustments
	  	 	36	 
	 4.   Exceptional expenditure
	  	 	36	 
	 5.   Landlord’s protection provisions
	  	 	37	 
	 6.   Vacant parts of the Building and actions by the
Landlord
	  	 	37	 
	 7.   Landlord’s Costs to exclude tenants’
liabilities
	  	 	38	 
	 8.   Management charges
	  	 	38	 
	 9.   The Landlord’s obligation to provide services
	  	 	38	 
	 Part B Mandatory services and heads of charge
	  	 	39	 
	 10.  Common Parts
	  	 	39	 
	 11.  Repairs
	  	 	39	 
	 12.  Heating air conditioning and ventilation and water
	  	 	39	 
	 13.  Lifts and Escalators
	  	 	40	 
	 14.  Insurances
	  	 	40	 
	 15.  Statutory requirements
	  	 	40	 
	 Part C Non-mandatory services and heads of charge
	  	 	40	 

  
 -ii- 

							
	 16.  Legal proceedings
	  	 	40	 
	 17.  Employees
	  	 	40	 
	 18.  Common Parts
	  	 	41	 
	 19.  Management Premises
	  	 	41	 
	 20.  Refuse collection
	  	 	41	 
	 21.  Insurances
	  	 	41	 
	Schedule 9	  	 	42	 
	 Covenants by the Guarantor
	  	 	42	 
	 Schedule 10
	  	 	44	 
	 Authorised Guarantee Agreement
	  	 	44	 

  
 -iii- 

 

 

 

 

 

 

 LEASE 

THIS LEASE is made on 

BETWEEN: 
  

	(1)	 The Prudential Assurance Company Limited (Company Registration Number 15454) whose registered office is
at 142 Holborn Bars London EC1N 2NH (the “Landlord”); and 

  

	(2)	 J Walter Thompson Group Limited (Company Registration Number 1660783) whose registered office is at 40
Berkeley Square London W1X 6AD (the “Tenant”); and 

  

	(3)	 WPP Group (UK) Limited (Company Registration Number 2670617) whose registered office is at 27 Farm Street
London W1X 6RD (the “Guarantor”). 

  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1.	 In this Lease where the context so admits the following expressions shall have the following meanings (that is
to say): 

 “Agreement for Lease” means the agreement dated 6 October 2000 pursuant to which this
Lease was granted and made between the Landlord (1) the Tenant (2) and the Guarantor (3); 
 “Authorised Guarantee
Agreement” means an agreement within sectionl6 of the Landlord and Tenant (Covenants) Act 1995 containing the provisions set out in Schedule 10; 

“Base Rate Interest” means Interest at an annual rate equal to the base rate of HSBC Bank PLC (or such other rate or rates by
reference to which London clearing banks determine their own rates of interest) from time to time; 
 “Building” the
building known as 1 Knightsbridge Green and 44-58 Brompton Road, London shown edged blue on the plan annexed numbered 2 and includes all landlord’s fixtures and fittings in it and any areas the use and
enjoyment of which is appurtenant to it (whether or not within the structure) and any extensions or additions from time to time made to it; 

“Car Park” means the car park forming part of the Building shown edged green on the plan annexed numbered 3; 

“Car Parking Spaces” means the car parking space in the Car Park as may be allocated for the Tenant from time to time and such
other facilities for the parking of bicycles or motor bicycles as may be designated from time to time; 
 “CDM Regulations”
means the Construction Design and Management Regulations 1994 as amended, supplemented or replaced from time to time; 
 “Common
Media” means all Conducting Media within or serving the Building save those which exclusively serve any of the Lettable areas; 

“Common Parts” means all parts of the Building which are available or provided by the Landlord for the general use in common
by the Landlord and the tenants or occupiers of the Building (including, but without limitation, any of the following: the Car Park, forecourts, pathways, accessways, entrances, corridors, lobbies, stairways, lifts, escalators, passages, turntables,
courtyards, atria, light wells pavement lights, external paviours, car park ramps, service areas, toilets, binstores or other refuse facilities and fire escapes but excluding any such forming part of any Lettable Areas; 

 “Conducting Media” means pipes, wires, cables, sewers, drains,
watercourses, trunking, ducts, flues, gutters, gullies, channels, conduits, and other media; 
 “Encumbrances” means the
restrictions, stipulations, covenants, rights, reservations, provisions and other matters contained, imposed by or referred to in the documents brief particulars of which are set out in Schedule 2; 

“Excluded Plant” means the plant and machinery, air handling units, radiators, fan coil units, chilled beam units, ductwork
and all ancillary or associated wiring or control equipment, plumbing, pipework and conducting media and the conducting media comprised in the central heating and hot water system air conditioning and ventilation system serving the Premises in
common with other parts of the Building including any items installed by the Tenant (or any predecessor in title of the Tenant or anyone claiming title to the Premises through or under the Tenant or any of them) and exclusively serving the Premises
but connected to a system serving other parts of the Building but excluding the air diffusers, grilles, fascias, surrounds or other equipment forming part of the suspended ceiling or perimeter fabric and fittings; 

“Group Company” means any company which is for the time being a member of the same group of companies as the Landlord or the
Tenant or the Guarantor (as the case may be) within the meaning of section 42(1) of the Landlord and Tenant Act 1954; 

“Guarantor” includes the executors or administrators of the Guarantor; 

“Higher Rate Interest” means Interest at an annual rate of 4% over the base rate of HSBC Bank PLC (or such other rate or rates
by reference to which London clearing banks determine their own rates of interest) from time to time; 
 “Insured Risks”
means (subject to such exclusions and limitations as may be imposed from time to time by the insurer provided always that notice of such exclusions and limitations will be given to the Tenant on request) fire, lightning, explosion, aircraft and
articles dropped from them, riot, terrorism, civil commotion, malicious damage, storm, tempest, flood, earthquake, bursting or overflowing of water tanks, apparatus and pipes, impact by any vehicle and such other risks as the Landlord may consider
necessary to insure; 
 “Interest” means interest from time to time calculated on a day to day basis (as well after as
before judgment) compounded at quarterly rests on the usual quarter days; 
 “Landlord” includes the reversioner for the
time being immediately expectant on the Term; 
 “Landlord’s Costs” has the meaning given to it in Schedule 8 paragraph
1.3; 
 “Landlord’s Surveyor” means a surveyor or member of a firm of surveyors instructed by the Landlord for any of
the purposes of this Lease who shall be a fellow or associate of the Royal Institution of Chartered Surveyors or the Incorporated Society of Valuers and Auctioneers or suitably experienced and such surveyor may be a person employed by the Landlord
or a company which is a Group Company of the Landlord; 
 “Lettable Areas” means the accommodation in the Building from time
to time let or intended for letting by the Landlord to one or more tenants whether or not actually let or occupied; 
 “Main
Structure” means the exterior and main structure of the Building including the foundations, roofs, load bearing walls, load bearing columns, ceilings and floors and exterior windows and lights (but excluding any glass within interior doors,
walls or partitions, raised floors, suspended ceilings, all internal cladding, plasterwork and decoration—save where internal to any Common Parts—and all floor screeding and finishes); 

  
 -2- 

 “Management Premises” means all administrative, security and control
offices and centres and stores (if any) maintained by the Landlord for the purpose of managing the Building and providing the Services together with any accommodation including residential accommodation (whether in the Building or elsewhere)
provided by the Landlord for a caretaker or facilities manager employed by it for purposes connected with the Building; 
 “Net
Internal Area” means net internal floor area measured in accordance with Definition 3 of the Code of Measuring Practice issued by the Royal Institution of Chartered Surveyors and the Incorporated Society of Valuers and Auctioneers Fourth
Edition (November 1993); 
 “Normal Working Hours” means the hours between 8am and 7pm Monday to Friday; 

“Outgoings” means all monetary obligations of any kind (whether parliamentary, parochial or otherwise) which are now or may at
any time be assessed, charged or imposed on property or on the owner or occupier of property; 
 “Planning Acts” means
“the consolidating Acts” as defined in the Planning (Consequential Provisions) Act 1990 and any other legislation relating to town and country planning in force from time to time; 

“Premises” means the premises (forming part of the Building) described in Schedule 1 Part A and each and every part of them;

 “Service Charge” has the meaning given to it in Schedule 8 paragraph 1.2; 

“Services” has the meaning given to it in Schedule 8 paragraph 1.4; “Tenant” includes the successors in title
and assigns of the Tenant; 
 “Term” means a term commencing on and including 29 September 2001 and thereafter a term
of 20 years; 
 “VAT” means value added tax and any other tax of a similar nature; 

“Water and Sewerage Charges” means all charges for the supply of water together with any charges for services performed,
facilities provided or rights made available by the water undertaker or the sewerage undertaker or other relevant authority under the powers granted by any relevant legislation in force from time to time (including, but without limitation, sewerage
and environmental charges and water meter rents). 
  

	1.2.	 (a) Where two or more persons are included in the expression “Tenant” or “Guarantor” the
liability under any covenant or other obligation on the part of such persons shall be joint and several. 

  

	 	(b)	 Any words or expressions importing the singular number include the plural number and vice versa and words
importing gender include any other gender. 

  

	 	(c)	 The index and clause headings in this Lease are for ease of reference only and have no other significance.

  

	 	(d)	 Unless otherwise specified any reference to an Act of Parliament includes a reference to that Act as amended or
replaced whether before or after the date of this Lease and to subordinate legislation or bylaws made under it and any general reference to statute or legislation includes subordinate legislation and bylaws. 

 

	 	(e)	 Any reference in this Lease to the end of the Term shall mean the expiration or earlier termination of this
Lease for whatever reason. 

  
 -3- 

	 	(f)	 References to numbered clauses and schedules are references to the relevant clause or Schedule to this Lease
unless the context otherwise requires. 

  

	 	(g)	 References in any Schedule to numbered paragraphs are references to the relevant paragraph in that Schedule
unless the context otherwise requires. 

  

	 	(h)	 In any case where the Tenant is placed under a restriction by this Lease the restriction shall be deemed to
include the obligation on the Tenant not knowingly to permit or allow the infringement of the restriction by any person under the control of the Tenant. 

  

	 	(i)	 Any consent or approval under this Lease shall be required to be obtained before the act or event to which it
applies is carried out or done and shall be effective only if the consent or approval is given in writing. 

  

	 	(j)	 Any right to enter the Premises conferred upon the Landlord by this Lease shall be exercisable when appropriate
also by the Landlord’s employees, agents and workpeople and any others authorised by it under the terms of this Lease. 

  

	2.	 DEMISE, TERM, RENT AND RENT
PAYMENT DATES 

  

	2.1.	 In consideration of the rents and other obligations on the part of the Tenant and of the Guarantor contained in
this Lease the Landlord demises to the Tenant the Premises 

  

	2.2.	 TOGETHER WITH the rights set out in Schedule 1 Part B 

 

	2.3.	 EXCEPT AND RESERVED to the Landlord the rights set out in Schedule 1 Part C 

 

	2.4.	 for the Term 

  

	2.5.	 SUBJECT to the Encumbrances 

 

	2.6.	 the Tenant PAYING during the Term: 

 

	 	(a)	 the yearly rent of £500,630.86 (subject to the provisions for revision in Schedule 6) by equal quarterly
payments in advance on the usual quarter days in every year, the first of such payments to be calculated from 30 August 2002 to 28 September 2002 (both dates inclusive) and to be made on 30 August 2002; 

 

	 	(b)	 as additional rent the Service Charge, the first payment to be made in respect of the period commencing on and
including 30 November 2001; 

  

	 	(c)	 on demand as additional rent the sums specified in Schedule 7, the first payment to be made in respect of the
period commencing on and including 30 November 2001; 

  

	 	(d)	 where Water and Sewerage charges are not levied directly on the occupier of the Premises on demand as
additional rent a sum equal to the proportion attributable to the Premises of Water and Sewerage Charges payable by the Landlord in respect of the Building; 

  

	 	(e)	 as additional rent any VAT which may be or become chargeable in respect of any rent payable under this Lease;

  

	 	(f)	 as additional rent any other sums payable pursuant to this Lease. 

  
 -4- 

	3.	 TENANT’S COVENANTS

 The Tenant hereby covenants with the Landlord to observe and perform the covenants and stipulations set out in Schedule
3. 
  

	4.	 LANDLORD’S COVENANTS

 The Landlord hereby covenants with the Tenant to observe and perform the covenants and stipulations set out in Schedule
4. 
  

	5.	 PROVISOS 

It is hereby agreed and declared as mentioned in Schedule 5. 
  

	6.	 INCORPORATION OF SCHEDULES 6, 7 AND 8

 The provisions for rent review set out in Schedule 6, the insurance provisions set out in Schedule 7 and the provisions
for service charge set out in Schedule 8 are incorporated. 
  

	7.	 GUARANTOR’S COVENANTS

 The Guarantor hereby covenants with the Landlord in the manner set out in Schedule 9. 

 

	8.	 OPERATION OF THIS DEED

 This document shall be treated as having been executed and delivered as a deed only upon being dated. 

 

	9.	 NEW TENANCY 

This Lease is a new tenancy within the meaning of section 1 of the Landlord and Tenant (Covenants) Act 1995. 

IN WITNESS whereof this deed has been duly executed and delivered the day and year first
before written 

  
 -5- 

 SCHEDULE 1 

Part A 
 The Premises

  

	1.	 ALL THOSE premises situate on the first floor of the Building which premises are for the purpose of
identification only edged red on the plan numbered 1 annexed to this Lease. 

  

	2.	 There is included within the premises: 

 

	2.1	 all walls, floors and ceilings (including any raised floors, suspended ceilings and the voids below and above
them and all light fittings) of the premises; 

  

	2.2	 all internal cladding, plasterwork and decoration and all floor screeding and finishes; 

 

	2.3	 all doors, door frames, equipment, fitments and any glass relating to the doors of the premises;

  

	2.4	 the decorative finish on the inside of the windows and other lights of the premises and (to the extent that
they are not part of any sealed units forming the exterior of the premises) any equipment and fitments relating to windows and lights of the premises; 

  

	2.5	 all Conducting Media within and exclusively serving the premises except where they form part of the Excluded
Plant; 

  

	2.6	 all landlord’s fixtures and fittings (except where they form part of the Common Media or the Excluded
Plant) including, but without limitation, the following: 

  

	 	(a)	 electrical services for power, lighting and telecommunications; 

 

	 	(b)	 drainage and water services; 

 

	 	(c)	 gas services; 

  

	 	(d)	 fire protection systems; 

 

	 	(e)	 distribution trunking, ducting and conduits for electrical, telephone and other communication services;

  

	 	(f)	 carpets; 

  

	2.7	 all improvements and additions made to the premises. 

 

	3.	 The Main Structure is excluded from the premises but subject to paragraphs 2.3 and 2.4 of this Part of this
Schedule. 

  

	4.	 The Excluded Plant is excluded from the premises. 

Part B 
 Rights granted

  

	5.	 The rights in common with all others having similar rights from time to time: 

  
 -6- 

	5.1	 of passage to and from the Premises along and through the common entrance, staircases and passages of the
Building and by means of the lifts and escalators in it during such times as the same shall be working; 

  

	5.2	 of free passage of services from and to the Premises through the Common Media; 

 

	5.3	 to use such of the toilets, kitchens, tea making facilities and refuse facilities in the Building as may be
allocated to the Tenant by the Landlord from time to time with the right of access to and from them. 

  

	6.	 The right to use the Car Parking Spaces: 

 

	6.1	 only for the parking of private motor cars or bicycles belonging to the Tenant or any undertenant or their
respective staff or invitees; 

  

	6.2	 the rights contained in this paragraph may upon reasonable notice be suspended during such period as the
Landlord may reasonably require in connection with any repairs or alterations to or rebuilding of the Building or any adjoining premises or any other works which may be carried out in the Building or any adjoining premises or the Car Park.

  

	7.	 The right to install a generator in the basement of the Building and thereafter to maintain, repair and renew
such generator. 

  

	8.	 The right of access on to such parts of the Building as may be necessary in order to exercise the rights
granted in Part B of this Schedule. 

 Part C 

Exceptions and Reservations 
  

	9.	 

  

	9.1	 The free and uninterrupted passage of air, water, soil, gas and electricity through the Common Media which are
now or may at any time be within the Premises with power for the Landlord at all reasonable times to enter the Premises where reasonably necessary for the purpose of: 

 

	 	(a)	 any matter or thing connected with the Services; and/or 

 

	 	(b)	 adding to, inspecting, cleansing, maintaining, modernising, repairing, replacing or altering the Common Media.

  

	9.2	 Any such adding to, inspections, cleansing, maintenance, modernisation, repairs, replacements or alterations
shall be done as soon as reasonably practicable. 

  

	10.	 Full right and liberty to enter by reasonable prior notice upon the Premises at any reasonable time in order to
erect scaffolding and/or to build on, under or into any part of the Building including, but without limitation, structural walls, floors, ceilings, columns, roofs and foundations or to build over the Building. 

 

	11.	 The Landlord shall make good in a reasonable manner to the reasonable satisfaction of the Tenant all damage
occasioned to the Premises in the exercise of the rights referred to in paragraphs 9 and 10 of this Schedule but the Landlord shall not be liable to pay compensation for any inconvenience caused to the Tenant. 

 

	12.	 All rights of entry upon the Premises referred to in Schedule 3 paragraphs 8, 12, 13 and 0.

  
 -7- 

	13.	 In the interest of maintaining uniformity of appearance the right to maintain, decorate or replace any door or
window giving on to the Common Parts or forming part of the exterior of the Building with power for the Landlord at all reasonable times to enter the Premises for the purpose of exercising such right. 

  
 -8- 

 Schedule 2 

The Encumbrances 
 The entries in the
Property and Charges Registers of Title Number NGL789688 insofar as they relate to the Premises but excluding the Section 106 Agreements dated 21 April 1995 and 15 May 2000 and the Supplementary Deed dated 18 October 1999. 

  
 -9- 

 SCHEDULE 3 

Covenants by the Tenant 
  

	1.	 Payment of rents 

To pay the rents reserved by this Lease as and when stipulated without any deduction or set off and by bankers’ standing order unless
otherwise required by the Landlord. 
  

	2.	 Outgoings 

  

	2.1	 Subject to paragraph 2.2 to pay and discharge all Outgoings in respect of the Premises and a fair and
reasonable proportion of all Outgoings which may be payable in respect of the Premises in common with other property. 

  

	2.2	 There is excepted from paragraph 2.1 income and corporation tax (or other tax of a like nature) assessed on the
Landlord in respect of its rental and other income arising from or under this Lease or tax payable as a result of any dealing with any reversion immediately or mediately expectant on the Term. 

 

	2.3	 To indemnify the Landlord against any loss to the Landlord of any void rating relief which would have been
applicable to the Premises by reason of the Premises being vacant after the end of the Term but which is not available to the Landlord on the ground that relief has already been allowed to the Tenant or any person claiming title to the Premises
through the Tenant. 

  

	3.	 Value Added Tax 

 

	3.1	 To pay on demand such VAT as may be chargeable on goods and services supplied by or on behalf of the Landlord.

  

	3.2	 To indemnify and keep indemnified the Landlord against any VAT paid or payable by the Landlord in respect of
any costs, fees, disbursements, expenses or other sums which the Landlord is entitled to recover under the terms of this Lease which do not constitute consideration for taxable supplies of goods and services made by the Landlord.

  

	4.	 Decoration 

  

	4.1	 In every fifth year of the Term and also in the last six months before the end of the Term in a proper and
workmanlike manner to prepare and paint with two coats of good quality paint all parts of the Premises usually or requiring to be painted and to treat other parts of the Premises with suitable and appropriate materials. 

 

	4.2	 Not to paint or otherwise decorate: 

 

	 	(a)	 any external part of the Premises; 

 

	 	(b)	 the surface of any door or window giving on to the Common Parts without first giving the Landlord at least 28
days notice of its intention. 

  

	4.3	 If within 28 days of receipt of such notice as is referred to in paragraph 4.2(b) the Landlord shall notify the
Tenant that it wishes to carry out the painting or decoration in question the Tenant shall refrain from doing so. 

  
 -10- 

	4.4	 If the Landlord notifies the Tenant that it does not wish to carry out such painting or decoration or if the
Landlord fails to give the Tenant any notification within such 28 day period the Tenant may carry out the painting or decoration in question and in so doing the 

Tenant shall adhere to the then existing colour scheme and shall carry out the work in the manner and with the materials specified in paragraph
4.1. 
  

	4.5	 Decoration of the inside of the Premises in the last six months of the Term shall be carried out in such
colours, patterns and materials as the Landlord may approve (such approval not to be unreasonably withheld). 

  

	5.	 Repairs 

  

	5.1	 Subject to paragraphs 4.3 and 5.2 to well and substantially repair, cleanse and keep in good and substantial
repair, decorative order and condition the Premises. 

  

	5.2	 There is excepted from paragraph 5.1: 

 

	 	(a)	 damage by any of the Insured Risks unless and to the extent that the insurance moneys are wholly or partially
irrecoverable by reason solely or in part of any act or default of the Tenant or any person deriving title under the Tenant or any of their respective agents, employees or licensees; 

 

	 	(b)	 any liability to repair or replace any part of the central heating and hot water and air-conditioning and ventilation services and on the contrary the Tenant shall not repair or replace them but the Landlord shall be responsible for so doing as part of the Services. 

 

	5.3	 To notify the Landlord immediately the Tenant becomes aware of any defect in the Excluded Plant.

  

	5.4	 To replace any door or window requiring to be replaced under the provisions of paragraph 5.1 with a door or
window of similar quality and appearance or with such other door or window as shall be approved by the Landlord (such approval not to be unreasonably withheld). 

 

	5.5	 To clean all the glass in the Premises (including the inside surface of any exterior windows) as often as may
reasonably be required and in any event at least once a month. 

  

	5.6	 There is excepted from paragraph 5.5 the external face of any windows giving on to the Common Parts or forming
part of the exterior of the Building. 

  

	5.7	 As often as required (and in any event at the end of the Term) to replace (where necessary) the carpeting with
good quality carpeting of similar nature, quality and appearance. 

  

	5.8	 In connection with The Defective Premises Act 1972 to notify the Landlord immediately the Tenant becomes
aware of any defect in the Premises or the Building which may cause personal injury or damage to property. 

  

	6.	 Yielding up 

  

	6.1	 At the end of the Term: 

 

	 	(a)	 subject always to the provisions of paragraph 5 quietly to yield up the Premises duly kept in accordance with
the Tenant’s obligations together with all additions and improvements made in the meantime; 

  
 -11- 

	 	(b)	 unless otherwise required by the Landlord to remove from the Premises all tenant’s fixtures and fittings
and other property belonging to the Tenant or to any third party; 

  

	 	(c)	 unless otherwise required by the Landlord at the Tenant’s expense to remove any alterations or additions
made to the Premises by the Tenant or the predecessors in title to the Premises of the Tenant or anyone claiming title to the Premises through or under the Tenant or any of them during the subsistence of this Lease or under an agreement for the
grant of this Lease; and 

  

	 	(d)	 to make good to the reasonable satisfaction of the Landlord any damage caused to the Premises by such removal.

  

	6.2	 In case of default the Landlord may execute such works or do any other thing which may be necessary to comply
with the requirements specified in paragraph 6.1. 

  

	6.3	 To pay to the Landlord on demand all expenses so incurred and mesne profits at the rate of the rent payable
under this Lease immediately prior to the end of the Term during the period reasonably required for the exercise of the Landlord’s rights under paragraph 6.2 with Higher Rate Interest on such expenses from the date of expenditure and on the
mesne profits from the date of demand until in each case the date they are paid by the Tenant to the Landlord. 

  

	7.	 To notify Landlord of statutory notices 

 

	7.1	 As soon as practicable following receipt of any permission, notice, direction, order, certificate, assessment
or proposal relevant to the Premises or to the use or condition of the Premises or otherwise concerning the Landlord’s interest in the Premises given or issued under or by virtue of any Act of Parliament to produce a copy to the Landlord.

  

	7.2	 At the request and cost of the Landlord to make or join with the Landlord in making such objections or
representations against or in respect of any such permission, notice, order, certificate, assessment or proposal as the Landlord shall reasonably deem expedient. 

 

	8.	 Compliance with statutory requirements 

 

	8.1	 At the Tenant’s own expense to execute all works and provide and maintain all arrangements upon or
in respect of the Premises or the use to which the Premises are being put by the Tenant or any lawful occupier that are required in order to comply with the requirements of any statute (already or in the future to be passed) or any government
department, local authority, other public or competent authority or court of competent jurisdiction regardless of whether such requirements are imposed on the owner or occupier. 

 

	8.2	 Not knowingly to do in or near the Premises any act or thing by reason of which the Landlord may under any
statute incur, have imposed upon it or become liable to pay any penalty, damages, compensation, costs, charges or expenses. 

  

	8.3	 Without prejudice to the generality of paragraphs 8.1 and 8.2 to comply in all respects with the provisions of
any statutes and any other obligations imposed by law or by any bylaws applicable to the Premises or in regard to carrying on the trade or business for the time being carried on in the Premises by the Tenant or any lawful occupier.

  

	8.4	 In relation to health and safety to comply with the proper practice recommended by all appropriate authorities.

  
 -12- 

	8.5	 In case of default it shall be lawful for the Landlord to enter the Premises and execute such works or do any
other thing which may be necessary to comply with the requirements specified in this paragraph. 

  

	8.6	 To pay to the Landlord on demand all expenses so incurred with Higher Rate Interest on such expenses from the
date of expenditure until the date they are paid by the Tenant to the Landlord. 

  

	9.	 Fire precautions 

 

	9.1	 To comply with all requirements and recommendations made from time to time by the fire authority or the
insurers of the Premises. 

  

	9.2	 To carry out periodic testing of any independently operated fire alarms within the Premises and participate in
evacuation procedures and keep all requisite log-books and other documents and records up to date and available for inspection. 

 

	9.3	 To keep the Premises sufficiently supplied and equipped with such fire fighting and extinguishing appliances as
shall from time to time be required by any statute or by the fire or other competent authority or the insurers of the Premises or (at the Landlord’s option) to pay to the Landlord on demand the cost of providing and installing any of the same
and such appliances shall be open to inspection and shall be maintained to the reasonable satisfaction of the Landlord. 

  

	9.4	 If so required by the Landlord to connect to the Landlord’s reasonable satisfaction any fire alarm system
for the Premises into any fire alarm system for the Building generally. 

  

	10.	 Compliance with town and country planning requirements 

 

	10.1	 To comply with the provisions and requirements of the Planning Acts and of all consents, permissions and
conditions (if any) granted or imposed or having effect under the Planning Acts so far as the same respectively relate to or affect the Premises or any part of the Premises or any operations, works, acts or things already or in the future to be done
or omitted on the Premises or the use of the Premises by the Tenant or any lawful occupier. 

  

	10.2	 Not to make any application for planning permission without the consent of the Landlord (such consent not to be
unreasonably withheld where the Landlord’s consent to the subject matter of the application cannot be unreasonably withheld under the terms of this Lease). 

 

	10.3	 Notwithstanding any consent which may be granted by the Landlord under this Lease not to carry out or make any
alteration or addition to the Premises or any change of use (being an alteration or addition or change of use which is prohibited by or for which the Landlord’s consent is required to be obtained under this Lease and for which a planning
permission needs to be obtained) before a planning permission for such work or change of use has been produced to the Landlord and acknowledged by it in writing as satisfactory to it But so that the Landlord may refuse so to express its satisfaction
with any such planning permission on the ground that the period of it or any condition contained with or anything omitted from it in the reasonable opinion of the Landlord’s Surveyor would be or be likely to be prejudicial to the
Landlord’s interest in the Premises or the Building whether during or after the Term. 

  

	10.4	 Unless the Landlord shall otherwise direct to carry out and complete before the end of the Term any works
stipulated to be carried out to the Premises by a date subsequent to the end of the Term as a condition of any planning permission granted for any development begun before the end of the Term. 

  
 -13- 

	10.5	 If and when called upon so to do to produce to the Landlord or the Landlord’s Surveyor all such plans,
documents and other evidence as the Landlord may reasonably require in order to satisfy itself that the provisions of this paragraph have been complied with in all respects. 

 

	11.	 Compliance with Landlord’s regulations 

To observe all reasonable regulations made by the Landlord from time to time and notified in writing to the Tenant having as their object the
safety, promotion, maintenance, management and general amenity of the Building (including the Common Parts). 
  

	12.	 Entry by Landlord to view and require Tenant to repair 

 

	12.1	 To permit the Landlord at all reasonable times after notice (except in an emergency) to enter the Premises to
view their state and condition and to give notice to the Tenant of any defects in the state of repair and condition of the Premises which are the Tenant’s responsibility or any unauthorised alterations. 

 

	12.2	 The Tenant will within one month after any such notice (or sooner if necessary) commence to repair and make
good such defects or remove such alterations to the reasonable satisfaction of the Landlord’s Surveyor. 

  

	12.3	 In case of default it shall be lawful for the Landlord to enter the Premises and execute such works.

  

	12.4	 To pay to the Landlord on demand all expenses so incurred with Higher Rate Interest on such expenses from the
date of expenditure until the date they are paid by the Tenant to the Landlord. 

  

	13.	 Entry by Landlord to repair and for other purposes 

To permit the Landlord and also the tenants and occupiers of any adjoining premises or their workpeople where reasonably necessary at
reasonable times after notice (except in an emergency) to enter upon the Premises for the purpose of: 
  

	13.1	 inspecting or executing repairs or alterations to or upon such adjoining premises or the Building;

  

	13.2	 inspecting, maintaining, repairing or replacing the Excluded Plant; 

 

	13.3	 decorating the Common Parts and the exterior of the Building; 

 

	13.4	 doing anything which the Landlord considers necessary or desirable for the performance by the Landlord of the
covenants on its part contained in this Lease or to third parties or the provision of the Services; 

  

	13.5	 inspecting or surveying the Premises for valuation purposes; 

 

	13.6	 doing anything reasonably incidental to the repair, maintenance, management or security of the Building or the
performance of the Landlord’s legal duties and compliance with proper practice in relation to health and safety or otherwise; 

and the Landlord shall not be liable to pay compensation for any nuisance, annoyance, inconvenience or damage caused to the Tenant subject to
the Landlord (or other person so entering) exercising such right in a reasonable manner and making good any damage caused to the Premises as soon as reasonably practicable. 

  
 -14- 

	14.	 Entry by Landlord for sale or reletting 

 

	14.1	 To permit the Landlord at reasonable times after notice to enter upon the Premises to survey the same and to
affix upon any suitable part of the exterior of the Premises notice boards or bills for selling the interest of the Landlord or for reletting the Premises or any other part of the Building. 

 

	14.2	 Not to remove or obscure any such notice boards or bills. 

 

	14.3	 To permit all persons with authority from the Landlord at all reasonable times in the daytime to enter and view
the Premises. 

  

	15.	 Costs on breach 

To pay on demand to the Landlord all costs, charges and expenses (including, but without limitation, legal costs, bailiffs fees and fees
payable to a surveyor and/or architect) which may be incurred by the Landlord: 
  

	 	(a)	 in or in reasonable contemplation of any proceedings under s 146 and/or 147 Law of Property Act 1925
notwithstanding forfeiture is avoided otherwise than by relief granted by the Court; and/or 

  

	 	(b)	 in the recovery or attempted recovery of arrears of rent and/or additional rent due from the Tenant under this
Lease; and/or 

  

	 	(c)	 in the preparation and/or service of any notice or schedule relating to the condition of the Premises whether
during or after the end of the Term. 

  

	16.	 Not to encumber Common Parts 

Not to encumber the Common Parts with articles or goods of any description. 

 

	17.	 As to alterations 

 

	17.1	 Not without the consent of the Landlord (which it shall be entitled to withhold at its absolute discretion) to
make any alterations or additions or other works whatsoever to the Main Structure or affecting the appearance of the Premises as seen from the exterior or the Common Parts. 

 

	17.2	 Not without the consent of the Landlord (such consent not to be unreasonably withheld or delayed) to make any
other alterations or additions to the Premises or to the mechanical and electrical plant and equipment within the Premises PROVIDED that the Tenant may erect or remove demountable partitioning within the Premises on condition that:

  

	 	(a)	 prior to the commencement of such works full details are provided to the Landlord; and 

 

	 	(b)	 all necessary consents required for the works have been obtained; and 

 

	 	(c)	 the external appearance of the Building and the efficiency of the Excluded Plant is not thereby affected.

  

	17.3	 Without prejudice to the preceding provisions of this paragraph in the event that any alteration or addition
shall be carried out to the Premises to notify the Landlord in writing immediately following completion of the cost of the works for insurance purposes. 

  
 -15- 

	18.	 CDM Regulations 

Without prejudice to its other obligations under this Lease, if the Tenant carries out or engages others to carry out any work at the Premises
to which the CDM Regulations apply the Tenant shall: 
  

	 	(a)	 comply with the requirements of the CDM Regulations; 

 

	 	(b)	 either be the only client for the purposes of the CDM Regulations, in which case the Tenant warrants to the
Landlord that it has the competence and resources to comply with the requirements of the CDM Regulations or forthwith appoint an agent pursuant to regulation 4(1) of the CDM Regulations; 

 

	 	(c)	 forthwith either make a declaration to the Executive (as defined in the Health and Safety at Work, etc Act
1974) that the Tenant is the client or procure that its agent appointed pursuant to paragraph 18 (b) makes a declaration to the Executive in either case in accordance with regulation 4(4) of the CDM Regulations; 

 

	 	(d)	 supply to the Landlord a copy of the applicable declaration referred to in paragraph 18(c) and of the
Executive’s notice in response as soon as it is respectively made and received; 

  

	 	(e)	 deliver to the Landlord as soon as it is prepared, but in any event no later than the completion of the
Tenant’s works, the health and safety file which complies with the requirements of the CDM Regulations and as identified in this Lease of the Landlord; and 

 

	 	(f)	 keep a copy of the health and safety file referred to in paragraph 18(e) available at the Premises for
inspection by the Landlord and third parties. 

  

	19.	 Permitted use 

 

	19.1	 Not to use the Premises or permit any part of the Premises to be used otherwise than as offices within
Class B1 Town and Country Planning (Use Classes) Order 1987 (the “Order”) together with uses ancillary thereto which may include a wine bar (being an ancillary use and not involving any change of use under the Order) for use by the
Tenant’s employees, clients and all others expressly authorised by it. 

  

	19.2	 Nothing in this Lease shall imply or be treated as a warranty by the Landlord that the use permitted by this
Lease complies with the Planning Acts. 

  

	20.	 Prohibited uses 

 

	20.1	 Not to: 

  

	 	(a)	 use the Premises or permit any part of the Premises to be used in connection with the sale of timeshares;

  

	 	(b)	 permit any sale by auction or public meeting to be held upon the Premises; 

 

	 	(c)	 permit in or upon the Premises or the Car Park any act or thing which is illegal or immoral or which shall or
may be or become a nuisance, damage, or excess annoyance or inconvenience to the Landlord or its tenants or the occupiers of any adjoining or neighbouring premises. 

  
 -16- 

	21.	 Not to permit encroachments 

 

	21.1	 Not to: 

  

	 	(a)	 stop up, darken or obstruct any windows or light belonging to the Premises or any other part of the Building;

  

	 	(b)	 permit any new window, light, opening, doorway, path, passage, drain or other encroachment or easement to be
made or acquired in, against, out of or upon the Premises which may be or grow to the damage, annoyance or inconvenience of the Landlord or any of its tenants. 

 

	21.2	 In case any such window, light, opening, doorway, path, passage, drain or other encroachment or easement shall
be made or acquired or attempted to be made or acquired the Tenant will give immediate notice to the Landlord and will at the request and cost of the Landlord adopt such means as may be reasonably required or deemed proper for preventing any such
encroachment or the acquisition of any such easement. 

  

	22.	 Restrictions on alienation 

 

	22.1	 Not to: 

  

	 	(a)	 part with or share possession or occupation of the whole or any part or parts of the Premises or charge or
mortgage the whole or any part or parts of the Premises; 

  

	 	(b)	 grant to any third parties any rights over the Premises; 

except by way of an assignment, underlease or charge of the whole of the Premises or an underletting of a Permitted Part in accordance with the
provisions of this paragraph 22. 
  

	22.2	 Consent of the Landlord 

 

	 	(a)	 Without prejudice to the Tenant’s obligations in the following provisions of this paragraph 22, neither
the Tenant nor any person deriving title under the Tenant shall assign, underlet or charge the Premises without the Landlord’s consent (such consent not to be unreasonably withheld). 

 

	 	(b)	 Any consent granted under this paragraph shall only be valid for a period of three months from its date unless
acted upon within such period and without prejudice to paragraph 24 may be revoked at the Landlord’s sole discretion if the transaction for which consent has been granted has not been registered with the Landlord within such period.

 Assignments 
  

	22.3	 Not to assign any part of the Premises (as distinct from the whole). 

 

	22.4	 Not to assign the whole of the Premises without prior written consent of the Landlord (such consent not to be
unreasonably withheld) provided that the Landlord shall be entitled (for the purposes of s 19(1A) Landlord and Tenant Act 1927): 

to withhold its consent in any of the circumstances set out in paragraph 22.6; 

  
 -17- 

	 	(a)	 to impose all or any of the matters set out in paragraph 22.7 as a condition of its consent.

  

	22.5	 The provisos to paragraph 22.4 shall operate without prejudice to the rights of the Landlord to withhold such
consent on any other ground or grounds where such withholding of consent would be reasonable or to impose any further condition or conditions upon the grant of consent where the imposition of such condition or conditions would be reasonable.

  

	22.6	 The circumstances referred to in paragraph 22.4(a) are as follows: 

 

	 	(a)	 where the proposed assignee is a Group Company of the Tenant; 

 

	 	(b)	 where in the reasonable opinion of the Landlord the proposed assignee is not of sufficient financial standing
to enable it to comply with the tenants covenants in the Lease; 

  

	 	(c)	 where the proposed assignee is not resident in the United Kingdom of Great Britain and Northern Ireland or in
the European Community or in a jurisdiction where reciprocal enforcement of judgments exists. 

  

	22.7	 The conditions referred to in paragraph 22.4(b) are as follows: 

 

	 	(a)	 the execution by the Tenant and delivery to the Landlord prior to the assignment in question of an Authorised
Guarantee Agreement; 

  

	 	(b)	 the payment to the Landlord of all rents and other sums which have fallen due under the Lease prior to the date
of the assignment; 

  

	 	(c)	 if it is reasonable to do so in all the circumstances the Landlord shall be entitled to require any intended
assignee to procure a surety or sureties for such assignee acceptable to the Landlord and such surety or sureties (if more than one jointly and severally) shall covenant with the Landlord in the terms set out in Schedule 9; 

 

	 	(d)	 if it is reasonable to do so in all the circumstances the Landlord shall be entitled to require the execution
by any intended assignee and delivery to the Landlord by the time of the assignment in question of a rent deposit deed (in such form as the Landlord shall reasonably require to provide for the deposit of a sum equal to six months rent with any
applicable VAT) together with the payment by way of cleared funds of such sum. 

 Underletting 

 

	22.8	 Not to underlet any part of the Premises (as distinct from the whole) if by so doing the Premises would
comprise more than two units of occupation. 

  

	22.9	 Not to underlet the whole or part of the Premises except where the following conditions are fulfilled:

  

	 	(a)	 any underlease whether mediate or immediate to be granted out of this Lease shall: 

 

	 	(i)	 initially and at each rent review (if any) be at not less than an open market rent at the time of grant without
fine or premium; 

  

	 	(ii)	 contain provision for rent review in an upward direction only at least at such times as to coincide with the
rent reviews provided for in this Lease; 

  
 -18- 

	 	(iii)	 contain an absolute covenant on the part of the undertenant not to underlet, part with possession of or share
possession or occupation of the whole or any part or parts of the sub-demised premises or mortgage or charge the whole or any part or parts of the sub-demised premises
except by way of an assignment or charge of the whole of the sub-demised premises; 

  

	 	(iv)	 contain a covenant on the part of the undertenant not to assign or charge the whole of the sub-demised premises without the consent of the Landlord under this Lease; 

  

	 	(v)	 otherwise be on similar terms mutatis mutandis to the terms of this Lease; 

 

	 	(vi)	 be in a form approved by the Landlord prior to its grant; 

 

	 	(b)	 any underlease of part shall contain an agreement to exclude the provisions of s 24 to 28 Landlord and Tenant
Act 1954 in relation to such underlease and that agreement shall have been duly authorised beforehand by the Court; 

  

	 	(c)	 prior to the grant of any underlease the Tenant shall procure that the undertenant enters into a deed of
covenant with the Landlord to pay the rents and other sums reserved by and observe and perform the covenants on the undertenant’s part and the conditions contained in the proposed underlease and not to do or omit any act or thing in respect of
the sub-demised premises which would or might cause the Tenant to be in breach of the covenants on the part of the Tenant contained in this Lease. 

 

	22.10	 The Tenant shall: 

  

	 	(a)	 not consent to or participate in any variation or addition whatsoever to any such underlease granted in
accordance with the preceding provisions of this paragraph without the consent of the Landlord; 

  

	 	(b)	 enforce all the covenants and obligations of the undertenant under any such underlease; 

 

	 	(c)	 operate and effect all reviews of rent pursuant to the terms of any such underlease but shall not agree or have
determined any reviewed rent until the corresponding rent review under this Lease is agreed or determined; 

  

	 	(d)	 notify the Landlord of the reviewed rent immediately it has been agreed or determined; 

 

	 	(e)	 not accept a surrender of any underlease without the consent of the Landlord. 22.11 Sharing with Group
Companies 

  

	22.11	 Sharing with Group Companies 

Notwithstanding the preceding provisions of this paragraph 22, if and so long as the Tenant shall be a Group Company of WPP Group Plc nothing
in this paragraph shall prevent the Tenant from sharing occupation of the whole or any part or parts of the Premises with any other Group Company of WPP Group Plc on condition that: 

 

	 	(a)	 the registered office of the Group Company shall also be in the United Kingdom of Great Britain, Northern
Ireland or the European Community; 

  

	 	(b)	 the interest in the Premises so created shall be no more than a tenancy at will; 

  
 -19- 

	 	(c)	 the right of any company to occupy the Premises or any part or parts of the Premises shall immediately
determine upon such company ceasing to be a Group Company. 

  

	22.12	 To supply information 

From time to time on demand during the Term to furnish the Landlord with particulars of any derivative interest in the Premises, including
particulars of the rents payable and such other information and copy documents as the Landlord may reasonably require, and the cost of so doing shall be borne by the Tenant if this clause is not invoked more frequently than once a year but otherwise
on each second or subsequent occasion in any year the Landlord shall bear the Tenant’s reasonable costs of compliance. 
  

	23.	 Costs of licences 

To pay all the Landlord’s reasonable and proper costs fees and/or expenses incurred in connection with any request for a licence or
consent pursuant to the terms of this Lease including where the request is withdrawn or the licence or consent is lawfully withheld. 
  

	24.	 Registration of dealings 

Within one month after any assignment or underletting of whole or of part or the assignment of any such underlease or after any devolution by
will or otherwise or mortgage or charge affecting the Premises (except a floating charge affecting an underlease) to produce to the solicitor for the time being of the Landlord the deed or instrument effecting the same and pay his fee for
registration. 
  

	25.	 Aerials and signs 

 

	25.1	 Subject to paragraph 25.2 not to place or affix any aerial or satellite dish or any sign, signboard, facia,
placard, bill, notice or other notification whatsoever to or upon the outside of the Premises or the windows or inside the Premises so as to be visible from the outside. 

 

	25.2	 There is excepted from paragraph 25.1: 

 

	 	(a)	 the name of the Tenant and any permitted undertenants signwritten on or close to the entrance doors of the
Premises in materials and a style and manner approved by the Landlord or the Landlord’s Surveyor; 

  

	 	(b)	 the name of the Tenant and any permitted undertenants displayed on the Landlord’s indicator board (if any)
in the entrance lobby in the Building. 

  

	26.	 Not to strain floors and ceilings 

Not to impose any strain on the floors and ceilings of the Premises beyond that which they were designed to bear. 

 

	27.	 Not to interfere with Common Media 

Not to overload damage or interfere with: 
  

	 	(a)	 the Common Media; or 

 

	 	(b)	 the plant and machinery and landlord’s fixtures and fittings in the Common Parts; or

  

	 	(c)	 any sprinkler or fire alarm system whether forming part of the Common Media or exclusively serving the
Premises; or 

  
 -20- 

	 	(d)	 the Excluded Plant. 

  

	28.	 Interest on arrears 

 

	28.1	 If any sum payable by the Tenant to the Landlord under this Lease shall not be paid within 14 days of the same
becoming due to pay to the Landlord Higher Rate Interest from the date of the same becoming due down to the date of payment. 

  

	28.2	 Paragraph 28.1 shall apply to shortfall on review or interest on such shortfall payable under the provisions of
Schedule 6 paragraph 8 with effect from the date of demand where such shortfall and interest are not paid within seven days as referred to in that paragraph. 

  

	28.3	 If collection of rent has been suspended by the Landlord for breach of covenant the Tenant shall, when the
breach has been made good to the satisfaction of the Landlord or when this Lease shall be forfeited (as the case may be), pay to the Landlord in addition to the arrears of rent then due Higher Rate Interest from the date that rent became due down to
the date of actual payment. 

  

	29.	 Indemnity 

To indemnify the Landlord against all claims, demands, proceedings, damages, costs and expenses properly incurred: 

 

	29.1	 in respect of or incurred in connection with any damage or injury occasioned to: 

 

	 	(a)	 the Premises or the Building; or 

 

	 	(b)	 any adjacent or neighbouring premises belonging to the Landlord; or 

 

	 	(c)	 any person or any property movable or immovable 

by any act, default or negligence of the Tenant or any person deriving title under the Tenant or their respective agents, employees or
licensees; or 
  

	29.2	 for which the Landlord may be rendered liable or be exposed by reason of the breach, non-observance or non-performance by the Tenant of its covenants and the conditions in this Lease. 

  

	30.	 Encumbrances 

To perform and observe the Encumbrances so far as they relate to the Premises. 

  
 -21- 

 SCHEDULE 4 

Covenants by the Landlord 
  

	1.	 Quiet enjoyment 

That subject to the Tenant paying the rents reserved by and observing and performing the covenants on the part of the Tenant contained in this
Lease the Tenant may peaceably and quietly enjoy the Premises and the rights conferred in Part B to Schedule 1 during the Term without any lawful interruption or disturbance from or by the Landlord or any person or persons lawfully or equitably
claiming under or in trust for it. 
  

	2.	 Insurance and services 

To observe and perform the Landlord’s obligations as to insurance and services set out in Schedules 7 and 8 respectively. 

 

	3.	 Enforcement of covenant against other tenants 

To impose in all leases of the office areas of the Building covenants similar to those contained in Schedule 3 and to enforce those covenants
against the tenants of all parts of the Building. 
  

	4.	 Non-competition 

For so long as not less than four complete floors of the Building are occupied by J Walter Thompson Group Limited or by a Group Company of WPP
Group PLC not to: 
  

	 	(a)	 grant any lease or dispose of any office space in the Building to any of Omnicom, True North, Interpublic and
Cordiant or companies which were as at 15 May 2000 a Group Company of any of the foregoing (the “Excluded Companies”) and will not consent to any assignment, lease or other disposition as aforesaid to any of the Excluded
Companies; and 

  

	 	(b)	 grant naming rights for the Building to any other occupier and will consult with the Tenant before changing the
name of the Building from Number One Knightsbridge Green. 

  

	5.	 Prohibited use 

Whilst the Premises or any part thereof are occupied by J Walter Thompson Group Limited not to permit the unit shown marked “Retail
1” on the plan annexed numbered 1 to be used for any purpose within Class A3 of the Town & Country Planning (Use Classes) Order 1987. 
  

	6.	 Roof Garden 

Not to install or permit to be installed significant additions to any Conducting Media on the Roof Garden without the prior consent of the
Tenant, not to be unreasonably withheld or delayed. 

  
 -22- 

 SCHEDULE 5 

Provisos, agreements and declarations 
  

	1.	 Forfeiture 

Without prejudice to any other provisions contained in this Lease the Landlord may at any time re-enter
the Premises and immediately on so doing this Lease shall terminate absolutely but without prejudice to any rights of the Landlord in respect of any breach of any of the obligations on the Tenant’s part in this Lease: 

 

	1.1	 if the reserved rents are unpaid for 21 days after becoming payable (whether formally demanded or not); or

  

	1.2	 if the Tenant is in breach of any of the Tenant’s obligations in this Lease which have not been remedied;
or 

  

	1.3	 if the Tenant or any guarantor of the Tenant’s obligations: 

 

	 	(a)	 (being a company or if in partnership) enters into liquidation whether compulsory or voluntary (other than for
the purpose of reconstruction or amalgamation not involving a realisation of assets) or has a winding up order made against it by the Court or has a receiver appointed over all or any part of its assets or an administration order is made pursuant to
the Insolvency Act 1986 or the Insolvent Partnerships Order 1994; or 

  

	 	(b)	 (being one or more individuals whether or not in partnership together) any one of them petitions the court for
his own bankruptcy or has a bankruptcy order made against him; or 

  

	 	(c)	 becomes insolvent or enters into any composition with its or his creditors or enters into a voluntary
arrangement (within the meaning of s 1 or 253 Insolvency Act 1986 or the Insolvent Partnerships Order 1994) or distress, sequestration or execution is levied on its or his goods. 

 

	2.	 Tenant’s goods 

 

	2.1	 The Landlord shall be deemed to have been irrevocably appointed the Tenant’s agent to store and/or dispose
of all tenant’s fixtures and fittings and other property belonging to the Tenant or to any third party not removed from the Premises by the Tenant in accordance with its covenants contained in Schedule 3 paragraph 6 and/or Schedule 7 paragraph
1.7. 

  

	2.2	 The Tenant shall indemnify the Landlord against all costs and expenses as the Landlord may properly incur in so
storing and/or disposing of any such property and against any claim made against the Landlord in relation to any such property by any third party. 

  

	2.3	 To pay to the Landlord on demand Higher Rate Interest on such costs and expenses from the date of expenditure
until the date they are paid by the Tenant to the Landlord. 

  

	3.	 Landlord’s right to develop 

Nothing contained in this Lease shall by implication of law or otherwise operate to confer on the Tenant any easement, right or privilege
whatsoever over or against any adjoining or other property belonging to the Landlord (whether forming part of the Building or not) which might restrict or prejudicially affect the future rebuilding, alteration or development of such adjoining or
other property nor shall the Tenant be entitled to compensation for any damage or disturbance caused by or suffered through any such rebuilding, alteration or development. 

  
 -23- 

	4.	 Notices 

  

	4.1	 Any notice or notification served or given under or in connection with this Lease shall be in writing.

  

	4.2	 Section 196(4) Law of Property Act 1925 (as amended by the Recorded Delivery Service Act 1962) shall apply
to all notices and certificates required to be given or served under this Lease. 

  

	5.	 Value Added Tax 

All sums payable by the Tenant under this Lease which are from time to time subject to VAT shall be considered to be tax exclusive sums. 

 

	6.	 Expert determination proceedings 

 

	6.1	 The provisions of this paragraph shall apply to determination of issues by an independent expert if it is
invoked elsewhere in this Lease or the parties otherwise agree to invoke it. 

  

	6.2	 The expert shall be appointed by the parties jointly or if there is no agreement on the appointment he shall be
appointed by the President (or other acting senior officer for the time being) of the relevant professional body on the request of either party. 

  

	6.3	 For the purposes of paragraph 6.2 the relevant professional body shall in relation to any dispute or difference
over matters of: 

  

	 	(a)	 valuation, service charge, management or the condition of the Building or the Premises be the Royal Institution
of Chartered Surveyors; 

  

	 	(b)	 accountancy or the incidence of taxation be the Institute of Chartered Accountants in England and Wales; and

  

	 	(c)	 law be the Law Society; 

but where there are matters that materially involve issues falling under more than one such grouping more than one expert to act jointly with
one another shall be appointed (unless the parties otherwise agree) and references in this paragraph 6 to an expert shall then be treated as referring to experts acting jointly. 

 

	6.4	 The person so appointed shall act as an expert and not as an arbitrator. 

 

	6.5	 The expert shall be required to: 

 

	 	(a)	 give notice to the Landlord and the Tenant allowing each of them to submit to him within such reasonable time
as he may stipulate representations on the relevant issue accompanied (if either of them so wish) by a statement of reasons and professional valuations or reports (as the case may be) of which copies are supplied to the other party; and

  

	 	(b)	 permit each of the Landlord and the Tenant to make a submission in respect of the other’s reasons,
valuation and reports provided under paragraph 6.5(a); but 

  
 -24- 

	 	(c)	 neither the Landlord nor the Tenant may without the consent of the other disclose to the expert correspondence
or other evidence to which the privilege of non-production (“without prejudice”) properly attaches; 

but the expert shall not be bound by any such submission, and he may make his determination as he thinks fit. 

 

	6.6	 The determination of the expert shall be final and binding on the parties except in the case of manifest error.

  

	6.7	 The fees and expenses of the expert including the cost of his nomination shall be borne either as to the whole
or in the proportions as the expert shall determine (but in the absence of such a determination they shall be borne equally) and each of the parties shall bear its own costs with respect to the determination of the issue by the expert, but the
Landlord may pay the costs required to be borne by the Tenant if they remain unpaid more than 21 days after they become due and then recover these and any incidental expenses incurred from the Tenant on demand. 

 

	6.8	 If the expert refuses to act becomes incapable of acting or dies the Landlord or the Tenant may require the
appointment of a replacement expert as provided in paragraph 6.2. 

  

	7.	 Disclaimer of liability for use of Car Park 

The Landlord shall not be under any liability whatsoever for loss or damage to any vehicle or other property or any damage or injury to any
person howsoever arising or for the prevention of ingress to or egress from the Car Parking Spaces caused by the use or attempted use by any person of the Car Parking Spaces or any other part of the Car Park except in the case of negligence on the
part of the Landlord, its servants or agents. 
  

	8.	 Perpetuity period 

In so far as the perpetuity rule applies to any provision of this Lease the perpetuity period shall be 80 years from the date stipulated in the
definition of “Term” in clause 1.1 as the date on which the Term commences. 
  

	9.	 Data Protection Act 1998 

For the purposes of the Data Protection Act 1998 or otherwise the Tenant and the Guarantor (if any) agree to any information relating to this
tenancy held by the Landlord being disclosed to third parties so far only as is necessary in connection with the management or disposal of the Premises. 
  

	10.	 Address for Rent Demands 

The first rent demand shall be delivered to the Tenant at the Premises. 

 

	11.	 Tenant’s option to determine 

 

	11.1	 The Tenant may end this Lease on 29 September 2016 by giving at least 12 months° written notice
expiring on that day PROVIDED that at the time of expiry of such notice: 

  

	 	(a)	 there are no arrears of any rents reserved by or any other sums payable by the Tenant under this Lease (whether
or not subject to dispute); and 

  
 -25- 

	 	(b)	 vacant possession of the Premises is given and at the same time the Tenant pays to the Landlord a sum equal to
six months’ rent at the rate then payable pursuant to clause 2.6(a) of this Lease. 

  

	11.2	 If any of the conditions referred to in (a) or (b) above are not satisfied at the date of expiry of such
notice the notice is deemed to be in effect and this Leas shall continue as before, provided that the Landlord may waive all or any of the said conditions by giving notice to the Tenant at any time. 

 

	11.3	 The ending of this Lease shall not affect either party’s rights in respect of any earlier breach of any
provision of this Lease. 

  

	11.4	 The provisions contained in this paragraph 12 are personal to and exercisable only by J Walter Thompson Group
Limited. They are not capable of being assigned or otherwise dealt with by J Walter Thompson Group Limited and shall cease to have effect upon the date of the first deed of assignment of this Lease between J Walter Thompson Group Limited and its
assignee irrespective of whether such assignment is notified to the Landlord. 

  

	11.5	 Nothing in this paragraph 12 shall have the effect of making time of the essence for the purposes of the review
of rent under this Lease. 

  

	12.	 Third party rights 

No person other than a contracting party may enforce any provision of this Lease by virtue of the Contracts (Rights of Third Parties) Act 1999.

  
 -26- 

 SCHEDULE 6 

Rent Reviews 
  

	1.	 The review dates 

 

	1.1	 The yearly rent payable under this Lease shall be reviewed on the 29th September in each of the years 2006 2011 and 2016 (referred to in this Schedule as the “review dates” and the “relevant review date” shall be construed accordingly).

  

	1.2	 With effect on and from each review date the reviewed rent as agreed or determined in accordance with the
following provisions of this Schedule shall become payable as the yearly rent reserved by this Lease. 

  

	2.	 Upward only rent reviews 

The reviewed rent shall be the higher of: 
  

	2.1	 the yearly rent payable under this Lease immediately preceding the relevant review date; and

  

	2.2	 the market rent of the Premises at the relevant review date; and 

 

	2.3	 90% of the market rent of Level 3 in the Building calculated on a per square foot basis.

  

	3.	 The market rent 

For the purposes of this Lease the expression the “market rent” means the best yearly rent at which the Premises might reasonably be
expected to be let in the open market by a willing landlord to a willing tenant: 
  

	3.1	 with vacant possession; 

 

	3.2	 for the unexpired residue of the term of this Lease at the relevant review date or for a term of 10 years from
the relevant review date (whichever is the greater) and having a rent review, in the same terms as this Lease, at the expiry of each consecutive period of five years throughout the term; 

 

	3.3	 without the payment of a premium by the willing tenant; 

 

	3.4	 subject to the provisions of this Lease (other than “paragraph 2.3, the length of the term and the amount
of rent but including these provisions for rent review); 

 but upon the assumption, if not the fact, that at the relevant
review date: 
  

	3.5	 the Premises have an agreed Net Internal Area of 1,301.72 square metres (14,011.58 square feet):

  

	3.6	 the Premises may be used for any of the uses permitted by this Lease; 

 

	3.7	 the Premises have been fitted out at the cost of the tenant and are therefore ready for immediate commencement
of the normal operation of the business of the willing tenant consistent with paragraph 3.6 above so that the willing tenant would not require a rent free period or other allowance for fitting out the Premises; 

 

	3.8	 in case the Premises have been destroyed or damaged they have been fully reinstated; 

  
 -27- 

	3.9	 the covenants and conditions in this Lease have been fully observed and performed; 

 

	3.10	 there is not in operation any statute, order or instrument, regulation or direction which has the effect of
regulating or restricting the amount of rent of the Premises which might otherwise be payable. 

  

	4.	 Matters to be disregarded 

 

	4.1	 In this paragraph 4 references to the “Tenant” include the predecessors in title to the Premises of
the Tenant ana any person claiming title to the Premises through or under the Tenant or any of them. 

  

	4.2	 In agreeing or determining the market rent the effect upon it of the following matters shall be disregarded:

  

	 	(a)	 the occupation of the Premises or any other parts of the Building by the Tenant; 

 

	 	(b)	 any goodwill attached to the Premises by reason of the carrying on at the Premises or any other parts of the
Building of the business of the Tenant; 

  

	 	(c)	 any improvements to the Premises or the Building made by the Tenant during the Term with the written consent of
the Landlord other than those: 

  

	 	(i)	 made by way of replacement of any of the items comprised in the list of landlord’s fixtures and fittings
as listed in Schedule 1 paragraph 2.6; or 

  

	 	(ii)	 made in pursuance of an obligation to the Landlord or in the case of an under-tenant to his immediate reversioner; or 

  

	 	(iii)	 completed by the Tenant more than 21 years before the relevant review date; or 

 

	 	(iv)	 in respect of which the Landlord has made or is under an obligation to make a financial contribution to the
whole or part of the cost; or 

  

	 	(d)	 any Tenant’s Requested Modifications and the Tenant’s Works as defined in and carried out under the
Agreement for Lease; or 

  

	 	(e)	 any work carried out to the Premises by the Tenant either before or after the grant of this Lease which, apart
from this sub-paragraph, would diminish the market rent. 

  

	5.	 Procedure for determination of market rent 

 

	5.1	 The Landlord and the Tenant may agree the market rent at any time but if they do not agree the market rent:

  

	 	(a)	 the amount of the market rent may be determined by reference to either arbitration or the determination of an
independent expert as the Landlord may elect: 

  

	 	(b)	 the Landlord may exercise the right of election at any time either by giving notice to the Tenant or
alternatively by requesting the nomination of an arbitrator or independent expert in such application for a nomination as may be made by the Landlord; but 

  
 -28- 

	 	(c)	 if the Landlord has not actually exercised its right of election before the rent review date the Tenant may at
any time thereafter require the Landlord to do so by giving notice to the Landlord to that effect and if the Landlord has not done so within 28 days of receipt of the notice it shall be treated as having elected for a reference to the determination
of an independent expert: and 

  

	 	(d)	 the Tenant may not make an application for the nomination of an arbitrator or an expert (as the case may be)
until the Landlord has made an election or is treated as having made an election in accordance with this paragraph 5.1. 

  

	5.2	 In the case of arbitration the arbitrator shall be nominated by the Landlord and the Tenant jointly or in the
absence of an agreed nomination he shall be nominated by the President for the time being of the Royal Institution of Chartered Surveyors on the application either of the Landlord or of the Tenant. 

 

	5.3	 The arbitrator or expert to be nominated shall be a valuer and chartered surveyor having not less than ten
years’ experience of rental valuation of property being put to the same or similar use as the Premises and of property in the same region in which the Premises are situated. 

 

	5.4	 A reference to and award of an arbitrator shall be governed by the Arbitration Act 1996 and the decision of the
arbitrator shall be final and binding on the parties. 

  

	5.5	 In the case of a determination by an independent expert the provisions in this Lease relating to expert
determination proceedings shall apply as supplemented by the provisions of this paragraph 5. 

  

	5.6	 If the arbitrator or the expert refuses to act becomes incapable of acting or dies the Landlord or the Tenant
may require the appointment of a replacement arbitrator or expert (as the case may be) in the same manner as applied to the original appointment but without further right of election under paragraph 5.1 on the part of the Landlord.

  

	5.7	 The Landlord may pay such costs of the rent review required to be paid by the Tenant as have been awarded by
the arbitrator or determined by the expert (as the case may be) if they remain unpaid for more than 21 days after they have become due and then recover these and any incidental expenses incurred from the Tenant on demand. 

 

	6.	 Reviewed rent reserved in phases 

The Landlord and the Tenant may at any time before the market rent is determined by an arbitrator or an independent expert (as the case may be)
settle the amount of the reviewed rent and agree to reserve it in phases. 
  

	7.	 Time limits 

Time shall not be of the essence in agreeing or determining the reviewed rent or of appointing an arbitrator or expert. 

 

	8.	 Rental adjustments 

 

	8.1	 If the market rent has not been agreed or determined in accordance with the provisions of this Schedule before
the relevant review date then until the market rent has been so agreed or determined the Tenant shall continue to pay on account rent at the rate of yearly rent payable immediately before the relevant review date. 

 

	8.2	 The Tenant shall pay to the Landlord within seven days of a demand by the Landlord following the agreement or
determination of the market rent: 

  

	 	(a)	 all arrears of the reviewed rent which have accrued in the meantime; and 

  
 -29- 

	 	(b)	 Base Rate Interest on each of the instalments of the arrears from the time that it would have become due for
payment if the market rent had then been agreed or determined until the demand is made by the Landlord for payment by the Tenant in accordance with this paragraph. 

 

	9.	 Memorandum of rent review 

The Landlord and the Tenant shall cause: 
  

	9.1	 in the case of agreement of the reviewed rent a memorandum of the reviewed rent duly signed by each of them;

  

	9.2	 in the case of an award or determination of the reviewed rent a copy of the award or determination;

 without delay to be securely annexed to this Lease and the counterpart of this Lease and each shall bear its own costs
of doing so. 

  
 -30- 

 SCHEDULE 7 

Insurance provisions 
  

	1.	 Tenant’s covenants 

The Tenant covenants with the Landlord: 

Insurance rent 
  

	1.1	 To pay a sum equal to: 

 

	 	(a)	 such fair and reasonable proportion as the Landlord may from time to time reasonably deem appropriate having
regard (inter alia) to: 

  

	 	(i)	 any alterations or additions to the Building or any change of use of any part of it; or 

 

	 	(ii)	 information supplied to it by the Tenant pursuant to Schedule 3 paragraph 17 of such sums as the Landlord may
from time to time expend in insuring the Building and all additions to the Building against the Insured Risks (including: 

  

	 	(iii)	 the preparation and settlement of any insurance claim; 

 

	 	(iv)	 the cost of complying with any requirements from time to time of the insurer); 

 

	 	(v)	 valuation of the whole or any part of the Building; 

 

	 	(vi)	 insurance of the Landlord against employers’ liability and public liability risks in respect of the
Building; 

  

	 	(b)	 the whole of such sums as the Landlord may from time to time properly expend in insuring against three
years’ loss of the rent first reserved by this Lease and the Service Charge arising from damage to the Building or any part of it by any of the Insured Risks. 

The insurance cover may include VAT and take due account of the effects of inflation and escalation of costs and the Landlord’s estimate
of the market rent in the context of ensuing rent reviews and/or the end of the Term and the Landlord (here meaning The Prudential Assurance Company Limited only) or a Group Company of the Landlord shall be entitled to retain any commissions paid to
it. 
 Tenant’s insurance obligations 
  

	1.2	 Not knowingly to do or omit in or upon the Premises anything whatsoever which may: 

 

	 	(a)	 render the Landlord liable to pay in respect of the Premises and/or the Building or any part of them more than
the rate of premium which the Landlord might expect to pay in the open market to insure premises of a similar nature let on a similar basis against the Insured Risks; or 

 

	 	(b)	 restrict or make void or voidable any policy for such insurance. 

 

	1.3	 To repay to the Landlord any increase in the rate of premium and all expenses incurred by it in or about any
renewal of such policy rendered necessary by a breach of paragraph 1.2. 

  
 -31- 

	1.4	 In the event of: 

  

	 	(a)	 any part of the Premises or the Building being destroyed or damaged by any of the Insured Risks; and

  

	 	(b)	 the insurance moneys being wholly or partially irrecoverable by reason solely or in part of any act or default
of the Tenant or any person deriving title under the Tenant or any of their respective agents, employees or licensees 

the Tenant shall pay to the Landlord on demand a sum equal to the whole or a fair proportion (as the case may require) of the irrecoverable
insurance moneys. 
  

	1.5	 Not to insure any part of the Premises against any of the Insured Risks. 

 

	1.6	 To notify the Landlord immediately in writing in the event of damage to any part of the Premises by any of the
Insured Risks. 

  

	1.7	 In the event of damage to any part of the Premises by any of the Insured Risks so as to render the same unfit
for occupation or use (if so required by the Landlord) to remove from the Premises all tenant’s fixtures and fittings and other property belonging to the Tenant or to any third party within one month of such damage and/or to indemnify the
Landlord against the cost of so doing. 

  

	1.8	 In the event of damage to the Premises or the Building or any part or parts of them by any of the Insured Risks
to pay to the Landlord on demand a sum equal to the whole or a proper proportion of any uninsured excess to which the insurance policy may be subject. 

  

	1.9	 To maintain in force throughout the Term in the joint names of the Landlord and the Tenant engineering
insurance for all electrical or mechanical equipment and apparatus forming part of the Premises and to produce to the Landlord on demand the policy relating to such insurance and evidence of payment of the current premium. 

 

	1.10	 Not to leave the Premises continuously unoccupied for more than 21 days without notifying the Landlord and
providing such caretaking or security arrangements as the Landlord and/or its insurers may require in order to protect the Premises from vandalism, theft, damage or unlawful occupation. 

 

	2.	 Landlord’s covenants 

The Landlord covenants with the Tenant: 

To insure 
  

	2.1	 To insure and keep insured the Building and all additions to the Building against loss or damage by the Insured
Risks with an insurer of repute subject to such exclusions, conditions and uninsured excesses as the insurer may reasonably apply in a sum equal to: 

  

	 	(a)	 the Landlord’s proper opinion of the full cost of reinstatement (taking into account receipt by the
Landlord of any appropriate notification from the Tenant pursuant to Schedule 3 paragraph 17) including architects’, surveyors’ and consultants’ fees and the cost of removing all debris (excluding contents and stock debris) from the
site of the Building and other incidental expenses; 

  

	 	(b)	 three years’ loss of the rent first reserved by this Lease and Service Charge. 

  
 -32- 

 To reinstate 

 

	2.2	 Subject to paragraph 2.3 to cause all money received by virtue of such insurance (other than sums received for
loss of rent) to be laid out in clearing the site and reinstating the Building or the Premises (as the case may be) and to make good any shortfall out of its own moneys save to the extent that any such shortfall shall arise due to the failure of the
Tenant to comply with its covenants contained in Schedule 3 paragraph 17 and/or paragraphs 1.2 and/or 1.8 of this Schedule. 

  

	2.3	 The Landlord’s obligation under this covenant shall cease if: 

 

	 	(a)	 the insurance shall be rendered void by reason of any act or default of the Tenant or any person deriving title
under the Tenant or their respective agents, servants or licensees; and/or 

  

	 	(b)	 this Lease shall be determined in accordance with paragraph 5 of this Schedule. 

 

	2.4	 Nothing in Schedule 8 shall impose on the Landlord any liability to make good damage caused by an Insured Risk.

 OTHER PROVISIONS 
  

	3.	 Landlord an insurance company 

 

	3.1	 If at any time and so long as the Landlord (here meaning The Prudential Assurance Company Limited only) or a
Group Company of the Landlord is an insurance company the Landlord may carry the risk referred to in paragraph 2.1 itself in which case: 

  

	 	(a)	 the Landlord shall be deemed to have effected an insurance policy on terms (and subject to such exclusions,
conditions and uninsured excesses) equivalent to those quoted by it or the Group Company from time to time when underwriting similar business; 

  

	 	(b)	 the Landlord shall be deemed to have expended from time to time such premiums as it would have charged for
insuring and keeping insured the Building and rent in accordance with this Lease as if such insurance had been effected by a single tenant of the whole of the Building (let as a whole) with the Landlord (as insurer); and 

 

	 	(c)	 all the provisions of this Lease which relate to insurance (including, but without limitation, the provisions
for reinstatement and making up of any shortfall in the insurance moneys) shall apply mutatis mutandis where the Landlord carries the risk as if the Landlord had effected a policy with an independent insurer. 

 

	4.	 Suspension of Rent 

 

	4.1	 The provisions of paragraph 4.2 shall apply if the Building or any part of it shall at any time during the Term
be so damaged by any of the Insured Risks as to render the Premises or any part of them unfit for occupation or use (but shall not apply if no insurance moneys shall be payable owing to the act or default of the Tenant or any person deriving title
under the Tenant or their respective agents, employees or licensees). 

  

	4.2	 If paragraph 4.1 applies the rent first reserved by this Lease and the Service Charge or a fair proportion of
them according to the nature and extent of the damage sustained shall be suspended and cease to be payable until either the Building or the Premises as the case may be shall have been reinstated and made fit for occupation or use (excluding fitting
out and replacement of contents) or if earlier until the expiry of three years from the date of such damage. 

  
 -33- 

	4.3	 In the event of dispute as to the amount or duration of the rent to be abated such dispute shall be settled by
a single arbitrator to be appointed by the President for the time being of the Royal Institution of Chartered Surveyors. 

  

	5.	 Options to determine 

 

	5.1	 If the Building or a substantial part of it (whether including the Premises or not) is destroyed or damaged by
any of the Insured Risks then this Lease may at the option of the Landlord be determined by the Landlord giving to the Tenant not less than six months’ notice (such notice to be given within 12 months after such destruction or damage).

  

	5.2	 If for any reason outside the control of the Landlord it shall prove impossible to commence rebuilding work on
site within two years of the date of such damage or destruction by any of the Insured Risks then the Landlord may by notice to the Tenant determine this Lease and upon receipt by the Tenant of such notice the Term shall cease and determine.

  

	5.3	 If either the Landlord has not commenced rebuilding work on site within two years of the date of such damage or
destruction by any of the Insured Risks or the Landlord has not completed reinstatement of the Building within two years and six months of such date then in either event this Lease may at the option of the Tenant be determined by the Tenant giving
to the Landlord not less than six months’ notice and upon the expiration of such notice the Term shall cease and determine but if by the expiration of such notice the Building has been reinstated the notice shall become void and this Lease
shall continue in full force and effect. 

  

	5.4	 If this Lease is determined pursuant to paragraph 5.1, 5.2 or 5.3 the Landlord shall be entitled to retain the
whole of the insurance moneys for its absolute use and benefit. 

  
 -34- 

 SCHEDULE 8 

Part A 
 Service Charge
Provisions 
  

	1.	 Tenant’s liability to pay Service Charge 

 

	1.1	 The Tenant shall pay to the Landlord the Service Charge. 

 

	1.2	 The Service Charge is such proportion of the Landlord’s Costs as the Landlord reasonably deems fair and
attributable to the Premises in any service charge period beginning or ending during the Term, but without affecting the general operation of the Landlord’s discretion: 

 

	 	(a)	 the proportion shall be calculated primarily on a comparison for the time being of the Net Internal Area of the
Premises with the Net Internal Area of the Building (excluding however the Net Internal Area of the Management Premises); but 

  

	 	(b)	 in the event of such comparison being inappropriate having regard to the nature of the expenditure (or item of
expenditure) incurred or the premises in or upon the Building which benefit from it or otherwise the Landlord shall be at liberty in its discretion to adopt such other method of calculation of the proportion of such expenditure to be attributed to
the Premises as shall be fair and reasonable in the circumstances (including if appropriate the attribution of the whole of such expenditure to the Premises). 

 

	1.3	 The Landlord’s Costs are the costs and expenses properly incurred by the Landlord of and incidental to the
provision of the Services in or with respect to any service charge period beginning or ending during the Term. 

  

	1.4	 The Services are itemised in Parts B and C of this Schedule. 

 

	1.5	 The Landlord’s Costs, the Service Charge and the provision of the Services shall be calculated and dealt
with in accordance with the provisions of this Schedule. 

  

	2.	 Advance payments on preliminary basis 

 

	2.1	 The Service Charge shall be discharged by means of advance payments to be made on each of the usual quarter
days in every year and also by such additional payments as may be required under paragraphs 3 and 4. 

  

	2.2	 The amount of each advance payment shall be equal to the last advance payment or shall otherwise be such amount
as the Landlord may reasonably determine as likely to be equal in the aggregate to the Service Charge for the relevant service charge period and which is notified to the Tenant at or before the time when the demand for an advance payment is made and
the advance payment for the service charge period current at the date of this Lease shall be £ 22,768.75 per quarter. 

  

	2.3	 For the purposes of this Schedule “service charge period” means the period of 12 months from
1 October to 30 September in each year (or such other appropriate period of more or less than 12 months as the Landlord may from time to time reasonably determine). 

 

	2.4	 The Service Charge shall be deemed to accrue on a day-to-day basis in order to ascertain yearly rates and for the purposes of apportionment in relation to periods of other than one year. 

  
 -35- 

	3.	 Landlord’s Costs accounts and Service Charge adjustments 

 

	3.1	 The Landlord shall as soon as may be practicable after the end of each service charge period submit to the
Tenant a statement duly certified by the Landlord, the Landlord’s Surveyor or the Landlord’s managing agents (or audited by the Landlord’s auditors if the Landlord so decides) giving a proper summary of the Landlord’s Costs and
the calculation of the Service Charge for the service charge period just ended and the provisions in this Lease as to the giving of notices apply to the submission of the statement. 

 

	3.2	 if the Service Charge as certified shall be more or less than the total of the advance payments (or the grossed-up equivalent of such payments if made for any period of less than the service charge period) then any sum due to or payable by the Landlord by way of adjustment in respect of the Service Charge shall
forthwith become due and be paid or allowed as the case may be. 

  

	3.3	 The provisions of this paragraph 3 shall continue to apply notwithstanding the expiry or earlier determination
of this Lease in respect of any service charge period then current. 

  

	3.4	 The Tenant may within 28 days after the submission of a certified statement under paragraph 3.1 (time being of
the essence) challenge it on the ground that it contains errors or is otherwise incorrectly drawn by giving to the Landlord notice to that effect but only if it has first made payment of the full amount of any Service Charge that the statement shows
as due from the Tenant and if so: 

  

	 	(a)	 the Landlord and the Tenant shall endeavour to resolve the relevant issue but if they cannot do so;

  

	 	(b)	 the issue in dispute shall be referred to the determination of an independent expert and the provisions in this
Lease relating to expert determination proceedings shall apply; 

  

	 	(c)	 such adjustments to the statement as may be required to be made in consequence of the determination of the
expert shall be made and any sum due to or payable by the Landlord shall forthwith be paid or allowed as the case may be; 

  

	 	(d)	 Base Rate Interest shall be paid or allowed in respect of the period during which the relevant amount has been
underpaid or overpaid; 

 but if not the Tenant’s right of challenge to that certified statement shall lapse. 

 

	3.5	 The Tenant shall be entitled during the period of six months commencing on the submission of the statement
under paragraph 3.1 to: 

  

	 	(a)	 inspect the service charge invoices and vouchers of the Landlord at such location as the Landlord may
reasonably appoint for the purpose during normal working hours on weekdays; and 

  

	 	(b)	 at the Tenant’s expense take copies of them. 

 

	4.	 Exceptional expenditure 

 

	4.1	 If funds collected by way of advance payments towards Landlord’s Costs prove insufficient to meet an
immediate liability (and there is no reserve fund available or which may be applied to meet the liability) and the cause of the insufficiency is not that any Lettable Areas are or have been vacant or that a tenant or occupier has defaulted in
payment of his proportion of the Landlord’s Costs, the Landlord shall be entitled to advance moneys (or borrow moneys for the purpose from reputable banks) at commercially competitive rates of interest and interest payable on the advance or the
borrowing shall be recoverable as an item of the Landlord’s Costs. 

  
 -36- 

	4.2	 Where the Landlord carries out major works of repair, maintenance and decoration or replaces major items of
plant or machinery it may: 

  

	 	(a)	 at its discretion apportion the Landlord’s Costs in respect of the relevant expenditure over more than one
service charge period; and 

  

	 	(b)	 include in the Landlord’s Costs Base Rate Interest on the part of the expenditure to be recovered in later
service charge periods. 

  

	5.	 Landlord’s protection provisions 

The Tenant shall not be entitled to object to the Landlord’s Costs (or any item comprised in it) or otherwise on any of the following
grounds: 
  

	5.1	 the inclusion in a subsequent service charge period of any item of expenditure or liability omitted from the
Landlord’s Costs for any earlier service charge period so long as the Landlord has acted in good faith; 

  

	5.2	 an item of Landlord’s Costs included at a proper cost might have been provided or performed at a lower
cost; or 

  

	5.3	 disagreement with any estimate of future expenditure for which the Landlord requires to make provision so long
as the Landlord has acted reasonably and in good faith and in the absence of manifest error; or 

  

	5.4	 the manner in which the Landlord exercises its discretion in providing Services so long as the Landlord acts in
good faith and in accordance with the principles of good estate management; or 

  

	5.5	 the employment of managing agents to carry out and provide on the Landlord’s behalf any of the Services;
or 

  

	5.6	 the employment of a Group Company to carry out and provide on the Landlord’s behalf any of the Services;

 PROVIDED that the Landlord uses all reasonable endeavours to ensure that the Services are carried out in as efficient
and cost effective manner as is reasonably practicable. 
  

	6.	 Vacant parts of the Building and actions by the Landlord 

 

	6.1	 The Service Charge shall not be increased or altered by reason only that at any relevant time any Lettable
Areas of the Building may be vacant or be occupied by the Landlord or that any tenant or other occupier of another part of the Building may default in payment of his proportion of the Landlord’s Costs. 

 

	6.2	 Subject to paragraph 6.1 it is the intention that the Landlord should recover the whole of the Landlord’s
costs from the Tenant and other tenants and occupiers of the Building. 

  

	6.3	 If the Landlord recovers moneys in exercise of its powers referred to in paragraph 0 representing expenditure
which has been or which would otherwise fall to be included in the Landlord’s Costs the Landlord shall set off or credit such moneys against the Landlord’s Costs accordingly. 

  
 -37- 

	7.	 Landlord’s Costs to exclude tenants’ liabilities 

There shall be excluded from the items comprising the Landlord’s Costs any liability or expense for which the Tenant or other tenants or
occupiers of the Building may individually be responsible under the terms of the tenancy or other arrangement by which they use or occupy the Building. 
  

	8.	 Management charges 

The Landlord shall be entitled to include in the Landlord’s costs: 

 

	8.1	 a reasonable fee for the provision of Services, which shall include the reasonable and proper fees for
employing managing agents for the carrying out and provision of Services but shall exclude any charge for the collection of rent; and 

  

	8.2	 any reasonable and proper cost of the accountants, auditors or surveyors for auditing or certifying the
Landlord’s Costs or providing other similar services in connection with the Landlord’s Costs. 

  

	9.	 The Landlord’s obligation to provide services 

 

	9.1	 Subject to the payment of the Service Charge by the Tenant in the manner and at the times required under this
Lease and to the following provisions of this paragraph 9 the Landlord: 

  

	 	(a)	 shall use its best endeavours to provide the Services itemised in Part B of this Schedule during Normal Working
Hours and at such additional times as the Tenant may request; and 

  

	 	(b)	 may provide the Services itemised in Part C of this Schedule. 

 

	9.2	 The Landlord shall not be liable to the Tenant for failure to provide any Services in this Schedule to the
extent that the Landlord is prevented from doing so by Insured Risks and other such perils, accident, strikes, lockouts of workmen or other cause beyond the Landlord’s reasonable control. 

 

	9.3	 The Landlord shall not be liable to the Tenant for failure to provide any Services in this Schedule that it is
obliged to do unless the Landlord has had written notice of and a reasonable period in which to remedy the failure. 

  

	9.4	 The Landlord shall not be liable to the Tenant for any loss, damage or inconvenience which may be caused by
reason of: 

  

	 	(a)	 temporary interruption of services during periods of inspection, maintenance, repair and renewal;

  

	 	(b)	 temporary interruption of services during the course of building works; 

 

	 	(c)	 the breakdown, failure, stoppage, leaking, bursting or defect of any hot or cold water, sanitary, ventilation,
extraction plant and machinery or of soil, gas, water or electricity or other plant and machinery or of the Common Media or the Conducting Media in the Premises, the Building or neighbouring or adjoining property. 

 

	9.5	 The Landlord shall not be under any obligation to the Tenant to continue the provision of the Services
specified in Part C of this Schedule and may in its absolute discretion vary, extend, alter or add to the Services in Parts B and C if the Landlord considers that by so doing the interests of the occupiers of the Building as a class will be better
served, the amenities in the Building may be improved and/or the management of the Building may be more efficiently conducted. 

  
 -38- 

	9.6	 The Landlord shall not be concerned in the administration and collection of or accounting for the Service
Charge on an assignment of this Lease and accordingly the Landlord shall: 

  

	 	(a)	 not be required to make any apportionment relative to the assignment; and 

 

	 	(b)	 be entitled to deal exclusively with the Tenant in whom this Lease is for the time being vested (and for this
purpose in disregard of any assignment which has not been registered in accordance with Schedule 3 paragraph 24). 

Part B 
 Mandatory
services and heads of charge 
  

	10.	 Common Parts 

  

	10.1	 The cleaning, lighting and maintenance of the Common Parts. 

 

	10.2	 The payment of any Outgoings in respect of the Common Parts. 

 

	10.3	 Keeping the Common Parts clear of all rubbish. 

 

	10.4	 The cleaning and clearing of Conducting Media. 

 

	10.5	 The cleaning of all windows which do not form part of any Lettable Area and the external faces of all windows
which although forming part of a Lettable Area give on to the Common Parts or form part of the exterior of the Building. 

  

	11.	 Repairs 

  

	11.1	 The repair, decoration, inspection, maintenance, renewal, replacement, resurfacing, washing down, cleaning and
upkeep of the Main Structure (without prejudice to the Tenant’s responsibility for maintaining doors and windows and paragraph 18.4 of this Schedule) and the Common Parts, the Conducting Media, Common Media and other common service facilities
and of plant, equipment and tools and utensils serving or used in the Building. 

  

	11.2	 Cleaning, lighting, repairing, renewing, decorating, maintaining, and rebuilding any fences, party walls, party
structures, entrance ways, stairs and passages and service areas and Conducting Media and any other items which are or may be used or enjoyed in common with adjacent or neighbouring properties (whether the relevant costs and expenses are incurred by
the Landlord or it is required to make a contribution to those incurred by the owners and occupiers of adjacent or neighbouring properties or by a competent authority). 

 

	12.	 Heating air conditioning and ventilation and water 

 

	12.1	 Heating the Building as may be appropriate in the prevailing climatic conditions and air conditioning and
ventilation and providing hot water to the hot water taps in the Building. 

  

	12.2	 Providing cold water to the cold water taps in the Building. 

 

	12.3	 The repair, maintenance, inspection, renewal and replacement of all plant and equipment required for or in
connection with the working and operation of heating air conditioning and ventilation and hot and cold water. 

  
 -39- 

	13.	 Lifts and Escalators 

 

	13.1	 The operation of a lifts’ and escalator service in the Building. 

 

	13.2	 The repair, maintenance, renewal and replacement of the lifts and escalators and of all plant and equipment for
or in connection with the working and operation of the lifts. 

  

	14.	 Insurances 

Engineering insurances for lifts, escalators, boilers, air-conditioning plant, lightning conductor
equipment and all other electrical or mechanical equipment and apparatus in the Building save to the extent that the Tenant or any other tenant is responsible for effecting such insurance. 

 

	15.	 Statutory requirements 

Compliance with the requirements of any statute (already or in the future to be passed) or any government department, local authority, other
public or competent authority or court of competent jurisdiction and of the insurers in relation to the use, occupation and enjoyment of the Building (including in relation to health and safety compliance with the proper practice recommended by all
appropriate authorities). 
 Part C 

Non-mandatory services and heads of charge 

 

	16.	 Legal proceedings 

 

	16.1	 Making representations which the Landlord in its discretion reasonably and properly considers should be made
against or otherwise contesting the incidence of the provisions of any notice, direction, order, certificate, assessment or proposal relating to or affecting the whole or any part of the Building. 

 

	16.2	 The proper costs of pursuing and enforcing any claim, and taking or defending any proceedings which the
Landlord may in its discretion make take or defend: 

  

	 	(a)	 against contractors, consultants, architects, consulting engineers and surveyors employed or engaged in
connection with the construction and/or refurbishment and/or repair of the Building and/or the Premises or any other third party for the remedy of a defect repairs in or to the Building or otherwise for which they or any of them may be liable; and

  

	 	(b)	 for the purpose of establishing, preserving or defending any rights, amenities or facilities used or enjoyed by
the tenants and occupiers of the Building or any part of it or to which they may be entitled. 

  

	17.	 Employees 

  

	17.1	 Employment of a facilities manager, porter, caretaker, cleaning staff, gardener or other staff for the
maintenance and upkeep of and the provision of services and security in the Building including (without limitation upon the general operation of this paragraph) National Insurance and pension contributions of such employees. 

 

	17.2	 The provision of uniforms, overalls and protective clothing for such employees or other staff required in
connection with their duties. 

  
 -40- 

	17.3	 The running cost of living accommodation for the facilities manager, porter or caretaker in or nearby the
Building and the payment of Outgoings in respect of such accommodation. 

  

	18.	 Common Parts 

  

	18.1	 The provision of repair, maintenance, inspection, renewal and replacement of directional and other informative
notices in the Common Parts. 

  

	18.2	 The furnishing, carpeting and equipping and ornamentation of the Common Parts. 

 

	18.3	 Landscaping, planting and replanting and the maintenance and upkeep of the Common Parts and of garden or
grassed areas and flagpoles on or within the curtilage of the Building. 

  

	18.4	 The maintenance, decoration or replacement of any door or window giving on to the Common Parts or forming part
of the exterior of the Building. 

  

	19.	 Management Premises 

 

	19.1	 The operating costs of Management Premises. 

 

	19.2	 The payment of all Outgoings in respect of Management Premises. 

 

	19.3	 The payment of any rent or service charge or other costs payable by the Landlord or any deemed rents in
relation to the Management Premises. 

  

	19.4	 The provision, maintenance, inspection, repair and replacement of equipment, tools and utensils for the
efficient management of the Services. 

  

	20.	 Refuse collection 

The provision of any refuse collection services or other refuse facilities. 

 

	20.1	 Fire fighting equipment, security and public address 

 

	20.2	 The maintenance, inspection, repair and replacement of fire alarms and sprinkler systems.

  

	20.3	 The provision, maintenance, repair and replacement of ancillary fire prevention apparatus and fire fighting
equipment and telephone and public address systems. 

  

	20.4	 Security arrangements for entry to the Car Park. 

 

	20.5	 Security arrangements for the safety of occupiers and users of the Building and their property kept in the
Building. 

  

	20.6	 The engagement of security officers and security services. 

 

	21.	 Insurances 

Such additional insurances (other than as referred to in paragraph 14 or in respect of risks the Landlord covenants to insure in accordance
with Schedule 7) as the Landlord may reasonably effect in respect of or incidental to the Building, its operation and management. 

  
 -41- 

 SCHEDULE 9 

Covenants by the Guarantor 
  

	1.	 The Guarantor (if any) in consideration of the grant of this Lease (or the agreement to the assignment of this
Lease as appropriate) COVENANTS AND GUARANTEES with and to the Landlord that: 

  

	1.1	 The Tenant shall punctually pay the rents and perform and observe the covenants and other terms of this Lease;

  

	1.2	 If the Tenant shall make any default in payment of the rents or in performing or observing any of the covenants
or other terms of this Lease, the Guarantor will pay the rents and perform or observe the covenants or terms in respect of which the Tenant shall be in default and make good to the Landlord on demand and indemnify the Landlord against all reasonable
and proper losses, damages, costs and expenses arising or incurred by the Landlord as a result of such non-payment, non-performance or
non-observance notwithstanding: 

  

	 	(a)	 any time or indulgence granted by the Landlord to the Tenant or any neglect or forbearance of the Landlord in
enforcing the payment of the rents or the observance or performance of the covenants or other terms of this Lease; 

  

	 	(b)	 that the terms of this Lease may have been varied by agreement between the parties except where such variation
is materially adverse to the Guarantor; 

  

	 	(c)	 that the Tenant shall have surrendered part of the Premises in which event the liability of the Guarantor under
this Lease shall continue in respect of the part of the Premises not so surrendered after making any necessary apportionments under s 140 Law of Property Act 1925. 

 

	1.3	 This guarantee is to take effect immediately on the grant (or the assignment as appropriate) of this Lease to
the Tenant and is to remain in force so long as and to the extent that the Tenant is not released by law from liability for any of the covenants and other terms of this Lease. 

 

	2.	 The Guarantor FURTHER COVENANTS with the Landlord that if this Lease is disclaimed or forfeited prior to any
lawful assignment by the Tenant of this Lease the Landlord may within six months after the disclaimer or forfeiture by notice in writing require the Guarantor to accept a new lease of the Premises for a term equivalent to the residue which if there
had been no disclaimer or forfeiture would have remained of the Term at the same rent and subject to the like covenants and conditions as are payable under and applicable to the tenancy immediately before the date of such disclaimer or forfeiture,
the said new lease and the rights and liabilities thereunder to take effect as from the date of such disclaimer or forfeiture, and in such case the Guarantor shall pay the Landlord’s costs reasonably and properly incurred by the Landlord in
connection with such new lease and the Guarantor shall accept such new lease accordingly and will execute and deliver to the Landlord a Counterpart thereof. 

  

	3.	 If this Lease is disclaimed or forfeited and for any reason the Landlord does not require the Guarantor to
accept a new lease of the Premises in accordance with paragraph 3 of this Schedule, the Guarantor shall pay to the Landlord on demand an amount equal to the difference between any money received by the Landlord for the use or occupation of the
Premises less any expenditure incurred by the Landlord in connection with the Premises and the rents which would have been payable under the Lease but for such disclaimer or forfeiture, in both cases for the period commencing with the date of such
disclaimer or forfeiture and ending on whichever is the earlier of the following dates: 

  
 -42- 

	 	(a)	 the date six months after such disclaimer or forfeiture; and 

 

	 	(b)	 the date (if any) upon which the Premises are relet. 

 

	4.	 The Guarantor FURTHER COVENANTS and guarantees the obligations of the Tenant under any Authorised Guarantee
Agreement entered into by the Tenant pursuant to the terms of this Lease. 

  

	5.	 For the purposes of these guarantee provisions references to the Tenant are to the Tenant in relation to whom
the Guarantor’s guarantee is given but not any lawful assignee of such Tenant. 

  
 -43- 

 SCHEDULE 10 

Authorised Guarantee Agreement 
  

	1.	 The Tenant in consideration of the agreement to the assignment of the Lease COVENANTS AND GUARANTEES with and
to the Landlord that: 

  

	1.1	 The Assignee shall punctually pay the rents and perform and observe the covenants and other terms of the Lease;

  

	1.2	 If the Assignee shall make any default in payment of the rents or in performing or observing any of the
covenants or other terms of the Lease, the Tenant will pay the rents and perform and observe the covenants or terms in respect of which the Assignee shall be in default and make good to the Landlord on demand and indemnify the Landlord against all
reasonable and proper losses, damages, costs and expenses arising or incurred by the Landlord as a result of such non-payment, non-performance or nonobservance
notwithstanding: 

  

	 	(a)	 any time or indulgence granted by the Landlord to the Assignee or any neglect or forbearance of the Landlord in
enforcing the payment of the rents or the observance or performance of the covenants or other terms of the Lease; 

  

	 	(b)	 that the terms of the Lease may have been varied by agreement between the parties (but subject always to s 18
Landlord and Tenant (Covenants) Act 1995) except where such variation is materially adverse to the Tenant; 

  

	 	(c)	 that the Assignee shall have surrendered part of the Premises in which event the liability of the Tenant under
this guarantee shall continue in respect of the part of the Premises not so surrendered after making any necessary apportionments under s 140 Law of Property Act 1925. 

 

	2.	 The Tenant FURTHER COVENANTS with the Landlord that if the Lease is disclaimed prior to any lawful assignment
by the Assignee of the Lease the Landlord may within six months after the disclaimer require the Tenant to accept a new lease of the Premises for a term equivalent to the residue which if there had been no disclaimer would have remained of the Term
at the same rent and subject to the like covenants and conditions as are payable under and applicable to the tenancy immediately before the date of such disclaimer, the said new lease and the rights and liabilities thereunder to take effect as from
the date of such disclaimer, and in such case the Tenant shall pay the Landlord’s costs reasonably and properly incurred by the Landlord in connection with such new lease and the Tenant shall accept such new lease accordingly and will execute
and deliver to the Landlord a Counterpart thereof. 

  

	3.	 If the Lease is disclaimed and for any reason the Landlord does not require the Tenant to accept a new lease of
the Premises in accordance with clause 2, the Tenant shall pay to the Landlord on demand an amount equal to the difference between any money received by the Landlord for the use or occupation of the Premises less any expenditure incurred by the
Landlord in connection with the Premises and the rents which would have been payable under the Lease but for such disclaimer, in both cases for the period commencing with the date of such disclaimer and ending on whichever is the earlier of the
following dates: 

  

	 	(a)	 the date six months after such disclaimer; 

 

	 	(b)	 the end or sooner determination of the Term. 

  
 -44- 

	4.	 Notwithstanding any of the foregoing provisions the Tenant: 

 

	 	(a)	 shall not be required to guarantee in any way the liability for the covenants and other terms of the Lease of
any person other than the Assignee: and 

  

	 	(b)	 shall not be subject to any liability, restriction or other requirement (of whatever nature) in relation to any
time after the Assignee is by law released from the covenants and other terms of the Lease. 

  

	5.	 Words and expressions used herein shall have the same meaning as in the Lease. 

  
 -45- 

			
	The Common Seal of Prudential	  	)
	Property Investment Managers Limited acting as	  	)
	attorney for The Prudential	  	)
	Assurance Company Limited	  	)
	was affixed in the presence of:	  	)
		
	Name of sealing officer	  	)
		
	Signature                                    
                                         
                                 	  	
		
	Duly appointed authorized sealing officer of Prudential Property Investment Managers Limited	  	

  
 -46- 

					
	DATED	  	10 May	  	2002

  
 THE
PRUDENTIAL ASSURANCE COMPANY LIMITED 
 -and- 

J WALTER THOMPSON GROUP LIMITED 

-and- 
 WPP GROUP (UK) LIMITED

 LEASE 
 -of- 

LEVEL 3, 1 KNIGHTSBRIDGE GREEN, 

LONDON SW1 
  

			
	Term commences:	  	29 September 2001
	Term expires:	  	28 September 2021
	Initial annual rent:	  	£661,602.09
	Initial advance service charge payment: £ 26,93.50 per quarter
	LTCA 1995:	  	new tenancy

 Lovells 

Ref: P1/GS D/DBDM 
 D0764/75453

 LIB03/P1DSD/870153.01 

 CONTENTS 
  

							
	Clause	  	 	  	Page No	 
		
	 1.  DEFINITIONS AND
INTERPRETATION
	  	 	1	 
		
	 2.  DEMISE, TERM, RENT
AND RENT PAYMENT DATES
	  	 	5	 
		
	 3.  TENANT’S
COVENANTS
	  	 	6	 
		
	 4.  LANDLORD’S
COVENANTS
	  	 	6	 
		
	 5.  PROVISOS
	  	 	6	 
		
	 6.  INCORPORATION OF
SCHEDULES 6, 7 AND 8
	  	 	6	 
		
	 7.  GUARANTOR’S
COVENANTS
	  	 	6	 
		
	 8.  OPERATION OF THIS
DEED
	  	 	6	 
		
	 9.  NEW
TENANCY
	  	 	6	 
		
	 SCHEDULE 1
	  	 	7	 
		
	 Part A The Premises
	  	 	7	 
		
	 Part B Rights Granted
	  	 	8	 
		
	 Part C Exceptions And Reservations
	  	 	8	 
		
	 SCHEDULE 2
	  	 	10	 
		
	 The Encumbrances
	  	 	10	 
		
	 SCHEDULE 3
	  	 	11	 
		
	 Covenants By The Tenant
	  	 	11	 
			
	 1.  Payment Of Rents
	  		  	    	11   	   
			
	 2.  Outgoings
	  		  	    	11   	   
			
	 3.  Value Added Tax
	  		  	    	11   	   
			
	 4.  Decoration
	  		  	    	11   	   
			
	 5.  Repairs
	  		  	    	12   	   
		
	 6.  Yielding Up
	  	    	13   	   

							
	 7.
	 	To Notify Landlord Of Statutory Notices	  	 	13	 
			
	 8.
	 	Compliance With Statutory Requirements	  	 	14	 
			
	 9.
	 	Fire Precautions	  	 	14	 
			
	 10.
	 	Compliance With Town And Country Planning Requirements	  	 	15	 
			
	 11.
	 	Compliance With Landlord’s Regulations	  	 	15	 
			
	 12.
	 	Entry By Landlord To View And Require Tenant To Repair	  	 	15	 
			
	 13.
	 	Entry By Landlord To Repair And For Other Purposes	  	 	16	 
			
	 14.
	 	Entry By Landlord For Sale Or Reletting	  	 	16	 
			
	 15.
	 	Costs On Breach	  	 	17	 
			
	 16.
	 	Not To Encumber Common Parts	  	 	17	 
			
	 17.
	 	As To Alterations	  	 	17	 
			
	 18.
	 	Cdm Regulations	  	 	18	 
			
	 19.
	 	Permitted Use	  	 	18	 
			
	 20.
	 	Prohibited Uses	  	 	19	 
			
	 21.
	 	Not To Permit Encroachments	  	 	19	 
			
	 22.
	 	Restrictions On Alienation	  	 	19	 
			
	 23.
	 	Costs Of Licences	  	 	23	 
			
	 24.
	 	Registration Of Dealings	  	 	23	 
			
	 25.
	 	Aerials And Signs	  	 	23	 
			
	 26.
	 	Not To Strain Floors And Ceilings	  	 	23	 
			
	 27.
	 	Not To Interfere With Common Media	  	 	23	 
			
	 28.
	 	Interest On Arrears	  	 	24	 
			
	 29.
	 	Indemnity	  	 	24	 

  
 -2- 

							
	 30.
	 	Encumbrances	  	 	24	 
		
	 SCHEDULE 4
	  	 	25	 
		
	 Covenants By The Landlord
	  	 	25	 
			
	 1.
	 	Quiet Enjoyment	  	 	25	 
			
	 2.
	 	Insurance And Services	  	 	25	 
			
	 3.
	 	Enforcement Of Covenant Against Other Tenants	  	 	25	 
			
	 4.
	 	Non-Competition	  	 	25	 
			
	 5.
	 	Prohibited Use	  	 	25	 
		
	 SCHEDULE 5
	  	 	26	 
		
	 Provisos, Agreements And Declarations
	  	 	26	 
			
	 1.
	 	Forfeiture	  	 	26	 
			
	 2.
	 	Tenant’s Goods	  	 	26	 
			
	 3.
	 	Landlord’s Right To Develop	  	 	27	 
			
	 4.
	 	Notices	  	 	27	 
			
	 5.
	 	Value Added Tax	  	 	27	 
			
	 6.
	 	Expert Determination Proceedings	  	 	27	 
			
	 7.
	 	Disclaimer Of Liability For Use Of Car Park	  	 	28	 
			
	 8.
	 	Perpetuity Period	  	 	29	 
			
	 9.
	 	Data Protection Act 1998	  	 	29	 
			
	 10.
	 	Address For Rent Demands	  	 	29	 
			
	 11.
	 	Tenant’s Option To Determine	  	 	29	 
			
	 12.
	 	Third Party Rights	  	 	30	 
		
	 SCHEDULE 6
	  	 	31	 

  
 -3- 

							
	 Rent Reviews
	  	 	31	 
			
	 1.
	 	The Review Dates	  	 	31	 
			
	 2.
	 	Upward Only Rent Reviews	  	 	31	 
			
	 3.
	 	The Market Rent	  	 	31	 
			
	 4.
	 	Matters To Be Disregarded	  	 	32	 
			
	 5.
	 	Procedure For Determination Of Market Rent	  	 	33	 
			
	 6.
	 	Reviewed Rent Reserved In Phases	  	 	34	 
			
	 7.
	 	Time Limits	  	 	34	 
			
	 8.
	 	Rental Adjustments	  	 	34	 
			
	 9.
	 	Memorandum Of Rent Review	  	 	34	 
		
	 SCHEDULE 7
	  	 	35	 
		
	 Insurance Provisions
	  	 	35	 
			
	 1.
	 	Tenant’s Covenants	  	 	35	 
			
	 2.
	 	Landlord’s Covenants	  	 	37	 
			
	 3.
	 	Landlord An Insurance Company	  	 	37	 
			
	 4.
	 	Suspension Of Rent	  	 	38	 
			
	 5.
	 	Options To Determine	  	 	38	 
		
	 SCHEDULE 8
	  	 	40	 
		
	 Part A Service Charge Provisions
	  	 	40	 
			
	 1.
	 	Tenant’s Liability To Pay Service Charge	  	 	40	 
			
	 2.
	 	Advance Payments On Preliminary Basis	  	 	40	 
			
	 3.
	 	Landlord’s Costs Accounts And Service Charge Adjustments	  	 	41	 
			
	 4.
	 	Exceptional Expenditure	  	 	42	 

  
 -4- 

							
	 5.
	 	Landlord’s Protection Provisions	  	 	42	 
			
	 6.
	 	Vacant Parts Of The Building And Actions By The Landlord	  	 	43	 
			
	 7.
	 	Landlord’s Costs To Exclude Tenants’ Liabilities	  	 	43	 
			
	 8.
	 	Management Charges	  	 	43	 
			
	 9.
	 	The Landlord’s Obligation To Provide Services	  	 	44	 
		
	 Part B Mandatory Services And Heads Of Charge
	  	 	45	 
			
	 10.
	 	Common Parts	  	 	45	 
			
	 11.
	 	Repairs	  	 	45	 
			
	 12.
	 	Heating Air Conditioning And Ventilation And Water	  	 	45	 
			
	 13.
	 	Lifts And Escalators	  	 	45	 
			
	 14.
	 	Insurances	  	 	46	 
			
	 15.
	 	Statutory Requirements	  	 	46	 
		
	 Part C Non-Mandatory Services And Heads Of
Charge
	  	 	46	 
			
	 16.
	 	Legal Proceedings	  	 	46	 
			
	 17.
	 	Employees	  	 	46	 
			
	 18.
	 	Common Parts	  	 	47	 
			
	 19.
	 	Management Premises	  	 	47	 
			
	 20.
	 	Refuse Collection	  	 	47	 
			
	 21.
	 	Fire Fighting Equipment, Security And Public Address	  	 	47	 
			
	 22.
	 	Insurances	  	 	48	 
		
	 SCHEDULE 9
	  	 	49	 
		
	 Covenants By The Guarantor
	  	 	49	 
		
	 SCHEDULE 10
	  	 	51	 
		
	 Authorised Guarantee Agreement
	  	 	51	 

  
 -5- 

 LEASE 

THIS LEASE is made on 10 May 
 BETWEEN: 

 

	(1)	 The Prudential Assurance Company Limited (Company Registration Number 15454) whose registered office is
at 142 Holbom Bars London EC1N 2NH (the “Landlord”); and 

  

	(2)	 J Walter Thompson Group Limited (Company Registration Number 1660783) whose registered office is at 40
Berkeley Square London W1X 6AD (the “Tenant”); and 

  

	(3)	 WPP Group (UK) Limited (Company Registration Number 2670617) whose registered office is at 27 Farm
Street London W1X 6RD (the “Guarantor”). 

  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Lease where the context so admits the following expressions shall have the following meanings (that is
to say): 

 “Agreement for Lease” means the agreement dated 6 October 2000 pursuant to which this
Lease was granted and made between the Landlord (1) the Tenant (2) and the Guarantor (3); 
 “Authorised Guarantee
Agreement” means an agreement within sectionl6 of the Landlord and Tenant (Covenants) Act 1995 containing the provisions set out in Schedule 10; 

“Base Rate Interest” means Interest at an annual rate equal to the base rate of HSBC Bank PLC (or such other rate or rates by
reference to which London clearing banks determine their own rates of interest) from time to time; 
 “Building” the
building known as 1 Knightsbridge Green and 44-58 Brompton Road, London shown edged blue on the plan annexed numbered 2 and includes all landlord’s fixtures and fittings in it and any areas the use and
enjoyment of which is appurtenant to it (whether or not within the structure) and any extensions or additions from time to time made to it; 

“Car Park” means the car park forming part of the Building shown edged green on the plan annexed numbered 3; 

“Car Parking Spaces” means the car parking space in the Car Park as may be allocated for the Tenant from time to time and such
other facilities for the parking of bicycles or motor bicycles as may be designated from time to time; 

 “CDM Regulations” means all Construction (Design and Management)
regulations 1994 as amended, supplemented or replaced from time to time. 
 “Common Parts” means all parts of the Building
which are available or provided by the Landlord for the general use in common by the Landlord and the tenants or occupiers of the Building (including, but without limitation, any of the following: the Car Park, forecourts, pathways, accessways,
entrances, corridors, lobbies, stairways, lifts, escalators, passages, turntables courtyards, atria, light wells •pavement lights, external paviours, car park ramps, service areas, toilets, bin stores or other refuse facilities and fire escapes
but excluding and such forming part of any Lettable Areas); 
 “Conducting Media” means pipes, wires, cables, sewers,
drains, watercourses, trunking, ducts, flues, gutters, gullies, channels, conduits, and other media; 
 “Encumbrances” means
the restrictions, stipulations, covenants, rights, reservations, provisions and other matters contained, imposed by or referred to in the documents brief particulars of which are set out in Schedule 2; 

“Excluded Plant” means the plant and machinery, air handling units, radiators, fan coil units, chilled beam units, ductwork
and all ancillary or associated wiring or control equipment, plumbing, pipework and conducting media and the conducting media comprised in the central heating and hot water system air conditioning and ventilation system serving the Premises in
common with other parts of the Building including any items installed by the Tenant (or any predecessor in title of the Tenant or anyone claiming title to the Premises through or under the Tenant or any of them) and exclusively serving the Premises
but connected to a system serving other parts of the Building but excluding the air diffusers, grilles, fascias, surrounds or other equipment forming part of the suspended ceiling or perimeter fabric and fittings; 

“Group Company” means any company which is for the time being a member of the same group of companies as the Landlord or the
Tenant or the Guarantor (as the case may be) within the meaning of section 42(1) of the Landlord and Tenant Act 1954; 

“Guarantor” includes the executors or administrators of the Guarantor; 

“Higher Rate Interest” means Interest at an annual rate of 4% over the base rate of HSBC Bank PLC (or such other rate or rates
by reference to which London clearing banks determine their own rates of interest) from time to time; 
 “Insured Risks”
means (subject to such exclusions and limitations as may be imposed from time to time by the insurer provided always that notice of such exclusions and limitations will be given to the Tenant on request) fire, lightning, explosion, aircraft and
articles dropped from them, riot, terrorism, civil commotion, malicious damage, storm, tempest, flood, earthquake, bursting or overflowing of water tanks, apparatus and pipes, impact by any vehicle and such other risks as the Landlord may consider
necessary to insure; 

  
 -2- 

 “Interest” means interest from time to time calculated on a day to day
basis (as well after as before judgment) compounded at quarterly rests on the usual quarter days; 
 “Landlord” includes the
reversioner for the time being immediately expectant on the Term; 
 “Landlord’s Costs” has the meaning given to it in
Schedule 8 paragraph 1.3; 
 “Landlord’s Surveyor” means a surveyor or member of a firm of surveyors instructed by the
Landlord for any of the purposes of this Lease who shall be a fellow or associate of the Royal Institution of Chartered Surveyors or the Incorporated Society of Valuers and Auctioneers or suitably experienced and such surveyor may be a person
employed by the Landlord or a company which is a Group Company of the Landlord; 
 “Lettable Areas” means the accommodation
in the Building from time to time let or intended for letting by the Landlord to one or more tenants whether or not actually let or occupied; 

“Main Structure” means the exterior and main structure of the Building including the foundations, roofs, load bearing walls,
load bearing columns, ceilings and floors and exterior windows and lights (but excluding any glass within interior doors, walls or partitions, raised floors, suspended ceilings, all internal cladding, plasterwork and decoration - save where
internal to any Common Parts and all floor screening and finishes); 
 “Management Premises” means all administrative,
security and control offices and centres and stores (if any) maintained by the Landlord for the purpose of managing the Building and providing the Services together with any accommodation including residential accommodation (whether in the Building
or elsewhere) provided by the Landlord for a caretaker or facilities manager employed by it for purposes connected with the Building; 

“Net Internal Area” means net internal floor area measured in accordance with Definition 3 of the Code of Measuring Practice
issued by the Royal Institution of Chartered Surveyors and the Incorporated Society of Valuers and Auctioneers Fourth Edition (November 1993); 

“Normal Working Hours” means the hours between 8am and 7pm Monday to Friday; 

“Outgoings” means all monetary obligations of any kind (whether parliamentary, parochial or otherwise) which are now or may at
any time be assessed, charged or imposed on property or on the owner or occupier of property; 
 “Planning Acts” means
“the consolidating Acts” as defined in the Planning (Consequential Provisions) Act 1990 and any other legislation relating to town and country planning in force from time to time; 

“Premises” means the premises (forming part of the Building) described in Schedule 1 Part A and each and every part of them;

  
 -3- 

 “Service Charge” has the meaning given to it in Schedule 8 paragraph 1.2;

 “Services” has the meaning given to it in Schedule 8 paragraph 1.4; “Tenant” includes the successors in
title and assigns of the Tenant; 
 “Term” means a term commencing on and including 29 September 2001 and thereafter a
term of 20 years; 
 “VAT” means value added tax and any other tax of a similar nature; 

“Water and Sewerage Charges” means all charges for the supply of water together with any charges for services performed,
facilities provided or rights made available by the water undertaker or the sewerage undertaker or other relevant authority under the powers granted by any relevant legislation in force from time to time (including, but without limitation, sewerage
and environmental charges and water meter rents). 
  

	1.2	 (a) Where two or more persons are included in the expression “Tenant” or “Guarantor” the
liability under any covenant or other obligation on the part of such persons shall be joint and several. 

  

	 	(b)	 Any words or expressions importing the singular number include the plural number and vice versa and words
importing gender include any other gender. 

  

	 	(c)	 The index and clause headings in this Lease are for ease of reference only and have no other significance.

  

	 	(d)	 Unless otherwise specified any reference to an Act of Parliament includes a reference to that Act as
amended or replaced whether before or after the date of this Lease and to subordinate legislation or bylaws made under it and any general reference to statute or legislation includes subordinate legislation and bylaws. 

 

	 	(e)	 Any reference in this Lease to the end of the Term shall mean the expiration or earlier termination of this
Lease for whatever reason. 

  

	 	(f)	 References to numbered clauses and schedules are references to the relevant clause or Schedule to this Lease
unless the context otherwise requires. 

  

	 	(g)	 References in any Schedule to numbered paragraphs are references to the relevant paragraph in that Schedule
unless the context otherwise requires. 

  

	 	(h)	 In any case where the Tenant is placed under a restriction by this Lease the restriction shall be deemed to
include the obligation on the Tenant not knowingly to permit or allow the infringement of the restriction by any person under the control of the Tenant. 

  

	 	(i)	 Any consent or approval under this Lease shall be required to be obtained before the act or event to which it
applies is carried out or done and shall be effective only if the consent or approval is given in writing. 

  
 -4- 

	 	(j)	 Any right to enter the Premises conferred upon the Landlord by this Lease shall be exercisable when appropriate
also by the Landlord’s employees, agents and workpeople and any others authorised by it under the terms of this Lease. 

  

	2.	 DEMISE, TERM, RENT AND RENT PAYMENT DATES 

 

	2.1	 In consideration of the rents and other obligations on the part of the Tenant and of the Guarantor contained in
this Lease the Landlord demises to the Tenant the Premises 

  

	2.2	 TOGETHER WITH the rights set out in Schedule 1 Part B 

 

	2.3	 EXCEPT AND RESERVED to the Landlord the rights set out in Schedule 1 Part C 

 

	2.4	 for the Term 

  

	2.5	 SUBJECT to the Encumbrances 

 

	2.6	 the Tenant PAYING during the Term: 

 

	 	(a)	 the yearly rent of £661,602.09 (subject to the provisions for revision in Schedule 6) by equal quarterly
payments in advance on the usual quarter days in every year, the first of such payments to be calculated from 30 August 2002 to 28 September 2002 (both dates inclusive) and to be made on 30 August 2002; 

 

	 	(b)	 as additional rent the Service Charge, the first payment to be made in respect of the period commencing on and
including 30 November 2001; 

  

	 	(c)	 on demand as additional rent the sums specified in Schedule 7, the first payment to be made in respect of the
period commencing on and including 30 November 2001; 

  

	 	(d)	 where Water and Sewerage charges are not levied directly on the occupier of the Premises on demand as
additional rent a sum equal to the proportion attributable to the Premises of Water and Sewerage Charges payable by the Landlord in respect of the Building; 

  

	 	(e)	 as additional rent any VAT which may be or become chargeable in respect of any rent payable under this Lease;

  

	 	(f)	 as additional rent any other sums payable pursuant to this Lease. 

 

	3.	 TENANT’S COVENANTS 

The Tenant hereby covenants with the Landlord to observe and perform the covenants and stipulations set out in Schedule 3. 

  
 -5- 

	4.	 LANDLORD’S COVENANTS 

The Landlord hereby covenants with the Tenant to observe and perform the covenants and stipulations set out in Schedule 4. 

 

	5.	 PROVISOS 

It is hereby agreed and declared as mentioned in Schedule 5. 
  

	6.	 INCORPORATION OF SCHEDULES 6, 7 AND 8 

The provisions for rent review set out in Schedule 6, the insurance provisions set out in Schedule 7 and the provisions for service charge set
out in Schedule 8 are incorporated. 
  

	7.	 GUARANTOR’S COVENANTS 

The Guarantor hereby covenants with the Landlord in the manner set out in Schedule 9. 

 

	8.	 OPERATION OF THIS DEED 

This document shall be treated as having been executed and delivered as a deed only upon being dated. 

 

	9.	 NEW TENANCY 

This Lease is a new tenancy within the meaning of section 1 of the Landlord and Tenant (Covenants) Act 1995. 

IN WITNESS whereof this deed has been duly executed and delivered the day and year first before written 

  
 -6- 

 SCHEDULE 1 

Part A 
 The Premises

  

	1.	 ALL THOSE premises situate on the third floor of the Building which premises are for the purpose of
identification only edged red on the plan numbered 1 annexed to this Lease. 

  

	2.	 There is included within the premises: 

 

	2.1	 all walls, floors and ceilings (including any raised floors, suspended ceilings and the voids below and above
them and all light fittings) of the premises; 

  

	2.2	 all internal cladding, plasterwork and decoration and all floor screeding and finishes; 

 

	2.3	 all doors, door frames, equipment, fitments and any glass relating to the doors of the premises;

  

	2.4	 the decorative finish on the inside of the windows and other lights of the premises and (to the extent that
they are not part of any sealed units forming the exterior of the premises) any equipment and fitments relating to windows and lights of the premises; 

  

	2.5	 all Conducting Media within and exclusively serving the premises except where they form part of the Excluded
Plant; 

  

	2.6	 all landlord’s fixtures and fittings (except where they form part of the Common Media or the Excluded
Plant) including, but without limitation, the following: 

  

	 	(a)	 electrical services for power, lighting and telecommunications; 

 

	 	(b)	 drainage and water services; 

 

	 	(c)	 gas services; 

  

	 	(d)	 fire protection systems; 

 

	 	(e)	 distribution trunking, ducting and conduits for electrical, telephone and other communication services;

  

	 	(f)	 carpets; 

  

	2.7	 all improvements and additions made to the premises. 

 

	3.	 The Main Structure is excluded from the premises but subject to paragraphs 2.3 and 2.4 of this Part of this
Schedule. 

  

	4.	 The Excluded Plant is excluded from the premises. 

  
 -7- 

 Part B 

Rights Granted 
  

	5.	 The rights in common with all others having similar rights from time to time: 

 

	5.1	 of passage to and from the Premises along and through the common entrance, staircases and passages of
the Building and by means of the lifts and escalators in it during such times as the same shall be working; 

  

	5.2	 of free passage of services from and to the Premises through the Common Media; 

 

	5.3	 to use such of the toilets, kitchens, tea making facilities and refuse facilities in the Building as may be
allocated to the Tenant by the Landlord from time to time with the right of access to and from them. 

  

	6.	 The right to use the Car Parking Spaces: 

 

	6.1	 only for the parking of private motor cars or bicycles belonging to the Tenant or any undertenant or their
respective staff or invitees; 

  

	6.2	 the rights contained in this paragraph may upon reasonable notice be suspended during such period as the
Landlord may reasonably require in connection with any repairs or alterations to or rebuilding of the Building or any adjoining premises or any other works which may be carried out in the Building or any adjoining premises or the Car Park.

  

	7.	 The right to install a generator in the basement of the Building and thereafter to maintain, repair and renew
such generator. 

  

	8.	 The right of access on to such parts of the Building as may be necessary in order to exercise the rights
granted in Part B of this Schedule. 

 Part C 

Exceptions and Reservations 
  

	9.	 

  

	9.1	 The free and uninterrupted passage of air, water, soil, gas and electricity through the Common Media which are
now or may at any time be within the Premises with power for the Landlord at all reasonable times to enter the Premises where reasonably necessary for the purpose of: 

 

	 	(a)	 any matter or thing connected with the Services; and/or 

 

	 	(b)	 adding to, inspecting, cleansing, maintaining, modernising, repairing, replacing or altering the Common Media.

  
 -8- 

	9.2	 Any such adding to, inspections, cleansing, maintenance, modernisation, repairs, replacements or alterations
shall be done as soon as reasonably practicable. 

  

	10.	 Full right and liberty to enter by reasonable prior notice upon the Premises at any reasonable time in order to
erect scaffolding and/or to build on, under or into any part of the Building including, but without limitation, structural walls, floors, ceilings, columns, roofs and foundations or to build over the Building. 

 

	11.	 The Landlord shall make good in a reasonable manner to the reasonable satisfaction of the Tenant all damage
occasioned to the Premises in the exercise of the rights referred to in paragraphs 9 and 10 of this Schedule but the Landlord shall not be liable to pay compensation for any inconvenience caused to the Tenant. 

 

	12.	 All rights of entry upon the Premises referred to in Schedule 3 paragraphs 8, 12, 13 and 0.

  

	13.	 In the interest of maintaining uniformity of appearance the right to maintain, decorate or replace any door or
window giving on to the Common Parts or forming part of the exterior of the Building with power for the Landlord at all reasonable times to enter the Premises for the purpose of exercising such right. 

  
 -9- 

 SCHEDULE 2 

The Encumbrances 
 The entries in the
Property and Charges Registers of Title Number NGL789688 insofar as they relate to the Premises but excluding the Section 106 Agreements dated 21 April 1995 and 15 May 2000 and the Supplementary Deed dated 18 October 1999. 

  
 -10- 

 SCHEDULE 3 

Covenants by the Tenant 
  

	1.	 Payment of rents 

To pay the rents reserved by this Lease as and when stipulated without any deduction or set off and by bankers’ standing order unless
otherwise required by the Landlord. 
  

	2.	 Outgoings 

  

	2.1	 Subject to paragraph 2.2 to pay and discharge all Outgoings in respect of the Premises and a fair and
reasonable proportion of all Outgoings which may be payable in respect of the Premises in common with other property. 

  

	2.2	 There is excepted from paragraph 2.1 income and corporation tax (or other tax of a like nature) assessed on the
Landlord in respect of its rental and other income arising from or under this Lease or tax payable as a result of any dealing with any reversion immediately or mediately expectant on the Term. 

 

	2.3	 To indemnify the Landlord against any loss to the Landlord of any void rating relief which would have been
applicable to the Premises by reason of the Premises being vacant after the end of the Term but which is not available to the Landlord on the ground that relief has already been allowed to the Tenant or any person claiming title to the Premises
through the Tenant. 

  

	3.	 Value Added Tax 

 

	3.1	 To pay on demand such VAT as may be chargeable on goods and services supplied by or on behalf of the Landlord.

  

	3.2	 To indemnify and keep indemnified the Landlord against any VAT paid or payable by the Landlord in respect of
any costs, fees, disbursements, expenses or other sums which the Landlord is entitled to recover under the terms of this Lease which do not constitute consideration for taxable supplies of goods and services made by the Landlord.

  

	4.	 Decoration 

  

	4.1	 In every fifth year of the Term and also in the last six months before the end of the Term in a proper and
workmanlike manner to prepare and paint with two coats of good quality paint all parts of the Premises usually or requiring to be painted and to treat other parts of the Premises with suitable and appropriate materials. 

 

	4.2	 Not to paint or otherwise decorate: 

 

	 	(a)	 any external part of the Premises; 

  
 -11- 

	 	(b)	 the surface of any door or window giving on to the Common Parts without first giving the Landlord at least 28
days notice of its intention. 

  

	4.3	 If within 28 days of receipt of such notice as is referred to in paragraph 4.2(b) the Landlord shall notify the
Tenant that it wishes to carry out the painting or decoration in question the Tenant shall refrain from doing so. 

  

	4.4	 If the Landlord notifies the Tenant that it does not wish to carry out such painting or decoration or if the
Landlord fails to give the Tenant any notification within such 28 day period the Tenant may carry out the painting or decoration in question and in so doing the Tenant shall adhere to the then existing colour scheme and shall carry out the work in
the manner and with the materials specified in paragraph 4.1. 

  

	4.5	 Decoration of the inside of the Premises in the last six months of the Term shall be carried out in such
colours, patterns and materials as the Landlord may approve (such approval not to be -unreasonably withheld). 

  

	5.	 Repairs 

  

	5.1	 Subject to paragraphs 4.3 and 5.2 to well and substantially repair, cleanse and keep in good and substantial
repair, decorative order and condition the Premises. 

  

	5.2	 There is excepted from paragraph 5.1: 

 

	 	(a)	 damage by any of the Insured Risks unless and to the extent that the insurance moneys are wholly or partially
irrecoverable by reason solely or in part of any act or default of the Tenant or any person deriving title under the Tenant or any of their respective agents, employees or licensees; 

 

	 	(b)	 any liability to repair or replace any part of the central heating and hot water and air-conditioning and ventilation services and on the contrary the Tenant shall not repair or replace them but the Landlord shall be responsible for so doing as part of the Services. 

 

	5.3	 To notify the Landlord immediately the Tenant becomes aware of any defect in the Excluded Plant.

  

	5.4	 To replace any door or window requiring to be replaced under the provisions of paragraph 5.1 with a door or
window of similar quality and appearance or with such other door or window as shall be approved by the Landlord (such approval not to be unreasonably withheld). 

 

	5.5	 To clean all the glass in the Premises (including the inside surface of any exterior windows) as often as may
reasonably be required and in any event at least once a month. 

  

	5.6	 There is excepted from paragraph 5.5 the external face of any windows giving on to the Common Parts or forming
part of the exterior of the Building. 

  
 -12- 

	5.7	 As often as required (and in any event at the end of the Term) to replace (where necessary) the carpeting with
good quality carpeting of similar nature, quality and appearance. 

  

	5.8	 In connection with s 4 Defective Premises Act 1972 to notify the Landlord immediately the Tenant becomes aware
of any defect in the Premises or the Building which may cause personal injury or damage to property. 

  

	6.	 Yielding up 

  

	6.1	 At the end of the Term: 

 

	 	(a)	 subject always to the provisions of paragraph 5 quietly to yield up the Premises duly kept in accordance with
the Tenant’s obligations together with all additions and improvements made in the meantime; 

  

	 	(b)	 unless otherwise required by the Landlord to remove from the Premises all tenant’s fixtures and fittings
and other property belonging to the Tenant or to any third party; 

  

	 	(c)	 unless otherwise required by the Landlord at the Tenant’s expense to remove any alterations or additions
made to the Premises by the Tenant or the predecessors in title to the Premises of the Tenant or anyone claiming title to the Premises through or under the Tenant or any of them during the subsistence of this Lease or under an agreement for the
grant of this Lease; and 

  

	 	(d)	 to make good to the reasonable satisfaction of the Landlord any damage caused to the Premises by such removal.

  

	6.2	 In case of default the Landlord may execute such works or do any other thing which may be necessary to comply
with the requirements specified in paragraph 6.1. 

  

	6.3	 To pay to the Landlord on demand all expenses so incurred and mesne profits at the rate of the rent payable
under this Lease immediately prior to the end of the Term during the period reasonably required for the exercise of the Landlord’s rights under paragraph 6.2 with Higher Rate Interest on such expenses from the date of expenditure and on the
mesne profits from the date of demand until in each case the date they are paid by the Tenant to the Landlord. 

  

	7.	 To notify Landlord of statutory notices 

 

	7.1	 As soon as practicable following receipt of any permission, notice, direction, order, certificate, assessment
or proposal relevant to the Premises or to the use or condition of the Premises or otherwise concerning the Landlord’s interest in the Premises given or issued under or by virtue of any Act of Parliament to produce a copy to the Landlord.

  

	7.2	 At the request and cost of the Landlord to make or join with the Landlord in making such objections or
representations against or in respect of any such permission, notice, order, certificate, assessment or proposal as the Landlord shall reasonably deem expedient. 

  
 -13- 

	8.	 Compliance with statutory requirements 

 

	8.1	 At the Tenant’s own expense to execute all works and provide and maintain all arrangements upon or in
respect of the Premises or the use to which the Premises are being put by the Tenant or any lawful occupier that are required in order to comply with the requirements of any statute (already or in the future to be passed) or any government
department, local authority, other public or competent authority or court of competent jurisdiction regardless of whether such requirements are imposed on the owner or occupier. 

 

	8.2	 Not knowingly to do in or near the Premises any act or thing by reason of which the Landlord may under any
statute incur, have imposed upon it or become liable to pay any penalty, damages, compensation, costs, charges or expenses. 

  

	8.3	 Without prejudice to the generality of paragraphs 8.1 and 8.2 to comply in all respects with the provisions of
any statutes and any other obligations imposed by law or by any bylaws applicable to the Premises or in regard to carrying on the trade or business for the time being carried on in the Premises by the Tenant or any lawful occupier.

  

	8.4	 In relation to health and safety to comply with the proper practice recommended by all appropriate authorities.

  

	8.5	 In case of default it shall be lawful for the Landlord to enter the Premises and execute such works or do any
other thing which may be necessary to comply with the requirements specified in this paragraph. 

  

	8.6	 To pay to the Landlord on demand all expenses so incurred with Higher Rate Interest on such expenses from the
date of expenditure until the date they are paid by the Tenant to the Landlord. 

  

	9.	 Fire precautions 

 

	9.1	 To comply with all requirements and recommendations made from time to time by the fire authority or the
insurers of the Premises. 

  

	9.2	 To carry out periodic testing of any independently operated fire alarms within the Premises and participate in
evacuation procedures and keep all requisite log-books and other documents and records up to date and available for inspection. 

 

	9.3	 To keep the Premises sufficiently supplied and equipped with such fire fighting and extinguishing appliances as
shall from time to time be required by any statute or by the fire or other competent authority or the insurers of the Premises or (at the Landlord’s option) to pay to the Landlord on demand the cost of providing and installing any of the same
and such appliances shall be open to inspection and shall be maintained to the reasonable satisfaction of the Landlord. 

  

	9.4	 If so required by the Landlord to connect to the Landlord’s reasonable satisfaction any fire alarm system
for the Premises into any fire alarm system for the Building generally. 

  
 -14- 

	10.	 Compliance with town and country planning requirements 

 

	10.1	 To comply with the provisions and requirements of the Planning Acts and of all consents, permissions and
conditions (if any) granted or imposed or having effect under the Planning Acts so far as the same respectively relate to or affect the Premises or any part of the Premises or any operations, works, acts or things already or in the future to be done
or omitted on the Premises or the use of the Premises by the Tenant or any lawful occupier. 

  

	10.2	 Not to make any application for planning permission without the consent of the Landlord (such consent not to be
unreasonably withheld where the Landlord’s consent to the subject matter of the application cannot be unreasonably withheld under the terms of this Lease). 

 

	10.3	 Notwithstanding any consent which may be granted by the Landlord under this Lease not to carry out or make any
alteration or addition to the Premises or any change of use (being an alteration or addition or change of use which is prohibited by or for which the Landlord’s consent is required to be obtained under this Lease and for which a planning
permission needs to be obtained) before a planning permission for such work or change of use has been produced to the Landlord and acknowledged by it in writing as satisfactory to it But so that the Landlord may refuse so to express its satisfaction
with any such planning permission on the ground that the period of it or any condition contained with or anything omitted from it in the reasonable opinion of the Landlord’s Surveyor would be or be likely to be prejudicial to the
Landlord’s interest in the Premises or the Building whether during or after the Term. 

  

	10.4	 Unless the Landlord shall otherwise direct to carry out and complete before the end of the Term any works
stipulated to be carried out to the Premises by a date subsequent to the end of the Term as a condition of any planning permission granted for any development begun before the end of the Term. 

 

	10.5	 If and when called upon so to do to produce to the Landlord or the Landlord’s Surveyor all such plans,
documents and other evidence as the Landlord may reasonably require in order to satisfy itself that the provisions of this paragraph have been complied with in all respects. 

 

	11.	 Compliance with Landlord’s regulations 

To observe all reasonable regulations made by the Landlord from time to time and notified in writing to the Tenant having as their object the
safety, promotion, maintenance, management and general amenity of the Building (including the Common Parts). 
  

	12.	 Entry by Landlord to view and require Tenant to repair 

 

	12.1	 To permit the Landlord at all reasonable times after notice (except in an emergency) to enter the Premises to
view their state and condition and to give notice to the Tenant of any defects in the state of repair and condition of the Premises which are the Tenant’s responsibility or any unauthorised alterations. 

  
 -15- 

	12.2	 The Tenant will within one month after any such notice (or sooner if necessary) commence to repair and make
good such defects or remove such alterations to the reasonable satisfaction of the Landlord’s Surveyor. 

  

	12.3	 In case of default it shall be lawful for the Landlord to enter the Premises and execute such works.

  

	12.4	 To pay to the Landlord on demand all expenses so incurred with Higher Rate Interest on such expenses from the
date of expenditure until the date they are paid by the Tenant to the Landlord. 

  

	13.	 Entry by Landlord to repair and for other purposes 

To permit the Landlord and also the tenants and occupiers of any adjoining premises or their workpeople where reasonably necessary at
reasonable times after notice (except in an emergency) to enter upon the Premises for the purpose of: 
  

	13.1	 inspecting or executing repairs or alterations to or upon such adjoining premises or the Building;

  

	13.2	 inspecting, maintaining, repairing or replacing the Excluded Plant; 

 

	13.3	 decorating the Common Parts and the exterior of the Building; 

 

	13.4	 doing anything which the Landlord considers necessary or desirable for the performance by the Landlord of the
covenants on its part contained in this Lease or to third parties or the provision of the Services; 

  

	13.5	 inspecting or surveying the Premises for valuation purposes; 

 

	13.6	 doing anything reasonably incidental to the repair, maintenance, management or security of the Building or the
performance of the Landlord’s legal duties and compliance with proper practice in relation to health and safety or otherwise; 

and the Landlord shall not be liable to pay compensation for any nuisance, annoyance, inconvenience or damage caused to the Tenant subject to
the Landlord (or other person so entering) exercising such right in a reasonable manner and making good any damage caused to the Premises as soon as reasonably practicable. 
  

	14.	 Entry by Landlord for sale or reletting 

 

	14.1	 To permit the Landlord at reasonable times after notice to enter upon the Premises to survey the same and to
affix upon any suitable part of the exterior of the Premises notice boards or bills for selling the interest of the Landlord or for reletting the Premises or any other part of the Building. 

 

	14.2	 Not to remove or obscure any such notice boards or bills. 

  
 -16- 

	14.3	 To permit all persons with authority from the Landlord at all reasonable times in the daytime to enter and view
the Premises. 

  

	15.	 Costs on breach 

To pay on demand to the Landlord all costs, charges and expenses (including, but without limitation, legal costs, bailiffs fees and fees
payable to a surveyor and/or architect) which may be incurred by the Landlord: 
  

	 	(a)	 in or in reasonable contemplation of any proceedings under s 146 and/or 147 Law of Property Act 1925
notwithstanding forfeiture is avoided otherwise than by relief granted by the Court; and/or 

  

	 	(b)	 in the recovery or attempted recovery of arrears of rent and/or additional rent due from the Tenant under this
Lease; and/or 

  

	 	(c)	 in the preparation and/or service of any notice or schedule relating to the condition of the Premises whether
during or after the end of the Term. 

  

	16.	 Not to encumber Common Parts 

Not to encumber the Common Parts with articles or goods of any description. 

 

	17.	 As to alterations 

 

	17.1	 Not without the consent of the Landlord (which it shall be entitled to withhold at its absolute discretion) to
make any alterations or additions or other works whatsoever to the Main Structure or affecting the appearance of the Premises as seen from the exterior or the Common Parts. 

 

	17.2	 Not without the consent of the Landlord (such consent not to be unreasonably withheld or delayed) to make any
other alterations or additions to the Premises or to the mechanical and electrical plant and equipment within the Premises PROVIDED that the Tenant may erect or remove demountable partitioning within the Premises on condition that:

  

	 	(a)	 prior to the commencement of such works full details are provided to the Landlord; and 

 

	 	(b)	 all necessary consents required for the works have been obtained; and 

 

	 	(c)	 the external appearance of the Building and the efficiency of the Excluded Plant is not thereby affected.

  

	17.3	 Without prejudice to the preceding provisions of this paragraph in the event that any alteration or addition
shall be carried out to the Premises to notify the Landlord in writing immediately following completion of the cost of the works for insurance purposes. 

  
 -17- 

	18.	 CDM Regulations 

Without prejudice to its other obligations under this Lease, if the Tenant carries out or engages others to carry out any work at the Premises
to which the CDM Regulations apply the Tenant shall: 
  

	 	(a)	 comply with the requirements of the CDM Regulations; 

 

	 	(b)	 either be the only client for the purposes of the CDM Regulations, in which case the Tenant warrants to the
Landlord that it has the competence and resources to comply with the requirements of the CDM Regulations or forthwith appoint an agent pursuant to regulation 4(1) of the CDM Regulations; 

 

	 	(c)	 forthwith either make a declaration to the Executive (as defined in the Health and Safety at Work, etc Act
1974) that the Tenant is the client or procure that its agent appointed pursuant to paragraph 18 (b) makes a declaration to the Executive in either case in accordance with regulation 4(4) of the CDM Regulations; 

 

	 	(d)	 supply to the Landlord a copy of the applicable declaration referred to in paragraph 18(c) and of the
Executive’s notice in response as soon as it is respectively made and received; 

  

	 	(e)	 deliver to the Landlord as soon as it is prepared, but in any event no later than the completion of the
Tenant’s works, the health and safety file which complies with the requirements of the CDM Regulations and as identified in this Lease of the Landlord; and 

 

	 	(f)	 keep a copy of the health and safety file referred to in paragraph 18(e) available at the Premises for
inspection by the Landlord and third parties. 

  

	19.	 Permitted use 

 

	19.1	 Not to use the Premises or permit any part of the Premises to be used otherwise than as offices within
Class B1 Town and Country Planning (Use Classes) Order 1987 (the “Order”) together with uses ancillary thereto. 

  

	19.2	 Nothing in this Lease shall imply or be treated as a warranty by the Landlord that the use permitted by this
Lease complies with the Planning Acts. 

  

	20.	 Prohibited uses 

Not to: 

	 	(a)	 use the Premises or permit any part of the Premises to be used in connection with the sale of timeshares;

  

	 	(b)	 permit any sale by auction or public meeting to be held upon the Premises; 

  
 -18- 

	 	(c)	 permit in or upon the Premises or the Car Park any act or thing which is illegal or immoral or which shall or
may be or become a nuisance, damage, or excess annoyance or inconvenience to the Landlord or its tenants or the occupiers of any adjoining or neighbouring premises. 

 

	21.	 Not to permit encroachments 

 

	21.1	 Not to: 

  

	 	(a)	 stop up, darken or obstruct any windows or light belonging to the Premises or any other part of the Building;

  

	 	(b)	 permit any new window, light, opening, doorway, path, passage, drain or other encroachment or easement to be
made or acquired in, against, out of or upon the Premises which may be or grow to the damage, annoyance or inconvenience of the Landlord or any of its tenants. 

 

	21.2	 In case any such window, light, opening, doorway, path, passage, drain or other encroachment or easement shall
be made or acquired or attempted to be made or acquired the Tenant will give immediate notice to the Landlord and will at the request and cost of the Landlord adopt such means as may be reasonably required or deemed proper for preventing any such
encroachment or the acquisition of any such easement. 

  

	22.	 Restrictions on alienation 

 

	22.1	 Not to: 

(a) part with or share possession or occupation of the whole or any part or parts of the Premises or charge or mortgage the whole or any part
or parts of the Premises; 
 (b) grant to any third parties any rights over the Premises; 

except by way of an assignment, underlease or charge of the whole of the Premises or an underletting of a Permitted Part in accordance with the
provisions of this paragraph 22. 
  

	22.2	 Consent of the Landlord 

 

	 	(a)	 Without prejudice to the Tenant’s obligations in the following provisions of this paragraph 22, neither
the Tenant nor any person deriving title under the Tenant shall assign, underlet or charge the Premises without the Landlord’s consent (such consent not to be unreasonably withheld). 

 

	 	(b)	 Any consent granted under this paragraph shall only be valid for a period of three months from its date unless
acted upon within such period and without prejudice to paragraph 24 may be revoked at the Landlord’s sole discretion if the transaction for which consent has been granted has not been registered with the Landlord within such period.

  
 -19- 

 Assignments 
  

	22.3	 Not to assign any part of the Premises (as distinct from the whole). 

 

	22.4	 Not to assign the whole of the Premises without prior written consent of the Landlord (such consent not to be
unreasonably withheld) provided that the Landlord shall be entitled (for the purposes of s 19(1A) Landlord and Tenant Act 1927): 

  

	 	(a)	 to withhold its consent in any of the circumstances set out in paragraph 22.6; 

 

	 	(b)	 to impose all or any of the matters set out in paragraph 22.7 as a condition of its consent.

  

	22.5	 The provisos to paragraph 22.4 shall operate without prejudice to the rights of the Landlord to withhold such
consent on any other ground or grounds where such withholding of consent would be reasonable or to impose any further condition or conditions upon the grant of consent where the imposition of such condition or conditions would be reasonable.

  

	22.6	 The circumstances referred to in paragraph 22.4(a) are as follows: 

 

	 	(a)	 where the proposed assignee is a Group Company of the Tenant; 

 

	 	(b)	 where in the reasonable opinion of the Landlord the proposed assignee is not of sufficient financial standing
to enable it to comply with the tenants covenants in the Lease; 

  

	 	(c)	 where the proposed assignee is not resident in the United Kingdom of Great Britain and Northern Ireland or in
the European Community or in a jurisdiction where reciprocal enforcement of judgments exists. 

  

	22.7	 The conditions referred to in paragraph 22.4(b) are as follows: 

 

	 	(a)	 the execution by the Tenant and delivery to the Landlord prior to the assignment in question of an Authorised
Guarantee Agreement; 

  

	 	(b)	 the payment to the Landlord of all rents and other sums which have fallen due under the Lease prior to the date
of the assignment; 

  

	 	(c)	 if it is reasonable to do so in all the circumstances the Landlord shall be entitled to require any intended
assignee to procure a surety or sureties for such assignee acceptable to the Landlord and such surety or sureties (if more than one jointly and severally) shall covenant with the Landlord in the terms set out in Schedule 9; 

 

	 	(d)	 if it is reasonable to do so in all the circumstances the Landlord shall be entitled to require the execution
by any intended assignee and delivery to the Landlord by the time of the assignment in question of a rent deposit deed (in such form as the Landlord shall reasonably require to provide for the deposit of a sum equal to six months rent with any
applicable VAT) together with the payment by way of cleared funds of such sum. 

  
 -20- 

 Underletting 

 

	22.8	 Not to underlet any part of the Premises (as distinct from the whole) if by so doing the Premises would
comprise more than two units of occupation. 

  

	22.9	 Not to underlet the whole or part of the Premises except where the following conditions are fulfilled:

  

	 	(a)	 any underlease whether mediate or immediate to be granted out of this Lease shall: 

 

	 	(i)	 initially and at each rent review (if any) be at not less than an open market rent at the time of grant without
fine or premium; 

  

	 	(ii)	 contain provision for rent review in an upward direction only at least at such times as to coincide with the
rent reviews provided for in this Lease; 

  

	 	(iii)	 contain an absolute covenant on the part of the undertenant not to underlet, part with possession of or share
possession or occupation of the whole or any part or parts of the sub-demised premises or mortgage or charge the whole or any part or parts of the sub-demised premises
except by way of an assignment or charge of the whole of the sub-demised premises; 

  

	 	(iv)	 contain a covenant on the part of the undertenant not to assign or charge the whole of the sub-demised premises without the consent of the Landlord under this Lease; 

  

	 	(v)	 otherwise be on similar terms mutatis mutandis to the terms of this Lease; 

 

	 	(vi)	 be in a form approved by the Landlord prior to its grant; 

 

	 	(b)	 any underlease of part shall contain an agreement to exclude the provisions of s 24 to 28 Landlord and Tenant
Act 1954 in relation to such underlease and that agreement shall have been duly authorised beforehand by the Court; 

  

	 	(c)	 prior to the grant of any underlease the Tenant shall procure that the undertenant enters into a deed of
covenant with the Landlord to pay the rents and other sums reserved by and observe and perform the covenants on the undertenant’s part and the conditions contained in the proposed underlease and not to do or omit any act or thing in respect of
the sub-demised premises which would or might cause the Tenant to be in breach of the covenants on the part of the Tenant contained in this Lease. 

 

	22.10	 The Tenant shall: 

  
 -21- 

	 	(a)	 not consent to or participate in any variation or addition whatsoever to any such underlease granted in
accordance with the preceding provisions of this paragraph without the consent of the Landlord; 

  

	 	(b)	 enforce all the covenants and obligations of the undertenant under any such underlease; 

 

	 	(c)	 operate and effect all reviews of rent pursuant to the terms of any such underlease but shall not agree or have
determined any reviewed rent until the corresponding rent review under this Lease is agreed or determined; 

  

	 	(d)	 notify the Landlord of the reviewed rent immediately it has been agreed or determined; 

 

	 	(e)	 not accept a surrender of any underlease without the consent of the Landlord. 

 

	22.11	 Sharing with Group Companies 

Notwithstanding the preceding provisions of this paragraph 22, if and so long as the Tenant shall be a Group Company of WPP Group Plc nothing
in this paragraph shall prevent the Tenant from sharing occupation of the whole or any part or parts of the Premises with any other Group Company of WPP Group Plc on condition that: 

 

	 	(a)	 the registered office of the Group Company shall also be in the United Kingdom of Great Britain, Northern
Ireland or the European Community; 

  

	 	(b)	 the interest in the Premises so created shall be no more than a tenancy at will; 

 

	 	(c)	 the right of any company to occupy the Premises or any part or parts of the Premises shall immediately
determine upon such company ceasing to be a Group Company. 

  

	22.12	 To supply information 

From time to time on demand during the Term to furnish the Landlord with particulars of any derivative interest in the Premises, including
particulars of the rents payable and such other information and copy documents as the Landlord may reasonably require, and the cost of so doing shall be borne by the Tenant if this clause is not invoked more frequently than once a year but otherwise
on each second or subsequent occasion in any year the Landlord shall bear the Tenant’s reasonable costs of compliance. 
  

	23.	 Costs of licences 

To pay all the Landlord’s reasonable and proper costs fees and/or expenses incurred in connection with any request for a licence or
consent pursuant to the terms of this Lease including where the request is withdrawn or the licence or consent is lawfully withheld. 

  
 -22- 

	24.	 Registration of dealings 

Within one month after any assignment or underletting of whole or of part or the assignment of any such underlease or after any devolution by
will or otherwise or mortgage or charge affecting the Premises (except a floating charge affecting an underlease) to produce to the solicitor for the time being of the Landlord the deed or instrument effecting the same and pay his fee for
registration. 
  

	25.	 Aerials and signs 

 

	25.1	 Subject to paragraph 25.2 not to place or affix any aerial or satellite dish or any sign, signboard, facia,
placard, bill, notice or other notification whatsoever to or upon the outside of the Premises or the windows or inside the Premises so as to be visible from the outside. 

 

	25.2	 There is excepted from paragraph 25.1: 

 

	 	(a)	 the name of the Tenant and any permitted undertenants signwritten on or close to the entrance doors of the
Premises in materials and a style and manner approved by the Landlord or the Landlord’s Surveyor; 

  

	 	(b)	 the name of the Tenant and any permitted undertenants displayed on the Landlord’s indicator board (if any)
in the entrance lobby in the Building. 

  

	26.	 Not to strain floors and ceilings 

Not to impose any strain on the floors and ceilings of the Premises beyond that which they were designed to bear. 

 

	27.	 Not to interfere with Common Media 

Not to overload damage or interfere with: 
  

	 	(a)	 the Common Media; or 

 

	 	(b)	 the plant and machinery and landlord’s fixtures and fittings in the Common Parts; or

  

	 	(c)	 any sprinkler or fire alarm system whether forming part of the Common Media or exclusively serving the
Premises; or 

  

	 	(d)	 the Excluded Plant. 

  
 -23- 

	28.	 Interest on arrears 

 

	28.1	 If any sum payable by the Tenant to the Landlord under this Lease shall not be paid within 14 days of the same
becoming due to pay to the Landlord Higher Rate Interest from the date of the same becoming due down to the date of payment. 

  

	28.2	 Paragraph 28.1 shall apply to shortfall on review or interest on such shortfall payable under the provisions of
Schedule 6 paragraph 8 with effect from the date of demand where such shortfall and interest are not paid within seven days as referred to in that paragraph. 

  

	28.3	 If collection of rent has been suspended by the Landlord for breach of covenant the Tenant shall, when the
breach has been made good to the satisfaction of the Landlord or when this Lease shall be forfeited (as the case may be), pay to the Landlord in addition to the arrears of rent then due Higher Rate Interest from the date that rent became due down to
the date of actual payment. 

  

	29.	 Indemnity 

To indemnify the Landlord against all claims, demands, proceedings, damages, costs and expenses properly incurred: 

 

	29.1	 in respect of or incurred in connection with any damage or injury occasioned to: 

 

	 	(a)	 the Premises or the Building; or 

 

	 	(b)	 any adjacent or neighbouring premises belonging to the Landlord; or 

 

	 	(c)	 any person or any property movable or immovable 

by any act, default or negligence of the Tenant or any person deriving title under the Tenant or their respective agents, employees or
licensees; or 
  

	29.2	 for which the Landlord may be rendered liable or be exposed by reason of the breach, non-observance or non-performance by the Tenant of its covenants and the conditions in this Lease. 

 

	30.	 Encumbrances 

To perform and observe the Encumbrances so far as they relate to the Premises. 

  
 -24- 

 SCHEDULE 4 

Covenants by the Landlord 
  

	1.	 Quiet enjoyment 

That subject to the Tenant paying the rents reserved by and observing and performing the covenants on the part of the Tenant contained in this
Lease the Tenant may peaceably and quietly enjoy the Premises and the rights conferred in Part B to Schedule 1 during the Term without any lawful interruption or disturbance from or by the Landlord or any person or persons lawfully or equitably
claiming under or in trust for it. 
  

	2.	 Insurance and services 

To observe and perform the Landlord’s obligations as to insurance and services set out in Schedules 7 and 8 respectively. 

 

	3.	 Enforcement of covenant against other tenants 

To impose in all leases of the office areas of the Building covenants similar to those contained in Schedule 3 and to enforce those covenants
against the tenants of all parts of the Building. 
  

	4.	 Non-competition 

For so long as not less than four complete floors of the Building are occupied by J Walter Thompson Group Limited or by a Group Company of WPP
Group PLC not to: 
  

	 	(a)	 grant any lease or dispose of any office space in the Building to any of Omnicom, True North, Interpublic and
Cordiant or companies which were as at 15 May 2000 a Group Company of any of the foregoing (the “Excluded Companies”) and will not consent to any assignment, lease or other disposition as aforesaid to any of the Excluded
Companies; and 

  

	 	(b)	 grant naming rights for the Building to any other occupier and will consult with the Tenant before changing the
name of the Building from Number One Knightsbridge Grey. 

  

	5.	 Prohibited use 

Whilst the Premises or any part thereof are occupied by J Walter Thompson Group Limited not to permit the unit shown marked “Retail
1” on the plan annexed numbered 1 to be used for any purpose within Class A3 of the Town & Country Planning (Use Classes) Order 1987. 

  
 -25- 

 SCHEDULE 5 

Provisos, agreements and declarations 
  

	1.	 Forfeiture 

Without prejudice to any other provisions contained in this Lease the Landlord may at any time re-enter
the Premises and immediately on so doing this Lease shall terminate absolutely but without prejudice to any rights of the Landlord in respect of any breach of any of the obligations on the Tenant’s part in this Lease: 

 

	1.1	 if the reserved rents are unpaid for 21 days after becoming payable (whether formally demanded or not); or

  

	1.2	 if the Tenant is in breach of any of the Tenant’s obligations in this Lease which have not been remedied;
or 

  

	1.3	 if the Tenant or any guarantor of the Tenant’s obligations: 

 

	 	(a)	 (being a company or if in partnership) enters into liquidation whether compulsory or voluntary (other than for
the purpose of reconstruction or amalgamation not involving a realisation of assets) or has a winding up order made against it by the Court or has a receiver appointed over all or any part of its assets or an administration order is made pursuant to
the Insolvency Act 1986 or the Insolvent Partnerships Order 1994; or 

  

	 	(b)	 (being one or more individuals whether or not in partnership together) any one of them petitions the court for
his own bankruptcy or has a bankruptcy order made against him; or 

  

	 	(c)	 becomes insolvent or enters into any composition with its or his creditors or enters into a voluntary
arrangement (within the meaning of s 1 or 253 Insolvency Act 1986 or the Insolvent Partnerships Order 1994) or distress, sequestration or execution is levied on its or his goods. 

 

	2.	 Tenant’s goods 

 

	2.1	 The Landlord shall be deemed to have been irrevocably appointed the Tenant’s agent to store and/or dispose
of all tenant’s fixtures and fittings and other property belonging to the Tenant or to any third party not removed from the Premises by the Tenant in accordance with its covenants contained in Schedule 3 paragraph 6 and/or Schedule 7 paragraph
1.7. 

  

	2.2	 The Tenant shall indemnify the Landlord against all costs and expenses as the Landlord may properly incur in so
storing and/or disposing any such property and against any claim made against the Landlord in relation to any such property by any third party. 

  
 -26- 

	2.3	 To pay to the Landlord on demand Higher Rate Interest on such costs and expenses from the date of expenditure
until the date they are paid by the Tenant to the Landlord. 

  

	3.	 Landlord’s right to develop 

Nothing contained in this Lease shall by implication of law or otherwise operate to confer on the Tenant any easement, right or privilege
whatsoever over or against any adjoining or other property belonging to the Landlord (whether forming part of the Building or not) which might restrict or prejudicially affect the future rebuilding, alteration or development of such adjoining
or other property nor shall the Tenant be entitled to compensation for any damage or disturbance caused by or suffered through any such rebuilding, alteration or development. 
  

	4.	 Notices 

  

	4.1	 Any notice or notification served or given under or in connection with this Lease shall be in writing.

  

	4.2	 Section 196(4) Law of Property Act 1925 (as amended by the Recorded Delivery Service Act 1962) shall apply
to all notices and certificates required to be given or served under this Lease. 

  

	5.	 Value Added Tax 

All sums payable by the Tenant under this Lease which are from time to time subject to VAT shall be considered to be tax exclusive sums. 

 

	6.	 Expert determination proceedings 

 

	6.1	 The provisions of this paragraph shall apply to determination of issues by an independent expert if it is
invoked elsewhere in this Lease or the parties otherwise agree to invoke it. 

  

	6.2	 The expert shall be appointed by the parties jointly or if there is no agreement on the appointment he shall be
appointed by the President (or other acting senior officer for the time being) of the relevant professional body on the request of either party. 

  

	6.3	 For the purposes of paragraph 6.2 the relevant professional body shall in relation to any dispute or difference
over matters of: 

  

	 	(a)	 valuation, service charge, management or the condition of the Building or the Premises be the Royal Institution
of Chartered Surveyors; 

  

	 	(b)	 accountancy or the incidence of taxation be the Institute of Chartered Accountants in England and Wales; and

  

	 	(c)	 law be the Law Society; 

  
 -27- 

 but where there are matters that materially involve issues falling under more than one such
grouping more than one expert to act jointly with one another shall be appointed (unless the parties otherwise agree) and references in this paragraph 6 to an expert shall then be treated as referring to experts acting jointly. 

 

	6.4	 The person so appointed shall act as an expert and not as an arbitrator. 

 

	6.5	 The expert shall be required to: 

 

	 	(a)	 give notice to the Landlord and the Tenant allowing each of them to submit to him within such reasonable time
as he may stipulate representations on the relevant issue accompanied (if either of them so wish) by a statement of reasons and professional valuations or reports (as the case may be) of which copies are supplied to the other party; and

  

	 	(b)	 permit each of the Landlord and the Tenant to make a submission in respect of the other’s reasons,
valuation and reports provided under paragraph 6.5(a); but 

  

	 	(c)	 neither the Landlord nor the Tenant may without the consent of the other disclose to the expert correspondence
or other evidence to which the privilege of non-production (“without prejudice”) properly attaches; 

but the expert shall not be bound by any such submission, and he may make his determination as he thinks fit. 

 

	6.6	 The determination of the expert shall be final and binding on the parties except in the case of manifest error.

  

	6.7	 The fees and expenses of the expert including the cost of his nomination shall be borne either as to the whole
or in the proportions as the expert shall determine (but in the absence of such a determination they shall be borne equally) and each of the parties shall bear its own costs with respect to the determination of the issue by the expert, but the
Landlord may pay the costs required to be borne by the Tenant if they remain unpaid more than 21 days after they become due and then recover these and any incidental expenses incurred from the Tenant on demand. 

 

	6.8	 If the expert refuses to act becomes incapable of acting or dies the Landlord or the Tenant may require the
appointment of a replacement expert as provided in paragraph 6.2. 

  

	7.	 Disclaimer of liability for use of Car Park 

The Landlord shall not be under any liability whatsoever for loss or damage to any vehicle or other property or any damage or injury to any
person howsoever arising or for the prevention of ingress to or egress from the Car Parking Spaces caused by the use or attempted use by any person of the Car Parking Spaces or any other part of the Car Park except in the case of negligence on the
part of the Landlord, its servants or agents. 

  
 -28- 

	8.	 Perpetuity period 

In so far as the perpetuity rule applies to any provision of this Lease the perpetuity period shall be 80 years from the date stipulated in the
definition of “Term” in clause 1.1 as the date on which the Term commences. 
  

	9.	 Data Protection Act 1998 

For the purposes of the Data Protection Act 1998 or otherwise the Tenant and the Guarantor (if any) agree to any information relating to this
tenancy held by the Landlord being disclosed to third parties so far only as is necessary in connection with the management or disposal of the Premises. 
  

	10.	 Address for Rent Demands 

The first rent demand shall be delivered to the Tenant at the Premises. 

 

	11.	 Tenant’s option to determine 

 

	11.1	 The Tenant may end this Lease on 29 September 2016 by giving at least 12 months° written notice
expiring on that day PROVIDED that at the time of expiry of such notice: 

  

	 	(a)	 there are no arrears of any rents reserved by or any other sums payable by the Tenant under this Lease (whether
or not subject to dispute); and 

  

	 	(b)	 vacant possession of the Premises is gi ien and at the same time the Tenant pays to the Landlord a sum equal to
six months’ rent at the rate then payable pursuant to clause 2.6(a) of this Lease. 

  

	11.2	 If any of the conditions referred to in (a) or (b) above are not satisfied at the date of expiry of such
notice the notice is deemed to be ,‘ lc effect and this Leas shall continue as before, provided that the Landlord may waive all or any of the said conditions by giving notice to the Tenant at any time. 

 

	11.3	 The ending of this Lease shall not affect either party’s rights in respect of any earlier breach of any
provision of this Lease. 

  

	11.4	 The provisions contained in this paragraph 12 are personal to and exercisable only by J Walter Thompson Group
Limited. They are not capable of being assigned or otherwise dealt with by J Walter Thompson Group Limited and shall cease to have effect upon the date of the first deed of assignment of this Lease between J Walter Thompson Group Limited and its
assignee irrespective of whether such assignment is notified to the Landlord. 

  

	11.5	 Nothing in this paragraph 12 shall have the effect of making time of the essence for the purposes of the review
of rent under this Lease. 

  
 -29- 

	12.	 Third party rights 

No person other than a contracting party may enforce any provision of this Lease by virtue of the Contracts (Rights of Third Parties) Act 1999.

  
 -30- 

 SCHEDULE 6 

Rent Reviews 
  

	1.	 The review dates 

 

	1.1	 The yearly rent payable under this Lease shall be reviewed on the 29th September in each of the years 2006 2011 and 2016 (referred to in this Schedule as the “review dates” and the “relevant review date” shall be construed accordingly).

  

	1.2	 With effect on and from each review date the reviewed rent as agreed or determined in accordance with the
following provisions of this Schedule shall become payable as the yearly rent reserved by this Lease. 

  

	2.	 Upward only rent reviews 

The reviewed rent shall be the higher of: 
  

	2.1	 the yearly rent payable under this Lease immediately preceding the relevant review date; and

  

	2.2	 the market rent of the Premises at the relevant review date 

 

	3.	 The market rent 

For the purposes of this Lease the expression the “market rent” means the best yearly rent at which the Premises might reasonably be
expected to be let in the open market by a willing landlord to a willing tenant: 
  

	3.1	 with vacant possession; 

 

	3.2	 for the unexpired residue of the term of this Lease at the relevant review date or for a term of 10 years from
the relevant review date (whichever is the greater) and having a rent review, in the same terms as this Lease, at the expiry of each consecutive period of five years throughout the term; 

 

	3.3	 without the payment of a premium by the willing tenant; 

 

	3.4	 subject to the provisions of this Lease (other than the length of the term and the amount of rent but including
these provisions for rent review); 

 but upon the assumption, if not the fact, that at the relevant review date: 

 

	3.5	 the Premises have an agreed Net Internal Area of 1,540.39 square metres (16,580.60 square feet):

  

	3.6	 the Premises may be used for any of the uses permitted by this Lease; 

  
 -31- 

	3.7	 the Premises have been fitted out at the cost of the tenant and are therefore ready for immediate commencement
of the normal operation of the business of the willing tenant consistent with paragraph 3.6 above so that the willing tenant would not require a rent free period or other allowance for fitting out the Premises; 

 

	3.8	 in case the Premises have been destroyed or damaged they have been fully reinstated; 

 

	3.9	 the covenants and conditions in this Lease have been fully observed and performed; 

 

	3.10	 there is not in operation any statute, order or instrument, regulation or direction which has the effect of
regulating or restricting the amount of rent of the Premises which might otherwise be payable. 

  

	4.	 Matters to be disregarded 

 

	4.1	 in this paragraph 4 references to the “Tenant” include the predecessors in title to the
Premises of the Tenant and any person claiming title to the Premises through or under the Tenant or any of them. 

  

	4.2	 In agreeing or determining the market rent the effect upon it of the following matters shall be disregarded:

  

	 	(a)	 the occupation of the Premises or any other parts of the Building by the Tenant; 

 

	 	(b)	 any goodwill attached to the Premises by reason of the carrying on at the Premises or any other parts of the
Building of the business of the Tenant; 

  

	 	(c)	 any improvements to the Premises or the Building made by the Tenant during the Term with the written consent of
the Landlord other than those: 

  

	 	(i)	 made by way of replacement of any of the items comprised in the list of landlord’s fixtures and fittings
as listed in Schedule 1 paragraph 2.6; or 

  

	 	(ii)	 made in pursuance of an obligation to the Landlord or in the case of an under-tenant to his immediate reversioner; or 

  

	 	(iii)	 completed by the Tenant more than 21 years before the relevant review date; or 

 

	 	(iv)	 in respect of which the Landlord has made or is under an obligation to make a financial contribution to the
whole or part of the cost; or 

  

	 	(d)	 any Ten—ant’s Requested Modifications and the
Tenant’s Works as defined in and carried out under the Agreement for Lease; or 

  

	 	(e)	 any work carried out to the Premises by the Tenant either before or after the grant of this Lease which, apart
from this sub-paragraph, would diminish the market rent. 

  
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	5.	 Procedure for determination of market rent 

 

	5.1	 The Landlord and the Tenant may agree the market rent at any time but if they do not agree the market rent:

  

	 	(a)	 the amount of the market rent may be determined by reference to either arbitration or the determination of an
independent expert as the Landlord may elect: 

  

	 	(b)	 the Landlord may exercise the right of election at any time either by giving notice to the Tenant or
alternatively by requesting the nomination of an arbitrator or independent expert in such application for a nomination as may be made by the Landlord; but 

  

	 	(c)	 if the Landlord has not actually exercised its right of election before the rent review date the Tenant may at
any time thereafter require the Landlord to do so by giving notice to the Landlord to that effect and if the Landlord has not done so within 28 days of receipt of the notice it shall be treated as having elected for a reference to the determination
of an independent expert: and 

  

	 	(d)	 the Tenant may not make an application for the nomination of an arbitrator or an expert (as the case may be)
until the Landlord has made an election or is treated as having made an election in accordance with this paragraph 5.1. 

  

	5.2	 In the case of arbitration the arbitrator shall be nominated by the Landlord and the Tenant jointly or in the
absence of an agreed nomination he shall be nominated by the President for the time being of the Royal Institution of Chartered Surveyors on the application either of the Landlord or of the Tenant. 

 

	5.3	 The arbitrator or expert to be nominated shall be a valuer and chartered surveyor having not less than ten
years’ experience of rental valuation of property being put to the same or similar use as the Premises and of property in the same region in which the Premises are situated. 

 

	5.4	 A reference to and award of an arbitrator shall be governed by the Arbitration Act 1996 and the decision of the
arbitrator shall be final and binding on the parties. 

  

	5.5	 In the case of a determination by an independent expert the provisions in this Lease relating to expert
determination proceedings shall apply as supplemented by the provisions of this paragraph 5. 

  

	5.6	 If the arbitrator or the expert refuses to act becomes incapable of acting or dies the Landlord or the Tenant
may require the appointment of a replacement arbitrator or expert (as the case may be) in the same manner as applied to the original appointment but without further right of election under paragraph 5.1 on the part of the Landlord.

  

	5.7	 The Landlord may pay such costs of the rent review required to be paid by the Tenant as have been awarded by
the arbitrator or determined by the expert (as the case may be) if they remain unpaid for more than 21 days after they have become due and then recover these and any incidental expenses incurred from the Tenant on demand. 

  
 -33- 

	6.	 Reviewed rent reserved in phases 

The Landlord and the Tenant may at any time before the market rent is determined by an arbitrator or an independent expert (as the case may be)
settle the amount of the reviewed rent and agree to reserve it in phases. 
  

	7.	 Time limits 

Time shall not be of the essence in agreeing or determining the reviewed rent or of appointing an arbitrator or expert. 

 

	8.	 Rental adjustments 

 

	8.1	 If the market rent has not been agreed or determined in accordance with the provisions of this Schedule before
the relevant review date then until the market rent has been so agreed or determined the Tenant shall continue to pay on account rent at the rate of yearly rent payable immediately before the relevant review date. 

 

	8.2	 The Tenant shall pay to the Landlord within seven days of a demand by the Landlord following the agreement or
determination of the market rent: 

  

	 	(a)	 all arrears of the reviewed rent which have accrued in the meantime; and 

 

	 	(b)	 Base Rate Interest on each of the instalments of the arrears from the time that it would have become due for
payment if the market rent had then been agreed or determined until the demand is made by the Landlord for payment by the Tenant in accordance with this paragraph. 

 

	9.	 Memorandum of rent review 

The Landlord and the Tenant shall cause: 
  

	9.1	 in the case of agreement of the reviewed rent a memorandum of the reviewed rent duly signed by each of them;

  

	9.2	 in the case of an award or determination of the reviewed rent a copy of the award or determination

 without delay to be securely annexed to this Lease and the counterpart of this Lease and each shall bear its own costs
of doing so. 

  
 -34- 

 SCHEDULE 7 

Insurance provisions 
  

	1.	 Tenant’s covenants 

The Tenant covenants with the Landlord: 

Insurance rent 
  

	1.1	 To pay a sum equal to: 

 

	 	(a)	 such fair and reasonable proportion as the Landlord may from time to time reasonably deem appropriate having
regard (inter alia) to: 

  

	 	(i)	 any alterations or additions to the Building or any change of use of any part of it; or 

 

	 	(ii)	 information supplied to it by the Tenant pursuant to Schedule 3 paragraph 17 

of such sums as the Landlord may from time to time expend in insuring the Building and all additions to the Building against the Insured Risks
(including: 
  

	 	(iii)	 the preparation and settlement of any insurance claim; 

 

	 	(iv)	 the cost of complying with any requirements from time to time of the insurer); 

 

	 	(v)	 valuation of the whole or any part of the Building; 

 

	 	(vi)	 insurance of the Landlord against employers’ liability and public liability risks in respect of the
Building; 

  

	 	(b)	 the whole of such sums as the Landlord may from time to time properly expend in insuring against three
years’ loss of the rent first reserved by this Lease and the Service Charge arising from damage to the Building or any part of it by any of the Insured Risks. 

The insurance cover may include VAT and take due account of the effects of inflation and escalation of costs and the Landlord’s estimate
of the market rent in the context of ensuing rent reviews and/or the end of the Term and the Landlord (here meaning The Prudential Assurance Company Limited only) or a Group Company of the Landlord shall be entitled to retain any commissions paid to
it. 

  
 -35- 

 Tenant’s insurance obligations 

 

	1.2	 Not knowingly to do or omit in or upon the Premises anything whatsoever which may: 

 

	 	(a)	 render the Landlord liable to pay in respect of the Premises and/or the Building or any part of them more than
the rate of premium which the Landlord might expect to pay in the open market to insure premises of a similar nature let on a similar basis against the Insured Risks; or 

 

	 	(b)	 restrict or make void or voidable any policy for such insurance. 

 

	1.3	 To repay to the Landlord any increase in the rate of premium and all expenses incurred by it in or about any
renewal of such policy rendered necessary by a breach of paragraph 1.2. 

  

	1.4	 In the event of: 

  

	 	(a)	 any part of the Premises or the Building being destroyed or damaged by any of the Insured Risks; and

  

	 	(b)	 the insurance moneys being wholly or partially irrecoverable by reason solely or in part of any act or default
of the Tenant or any person deriving title under the Tenant or any of their respective agents, employees or licensees 

the Tenant shall pay to the Landlord on demand a sum equal to the whole or a fair proportion (as the case may require) of the irrecoverable
insurance moneys. 
  

	1.5	 Not to insure any part of the Premises against any of the Insured Risks. 

 

	1.6	 To notify the Landlord immediately in writing in the event of damage to any part of the Premises by any of the
Insured Risks. 

  

	1.7	 In the event of damage to any part of the Premises by any of the Insured Risks so as to render the same unfit
for occupation or use (if so required by the Landlord) to remove from the Premises all tenant’s fixtures and fittings and other property belonging to the Tenant or to any third party within one month of such damage and/or to indemnify the
Landlord against the cost of so doing. 

  

	1.8	 In the event of damage to the Premises or the Building or any part or parts of them by any of the Insured Risks
to pay to the Landlord on demand a sum equal to the whole or a proper proportion of any uninsured excess to which the insurance policy may be subject. 

  

	1.9	 To maintain in force throughout the Term in the joint names of the Landlord and the Tenant engineering
insurance for all electrical or mechanical equipment and apparatus forming part of the Premises and to produce to the Landlord on demand the policy relating to such insurance and evidence of payment of the current premium. 

 

	1.10	 Not to leave the Premises continuously unoccupied for more than 21 days without notifying the Landlord and
providing such caretaking or security arrangements as the Landlord and/or its insurers may require in order to protect the Premises from vandalism, theft, damage or unlawful occupation. 

  
 -36- 

	2.	 Landlord’s covenants 

The Landlord covenants with the Tenant: 

To insure 
  

	2.1	 To insure and keep insured the Building and all additions to the Building against loss or damage by the Insured
Risks with an insurer of repute subject to such exclusions, conditions and uninsured excesses as the insurer may reasonably apply in a sum equal to: 

  

	 	(a)	 the Landlord’s proper opinion of the full cost of reinstatement (taking into account receipt by the
Landlord of any appropriate notification from the Tenant pursuant to Schedule 3 paragraph 17) including architects’, surveyors’ and consultants’ fees and the cost of removing all debris (excluding contents and stock debris) from the
site of the Building and other incidental expenses; 

  

	 	(b)	 three years’ loss of the rent first reserved by this Lease and Service Charge. To reinstate

  

	2.2	 Subject to paragraph 2.3 to cause all money received by virtue of such insurance (other than sums received for
loss of rent) to be laid out in clearing the site and reinstating the Building or the Premises (as the case may be) and to make good any shortfall out of its own moneys save to the extent that any such shortfall shall arise due to the failure of the
Tenant to comply with its covenants contained in Schedule 3 paragraph 17 and/or paragraphs 1.2 and/or 1.8 of this Schedule. 

  

	2.3	 The Landlord’s obligation under this covenant shall cease if: 

 

	 	(a)	 the insurance shall be rendered void by reason of any act or default of the Tenant or any person deriving title
under the Tenant or their respective agents, servants or licensees; and/or 

  

	 	(b)	 this Lease shall be determined in accordance with paragraph 5 of this Schedule. 

 

	2.4	 Nothing in Schedule 8 shall impose on the Landlord any liability to make good damage caused by an Insured Risk.

 OTHER PROVISIONS 
  

	3.	 Landlord an insurance company 

 

	3.1	 If at any time and so long as the Landlord (here meaning The Prudential Assurance Company Limited only) or a
Group Company of the Landlord is an insurance company the Landlord may carry the risk referred to in paragraph 2.1 itself in which case: 

  

	 	(a)	 the Landlord shall be deemed to have effected an insurance policy on terms (and subject to such exclusions,
conditions and uninsured excesses) equivalent to those quoted by it or the Group Company from time to time when underwriting similar business; 

  
 -37- 

	 	(b)	 the Landlord shall be deemed to have expended from time to time such premiums as it would have charged for
insuring and keeping insured the Building and rent in accordance with this Lease as if such insurance had been effected by a single tenant of the whole of the Building (let as a whole) with the Landlord (as insurer); and 

 

	 	(c)	 all the provisions of this Lease which relate to insurance (including, but without limitation, the provisions
for reinstatement and making up of any shortfall in the insurance moneys) shall apply mutatis mutandis where the Landlord carries the risk as if the Landlord had effected a policy with an independent insurer. 

 

	4.	 Suspension of Rent 

 

	4.1	 The provisions of paragraph 4.2 shall apply if the Building or any part of it shall at any time during the Term
be so damaged by any of the Insured Risks as to render the Premises or any part of them unfit for occupation or use (but shall not apply if no insurance moneys shall be payable owing to the act or default of the Tenant or any person deriving title
under the Tenant or their respective agents, employees or licensees). 

  

	4.2	 If paragraph 4.1 applies the rent first reserved by this Lease and the Service Charge or a fair proportion of
them according to the nature and extent of the damage sustained shall be suspended and cease to be payable until either the Building or the Premises as the case may be shall have been reinstated and made fit for occupation or use (excluding fitting
out and replacement of contents) or if earlier until the expiry of three years from the date of such damage. 

  

	4.3	 In the event of dispute as to the amount or duration of the rent to be abated such dispute shall be settled by
a single arbitrator to be appointed by the President for the time being of the Royal Institution of Chartered Surveyors. 

  

	5.	 Options to determine 

 

	5.1	 If the Building or a substantial part of it (whether including the Premises or not) is destroyed or damaged by
any of the Insured Risks then this Lease may at the option of the Landlord be determined by the Landlord giving to the Tenant not less than six months’ notice (such notice to be given within 12 months after such destruction or damage).

  

	5.2	 If for any reason outside the control of the Landlord it shall prove impossible to commence rebuilding work on
site within two years of the date of such damage or destruction by any of the Insured Risks then the Landlord may by notice to the Tenant determine this Lease and upon receipt by the Tenant of such notice the Term shall cease and determine.

  
 -38- 

	5.3	 if either the Landlord has not commenced rebuilding work on site within two years of the date of such damage or
destruction by any of the Insured Risks or the Landlord has not completed reinstatement of the Building within two years and six months of such date then in either event this Lease may at the option of the Tenant be determined by the Tenant giving
to the Landlord not less than six months’ notice and upon the expiration of such notice the Term shall cease and determine but if by the expiration of such notice the Building has been reinstated the notice shall become void and this Lease
shall continue in full force and effect. 

  

	5.4	 If this Lease is determined pursuant to paragraph 5.1, 5.2 or 5.3 the Landlord shall be entitled to retain the
whole of the insurance moneys for its absolute use and benefit. 

  
 -39- 

 SCHEDULE 8 

Part A 
 Service Charge
Provisions 
  

	1.	 Tenant’s liability to pay Service Charge 

 

	1.1	 The Tenant shall pay to the Landlord the Service Charge. 

 

	1.2	 The Service Charge is such proportion of the Landlord’s Costs as the Landlord reasonably deems fair
and attributable to the Premises in any service charge period beginning or ending during the Term, but without affecting the general operation of the Landlord’s discretion: 

 

	 	(a)	 the proportion shall be calculated primarily on a comparison for the time being of the Net Internal Area of the
Premises with the Net Internal Area of the Building (excluding however the Net Internal Area of the Management Premises); but 

  

	 	(b)	 in the event of such comparison being inappropriate having regard to the nature of the expenditure (or item of
expenditure) incurred or the premises in or upon the Building which benefit from it or otherwise the Landlord shall be at liberty in its discretion to adopt such other method of calculation of the proportion of such expenditure to be attributed to
the Premises as shall be fair and reasonable in the circumstances (including if appropriate the attribution of the whole of such expenditure to the Premises). 

 

	1.3	 The Landlord’s Costs are the costs and expenses properly incurred by the Landlord of and incidental to the
provision of the Services in or with respect to any service charge period beginning or ending during the Term. 

  

	1.4	 The Services are itemised in Parts B and C of this Schedule. 

 

	1.5	 The Landlord’s Costs, the Service Charge and the provision of the Services shall be calculated and dealt
with in accordance with the provisions of this Schedule. 

  

	2.	 Advance payments on preliminary basis 

 

	2.1	 The Service Charge shall be discharged by means of advance payments to be made on each of the usual quarter
days in every year and also by such additional payments as may be required under paragraphs 3 and 4. 

  

	2.2	 The amount of each advance payment shall be equal to the last advance payment or shall otherwise be such amount
as the Landlord may reasonably determine as likely to be equal in the aggregate to the Service Charge for the relevant service charge period and which is notified to the Tenant at or before the time when the demand for an advance payment is made and
the advance payment for the service charge period current at the date of this Lease shall be £ 26,943.50 per quarter. 

  
 -40- 

	2.3	 For the purposes of this Schedule “service charge period” means the period of 12 months from
1 October to 30 September in each year (or such other appropriate period of more or less than 12 months as the Landlord may from time to time reasonably determine). 

 

	2.4	 The Service Charge shall be deemed to accrue on a day-to-day basis in order to ascertain yearly rates and for the purposes of apportionment in relation to periods of other than one year. 

 

	3.	 Landlord’s Costs accounts and Service Charge adjustments 

 

	3.1	 The Landlord shall as soon as may be practicable after the end of each service charge period submit to the
Tenant a statement duly certified by the Landlord, the Landlord’s Surveyor. or the Landlord’s managing agents (or audited by the Landlord’s auditors if the Landlord so decides) giving a proper summary of the Landlord’s Costs and
the calculation of the Service Charge for the service charge period just ended and the provisions in this Lease as to the giving of notices apply to the submission of the statement. 

 

	3.2	 if the Service Charge as certified shall be more or less than the total of the advance payments (or the grossed-up equivalent of such payments if made for any period of less than the service charge period) then any sum due to or payable by the Landlord by way of adjustment in respect of the Service Charge shall
forthwith become due and be paid or allowed as the case may be. 

  

	3.3	 The provisions of this paragraph 3 shall continue to apply notwithstanding the expiry or earlier determination
of this Lease in respect of any service charge period then current. 

  

	3.4	 The Tenant may within 28 days after the submission of a certified statement under paragraph 3.1 (time being of
the essence) challenge it on the ground that it contains errors or is otherwise incorrectly drawn by giving to the Landlord notice to that effect but only if it has first made payment of the full amount of any Service Charge that the statement shows
as due from the Tenant and if so: 

  

	 	(a)	 the Landlord and the Tenant shall endeavour to resolve the relevant issue but if they cannot do so;

  

	 	(b)	 the issue in dispute shall be referred to the determination of an independent expert and the provisions in this
Lease relating to expert determination proceedings shall apply; 

  

	 	(c)	 such adjustments to the statement as may be required to be made in consequence of the determination of the
expert shall be made and any sum due to or payable by the Landlord shall forthwith be paid or allowed as the case may be; 

	 	(d)	 Base Rate Interest shall be paid or allowed in respect of the period during which the relevant amount has been
underpaid or overpaid; 

  
 -41- 

 but if not the Tenant’s right of challenge to that certified statement shall lapse.

  

	3.5	 The Tenant shall be entitled during the period of six months commencing on the submission of the statement
under paragraph 3.1 to: 

  

	 	(a)	 inspect the service charge invoices and vouchers of the Landlord at such location as the Landlord may
reasonably appoint for the purpose during normal working hours on weekdays; and 

  

	 	(b)	 at the Tenant’s expense take copies of them. 

 

	4.	 Exceptional expenditure 

 

	4.1	 If funds collected by way of advance payments towards Landlord’s Costs prove insufficient to meet an
immediate liability (and there is no reserve fund available or which may be applied to meet the liability) and the cause of the insufficiency is not that any Lettable Areas are or have been vacant or that a tenant or occupier has defaulted in
payment of his proportion of the Landlord’s Costs, the Landlord shall be entitled to advance moneys (or borrow moneys for the purpose from reputable banks) at commercially competitive rates of interest and interest payable on the advance or the
borrowing shall be recoverable as an item of the Landlord’s Costs. 

  

	4.2	 Where the Landlord carries out major works of repair, maintenance and decoration or replaces major items of
plant or machinery it may: 

  

	 	(a)	 at its discretion apportion the Landlord’s Costs in respect of the relevant expenditure over more than one
service charge period; and 

  

	 	(b)	 include in the Landlord’s Costs Base Rate Interest on the part of the expenditure to be recovered in later
service charge periods. 

  

	5.	 Landlord’s protection provisions 

The Tenant shall not be entitled to object to the Landlord’s Costs (or any item comprised in it) or otherwise on any of the following
grounds: 

	5.1	 the inclusion in a subsequent service charge period of any item of expenditure or liability omitted from the
Landlord’s Costs for any earlier service charge period so long as the Landlord has acted in good faith; 

  

	5.2	 an item of Landlord’s Costs included at a proper cost might have been provided or performed at a lower
cost; or 

  

	5.3	 disagreement with any estimate of future expenditure for which the Landlord requires to make provision so long
as the Landlord has acted reasonably and in good faith and in the absence of manifest error; or 

  
 -42- 

	5.4	 the manner in which the Landlord exercises its discretion in providing Services so long as the Landlord acts in
good faith and in accordance with the principles of good estate management; or 

  

	5.5	 the employment of managing agents to carry out and provide on the Landlord’s behalf any of the Services;
or 

  

	5.6	 the employment of a Group Company to carry out and provide on the Landlord’s behalf any of the Services;

 PROVIDED that the Landlord uses all reasonable endeavours to ensure that the Services are carried out in as efficient
and cost effective manner as is reasonably practicable. 
  

	6.	 Vacant parts of the Building and actions by the Landlord 

 

	6.1	 The Service Charge shall not be increased or altered by reason only that at any relevant time any Lettable
Areas of the Building may be vacant or be occupied by the Landlord or that any tenant or other occupier of another part of the Building may default in payment of his proportion of the Landlord’s Costs. 

 

	6.2	 Subject to paragraph 6.1 it is the intention that the Landlord should recover the whole of the Landlord’s
costs from the Tenant and other tenants and occupiers of the Building. 

  

	6.3	 If the Landlord recovers moneys in exercise of its powers referred to in paragraph 0 representing expenditure
which has been or which would otherwise fall to be included in the Landlord’s Costs the Landlord shall set off or credit such moneys against the Landlord’s Costs accordingly. 

 

	7.	 Landlord’s Costs to exclude tenants’ liabilities 

There shall be excluded from the items comprising the Landlord’s Costs any liability or expense for which the Tenant or other tenants or
occupiers of the Building may individually be responsible under the terms of the tenancy or other arrangement by which they use.or occupy the Building. 
  

	8.	 Management charges 

The Landlord shall be entitled to include in the Landlord’s costs: 

 

	8.1	 a reasonable fee for the provision of Services, which shall include the reasonable and proper fees for
employing managing agents for the carrying out and provision of Services but shall exclude any charge for the collection of rent; and 

  

	8.2	 any reasonable and proper cost of the accountants, auditors or surveyors for auditing or certifying the
Landlord’s Costs or providing other similar services in connection with the Landlord’s Costs. 

  
 -43- 

	9.	 The Landlord’s obligation to provide services 

 

	9.1	 Subject to the payment of the Service Charge by the Tenant in the manner and at the times required under this
Lease and to the following provisions of this paragraph 9 the Landlord: 

  

	 	(a)	 shall use its best endeavours to provide the Services itemised in Part B of this Schedule during Normal Working
Hours and at such additional times as the Tenant may request; and 

  

	 	(b)	 may provide the Services itemised in Part C of this Schedule. 

 

	9.2	 The Landlord shall not be liable to the Tenant for failure to provide any Services in this Schedule to the
extent that the Landlord is prevented from doing so by Insured Risks and other such perils, accident, strikes, lockouts of workmen or other cause beyond the Landlord’s reasonable control. 

 

	9.3	 The Landlord shall not be liable to the Tenant for failure to provide any Services in this Schedule that it is
obliged to do unless the Landlord has had written notice of and a reasonable period in which to remedy the failure. 

  

	9.4	 The Landlord shall not be liable to the Tenant for any loss, damage or inconvenience which may be caused by
reason of: 

  

	 	(a)	 temporary interruption of services during periods of inspection, maintenance, repair and renewal;

  

	 	(b)	 temporary interruption of services during the course of building works; 

 

	 	(c)	 the breakdown, failure, stoppage, leaking, bursting or defect of any hot or cold water, sanitary, ventilation,
extraction plant and machinery or of soil, gas, water or electricity or other plant and machinery or of the Common Media or the Conducting Media in the Premises, the Building or neighbouring or adjoining property. 

 

	9.5	 The Landlord shall not be under any obligation to the Tenant to continue the provision of the Services
specified in Part C of this Schedule and may in its absolute discretion vary, extend, alter or add to the Services in Parts B and C if the Landlord considers that by so doing the interests of the occupiers of the Building as a class will be better
served, the amenities in the Building may be improved and/or the management of the Building may be more efficiently conducted. 

  

	9.6	 The Landlord shall not be concerned in the administration and collection of or accounting for the Service
Charge on an assignment of this Lease and accordingly the Landlord shall: 

  

	 	(a)	 not be required to make any apportionment relative to the assignment; and 

 

	 	(b)	 be entitled to deal exclusively with the Tenant in whom this Lease is for the time being vested (and for this
purpose in disregard of any assignment which has not been registered in accordance with Schedule 3 paragraph 24). 

  
 -44- 

 Part B 

Mandatory services and heads of charge 

	10.	 Common Parts 

  

	10.1	 The cleaning, lighting and maintenance of the Common Parts. 

 

	10.2	 The payment of any Outgoings in respect of the Common Parts. 

 

	10.3	 Keeping the Common Parts clear of all rubbish. 

 

	10.4	 The cleaning and clearing of Conducting Media. 

 

	10.5	 The cleaning of all windows which do not form part of any Lettable Area and the external faces of all windows
which although forming part of a Lettable Area give on to the Common Parts or form part of the exterior of the Building. 

  

	11.	 Repairs 

  

	11.1	 The repair, decoration, inspection, maintenance, renewal, replacement, resurfacing, washing down, cleaning and
upkeep of the Main Structure (without prejudice to the Tenant’s responsibility for maintaining doors and windows and paragraph 18.4 of this Schedule) and the Common Parts, the Conducting Media, Common Media and other common service facilities
and of plant, equipment and tools and utensils serving or used in the Building. 

  

	11.2	 Cleaning, lighting, repairing, renewing, decorating, maintaining, and rebuilding any fences, party walls, party
structures, entrance ways, stairs and passages and service areas and Conducting Media and any other items which are or may be used or enjoyed in common with adjacent or neighbouring properties (whether the relevant costs and expenses are incurred by
the Landlord or it is required to make a contribution to those incurred by the owners and occupiers of adjacent or neighbouring properties or by a competent authority). 

 

	12.	 Heating air conditioning and ventilation and water 

 

	12.1	 Heating the Building as may be appropriate in the prevailing climatic conditions and air conditioning and
ventilation and providing hot water to the hot water taps in the Building. 

  

	12.2	 Providing cold water to the cold water taps in the Building. 

	12.3	 The repair, maintenance, inspection, renewal and replacement of all plant and equipment required for or in
connection with the working and operation of heating air conditioning and ventilation and hot and cold water. 

  

	13.	 Lifts and Escalators 

 

	13.1	 The operation of a lifts’ and escalator service in the Building. 

  
 -45- 

	13.2	 The repair, maintenance, renewal and replacement of the lifts and escalators and of all plant and equipment for
or in connection with the working and operation of the lifts. 

  

	14.	 Insurances 

Engineering insurances for lifts, escalators, boilers, air-conditioning plant, lightning conductor
equipment and all other electrical or mechanical equipment and apparatus in the Building save to the extent that the Tenant or any other tenant is responsible for effecting such insurance. 

 

	15.	 Statutory requirements 

Compliance with the requirements of any statute (already or in the future to be passed) or any government department, local authority, other
public or competent authority or court of competent jurisdiction and of the insurers in relation to the use, occupation and enjoyment of the Building (including in relation to health and safety compliance with the proper practice recommended by all
appropriate authorities). 
 Part C 

Non-mandatory services and heads of charge 

 

	16.	 Legal proceedings 

 

	16.1	 Making representations which the Landlord in its discretion reasonably and properly considers should be made
against or otherwise contesting the incidence of the provisions of any notice, direction, order, certificate, assessment or proposal relating to or affecting the whole or any part of the Building. 

 

	16.2	 The proper costs of pursuing and enforcing any claim, and taking or defending any proceedings which the
Landlord may in its discretion make take or defend: 

  

	 	(a)	 against contractors, consultants, architects, consulting engineers and surveyors employed or engaged in
connection with the construction and/or refurbishment and/or repair of the Building and/or the Premises or any other third party for the remedy of a defect repairs in or to the Building or otherwise for which they or any of them may be liable; and

  

	 	(b)	 for the purpose of establishing, preserving or defending any rights, amenities or facilities used or enjoyed by
the tenants and occupiers of the Building or any part of it or to which they may be entitled. 

  

	17.	 Employees 

  

	17.1	 Employment of a facilities manager, porter, caretaker, cleaning staff, gardener or other staff for the
maintenance and upkeep of and the provision of services and security in the Building including (without limitation upon the general operation of this paragraph) National Insurance and pension contributions of such employees. 

  
 -46- 

	17.2	 The provision of uniforms, overalls and protective clothing for such employees or other staff required in
connection with their duties. 

  

	17.3	 The running cost of living accommodation for the facilities manager, porter or caretaker in or nearby the
Building and the payment of Outgoings in respect of such accommodation. 

  

	18.	 Common Parts 

  

	18.1	 The provision of repair, maintenance, inspection, renewal and replacement of directional and other informative
notices in the Common Parts. 

  

	18.2	 The furnishing, carpeting and equipping and ornamentation of the Common Parts. 

 

	18.3	 Landscaping, planting and replanting and the maintenance and upkeep of the Common Parts and of garden or
grassed areas and flagpoles on or within the curtilage of the Building. 

  

	18.4	 The maintenance, decoration or replacement of any door or window giving on to the Common Parts or forming part
of the exterior of the Building. 

  

	19.	 Management Premises 

 

	19.1	 The operating costs of Management Premises. 

 

	19.2	 The payment of all Outgoings in respect of Management Premises. 

 

	19.3	 The payment of any rent or service charge or other costs payable by the Landlord or any deemed rents in
relation to the Management Premises. 

  

	19.4	 The provision, maintenance, inspection, repair and replacement of equipment, tools and utensils for the
efficient management of the Services. 

  

	20.	 Refuse collection 

The provision of any refuse collection services or other refuse facilities. 

 

	21.	 Fire fighting equipment, security and public address 

 

	21.1	 The maintenance, inspection, repair and replacement of fire alarms and sprinkler systems.

  

	21.2	 The provision, maintenance, repair and replacement of ancillary fire prevention apparatus and fire fighting
equipment and telephone and public address systems. 

	21.3	 Security arrangements for entry to the Car Park. 

 

	21.4	 Security arrangements for the safety of occupiers and users of the Building and their property kept in the
Building. 

  

	21.5	 The engagement of security officers and security services. 

  
 -47- 

	22.	 Insurances 

Such additional insurances (other than as referred to in paragraph 14 or in respect of risks the Landlord covenants to insure in accordance
with Schedule 7) as the Landlord may reasonably effect in respect of or incidental to the Building, its operation and management. 

  
 -48- 

 SCHEDULE 9 

Covenants by the Guarantor 
  

	1.	 The Guarantor (if any) in consideration of the grant of this Lease (or the agreement to the assignment of this
Lease as appropriate) COVENANTS AND GUARANTEES with and to the Landlord that: 

  

	1.1	 The Tenant shall punctually pay the rents and perform and observe the covenants and other terms of this Lease;

  

	1.2	 if the Tenant shall make any default in payment of the rents or in performing or observing any of the covenants
or other terms of this Lease, the Guarantor will pay the rents and perform or observe the covenants or terms in respect of which the Tenant shall be in default and make good to the Landlord on demand and indemnify the Landlord against all reasonable
and proper losses, damages, costs and expenses arising or incurred by the Landlord as a result of such non-payment, non-performance or
non-observance notwithstanding: 

  

	 	(a)	 any time or indulgence granted by the Landlord to the Tenant or any neglect or forbearance of the Landlord in
enforcing the payment of the rents or the observance or performance of the covenants or other terms of this Lease; 

  

	 	(b)	 that the terms of this Lease may have been varied by agreement between the parties except where such variation
is materially adverse to the Guarantor; 

  

	 	(c)	 that the Tenant shall have surrendered part of the Premises in which event the liability of the Guarantor under
this Lease shall continue in respect of the part of the Premises not so surrendered after making any necessary apportionments under s 140 Law of Property Act 1925. 

 

	1.3	 This guarantee is to take effect immediately on the grant (or the assignment as appropriate) of this Lease to
the Tenant and is to remain in force so long as and to the extent that the Tenant is not released by law from liability for any of the covenants and other terms of this Lease. 

 

	2.	 The Guarantor FURTHER COVENANTS with the Landlord that if this Lease is disclaimed or forfeited prior to any
lawful assignment by the Tenant of this Lease the Landlord may within six months after the disclaimer or forfeiture by notice in writing require the Guarantor to accept a new lease of the Premises for a term equivalent to the residue which if there
had been no disclaimer or forfeiture would have remained of the Term at the same rent and subject to the like covenants and conditions as are payable under and applicable to the tenancy immediately before the date of such disclaimer or forfeiture,
the said new lease and the rights and liabilities thereunder to take effect as from the date of such disclaimer or forfeiture, and in such case the Guarantor shall pay the Landlord’s costs reasonably and properly incurred by the Landlord in
connection with such new lease and the Guarantor shall accept such new lease accordingly and will execute and deliver to the Landlord a Counterpart thereof. 

  
 -49- 

	3.	 If this Lease is disclaimed or forfeited and for any reason the Landlord does not require the Guarantor to
accept a new lease of the Premises in accordance with paragraph 3 of this Schedule, the Guarantor shall pay to the Landlord on demand an amount equal to the difference between any money received by the Landlord for the use or occupation of the
Premises less any expenditure incurred by the Landlord in connection with the Premises and the rents which would have been payable under the Lease but for such disclaimer or forfeiture, in both cases for the period commencing with the date of such
disclaimer or forfeiture and ending on whichever is the earlier of the following dates: 

  

	 	(a)	 the date six months after such disclaimer or forfeiture; and 

 

	 	(b)	 the date (if any) upon which the Premises are relet. 

 

	4.	 The Guarantor FURTHER COVENANTS and guarantees the obligations of the Tenant under any Authorised Guarantee
Agreement entered into by the Tenant pursuant to the terms of this Lease. 

  

	5.	 For the purposes of these guarantee provisions references to the Tenant are to the Tenant in relation to whom
the Guarantor’s guarantee is given but not any lawful assignee of such Tenant. 

  
 -50- 

 SCHEDULE 10 

Authorised Guarantee Agreement 
  

	1.	 The Tenant in consideration of the agreement to the assignment of the Lease COVENANTS AND GUARANTEES with and
to the Landlord that: 

  

	1.1	 The Assignee shall punctually pay the rents and perform and observe the covenants and other terms of the Lease;

  

	1.2	 If the Assignee shall make any default in payment of the rents or in performing or observing any of the
covenants or other terms of the Lease, the Tenant will pay the rents and perform and observe the covenants or terms in respect of which the Assignee shall be in default and make good to the Landlord on demand and indemnify the Landlord against all
reasonable and proper losses, damages, costs and expenses arising or incurred by the Landlord as a result of such non-payment, non-performance or nonobservance
notwithstanding: 

  

	 	(a)	 any time or indulgence granted by the Landlord to the Assignee or any neglect or forbearance of the Landlord in
enforcing the payment of the rents or the observance or performance of the covenants or other terms of the Lease; 

  

	 	(b)	 that the terms of the Lease may have been varied by agreement between the parties (but subject always to s 18
Landlord and Tenant (Covenants) Act 1995) except where such variation is materially adverse to the Tenant; 

  

	 	(c)	 that the Assignee shall have surrendered part of the Premises in which event the liability of the Tenant under
this guarantee shall continue in respect of the part of the Premises not so surrendered after making any necessary apportionments under s 140 Law of Property Act 1925. 

 

	2.	 The Tenant FURTHER COVENANTS with the Landlord that if the Lease is disclaimed prior to any lawful assignment
by the Assignee of the Lease the Landlord may within six months after the disclaimer require the Tenant to accept a new lease of the Premises for a term equivalent to the residue which if there had been no disclaimer would have remained of the Term
at the same rent and subject to the like covenants and conditions as are payable under and applicable to the tenancy immediately before the date of such disclaimer, the said new lease and the rights and liabilities thereunder to take effect as from
the date of such disclaimer, and in such case the Tenant shall pay the Landlord’s costs reasonably and properly incurred by the Landlord in connection with such new lease and the Tenant shall accept such new lease accordingly and will execute
and deliver to the Landlord a Counterpart thereof. 

  

	3.	 If the Lease is disclaimed and for any reason the Landlord does not require the Tenant to accept a new lease of
the Premises in accordance with clause 2, the Tenant shall pay to the Landlord on demand an amount equal to the difference between any money received by the Landlord for the use or occupation of the Premises less any expenditure incurred by the
Landlord in connection with the Premises and the rents which would have been payable under the Lease but for such disclaimer, in both cases for the period commencing with the date of such disclaimer and ending on whichever is the earlier of the
following dates: 

  
 -51- 

	 	(a)	 the date six months after such disclaimer; 

 

	 	(b)	 the end or sooner determination of the Term. 

 

	4.	 Notwithstanding any of the foregoing provisions the Tenant: 

 

	 	(a)	 shall not be required to guarantee in any way the liability for the covenants and other terms of the Lease of
any person other than the Assignee: and 

  

	 	(b)	 shall not be subject to any liability, restriction or other requirement (of whatever nature) in relation to any
time after the Assignee is by law released from the covenants and other terms of the Lease. 

  

	5.	 Words and expressions used herein shall have the same meaning as in the Lease. 

  
 -52- 

 

 

  
 -53- 

 Draft letter from Paul Richardson/Chris Sweetland 

Dear XXX 
 As you may be aware following the WPP acquisition of
research agency Taylor Nelson Sofres (TNS), we publicly undertook to achieve a number of synergies to the financial markets. The target we set to the financial analysts to be achieved was to have recurring benefits of over £56M from the
integration of TNS in to Kantar /WPP. 
 In order to achieve these synergies, there is an extensive programme of activity already underway that
covers the elimination of overlaps in identified products/services, people and property. The potential for recognising synergies is not confined simply to within Kantar. The extent to which a WPP operating company can replace a service being
acquired from a non-WPP company with a similar service from TNS can also be counted towards the synergy target. 

The area where we feel that might offer the greatest synergy is what we describe as Media Intelligence. Effectively this covers three broad areas: 

Advertising Expenditure Monitoring (Estimates of the level of advertising spend by brands, product categories within different media). 

Advertising Creative Services (the supply of copies of advertisements) 

News Monitoring (The tracking of content about brands and companies in the media ie. TV, Print, Internet, etc.) 

In order to determine an estimate of the level of prospective synergies from insourcing of Media Intelligence services, we would like you to work with the WPP
Procurement team complete the attached request for information. 
 Once we have collated the data, Kantar/TNS is prepared to offer an equivalent service on
advantageous terms to the WPP operating company, where they are replacing service offered by a company outside of WPP. 
 In summary, as well as helping to
drive the synergistic benefits of the TNS acquisition, by insourcing to the Kantar/TNS service may also have a financial benefit to your operating company. I would therefore ask you to complete the RFI/Questionnaire by Friday 17th April. 
 If you have any questions please contact Louise Tunstall at WPP Procurement. 

Paul Richardson/Chris Sweetland 

 

 

 

 

					
	DATED	  	10 May	  	2002

 THE PRUDENTIAL ASSURANCE COMPANY LIMITED 

-and- 
 J WALTER THOMPSON GROUP
LIMITED 
 -and- 
 WPP
GROUP (UK) LIMITED 
 LEASE 

-of- 
 LEVEL 1, 1 KNIGHTSBRIDGE
GREEN, 
 LONDON SW1 
  

			
	Term commences:	  	29 September 2001
	Term expires:	  	28 September 2021
	Initial annual rent:	  	£662,227.06
	Initial advance service charge payment: £ 26,969.25 per quarter
	LTCA 1995:	  	new tenancy

 Lovells 

Ref: P1/GS D/DBDM 
 D0764/75453

 LIB03/P1DSD/870153.01 

 CONTENTS 
  

					
	Clause	  	Page No	 
		
	1. DEFINITIONS AND INTERPRETATION	  	 	1	 
		
	2. DEMISE, TERM, RENT AND RENT PAYMENT DATES	  	 	5	 
		
	3. TENANT’S COVENANTS	  	 	6	 
		
	4. LANDLORD’S COVENANTS	  	 	6	 
		
	5. PROVISOS	  	 	6	 
		
	6. INCORPORATION OF SCHEDULES 6, 7 AND 8	  	 	6	 
		
	7. GUARANTOR’S COVENANTS	  	 	6	 
		
	8. OPERATION OF THIS DEED	  	 	6	 
		
	9. NEW TENANCY	  	 	6	 
		
	SCHEDULE 1	  	 	7	 
		
	 Part A The Premises
	  	 	7	 
		
	 Part B Rights Granted
	  	 	8	 
		
	 Part C Exceptions And Reservations
	  	 	8	 
		
	SCHEDULE 2	  	 	10	 
		
	 The Encumbrances
	  	 	10	 
		
	SCHEDULE 3	  	 	11	 
		
	 Covenants By The Tenant
	  	 	11	 
		
	 1.  Payment Of Rents
	  	 	11	 
		
	 2.  Outgoings
	  	 	11	 
		
	 3.  Value Added Tax
	  	 	11	 
		
	 4.  Decoration
	  	 	11	 
		
	 5.  Repairs
	  	 	12	 
		
	 6.  Yielding Up
	  	 	13	 

							
	7.	 	 To Notify Landlord Of Statutory Notices
	  	 	13	 
			
	8.	 	 Compliance With Statutory Requirements
	  	 	14	 
			
	9.	 	 Fire Precautions
	  	 	14	 
			
	10.	 	 Compliance With Town And Country Planning Requirements
	  	 	15	 
			
	11.    	 	 Compliance With Landlord’s Regulations
	  	 	15	 
			
	12.	 	 Entry By Landlord To View And Require Tenant To Repair
	  	 	15	 
			
	13.	 	 Entry By Landlord To Repair And For Other Purposes
	  	 	16	 
			
	14.	 	 Entry By Landlord For Sale Or Reletting
	  	 	17	 
			
	15.	 	 Costs On Breach
	  	 	17	 
			
	16.	 	 Not To Encumber Common Parts
	  	 	17	 
			
	17.	 	 As To Alterations
	  	 	17	 
			
	18.	 	 Cdm Regulations
	  	 	18	 
			
	19.	 	 Permitted Use
	  	 	18	 
			
	20.	 	 Prohibited Uses
	  	 	19	 
			
	21.	 	 Not To Permit Encroachments
	  	 	19	 
			
	22.	 	 Restrictions On Alienation
	  	 	19	 
			
	23.	 	 Costs Of Licences
	  	 	23	 
			
	24.	 	 Registration Of Dealings
	  	 	23	 
			
	25.	 	 Aerials And Signs
	  	 	23	 
			
	26.	 	 Not To Strain Floors And Ceilings
	  	 	23	 
			
	27.	 	 Not To Interfere With Common Media
	  	 	23	 
			
	28.	 	 Interest On Arrears
	  	 	24	 
			
	29.	 	 Indemnity
	  	 	24	 

  
 -2- 

					
	 30.  Encumbrances
	  	 	24	 
		
	SCHEDULE 4	  	 	25	 
		
	 CovenantsBy The Landlord
	  	 	25	 
		
	 1.  Quiet Enjoyment
	  	 	25	 
		
	 2.  Insurance And Services
	  	 	25	 
		
	 3.  Enforcement Of Covenant Against Other Tenants
	  	 	25	 
		
	 4.  Non-Competition
	  	 	25	 
		
	 5.  Prohibited Use
	  	 	25	 
		
	SCHEDULE 5	  	 	26	 
		
	 Provisos,Agreements And Declarations
	  	 	26	 
		
	 1.  Forfeiture
	  	 	26	 
		
	 2.  Tenant’s Goods
	  	 	26	 
		
	 3.  Landlord’s Right To Develop
	  	 	27	 
		
	 4.  Notices
	  	 	27	 
		
	 5.  Value Added Tax
	  	 	27	 
		
	 6.  Expert Determination Proceedings
	  	 	27	 
		
	 7.  Disclaimer Of Liability For Use Of Car Park
	  	 	28	 
		
	 8.  Perpetuity Period
	  	 	29	 
		
	 9.  Data Protection Act 1998
	  	 	29	 
		
	 10.  Address For Rent Demands
	  	 	29	 
		
	 11.  Tenant’s Option To Determine
	  	 	29	 
		
	 12.  Third Party Rights
	  	 	30	 
		
	SCHEDULE 6	  	 	31	 

  
 -3- 

					
	Rent Reviews	  	 	31	 
		
	 1.  The Review Dates
	  	 	31	 
		
	 2.  Upward Only Rent Reviews
	  	 	31	 
		
	 3.  The Market Rent
	  	 	31	 
		
	 4.  Matters To Be Disregarded
	  	 	32	 
		
	 5.  Procedure For Determination Of Market Rent
	  	 	33	 
		
	 6.  Reviewed Rent Reserved In Phases
	  	 	34	 
		
	 7.  Time Limits
	  	 	34	 
		
	 8.  Rental Adjustments
	  	 	34	 
		
	 9.  Memorandum Of Rent Review
	  	 	34	 
		
	SCHEDULE 7	  	 	35	 
		
	 InsuranceProvisions
	  	 	35	 
		
	 1.  Tenant’s Covenants
	  	 	35	 
		
	 2.  Landlord’s Covenants
	  	 	37	 
		
	 3.  Landlord An Insurance Company
	  	 	37	 
		
	 4.  Suspension Of Rent
	  	 	38	 
		
	 5.  Options To Determine
	  	 	38	 
		
	SCHEDULE 8	  	 	38	 
		
	 Part  A
	  	 	40	 
		
	 Part  A Service Charge Provisions
	  	 	40	 
		
	 1.  Tenant’s Liability To Pay Service Charge
	  	 	40	 
		
	 2.  Advance Payments On Preliminary Basis
	  	 	40	 
		
	 3.  Landlord’s Costs Accounts And Service Charge Adjustments
	  	 	41	 

  
 -4- 

					
	 4.  Exceptional Expenditure
	  	 	42	 
		
	 5.  Landlord’s Protection Provisions
	  	 	42	 
		
	 6.  Vacant Parts Of The Building And Actions By The Landlord
	  	 	43	 
		
	 7.  Landlord’s Costs To Exclude Tenants’ Liabilities
	  	 	43	 
		
	 8.  Management Charges
	  	 	43	 
		
	 9.  The Landlord’s Obligation To Provide Services
	  	 	44	 
		
	 Part B Mandatory Services And Heads Of Charge
	  	 	45	 
		
	 10.  Common Parts
	  	 	45	 
		
	 11.  Repairs
	  	 	45	 
		
	 12.  Heating Air Conditioning And Ventilation And Water
	  	 	45	 
		
	 13.  Lifts And Escalators
	  	 	46	 
		
	 14.  Insurances
	  	 	46	 
		
	 15.  Statutory Requirements
	  	 	46	 
		
	 Part C Non-Mandatory Services And Heads Of Charge
	  	 	46	 
		
	 16.  Legal Proceedings
	  	 	46	 
		
	 17.  Employees
	  	 	47	 
		
	 18.  Common Parts
	  	 	47	 
		
	 19.  Management Premises
	  	 	47	 
		
	 20.  Refuse Collection
	  	 	47	 
		
	 21.  Fire Fighting Equipment, Security And Public Address
	  	 	48	 
		
	 22.  Insurances
	  	 	48	 
		
	SCHEDULE 9	  	 	49	 
		
	 Covenants By The Guarantor
	  	 	49	 
		
	 SCHEDULE 10
	  	 	51	 
		
	 Authorised Guarantee Agreement
	  	 	51	 

  
 -5- 

 

 
  

 

 
  

  
 -2- 

 

 
  

  
 -3- 

 LEASE 

THIS LEASE is made on    10 May 

BETWEEN: 
  

	(1)	 The Prudential Assurance Company Limited (Company Registration Number 15454) whose registered office is
at 142 Holbom Bars London EC1N 2NH (the “Landlord”); and 

  

	(2)	 J Walter Thompson Group Limited (Company Registration Number 1660783) whose registered office is at 40
Berkeley Square London W1X 6AD (the “Tenant”); and 

  

	(3)	 WPP Group (UK) Limited (Company Registration Number 2670617) whose registered office is at 27 Farm
Street London W1X 6RD (the “Guarantor”). 

  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Lease where the context so admits the following expressions shall have the following meanings (that is
to say): 

 “Agreement for Lease” means the agreement dated 6 October 2000 pursuant to which this
Lease was granted and made between the Landlord (1) the Tenant (2) and the Guarantor (3); 
 “Authorised Guarantee
Agreement” means an agreement within sectionl6 of the Landlord and Tenant (Covenants) Act 1995 containing the provisions set out in Schedule 10; 

“Base Rate Interest” means Interest at an annual rate equal to the base rate of HSBC Bank PLC (or such other rate or rates by
reference to which London clearing banks determine their own rates of interest) from time to time; 
 “Building” the
building known as 1 Knightsbridge Green and 44-58 Brompton Road, London shown edged blue on the plan annexed numbered 2 and includes all landlord’s fixtures and fittings in it and any areas the use and
enjoyment of which is appurtenant to it (whether or not within the structure) and any extensions or additions from time to time made to it; 

“Car Park” means the car park forming part of the Building shown edged green on the plan annexed numbered 3; 

“Car Parking Spaces” means the car parking space in the two Car Park as may be allocated for the Tenant from time to time and
such other facilities for the parking of bicycles or motor bicycles as may be designated from time to time; 

 “CDM Regulations” means all Construction (Design and Management)
regulations 1994 as amended, supplemented or replaced from time to time. 
 “Common Parts” means all parts of the Building
which are available or provided by the Landlord for the general use in common by the Landlord and the tenants or occupiers of the Building (including, but without limitation, any of the following: the Car Park, forecourts, pathways, accessways,
entrances, corridors, lobbies, stairways, lifts, escalators, passages, turntables courtyards, atria, light wells •pavement lights, external paviours, car park ramps, service areas, toilets, bin stores or other refuse facilities and fire escapes
but excluding and such forming part of any Lettable Areas); 
 “Conducting Media” means pipes, wires, cables, sewers,
drains, watercourses, trunking, ducts, flues, gutters, gullies, channels, conduits, and other media; 
 “Encumbrances” means
the restrictions, stipulations, covenants, rights, reservations, provisions and other matters contained, imposed by or referred to in the documents brief particulars of which are set out in Schedule 2; 

“Excluded Plant” means the plant and machinery, air handling units, radiators, fan coil units, chilled beam units, ductwork
and all ancillary or associated wiring or control equipment, plumbing, pipework and conducting media and the conducting media comprised in the central heating and hot water system air conditioning and ventilation system serving the Premises in
common with other parts of the Building including any items installed by the Tenant (or any predecessor in title of the Tenant or anyone claiming title to the Premises through or under the Tenant or any of them) and exclusively serving the Premises
but connected to a system serving other parts of the Building but excluding the air diffusers, grilles, fascias, surrounds or other equipment forming part of the suspended ceiling or perimeter fabric and fittings; 

“Group Company” means any company which is for the time being a member of the same group of companies as the Landlord or the
Tenant or the Guarantor (as the case may be) within the meaning of section 42(1) of the Landlord and Tenant Act 1954; 

“Guarantor” includes the executors or administrators of the Guarantor; 

“Higher Rate Interest” means Interest at an annual rate of 4% over the base rate of HSBC Bank PLC (or such other rate or rates
by reference to which London clearing banks determine their own rates of interest) from time to time; 
 “Insured Risks”
means (subject to such exclusions and limitations as may be imposed from time to time by the insurer provided always that notice of such exclusions and limitations will be given to the Tenant on request) fire, lightning, explosion, aircraft and
articles dropped from them, riot, terrorism, civil commotion, malicious damage, storm, tempest, flood, earthquake, bursting or overflowing of water tanks, apparatus and pipes, impact by any vehicle and such other risks as the Landlord may consider
necessary to insure; 

  
 -2- 

 “Interest” means interest from time to time calculated on a day to day
basis (as well after as before judgment) compounded at quarterly rests on the usual quarter days; 
 “Landlord” includes the
reversioner for the time being immediately expectant on the Term; 
 “Landlord’s Costs” has the meaning given to it in
Schedule 8 paragraph 1.3; 
 “Landlord’s Surveyor” means a surveyor or member of a firm of surveyors instructed by the
Landlord for any of the purposes of this Lease who shall be a fellow or associate of the Royal Institution of Chartered Surveyors or the Incorporated Society of Valuers and Auctioneers or suitably experienced and such surveyor may be a person
employed by the Landlord or a company which is a Group Company of the Landlord; 
 “Lettable Areas” means the accommodation
in the Building from time to time let or intended for letting by the Landlord to one or more tenants whether or not actually let or occupied; 

“Main Structure” means the exterior and main structure of the Building including the foundations, roofs, load bearing walls,
load bearing columns, ceilings and floors and exterior windows and lights (but excluding any glass within interior doors, walls or partitions, raised floors, suspended ceilings, all internal cladding, plasterwork and decoration - save where
internal to any Common Parts and all floor screening and finishes); 
 “Management Premises” means all administrative,
security and control offices and centres and stores (if any) maintained by the Landlord for the purpose of managing the Building and providing the Services together with any accommodation including residential accommodation (whether in the Building
or elsewhere) provided by the Landlord for a caretaker or facilities manager employed by it for purposes connected with the Building; 

“Net Internal Area” means net internal floor area measured in accordance with Definition 3 of the Code of Measuring Practice
issued by the Royal Institution of Chartered Surveyors and the Incorporated Society of Valuers and Auctioneers Fourth Edition (November 1993); 

“Normal Working Hours” means the hours between 8am and 7pm Monday to Friday; 

“Outgoings” means all monetary obligations of any kind (whether parliamentary, parochial or otherwise) which are now or may at
any time be assessed, charged or imposed on property or on the owner or occupier of property; 
 “Planning Acts” means
“the consolidating Acts” as defined in the Planning (Consequential Provisions) Act 1990 and any other legislation relating to town and country planning in force from time to time; 

  
 -3- 

 “Premises” means the premises (forming part of the Building) described in
Schedule 1 Part A and each and every part of them; 
 “Service Charge” has the meaning given to it in Schedule 8 paragraph
1.2; 
 “Services” has the meaning given to it in Schedule 8 paragraph 1.4; “Tenant” includes the
successors in title and assigns of the Tenant; 
 “Term” means a term commencing on and including 29 September 2001 and
thereafter a term of 20 years; 
 “VAT” means value added tax and any other tax of a similar nature; 

“Water and Sewerage Charges” means all charges for the supply of water together with any charges for services performed,
facilities provided or rights made available by the water undertaker or the sewerage undertaker or other relevant authority under the powers granted by any relevant legislation in force from time to time (including, but without limitation, sewerage
and environmental charges and water meter rents). 
  

			
	1.2	  	 (a)   Where two or more persons are included in the expression
“Tenant” or “Guarantor” the liability under any covenant or other obligation on the part of such persons shall be joint and several.

  

	 	(b)	 Any words or expressions importing the singular number include the plural number and vice versa and words
importing gender include any other gender. 

  

	 	(c)	 The index and clause headings in this Lease are for ease of reference only and have no other significance.

  

	 	(d)	 Unless otherwise specified any reference to an Act of Parliament includes a reference to that Act as
amended or replaced whether before or after the date of this Lease and to subordinate legislation or bylaws made under it and any general reference to statute or legislation includes subordinate legislation and bylaws. 

 

	 	(e)	 Any reference in this Lease to the end of the Term shall mean the expiration or earlier termination of this
Lease for whatever reason. 

  

	 	(f)	 References to numbered clauses and schedules are references to the relevant clause or Schedule to this Lease
unless the context otherwise requires. 

  

	 	(g)	 References in any Schedule to numbered paragraphs are references to the relevant paragraph in that Schedule
unless the context otherwise requires. 

  

	 	(h)	 In any case where the Tenant is placed under a restriction by this Lease the restriction shall be deemed to
include the obligation on the Tenant not knowingly to permit or allow the infringement of the restriction by any person under the control of the Tenant. 

  
 -4- 

	 	(i)	 Any consent or approval under this Lease shall be required to be obtained before the act or event to which it
applies is carried out or done and shall be effective only if the consent or approval is given in writing. 

  

	 	(j)	 Any right to enter the Premises conferred upon the Landlord by this Lease shall be exercisable when appropriate
also by the Landlord’s employees, agents and workpeople and any others authorised by it under the terms of this Lease. 

  

	2.	 DEMISE, TERM, RENT AND RENT PAYMENT DATES 

 

	2.1	 In consideration of the rents and other obligations on the part of the Tenant and of the Guarantor contained in
this Lease the Landlord demises to the Tenant the Premises 

  

	2.2	 TOGETHER WITH the rights set out in Schedule 1 Part B 

 

	2.3	 EXCEPT AND RESERVED to the Landlord the rights set out in Schedule 1 Part C 

 

	2.4	 for the Term 

  

	2.5	 SUBJECT to the Encumbrances 

 

	2.6	 the Tenant PAYING during the Term: 

 

	 	(a)	 the yearly rent of £662,227.06 (subject to the provisions for revision in Schedule 6) by equal quarterly
payments in advance on the usual quarter days in every year, the first of such payments to be calculated from 30 August 2002 to 28 September 2002 (both dates inclusive) and to be made on 30 August 2002; 

 

	 	(b)	 as additional rent the Service Charge, the first payment to be made in respect of the period commencing on and
including 30 November 2001; 

  

	 	(c)	 on demand as additional rent the sums specified in Schedule 7, the first payment to be made in respect of the
period commencing on and including 30 November 2001; 

  

	 	(d)	 where Water and Sewerage charges are not levied directly on the occupier of the Premises on demand as
additional rent a sum equal to the proportion attributable to the Premises of Water and Sewerage Charges payable by the Landlord in respect of the Building; 

  

	 	(e)	 as additional rent any VAT which may be or become chargeable in respect of any rent payable under this Lease;

  
 -5- 

	 	(f)	 as additional rent any other sums payable pursuant to this Lease. 

 

	3.	 TENANT’S COVENANTS 

The Tenant hereby covenants with the Landlord to observe and perform the covenants and stipulations set out in Schedule 3. 

 

	4.	 LANDLORD’S COVENANTS 

The Landlord hereby covenants with the Tenant to observe and perform the covenants and stipulations set out in Schedule 4. 

 

	5.	 PROVISOS 

It is hereby agreed and declared as mentioned in Schedule 5. 
  

	6.	 INCORPORATION OF SCHEDULES 6, 7 AND 8 

The provisions for rent review set out in Schedule 6, the insurance provisions set out in Schedule 7 and the provisions for service charge set
out in Schedule 8 are incorporated. 
  

	7.	 GUARANTOR’S COVENANTS 

The Guarantor hereby covenants with the Landlord in the manner set out in Schedule 9. 

 

	8.	 OPERATION OF THIS DEED 

This document shall be treated as having been executed and delivered as a deed only upon being dated. 

 

	9.	 NEW TENANCY 

This Lease is a new tenancy within the meaning of section 1 of the Landlord and Tenant (Covenants) Act 1995. 

IN WITNESS whereof this deed has been duly executed and delivered the day and year first before written 

  
 -6- 

 SCHEDULE 1 

Part A 
 The Premises

  

	1.	 ALL THOSE premises situate on the fourth floor of the Building which premises are for the purpose of
identification only edged red on the plan numbered 1 annexed to this Lease. 

  

	2.	 There is included within the premises: 

 

	2.1	 all walls, floors and ceilings (including any raised floors, suspended ceilings and the voids below and above
them and all light fittings) of the premises; 

  

	2.2	 all internal cladding, plasterwork and decoration and all floor screeding and finishes; 

 

	2.3	 all doors, door frames, equipment, fitments and any glass relating to the doors of the premises;

  

	2.4	 the decorative finish on the inside of the windows and other lights of the premises and (to the extent that
they are not part of any sealed units forming the exterior of the premises) any equipment and fitments relating to windows and lights of the premises; 

  

	2.5	 all Conducting Media within and exclusively serving the premises except where they form part of the Excluded
Plant; 

  

	2.6	 all landlord’s fixtures and fittings (except where they form part of the Common Media or the Excluded
Plant) including, but without limitation, the following: 

  

	 	(a)	 electrical services for power, lighting and telecommunications; 

 

	 	(b)	 drainage and water services; 

 

	 	(c)	 gas services; 

  

	 	(d)	 fire protection systems; 

 

	 	(e)	 distribution trunking, ducting and conduits for electrical, telephone and other communication services;

  

	 	(f)	 carpets; 

  

	2.7	 all improvements and additions made to the premises. 

 

	3.	 The Main Structure is excluded from the premises but subject to paragraphs 2.3 and 2.4 of this Part of this
Schedule. 

  
 -7- 

	4.	 The Excluded Plant is excluded from the premises. 

Part B 
 Rights Granted

  

	5.	 The rights in common with all others having similar rights from time to time: 

 

	5.1	 of passage to and from the Premises along and through the common entrance, staircases and passages of
the Building and by means of the lifts and escalators in it during such times as the same shall be working; 

  

	5.2	 of free passage of services from and to the Premises through the Common Media; 

 

	5.3	 to use such of the toilets, kitchens, tea making facilities and refuse facilities in the Building as may be
allocated to the Tenant by the Landlord from time to time with the right of access to and from them. 

  

	6.	 The right to use the Car Parking Spaces: 

 

	6.1	 only for the parking of private motor cars or bicycles belonging to the Tenant or any undertenant or their
respective staff or invitees; 

  

	6.2	 the rights contained in this paragraph may upon reasonable notice be suspended during such period as the
Landlord may reasonably require in connection with any repairs or alterations to or rebuilding of the Building or any adjoining premises or any other works which may be carried out in the Building or any adjoining premises or the Car Park.

  

	7.	 The right to install a generator in the basement of the Building and thereafter to maintain, repair and renew
such generator. 

  

	8.	 The right of access on to such parts of the Building as may be necessary in order to exercise the rights
granted in Part B of this Schedule. 

 Part C 

Exceptions and Reservations 
  

	9.	 

  

	9.1	 The free and uninterrupted passage of air, water, soil, gas and electricity through the Common Media which are
now or may at any time be within the Premises with power for the Landlord at all reasonable times to enter the Premises where reasonably necessary for the purpose of: 

 

	 	(a)	 any matter or thing connected with the Services; and/or 

  
 -8- 

	 	(b)	 adding to, inspecting, cleansing, maintaining, modernising, repairing, replacing or altering the Common Media.

  

	9.2	 Any such adding to, inspections, cleansing, maintenance, modernisation, repairs, replacements or alterations
shall be done as soon as reasonably practicable. 

  

	10.	 Full right and liberty to enter by reasonable prior notice upon the Premises at any reasonable time in order to
erect scaffolding and/or to build on, under or into any part of the Building including, but without limitation, structural walls, floors, ceilings, columns, roofs and foundations or to build over the Building. 

 

	11.	 The Landlord shall make good in a reasonable manner to the reasonable satisfaction of the Tenant all damage
occasioned to the Premises in the exercise of the rights referred to in paragraphs 9 and 10 of this Schedule but the Landlord shall not be liable to pay compensation for any inconvenience caused to the Tenant. 

 

	12.	 All rights of entry upon the Premises referred to in Schedule 3 paragraphs 8, 12, 13 and 0.

  

	13.	 In the interest of maintaining uniformity of appearance the right to maintain, decorate or replace any door or
window giving on to the Common Parts or forming part of the exterior of the Building with power for the Landlord at all reasonable times to enter the Premises for the purpose of exercising such right. 

  
 -9- 

 SCHEDULE 2 

The Encumbrances 
 The entries in the
Property and Charges Registers of Title Number NGL789688 insofar as they relate to the Premises but excluding the Section 106 Agreements dated 21 April 1995 and 15 May 2000 and the Supplementary Deed dated 18 October 1999. 

  
 -10- 

 SCHEDULE 3 

Covenants by the Tenant 
  

	1.	 Payment of rents 

To pay the rents reserved by this Lease as and when stipulated without any deduction or set off and by bankers’ standing order unless
otherwise required by the Landlord. 
  

	2.	 Outgoings 

  

	2.1	 Subject to paragraph 2.2 to pay and discharge all Outgoings in respect of the Premises and a fair and
reasonable proportion of all Outgoings which may be payable in respect of the Premises in common with other property. 

  

	2.2	 There is excepted from paragraph 2.1 income and corporation tax (or other tax of a like nature) assessed on the
Landlord in respect of its rental and other income arising from or under this Lease or tax payable as a result of any dealing with any reversion immediately or mediately expectant on the Term. 

 

	2.3	 To indemnify the Landlord against any loss to the Landlord of any void rating relief which would have been
applicable to the Premises by reason of the Premises being vacant after the end of the Term but which is not available to the Landlord on the ground that relief has already been allowed to the Tenant or any person claiming title to the Premises
through the Tenant. 

  

	3.	 Value Added Tax 

 

	3.1	 To pay on demand such VAT as may be chargeable on goods and services supplied by or on behalf of the Landlord.

  

	3.2	 To indemnify and keep indemnified the Landlord against any VAT paid or payable by the Landlord in respect of
any costs, fees, disbursements, expenses or other sums which the Landlord is entitled to recover under the terms of this Lease which do not constitute consideration for taxable supplies of goods and services made by the Landlord.

  

	4.	 Decoration 

  

	4.1	 In every fifth year of the Term and also in the last six months before the end of the Term in a proper and
workmanlike manner to prepare and paint with two coats of good quality paint all parts of the Premises usually or requiring to be painted and to treat other parts of the Premises with suitable and appropriate materials. 

 

	4.2	 Not to paint or otherwise decorate: 

 

	 	(a)	 any external part of the Premises; 

  
 -11- 

	 	(b)	 the surface of any door or window giving on to the Common Parts without first giving the Landlord at least 28
days notice of its intention. 

  

	4.3	 If within 28 days of receipt of such notice as is referred to in paragraph 4.2(b) the Landlord shall notify the
Tenant that it wishes to carry out the painting or decoration in question the Tenant shall refrain from doing so. 

  

	4.4	 If the Landlord notifies the Tenant that it does not wish to carry out such painting or decoration or if the
Landlord fails to give the Tenant any notification within such 28 day period the Tenant may carry out the painting or decoration in question and in so doing the Tenant shall adhere to the then existing colour scheme and shall carry out the work in
the manner and with the materials specified in paragraph 4.1. 

  

	4.5	 Decoration of the inside of the Premises in the last six months of the Term shall be carried out in such
colours, patterns and materials as the Landlord may approve (such approval not to be -unreasonably withheld). 

  

	5.	 Repairs 

  

	5.1	 Subject to paragraphs 4.3 and 5.2 to well and substantially repair, cleanse and keep in good and substantial
repair, decorative order and condition the Premises. 

  

	5.2	 There is excepted from paragraph 5.1: 

 

	 	(a)	 damage by any of the Insured Risks unless and to the extent that the insurance moneys are wholly or partially
irrecoverable by reason solely or in part of any act or default of the Tenant or any person deriving title under the Tenant or any of their respective agents, employees or licensees; 

 

	 	(b)	 any liability to repair or replace any part of the central heating and hot water and air-conditioning and ventilation services and on the contrary the Tenant shall not repair or replace them but the Landlord shall be responsible for so doing as part of the Services. 

 

	5.3	 To notify the Landlord immediately the Tenant becomes aware of any defect in the Excluded Plant.

  

	5.4	 To replace any door or window requiring to be replaced under the provisions of paragraph 5.1 with a door or
window of similar quality and appearance or with such other door or window as shall be approved by the Landlord (such approval not to be unreasonably withheld). 

 

	5.5	 To clean all the glass in the Premises (including the inside surface of any exterior windows) as often as may
reasonably be required and in any event at least once a month. 

  
 -12- 

	5.6	 There is excepted from paragraph 5.5 the external face of any windows giving on to the Common Parts or forming
part of the exterior of the Building. 

  

	5.7	 As often as required (and in any event at the end of the Term) to replace (where necessary) the carpeting with
good quality carpeting of similar nature, quality and appearance. 

  

	5.8	 In connection with s 4 Defective Premises Act 1972 to notify the Landlord immediately the Tenant becomes aware
of any defect in the Premises or the Building which may cause personal injury or damage to property. 

  

	6.	 Yielding up 

  

	6.1	 At the end of the Term: 

 

	 	(a)	 subject always to the provisions of paragraph 5 quietly to yield up the Premises duly kept in accordance with
the Tenant’s obligations together with all additions and improvements made in the meantime; 

  

	 	(b)	 unless otherwise required by the Landlord to remove from the Premises all tenant’s fixtures and fittings
and other property belonging to the Tenant or to any third party; 

  

	 	(c)	 unless otherwise required by the Landlord at the Tenant’s expense to remove any alterations or additions
made to the Premises by the Tenant or the predecessors in title to the Premises of the Tenant or anyone claiming title to the Premises through or under the Tenant or any of them during the subsistence of this Lease or under an agreement for the
grant of this Lease; and 

  

	 	(d)	 to make good to the reasonable satisfaction of the Landlord any damage caused to the Premises by such removal.

  

	6.2	 In case of default the Landlord may execute such works or do any other thing which may be necessary to comply
with the requirements specified in paragraph 6.1. 

  

	6.3	 To pay to the Landlord on demand all expenses so incurred and mesne profits at the rate of the rent payable
under this Lease immediately prior to the end of the Term during the period reasonably required for the exercise of the Landlord’s rights under paragraph 6.2 with Higher Rate Interest on such expenses from the date of expenditure and on the
mesne profits from the date of demand until in each case the date they are paid by the Tenant to the Landlord. 

  

	7.	 To notify Landlord of statutory notices 

 

	7.1	 As soon as practicable following receipt of any permission, notice, direction, order, certificate, assessment
or proposal relevant to the Premises or to the use or condition of the Premises or otherwise concerning the Landlord’s interest in the Premises given or issued under or by virtue of any Act of Parliament to produce a copy to the Landlord.

  
 -13- 

	7.2	 At the request and cost of the Landlord to make or join with the Landlord in making such objections or
representations against or in respect of any such permission, notice, order, certificate, assessment or proposal as the Landlord shall reasonably deem expedient. 

 

	8.	 Compliance with statutory requirements 

 

	8.1	 At the Tenant’s own expense to execute all works and provide and maintain all arrangements upon or in
respect of the Premises or the use to which the Premises are being put by the Tenant or any lawful occupier that are required in order to comply with the requirements of any statute (already or in the future to be passed) or any government
department, local authority, other public or competent authority or court of competent jurisdiction regardless of whether such requirements are imposed on the owner or occupier. 

 

	8.2	 Not knowingly to do in or near the Premises any act or thing by reason of which the Landlord may under any
statute incur, have imposed upon it or become liable to pay any penalty, damages, compensation, costs, charges or expenses. 

  

	8.3	 Without prejudice to the generality of paragraphs 8.1 and 8.2 to comply in all respects with the provisions of
any statutes and any other obligations imposed by law or by any bylaws applicable to the Premises or in regard to carrying on the trade or business for the time being carried on in the Premises by the Tenant or any lawful occupier.

  

	8.4	 In relation to health and safety to comply with the proper practice recommended by all appropriate authorities.

  

	8.5	 In case of default it shall be lawful for the Landlord to enter the Premises and execute such works or do any
other thing which may be necessary to comply with the requirements specified in this paragraph. 

  

	8.6	 To pay to the Landlord on demand all expenses so incurred with Higher Rate Interest on such expenses from the
date of expenditure until the date they are paid by the Tenant to the Landlord. 

  

	9.	 Fire precautions 

 

	9.1	 To comply with all requirements and recommendations made from time to time by the fire authority or the
insurers of the Premises. 

  

	9.2	 To carry out periodic testing of any independently operated fire alarms within the Premises and participate in
evacuation procedures and keep all requisite log-books and other documents and records up to date and available for inspection. 

 

	9.3	 To keep the Premises sufficiently supplied and equipped with such fire fighting and extinguishing appliances as
shall from time to time be required by any statute or by the fire or other competent authority or the insurers of the Premises or (at the Landlord’s option) to pay to the Landlord on demand the cost of providing and installing any of the same
and such appliances shall be open to inspection and shall be maintained to the reasonable satisfaction of the Landlord. 

  
 -14- 

	9.4	 If so required by the Landlord to connect to the Landlord’s reasonable satisfaction any fire alarm system
for the Premises into any fire alarm system for the Building generally. 

  

	10.	 Compliance with town and country planning requirements 

 

	10.1	 To comply with the provisions and requirements of the Planning Acts and of all consents, permissions and
conditions (if any) granted or imposed or having effect under the Planning Acts so far as the same respectively relate to or affect the Premises or any part of the Premises or any operations, works, acts or things already or in the future to be done
or omitted on the Premises or the use of the Premises by the Tenant or any lawful occupier. 

  

	10.2	 Not to make any application for planning permission without the consent of the Landlord (such consent not to be
unreasonably withheld where the Landlord’s consent to the subject matter of the application cannot be unreasonably withheld under the terms of this Lease). 

 

	10.3	 Notwithstanding any consent which may be granted by the Landlord under this Lease not to carry out or make any
alteration or addition to the Premises or any change of use (being an alteration or addition or change of use which is prohibited by or for which the Landlord’s consent is required to be obtained under this Lease and for which a planning
permission needs to be obtained) before a planning permission for such work or change of use has been produced to the Landlord and acknowledged by it in writing as satisfactory to it But so that the Landlord may refuse so to express its satisfaction
with any such planning permission on the ground that the period of it or any condition contained with or anything omitted from it in the reasonable opinion of the Landlord’s Surveyor would be or be likely to be prejudicial to the
Landlord’s interest in the Premises or the Building whether during or after the Term. 

  

	10.4	 Unless the Landlord shall otherwise direct to carry out and complete before the end of the Term any works
stipulated to be carried out to the Premises by a date subsequent to the end of the Term as a condition of any planning permission granted for any development begun before the end of the Term. 

 

	10.5	 If and when called upon so to do to produce to the Landlord or the Landlord’s Surveyor all such plans,
documents and other evidence as the Landlord may reasonably require in order to satisfy itself that the provisions of this paragraph have been complied with in all respects. 

 

	11.	 Compliance with Landlord’s regulations 

To observe all reasonable regulations made by the Landlord from time to time and notified in writing to the Tenant having as their object the
safety, promotion, maintenance, management and general amenity of the Building (including the Common Parts). 
  

	12.	 Entry by Landlord to view and require Tenant to repair 

  
 -15- 

	12.1	 To permit the Landlord at all reasonable times after notice (except in an emergency) to enter the Premises to
view their state and condition and to give notice to the Tenant of any defects in the state of repair and condition of the Premises which are the Tenant’s responsibility or any unauthorised alterations. 

 

	12.2	 The Tenant will within one month after any such notice (or sooner if necessary) commence to repair and make
good such defects or remove such alterations to the reasonable satisfaction of the Landlord’s Surveyor. 

  

	12.3	 In case of default it shall be lawful for the Landlord to enter the Premises and execute such works.

  

	12.4	 To pay to the Landlord on demand all expenses so incurred with Higher Rate Interest on such expenses from the
date of expenditure until the date they are paid by the Tenant to the Landlord. 

  

	13.	 Entry by Landlord to repair and for other purposes 

To permit the Landlord and also the tenants and occupiers of any adjoining premises or their workpeople where reasonably necessary at
reasonable times after notice (except in an emergency) to enter upon the Premises for the purpose of: 
  

	13.1	 inspecting or executing repairs or alterations to or upon such adjoining premises or the Building;

  

	13.2	 inspecting, maintaining, repairing or replacing the Excluded Plant; 

 

	13.3	 decorating the Common Parts and the exterior of the Building; 

 

	13.4	 doing anything which the Landlord considers necessary or desirable for the performance by the Landlord of the
covenants on its part contained in this Lease or to third parties or the provision of the Services; 

  

	13.5	 inspecting or surveying the Premises for valuation purposes; 

 

	13.6	 doing anything reasonably incidental to the repair, maintenance, management or security of the Building or the
performance of the Landlord’s legal duties and compliance with proper practice in relation to health and safety or otherwise; 

and the Landlord shall not be liable to pay compensation for any nuisance, annoyance, inconvenience or damage caused to the Tenant subject to
the Landlord (or other person so entering) exercising such right in a reasonable manner and making good any damage caused to the Premises as soon as reasonably practicable. 

  
 -16- 

	14.	 Entry by Landlord for sale or reletting 

 

	14.1	 To permit the Landlord at reasonable times after notice to enter upon the Premises to survey the same and to
affix upon any suitable part of the exterior of the Premises notice boards or bills for selling the interest of the Landlord or for reletting the Premises or any other part of the Building. 

 

	14.2	 Not to remove or obscure any such notice boards or bills. 

 

	14.3	 To permit all persons with authority from the Landlord at all reasonable times in the daytime to enter and view
the Premises. 

  

	15.	 Costs on breach 

To pay on demand to the Landlord all costs, charges and expenses (including, but without limitation, legal costs, bailiffs fees and fees
payable to a surveyor and/or architect) which may be incurred by the Landlord: 
  

	 	(a)	 in or in reasonable contemplation of any proceedings under s 146 and/or 147 Law of Property Act 1925
notwithstanding forfeiture is avoided otherwise than by relief granted by the Court; and/or 

  

	 	(b)	 in the recovery or attempted recovery of arrears of rent and/or additional rent due from the Tenant under this
Lease; and/or 

  

	 	(c)	 in the preparation and/or service of any notice or schedule relating to the condition of the Premises whether
during or after the end of the Term. 

  

	16.	 Not to encumber Common Parts 

Not to encumber the Common Parts with articles or goods of any description. 

 

	17.	 As to alterations 

 

	17.1	 Not without the consent of the Landlord (which it shall be entitled to withhold at its absolute discretion) to
make any alterations or additions or other works whatsoever to the Main Structure or affecting the appearance of the Premises as seen from the exterior or the Common Parts. 

 

	17.2	 Not without the consent of the Landlord (such consent not to be unreasonably withheld or delayed) to make any
other alterations or additions to the Premises or to the mechanical and electrical plant and equipment within the Premises PROVIDED that the Tenant may erect or remove demountable partitioning within the Premises on condition that:

  

	 	(a)	 prior to the commencement of such works full details are provided to the Landlord; and 

 

	 	(b)	 all necessary consents required for the works have been obtained; and 

  
 -17- 

	 	(c)	 the external appearance of the Building and the efficiency of the Excluded Plant is not thereby affected.

  

	17.3	 Without prejudice to the preceding provisions of this paragraph in the event that any alteration or addition
shall be carried out to the Premises to notify the Landlord in writing immediately following completion of the cost of the works for insurance purposes. 

  

	18.	 CDM Regulations 

Without prejudice to its other obligations under this Lease, if the Tenant carries out or engages others to carry out any work at the Premises
to which the CDM Regulations apply the Tenant shall: 
  

	 	(a)	 comply with the requirements of the CDM Regulations; 

 

	 	(b)	 either be the only client for the purposes of the CDM Regulations, in which case the Tenant warrants to the
Landlord that it has the competence and resources to comply with the requirements of the CDM Regulations or forthwith appoint an agent pursuant to regulation 4(1) of the CDM Regulations; 

 

	 	(c)	 forthwith either make a declaration to the Executive (as defined in the Health and Safety at Work, etc Act
1974) that the Tenant is the client or procure that its agent appointed pursuant to paragraph 18 (b) makes a declaration to the Executive in either case in accordance with regulation 4(4) of the CDM Regulations; 

 

	 	(d)	 supply to the Landlord a copy of the applicable declaration referred to in paragraph 18(c) and of the
Executive’s notice in response as soon as it is respectively made and received; 

  

	 	(e)	 deliver to the Landlord as soon as it is prepared, but in any event no later than the completion of the
Tenant’s works, the health and safety file which complies with the requirements of the CDM Regulations and as identified in this Lease of the Landlord; and 

 

	 	(f)	 keep a copy of the health and safety file referred to in paragraph 18(e) available at the Premises for
inspection by the Landlord and third parties. 

  

	19.	 Permitted use 

 

	19.1	 Not to use the Premises or permit any part of the Premises to be used otherwise than as offices within
Class B1 Town and Country Planning (Use Classes) Order 1987 (the “Order”) together with uses ancillary thereto. 

  

	19.2	 Nothing in this Lease shall imply or be treated as a warranty by the Landlord that the use permitted by this
Lease complies with the Planning Acts. 

  
 -18- 

	20.	 Prohibited uses 

Not to: 
  

	 	(a)	 use the Premises or permit any part of the Premises to be used in connection with the sale of timeshares;

  

	 	(b)	 permit any sale by auction or public meeting to be held upon the Premises; 

 

	 	(c)	 permit in or upon the Premises or the Car Park any act or thing which is illegal or immoral or which shall or
may be or become a nuisance, damage, or excess annoyance or inconvenience to the Landlord or its tenants or the occupiers of any adjoining or neighbouring premises. 

 

	21.	 Not to permit encroachments 

 

	21.1	 Not to: 

  

	 	(a)	 stop up, darken or obstruct any windows or light belonging to the Premises or any other part of the Building;

  

	 	(b)	 permit any new window, light, opening, doorway, path, passage, drain or other encroachment or easement to be
made or acquired in, against, out of or upon the Premises which may be or grow to the damage, annoyance or inconvenience of the Landlord or any of its tenants. 

 

	21.2	 In case any such window, light, opening, doorway, path, passage, drain or other encroachment or easement shall
be made or acquired or attempted to be made or acquired the Tenant will give immediate notice to the Landlord and will at the request and cost of the Landlord adopt such means as may be reasonably required or deemed proper for preventing any such
encroachment or the acquisition of any such easement. 

  

	22.	 Restrictions on alienation 

 

	22.1	 Not to: 

  

	 	(a)	 part with or share possession or occupation of the whole or any part or parts of the Premises or charge or
mortgage the whole or any part or parts of the Premises; 

  

	 	(b)	 grant to any third parties any rights over the Premises; 

except by way of an assignment, underlease or charge of the whole of the Premises or an underletting of a Permitted Part in accordance with the
provisions of this paragraph 22. 

  
 -19- 

	22.2	 Consent of the Landlord 

 

	 	(a)	 Without prejudice to the Tenant’s obligations in the following provisions of this paragraph 22, neither
the Tenant nor any person deriving title under the Tenant shall assign, underlet or charge the Premises without the Landlord’s consent (such consent not to be unreasonably withheld). 

 

	 	(b)	 Any consent granted under this paragraph shall only be valid for a period of three months from its date unless
acted upon within such period and without prejudice to paragraph 24 may be revoked at the Landlord’s sole discretion if the transaction for which consent has been granted has not been registered with the Landlord within such period.

 Assignments 
  

	22.3	 Not to assign any part of the Premises (as distinct from the whole). 

 

	22.4	 Not to assign the whole of the Premises without prior written consent of the Landlord (such consent not to be
unreasonably withheld) provided that the Landlord shall be entitled (for the purposes of s 19(1A) Landlord and Tenant Act 1927): 

  

	 	(a)	 to withhold its consent in any of the circumstances set out in paragraph 22.6; 

 

	 	(b)	 to impose all or any of the matters set out in paragraph 22.7 as a condition of its consent.

  

	22.5	 The provisos to paragraph 22.4 shall operate without prejudice to the rights of the Landlord to withhold such
consent on any other ground or grounds where such withholding of consent would be reasonable or to impose any further condition or conditions upon the grant of consent where the imposition of such condition or conditions would be reasonable.

  

	22.6	 The circumstances referred to in paragraph 22.4(a) are as follows: 

 

	 	(a)	 where the proposed assignee is a Group Company of the Tenant; 

 

	 	(b)	 where in the reasonable opinion of the Landlord the proposed assignee is not of sufficient financial standing
to enable it to comply with the tenants covenants in the Lease; 

  

	 	(c)	 where the proposed assignee is not resident in the United Kingdom of Great Britain and Northern Ireland or in
the European Community or in a jurisdiction where reciprocal enforcement of judgments exists. 

  

	22.7	 The conditions referred to in paragraph 22.4(b) are as follows: 

 

	 	(a)	 the execution by the Tenant and delivery to the Landlord prior to the assignment in question of an Authorised
Guarantee Agreement; 

  
 -20- 

	 	(b)	 the payment to the Landlord of all rents and other sums which have fallen due under the Lease prior to the date
of the assignment; 

  

	 	(c)	 if it is reasonable to do so in all the circumstances the Landlord shall be entitled to require any intended
assignee to procure a surety or sureties for such assignee acceptable to the Landlord and such surety or sureties (if more than one jointly and severally) shall covenant with the Landlord in the terms set out in Schedule 9; 

 

	 	(d)	 if it is reasonable to do so in all the circumstances the Landlord shall be entitled to require the execution
by any intended assignee and delivery to the Landlord by the time of the assignment in question of a rent deposit deed (in such form as the Landlord shall reasonably require to provide for the deposit of a sum equal to six months rent with any
applicable VAT) together with the payment by way of cleared funds of such sum. 

 Underletting 

 

	22.8	 Not to underlet any part of the Premises (as distinct from the whole) if by so doing the Premises would
comprise more than two units of occupation. 

  

	22.9	 Not to underlet the whole or part of the Premises except where the following conditions are fulfilled:

  

	 	(a)	 any underlease whether mediate or immediate to be granted out of this Lease shall: 

 

	 	(i)	 initially and at each rent review (if any) be at not less than an open market rent at the time of grant without
fine or premium; 

  

	 	(ii)	 contain provision for rent review in an upward direction only at least at such times as to coincide with the
rent reviews provided for in this Lease; 

  

	 	(iii)	 contain an absolute covenant on the part of the undertenant not to underlet, part with possession of or share
possession or occupation of the whole or any part or parts of the sub-demised premises or mortgage or charge the whole or any part or parts of the sub-demised premises
except by way of an assignment or charge of the whole of the sub-demised premises; 

  

	 	(iv)	 contain a covenant on the part of the undertenant not to assign or charge the whole of the sub-demised premises without the consent of the Landlord under this Lease; 

  

	 	(v)	 otherwise be on similar terms mutatis mutandis to the terms of this Lease; 

 

	 	(vi)	 be in a form approved by the Landlord prior to its grant; 

  
 -21- 

	 	(b)	 any underlease of part shall contain an agreement to exclude the provisions of s 24 to 28 Landlord and Tenant
Act 1954 in relation to such underlease and that agreement shall have been duly authorised beforehand by the Court; 

  

	 	(c)	 prior to the grant of any underlease the Tenant shall procure that the undertenant enters into a deed of
covenant with the Landlord to pay the rents and other sums reserved by and observe and perform the covenants on the undertenant’s part and the conditions contained in the proposed underlease and not to do or omit any act or thing in respect of
the sub-demised premises which would or might cause the Tenant to be in breach of the covenants on the part of the Tenant contained in this Lease. 

 

	22.10	 The Tenant shall: 

  

	 	(a)	 not consent to or participate in any variation or addition whatsoever to any such underlease granted in
accordance with the preceding provisions of this paragraph without the consent of the Landlord; 

  

	 	(b)	 enforce all the covenants and obligations of the undertenant under any such underlease; 

 

	 	(c)	 operate and effect all reviews of rent pursuant to the terms of any such underlease but shall not agree or have
determined any reviewed rent until the corresponding rent review under this Lease is agreed or determined; 

  

	 	(d)	 notify the Landlord of the reviewed rent immediately it has been agreed or determined; 

 

	 	(e)	 not accept a surrender of any underlease without the consent of the Landlord. 

 

	22.11	 Sharing with Group Companies 

Notwithstanding the preceding provisions of this paragraph 22, if and so long as the Tenant shall be a Group Company of WPP Group Plc nothing
in this paragraph shall prevent the Tenant from sharing occupation of the whole or any part or parts of the Premises with any other Group Company of WPP Group Plc on condition that: 

 

	 	(a)	 the registered office of the Group Company shall also be in the United Kingdom of Great Britain, Northern
Ireland or the European Community; 

  

	 	(b)	 the interest in the Premises so created shall be no more than a tenancy at will; 

 

	 	(c)	 the right of any company to occupy the Premises or any part or parts of the Premises shall immediately
determine upon such company ceasing to be a Group Company. 

  
 -22- 

	22.12	 To supply information 

From time to time on demand during the Term to furnish the Landlord with particulars of any derivative interest in the Premises, including
particulars of the rents payable and such other information and copy documents as the Landlord may reasonably require, and the cost of so doing shall be borne by the Tenant if this clause is not invoked more frequently than once a year but otherwise
on each second or subsequent occasion in any year the Landlord shall bear the Tenant’s reasonable costs of compliance. 
  

	23.	 Costs of licences 

To pay all the Landlord’s reasonable and proper costs fees and/or expenses incurred in connection with any request for a licence or
consent pursuant to the terms of this Lease including where the request is withdrawn or the licence or consent is lawfully withheld. 
  

	24.	 Registration of dealings 

Within one month after any assignment or underletting of whole or of part or the assignment of any such underlease or after any devolution by
will or otherwise or mortgage or charge affecting the Premises (except a floating charge affecting an underlease) to produce to the solicitor for the time being of the Landlord the deed or instrument effecting the same and pay his fee for
registration. 
  

	25.	 Aerials and signs 

 

	25.1	 Subject to paragraph 25.2 not to place or affix any aerial or satellite dish or any sign, signboard, facia,
placard, bill, notice or other notification whatsoever to or upon the outside of the Premises or the windows or inside the Premises so as to be visible from the outside. 

 

	25.2	 There is excepted from paragraph 25.1: 

 

	 	(a)	 the name of the Tenant and any permitted undertenants signwritten on or close to the entrance doors of the
Premises in materials and a style and manner approved by the Landlord or the Landlord’s Surveyor; 

  

	 	(b)	 the name of the Tenant and any permitted undertenants displayed on the Landlord’s indicator board (if any)
in the entrance lobby in the Building. 

  

	26.	 Not to strain floors and ceilings 

Not to impose any strain on the floors and ceilings of the Premises beyond that which they were designed to bear. 

 

	27.	 Not to interfere with Common Media 

Not to overload damage or interfere with: 
  

	 	(a)	 the Common Media; or 

  
 -23- 

	 	(b)	 the plant and machinery and landlord’s fixtures and fittings in the Common Parts; or

  

	 	(c)	 any sprinkler or fire alarm system whether forming part of the Common Media or exclusively serving the
Premises; or 

  

	 	(d)	 the Excluded Plant. 

  

	28.	 Interest on arrears 

 

	28.1	 If any sum payable by the Tenant to the Landlord under this Lease shall not be paid within 14 days of the same
becoming due to pay to the Landlord Higher Rate Interest from the date of the same becoming due down to the date of payment. 

  

	28.2	 Paragraph 28.1 shall apply to shortfall on review or interest on such shortfall payable under the provisions of
Schedule 6 paragraph 8 with effect from the date of demand where such shortfall and interest are not paid within seven days as referred to in that paragraph. 

  

	28.3	 If collection of rent has been suspended by the Landlord for breach of covenant the Tenant shall, when the
breach has been made good to the satisfaction of the Landlord or when this Lease shall be forfeited (as the case may be), pay to the Landlord in addition to the arrears of rent then due Higher Rate Interest from the date that rent became due down to
the date of actual payment. 

  

	29.	 Indemnity 

To indemnify the Landlord against all claims, demands, proceedings, damages, costs and expenses properly incurred: 

 

	29.1	 in respect of or incurred in connection with any damage or injury occasioned to: 

 

	 	(a)	 the Premises or the Building; or 

 

	 	(b)	 any adjacent or neighbouring premises belonging to the Landlord; or 

 

	 	(c)	 any person or any property movable or immovable 

by any act, default or negligence of the Tenant or any person deriving title under the Tenant or their respective agents, employees or
licensees; or 
  

	29.2	 for which the Landlord may be rendered liable or be exposed by reason of the breach, non-observance or non-performance by the Tenant of its covenants and the conditions in this Lease. 

 

	30.	 Encumbrances 

To perform and observe the Encumbrances so far as they relate to the Premises. 

  
 -24- 

 SCHEDULE 4 

Covenants by the Landlord 
  

	1.	 Quiet enjoyment 

That subject to the Tenant paying the rents reserved by and observing and performing the covenants on the part of the Tenant contained in this
Lease the Tenant may peaceably and quietly enjoy the Premises and the rights conferred in Part B to Schedule 1 during the Term without any lawful interruption or disturbance from or by the Landlord or any person or persons lawfully or equitably
claiming under or in trust for it. 
  

	2.	 Insurance and services 

To observe and perform the Landlord’s obligations as to insurance and services set out in Schedules 7 and 8 respectively. 

 

	3.	 Enforcement of covenant against other tenants 

To impose in all leases of the office areas of the Building covenants similar to those contained in Schedule 3 and to enforce those covenants
against the tenants of all parts of the Building. 
  

	4.	 Non-competition 

For so long as not less than four complete floors of the Building are occupied by J Walter Thompson Group Limited or by a Group Company of WPP
Group PLC not to: 
  

	 	(a)	 grant any lease or dispose of any office space in the Building to any of Omnicom, True North, Interpublic and
Cordiant or companies which were as at 15 May 2000 a Group Company of any of the foregoing (the “Excluded Companies”) and will not consent to any assignment, lease or other disposition as aforesaid to any of the Excluded
Companies; and 

  

	 	(b)	 grant naming rights for the Building to any other occupier and will consult with the Tenant before changing the
name of the Building from Number One Knightsbridge Green. 

  

	5.	 Prohibited use 

Whilst the Premises or any part thereof are occupied by J Walter Thompson Group Limited not to permit the unit shown marked “Retail
1” on the plan annexed numbered 1 to be used for any purpose within Class A3 of the Town & Country Planning (Use Classes) Order 1987. 

  
 -25- 

 SCHEDULE 5 

Provisos, agreements and declarations 
  

	1.	 Forfeiture 

Without prejudice to any other provisions contained in this Lease the Landlord may at any time re-enter
the Premises and immediately on so doing this Lease shall terminate absolutely but without prejudice to any rights of the Landlord in respect of any breach of any of the obligations on the Tenant’s part in this Lease: 

 

	1.1	 if the reserved rents are unpaid for 21 days after becoming payable (whether formally demanded or not); or

  

	1.2	 if the Tenant is in breach of any of the Tenant’s obligations in this Lease which have not been remedied;
or 

  

	1.3	 if the Tenant or any guarantor of the Tenant’s obligations: 

 

	 	(a)	 (being a company or if in partnership) enters into liquidation whether compulsory or voluntary (other than for
the purpose of reconstruction or amalgamation not involving a realisation of assets) or has a winding up order made against it by the Court or has a receiver appointed over all or any part of its assets or an administration order is made pursuant to
the Insolvency Act 1986 or the Insolvent Partnerships Order 1994; or 

  

	 	(b)	 (being one or more individuals whether or not in partnership together) any one of them petitions the court for
his own bankruptcy or has a bankruptcy order made against him; or 

  

	 	(c)	 becomes insolvent or enters into any composition with its or his creditors or enters into a voluntary
arrangement (within the meaning of s 1 or 253 Insolvency Act 1986 or the Insolvent Partnerships Order 1994) or distress, sequestration or execution is levied on its or his goods. 

 

	2.	 Tenant’s goods 

 

	2.1	 The Landlord shall be deemed to have been irrevocably appointed the Tenant’s agent to store and/or dispose
of all tenant’s fixtures and fittings and other property belonging to the Tenant or to any third party not removed from the Premises by the Tenant in accordance with its covenants contained in Schedule 3 paragraph 6 and/or Schedule 7 paragraph
1.7. 

  

	2.2	 The Tenant shall indemnify the Landlord against all costs and expenses as the Landlord may properly incur in so
storing and/or disposing of any such property and against any claim made against the Landlord in relation to any such property by any third party. 

  
 -26- 

	2.3	 To pay to the Landlord on demand Higher Rate Interest on such costs and expenses from the date of expenditure
until the date they are paid by the Tenant to the Landlord. 

  

	3.	 Landlord’s right to develop 

Nothing contained in this Lease shall by implication of law or otherwise operate to confer on the Tenant any easement, right or privilege
whatsoever over or against any adjoining or other property belonging to the Landlord (whether forming part of the Building or not) which might restrict or prejudicially affect the future rebuilding, alteration or development of such adjoining
or other property nor shall the Tenant be entitled to compensation for any damage or disturbance caused by or suffered through any such rebuilding, alteration or development. 
  

	4.	 Notices 

  

	4.1	 Any notice or notification served or given under or in connection with this Lease shall be in writing.

  

	4.2	 Section 196(4) Law of Property Act 1925 (as amended by the Recorded Delivery Service Act 1962) shall apply
to all notices and certificates required to be given or served under this Lease. 

  

	5.	 Value Added Tax 

All sums payable by the Tenant under this Lease which are from time to time subject to VAT shall be considered to be tax exclusive sums. 

 

	6.	 Expert determination proceedings 

 

	6.1	 The provisions of this paragraph shall apply to determination of issues by an independent expert if it is
invoked elsewhere in this Lease or the parties otherwise agree to invoke it. 

  

	6.2	 The expert shall be appointed by the parties jointly or if there is no agreement on the appointment he shall be
appointed by the President (or other acting senior officer for the time being) of the relevant professional body on the request of either party. 

  

	6.3	 For the purposes of paragraph 6.2 the relevant professional body shall in relation to any dispute or difference
over matters of: 

  

	 	(a)	 valuation, service charge, management or the condition of the Building or the Premises be the Royal Institution
of Chartered Surveyors; 

  

	 	(b)	 accountancy or the incidence of taxation be the Institute of Chartered Accountants in England and Wales; and

  

	 	(c)	 law be the Law Society; 

  
 -27- 

 but where there are matters that materially involve issues falling under more than one such
grouping more than one expert to act jointly with one another shall be appointed (unless the parties otherwise agree) and references in this paragraph 6 to an expert shall then be treated as referring to experts acting jointly. 

 

	6.4	 The person so appointed shall act as an expert and not as an arbitrator. 

 

	6.5	 The expert shall be required to: 

 

	 	(a)	 give notice to the Landlord and the Tenant allowing each of them to submit to him within such reasonable time
as he may stipulate representations on the relevant issue accompanied (if either of them so wish) by a statement of reasons and professional valuations or reports (as the case may be) of which copies are supplied to the other party; and

  

	 	(b)	 permit each of the Landlord and the Tenant to make a submission in respect of the other’s reasons,
valuation and reports provided under paragraph 6.5(a); but 

  

	 	(c)	 neither the Landlord nor the Tenant may without the consent of the other disclose to the expert correspondence
or other evidence to which the privilege of non-production (“without prejudice”) properly attaches; 

but the expert shall not be bound by any such submission, and he may make his determination as he thinks fit. 

 

	6.6	 The determination of the expert shall be final and binding on the parties except in the case of manifest error.

  

	6.7	 The fees and expenses of the expert including the cost of his nomination shall be borne either as to the whole
or in the proportions as the expert shall determine (but in the absence of such a determination they shall be borne equally) and each of the parties shall bear its own costs with respect to the determination of the issue by the expert, but the
Landlord may pay the costs required to be borne by the Tenant if they remain unpaid more than 21 days after they become due and then recover these and any incidental expenses incurred from the Tenant on demand. 

 

	6.8	 If the expert refuses to act becomes incapable of acting or dies the Landlord or the Tenant may require the
appointment of a replacement expert as provided in paragraph 6.2. 

  

	7.	 Disclaimer of liability for use of Car Park 

The Landlord shall not be under any liability whatsoever for loss or damage to any vehicle or other property or any damage or injury to any
person howsoever arising or for the prevention of ingress to or egress from the Car Parking Spaces caused by the use or attempted use by any person of the Car Parking Spaces or any other part of the Car Park except in the case of negligence on the
part of the Landlord, its servants or agents. 

  
 -28- 

	8.	 Perpetuity period 

In so far as the perpetuity rule applies to any provision of this Lease the perpetuity period shall be 80 years from the date stipulated in the
definition of “Term” in clause 1.1 as the date on which the Term commences. 
  

	9.	 Data Protection Act 1998 

For the purposes of the Data Protection Act 1998 or otherwise the Tenant and the Guarantor (if any) agree to any information relating to this
tenancy held by the Landlord being disclosed to third parties so far only as is necessary in connection with the management or disposal of the Premises. 
  

	10.	 Address for Rent Demands 

The first rent demand shall be delivered to the Tenant at the Premises. 

 

	11.	 Tenant’s option to determine 

 

	11.1	 The Tenant may end this Lease on 29 September 2016 by giving at least 12 months° written notice
expiring on that day PROVIDED that at the time of expiry of such notice: 

  

	 	(a)	 there are no arrears of any rents reserved by or any other sums payable by the Tenant under this Lease (whether
or not subject to dispute); and 

  

	 	(b)	 vacant possession of the Premises is gi ien and at the same time the Tenant pays to the Landlord a sum equal to
six months’ rent at the rate then payable pursuant to clause 2.6(a) of this Lease. 

  

	11.2	 If any of the conditions referred to in (a) or (b) above are not satisfied at the date of expiry of such
notice the notice is deemed to be ,‘ lc effect and this Leas shall continue as before, provided that the Landlord may waive all or any of the said conditions by giving notice to the Tenant at any time. 

 

	11.3	 The ending of this Lease shall not affect either party’s rights in respect of any earlier breach of any
provision of this Lease. 

  

	11.4	 The provisions contained in this paragraph 12 are personal to and exercisable only by J Walter Thompson Group
Limited. They are not capable of being assigned or otherwise dealt with by J Walter Thompson Group Limited and shall cease to have effect upon the date of the first deed of assignment of this Lease between J Walter Thompson Group Limited and its
assignee irrespective of whether such assignment is notified to the Landlord. 

  

	11.5	 Nothing in this paragraph 12 shall have the effect of making time of the essence for the purposes of the review
of rent under this Lease. 

  
 -29- 

	12.	 Third party rights 

No person other than a contracting party may enforce any provision of this Lease by virtue of the Contracts (Rights of Third Parties) Act 1999.

  
 -30- 

 SCHEDULE 6 

Rent Reviews 
  

	1.	 The review dates 

 

	1.1	 The yearly rent payable under this Lease shall be reviewed on the 29th September in each of the years 2006 2011 and 2016 (referred to in this Schedule as the “review dates” and the “relevant review date” shall be construed accordingly).

  

	1.2	 With effect on and from each review date the reviewed rent as agreed or determined in accordance with the
following provisions of this Schedule shall become payable as the yearly rent reserved by this Lease. 

  

	2.	 Upward only rent reviews 

The reviewed rent shall be the higher of: 
  

	2.1	 the yearly rent payable under this Lease immediately preceding the relevant review date; and

  

	2.2	 the market rent of the Premises at the relevant review date; 

 

	3.	 The market rent 

For the purposes of this Lease the expression the “market rent” means the best yearly rent at which the Premises might reasonably be
expected to be let in the open market by a willing landlord to a willing tenant: 
  

	3.1	 with vacant possession; 

 

	3.2	 for the unexpired residue of the term of this Lease at the relevant review date or for a term of 10 years from
the relevant review date (whichever is the greater) and having a rent review, in the same terms as this Lease, at the expiry of each consecutive period of five years throughout the term; 

 

	3.3	 without the payment of a premium by the willing tenant; 

 

	3.4	 subject to the provisions of this Lease (other than “the length of the term and the amount of rent but
including these provisions for rent review); 

 but upon the assumption, if not the fact, that at the relevant review date:

  

	3.5	 the Premises have an agreed Net Internal Area of 1,541.86 square metres (16,596.43 square feet):

  

	3.6	 the Premises may be used for any of the uses permitted by this Lease; 

  
 -31- 

	3.7	 the Premises have been fitted out at the cost of the tenant and are therefore ready for immediate commencement
of the normal operation of the business of the willing tenant consistent with paragraph 3.6 above so that the willing tenant would not require a rent free period or other allowance for fitting out the Premises; 

 

	3.8	 in case the Premises have been destroyed or damaged they have been fully reinstated; 

 

	3.9	 the covenants and conditions in this Lease have been fully observed and performed; 

 

	3.10	 there is not in operation any statute, order or instrument, regulation or direction which has the effect of
regulating or restricting the amount of rent of the Premises which might otherwise be payable. 

  

	4.	 Matters to be disregarded 

 

	4.1	 in this paragraph 4 references to the “Tenant” include the predecessors in title to the
Premises of the Tenant ana any person claiming title to the Premises through or under the Tenant or any of them. 

  

	4.2	 In agreeing or determining the market rent the effect upon it of the following matters shall be disregarded:

  

	 	(a)	 the occupation of the Premises or any other parts of the Building by the Tenant; 

 

	 	(b)	 any goodwill attached to the Premises by reason of the carrying on at the Premises or any other parts of the
Building of the business of the Tenant; 

  

	 	(c)	 any improvements to the Premises or the Building made by the Tenant during the Term with the written consent of
the Landlord other than those: 

  

	 	(i)	 made by way of replacement of any of the items comprised in the list of landlord’s fixtures and fittings
as listed in Schedule 1 paragraph 2.6; or 

  

	 	(ii)	 made in pursuance of an obligation to the Landlord or in the case of an under-tenant to his immediate reversioner; or 

  

	 	(iii)	 completed by the Tenant more than 21 years before the relevant review date; or 

 

	 	(iv)	 in respect of which the Landlord has made or is under an obligation to make a financial contribution to the
whole or part of the cost; or 

  

	 	(d)	 any Ten—ant’s Requested Modifications and the
Tenant’s Works as defined in and carried out under the Agreement for Lease; or 

  

	 	(e)	 any work carried out to the Premises by the Tenant either before or after the grant of this Lease which, apart
from this sub-paragraph, would diminish the market rent. 

  
 -32- 

	5.	 Procedure for determination of market rent 

 

	5.1	 The Landlord and the Tenant may agree the market rent at any time but if they do not agree the market rent:

  

	 	(a)	 the amount of the market rent may be determined by reference to either arbitration or the determination of an
independent expert as the Landlord may elect: 

  

	 	(b)	 the Landlord may exercise the right of election at any time either by giving notice to the Tenant or
alternatively by requesting the nomination of an arbitrator or independent expert in such application for a nomination as may be made by the Landlord; but 

  

	 	(c)	 if the Landlord has not actually exercised its right of election before the rent review date the Tenant may at
any time thereafter require the Landlord to do so by giving notice to the Landlord to that effect and if the Landlord has not done so within 28 days of receipt of the notice it shall be treated as having elected for a reference to the determination
of an independent expert: and 

  

	 	(d)	 the Tenant may not make an application for the nomination of an arbitrator or an expert (as the case may be)
until the Landlord has made an election or is treated as having made an election in accordance with this paragraph 5.1. 

  

	5.2	 In the case of arbitration the arbitrator shall be nominated by the Landlord and the Tenant jointly or in the
absence of an agreed nomination he shall be nominated by the President for the time being of the Royal Institution of Chartered Surveyors on the application either of the Landlord or of the Tenant. 

 

	5.3	 The arbitrator or expert to be nominated shall be a valuer and chartered surveyor having not less than ten
years’ experience of rental valuation of property being put to the same or similar use as the Premises and of property in the same region in which the Premises are situated. 

 

	5.4	 A reference to and award of an arbitrator shall be governed by the Arbitration Act 1996 and the decision of the
arbitrator shall be final and binding on the parties. 

  

	5.5	 In the case of a determination by an independent expert the provisions in this Lease relating to expert
determination proceedings shall apply as supplemented by the provisions of this paragraph 5. 

  

	5.6	 If the arbitrator or the expert refuses to act becomes incapable of acting or dies the Landlord or the Tenant
may require the appointment of a replacement arbitrator or expert (as the case may be) in the same manner as applied to the original appointment but without further right of election under paragraph 5.1 on the part of the Landlord.

  
 -33- 

	5.7	 The Landlord may pay such costs of the rent review required to be paid by the Tenant as have been awarded by
the arbitrator or determined by the expert (as the case may be) if they remain unpaid for more than 21 days after they have become due and then recover these and any incidental expenses incurred from the Tenant on demand. 

 

	6.	 Reviewed rent reserved in phases 

The Landlord and the Tenant may at any time before the market rent is determined by an arbitrator or an independent expert (as the case may be)
settle the amount of the reviewed rent and agree to reserve it in phases. 
  

	7.	 Time limits 

Time shall not be of the essence in agreeing or determining the reviewed rent or of appointing an arbitrator or expert. 

 

	8.	 Rental adjustments 

 

	8.1	 If the market rent has not been agreed or determined in accordance with the provisions of this Schedule before
the relevant review date then until the market rent has been so agreed or determined the Tenant shall continue to pay on account rent at the rate of yearly rent payable immediately before the relevant review date. 

 

	8.2	 The Tenant shall pay to the Landlord within seven days of a demand by the Landlord following the agreement or
determination of the market rent: 

  

	 	(a)	 all arrears of the reviewed rent which have accrued in the meantime; and 

 

	 	(b)	 Base Rate Interest on each of the instalments of the arrears from the time that it would have become due for
payment if the market rent had then been agreed or determined until the demand is made by the Landlord for payment by the Tenant in accordance with this paragraph. 

 

	9.	 Memorandum of rent review 

The Landlord and the Tenant shall cause: 
  

	9.1	 in the case of agreement of the reviewed rent a memorandum of the reviewed rent duly signed by each of them;

  

	9.2	 in the case of an award or determination of the reviewed rent a copy of the award or determination

 without delay to be securely annexed to this Lease and the counterpart of this Lease and each shall bear its own costs
of doing so. 

  
 -34- 

 SCHEDULE 7 

Insurance provisions 
  

	1.	 Tenant’s covenants 

The Tenant covenants with the Landlord: 

Insurance rent 
  

	1.1	 To pay a sum equal to: 

 

	 	(a)	 such fair and reasonable proportion as the Landlord may from time to time reasonably deem appropriate having
regard (inter alia) to: 

  

	 	(i)	 any alterations or additions to the Building or any change of use of any part of it; or 

 

	 	(ii)	 information supplied to it by the Tenant pursuant to Schedule 3 paragraph 17 

of such sums as the Landlord may from time to time expend in insuring the Building and all additions to the Building against the Insured Risks
(including: 
  

	 	(iii)	 the preparation and settlement of any insurance claim; 

 

	 	(iv)	 the cost of complying with any requirements from time to time of the insurer); 

 

	 	(v)	 valuation of the whole or any part of the Building; 

 

	 	(vi)	 insurance of the Landlord against employers’ liability and public liability risks in respect of the
Building; 

  

	 	(b)	 the whole of such sums as the Landlord may from time to time properly expend in insuring against three
years’ loss of the rent first reserved by this Lease and the Service Charge arising from damage to the Building or any part of it by any of the Insured Risks. 

The insurance cover may include VAT and take due account of the effects of inflation and escalation of costs and the Landlord’s estimate
of the market rent in the context of ensuing rent reviews and/or the end of the Term and the Landlord (here meaning The Prudential Assurance Company Limited only) or a Group Company of the Landlord shall be entitled to retain any commissions paid to
it. 

  
 -35- 

 Tenant’s insurance obligations 

 

	1.2	 Not knowingly to do or omit in or upon the Premises anything whatsoever which may: 

 

	 	(a)	 render the Landlord liable to pay in respect of the Premises and/or the Building or any part of them more than
the rate of premium which the Landlord might expect to pay in the open market to insure premises of a similar nature let on a similar basis against the Insured Risks; or 

 

	 	(b)	 restrict or make void or voidable any policy for such insurance. 

 

	1.3	 To repay to the Landlord any increase in the rate of premium and all expenses incurred by it in or about any
renewal of such policy rendered necessary by a breach of paragraph 1.2. 

  

	1.4	 In the event of: 

  

	 	(a)	 any part of the Premises or the Building being destroyed or damaged by any of the Insured Risks; and

  

	 	(b)	 the insurance moneys being wholly or partially irrecoverable by reason solely or in part of any act or default
of the Tenant or any person deriving title under the Tenant or any of their respective agents, employees or licensees 

the Tenant shall pay to the Landlord on demand a sum equal to the whole or a fair proportion (as the case may require) of the irrecoverable
insurance moneys. 
  

	1.5	 Not to insure any part of the Premises against any of the Insured Risks. 

 

	1.6	 To notify the Landlord immediately in writing in the event of damage to any part of the Premises by any of the
Insured Risks. 

  

	1.7	 In the event of damage to any part of the Premises by any of the Insured Risks so as to render the same unfit
for occupation or use (if so required by the Landlord) to remove from the Premises all tenant’s fixtures and fittings and other property belonging to the Tenant or to any third party within one month of such damage and/or to indemnify the
Landlord against the cost of so doing. 

  

	1.8	 In the event of damage to the Premises or the Building or any part or parts of them by any of the Insured Risks
to pay to the Landlord on demand a sum equal to the whole or a proper proportion of any uninsured excess to which the insurance policy may be subject. 

  

	1.9	 To maintain in force throughout the Term in the joint names of the Landlord and the Tenant engineering
insurance for all electrical or mechanical equipment and apparatus forming part of the Premises and to produce to the Landlord on demand the policy relating to such insurance and evidence of payment of the current premium. 

 

	1.10	 Not to leave the Premises continuously unoccupied for more than 21 days without notifying the Landlord and
providing such caretaking or security arrangements as the Landlord and/or its insurers may require in order to protect the Premises from vandalism, theft, damage or unlawful occupation. 

  
 -36- 

	2.	 Landlord’s covenants 

The Landlord covenants with the Tenant: 

To insure 
  

	2.1	 To insure and keep insured the Building and all additions to the Building against loss or damage by the Insured
Risks with an insurer of repute subject to such exclusions, conditions and uninsured excesses as the insurer may reasonably apply in a sum equal to: 

  

	 	(a)	 the Landlord’s proper opinion of the full cost of reinstatement (taking into account receipt by the
Landlord of any appropriate notification from the Tenant pursuant to Schedule 3 paragraph 17) including architects’, surveyors’ and consultants’ fees and the cost of removing all debris (excluding contents and stock debris) from the
site of the Building and other incidental expenses; 

  

	 	(b)	 three years’ loss of the rent first reserved by this Lease and Service Charge. To reinstate

  

	2.2	 Subject to paragraph 2.3 to cause all money received by virtue of such insurance (other than sums received for
loss of rent) to be laid out in clearing the site and reinstating the Building or the Premises (as the case may be) and to make good any shortfall out of its own moneys save to the extent that any such shortfall shall arise due to the failure of the
Tenant to comply with its covenants contained in Schedule 3 paragraph 17 and/or paragraphs 1.2 and/or 1.8 of this Schedule. 

  

	2.3	 The Landlord’s obligation under this covenant shall cease if: 

 

	 	(a)	 the insurance shall be rendered void by reason of any act or default of the Tenant or any person deriving title
under the Tenant or their respective agents, servants or licensees; and/or 

  

	 	(b)	 this Lease shall be determined in accordance with paragraph 5 of this Schedule. 

 

	2.4	 Nothing in Schedule 8 shall impose on the Landlord any liability to make good damage caused by an Insured Risk.

  
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 OTHER PROVISIONS 

 

	3.	 Landlord an insurance company 

 

	3.1	 If at any time and so long as the Landlord (here meaning The Prudential Assurance Company Limited only) or a
Group Company of the Landlord is an insurance company the Landlord may carry the risk referred to in paragraph 2.1 itself in which case: 

  

	 	(a)	 the Landlord shall be deemed to have effected an insurance policy on terms (and subject to such exclusions,
conditions and uninsured excesses) equivalent to those quoted by it or the Group Company from time to time when underwriting similar business; 

  

	 	(b)	 the Landlord shall be deemed to have expended from time to time such premiums as it would have charged for
insuring and keeping insured the Building and rent in accordance with this Lease as if such insurance had been effected by a single tenant of the whole of the Building (let as a whole) with the Landlord (as insurer); and 

 

	 	(c)	 all the provisions of this Lease which relate to insurance (including, but without limitation, the provisions
for reinstatement and making up of any shortfall in the insurance moneys) shall apply mutatis mutandis where the Landlord carries the risk as if the Landlord had effected a policy with an independent insurer. 

 

	4.	 Suspension of Rent 

 

	4.1	 The provisions of paragraph 4.2 shall apply if the Building or any part of it shall at any time during the Term
be so damaged by any of the Insured Risks as to render the Premises or any part of them unfit for occupation or use (but shall not apply if no insurance moneys shall be payable owing to the act or default of the Tenant or any person deriving title
under the Tenant or their respective agents, employees or licensees). 

  

	4.2	 If paragraph 4.1 applies the rent first reserved by this Lease and the Service Charge or a fair proportion of
them according to the nature and extent of the damage sustained shall be suspended and cease to be payable until either the Building or the Premises as the case may be shall have been reinstated and made fit for occupation or use (excluding fitting
out and replacement of contents) or if earlier until the expiry of three years from the date of such damage. 

  

	4.3	 In the event of dispute as to the amount or duration of the rent to be abated such dispute shall be settled by
a single arbitrator to be appointed by the President for the time being of the Royal Institution of Chartered Surveyors. 

  

	5.	 Options to determine 

 

	5.1	 If the Building or a substantial part of it (whether including the Premises or not) is destroyed or damaged by
any of the Insured Risks then this Lease may at the option of the Landlord be determined by the Landlord giving to the Tenant not less than six months’ notice (such notice to be given within 12 months after such destruction or damage).

  
 -38- 

	5.2	 If for any reason outside the control of the Landlord it shall prove impossible to commence rebuilding work on
site within two years of the date of such damage or destruction by any of the Insured Risks then the Landlord may by notice to the Tenant determine this Lease and upon receipt by the Tenant of such notice the Term shall cease and determine.

  

	5.3	 if either the Landlord has not commenced rebuilding work on site within two years of the date of such damage or
destruction by any of the Insured Risks or the Landlord has not completed reinstatement of the Building within two years and six months of such date then in either event this Lease may at the option of the Tenant be determined by the Tenant giving
to the Landlord not less than six months’ notice and upon the expiration of such notice the Term shall cease and determine but if by the expiration of such notice the Building has been reinstated the notice shall become void and this Lease
shall continue in full force and effect. 

  

	5.4	 If this Lease is determined pursuant to paragraph 5.1, 5.2 or 5.3 the Landlord shall be entitled to retain the
whole of the insurance moneys for its absolute use and benefit. 

  
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 SCHEDULE 8 

Part A 
 Service Charge
Provisions 
  

	1.	 Tenant’s liability to pay Service Charge 

 

	1.1	 The Tenant shall pay to the Landlord the Service Charge. 

 

	1.2	 The Service Charge is such proportion of the Landlord’s Costs as the Landlord reasonably deems fair
and attributable to the Premises in any service charge period beginning or ending during the Term, but without affecting the general operation of the Landlord’s discretion: 

 

	 	(a)	 the proportion shall be calculated primarily on a comparison for the time being of the Net Internal Area of the
Premises with the Net Internal Area of the Building (excluding however the Net Internal Area of the Management Premises); but 

  

	 	(b)	 in the event of such comparison being inappropriate having regard to the nature of the expenditure (or item of
expenditure) incurred or the premises in or upon the Building which benefit from it or otherwise the Landlord shall be at liberty in its discretion to adopt such other method of calculation of the proportion of such expenditure to be attributed to
the Premises as shall be fair and reasonable in the circumstances (including if appropriate the attribution of the whole of such expenditure to the Premises). 

 

	1.3	 The Landlord’s Costs are the costs and expenses properly incurred by the Landlord of and incidental to the
provision of the Services in or with respect to any service charge period beginning or ending during the Term. 

  

	1.4	 The Services are itemised in Parts B and C of this Schedule. 

 

	1.5	 The Landlord’s Costs, the Service Charge and the provision of the Services shall be calculated and dealt
with in accordance with the provisions of this Schedule. 

  

	2.	 Advance payments on preliminary basis 

 

	2.1	 The Service Charge shall be discharged by means of advance payments to be made on each of the usual quarter
days in every year and also by such additional payments as may be required under paragraphs 3 and 4. 

  

	2.2	 The amount of each advance payment shall be equal to the last advance payment or shall otherwise be such amount
as the Landlord may reasonably determine as likely to be equal in the aggregate to the Service Charge for the relevant service charge period and which is notified to the Tenant at or before the time when the demand for an advance payment is made and
the advance payment for the service charge period current at the date of this Lease shall be £ 26,969.25 per quarter. 

  
 -40- 

	2.3	 For the purposes of this Schedule “service charge period” means the period of 12 months from
1 October to 30 September in each year (or such other appropriate period of more or less than 12 months as the Landlord may from time to time reasonably determine). 

 

	2.4	 The Service Charge shall be deemed to accrue on a day-to-day basis in order to ascertain yearly rates and for the purposes of apportionment in relation to periods of other than one year. 

 

	3.	 Landlord’s Costs accounts and Service Charge adjustments 

 

	3.1	 The Landlord shall as soon as may be practicable after the end of each service charge period submit to the
Tenant a statement duly certified by the Landlord, the Landlord’s Surveyor. or the Landlord’s managing agents (or audited by the Landlord’s auditors if the Landlord so decides) giving a proper summary of the Landlord’s Costs and
the calculation of the Service Charge for the service charge period just ended and the provisions in this Lease as to the giving of notices apply to the submission of the statement. 

 

	3.2	 if the Service Charge as certified shall be more or less than the total of the advance payments (or the grossed-up equivalent of such payments if made for any period of less than the service charge period) then any sum due to or payable by the Landlord by way of adjustment in respect of the Service Charge shall
forthwith become due and be paid or allowed as the case may be. 

  

	3.3	 The provisions of this paragraph 3 shall continue to apply notwithstanding the expiry or earlier determination
of this Lease in respect of any service charge period then current. 

  

	3.4	 The Tenant may within 28 days after the submission of a certified statement under paragraph 3.1 (time being of
the essence) challenge it on the ground that it contains errors or is otherwise incorrectly drawn by giving to the Landlord notice to that effect but only if it has first made payment of the full amount of any Service Charge that the statement shows
as due from the Tenant and if so: 

  

	 	(a)	 the Landlord and the Tenant shall endeavour to resolve the relevant issue but if they cannot do so;

  

	 	(b)	 the issue in dispute shall be referred to the determination of an independent expert and the provisions in this
Lease relating to expert determination proceedings shall apply; 

  

	 	(c)	 such adjustments to the statement as may be required to be made in consequence of the determination of the
expert shall be made and any sum due to or payable by the Landlord shall forthwith be paid or allowed as the case may be; 

  
 -41- 

	 	(d)	 Base Rate Interest shall be paid or allowed in respect of the period during which the relevant amount has been
underpaid or overpaid; 

 but if not the Tenant’s right of challenge to that certified statement shall lapse. 

 

	3.5	 The Tenant shall be entitled during the period of six months commencing on the submission of the statement
under paragraph 3.1 to: 

  

	 	(a)	 inspect the service charge invoices and vouchers of the Landlord at such location as the Landlord may
reasonably appoint for the purpose during normal working hours on weekdays; and 

  

	 	(b)	 at the Tenant’s expense take copies of them. 

 

	4.	 Exceptional expenditure 

 

	4.1	 If funds collected by way of advance payments towards Landlord’s Costs prove insufficient to meet an
immediate liability (and there is no reserve fund available or which may be applied to meet the liability) and the cause of the insufficiency is not that any Lettable Areas are or have been vacant or that a tenant or occupier has defaulted in
payment of his proportion of the Landlord’s Costs, the Landlord shall be entitled to advance moneys (or borrow moneys for the purpose from reputable banks) at commercially competitive rates of interest and interest payable on the advance or the
borrowing shall be recoverable as an item of the Landlord’s Costs. 

  

	4.2	 Where the Landlord carries out major works of repair, maintenance and decoration or replaces major items of
plant or machinery it may: 

  

	 	(a)	 at its discretion apportion the Landlord’s Costs in respect of the relevant expenditure over more than one
service charge period; and 

  

	 	(b)	 include in the Landlord’s Costs Base Rate Interest on the part of the expenditure to be recovered in later
service charge periods. 

  

	5.	 Landlord’s protection provisions 

The Tenant shall not be entitled to object to the Landlord’s Costs (or any item comprised in it) or otherwise on any of the following
grounds: 
  

	5.1	 the inclusion in a subsequent service charge period of any item of expenditure or liability omitted from the
Landlord’s Costs for any earlier service charge period so long as the Landlord has acted in good faith; 

  

	5.2	 an item of Landlord’s Costs included at a proper cost might have been provided or performed at a lower
cost; or 

  
 -42- 

	5.3	 disagreement with any estimate of future expenditure for which the Landlord requires to make provision so long
as the Landlord has acted reasonably and in good faith and in the absence of manifest error; or 

  

	5.4	 the manner in which the Landlord exercises its discretion in providing Services so long as the Landlord acts in
good faith and in accordance with the principles of good estate management; or 

  

	5.5	 the employment of managing agents to carry out and provide on the Landlord’s behalf any of the Services;
or 

  

	5.6	 the employment of a Group Company to carry out and provide on the Landlord’s behalf any of the Services;

 PROVIDED that the Landlord uses all reasonable endeavours to ensure that the Services are carried out in as efficient
and cost effective manner as is reasonably practicable. 
  

	6.	 Vacant parts of the Building and actions by the Landlord 

 

	6.1	 The Service Charge shall not be increased or altered by reason only that at any relevant time any Lettable
Areas of the Building may be vacant or be occupied by the Landlord or that any tenant or other occupier of another part of the Building may default in payment of his proportion of the Landlord’s Costs. 

 

	6.2	 Subject to paragraph 6.1 it is the intention that the Landlord should recover the whole of the Landlord’s
costs from the Tenant and other tenants and occupiers of the Building. 

  

	6.3	 If the Landlord recovers moneys in exercise of its powers referred to in paragraph 0 representing expenditure
which has been or which would otherwise fall to be included in the Landlord’s Costs the Landlord shall set off or credit such moneys against the Landlord’s Costs accordingly. 

 

	7.	 Landlord’s Costs to exclude tenants’ liabilities 

There shall be excluded from the items comprising the Landlord’s Costs any liability or expense for which the Tenant or other tenants or
occupiers of the Building may individually be responsible under the terms of the tenancy or other arrangement by which they use.or occupy the Building. 
  

	8.	 Management charges 

The Landlord shall be entitled to include in the Landlord’s costs: 

 

	8.1	 a reasonable fee for the provision of Services, which shall include the reasonable and proper fees for
employing managing agents for the carrying out and provision of Services but shall exclude any charge for the collection of rent; and 

  
 -43- 

	8.2	 any reasonable and proper cost of the accountants, auditors or surveyors for auditing or certifying the
Landlord’s Costs or providing other similar services in connection with the Landlord’s Costs. 

  

	9.	 The Landlord’s obligation to provide services 

 

	9.1	 Subject to the payment of the Service Charge by the Tenant in the manner and at the times required under this
Lease and to the following provisions of this paragraph 9 the Landlord: 

  

	 	(a)	 shall use its best endeavours to provide the Services itemised in Part B of this Schedule during Normal Working
Hours and at such additional times as the Tenant may request; and 

  

	 	(b)	 may provide the Services itemised in Part C of this Schedule. 

 

	9.2	 The Landlord shall not be liable to the Tenant for failure to provide any Services in this Schedule to the
extent that the Landlord is prevented from doing so by Insured Risks and other such perils, accident, strikes, lockouts of workmen or other cause beyond the Landlord’s reasonable control. 

 

	9.3	 The Landlord shall not be liable to the Tenant for failure to provide any Services in this Schedule that it is
obliged to do unless the Landlord has had written notice of and a reasonable period in which to remedy the failure. 

  

	9.4	 The Landlord shall not be liable to the Tenant for any loss, damage or inconvenience which may be caused by
reason of: 

  

	 	(a)	 temporary interruption of services during periods of inspection, maintenance, repair and renewal;

  

	 	(b)	 temporary interruption of services during the course of building works; 

 

	 	(c)	 the breakdown, failure, stoppage, leaking, bursting or defect of any hot or cold water, sanitary, ventilation,
extraction plant and machinery or of soil, gas, water or electricity or other plant and machinery or of the Common Media or the Conducting Media in the Premises, the Building or neighbouring or adjoining property. 

 

	9.5	 The Landlord shall not be under any obligation to the Tenant to continue the provision of the Services
specified in Part C of this Schedule and may in its absolute discretion vary, extend, alter or add to the Services in Parts B and C if the Landlord considers that by so doing the interests of the occupiers of the Building as a class will be better
served, the amenities in the Building may be improved and/or the management of the Building may be more efficiently conducted. 

  

	9.6	 The Landlord shall not be concerned in the administration and collection of or accounting for the Service
Charge on an assignment of this Lease and accordingly the Landlord shall: 

  
 -44- 

	 	(a)	 not be required to make any apportionment relative to the assignment; and 

 

	 	(b)	 be entitled to deal exclusively with the Tenant in whom this Lease is for the time being vested (and for this
purpose in disregard of any assignment which has not been registered in accordance with Schedule 3 paragraph 24). 

Part B 
 Mandatory
services and heads of charge 
  

	10.	 Common Parts 

  

	10.1	 The cleaning, lighting and maintenance of the Common Parts. 

 

	10.2	 The payment of any Outgoings in respect of the Common Parts. 

 

	10.3	 Keeping the Common Parts clear of all rubbish. 

 

	10.4	 The cleaning and clearing of Conducting Media. 

 

	10.5	 The cleaning of all windows which do not form part of any Lettable Area and the external faces of all windows
which although forming part of a Lettable Area give on to the Common Parts or form part of the exterior of the Building. 

  

	11.	 Repairs 

  

	11.1	 The repair, decoration, inspection, maintenance, renewal, replacement, resurfacing, washing down, cleaning and
upkeep of the Main Structure (without prejudice to the Tenant’s responsibility for maintaining doors and windows and paragraph 18.4 of this Schedule) and the Common Parts, the Conducting Media, Common Media and other common service facilities
and of plant, equipment and tools and utensils serving or used in the Building. 

  

	11.2	 Cleaning, lighting, repairing, renewing, decorating, maintaining, and rebuilding any fences, party walls, party
structures, entrance ways, stairs and passages and service areas and Conducting Media and any other items which are or may be used or enjoyed in common with adjacent or neighbouring properties (whether the relevant costs and expenses are incurred by
the Landlord or it is required to make a contribution to those incurred by the owners and occupiers of adjacent or neighbouring properties or by a competent authority). 

 

	12.	 Heating air conditioning and ventilation and water 

 

	12.1	 Heating the Building as may be appropriate in the prevailing climatic conditions and air conditioning and
ventilation and providing hot water to the hot water taps in the Building. 

  

	12.2	 Providing cold water to the cold water taps in the Building. 

  
 -45- 

	12.3	 The repair, maintenance, inspection, renewal and replacement of all plant and equipment required for or in
connection with the working and operation of heating air conditioning and ventilation and hot and cold water. 

  

	13.	 Lifts and Escalators 

 

	13.1	 The operation of a lifts’ and escalator service in the Building. 

 

	13.2	 The repair, maintenance, renewal and replacement of the lifts and escalators and of all plant and equipment for
or in connection with the working and operation of the lifts. 

  

	14.	 Insurances 

Engineering insurances for lifts, escalators, boilers, air-conditioning plant, lightning conductor
equipment and all other electrical or mechanical equipment and apparatus in the Building save to the extent that the Tenant or any other tenant is responsible for effecting such insurance. 

 

	15.	 Statutory requirements 

Compliance with the requirements of any statute (already or in the future to be passed) or any government department, local authority, other
public or competent authority or court of competent jurisdiction and of the insurers in relation to the use, occupation and enjoyment of the Building (including in relation to health and safety compliance with the proper practice recommended by all
appropriate authorities). 
 Part C 

Non-mandatory services and heads of charge 

 

	16.	 Legal proceedings 

 

	16.1	 Making representations which the Landlord in its discretion reasonably and properly considers should be made
against or otherwise contesting the incidence of the provisions of any notice, direction, order, certificate, assessment or proposal relating to or affecting the whole or any part of the Building. 

 

	16.2	 The proper costs of pursuing and enforcing any claim, and taking or defending any proceedings which the
Landlord may in its discretion make take or defend: 

  

	 	(a)	 against contractors, consultants, architects, consulting engineers and surveyors employed or engaged in
connection with the construction and/or refurbishment and/or repair of the Building and/or the Premises or any other third party for the remedy of a defect repairs in or to the Building or otherwise for which they or any of them may be liable; and

  
 -46- 

	 	(b)	 for the purpose of establishing, preserving or defending any rights, amenities or facilities used or enjoyed by
the tenants and occupiers of the Building or any part of it or to which they may be entitled. 

  

	17.	 Employees 

  

	17.1	 Employment of a facilities manager, porter, caretaker, cleaning staff, gardener or other staff for the
maintenance and upkeep of and the provision of services and security in the Building including (without limitation upon the general operation of this paragraph) National Insurance and pension contributions of such employees. 

 

	17.2	 The provision of uniforms, overalls and protective clothing for such employees or other staff required in
connection with their duties. 

  

	17.3	 The running cost of living accommodation for the facilities manager, porter or caretaker in or nearby the
Building and the payment of Outgoings in respect of such accommodation. 

  

	18.	 Common Parts 

  

	18.1	 The provision of repair, maintenance, inspection, renewal and replacement of directional and other informative
notices in the Common Parts. 

  

	18.2	 The furnishing, carpeting and equipping and ornamentation of the Common Parts. 

 

	18.3	 Landscaping, planting and replanting and the maintenance and upkeep of the Common Parts and of garden or
grassed areas and flagpoles on or within the curtilage of the Building. 

  

	18.4	 The maintenance, decoration or replacement of any door or window giving on to the Common Parts or forming part
of the exterior of the Building. 

  

	19.	 Management Premises 

 

	19.1	 The operating costs of Management Premises. 

 

	19.2	 The payment of all Outgoings in respect of Management Premises. 

 

	19.3	 The payment of any rent or service charge or other costs payable by the Landlord or any deemed rents in
relation to the Management Premises. 

  

	19.4	 The provision, maintenance, inspection, repair and replacement of equipment, tools and utensils for the
efficient management of the Services. 

  

	20.	 Refuse collection 

The provision of any refuse collection services or other refuse facilities. 

  
 -47- 

	21.	 Fire fighting equipment, security and public address 

 

	21.1	 The maintenance, inspection, repair and replacement of fire alarms and sprinkler systems.

  

	21.2	 The provision, maintenance, repair and replacement of ancillary fire prevention apparatus and fire fighting
equipment and telephone and public address systems. 

  

	21.3	 Security arrangements for entry to the Car Park. 

 

	21.4	 Security arrangements for the safety of occupiers and users of the Building and their property kept in the
Building. 

  

	21.5	 The engagement of security officers and security services. 

 

	22.	 Insurances 

Such additional insurances (other than as referred to in paragraph 14 or in respect of risks the Landlord covenants to insure in accordance
with Schedule 7) as the Landlord may reasonably effect in respect of or incidental to the Building, its operation and management. 

  
 -48- 

 SCHEDULE 9 

Covenants by the Guarantor 
  

	1.	 The Guarantor (if any) in consideration of the grant of this Lease (or the agreement to the assignment of this
Lease as appropriate) COVENANTS AND GUARANTEES with and to the Landlord that: 

  

	1.1	 The Tenant shall punctually pay the rents and perform and observe the covenants and other terms of this Lease;

  

	1.2	 if the Tenant shall make any default in payment of the rents or in performing or observing any of the covenants
or other terms of this Lease, the Guarantor will pay the rents and perform or observe the covenants or terms in respect of which the Tenant shall be in default and make good to the Landlord on demand and indemnify the Landlord against all reasonable
and proper losses, damages, costs and expenses arising or incurred by the Landlord as a result of such non-payment, non-performance or
non-observance notwithstanding: 

  

	 	(a)	 any time or indulgence granted by the Landlord to the Tenant or any neglect or forbearance of the Landlord in
enforcing the payment of the rents or the observance or performance of the covenants or other terms of this Lease; 

  

	 	(b)	 that the terms of this Lease may have been varied by agreement between the parties except where such variation
is materially adverse to the Guarantor; 

  

	 	(c)	 that the Tenant shall have surrendered part of the Premises in which event the liability of the Guarantor under
this Lease shall continue in respect of the part of the Premises not so surrendered after making any necessary apportionments under s 140 Law of Property Act 1925. 

 

	1.3	 This guarantee is to take effect immediately on the grant (or the assignment as appropriate) of this Lease to
the Tenant and is to remain in force so long as and to the extent that the Tenant is not released by law from liability for any of the covenants and other terms of this Lease. 

 

	2.	 The Guarantor FURTHER COVENANTS with the Landlord that if this Lease is disclaimed or forfeited prior to any
lawful assignment by the Tenant of this Lease the Landlord may within six months after the disclaimer or forfeiture by notice in writing require the Guarantor to accept a new lease of the Premises for a term equivalent to the residue which if there
had been no disclaimer or forfeiture would have remained of the Term at the same rent and subject to the like covenants and conditions as are payable under and applicable to the tenancy immediately before the date of such disclaimer or forfeiture,
the said new lease and the rights and liabilities thereunder to take effect as from the date of such disclaimer or forfeiture, and in such case the Guarantor shall pay the Landlord’s costs reasonably and properly incurred by the Landlord in
connection with such new lease and the Guarantor shall accept such new lease accordingly and will execute and deliver to the Landlord a Counterpart thereof. 

  
 -49- 

	3.	 If this Lease is disclaimed or forfeited and for any reason the Landlord does not require the Guarantor to
accept a new lease of the Premises in accordance with paragraph 3 of this Schedule, the Guarantor shall pay to the Landlord on demand an amount equal to the difference between any money received by the Landlord for the use or occupation of the
Premises less any expenditure incurred by the Landlord in connection with the Premises and the rents which would have been payable under the Lease but for such disclaimer or forfeiture, in both cases for the period commencing with the date of such
disclaimer or forfeiture and ending on whichever is the earlier of the following dates: 

  

	 	(a)	 the date six months after such disclaimer or forfeiture; and 

 

	 	(b)	 the date (if any) upon which the Premises are relet. 

 

	4.	 The Guarantor FURTHER COVENANTS and guarantees the obligations of the Tenant under any Authorised Guarantee
Agreement entered into by the Tenant pursuant to the terms of this Lease. 

  

	5.	 For the purposes of these guarantee provisions references to the Tenant are to the Tenant in relation to whom
the Guarantor’s guarantee is given but not any lawful assignee of such Tenant. 

  
 -50- 

 SCHEDULE 10 

Authorised Guarantee Agreement 
  

	1.	 The Tenant in consideration of the agreement to the assignment of the Lease COVENANTS AND GUARANTEES with and
to the Landlord that: 

  

	1.1	 The Assignee shall punctually pay the rents and perform and observe the covenants and other terms of the Lease;

  

	1.2	 If the Assignee shall make any default in payment of the rents or in performing or observing any of the
covenants or other terms of the Lease, the Tenant will pay the rents and perform and observe the covenants or terms in respect of which the Assignee shall be in default and make good to the Landlord on demand and indemnify the Landlord against all
reasonable and proper losses, damages, costs and expenses arising or incurred by the Landlord as a result of such non-payment, non-performance or nonobservance
notwithstanding: 

  

	 	(a)	 any time or indulgence granted by the Landlord to the Assignee or any neglect or forbearance of the Landlord in
enforcing the payment of the rents or the observance or performance of the covenants or other terms of the Lease; 

  

	 	(b)	 that the terms of the Lease may have been varied by agreement between the parties (but subject always to s 18
Landlord and Tenant (Covenants) Act 1995) except where such variation is materially adverse to the Tenant; 

  

	 	(c)	 that the Assignee shall have surrendered part of the Premises in which event the liability of the Tenant under
this guarantee shall continue in respect of the part of the Premises not so surrendered after making any necessary apportionments under s 140 Law of Property Act 1925. 

 

	2.	 The Tenant FURTHER COVENANTS with the Landlord that if the Lease is disclaimed prior to any lawful assignment
by the Assignee of the Lease the Landlord may within six months after the disclaimer require the Tenant to accept a new lease of the Premises for a term equivalent to the residue which if there had been no disclaimer would have remained of the Term
at the same rent and subject to the like covenants and conditions as are payable under and applicable to the tenancy immediately before the date of such disclaimer, the said new lease and the rights and liabilities thereunder to take effect as from
the date of such disclaimer, and in such case the Tenant shall pay the Landlord’s costs reasonably and properly incurred by the Landlord in connection with such new lease and the Tenant shall accept such new lease accordingly and will execute
and deliver to the Landlord a Counterpart thereof. 

  

	3.	 If the Lease is disclaimed and for any reason the Landlord does not require the Tenant to accept a new lease of
the Premises in accordance with clause 2, the Tenant shall pay to the Landlord on demand an amount equal to the difference between any money received by the Landlord for the use or occupation of the Premises less any expenditure incurred by the
Landlord in connection with the Premises and the rents which would have been payable under the Lease but for such disclaimer, in both cases for the period commencing with the date of such disclaimer and ending on whichever is the earlier of the
following dates: 

  
 -51- 

	 	(a)	 the date six months after such disclaimer; 

 

	 	(b)	 the end or sooner determination of the Term. 

 

	4.	 Notwithstanding any of the foregoing provisions the Tenant: 

 

	 	(a)	 shall not be required to guarantee in any way the liability for the covenants and other terms of the Lease of
any person other than the Assignee: and 

  

	 	(b)	 shall not be subject to any liability, restriction or other requirement (of whatever nature) in relation to any
time after the Assignee is by law released from the covenants and other terms of the Lease. 

  

	5.	 Words and expressions used herein shall have the same meaning as in the Lease. 

  
 -52- 

 

 

  
 -53- 

 

 

 

 

 

 

 

 

			
	

	 	 Eversheds
 Sutherland

(International) LLP
 One Wood Street

London
 EV2V 7WS

 
 T: +44 20 7497 9797

F: +44 20 7919 4919
 DX 154280 Cheapside 8

 
 eversheds-

sutherland.com

  

							
	  
  

Dated:
                                         
               11 May
                                        2021

 
 (1)   KNIGHTSBRIDGE GREEN
LIMITED
  
 (2)   WUNDERMAN
THOMPSON (UK) LIMITED
  

(3)   WPP GROUP (UK) LTD
  

(4)   BABYLON PARTNERS LIMITED

 
 (5)   BABYLON HOLDINGS
LIMITED
  
  

Licence to assign
  

 
 leases dated 10 May 2002 and 16 January 2015 relating to premises known as
Level 1, 1 Knightsbridge Green, London SW1
	  	

 CONTENTS 
  

							
	 Clause
	  	Page	 
	 1.
	 	DEFINITIONS	  	 	3	 
			
	 2.
	 	INTERPRETATION	  	 	5	 
			
	 3.
	 	LICENCE TO ASSIGN	  	 	5	 
			
	 4.
	 	ASSIGNEE’S OBLIGATIONS	  	 	5	 
			
	 5.
	 	TENANT’S OBLIGATIONS	  	 	6	 
			
	 6.
	 	ASSIGNEE’S GUARANTOR	  	 	6	 
			
	 7.
	 	TENANT’S GUARANTOR	  	 	6	 
			
	 8.
	 	TERMINATION OF THIS LICENCE	  	 	7	 
			
	 9.
	 	AGREEMENTS	  	 	7	 
			
	 10.
	 	NOTICES	  	 	7	 
			
	 11.
	 	JURISDICTION	  	 	7	 
			
	 12.
	 	LEGAL EFFECT	  	 	7	 
		
	 Schedules
	  			
	 1
	 	Guarantee	  	 	8	 
		
	 1   Guarantor’s obligations
	  	 	8	 

 LICENCE TO ASSIGN 

DATED 11 May 2021 
 PARTIES 

 

	(1)	 KNIGHTSBRIDGE GREEN LIMITED (a company incorporated in the British Virgin Islands) whose address for
service is c/o Eversheds Sutherland (International) LLP, One Wood Street, London EC2V 7WS (Ref LKM) (the “Landlord”); 

  

	(2)	 WUNDERMAN THOMPSON (UK) LIMITED (incorporated and registered in England and Wales under company
registration number 1660783), the registered office of which is at Greater London House, Hampstead Road, London NW1 7QP (the “Tenant”); 

  

	(3)	 WPP GROUP (UK) LTD (incorporated and registered in England and Wales under company registration number
02670617), the registered office of which is at Sea Containers House, 18 Upper Ground, London SE1 9GL (the “Tenant’s Guarantor”); 

 

	(4)	 BABYLON PARTNERS LIMITED (incorporated and registered in England and Wales under company registration
number 08493276), the registered office of which is at 60 Sloane Avenue, London SW3 3DD (the “Assignee”); and 

  

	(5)	 BABYLON HOLDINGS LIMITED (incorporated and registered in Jersey under company registration number
115471), the registered office of which is at 31 Esplanade, St Helier, Jersey JE1 1FT (the “Assignee’s Guarantor”). 

BACKGROUND: 
  

	(A)	 This Licence relates to the Premises and is supplemental to the Leases. 

 

	(B)	 The Landlord is now the landlord under the Lease, the Tenant remains the tenant under the Lease and the
Tenant’s Guarantor remains the guarantor under the Lease. 

  

	(C)	 The Landlord remains the landlord under the Reversionary Lease, the Tenant remains the tenant under the
Reversionary Lease and the Tenant’s Guarantor remains the guarantor under the Reversionary Lease. 

  

	(D)	 The Landlord has agreed to permit the Assignment subject to the terms contained in this Licence.

 IT IS AGREED AS FOLLOWS: 
  

	1.	 DEFIN ITIONS 

This Licence uses the following definitions: 

“1986 Act” 
 the Insolvency Act
1986; 
 “1995 Act” 
 the
Landlord and Tenant (Covenants) Act 1995; 
 “Assignment” 

 the assignment permitted under clause 3; 

“Assignment Date” 
 the date of
the deed of assignment of the Lease and the transfer of the Reversionary Lease to the Assignee; 
 “Business Day” 

a day (other than a Saturday, Sunday or public holiday) on which banks are usually open for business in England and Wales; 

“Guaranteed Party” 
 the person
whose obligations are guaranteed by a Guarantor; 
 “Guarantor” 

any person who gives a guarantee to the Landlord under this Licence; 

“Lease” 
 a lease dated
10 May 2002 between (1) The Prudential Assurance Company Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

“Leases” 
 means together the
Lease and the Reversionary Lease and any document supplemental to them including but not limited to a deed of variation dated 16 January 2015 made between (1) Knightsbridge Green Limited (2) J. Walter Thompson Group Limited and
(3) WPP Group (UK) Limited and a supplemental agreement and deed of variation dated the date hereof made between (1) Knightsbridge Green Limited (2) Wunderman Thompson (UK) Limited and (3) WPP Group (UK) Limited; 

“Liability Period” 
 the period
starting on the Assignment Date and ending on the date that the Assignee is released from the Tenant’s Obligations under the 1995 Act; 

“Premises” 
 the property let by
the Leases known as Level 1, 1 Knightsbridge Green, London SW1; 
 “Rents” 

the rents reserved by the Leases; 
 “Rent
Deposit Deed” 
 means a rent deposit deed in the agreed form annexed to this Licence; 

“Reversionary Lease” 

 a reversionary lease dated 16 January 2015 between (1) Knightsbridge Green Limited
(2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 
 “Tenant’s
Obligations” 
 the tenant’s obligations in the Leases; 

“Term” 
 the term of the Leases
including where applicable any continuation of that period under the Landlord and Tenant Act 1954. 
  

	2.	 INTERPRETATION 

In this Licence: 
  

	2.1	 where appropriate, the singular includes the plural and vice versa, and one gender includes any other;

  

	2.2	 obligations owed by or to more than one person are owed by or to them jointly and severally;

  

	2.3	 an obligation to do something includes an obligation not to waive any obligation of another person to do it;

  

	2.4	 an obligation not to do something includes an obligation not to permit or allow another person to do it;

  

	2.5	 references to an Act of Parliament are to that Act of Parliament as amended from time to time and to any Act of
Parliament that replaces it; 

  

	2.6	 references to the parties include references to their respective successors in title; and

  

	2.7	 if any provision is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remainder of this Licence will be unaffected. 

  

	3.	 LICENCE TO ASSIGN 

The Landlord permits the Tenant to assign the Leases to the Assignee on the terms of this Licence. 

 

	4.	 ASSIGNEE’S OBLIGATIONS 

 

	4.1	 The Assignee must: 

  

	 	4.1.1	 comply with all of the Tenant’s Obligations throughout the Liability Period; and 

 

	 	4.1.2	 not occupy the Premises before the Assignment Date. 

 

	4.2	 The Assignee must: 

  

	 	4.2.1	 procure the registration of the assignment of the Reversionary Lease by HM Land Registry as soon as reasonably
practicable after the Assignment Date; and 

	 	4.2.2	 within one month of completion of the registration of the assignment of the Reversionary Lease, produce to the
Landlord’s solicitors an official copy of the register of title showing the Assignee as the registered proprietor of the Reversionary Lease. 

  

	4.3	 As a condition of the Landlord’s consent to the assignment of the Leases, the Assignee and the Landlord
shall complete and enter into the Rent Deposit Deed on the Assignment Date and the Assignee shall pay to the Landlord the ‘Initial Sum’ (as defined within the Rent Deposit Deed) in cleared funds on or before the Assignment Date.

  

	5.	 TENANT’S OBLIGATIONS 

 

	5.1	 The Tenant must: 

  

	 	5.1.1	 not seek to enforce any of the landlord’s obligations under the Leases nor exercise any of the
tenant’s rights under the Leases on or after the Assignment Date; 

  

	 	5.1.2	 within seven days from the Assignment Date, give notice to the Landlord of the name and address of the party to
whom future rent demands should be sent; and 

  

	 	5.1.3	 within one month from the Assignment Date (or such other period as may be specified in the Leases), produce to
the Landlord’s solicitors a certified copy of the deeds effecting the Assignment and pay any registration fee required by the Leases. 

  

	5.2	 The Tenant, as primary obligor, guarantees to the Landlord that, starting on the Assignment Date, the Assignee
will comply with the Tenant’s Obligations throughout the Liability Period. If the Assignee defaults, the Tenant will itself comply with those obligations and will indemnify the Landlord against all losses, costs, damages and expenses properly
incurred by the Landlord by that default. This guarantee: 

  

	 	5.2.1	 incorporates the provisions of Schedule 1; and 

 

	 	5.2.2	 is an authorised guarantee agreement for the purposes of section 16 of the 1995 Act. 

 

	6.	 ASSIGNEE’S GUARANTOR 

 

	6.1	 The Assignee’s Guarantor, as primary obligor, guarantees to the Landlord that, starting on the Assignment
Date, the Assignee will comply with the Tenant’s Obligations throughout the Liability Period. If the Assignee defaults, the Assignee’s Guarantor will itself comply with those obligations and will indemnify the Landlord against all losses,
costs, damages and expenses properly incurred by the Landlord by that default. This guarantee incorporates the provisions of Schedule 1. 

  

	6.2	 The Assignee’s Guarantor agrees with the Landlord that, if the Landlord asks it to do so, it will give the
Landlord a guarantee of any authorised guarantee agreement given to the Landlord by the Assignee on an assignment of the Leases, such guarantee to incorporate the provisions of Schedule 1. 

 

	7.	 TENANT’S GUARANTOR 

The Tenant’s Guarantor, as primary obligor, guarantees to the Landlord that, starting on the Assignment Date, the Tenant will comply with
its obligations under clause 5.2 throughout the Liability Period. If the Tenant defaults, the Tenant’s Guarantor will itself comply with those obligations and will indemnify the Landlord against all losses, costs, damages and expenses
properly incurred by the Landlord by that default. This guarantee incorporates the provisions of Schedule 1. 

	8.	 TERMINATION OF THIS LICENCE 

 

	8.1	 The Landlord may terminate this Licence by written notice to the Tenant if the Assignment Date has not occurred
within the period of six months starting on the date of this Licence. 

  

	8.2	 Any termination of this Licence under clause 8.1 will be: 

 

	 	8.2.1	 without prejudice to any rights or remedies of any party to this Licence in respect of or arising from any
previous breach by any other party to this Licence; and 

  

	 	8.2.2	 without liability on the part of the Landlord to refund any moneys paid in connection with this Licence.

  

	9.	 AGREEMENTS 

  

	9.1	 Nothing in this Licence will: 

 

	 	9.1.1	 be deemed to authorise any action other than expressly authorised in clause 3; 

 

	 	9.1.2	 release or reduce any liability to the Landlord of the Tenant or any guarantor or other party to the Leases; or

  

	 	9.1.3	 waive or be deemed to waive any breach of the Tenant’s Obligations that may have occurred before the date
of this Licence. 

  

	9.2	 All sums payable by the Tenant under this Licence will be recoverable as rent in arrear in accordance with the
Leases prior to the Assignment Date. 

  

	9.3	 Where any sums become payable under the Leases after the Assignment Date that relate in whole or in part to the
period before the Assignment Date, the Assignee will be liable for the whole of the sums payable and the Tenant will indemnify the Assignee against all sums payable to the Landlord pursuant to this clause 9. 

 

	9.4	 Nothing in this Licence creates any rights benefiting any person under the Contracts (Rights of Third Parties)
Act 1999. 

  

	10.	 NOTICES 

Any notices to be served under this Licence will be validly served if served in accordance with the notice provisions in the Leases. 

 

	11.	 JURISDICTION 

  

	11.1	 This Licence and any non-contractual obligations arising out of or in
connection with it will be governed by the law of England and Wales. 

  

	11.2	 Subject to clause 11.3, the courts of England and Wales have exclusive jurisdiction to determine any
dispute arising out of or in connection with this Licence, including in relation to any non-contractual obligations. 

  

	11.3	 Any party may seek to enforce an order of the courts of England and Wales arising out of or in connection with
this Licence, including in relation to any non-contractual obligations, in any court of competent jurisdiction. 

	12.	 LEGAL EFFECT 

This Licence takes effect and binds the parties with effect from the date set out at the beginning of this Licence. 

SCHEDULE 1 
 Guarantee

 Guarantor’s obligations 
  

	1.1	 The Guarantor, as primary obligor, guarantees to the Landlord that it will indemnify the Landlord against all
reasonable and proper losses, costs, damages and expenses properly incurred by the Landlord by the Guaranteed Party proposing or entering into any company voluntary arrangement, scheme of arrangement or other scheme having or purporting to have the
effect of impairing, compromising or releasing any or all of the obligations of the Guarantor in this Licence. 

  

	1.2	 If the Landlord in its absolute discretion notifies the Guarantor within three months after the date of any
disclaimer of the Reversionary Lease and (if applicable) the Lease, the Guarantor must, within ten working days, at the Landlord’s option either: 

  

	 	1.2.1	 at the Guarantor’s own cost (including payment of the Landlord’s proper costs) accept the grant of a
lease of the Premises: 

  

	 	(a)	 for a term starting and taking effect on the date of the disclaimer of the Reversionary Lease and (if
applicable) the Lease; 

  

	 	(b)	 ending on the date when the Reversionary Lease would have ended if the disclaimer had not happened;

  

	 	(c)	 at the same rent (and other sums payable); and 

 

	 	(d)	 otherwise on the same obligations and conditions in the Reversionary Lease and (if applicable) the Lease; or

  

	 	1.2.2	 pay the Landlord any arrears of the Rents, outgoings and any other sums payable under the Leases plus the
amount equivalent to the total of those sums due that would have been payable for the period of 6 months following the disclaimer had there been no such disclaimer. 

 

	1.3	 Where the guarantee has been given by the Assignee’s Guarantor, references in paragraph 1.2 to the
disclaimer of the Reversionary Lease and (if applicable) the Lease will include references to the forfeiture of the Reversionary Lease and (if applicable) the Lease and the Assignee being struck off the register of companies. 

 

	1.4	 If paragraph 1.2.2 applies then, on receipt of the payment in full, the Landlord must release the
Guarantor from its future obligations under its guarantee (but that will not affect the Landlord’s rights in relation to any prior breaches). 

  

	1.5	 The Guarantor’s liability will not be reduced or discharged by: 

 

	 	1.5.1	 any failure for any reason to enforce in full or any delay in enforcement of, any right against, or any
concession allowed to the Guaranteed Party or any third party; 

  

	 	1.5.2	 any variation of the Leases (but subject always to section 18 of the 1995 Act) (except where such variation is
materially adverse to the Guarantor and except that a surrender of part will end the Guarantor’s future liability in respect of the surrendered part); 

	 	1.5.3	 any right to set-off or counterclaim that the Guaranteed Party or the
Guarantor may have; 

  

	 	1.5.4	 any death, incapacity, disability or change in the constitution or status of any party to this Licence or of
any other person who is liable for the performance of the Tenant’s Obligations; 

  

	 	1.5.5	 any amalgamation or merger by any party with any other person, any restructuring or the acquisition of the
whole or any part of the assets or undertaking of any party by any other person; 

  

	 	1.5.6	 the existence or occurrence of any matter referred to in paragraph 1.6; or 

 

	 	1.5.7	 anything else other than a release by the Landlord by deed. 

 

	1.6	 The matters referred to in paragraph 1.5.6 are: 

 

	 	1.6.1	 any Law of Property Act 1925, administrative, court-appointed or other receiver or similar officer is appointed
over the whole or any part of the assets of the Guaranteed Party or the Guaranteed Party enters into any scheme or arrangement with its creditors in satisfaction or composition of its debts under the 1986 Act; 

 

	 	1.6.2	 the Guaranteed Party is a company or a limited liability partnership: 

 

	 	(a)	 the Guaranteed Party enters into liquidation within the meaning of section 247 of the 1986 Act;

  

	 	(b)	 the Guaranteed Party is wound up or a petition for winding up is presented against the Guaranteed Party that is
not dismissed or withdrawn within 7 days of being presented; 

  

	 	(c)	 a meeting of the Guaranteed Party’s creditors or any of them is summoned under Part I of the 1986 Act;

  

	 	(d)	 a moratorium in respect of the Guaranteed Party comes into force under section 1(A) of and schedule A1 to the
1986 Act; 

  

	 	(e)	 an administrator is appointed to the Guaranteed Party; or 

 

	 	(f)	 the Guaranteed Party is struck off the register of companies; 

 

	 	1.6.3	 the Guaranteed Party is a partnership, it is subject to an event similar to any listed in paragraph
1.6.2 with appropriate modifications so as to relate to a partnership; 

  

	 	1.6.4	 if the Guaranteed Party is an individual: 

 

	 	(a)	 a receiving order is made against the Guaranteed Party; 

 

	 	(b)	 an interim receiver is appointed over or in relation to the Guaranteed Party’s property;

  

	 	(c)	 the Guaranteed Party makes an application to be declared bankrupt, the Guaranteed Party is the subject of a
bankruptcy petition or the Guaranteed Party becomes bankrupt; 

	 	(d)	 the Guaranteed Party applies for or becomes subject to a debt relief order or the Guaranteed Party proposes or
becomes subject to a debt management plan; or 

  

	 	(e)	 an interim order is made against the Guaranteed Party under Part VIII of the 1986 Act or the Guaranteed Party
otherwise proposes an individual voluntary arrangement; 

  

	 	1.6.5	 any event similar to any listed in paragraphs 1.6.1 to 1.6.4 occurs in any jurisdiction (whether it be
England and Wales, or elsewhere); and 

  

	 	1.6.6	 any event similar to any listed in paragraphs 1.6.1 to 1.6.5 occurs in relation to the Guarantor.

  

	1.7	 The Guarantor must not claim in competition with the Landlord in the insolvency of the Guaranteed Party and
must not take any security, indemnity or guarantee from the Guaranteed Party in respect of the Tenant’s Obligations. 

  

	1.8	 Nothing in this paragraph 1 may impose any liability on the Guarantor that exceeds the liability that it
would have had were it the tenant of the Leases. 

 RENT DEPOSIT DEED 

					
	Dated:	  	2021	  	

  

	(1)	 Knightsbridge Green Limited 

 

	(2)	 Babylon Partners Limited 

 
  

Rent deposit deed 
  

 
 Relating to leases of premises known as Level 1,
1 Knightsbridge Green, London SW1 

 CONTENTS 
  

							
	Clause	 	  	  	Page	 
			
	 1.
	 	DEFINITIONS	  	 	14	 
			
	 2.
	 	INTERPRETATION	  	 	16	 
			
	 3.
	 	DEPOSIT ACCOUNT	  	 	16	 
			
	 4.
	 	CHARGE	  	 	16	 
			
	 5.
	 	DEPOSIT BALANCE	  	 	17	 
			
	 6.
	 	RELEASE DATE	  	 	18	 
			
	 7.
	 	REPAYMENT OF THE DEPOSIT BALANCE	  	 	18	 
			
	 8.
	 	DISPOSALS	  	 	19	 
			
	 9.
	 	LEGAL EFFECT	  	 	19	 

 CONTENTS 
  

 RENT DEPOSIT DEED 

THIS RENT DEPOSIT DEED is made on 2021 
 PARTIES

  

	(1)	 KNIGHTSBRIDGE GREEN LIMITED (a company incorporated in the British Virgin Islands) whose address for
service is c/o Eversheds Sutherland (International) LLP, One Wood Street, London EC2V 7WS (Ref LKM) and any Successor (the “Landlord”); and 

  

	(2)	 BABYLON PARTNERS LIMITED (incorporated and registered in England and Wales under company registration
number 08493276), the registered office of which is at 60 Sloane Avenue, London SW3 3DD (the “Tenant”). 

 IT IS
AGREED AS FOLLOWS: 
  

	1.	 DEFINITIONS 

This Deed uses the following definitions: 

“Bank” 
 any bank that the
Landlord may nominate; 
 “Covenants” 

the tenant’s obligations and conditions contained in the Leases; 

“Deposit” 
 eight hundred and
forty eight thousand two hundred and fifty eight pounds and forty pence (£848,258.40) ) being an amount equivalent to 12 months’ annual rent payable under the Leases plus an amount equivalent to VAT to be paid by the Tenant to the
Landlord in two tranches as follows: 
  

	 	(i)	 £424,129.20 to be paid to the Landlord by the Tenant on the date of this Deed; (“the Initial
Sum”) and 

  

	 	(ii)	 £424,129.20 to be paid to the Landlord by the Tenant on or before 1 September 2021;

 “Deposit Account” 

a separate interest-bearing deposit account opened with the Bank; 

“Deposit Balance” 
 the balance
from time to time standing to the credit of the Deposit Account; 
 “Disposal” 

the transfer of the Landlord’s interest in the Premises or the grant of a lease out of that interest that takes effect subject to the
terms of the Leases; 

 CONTENTS 
  

 “Event of Default” 

one or more of the following events: 
  

	 	(a)	 the disclaimer of the Leases by the Crown or by a liquidator or trustee in bankruptcy of the Tenant;

  

	 	(b)	 if the Tenant is a company, the Tenant is struck off the register of companies or otherwise ceases to exist;
and 

  

	 	(c)	 the forfeiture of the Leases; 

“Lease” 
 a lease dated
10 May 2002 between (1) The Prudential Assurance Company Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

“Leases” 
 means together the
Lease and the Reversionary Lease; 
 “Minimum Balance” 

£424,129.20 until and including 31 August 2021 and, thereafter, £848,258.40 but provided that, subject to clause 6.2,
the Minimum Balance from the Release Date shall be £424,129.20; 
 “Premises” 

the premises known as Level 1, 1 Knightsbridge Green, London SW1 described in more detail in the Leases; 

“Release Date” 
 subject to
clause 6.2, 28 March 2024; 
 “Repayment Date” 

the earlier of: 
  

	 	(a)	 the date on which the Tenant lawfully assigns the Leases; 

 

	 	(b)	 the first date on which the following conditions are satisfied: 

 

	 	(i)	 the Reversionary Lease has come to an end, other than by an Event of Default; and 

 

	 	(ii)	 the Tenant gives back the Premises with vacant possession; 

“Reversionary Lease” 
 a
reversionary lease dated 16 January 2015 between (1) Knightsbridge Green Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

 CONTENTS 
  

 “Secured Liabilities” 

the payment of all sums required for one or more of the following: 
  

	 	(a)	 to make good any loss or damage to the Landlord arising from any breach by the Tenant of the Covenants;

  

	 	(b)	 to make good any loss or damage to the Landlord arising from an Event of Default, including any sums for which
the Landlord is entitled to prove in the winding up or bankruptcy of the Tenant whether or not following a disclaimer of the Leases; and 

“Successor” 
 the person who
becomes the immediate landlord of the Tenant following a Disposal. 
  

	2.	 INTERPRETATION 

In this Deed: 
  

	2.1	 “notify”, “notifies” or “notifying” means notify or notifying in writing;

  

	2.2	 “VAT” has the meaning given to it in the Leases; 

 

	2.3	 where appropriate, the singular includes the plural and vice versa, and one gender includes any other;

  

	2.4	 obligations owed by or to more than one person are owed by or to them jointly and severally;

  

	2.5	 an obligation to do something includes an obligation not to waive any obligation of another person to do it;

  

	2.6	 an obligation not to do something includes an obligation not to permit or allow another person to do it;

  

	2.7	 “includes”, “including” and similar words are used without limitation or qualification to
the subject matter of the relevant provision; and 

  

	2.8	 if any provision is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remainder of this Deed will be unaffected. 

  

	3.	 DEPOSIT ACCOUNT 

 

	3.1	 If it has not already done so, the Landlord must open the Deposit Account as soon as reasonably practicable
after the date of this Deed and, in any event, within 3 working days of completion of this Deed. 

  

	3.2	 The Tenant must provide all information about the Tenant required by the Bank to open and maintain the Deposit
Account including any details of the directors and shareholders of the Tenant and evidence of their identity required by the Bank. 

  

	3.3	 The Bank’s costs for opening and operating the Deposit Account will be deducted from any interest earned
on the Deposit Account and any balance of those costs must be paid by the Tenant within 10 working days of demand. 

 CONTENTS 
  

	4.	 CHARGE 

  

	4.1	 The Landlord acknowledges receipt of the Initial Sum in respect of the Deposit from the Tenant and must pay it
into the Deposit Account within 5 working days of completion of this Deed. The Landlord shall provide to the Tenant details of the Deposit Account within 2 working days thereafter. 

 

	4.2	 The Tenant must pay the balance of the Deposit in the sum of £424,129.20 to the Landlord on or before
1 September 2021 to be held on the terms of this Deed and so that each tranche of the Deposit paid by the Tenant is charged to the Landlord by way of first fixed charge. 

 

	4.3	 The Tenant must pay and discharge the Secured Liabilities on demand when they are due to the Landlord.

  

	4.4	 The Tenant with full title guarantee and as continuing security for the Secured Liabilities charges the Deposit
Balance by way of first fixed charge to the Landlord. 

  

	4.5	 The charge created by clause 4.4 is a “a charge in favour of a landlord on a cash deposit given as
security in connection with the lease of land” for the purposes of section 859A(6)(a) Companies Act 2006. 

  

	4.6	 The Tenant warrants to the Landlord that: 

 

	 	4.6.1	 no person having any charge or other form of security over the assets of the Tenant is required to consent to
the Tenant entering into this Deed or has the benefit of any covenant preventing the Tenant entering into this Deed; and 

  

	 	4.6.2	 the Deposit is, and any further sums paid into the Deposit Account will be, free from any charge, lien or
incumbrance in favour of any third party, whether legal or equitable. 

  

	4.7	 The Tenant must not create any other legal or equitable charge (whether fixed or floating), lien or encumbrance
over the Deposit Balance ranking in priority to the security created by this Deed. 

  

	4.8	 The Tenant must promptly and at its own cost execute any document and take any action that the Landlord at any
time reasonably requires in order to protect and preserve the security created by this Deed and for the priority of that security. 

  

	4.9	 The security created by this Deed is in addition to and is not to merge with, prejudice or affect any other
security interest of the Landlord in relation to the Tenant. 

  

	5.	 DEPOSIT BALANCE 

 

	5.1	 The Landlord acknowledges that: 

 

	 	5.1.1	 the Deposit Balance is and remains beneficially the property of the Tenant subject to the charge created by
clause 4.4 and the Bank has been notified in writing of this fact; and 

  

	 	5.1.2	 it must not make any withdrawals from the Deposit Account except on the terms of this Deed.

 CONTENTS 
  

	5.2	 The Tenant acknowledges that the Landlord is entitled to make withdrawals from the Deposit Account on the terms
of this Deed and that any money so withdrawn will become the property of the Landlord. 

  

	5.3	 The Landlord may notify the Tenant that the Deposit Balance is to be reduced by such sum as may be specified to
settle any of the Secured Liabilities. If the Tenant does not pay to the Landlord the sums specified within 10 working days after being notified, the Landlord may withdraw those sums from the Deposit Account. 

 

	5.4	 The Tenant must pay to the Landlord on demand such further sums as may be required to ensure that the Deposit
Balance is at all times equal to the Minimum Balance. 

  

	5.5	 The Landlord must pay any sums received from the Tenant under clause 5.4 into the Deposit Account within
2 working days of receipt and they will form part of the Deposit Balance. 

  

	5.6	 Interest earned on the Deposit Account must be credited to the Deposit Account. It will form part of the
Deposit Balance until paid to the Tenant in accordance with clause 6. 

  

	6.	 RELEASE DATE 

 

	6.1	 Subject to clause 6.2 and clause 6.3, on the Release Date, the Landlord will pay to the Tenant
the amount by which the Deposit Balance (after deducting any outstanding Secured Liabilities at the Release Date) exceeds the Minimum Balance (“the Release Date Repayment”). 

 

	6.2	 This clause 6 will cease to apply in the case of an Event of Default. 

 

	6.3	 If, at the Release Date, the Tenant is in arrears for any part of the yearly rent payable under the Leases, or
there are any outstanding material breaches by the Tenant of the Covenants, the Landlord: 

  

	 	6.3.1	 will not be required to pay the Release Date Repayment to the Tenant on the Release Date;

  

	 	6.3.2	 shall notify the Tenant that it will not be releasing the Release Date Repayment to the Tenant in writing
within 5 working days of the Release Date together with details of the arrears or the material breach of the Covenants; and 

  

	 	6.3.3	 shall, within 10 working days of the arrears being settled and/or material breach of the Covenants being
remedied by the Tenant (as the case may be), pay to the Tenant the amount by which the Deposit Balance at that date (after deducting any outstanding Secured Liabilities at that date) exceeds the Minimum Balance. 

 

	7.	 REPAYMENT OF THE DEPOSIT BALANCE 

 

	7.1	 Within 10 working days after the Repayment Date, the Landlord must pay to the Tenant an amount equal to the
Deposit Balance on that date and any interest up to that date but after deducting: 

  

	 	7.1.1	 any outstanding Secured Liabilities at the Repayment Date; and 

 

	 	7.1.2	 any outstanding costs of the Bank, including any costs payable on the closure of the Deposit Account.

  

	7.2	 If any Secured Liabilities are due at the Repayment Date but are unquantified at this date:

 CONTENTS 
  

	 	7.2.1	 the Landlord may deduct from the sums payable under clause 7.1 an amount equal to the Landlord’s
reasonable estimate, to be made in good faith, of those Secured Liabilities; 

  

	 	7.2.2	 any sums so deducted must be held in the Deposit Account on the terms of this Deed until the relevant Secured
Liabilities have been quantified; 

  

	 	7.2.3	 the Landlord must quantify the relevant Secured Liabilities as soon as reasonably practicable; and

  

	 	7.2.4	 when the relevant Secured Liabilities have been quantified, the Landlord must deduct the amount of those
Secured Liabilities from the Deposit Account and must pay any credit balance on the Deposit Account to the Tenant within 10 working days of the Secured Liabilities having been quantified. 

 

	7.3	 Following the repayment of the whole of the Deposit Balance, the Landlord must close the Deposit Account.

  

	8.	 DISPOSALS 

  

	8.1	 Following a Disposal the Landlord must: 

 

	 	8.1.1	 notify the Tenant of the name and address of its Successor; and 

 

	 	8.1.2	 either: 

  

	 	(a)	 give a mandate to the Bank authorising the Bank to accept its Successor as the signatory to the Deposit Account
and the person entitled to operate the Deposit Account; or 

  

	 	(b)	 procure that the Successor opens a new Deposit Account and credits an amount equivalent to the Deposit Balance
to it within 5 working days of receipt and gives details to the Tenant of the new Deposit Account within 5 working days thereafter, such Deposit Balance to be held on the terms of this Deed. 

 

	8.2	 Subject to the Landlord complying with clause 8.1, the Landlord making the Disposal will not be liable
for any breach of its obligations in this Deed arising after the date of the Disposal. 

  

	9.	 LEGAL EFFECT 

This Deed is supplemental to the Leases. A breach of the terms of this Deed will be treated as a breach of the terms of the Leases and the
Landlord will have the same rights and remedies in respect of that breach as it would have in respect of a breach of the terms of the Leases, including for the payment of interest on payments that are due under this Deed that are not paid within 10
working days of demand. 

 CONTENTS 
  

 This document is executed as a deed and delivered on the date stated at the beginning of this document. 

 CONTENTS 
  

							
	 Executed as a deed by
 LIMITED KNIGHTSBRIDGE
GREEN
 LIMITED a
 company incorporated in the

BRITISH VIRGIN ISLANDS
 acting by QAZI HANNAN

BHATTI who, in accordance is with the
	  	)
 )
 )

)
 )

)
 )
	  	 KNIGHTSBRIDGE GREEN
  

Signature in the name of the) company
	  	
	 laws of that territory,
 acting under the
authority
 of that company
  
	  	)
 )
 )

 
	  	  
 Signature in the name of the)
company
	  	
	 In the presence of:
  

Signature of Witness:
  

Name of Witness:
  

Address of Witness:
  
	  		  		  	
	 Executed as a deed by =
 BABYLON PARTNERS
LIMITED
 Acting by one directors in
	  	)
 )
 )
	  	  
 Signature of director
	  	
	  
 In the presence of:

 
 Signature of Witness:

 
 Name of Witness:

 
 Address of Witness:
	  		  		  	

 CONTENTS 
  

							
		  		  		  	
	 Executed as a deed by
 WUNDERMAN THOMPSON
(UK) LIMITED
 Acting by one directors in
 The presence
of
	  	)
 )
 )

)
 )

)
	  	 Signature of director
	  	
	 In the presence of:
  

Signature of Witness:
  

***
  
  
	  	)
 )
 )

)
	  		  	
	 Executed as a deed by =
 WPP GROUP (UK) LTD

acting by one directors in
 the presence of:
	  		  		  	
	  
 In the presence of:
	  	)
 )
 )
	  	 Signature of director
	  	
	Signature of Witness:	  		  		  	
				
	 ***
  
	  		  		  	

  

			
	

	  	 Eversheds

Sutherland

(International) LLP

One Wood Street

London
 EV2V 7WS

 
 T: +44 20 7497 9797

 
 F: +44 20 7919 4919

 
 DX 154280 Cheapside 8

 
 eversheds-sutherland.com

  
  

					
	Dated:	  	11 May	  	2021

  

	(1)	 KNIGHTSBRIDGE GREEN LIMITED 

 

	(2)	 WUNDERMAN THOMPSON (UK) LIMITED 

 

	(3)	 WPP GROUP (UK) LTD 

  

	(4)	 BABYLON PARTNERS LIMITED 

 

	(5)	 BABYLON HOLDINGS LIMITED 

 
  

Licence to assign 
  

 
 leases dated 10 May 2002 and 16 January
2015 relating to premises known as Level 2, 1 Knightsbridge Green, London SW1 

 CONTENTS 
  

							
	Clause	  	Page	 
			
	 1.
	 	DEFINITIONS	  	 	3	 
			
	 2.
	 	INTERPRETATION	  	 	5	 
			
	 3.
	 	LICENCE TO ASSIGN	  	 	5	 
			
	 4.
	 	ASSIGNEE’S OBLIGATIONS	  	 	5	 
			
	 5.
	 	TENANT’S OBLIGATIONS	  	 	6	 
			
	 6.
	 	ASSIGNEE’S GUARANTOR	  	 	6	 
			
	 7.
	 	TENANT’S GUARANTOR	  	 	6	 
			
	 8.
	 	TERMINATION OF THIS LICENCE	  	 	6	 
			
	 9.
	 	AGREEMENTS	  	 	7	 
			
	 10.
	 	NOTICES	  	 	7	 
			
	 11.
	 	JURISDICTION	  	 	7	 
			
	 12.
	 	LEGAL EFFECT	  	 	7	 
		
	 Schedules
	  			
			
	1	 	Guarantee	  	 	9	 
			
		 	 1 Guarantor’s obligations
	  	 	9	 

 LICENCE TO ASSIGN 

DATED            11 May 2021 

PARTIES 
  

	(1)	 KNIGHTSBRIDGE GREEN LIMITED (a company incorporated in the British Virgin Islands) whose address for
service is c/o Eversheds Sutherland (International) LLP, One Wood Street, London EC2V 7WS (Ref LKM) (the “Landlord”); 

  

	(2)	 WUNDERMAN THOMPSON (UK) LIMITED (incorporated and registered in England and Wales under company
registration number 1660783), the registered office of which is at Greater London House, Hampstead Road, London NW1 7QP (the “Tenant”); 

  

	(3)	 WPP GROUP (UK) LTD (incorporated and registered in England and Wales under company registration number
02670617), the registered office of which is at Sea Containers House, 18 Upper Ground, London SE1 9GL (the “Tenant’s Guarantor”); 

 

	(4)	 BABYLON PARTNERS LIMITED (incorporated and registered in England and Wales under company registration
number 08493276), the registered office of which is at 60 Sloane Avenue, London SW3 3DD (the “Assignee”); and 

  

	(5)	 BABYLON HOLDINGS LIMITED (incorporated and registered in Jersey under company registration number
115471), the registered office of which is at 31 Esplanade, St Helier, Jersey JE1 1FT (the “Assignee’s Guarantor”). 

BACKGROUND: 
  

	(A)	 This Licence relates to the Premises and is supplemental to the Leases. 

 

	(B)	 The Landlord is now the landlord under the Lease, the Tenant remains the tenant under the Lease and the
Tenant’s Guarantor remains the guarantor under the Lease. 

  

	(C)	 The Landlord remains the landlord under the Reversionary Lease, the Tenant remains the tenant under the
Reversionary Lease and the Tenant’s Guarantor remains the guarantor under the Reversionary Lease. 

  

	(D)	 The Landlord has agreed to permit the Assignment subject to the terms contained in this Licence.

 IT IS AGREED AS FOLLOWS: 
  

	1.	 DEFINITIONS 

This Licence uses the following definitions: 

“1986 Act” 
 the Insolvency Act
1986; 
 “1995 Act” 
 the
Landlord and Tenant (Covenants) Act 1995; 
 “Assignment” 

 the assignment permitted under clause 3; 

“Assignment Date” 
 the date of
the deed of assignment of the Lease and the transfer of the Reversionary Lease to the Assignee; 
 “Business Day” 

a day (other than a Saturday, Sunday or public holiday) on which banks are usually open for business in England and Wales; 

“Guaranteed Party” 
 the person
whose obligations are guaranteed by a Guarantor; 
 “Guarantor” 

any person who gives a guarantee to the Landlord under this Licence; 

“Lease” 
 a lease dated
10 May 2002 between (1) The Prudential Assurance Company Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

“Leases” 
 means together the
Lease and the Reversionary Lease and any document supplemental to them including but not limited to a deed of variation dated 16 January 2015 made between (1) Knightsbridge Green Limited (2) J. Walter Thompson Group Limited and
(3) WPP Group (UK) Limited and a supplemental agreement and deed of variation dated the date hereof made between (1) Knightsbridge Green Limited (2) Wunderman Thompson (UK) Limited and (3) WPP Group (UK) Limited; 

“Liability Period” 
 the period
starting on the Assignment Date and ending on the date that the Assignee is released from the Tenant’s Obligations under the 1995 Act; 

“Premises” 
 the property let by
the Leases known as Level 2, 1 Knightsbridge Green, London SW1; 
 “Rents” 

the rents reserved by the Leases; 
 “Rent
Deposit Deed” 
 means a rent deposit deed in the agreed form annexed to this Licence; 

 “Reversionary Lease” 

a reversionary lease dated 16 January 2015 between (1) Knightsbridge Green Limited (2) J Walter Thompson Group Limited and
(3) WPP Group (UK) Limited and any document supplemental to it; 
 “Tenant’s Obligations” 

the tenant’s obligations in the Leases; 

“Term” 
 the term of the Leases
including where applicable any continuation of that period under the Landlord and Tenant Act 1954. 
  

	2.	 INTERPRETATION 

In this Licence: 
  

	2.1	 where appropriate, the singular includes the plural and vice versa, and one gender includes any other;

  

	2.2	 obligations owed by or to more than one person are owed by or to them jointly and severally;

  

	2.3	 an obligation to do something includes an obligation not to waive any obligation of another person to do it;

  

	2.4	 an obligation not to do something includes an obligation not to permit or allow another person to do it;

  

	2.5	 references to an Act of Parliament are to that Act of Parliament as amended from time to time and to any Act of
Parliament that replaces it; 

  

	2.6	 references to the parties include references to their respective successors in title; and

  

	2.7	 if any provision is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remainder of this Licence will be unaffected. 

  

	3.	 LICENCE TO ASSIGN 

The Landlord permits the Tenant to assign the Leases to the Assignee on the terms of this Licence. 

 

	4.	 ASSIGNEE’S OBLIGATIONS 

 

	4.1	 The Assignee must: 

  

	 	4.1.1	 comply with all of the Tenant’s Obligations throughout the Liability Period; and 

 

	 	4.1.2	 not occupy the Premises before the Assignment Date. 

 

	4.2	 The Assignee must: 

  

	 	4.2.1	 procure the registration of the assignment of the Reversionary Lease by HM Land Registry as soon as reasonably
practicable after the Assignment Date; and 

	 	4.2.2	 within one month of completion of the registration of the assignment of the Reversionary Lease, produce to the
Landlord’s solicitors an official copy of the register of title showing the Assignee as the registered proprietor of the Reversionary Lease. 

  

	4.3	 As a condition of the Landlord’s consent to the assignment of the Leases, the Assignee and the Landlord
shall complete and enter into the Rent Deposit Deed on the Assignment Date and the Assignee shall pay to the Landlord the ‘Initial Sum’ (as defined within the Rent Deposit Deed) in cleared funds on or before the Assignment Date.

  

	5.	 TENANT’S OBLIGATIONS 

 

	5.1	 The Tenant must: 

  

	 	5.1.1	 not seek to enforce any of the landlord’s obligations under the Leases nor exercise any of the
tenant’s rights under the Leases on or after the Assignment Date; 

  

	 	5.1.2	 within seven days from the Assignment Date, give notice to the Landlord of the name and address of the party to
whom future rent demands should be sent; and 

  

	 	5.1.3	 within one month from the Assignment Date (or such other period as may be specified in the Leases), produce to
the Landlord’s solicitors a certified copy of the deeds effecting the Assignment and pay any registration fee required by the Leases. 

  

	5.2	 The Tenant, as primary obligor, guarantees to the Landlord that, starting on the Assignment Date, the Assignee
will comply with the Tenant’s Obligations throughout the Liability Period. If the Assignee defaults, the Tenant will itself comply with those obligations and will indemnify the Landlord against all losses, costs, damages and expenses properly
incurred by the Landlord by that default. This guarantee: 

  

	 	5.2.1	 incorporates the provisions of Schedule 1; and 

 

	 	5.2.2	 is an authorised guarantee agreement for the purposes of section 16 of the 1995 Act. 

 

	6.	 ASSIGNEE’S GUARANTOR 

 

	6.1	 The Assignee’s Guarantor, as primary obligor, guarantees to the Landlord that, starting on the Assignment
Date, the Assignee will comply with the Tenant’s Obligations throughout the Liability Period. If the Assignee defaults, the Assignee’s Guarantor will itself comply with those obligations and will indemnify the Landlord against all losses,
costs, damages and expenses properly incurred by the Landlord by that default. This guarantee incorporates the provisions of Schedule 1. 

  

	6.2	 The Assignee’s Guarantor agrees with the Landlord that, if the Landlord asks it to do so, it will give the
Landlord a guarantee of any authorised guarantee agreement given to the Landlord by the Assignee on an assignment of the Leases, such guarantee to incorporate the provisions of Schedule 1. 

 

	7.	 TENANT’S GUARANTOR 

The Tenant’s Guarantor, as primary obligor, guarantees to the Landlord that, starting on the Assignment Date, the Tenant will comply with
its obligations under clause 5.2 throughout the Liability Period. If the Tenant defaults, the Tenant’s Guarantor will itself comply with those obligations and will indemnify the Landlord against all losses, costs, damages and expenses
properly incurred by the Landlord by that default. This guarantee incorporates the provisions of Schedule 1. 

	8.	 TERMINATION OF THIS LICENCE 

 

	8.1	 The Landlord may terminate this Licence by written notice to the Tenant if the Assignment Date has not occurred
within the period of six months starting on the date of this Licence. 

  

	8.2	 Any termination of this Licence under clause 8.1 will be: 

 

	 	8.2.1	 without prejudice to any rights or remedies of any party to this Licence in respect of or arising from any
previous breach by any other party to this Licence; and 

  

	 	8.2.2	 without liability on the part of the Landlord to refund any moneys paid in connection with this Licence.

  

	9.	 AGREEMENTS 

  

	9.1	 Nothing in this Licence will: 

 

	 	9.1.1	 be deemed to authorise any action other than expressly authorised in clause 3; 

 

	 	9.1.2	 release or reduce any liability to the Landlord of the Tenant or any guarantor or other party to the Leases; or

  

	 	9.1.3	 waive or be deemed to waive any breach of the Tenant’s Obligations that may have occurred before the date
of this Licence. 

  

	9.2	 All sums payable by the Tenant under this Licence will be recoverable as rent in arrear in accordance with the
Leases prior to the Assignment Date. 

  

	9.3	 Where any sums become payable under the Leases after the Assignment Date that relate in whole or in part to the
period before the Assignment Date, the Assignee will be liable for the whole of the sums payable and the Tenant will indemnify the Assignee against all sums payable to the Landlord pursuant to this clause 9. 

 

	9.4	 Nothing in this Licence creates any rights benefiting any person under the Contracts (Rights of Third Parties)
Act 1999. 

  

	10.	 NOTICES 

Any notices to be served under this Licence will be validly served if served in accordance with the notice provisions in the Leases. 

 

	11.	 JURISDICTION 

  

	11.1	 This Licence and any non-contractual obligations arising out of or in
connection with it will be governed by the law of England and Wales. 

  

	11.2	 Subject to clause 11.3, the courts of England and Wales have exclusive jurisdiction to determine any
dispute arising out of or in connection with this Licence, including in relation to any non-contractual obligations. 

  

	11.3	 Any party may seek to enforce an order of the courts of England and Wales arising out of or in connection with
this Licence, including in relation to any non-contractual obligations, in any court of competent jurisdiction. 

	12.	 LEGAL EFFECT 

This Licence takes effect and binds the parties with effect from the date set out at the beginning of this Licence. 

 SCHEDULE 1 

Guarantee 
  

	1.	 Guarantor’s obligations 

 

	1.1	 The Guarantor, as primary obligor, guarantees to the Landlord that it will indemnify the Landlord against all
reasonable and proper losses, costs, damages and expenses properly incurred by the Landlord by the Guaranteed Party proposing or entering into any company voluntary arrangement, scheme of arrangement or other scheme having or purporting to have the
effect of impairing, compromising or releasing any or all of the obligations of the Guarantor in this Licence. 

  

	1.2	 If the Landlord in its absolute discretion notifies the Guarantor within three months after the date of any
disclaimer of the Reversionary Lease and (if applicable) the Lease, the Guarantor must, within ten working days, at the Landlord’s option either: 

  

	 	1.2.1	 at the Guarantor’s own cost (including payment of the Landlord’s proper costs) accept the grant of a
lease of the Premises: 

  

	 	(a)	 for a term starting and taking effect on the date of the disclaimer of the Reversionary Lease and (if
applicable) the Lease; 

  

	 	(b)	 ending on the date when the Reversionary Lease would have ended if the disclaimer had not happened;

  

	 	(c)	 at the same rent (and other sums payable); and 

 

	 	(d)	 otherwise on the same obligations and conditions in the Reversionary Lease and (if applicable) the Lease; or

  

	 	1.2.2	 pay the Landlord any arrears of the Rents, outgoings and any other sums payable under the Leases plus the
amount equivalent to the total of those sums due that would have been payable for the period of 6 months following the disclaimer had there been no such disclaimer. 

 

	1.3	 Where the guarantee has been given by the Assignee’s Guarantor, references in paragraph 1.2 to the
disclaimer of the Reversionary Lease and (if applicable) the Lease will include references to the forfeiture of the Reversionary Lease and (if applicable) the Lease and the Assignee being struck off the register of companies. 

 

	1.4	 If paragraph 1.2.2 applies then, on receipt of the payment in full, the Landlord must release the
Guarantor from its future obligations under its guarantee (but that will not affect the Landlord’s rights in relation to any prior breaches). 

  

	1.5	 The Guarantor’s liability will not be reduced or discharged by: 

 

	 	1.5.1	 any failure for any reason to enforce in full or any delay in enforcement of, any right against, or any
concession allowed to the Guaranteed Party or any third party; 

  

	 	1.5.2	 any variation of the Leases (but subject always to section 18 of the 1995 Act) (except where such variation is
materially adverse to the Guarantor and except that a surrender of part will end the Guarantor’s future liability in respect of the surrendered part); 

  

	 	1.5.3	 any right to set-off or counterclaim that the Guaranteed Party or the
Guarantor may have; 

	 	1.5.4	 any death, incapacity, disability or change in the constitution or status of any party to this Licence or of
any other person who is liable for the performance of the Tenant’s Obligations; 

  

	 	1.5.5	 any amalgamation or merger by any party with any other person, any restructuring or the acquisition of the
whole or any part of the assets or undertaking of any party by any other person; 

  

	 	1.5.6	 the existence or occurrence of any matter referred to in paragraph 1.6; or 

 

	 	1.5.7	 anything else other than a release by the Landlord by deed. 

 

	1.6	 The matters referred to in paragraph 1.5.6 are: 

 

	 	1.6.1	 any Law of Property Act 1925, administrative, court-appointed or other receiver or similar officer is appointed
over the whole or any part of the assets of the Guaranteed Party or the Guaranteed Party enters into any scheme or arrangement with its creditors in satisfaction or composition of its debts under the 1986 Act; 

 

	 	1.6.2	 the Guaranteed Party is a company or a limited liability partnership: 

 

	 	(a)	 the Guaranteed Party enters into liquidation within the meaning of section 247 of the 1986 Act;

  

	 	(b)	 the Guaranteed Party is wound up or a petition for winding up is presented against the Guaranteed Party that is
not dismissed or withdrawn within 7 days of being presented; 

  

	 	(c)	 a meeting of the Guaranteed Party’s creditors or any of them is summoned under Part I of the 1986 Act;

  

	 	(d)	 a moratorium in respect of the Guaranteed Party comes into force under section 1(A) of and schedule A1 to the
1986 Act; 

  

	 	(e)	 an administrator is appointed to the Guaranteed Party; or 

 

	 	(f)	 the Guaranteed Party is struck off the register of companies; 

 

	 	1.6.3	 the Guaranteed Party is a partnership, it is subject to an event similar to any listed in paragraph
1.6.2 with appropriate modifications so as to relate to a partnership; 

  

	 	1.6.4	 if the Guaranteed Party is an individual: 

 

	 	(a)	 a receiving order is made against the Guaranteed Party; 

 

	 	(b)	 an interim receiver is appointed over or in relation to the Guaranteed Party’s property;

  

	 	(c)	 the Guaranteed Party makes an application to be declared bankrupt, the Guaranteed Party is the subject of a
bankruptcy petition or the Guaranteed Party becomes bankrupt; 

  

	 	(d)	 the Guaranteed Party applies for or becomes subject to a debt relief order or the Guaranteed Party proposes or
becomes subject to a debt management plan; or 

	 	(e)	 an interim order is made against the Guaranteed Party under Part VIII of the 1986 Act or the Guaranteed Party
otherwise proposes an individual voluntary arrangement; 

  

	 	1.6.5	 any event similar to any listed in paragraphs 1.6.1 to 1.6.4 occurs in any jurisdiction (whether it be
England and Wales, or elsewhere); and 

  

	 	1.6.6	 any event similar to any listed in paragraphs 1.6.1 to 1.6.5 occurs in relation to the Guarantor.

  

	1.7	 The Guarantor must not claim in competition with the Landlord in the insolvency of the Guaranteed Party and
must not take any security, indemnity or guarantee from the Guaranteed Party in respect of the Tenant’s Obligations. 

  

	1.8	 Nothing in this paragraph 1 may impose any liability on the Guarantor that exceeds the liability that it
would have had were it the tenant of the Leases. 

 RENT DEPOSIT DEED 

  

			
	Dated:	  	2021

  

	(1)	 Knightsbridge Green Limited 

 

	(2)	 Babylon Partners Limited 

 
  

Rent deposit deed 
  

 
 Relating to leases of premises known as Level 2,
1 Knightsbridge Green, London SW1 

 CONTENTS 
  

							
	Clause	  	Page	 
			
	 1.
	 	DEFINITIONS	  	 	14	 
			
	 2.
	 	INTERPRETATION	  	 	16	 
			
	 3.
	 	DEPOSIT ACCOUNT	  	 	16	 
			
	 4.
	 	CHARGE	  	 	16	 
			
	 5.
	 	DEPOSIT BALANCE	  	 	17	 
			
	 6.
	 	RELEASE DATE	  	 	18	 
			
	 7.
	 	REPAYMENT OF THE DEPOSIT BALANCE	  	 	18	 
			
	 8.
	 	DISPOSALS	  	 	19	 
			
	 9.
	 	LEGAL EFFECT	  	 	19	 

 RENT DEPOSIT DEED 

 

			
	THIS RENT DEPOSIT DEED is made on	  	2021

 PARTIES 
  

	(1)	 KNIGHTSBRIDGE GREEN LIMITED (a company incorporated in the British Virgin Islands) whose address for
service is c/o Eversheds Sutherland (International) LLP, One Wood Street, London EC2V 7WS (Ref LKM) and any Successor (the “Landlord”); and 

  

	(2)	 BABYLON PARTNERS LIMITED (incorporated and registered in England and Wales under company registration
number 08493276), the registered office of which is at 60 Sloane Avenue, London SW3 3DD (the “Tenant”). 

 IT IS
AGREED AS FOLLOWS: 
  

	1.	 DEFINITIONS 

This Deed uses the following definitions: 

“Bank” 
 any bank that the
Landlord may nominate; 
 “Covenants” 

the tenant’s obligations and conditions contained in the Leases; 

“Deposit” 
 One million one
hundred and thirty four thousand four hundred fifty three pounds and sixty pence (£1,134,453.60) ) being an ,amount equivalent to 12 months’ annual rent payable under the Leases plus an amount equivalent to VAT to be paid by the Tenant to
the Landlord in two tranches as follows: 
  

	 	(i)	 £567,226.80 to be paid to the Landlord by the Tenant on the date of this Deed; (“the Initial
Sum”) and 

  

	 	(ii)	 £567,226.80 to be paid to the Landlord by the Tenant on or before 1 September 2021;

 “Deposit Account” 

a separate interest-bearing deposit account opened with the Bank; 

“Deposit Balance” 
 the balance
from time to time standing to the credit of the Deposit Account; 
 “Disposal” 

the transfer of the Landlord’s interest in the Premises or the grant of a lease out of that interest that takes effect subject to the
terms of the Leases; 

 “Event of Default” 

one or more of the following events: 
  

	 	(a)	 the disclaimer of the Leases by the Crown or by a liquidator or trustee in bankruptcy of the Tenant;

  

	 	(b)	 if the Tenant is a company, the Tenant is struck off the register of companies or otherwise ceases to exist;
and 

  

	 	(c)	 the forfeiture of the Leases; 

“Lease” 
 a lease dated
10 May 2002 between (1) The Prudential Assurance Company Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

“Leases” 
 means together the
Lease and the Reversionary Lease; 
 “Minimum Balance” 

£567,226.80 until and including 31 August 2021 and, thereafter, £1,134,453.60 but provided that, subject to clause 6.2,
the Minimum Balance from the Release Date shall be £567,226.80; 
 “Premises” 

the premises known as Level 2, 1 Knightsbridge Green, London SW1 described in more detail in the Leases; 

“Release Date” 
 subject to
clause 6.2, 28 March 2024; 
 “Repayment Date” 

the earlier of: 
  

	 	(a)	 the date on which the Tenant lawfully assigns the Leases; 

 

	 	(b)	 the first date on which the following conditions are satisfied: 

 

	 	(i)	 the Reversionary Lease has come to an end, other than by an Event of Default; and 

 

	 	(ii)	 the Tenant gives back the Premises with vacant possession; 

“Reversionary Lease” 
 a
reversionary lease dated 16 January 2015 between (1) Knightsbridge Green Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

 “Secured Liabilities” 

the payment of all sums required for one or more of the following: 
  

	 	(a)	 to make good any loss or damage to the Landlord arising from any breach by the Tenant of the Covenants;

  

	 	(b)	 to make good any loss or damage to the Landlord arising from an Event of Default, including any sums for which
the Landlord is entitled to prove in the winding up or bankruptcy of the Tenant whether or not following a disclaimer of the Leases; and 

“Successor” 
 the person who
becomes the immediate landlord of the Tenant following a Disposal. 
  

	2.	 INTERPRETATION 

In this Deed: 
  

	2.1	 “notify”, “notifies” or “notifying” means notify or notifying in writing;

  

	2.2	 “VAT” has the meaning given to it in the Leases; 

 

	2.3	 where appropriate, the singular includes the plural and vice versa, and one gender includes any other;

  

	2.4	 obligations owed by or to more than one person are owed by or to them jointly and severally;

  

	2.5	 an obligation to do something includes an obligation not to waive any obligation of another person to do it;

  

	2.6	 an obligation not to do something includes an obligation not to permit or allow another person to do it;

  

	2.7	 “includes”, “including” and similar words are used without limitation or qualification to
the subject matter of the relevant provision; and 

  

	2.8	 if any provision is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remainder of this Deed will be unaffected. 

  

	3.	 DEPOSIT ACCOUNT 

 

	3.1	 If it has not already done so, the Landlord must open the Deposit Account as soon as reasonably practicable
after the date of this Deed and, in any event, within 3 working days of completion of this Deed. 

  

	3.2	 The Tenant must provide all information about the Tenant required by the Bank to open and maintain the Deposit
Account including any details of the directors and shareholders of the Tenant and evidence of their identity required by the Bank. 

  

	3.3	 The Bank’s costs for opening and operating the Deposit Account will be deducted from any interest earned
on the Deposit Account and any balance of those costs must be paid by the Tenant within 10 working days of demand. 

	4.	 CHARGE 

  

	4.1	 The Landlord acknowledges receipt of the Initial Sum in respect of the Deposit from the Tenant and must pay it
into the Deposit Account within 5 working days of completion of this Deed. The Landlord shall provide to the Tenant details of the Deposit Account within 2 working days thereafter. 

	4.2	 The Tenant must pay the balance of the Deposit in the sum of £567,226.80 to the Landlord on or before
1 September 2021 to be held on the terms of this Deed and so that each tranche of the Deposit paid by the Tenant is charged to the Landlord by way of first fixed charge. 

 

	4.3	 The Tenant must pay and discharge the Secured Liabilities on demand when they are due to the Landlord.

  

	4.4	 The Tenant with full title guarantee and as continuing security for the Secured Liabilities charges the Deposit
Balance by way of first fixed charge to the Landlord. 

  

	4.5	 The charge created by clause 4.4 is a “a charge in favour of a landlord on a cash deposit given as
security in connection with the lease of land” for the purposes of section 859A(6)(a) Companies Act 2006. 

  

	4.6	 The Tenant warrants to the Landlord that: 

 

	 	4.6.1	 no person having any charge or other form of security over the assets of the Tenant is required to consent to
the Tenant entering into this Deed or has the benefit of any covenant preventing the Tenant entering into this Deed; and 

  

	 	4.6.2	 the Deposit is, and any further sums paid into the Deposit Account will be, free from any charge, lien or
incumbrance in favour of any third party, whether legal or equitable. 

  

	4.7	 The Tenant must not create any other legal or equitable charge (whether fixed or floating), lien or encumbrance
over the Deposit Balance ranking in priority to the security created by this Deed. 

  

	4.8	 The Tenant must promptly and at its own cost execute any document and take any action that the Landlord at any
time reasonably requires in order to protect and preserve the security created by this Deed and for the priority of that security. 

  

	4.9	 The security created by this Deed is in addition to and is not to merge with, prejudice or affect any other
security interest of the Landlord in relation to the Tenant. 

  

	5.	 DEPOSIT BALANCE 

 

	5.1	 The Landlord acknowledges that: 

 

	 	5.1.1	 the Deposit Balance is and remains beneficially the property of the Tenant subject to the charge created by
clause 4.4 and the Bank has been notified in writing of this fact; and 

  

	 	5.1.2	 it must not make any withdrawals from the Deposit Account except on the terms of this Deed.

	5.2	 The Tenant acknowledges that the Landlord is entitled to make withdrawals from the Deposit Account on the terms
of this Deed and that any money so withdrawn will become the property of the Landlord. 

  

	5.3	 The Landlord may notify the Tenant that the Deposit Balance is to be reduced by such sum as may be specified to
settle any of the Secured Liabilities. If the Tenant does not pay to the Landlord the sums specified within 10 working days after being notified, the Landlord may withdraw those sums from the Deposit Account. 

 

	5.4	 The Tenant must pay to the Landlord on demand such further sums as may be required to ensure that the Deposit
Balance is at all times equal to the Minimum Balance. 

	5.5	 The Landlord must pay any sums received from the Tenant under clause 5.4 into the Deposit Account within
2 working days of receipt and they will form part of the Deposit Balance. 

  

	5.6	 Interest earned on the Deposit Account must be credited to the Deposit Account. It will form part of the
Deposit Balance until paid to the Tenant in accordance with clause 6. 

  

	6.	 RELEASE DATE 

  

	6.1	 Subject to clause 6.2 and clause 6.3, on the Release Date, the Landlord will pay to the Tenant
the amount by which the Deposit Balance (after deducting any outstanding Secured Liabilities at the Release Date) exceeds the Minimum Balance (“the Release Date Repayment”). 

 

	6.2	 This clause 6 will cease to apply in the case of an Event of Default. 

 

	6.3	 If, at the Release Date, the Tenant is in arrears for any part of the yearly rent payable under the Leases, or
there are any outstanding material breaches by the Tenant of the Covenants, the Landlord: 

  

	 	6.3.1	 will not be required to pay the Release Date Repayment to the Tenant on the Release Date;

  

	 	6.3.2	 shall notify the Tenant that it will not be releasing the Release Date Repayment to the Tenant in writing
within 5 working days of the Release Date together with details of the arrears or the material breach of the Covenants; and 

  

	 	6.3.3	 shall, within 10 working days of the arrears being settled and/or material breach of the Covenants being
remedied by the Tenant (as the case may be), pay to the Tenant the amount by which the Deposit Balance at that date (after deducting any outstanding Secured Liabilities at that date) exceeds the Minimum Balance. 

 

	7.	 REPAYMENT OF THE DEPOSIT BALANCE 

 

	7.1	 Within 10 working days after the Repayment Date, the Landlord must pay to the Tenant an amount equal to the
Deposit Balance on that date and any interest up to that date but after deducting: 

  

	 	7.1.1	 any outstanding Secured Liabilities at the Repayment Date; and 

 

	 	7.1.2	 any outstanding costs of the Bank, including any costs payable on the closure of the Deposit Account.

  

	7.2	 If any Secured Liabilities are due at the Repayment Date but are unquantified at this date:

	 	7.2.1	 the Landlord may deduct from the sums payable under clause 7.1 an amount equal to the Landlord’s
reasonable estimate, to be made in good faith, of those Secured Liabilities; 

  

	 	7.2.2	 any sums so deducted must be held in the Deposit Account on the terms of this Deed until the relevant Secured
Liabilities have been quantified; 

  

	 	7.2.3	 the Landlord must quantify the relevant Secured Liabilities as soon as reasonably practicable; and

  

	 	7.2.4	 when the relevant Secured Liabilities have been quantified, the Landlord must deduct the amount of those
Secured Liabilities from the Deposit Account and must pay any credit balance on the Deposit Account to the Tenant within 10 working days of the Secured Liabilities having been quantified. 

 

	7.3	 Following the repayment of the whole of the Deposit Balance, the Landlord must close the Deposit Account.

  

	8.	 DISPOSALS 

  

	8.1	 Following a Disposal the Landlord must: 

 

	 	8.1.1	 notify the Tenant of the name and address of its Successor; and 

 

	 	8.1.2	 either: 

  

	 	(a)	 give a mandate to the Bank authorising the Bank to accept its Successor as the signatory to the Deposit Account
and the person entitled to operate the Deposit Account; or 

  

	 	(b)	 procure that the Successor opens a new Deposit Account and credits an amount equivalent to the Deposit Balance
to it within 5 working days of receipt and gives details to the Tenant of the new Deposit Account within 5 working days thereafter, such Deposit Balance to be held on the terms of this Deed. 

 

	8.2	 Subject to the Landlord complying with clause 8.1, the Landlord making the Disposal will not be liable
for any breach of its obligations in this Deed arising after the date of the Disposal. 

  

	9.	 LEGAL EFFECT 

This Deed is supplemental to the Leases. A breach of the terms of this Deed will be treated as a breach of the terms of the Leases and the
Landlord will have the same rights and remedies in respect of that breach as it would have in respect of a breach of the terms of the Leases, including for the payment of interest on payments that are due under this Deed that are not paid within 10
working days of demand. 

 This document is executed as a deed and delivered on the date stated at the beginning of this document. 

					
	Executed as a deed by	  	)	  	KNIGHTSBRIDGE GREEN
	LIMITED KNIGHTSBRIDGE GREEN	  	)	  	  

	LIMITED a	  	)	  	Signature in the name of the) company
	company incorporated in the	  	)	  	
	BRITISH VIRGIN ISLANDS	  	)	  	
	acting by QAZI HANNAN	  	)	  	
	BHATTI who, in accordance is with the	  	)	  	  

	laws of that territory,	  	)	  	Signature in the name of the) company
	acting under the authority	  	)	  	
	of that company	  	)	  	
			
	In the presence of:	  		  	
			
	Signature of Witness:	  		  	
			
	Name of Witness:	  		  	
			
	Address of Witness:	  		  	
			
	Executed as a deed by =	  	)	  	
	BABYLON PARTNERS LIMITED	  	)	  	Signature of director
	Acting by one directors in	  	)	  	
			
	In the presence of:	  		  	
			
	Signature of Witness:	  		  	
			
	Name of Witness:	  		  	
			
	Address of Witness:	  		  	

					
	Executed as a deed by	  	)	  	
	WUNDERMAN THOMPSON (UK) LIMITED	  	)	  	
	Acting by one directors in	  	)	  	
	The presence of	  	)	  	
		  	)	  	
	In the presence of:	  	)	  	
		  	)	  	Signature of director
		  	)	  	
	Signature of Witness:	  	)	  	
		  	)	  	
	***	  		  	
			
		  		  	
		  		  	
			
	Executed as a deed by =	  		  	
	WPP GROUP (UK) LTD	  		  	
	acting by one directors in	  		  	
	the presence of:	  		  	
			
		  	)	  	Signature of director
	In the presence of:	  	)	  	
		  	)	  	
	Signature of Witness:	  		  	
			
	***	  		  	
			
		  		  	
		  		  	

			
	

	  	 Eversheds Sutherland
 (International)
LLP
 One Wood Street
 London

EV2V 7WS
  

T: +44 20 7497 9797
 F: +44 20 7919 4919

DX 154280 Cheapside 8
  

eversheds-sutherland.com

  
  

					
	 Dated:
	  	11 May	  	2021

  

	(1)	 KNIGHTSBRIDGE GREEN LIMITED 

 

	(2)	 WUNDERMAN THOMPSON (UK) LIMITED 

 

	(3)	 WPP GROUP (UK) LTD 

  

	(4)	 BABYLON PARTNERS LIMITED 

 

	(5)	 BABYLON HOLDINGS LIMITED 

 
  

Licence to assign 
  

 
 leases dated 10 May 2002 and 16 January
2015 relating to premises known as Level 3, 1 Knightsbridge Green, London SW1 

 CONTENTS 
  

					
	Clause	  	Page	 
		
	 1.  DEFINITIONS
	  	 	3	 
		
	 2.  INTERPRETATION
	  	 	5	 
		
	 3.  LICENCE TO ASSIGN
	  	 	5	 
		
	 4.  ASSIGNEE’S OBLIGATIONS
	  	 	5	 
		
	 5.  TENANT’S OBLIGATIONS
	  	 	6	 
		
	 6.  ASSIGNEE’S GUARANTOR
	  	 	6	 
		
	 7.  TENANT’S GUARANTOR
	  	 	6	 
		
	 8.  TERMINATION OF THIS LICENCE
	  	 	6	 
		
	 9.  AGREEMENTS
	  	 	7	 
		
	 10.  NOTICES
	  	 	7	 
		
	 11.  JURISDICTION
	  	 	7	 
		
	 12.  LEGAL EFFECT
	  	 	7	 
		
	 Schedules
	  			
		
	 1 Guarantee
	  	 	8	 
		
	 1   Guarantor’s obligations
	  	 	8	 

 LICENCE TO ASSIGN 

DATED    11 May 2021 
 PARTIES

  

	(1)	 KNIGHTSBRIDGE GREEN LIMITED (a company incorporated in the British Virgin Islands) whose address for
service is c/o Eversheds Sutherland (International) LLP, One Wood Street, London EC2V 7WS (Ref LKM) (the “Landlord”); 

  

	(2)	 WUNDERMAN THOMPSON (UK) LIMITED (incorporated and registered in England and Wales under company
registration number 1660783), the registered office of which is at Greater London House, Hampstead Road, London NW1 7QP (the “Tenant”); 

  

	(3)	 WPP GROUP (UK) LTD (incorporated and registered in England and Wales under company registration number
02670617), the registered office of which is at Sea Containers House, 18 Upper Ground, London SE1 9GL (the “Tenant’s Guarantor”); 

 

	(4)	 BABYLON PARTNERS LIMITED (incorporated and registered in England and Wales under company registration
number 08493276), the registered office of which is at 60 Sloane Avenue, London SW3 3DD (the “Assignee”); and 

  

	(5)	 BABYLON HOLDINGS LIMITED (incorporated and registered in Jersey under company registration number
115471), the registered office of which is at 31 Esplanade, St Helier, Jersey JE1 1FT (the “Assignee’s Guarantor”). 

BACKGROUND: 
  

	(A)	 This Licence relates to the Premises and is supplemental to the Leases. 

 

	(B)	 The Landlord is now the landlord under the Lease, the Tenant remains the tenant under the Lease and the
Tenant’s Guarantor remains the guarantor under the Lease. 

  

	(C)	 The Landlord remains the landlord under the Reversionary Lease, the Tenant remains the tenant under the
Reversionary Lease and the Tenant’s Guarantor remains the guarantor under the Reversionary Lease. 

  

	(D)	 The Landlord has agreed to permit the Assignment subject to the terms contained in this Licence.

 IT IS AGREED AS FOLLOWS: 
  

	1.	 DEFINITIONS 

This Licence uses the following definitions: 

“1986 Act” 
 the Insolvency Act
1986; 
 “1995 Act” 
 the
Landlord and Tenant (Covenants) Act 1995; 
 “Assignment” 

 the assignment permitted under clause 3; 

“Assignment Date” 
 the date of
the deed of assignment of the Lease and the transfer of the Reversionary Lease to the Assignee; 
 “Business Day” 

a day (other than a Saturday, Sunday or public holiday) on which banks are usually open for business in England and Wales; 

“Guaranteed Party” 
 the person
whose obligations are guaranteed by a Guarantor; 
 “Guarantor” 

any person who gives a guarantee to the Landlord under this Licence; 

“Lease” 
 a lease dated
10 May 2002 between (1) The Prudential Assurance Company Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

“Leases” 
 means together the
Lease and the Reversionary Lease and any document supplemental to them including but not limited to a deed of variation dated 16 January 2015 made between (1) Knightsbridge Green Limited (2) J. Walter Thompson Group Limited and
(3) WPP Group (UK) Limited and a supplemental agreement and deed of variation dated the date hereof made between (1) Knightsbridge Green Limited (2) Wunderman Thompson (UK) Limited and (3) WPP Group (UK) Limited; 

“Liability Period” 
 the period
starting on the Assignment Date and ending on the date that the Assignee is released from the Tenant’s Obligations under the 1995 Act; 

“Premises” 
 the property let by
the Leases known as Level 3, 1 Knightsbridge Green, London SW1; 
 “Rents” 

the rents reserved by the Leases; 
 “Rent
Deposit Deed” 
 means a rent deposit deed in the agreed form annexed to this Licence; 

“Reversionary Lease” 

 a reversionary lease dated 16 January 2015 between (1) Knightsbridge Green Limited
(2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 
 “Tenant’s
Obligations” 
 the tenant’s obligations in the Leases; 

“Term” 
 the term of the Leases
including where applicable any continuation of that period under the Landlord and Tenant Act 1954. 
  

	2.	 INTERPRETATION 

In this Licence: 
  

	2.1	 where appropriate, the singular includes the plural and vice versa, and one gender includes any other;

  

	2.2	 obligations owed by or to more than one person are owed by or to them jointly and severally;

  

	2.3	 an obligation to do something includes an obligation not to waive any obligation of another person to do it;

  

	2.4	 an obligation not to do something includes an obligation not to permit or allow another person to do it;

  

	2.5	 references to an Act of Parliament are to that Act of Parliament as amended from time to time and to any Act of
Parliament that replaces it; 

  

	2.6	 references to the parties include references to their respective successors in title; and

  

	2.7	 if any provision is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remainder of this Licence will be unaffected. 

  

	3.	 LICENCE TO ASSIGN 

The Landlord permits the Tenant to assign the Leases to the Assignee on the terms of this Licence. 

 

	4.	 ASSIGNEE’S OBLIGATIONS 

 

	4.1	 The Assignee must: 

  

	 	4.1.1	 comply with all of the Tenant’s Obligations throughout the Liability Period; and 

 

	 	4.1.2	 not occupy the Premises before the Assignment Date. 

 

	4.2	 The Assignee must: 

	 	4.2.1	 procure the registration of the assignment of the Reversionary Lease by HM Land Registry as soon as reasonably
practicable after the Assignment Date; and 

  

	 	4.2.2	 within one month of completion of the registration of the assignment of the Reversionary Lease, produce to the
Landlord’s solicitors an official copy of the register of title showing the Assignee as the registered proprietor of the Reversionary Lease. 

  

	4.3	 As a condition of the Landlord’s consent to the assignment of the Leases, the Assignee and the Landlord
shall complete and enter into the Rent Deposit Deed on the Assignment Date and the Assignee shall pay to the Landlord the ‘Initial Sum’ (as defined within the Rent Deposit Deed) in cleared funds on or before the Assignment Date.

  

	5.	 TENANT’S OBLIGATIONS 

 

	5.1	 The Tenant must: 

  

	 	5.1.1	 not seek to enforce any of the landlord’s obligations under the Leases nor exercise any of the
tenant’s rights under the Leases on or after the Assignment Date; 

  

	 	5.1.2	 within seven days from the Assignment Date, give notice to the Landlord of the name and address of the party to
whom future rent demands should be sent; and 

  

	 	5.1.3	 within one month from the Assignment Date (or such other period as may be specified in the Leases), produce to
the Landlord’s solicitors a certified copy of the deeds effecting the Assignment and pay any registration fee required by the Leases. 

  

	5.2	 The Tenant, as primary obligor, guarantees to the Landlord that, starting on the Assignment Date, the Assignee
will comply with the Tenant’s Obligations throughout the Liability Period. If the Assignee defaults, the Tenant will itself comply with those obligations and will indemnify the Landlord against all losses, costs, damages and expenses properly
incurred by the Landlord by that default. This guarantee: 

  

	 	5.2.1	 incorporates the provisions of Schedule 1; and 

 

	 	5.2.2	 is an authorised guarantee agreement for the purposes of section 16 of the 1995 Act. 

 

	6.	 ASSIGNEE’S GUARANTOR 

 

	6.1	 The Assignee’s Guarantor, as primary obligor, guarantees to the Landlord that, starting on the Assignment
Date, the Assignee will comply with the Tenant’s Obligations throughout the Liability Period. If the Assignee defaults, the Assignee’s Guarantor will itself comply with those obligations and will indemnify the Landlord against all losses,
costs, damages and expenses properly incurred by the Landlord by that default. This guarantee incorporates the provisions of Schedule 1. 

  

	6.2	 The Assignee’s Guarantor agrees with the Landlord that, if the Landlord asks it to do so, it will give the
Landlord a guarantee of any authorised guarantee agreement given to the Landlord by the Assignee on an assignment of the Leases, such guarantee to incorporate the provisions of Schedule 1. 

 

	7.	 TENANT’S GUARANTOR 

The Tenant’s Guarantor, as primary obligor, guarantees to the Landlord that, starting on the Assignment Date, the Tenant will comply with
its obligations under clause 5.2 throughout the Liability Period. If the Tenant defaults, the Tenant’s Guarantor will itself comply with those obligations and will indemnify the Landlord against all losses, costs, damages and expenses
properly incurred by the Landlord by that default. This guarantee incorporates the provisions of Schedule 1. 

	8.	 TERMINATION OF THIS LICENCE 

 

	8.1	 The Landlord may terminate this Licence by written notice to the Tenant if the Assignment Date has not occurred
within the period of six months starting on the date of this Licence. 

  

	8.2	 Any termination of this Licence under clause 8.1 will be: 

 

	 	8.2.1	 without prejudice to any rights or remedies of any party to this Licence in respect of or arising from any
previous breach by any other party to this Licence; and 

  

	 	8.2.2	 without liability on the part of the Landlord to refund any moneys paid in connection with this Licence.

  

	9.	 AGREEMENTS 

  

	9.1	 Nothing in this Licence will: 

 

	 	9.1.1	 be deemed to authorise any action other than expressly authorised in clause 3; 

 

	 	9.1.2	 release or reduce any liability to the Landlord of the Tenant or any guarantor or other party to the Leases; or

  

	 	9.1.3	 waive or be deemed to waive any breach of the Tenant’s Obligations that may have occurred before the date
of this Licence. 

  

	9.2	 All sums payable by the Tenant under this Licence will be recoverable as rent in arrear in accordance with the
Leases prior to the Assignment Date. 

  

	9.3	 Where any sums become payable under the Leases after the Assignment Date that relate in whole or in part to the
period before the Assignment Date, the Assignee will be liable for the whole of the sums payable and the Tenant will indemnify the Assignee against all sums payable to the Landlord pursuant to this clause 9. 

 

	9.4	 Nothing in this Licence creates any rights benefiting any person under the Contracts (Rights of Third Parties)
Act 1999. 

  

	10.	 NOTICES 

Any notices to be served under this Licence will be validly served if served in accordance with the notice provisions in the Leases. 

 

	11.	 JURISDICTION 

  

	11.1	 This Licence and any non-contractual obligations arising out of or in
connection with it will be governed by the law of England and Wales. 

  

	11.2	 Subject to clause 11.3, the courts of England and Wales have exclusive jurisdiction to determine any
dispute arising out of or in connection with this Licence, including in relation to any non-contractual obligations. 

  

	11.3	 Any party may seek to enforce an order of the courts of England and Wales arising out of or in connection with
this Licence, including in relation to any non-contractual obligations, in any court of competent jurisdiction. 

	12.	 LEGAL EFFECT 

This Licence takes effect and binds the parties with effect from the date set out at the beginning of this Licence. 

 SCHEDULE 1 

Guarantee 
 Guarantor’s obligations

  

	1.1	 The Guarantor, as primary obligor, guarantees to the Landlord that it will indemnify the Landlord against all
reasonable and proper losses, costs, damages and expenses properly incurred by the Landlord by the Guaranteed Party proposing or entering into any company voluntary arrangement, scheme of arrangement or other scheme having or purporting to have the
effect of impairing, compromising or releasing any or all of the obligations of the Guarantor in this Licence. 

  

	1.2	 If the Landlord in its absolute discretion notifies the Guarantor within three months after the date of any
disclaimer of the Reversionary Lease and (if applicable) the Lease, the Guarantor must, within ten working days, at the Landlord’s option either: 

  

	 	1.2.1	 at the Guarantor’s own cost (including payment of the Landlord’s proper costs) accept the grant of a
lease of the Premises: 

  

	 	(a)	 for a term starting and taking effect on the date of the disclaimer of the Reversionary Lease and (if
applicable) the Lease; 

  

	 	(b)	 ending on the date when the Reversionary Lease would have ended if the disclaimer had not happened;

  

	 	(c)	 at the same rent (and other sums payable); and 

 

	 	(d)	 otherwise on the same obligations and conditions in the Reversionary Lease and (if applicable) the Lease; or

  

	 	1.2.2	 pay the Landlord any arrears of the Rents, outgoings and any other sums payable under the Leases plus the
amount equivalent to the total of those sums due that would have been payable for the period of 6 months following the disclaimer had there been no such disclaimer. 

 

	1.3	 Where the guarantee has been given by the Assignee’s Guarantor, references in paragraph 1.2 to the
disclaimer of the Reversionary Lease and (if applicable) the Lease will include references to the forfeiture of the Reversionary Lease and (if applicable) the Lease and the Assignee being struck off the register of companies. 

 

	1.4	 If paragraph 1.2.2 applies then, on receipt of the payment in full, the Landlord must release the
Guarantor from its future obligations under its guarantee (but that will not affect the Landlord’s rights in relation to any prior breaches). 

  

	1.5	 The Guarantor’s liability will not be reduced or discharged by: 

 

	 	1.5.1	 any failure for any reason to enforce in full or any delay in enforcement of, any right against, or any
concession allowed to the Guaranteed Party or any third party; 

  

	 	1.5.2	 any variation of the Leases (but subject always to section 18 of the 1995 Act) (except where such variation is
materially adverse to the Guarantor and except that a surrender of part will end the Guarantor’s future liability in respect of the surrendered part); 

  

	 	1.5.3	 any right to set-off or counterclaim that the Guaranteed Party or the
Guarantor may have; 

	 	1.5.4	 any death, incapacity, disability or change in the constitution or status of any party to this Licence or of
any other person who is liable for the performance of the Tenant’s Obligations; 

  

	 	1.5.5	 any amalgamation or merger by any party with any other person, any restructuring or the acquisition of the
whole or any part of the assets or undertaking of any party by any other person; 

  

	 	1.5.6	 the existence or occurrence of any matter referred to in paragraph 1.6; or 

 

	 	1.5.7	 anything else other than a release by the Landlord by deed. 

 

	1.6	 The matters referred to in paragraph 1.5.6 are: 

 

	 	1.6.1	 any Law of Property Act 1925, administrative, court-appointed or other receiver or similar officer is appointed
over the whole or any part of the assets of the Guaranteed Party or the Guaranteed Party enters into any scheme or arrangement with its creditors in satisfaction or composition of its debts under the 1986 Act; 

 

	 	1.6.2	 the Guaranteed Party is a company or a limited liability partnership: 

 

	 	(a)	 the Guaranteed Party enters into liquidation within the meaning of section 247 of the 1986 Act;

  

	 	(b)	 the Guaranteed Party is wound up or a petition for winding up is presented against the Guaranteed Party that is
not dismissed or withdrawn within 7 days of being presented; 

  

	 	(c)	 a meeting of the Guaranteed Party’s creditors or any of them is summoned under Part I of the 1986 Act;

  

	 	(d)	 a moratorium in respect of the Guaranteed Party comes into force under section 1(A) of and schedule A1 to the
1986 Act; 

  

	 	(e)	 an administrator is appointed to the Guaranteed Party; or 

 

	 	(f)	 the Guaranteed Party is struck off the register of companies; 

 

	 	1.6.3	 the Guaranteed Party is a partnership, it is subject to an event similar to any listed in paragraph
1.6.2 with appropriate modifications so as to relate to a partnership; 

  

	 	1.6.4	 if the Guaranteed Party is an individual: 

 

	 	(a)	 a receiving order is made against the Guaranteed Party; 

 

	 	(b)	 an interim receiver is appointed over or in relation to the Guaranteed Party’s property;

  

	 	(c)	 the Guaranteed Party makes an application to be declared bankrupt, the Guaranteed Party is the subject of a
bankruptcy petition or the Guaranteed Party becomes bankrupt; 

  

	 	(d)	 the Guaranteed Party applies for or becomes subject to a debt relief order or the Guaranteed Party proposes or
becomes subject to a debt management plan; or 

	 	(e)	 an interim order is made against the Guaranteed Party under Part VIII of the 1986 Act or the Guaranteed Party
otherwise proposes an individual voluntary arrangement; 

  

	 	1.6.5	 any event similar to any listed in paragraphs 1.6.1 to 1.6.4 occurs in any jurisdiction (whether it be
England and Wales, or elsewhere); and 

  

	 	1.6.6	 any event similar to any listed in paragraphs 1.6.1 to 1.6.5 occurs in relation to the Guarantor.

  

	1.7	 The Guarantor must not claim in competition with the Landlord in the insolvency of the Guaranteed Party and
must not take any security, indemnity or guarantee from the Guaranteed Party in respect of the Tenant’s Obligations. 

  

	1.8	 Nothing in this paragraph 1 may impose any liability on the Guarantor that exceeds the liability that it
would have had were it the tenant of the Leases. 

 RENT DEPOSIT DEED 

			
	 Dated:
  

(1)   Knightsbridge Green Limited

 
 (2)   Babylon Partners
Limited
  
	 	 2021

	 
	Rent deposit deed
	
	Relating to leases of premises known as Level 3, 1 Knightsbridge Green, London SW1

 CONTENTS 
  

					
	Clause	  	Page	 
		
	 1.  DEFINITIONS
	  	 	14	 
		
	 2.  INTERPRETATION
	  	 	16	 
		
	 3.  DEPOSIT ACCOUNT
	  	 	16	 
		
	 4.  CHARGE
	  	 	16	 
		
	 5.  DEPOSIT BALANCE
	  	 	17	 
		
	 6.  RELEASE DATE
	  	 	18	 
		
	 7.  REPAYMENT OF THE DEPOSIT BALANCE
	  	 	18	 
		
	 8.  DISPOSALS
	  	 	19	 
		
	 9.  LEGAL EFFECT
	  	 	19	 

 CONTENTS 
  

 RENT DEPOSIT DEED 

THIS RENT DEPOSIT DEED is made on    2021 

PARTIES 
  

	(1)	 KNIGHTSBRIDGE GREEN LIMITED (a company incorporated in the British Virgin Islands) whose address for
service is c/o Eversheds Sutherland (International) LLP, One Wood Street, London EC2V 7WS (Ref LKM) and any Successor (the “Landlord”); and 

  

	(2)	 BABYLON PARTNERS LIMITED (incorporated and registered in England and Wales under company registration
number 08493276), the registered office of which is at 60 Sloane Avenue, London SW3 3DD (the “Tenant”). 

 IT IS
AGREED AS FOLLOWS: 
  

	1.	 DEFINITIONS 

This Deed uses the following definitions: 

“Bank” 
 any bank that the
Landlord may nominate; 
 “Covenants” 

the tenant’s obligations and conditions contained in the Leases; 

“Deposit” 
 One million one
hundred and twelve thousand six hundred and seventy pounds and forty pence (£1,112,670) ) being an amount equivalent to 12 months’ annual rent payable under the Leases plus an amount equivalent to VAT to be paid by the Tenant to the
Landlord in two tranches as follows: 
  

	 	(i)	 £556,335 to be paid to the Landlord by the Tenant on the date of this Deed; (“the Initial
Sum”) and 

  

	 	(ii)	 £556,335 to be paid to the Landlord by the Tenant on or before 1 September 2021;

 “Deposit Account” 

a separate interest-bearing deposit account opened with the Bank; 

“Deposit Balance” 
 the balance
from time to time standing to the credit of the Deposit Account; 
 “Disposal” 

the transfer of the Landlord’s interest in the Premises or the grant of a lease out of that interest that takes effect subject to the
terms of the Leases; 

 CONTENTS 
  

 “Event of Default” 

one or more of the following events: 
  

	 	(a)	 the disclaimer of the Leases by the Crown or by a liquidator or trustee in bankruptcy of the Tenant;

  

	 	(b)	 if the Tenant is a company, the Tenant is struck off the register of companies or otherwise ceases to exist;
and 

  

	 	(c)	 the forfeiture of the Leases; 

“Lease” 
 a lease dated
10 May 2002 between (1) The Prudential Assurance Company Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

“Leases” 
 means together the
Lease and the Reversionary Lease; 
 “Minimum Balance” 

£556,335 until and including 31 August 2021 and, thereafter, £1,112,670 but provided that, subject to clause 6.2, the
Minimum Balance from the Release Date shall be £556,335; 
 “Premises” 

the premises known as Level 3, 1 Knightsbridge Green, London SW1 described in more detail in the Leases; 

“Release Date” 
 subject to
clause 6.2, 28 March 2024; 
 “Repayment Date” 

the earlier of: 
  

	 	(a)	 the date on which the Tenant lawfully assigns the Leases; 

 

	 	(b)	 the first date on which the following conditions are satisfied: 

 

	 	(i)	 the Reversionary Lease has come to an end, other than by an Event of Default; and 

 

	 	(ii)	 the Tenant gives back the Premises with vacant possession; 

“Reversionary Lease” 
 a
reversionary lease dated 16 January 2015 between (1) Knightsbridge Green Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

 CONTENTS 
  

 “Secured Liabilities” 

the payment of all sums required for one or more of the following: 
  

	 	(a)	 to make good any loss or damage to the Landlord arising from any breach by the Tenant of the Covenants;

  

	 	(b)	 to make good any loss or damage to the Landlord arising from an Event of Default, including any sums for which
the Landlord is entitled to prove in the winding up or bankruptcy of the Tenant whether or not following a disclaimer of the Leases; and 

“Successor” 
 the person who
becomes the immediate landlord of the Tenant following a Disposal. 
  

	2.	 INTERPRETATION 

In this Deed: 
  

	2.1	 “notify”, “notifies” or “notifying” means notify or notifying in writing;

  

	2.2	 “VAT” has the meaning given to it in the Leases; 

 

	2.3	 where appropriate, the singular includes the plural and vice versa, and one gender includes any other;

  

	2.4	 obligations owed by or to more than one person are owed by or to them jointly and severally;

  

	2.5	 an obligation to do something includes an obligation not to waive any obligation of another person to do it;

  

	2.6	 an obligation not to do something includes an obligation not to permit or allow another person to do it;

  

	2.7	 “includes”, “including” and similar words are used without limitation or qualification to
the subject matter of the relevant provision; and 

  

	2.8	 if any provision is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remainder of this Deed will be unaffected. 

  

	3.	 DEPOSIT ACCOUNT 

 

	3.1	 If it has not already done so, the Landlord must open the Deposit Account as soon as reasonably practicable
after the date of this Deed and, in any event, within 3 working days of completion of this Deed. 

  

	3.2	 The Tenant must provide all information about the Tenant required by the Bank to open and maintain the Deposit
Account including any details of the directors and shareholders of the Tenant and evidence of their identity required by the Bank. 

  

	3.3	 The Bank’s costs for opening and operating the Deposit Account will be deducted from any interest earned
on the Deposit Account and any balance of those costs must be paid by the Tenant within 10 working days of demand. 

 CONTENTS 
  

	4.	 CHARGE 

  

	4.1	 The Landlord acknowledges receipt of the Initial Sum in respect of the Deposit from the Tenant and must pay it
into the Deposit Account within 5 working days of completion of this Deed. The Landlord shall provide to the Tenant details of the Deposit Account within 2 working days thereafter. 

 

	4.2	 The Tenant must pay the balance of the Deposit in the sum of £556,335 to the Landlord on or before
1 September 2021 to be held on the terms of this Deed and so that each tranche of the Deposit paid by the Tenant is charged to the Landlord by way of first fixed charge. 

 

	4.3	 The Tenant must pay and discharge the Secured Liabilities on demand when they are due to the Landlord.

  

	4.4	 The Tenant with full title guarantee and as continuing security for the Secured Liabilities charges the Deposit
Balance by way of first fixed charge to the Landlord. 

  

	4.5	 The charge created by clause 4.4 is a “a charge in favour of a landlord on a cash deposit given as
security in connection with the lease of land” for the purposes of section 859A(6)(a) Companies Act 2006. 

  

	4.6	 The Tenant warrants to the Landlord that: 

 

	 	4.6.1	 no person having any charge or other form of security over the assets of the Tenant is required to consent to
the Tenant entering into this Deed or has the benefit of any covenant preventing the Tenant entering into this Deed; and 

  

	 	4.6.2	 the Deposit is, and any further sums paid into the Deposit Account will be, free from any charge, lien or
incumbrance in favour of any third party, whether legal or equitable. 

  

	4.7	 The Tenant must not create any other legal or equitable charge (whether fixed or floating), lien or encumbrance
over the Deposit Balance ranking in priority to the security created by this Deed. 

  

	4.8	 The Tenant must promptly and at its own cost execute any document and take any action that the Landlord at any
time reasonably requires in order to protect and preserve the security created by this Deed and for the priority of that security. 

  

	4.9	 The security created by this Deed is in addition to and is not to merge with, prejudice or affect any other
security interest of the Landlord in relation to the Tenant. 

  

	5.	 DEPOSIT BALANCE 

 

	5.1	 The Landlord acknowledges that: 

 

	 	5.1.1	 the Deposit Balance is and remains beneficially the property of the Tenant subject to the charge created by
clause 4.4 and the Bank has been notified in writing of this fact; and 

  

	 	5.1.2	 it must not make any withdrawals from the Deposit Account except on the terms of this Deed.

 CONTENTS 
  

	5.2	 The Tenant acknowledges that the Landlord is entitled to make withdrawals from the Deposit Account on the terms
of this Deed and that any money so withdrawn will become the property of the Landlord. 

  

	5.3	 The Landlord may notify the Tenant that the Deposit Balance is to be reduced by such sum as may be specified to
settle any of the Secured Liabilities. If the Tenant does not pay to the Landlord the sums specified within 10 working days after being notified, the Landlord may withdraw those sums from the Deposit Account. 

 

	5.4	 The Tenant must pay to the Landlord on demand such further sums as may be required to ensure that the Deposit
Balance is at all times equal to the Minimum Balance. 

  

	5.5	 The Landlord must pay any sums received from the Tenant under clause 5.4 into the Deposit Account within 2
working days of receipt and they will form part of the Deposit Balance. 

  

	5.6	 Interest earned on the Deposit Account must be credited to the Deposit Account. It will form part of the
Deposit Balance until paid to the Tenant in accordance with clause 6. 

  

	6.	 RELEASE DATE 

  

	6.1	 Subject to clause 6.2 and clause 6.3, on the Release Date, the Landlord will pay to the Tenant
the amount by which the Deposit Balance (after deducting any outstanding Secured Liabilities at the Release Date) exceeds the Minimum Balance (“the Release Date Repayment”). 

 

	6.2	 This clause 6 will cease to apply in the case of an Event of Default. 

 

	6.3	 If, at the Release Date, the Tenant is in arrears for any part of the yearly rent payable under the Leases, or
there are any outstanding material breaches by the Tenant of the Covenants, the Landlord: 

  

	 	6.3.1	 will not be required to pay the Release Date Repayment to the Tenant on the Release Date;

  

	 	6.3.2	 shall notify the Tenant that it will not be releasing the Release Date Repayment to the Tenant in writing
within 5 working days of the Release Date together with details of the arrears or the material breach of the Covenants; and 

  

	 	6.3.3	 shall, within 10 working days of the arrears being settled and/or material breach of the Covenants being
remedied by the Tenant (as the case may be), pay to the Tenant the amount by which the Deposit Balance at that date (after deducting any outstanding Secured Liabilities at that date) exceeds the Minimum Balance. 

 

	7.	 REPAYMENT OF THE DEPOSIT BALANCE 

 

	7.1	 Within 10 working days after the Repayment Date, the Landlord must pay to the Tenant an amount equal to the
Deposit Balance on that date and any interest up to that date but after deducting: 

  

	 	7.1.1	 any outstanding Secured Liabilities at the Repayment Date; and 

 

	 	7.1.2	 any outstanding costs of the Bank, including any costs payable on the closure of the Deposit Account.

  

	7.2	 If any Secured Liabilities are due at the Repayment Date but are unquantified at this date:

 CONTENTS 
  

	 	7.2.1	 the Landlord may deduct from the sums payable under clause 7.1 an amount equal to the Landlord’s
reasonable estimate, to be made in good faith, of those Secured Liabilities; 

  

	 	7.2.2	 any sums so deducted must be held in the Deposit Account on the terms of this Deed until the relevant Secured
Liabilities have been quantified; 

  

	 	7.2.3	 the Landlord must quantify the relevant Secured Liabilities as soon as reasonably practicable; and

  

	 	7.2.4	 when the relevant Secured Liabilities have been quantified, the Landlord must deduct the amount of those
Secured Liabilities from the Deposit Account and must pay any credit balance on the Deposit Account to the Tenant within 10 working days of the Secured Liabilities having been quantified. 

 

	7.3	 Following the repayment of the whole of the Deposit Balance, the Landlord must close the Deposit Account.

  

	8.	 DISPOSALS 

  

	8.1	 Following a Disposal the Landlord must: 

 

	 	8.1.1	 notify the Tenant of the name and address of its Successor; and 

 

	 	8.1.2	 either: 

  

	 	(a)	 give a mandate to the Bank authorising the Bank to accept its Successor as the signatory to the Deposit Account
and the person entitled to operate the Deposit Account; or 

  

	 	(b)	 procure that the Successor opens a new Deposit Account and credits an amount equivalent to the Deposit Balance
to it within 5 working days of receipt and gives details to the Tenant of the new Deposit Account within 5 working days thereafter, such Deposit Balance to be held on the terms of this Deed. 

 

	8.2	 Subject to the Landlord complying with clause 8.1, the Landlord making the Disposal will not be liable
for any breach of its obligations in this Deed arising after the date of the Disposal. 

  

	9.	 LEGAL EFFECT 

This Deed is supplemental to the Leases. A breach of the terms of this Deed will be treated as a breach of the terms of the Leases and the
Landlord will have the same rights and remedies in respect of that breach as it would have in respect of a breach of the terms of the Leases, including for the payment of interest on payments that are due under this Deed that are not paid within 10
working days of demand. 

 CONTENTS 
  

 This document is executed as a deed and delivered on the date stated at the beginning of this document. 

 CONTENTS 
  

							
	Executed as a deed by	  	)	  	KNIGHTSBRIDGE GREEN	  	
	LIMITED KNIGHTSBRIDGE GREEN	  	)	  	  
	  	
	LIMITED a	  	)	  	Signature in the name of the) company	  	                    
	company incorporated in the	  	)	  		  	
	BRITISH VIRGIN ISLANDS	  	)	  		  	
	acting by QAZI HANNAN	  	)	  		  	
	BHATTI who, in accordance is with the	  	)	  	  
	  	
	laws of that territory,	  	)	  	Signature in the name of the) company	  	
	acting under the authority	  	)	  		  	
	of that company	  	)	  		  	
				
	In the presence of:	  		  		  	
				
	Signature of Witness:	  		  		  	
				
	Name of Witness:	  		  		  	
				
	Address of Witness:	  		  		  	
				
	Executed as a deed by =	  	)	  		  	
	BABYLON PARTNERS LIMITED	  	)	  	Signature of director	  	
	Acting by one directors in	  	)	  		  	
				
	In the presence of:	  		  		  	
				
	Signature of Witness:	  		  		  	
				
	Name of Witness:	  		  		  	
				
	Address of Witness:	  		  		  	

 CONTENTS 
  

					
	Executed as a deed by	  	)	  	
	WUNDERMAN THOMPSON (UK) LIMITED	  	)	  	
	Acting by one directors in	  	)	  	
	The presence of	  	)	  	
	In the presence of:	  	)	  	
		  	)	  	Signature of director
		  	)	  	
	Signature of Witness:	  	)	  	
		  	)	  	
	***	  		  	
			
		  		  	
		  		  	
			
	Executed as a deed by =	  		  	
	WPP GROUP (UK) LTD	  		  	
	acting by one directors in	  		  	
			
	the presence of:	  		  	
		  	)	  	Signature of director
	In the presence of:	  	)	  	
		  	)	  	
	Signature of Witness:	  		  	
			
	***	  		  	
		  		  	
		  		  	

			
	

	  	Eversheds Sutherland
 (International) LLP

One Wood Street
 London

EV2V 7WS
  

T: +44 20 7497 9797
 F: +44 20 7919 4919

DX 154280 Cheapside 8
  

eversheds-
sutherland.com

			
		  	

  
  

							
	 Dated:
	 	11 May	 	2021	 	

  

	(1)	 KNIGHTSBRIDGE GREEN LIMITED 

 

	(2)	 WUNDERMAN THOMPSON (UK) LIMITED 

 

	(3)	 WPP GROUP (UK) LTD 

  

	(4)	 BABYLON PARTNERS LIMITED 

 

	(5)	 BABYLON HOLDINGS LIMITED 

 
  

Licence to assign 
  

 
 leases dated 10 May 2002 and 16 January
2015 relating to premises known as Level 1, 1 Knightsbridge Green, London SW1 

 CONTENTS 
  

							
	Clause	  	Page	 
			
	 1.
	 	DEFINITIONS	  	 	3	 
			
	 2.
	 	INTERPRETATION	  	 	5	 
			
	 3.
	 	LICENCE TO ASSIGN	  	 	5	 
			
	 4.
	 	ASSIGNEE’S OBLIGATIONS	  	 	5	 
			
	 5.
	 	TENANT’S OBLIGATIONS	  	 	6	 
			
	 6.
	 	ASSIGNEE’S GUARANTOR	  	 	6	 
			
	 7.
	 	TENANT’S GUARANTOR	  	 	6	 
			
	 8.
	 	TERMINATION OF THIS LICENCE	  	 	6	 
			
	 9.
	 	AGREEMENTS	  	 	7	 
			
	 10.
	 	NOTICES	  	 	7	 
			
	 11.
	 	JURISDICTION	  	 	7	 
			
	 12.
	 	LEGAL EFFECT	  	 	7	 
		
	 Schedules
	  			
			
	 1
	 	Guarantee	  	 	8	 
		
	 1   Guarantor’s obligations
	  	 	8	 

 LICENCE TO ASSIGN 

DATED 11 May 2021 
 PARTIES 

 

	(1)	 KNIGHTSBRIDGE GREEN LIMITED (a company incorporated in the British Virgin Islands) whose address for
service is c/o Eversheds Sutherland (International) LLP, One Wood Street, London EC2V 7WS (Ref LKM) (the “Landlord”); 

  

	(2)	 WUNDERMAN THOMPSON (UK) LIMITED (incorporated and registered in England and Wales under company
registration number 1660783), the registered office of which is at Greater London House, Hampstead Road, London NW1 7QP (the “Tenant”); 

  

	(3)	 WPP GROUP (UK) LTD (incorporated and registered in England and Wales under company registration number
02670617), the registered office of which is at Sea Containers House, 18 Upper Ground, London SE1 9GL (the “Tenant’s Guarantor”); 

 

	(4)	 BABYLON PARTNERS LIMITED (incorporated and registered in England and Wales under company registration
number 08493276), the registered office of which is at 60 Sloane Avenue, London SW3 3DD (the “Assignee”); and 

  

	(5)	 BABYLON HOLDINGS LIMITED (incorporated and registered in Jersey under company registration number
115471), the registered office of which is at 31 Esplanade, St Helier, Jersey JE1 1FT (the “Assignee’s Guarantor”). 

BACKGROUND: 
  

	(A)	 This Licence relates to the Premises and is supplemental to the Leases. 

 

	(B)	 The Landlord is now the landlord under the Lease, the Tenant remains the tenant under the Lease and the
Tenant’s Guarantor remains the guarantor under the Lease. 

  

	(C)	 The Landlord remains the landlord under the Reversionary Lease, the Tenant remains the tenant under the
Reversionary Lease and the Tenant’s Guarantor remains the guarantor under the Reversionary Lease. 

  

	(D)	 The Landlord has agreed to permit the Assignment subject to the terms contained in this Licence.

 IT IS AGREED AS FOLLOWS: 
  

	1.	 DEFINITIONS 

This Licence uses the following definitions: 

“1986 Act” 
 the Insolvency Act
1986; 
 “1995 Act” 
 the
Landlord and Tenant (Covenants) Act 1995; 
 “Assignment” 

 the assignment permitted under clause 3; 

“Assignment Date” 
 the date of
the deed of assignment of the Lease and the transfer of the Reversionary Lease to the Assignee; 
 “Business Day” 

a day (other than a Saturday, Sunday or public holiday) on which banks are usually open for business in England and Wales; 

“Guaranteed Party” 
 the person
whose obligations are guaranteed by a Guarantor; 
 “Guarantor” 

any person who gives a guarantee to the Landlord under this Licence; 

“Lease” 
 a lease dated
10 May 2002 between (1) The Prudential Assurance Company Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

“Leases” 
 means together the
Lease and the Reversionary Lease and any document supplemental to them including but not limited to a deed of variation dated 16 January 2015 made between (1) Knightsbridge Green Limited (2) J. Walter Thompson Group Limited and
(3) WPP Group (UK) Limited and a supplemental agreement and deed of variation dated the date hereof made between (1) Knightsbridge Green Limited (2) Wunderman Thompson (UK) Limited and (3) WPP Group (UK) Limited; 

“Liability Period” 
 the period
starting on the Assignment Date and ending on the date that the Assignee is released from the Tenant’s Obligations under the 1995 Act; 

“Premises” 
 the property let by
the Leases known as Level 1, 1 Knightsbridge Green, London SW1; 
 “Rents” 

the rents reserved by the Leases; 
 “Rent
Deposit Deed” 
 means a rent deposit deed in the agreed form annexed to this Licence; 

“Reversionary Lease” 

 a reversionary lease dated 16 January 2015 between (1) Knightsbridge Green Limited
(2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 
 “Tenant’s
Obligations” 
 the tenant’s obligations in the Leases; 

“Term” 
 the term of the Leases
including where applicable any continuation of that period under the Landlord and Tenant Act 1954. 
  

	2.	 INTERPRETATION 

In this Licence: 
  

	2.1	 where appropriate, the singular includes the plural and vice versa, and one gender includes any other;

  

	2.2	 obligations owed by or to more than one person are owed by or to them jointly and severally;

  

	2.3	 an obligation to do something includes an obligation not to waive any obligation of another person to do it;

  

	2.4	 an obligation not to do something includes an obligation not to permit or allow another person to do it;

  

	2.5	 references to an Act of Parliament are to that Act of Parliament as amended from time to time and to any Act of
Parliament that replaces it; 

  

	2.6	 references to the parties include references to their respective successors in title; and

  

	2.7	 if any provision is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remainder of this Licence will be unaffected. 

  

	3.	 LICENCE TO ASSIGN 

The Landlord permits the Tenant to assign the Leases to the Assignee on the terms of this Licence. 

 

	4.	 ASSIGNEE’S OBLIGATIONS 

 

	4.1	 The Assignee must: 

  

	 	4.1.1	 comply with all of the Tenant’s Obligations throughout the Liability Period; and 

 

	 	4.1.2	 not occupy the Premises before the Assignment Date. 

 

	4.2	 The Assignee must: 

  

	 	4.2.1	 procure the registration of the assignment of the Reversionary Lease by HM Land Registry as soon as reasonably
practicable after the Assignment Date; and 

	 	4.2.2	 within one month of completion of the registration of the assignment of the Reversionary Lease, produce to the
Landlord’s solicitors an official copy of the register of title showing the Assignee as the registered proprietor of the Reversionary Lease. 

  

	4.3	 As a condition of the Landlord’s consent to the assignment of the Leases, the Assignee and the Landlord
shall complete and enter into the Rent Deposit Deed on the Assignment Date and the Assignee shall pay to the Landlord the ‘Initial Sum’ (as defined within the Rent Deposit Deed) in cleared funds on or before the Assignment Date.

  

	5.	 TENANT’S OBLIGATIONS 

 

	5.1	 The Tenant must: 

  

	 	5.1.1	 not seek to enforce any of the landlord’s obligations under the Leases nor exercise any of the
tenant’s rights under the Leases on or after the Assignment Date; 

  

	 	5.1.2	 within seven days from the Assignment Date, give notice to the Landlord of the name and address of the party to
whom future rent demands should be sent; and 

  

	 	5.1.3	 within one month from the Assignment Date (or such other period as may be specified in the Leases), produce to
the Landlord’s solicitors a certified copy of the deeds effecting the Assignment and pay any registration fee required by the Leases. 

  

	5.2	 The Tenant, as primary obligor, guarantees to the Landlord that, starting on the Assignment Date, the Assignee
will comply with the Tenant’s Obligations throughout the Liability Period. If the Assignee defaults, the Tenant will itself comply with those obligations and will indemnify the Landlord against all losses, costs, damages and expenses properly
incurred by the Landlord by that default. This guarantee: 

  

	 	5.2.1	 incorporates the provisions of Schedule 1; and 

 

	 	5.2.2	 is an authorised guarantee agreement for the purposes of section 16 of the 1995 Act. 

 

	6.	 ASSIGNEE’S GUARANTOR 

 

	6.1	 The Assignee’s Guarantor, as primary obligor, guarantees to the Landlord that, starting on the Assignment
Date, the Assignee will comply with the Tenant’s Obligations throughout the Liability Period. If the Assignee defaults, the Assignee’s Guarantor will itself comply with those obligations and will indemnify the Landlord against all losses,
costs, damages and expenses properly incurred by the Landlord by that default. This guarantee incorporates the provisions of Schedule 1. 

  

	6.2	 The Assignee’s Guarantor agrees with the Landlord that, if the Landlord asks it to do so, it will give the
Landlord a guarantee of any authorised guarantee agreement given to the Landlord by the Assignee on an assignment of the Leases, such guarantee to incorporate the provisions of Schedule 1. 

 

	7.	 TENANT’S GUARANTOR 

The Tenant’s Guarantor, as primary obligor, guarantees to the Landlord that, starting on the Assignment Date, the Tenant will comply with
its obligations under clause 5.2 throughout the Liability Period. If the Tenant defaults, the Tenant’s Guarantor will itself comply with those obligations and will indemnify the Landlord against all losses, costs, damages and expenses
properly incurred by the Landlord by that default. This guarantee incorporates the provisions of Schedule 1. 

	8.	 TERMINATION OF THIS LICENCE 

 

	8.1	 The Landlord may terminate this Licence by written notice to the Tenant if the Assignment Date has not occurred
within the period of six months starting on the date of this Licence. 

  

	8.2	 Any termination of this Licence under clause 8.1 will be: 

 

	 	8.2.1	 without prejudice to any rights or remedies of any party to this Licence in respect of or arising from any
previous breach by any other party to this Licence; and 

  

	 	8.2.2	 without liability on the part of the Landlord to refund any moneys paid in connection with this Licence.

  

	9.	 AGREEMENTS 

  

	9.1	 Nothing in this Licence will: 

 

	 	9.1.1	 be deemed to authorise any action other than expressly authorised in clause 3; 

 

	 	9.1.2	 release or reduce any liability to the Landlord of the Tenant or any guarantor or other party to the Leases; or

  

	 	9.1.3	 waive or be deemed to waive any breach of the Tenant’s Obligations that may have occurred before the date
of this Licence. 

  

	9.2	 All sums payable by the Tenant under this Licence will be recoverable as rent in arrear in accordance with the
Leases prior to the Assignment Date. 

  

	9.3	 Where any sums become payable under the Leases after the Assignment Date that relate in whole or in part to the
period before the Assignment Date, the Assignee will be liable for the whole of the sums payable and the Tenant will indemnify the Assignee against all sums payable to the Landlord pursuant to this clause 9. 

 

	9.4	 Nothing in this Licence creates any rights benefiting any person under the Contracts (Rights of Third Parties)
Act 1999. 

  

	10.	 NOTICES 

Any notices to be served under this Licence will be validly served if served in accordance with the notice provisions in the Leases. 

 

	11.	 JURISDICTION 

  

	11.1	 This Licence and any non-contractual obligations arising out of or in
connection with it will be governed by the law of England and Wales. 

  

	11.2	 Subject to clause 11.3, the courts of England and Wales have exclusive jurisdiction to determine any
dispute arising out of or in connection with this Licence, including in relation to any non-contractual obligations. 

  

	11.3	 Any party may seek to enforce an order of the courts of England and Wales arising out of or in connection with
this Licence, including in relation to any non-contractual obligations, in any court of competent jurisdiction. 

	12.	 LEGAL EFFECT 

This Licence takes effect and binds the parties with effect from the date set out at the beginning of this Licence. 

 SCHEDULE 1 

Guarantee 
 Guarantor’s
obligations 
  

	1.1	 The Guarantor, as primary obligor, guarantees to the Landlord that it will indemnify the Landlord against all
reasonable and proper losses, costs, damages and expenses properly incurred by the Landlord by the Guaranteed Party proposing or entering into any company voluntary arrangement, scheme of arrangement or other scheme having or purporting to have the
effect of impairing, compromising or releasing any or all of the obligations of the Guarantor in this Licence. 

  

	1.2	 If the Landlord in its absolute discretion notifies the Guarantor within three months after the date of any
disclaimer of the Reversionary Lease and (if applicable) the Lease, the Guarantor must, within ten working days, at the Landlord’s option either: 

  

	 	1.2.1	 at the Guarantor’s own cost (including payment of the Landlord’s proper costs) accept the grant of a
lease of the Premises: 

  

	 	(a)	 for a term starting and taking effect on the date of the disclaimer of the Reversionary Lease and (if
applicable) the Lease; 

  

	 	(b)	 ending on the date when the Reversionary Lease would have ended if the disclaimer had not happened;

  

	 	(c)	 at the same rent (and other sums payable); and 

 

	 	(d)	 otherwise on the same obligations and conditions in the Reversionary Lease and (if applicable) the Lease; or

  

	 	1.2.2	 pay the Landlord any arrears of the Rents, outgoings and any other sums payable under the Leases plus the
amount equivalent to the total of those sums due that would have been payable for the period of 6 months following the disclaimer had there been no such disclaimer. 

 

	1.3	 Where the guarantee has been given by the Assignee’s Guarantor, references in paragraph 1.2 to the
disclaimer of the Reversionary Lease and (if applicable) the Lease will include references to the forfeiture of the Reversionary Lease and (if applicable) the Lease and the Assignee being struck off the register of companies. 

 

	1.4	 If paragraph 1.2.2 applies then, on receipt of the payment in full, the Landlord must release the
Guarantor from its future obligations under its guarantee (but that will not affect the Landlord’s rights in relation to any prior breaches). 

  

	1.5	 The Guarantor’s liability will not be reduced or discharged by: 

 

	 	1.5.1	 any failure for any reason to enforce in full or any delay in enforcement of, any right against, or any
concession allowed to the Guaranteed Party or any third party; 

  

	 	1.5.2	 any variation of the Leases (but subject always to section 18 of the 1995 Act) (except where such variation is
materially adverse to the Guarantor and except that a surrender of part will end the Guarantor’s future liability in respect of the surrendered part); 

  

	 	1.5.3	 any right to set-off or counterclaim that the Guaranteed Party or the
Guarantor may have; 

	 	1.5.4	 any death, incapacity, disability or change in the constitution or status of any party to this Licence or of
any other person who is liable for the performance of the Tenant’s Obligations; 

  

	 	1.5.5	 any amalgamation or merger by any party with any other person, any restructuring or the acquisition of the
whole or any part of the assets or undertaking of any party by any other person; 

  

	 	1.5.6	 the existence or occurrence of any matter referred to in paragraph 1.6; or 

 

	 	1.5.7	 anything else other than a release by the Landlord by deed. 

 

	1.6	 The matters referred to in paragraph 1.5.6 are: 

 

	 	1.6.1	 any Law of Property Act 1925, administrative, court-appointed or other receiver or similar officer is appointed
over the whole or any part of the assets of the Guaranteed Party or the Guaranteed Party enters into any scheme or arrangement with its creditors in satisfaction or composition of its debts under the 1986 Act; 

 

	 	1.6.2	 the Guaranteed Party is a company or a limited liability partnership: 

 

	 	(a)	 the Guaranteed Party enters into liquidation within the meaning of section 247 of the 1986 Act;

  

	 	(b)	 the Guaranteed Party is wound up or a petition for winding up is presented against the Guaranteed Party that is
not dismissed or withdrawn within 7 days of being presented; 

  

	 	(c)	 a meeting of the Guaranteed Party’s creditors or any of them is summoned under Part I of the 1986 Act;

  

	 	(d)	 a moratorium in respect of the Guaranteed Party comes into force under section 1(A) of and schedule A1 to the
1986 Act; 

  

	 	(e)	 an administrator is appointed to the Guaranteed Party; or 

 

	 	(f)	 the Guaranteed Party is struck off the register of companies; 

 

	 	1.6.3	 the Guaranteed Party is a partnership, it is subject to an event similar to any listed in paragraph
1.6.2 with appropriate modifications so as to relate to a partnership; 

  

	 	1.6.4	 if the Guaranteed Party is an individual: 

 

	 	(a)	 a receiving order is made against the Guaranteed Party; 

 

	 	(b)	 an interim receiver is appointed over or in relation to the Guaranteed Party’s property;

  

	 	(c)	 the Guaranteed Party makes an application to be declared bankrupt, the Guaranteed Party is the subject of a
bankruptcy petition or the Guaranteed Party becomes bankrupt; 

  

	 	(d)	 the Guaranteed Party applies for or becomes subject to a debt relief order or the Guaranteed Party proposes or
becomes subject to a debt management plan; or 

	 	(e)	 an interim order is made against the Guaranteed Party under Part VIII of the 1986 Act or the Guaranteed Party
otherwise proposes an individual voluntary arrangement; 

  

	 	1.6.5	 any event similar to any listed in paragraphs 1.6.1 to 1.6.4 occurs in any jurisdiction (whether it be
England and Wales, or elsewhere); and 

  

	 	1.6.6	 any event similar to any listed in paragraphs 1.6.1 to 1.6.5 occurs in relation to the Guarantor.

  

	1.7	 The Guarantor must not claim in competition with the Landlord in the insolvency of the Guaranteed Party and
must not take any security, indemnity or guarantee from the Guaranteed Party in respect of the Tenant’s Obligations. 

  

	1.8	 Nothing in this paragraph 1 may impose any liability on the Guarantor that exceeds the liability that it
would have had were it the tenant of the Leases. 

 RENT DEPOSIT DEED 

			
	Dated:	  	2021

  

	(1)	 Knightsbridge Green Limited 

 

	(2)	 Babylon Partners Limited 

 
  

Rent deposit deed 
  

 
 Relating to leases of premises known as Level 1,
1 Knightsbridge Green, London SW1 

 CONTENTS 
  

							
	Clause	 	  	  	Page	 
			
	 1.
	 	DEFINITIONS	  	 	14	 
			
	 2.
	 	INTERPRETATION	  	 	16	 
			
	 3.
	 	DEPOSIT ACCOUNT	  	 	16	 
			
	 4.
	 	CHARGE	  	 	16	 
			
	 5.
	 	DEPOSIT BALANCE	  	 	17	 
			
	 6.
	 	RELEASE DATE	  	 	18	 
			
	 7.
	 	REPAYMENT OF THE DEPOSIT BALANCE	  	 	18	 
			
	 8.
	 	DISPOSALS	  	 	19	 
			
	 9.
	 	LEGAL EFFECT	  	 	19	 

 CONTENTS 
  

 RENT DEPOSIT DEED 

THIS RENT DEPOSIT DEED is made on    2021 

PARTIES 
  

	(1)	 KNIGHTSBRIDGE GREEN LIMITED (a company incorporated in the British Virgin Islands) whose address for
service is c/o Eversheds Sutherland (International) LLP, One Wood Street, London EC2V 7WS (Ref LKM) and any Successor (the “Landlord”); and 

  

	(2)	 BABYLON PARTNERS LIMITED (incorporated and registered in England and Wales under company registration
number 08493276), the registered office of which is at 60 Sloane Avenue, London SW3 3DD (the “Tenant”). 

 IT IS
AGREED AS FOLLOWS: 
  

	1.	 DEFINITIONS 

This Deed uses the following definitions: 

“Bank” 
 any bank that the
Landlord may nominate; 
 “Covenants” 

the tenant’s obligations and conditions contained in the Leases; 

“Deposit” 
 One million one
hundred and thirteen thousand seven hundred and twenty one pounds and twenty pence (£1,113,721.20) ) being an amount equivalent to 12 months’ annual rent payable under the Leases plus an amount equivalent to VAT to be paid by the Tenant
to the Landlord in two tranches as follows: 
  

	 	(i)	 £556,860.60 to be paid to the Landlord by the Tenant on the date of this Deed; (“the Initial
Sum”) and 

  

	 	(ii)	 £556,860.60to be paid to the Landlord by the Tenant on or before 1 September 2021;

 “Deposit Account” 

a separate interest-bearing deposit account opened with the Bank; 

“Deposit Balance” 
 the balance
from time to time standing to the credit of the Deposit Account; 
 “Disposal” 

the transfer of the Landlord’s interest in the Premises or the grant of a lease out of that interest that takes effect subject to the
terms of the Leases; 

 CONTENTS 
  

 “Event of Default” 

one or more of the following events: 
  

	 	(a)	 the disclaimer of the Leases by the Crown or by a liquidator or trustee in bankruptcy of the Tenant;

  

	 	(b)	 if the Tenant is a company, the Tenant is struck off the register of companies or otherwise ceases to exist;
and 

  

	 	(c)	 the forfeiture of the Leases; 

“Lease” 
 a lease dated
10 May 2002 between (1) The Prudential Assurance Company Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

“Leases” 
 means together the
Lease and the Reversionary Lease; 
 “Minimum Balance” 

£556,860.60 until and including 31 August 2021 and, thereafter, £1,113,721.20 but provided that, subject to clause 6.2,
the Minimum Balance from the Release Date shall be £556,860.60; 
 “Premises” 

the premises known as Level 4, 1 Knightsbridge Green, London SW1 described in more detail in the Leases; 

“Release Date” 
 subject to
clause 6.2, 28 March 2024; 
 “Repayment Date” 

the earlier of: 
  

	 	(a)	 the date on which the Tenant lawfully assigns the Leases; 

 

	 	(b)	 the first date on which the following conditions are satisfied: 

 

	 	(i)	 the Reversionary Lease has come to an end, other than by an Event of Default; and 

 

	 	(ii)	 the Tenant gives back the Premises with vacant possession; 

“Reversionary Lease” 
 a
reversionary lease dated 16 January 2015 between (1) Knightsbridge Green Limited (2) J Walter Thompson Group Limited and (3) WPP Group (UK) Limited and any document supplemental to it; 

 CONTENTS 
  

 “Secured Liabilities” 

the payment of all sums required for one or more of the following: 
  

	 	(a)	 to make good any loss or damage to the Landlord arising from any breach by the Tenant of the Covenants;

  

	 	(b)	 to make good any loss or damage to the Landlord arising from an Event of Default, including any sums for which
the Landlord is entitled to prove in the winding up or bankruptcy of the Tenant whether or not following a disclaimer of the Leases; and 

“Successor” 
 the person who
becomes the immediate landlord of the Tenant following a Disposal. 
  

	2.	 INTERPRETATION 

In this Deed: 
  

	2.1	 “notify”, “notifies” or “notifying” means notify or notifying in writing;

  

	2.2	 “VAT” has the meaning given to it in the Leases; 

 

	2.3	 where appropriate, the singular includes the plural and vice versa, and one gender includes any other;

  

	2.4	 obligations owed by or to more than one person are owed by or to them jointly and severally;

  

	2.5	 an obligation to do something includes an obligation not to waive any obligation of another person to do it;

  

	2.6	 an obligation not to do something includes an obligation not to permit or allow another person to do it;

  

	2.7	 “includes”, “including” and similar words are used without limitation or qualification to
the subject matter of the relevant provision; and 

  

	2.8	 if any provision is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remainder of this Deed will be unaffected. 

  

	3.	 DEPOSIT ACCOUNT 

 

	3.1	 If it has not already done so, the Landlord must open the Deposit Account as soon as reasonably practicable
after the date of this Deed and, in any event, within 3 working days of completion of this Deed. 

  

	3.2	 The Tenant must provide all information about the Tenant required by the Bank to open and maintain the Deposit
Account including any details of the directors and shareholders of the Tenant and evidence of their identity required by the Bank. 

  

	3.3	 The Bank’s costs for opening and operating the Deposit Account will be deducted from any interest earned
on the Deposit Account and any balance of those costs must be paid by the Tenant within 10 working days of demand. 

 CONTENTS 
  

	4.	 CHARGE 

  

	4.1	 The Landlord acknowledges receipt of the Initial Sum in respect of the Deposit from the Tenant and must pay it
into the Deposit Account within 5 working days of completion of this Deed. The Landlord shall provide to the Tenant details of the Deposit Account within 2 working days thereafter. 

 

	4.2	 The Tenant must pay the balance of the Deposit in the sum of £556,860.60 to the Landlord on or before
1 September 2021 to be held on the terms of this Deed and so that each tranche of the Deposit paid by the Tenant is charged to the Landlord by way of first fixed charge. 

 

	4.3	 The Tenant must pay and discharge the Secured Liabilities on demand when they are due to the Landlord.

  

	4.4	 The Tenant with full title guarantee and as continuing security for the Secured Liabilities charges the Deposit
Balance by way of first fixed charge to the Landlord. 

  

	4.5	 The charge created by clause 4.4 is a “a charge in favour of a landlord on a cash deposit given as
security in connection with the lease of land” for the purposes of section 859A(6)(a) Companies Act 2006. 

  

	4.6	 The Tenant warrants to the Landlord that: 

 

	 	4.6.1	 no person having any charge or other form of security over the assets of the Tenant is required to consent to
the Tenant entering into this Deed or has the benefit of any covenant preventing the Tenant entering into this Deed; and 

  

	 	4.6.2	 the Deposit is, and any further sums paid into the Deposit Account will be, free from any charge, lien or
incumbrance in favour of any third party, whether legal or equitable. 

  

	4.7	 The Tenant must not create any other legal or equitable charge (whether fixed or floating), lien or encumbrance
over the Deposit Balance ranking in priority to the security created by this Deed. 

  

	4.8	 The Tenant must promptly and at its own cost execute any document and take any action that the Landlord at any
time reasonably requires in order to protect and preserve the security created by this Deed and for the priority of that security. 

  

	4.9	 The security created by this Deed is in addition to and is not to merge with, prejudice or affect any other
security interest of the Landlord in relation to the Tenant. 

  

	5.	 DEPOSIT BALANCE 

 

	5.1	 The Landlord acknowledges that: 

 

	 	5.1.1	 the Deposit Balance is and remains beneficially the property of the Tenant subject to the charge created by
clause 4.4 and the Bank has been notified in writing of this fact; and 

  

	 	5.1.2	 it must not make any withdrawals from the Deposit Account except on the terms of this Deed.

 CONTENTS 
  

	5.2	 The Tenant acknowledges that the Landlord is entitled to make withdrawals from the Deposit Account on the terms
of this Deed and that any money so withdrawn will become the property of the Landlord. 

  

	5.3	 The Landlord may notify the Tenant that the Deposit Balance is to be reduced by such sum as may be specified to
settle any of the Secured Liabilities. If the Tenant does not pay to the Landlord the sums specified within 10 working days after being notified, the Landlord may withdraw those sums from the Deposit Account. 

 

	5.4	 The Tenant must pay to the Landlord on demand such further sums as may be required to ensure that the Deposit
Balance is at all times equal to the Minimum Balance. 

  

	5.5	 The Landlord must pay any sums received from the Tenant under clause 5.4 into the Deposit Account within
2 working days of receipt and they will form part of the Deposit Balance. 

  

	5.6	 Interest earned on the Deposit Account must be credited to the Deposit Account. It will form part of the
Deposit Balance until paid to the Tenant in accordance with clause 6. 

  

	6.	 RELEASE DATE 

  

	6.1	 Subject to clause 6.2 and clause 6.3, on the Release Date, the Landlord will pay to the Tenant
the amount by which the Deposit Balance (after deducting any outstanding Secured Liabilities at the Release Date) exceeds the Minimum Balance (“the Release Date Repayment”). 

 

	6.2	 This clause 6 will cease to apply in the case of an Event of Default. 

 

	6.3	 If, at the Release Date, the Tenant is in arrears for any part of the yearly rent payable under the Leases, or
there are any outstanding material breaches by the Tenant of the Covenants, the Landlord: 

  

	 	6.3.1	 will not be required to pay the Release Date Repayment to the Tenant on the Release Date;

  

	 	6.3.2	 shall notify the Tenant that it will not be releasing the Release Date Repayment to the Tenant in writing
within 5 working days of the Release Date together with details of the arrears or the material breach of the Covenants; and 

  

	 	6.3.3	 shall, within 10 working days of the arrears being settled and/or material breach of the Covenants being
remedied by the Tenant (as the case may be), pay to the Tenant the amount by which the Deposit Balance at that date (after deducting any outstanding Secured Liabilities at that date) exceeds the Minimum Balance. 

 

	7.	 REPAYMENT OF THE DEPOSIT BALANCE 

 

	7.1	 Within 10 working days after the Repayment Date, the Landlord must pay to the Tenant an amount equal to the
Deposit Balance on that date and any interest up to that date but after deducting: 

  

	 	7.1.1	 any outstanding Secured Liabilities at the Repayment Date; and 

 

	 	7.1.2	 any outstanding costs of the Bank, including any costs payable on the closure of the Deposit Account.

  

	7.2	 If any Secured Liabilities are due at the Repayment Date but are unquantified at this date:

 CONTENTS 
  

	 	7.2.1	 the Landlord may deduct from the sums payable under clause 7.1 an amount equal to the Landlord’s
reasonable estimate, to be made in good faith, of those Secured Liabilities; 

  

	 	7.2.2	 any sums so deducted must be held in the Deposit Account on the terms of this Deed until the relevant Secured
Liabilities have been quantified; 

  

	 	7.2.3	 the Landlord must quantify the relevant Secured Liabilities as soon as reasonably practicable; and

  

	 	7.2.4	 when the relevant Secured Liabilities have been quantified, the Landlord must deduct the amount of those
Secured Liabilities from the Deposit Account and must pay any credit balance on the Deposit Account to the Tenant within 10 working days of the Secured Liabilities having been quantified. 

 

	7.3	 Following the repayment of the whole of the Deposit Balance, the Landlord must close the Deposit Account.

  

	8.	 DISPOSALS 

  

	8.1	 Following a Disposal the Landlord must: 

 

	 	8.1.1	 notify the Tenant of the name and address of its Successor; and 

 

	 	8.1.2	 either: 

  

	 	(a)	 give a mandate to the Bank authorising the Bank to accept its Successor as the signatory to the Deposit Account
and the person entitled to operate the Deposit Account; or 

  

	 	(b)	 procure that the Successor opens a new Deposit Account and credits an amount equivalent to the Deposit Balance
to it within 5 working days of receipt and gives details to the Tenant of the new Deposit Account within 5 working days thereafter, such Deposit Balance to be held on the terms of this Deed. 

 

	8.2	 Subject to the Landlord complying with clause 8.1, the Landlord making the Disposal will not be liable
for any breach of its obligations in this Deed arising after the date of the Disposal. 

  

	9.	 LEGAL EFFECT 

This Deed is supplemental to the Leases. A breach of the terms of this Deed will be treated as a breach of the terms of the Leases and the
Landlord will have the same rights and remedies in respect of that breach as it would have in respect of a breach of the terms of the Leases, including for the payment of interest on payments that are due under this Deed that are not paid within 10
working days of demand. 

 CONTENTS 
  

 This document is executed as a deed and delivered on the date stated at the beginning of this document. 

 CONTENTS 
  

					
	Executed as a deed by	 	)	 	KNIGHTSBRIDGE GREEN
	LIMITED KNIGHTSBRIDGE GREEN	 	)	 	
	LIMITED a	 	)	 	  
 Signature in the name of the)
company

	company incorporated in the	 	)	 	
	BRITISH VIRGIN ISLANDS	 	)	 	
	acting by QAZI HANNAN	 	)	 	
	BHATTI who, in accordance is with the	 	)	 	
	laws of that territory,	 	)	 	  
 Signature in the name of the)
company

	acting under the authority	 	)	 	
	of that company	 	)	 	
			
	In the presence of:	 		 	
			
	Signature of Witness:	 		 	
			
	Name of Witness:	 		 	
			
	Address of Witness:	 		 	
			
	Executed as a deed by =	 	)	 	
	BABYLON PARTNERS LIMITED	 	)	 	Signature of director
	Acting by one directors in	 	)	 	
			
	In the presence of:	 		 	
			
	Signature of Witness:	 		 	
			
	Name of Witness:	 		 	
			
	Address of Witness:	 		 	

 CONTENTS 
  

					
	Executed as a deed by	 	)	 	
	WUNDERMAN THOMPSON (UK) LIMITED	 	)	 	
	Acting by one directors in	 	)	 	
	The presence of	 	)	 	
		 	)	 	
	In the presence of:	 	)	 	
		 	)	 	Signature of director
		 	)	 	
	Signature of Witness:	 	)	 	
		 	)	 	
	***	 		 	
			
		 		 	
		 		 	
			
	Executed as a deed by =	 		 	
	WPP GROUP (UK) LTD	 		 	
	acting by one directors in	 		 	
	the presence of:	 		 	
		 	)	 	Signature of director
	In the presence of:	 	)	 	
		 	)	 	
	Signature of Witness:	 		 	
			
	***Document

EXHIBIT 10.1
WESTERN MIDSTREAM PARTNERS, LP 
2021 LONG TERM INCENTIVE PLAN

SECTION 1.    Purpose of the Plan 
The Western Midstream Partners, LP 2021 Long Term Incentive Plan (the “Plan”) has been adopted by Western Midstream Holdings, LLC, a Delaware limited liability company (the “Company”) and general partner of Western Midstream Partners, LP (the “Partnership”). The purpose of the Plan is to promote the interests of the Partnership and its unitholders by strengthening its ability to attract, retain and motivate qualified individuals to serve as Directors and Employees. 
SECTION 2.    Definitions 
The following terms shall have the meanings set forth in this Section 2: 
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
“409A Award” means an Award that constitutes a “deferral of compensation” within the meaning of the 409A Regulations, whether by design, due to a subsequent modification in the terms and conditions of such Award or as a result of a change in applicable law following the date of grant of such Award, and that is not exempt from Section 409A of the Code pursuant to an applicable exemption. 
“409A Regulations” means the applicable Treasury regulations and other interpretive guidance promulgated pursuant to Section 409A of the Code. 
“Award” means an Option, Unit Appreciation Right, Restricted Unit, Phantom Unit, Other Unit-Based Award, Cash Award, a Unit Award or a Substitute Award granted under the Plan, and includes any tandem DERs granted with respect to a Phantom Unit. 
“Award Agreement” means the written or electronic agreement by which an Award shall be evidenced, including applicable terms and conditions of the Award. 
“Board” means the Board of Directors or Managers, as the case may be, of the Company. 
“Cash Award” means an award denominated in cash. 
“Change of Control” means, and shall be deemed to have occurred upon any of the following events: 
(i)    any “person” or “group” within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the Exchange Act, other than an Excluded Person (defined below), shall become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), by way of merger, consolidation, recapitalization, reorganization or otherwise, of more than 50% of the combined voting power of the equity interests in the Company, unless as a result of such transaction, more than 50% of the outstanding voting power or the outstanding voting securities of the ultimate parent (the “Ultimate Parent”) of the surviving or resulting entity of the Company immediately after such transaction (the “Surviving Entity”) (or, if no Ultimate Parent exists, then the Surviving Entity) is, or will be, owned, directly or indirectly, by the Persons who were holders of the Company’s voting securities immediately before such transaction (such transaction, an “Excluded Business Combination”); 
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(ii)    the equityholders of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership; 
(iii)    the sale, transfer or other disposition by the Partnership of all or substantially all of its assets in one or more transactions to any Person other than or an Affiliate of the Company or the Partnership, unless such sale, transfer or disposition is an Excluded Business Combination; or 
(iv)    the Company or an Affiliate of the Company ceases to be the general partner of the Partnership and a single “person” or “group” within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the Exchange Act, other than an Excluded Person, beneficially owns more than 50% of the combined voting power of the equity interests in the entity that is or becomes the general partner of the Partnership. 
Notwithstanding the foregoing, (A) with respect to a 409A Award where a Change of Control would accelerate the timing of payment thereunder, the term “Change of Control” shall mean a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company as defined in Section 409A of the Code and the 409A Regulations, but only to the extent inconsistent with the above definition, and only to the minimum extent necessary to comply with Section 409A of the Code and the 409A Regulations as determined by the Committee and (B)  in no event will any sale, transfer or other disposition by Occidental Petroleum Corporation (“Oxy”) or its Affiliates of Common Units (or other limited partner interests in the Partnership), regardless of amount, constitute a Change of Control hereunder (whether or not such sale, transfer or disposition would otherwise constitute a Change of Control).  “Excluded Person” means the Partnership, the Company, Oxy or any respective Affiliate of the Company, the Partnership or Oxy. 
“Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, and the temporary or final regulations of the Secretary of the United States Treasury adopted pursuant to the Code. 
“Committee” means the Board or a committee of the Board appointed by the Board to administer the Plan. 
“DER” means a contingent right, granted in tandem with a specific Phantom Unit, to receive with respect to each Phantom Unit subject to the Award an amount in cash. Units and/or Phantom Units equal in value to the distributions made by the Company with respect to a Unit during the period such Award is outstanding. 
“Director” means a member of the Board who is not an Employee. 
“Employee” means an employee of the Partnership, the Company, Anadarko Petroleum Corporation or any other Affiliate of the Company. 
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
“Fair Market Value” means the closing sales price of a Unit on the principal national securities exchange or other market in which trading in Units occurs on the applicable date (or, if there is no trading in the Units on such date, on the next preceding date on which there was trading) as reported in The Wall Street Journal (or other reporting service approved by the Committee). If Units are not traded on a national securities exchange or other market at the time a determination of fair market value is required to be made hereunder, the determination of fair market value shall be made in good faith by the Committee in such a manner as it deems appropriate, consistent with the requirements of Section 409A of the Code and the 409A Regulations. 
“Option” means an option to purchase Units granted under the Plan. 
“Other Unit-Based Award” means an Award granted pursuant to Section 6(e) of the Plan. 
“Participant” means an Employee or Director granted an Award under the Plan. 
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“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, governmental agency or political subdivision thereof or other entity. 
“Phantom Unit” means a notional unit granted under the Plan that upon vesting entitles the Participant to receive a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its discretion. 
“Qualified Member” means a member of the Committee who is a “nonemployee director” within the meaning of Rule 16b-3(b)(3). 
“Restricted Period” means the period established by the Committee with respect to an Award during which the Award remains subject to forfeiture and is either not exercisable by or payable to the Participant, as the case may be. 
“Restricted Unit” means a Unit granted under the Plan that is subject to a Restricted Period. 
“Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act or any successor rule or regulation thereto as in effect from time to time. 
“SEC” means the Securities and Exchange Commission, or any successor thereto. 
“Substitute Award” means an award granted pursuant to Section 6(g) of the Plan. 
“UDR” means a distribution made by the Partnership with respect to a Restricted Unit. 
“Unit” means a common unit of the Partnership. 
“Unit Appreciation Right” or “UAR” means a contingent right that entitles the holder to receive all or part of the excess of the Fair Market Value of a Unit on the exercise date of the UAR over the exercise price of the UAR. Such excess shall be paid in Units, cash or any combination thereof, in the discretion of the Committee. 
“Unit Award” means a grant of a Unit that is not subject to a Restricted Period. 
SECTION 3.    Administration 
(a)    Authority of the Committee. The Plan shall be administered by the Committee. A majority of the Committee shall constitute a quorum, and the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of the Committee in writing, shall be the acts of the Committee. Subject to the following and applicable law, the Committee, in its sole discretion, may delegate any or all of its powers and duties under the Plan, including the power to grant Awards under the Plan, to the Chief Executive Officer of the Company, subject to such limitations on such delegated powers and duties as the Committee may impose, if any. Upon any such delegation, all references in the Plan to the “Committee,” other than in Section 7, shall be deemed to include the Chief Executive Officer; provided, however, that such delegation shall not limit the Chief Executive Officer’s right to receive Awards under the Plan. Notwithstanding the foregoing, the Chief Executive Officer may not grant Awards to, or take any action with respect to any Award previously granted to, a person who is an officer subject to Rule 16b-3 or a Director. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (viii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan; and (ix) ensuring the payment of any Award or benefit hereunder is made in full compliance with the requirements of Section 409A of the Code and the 409A Regulations. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or 
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an Award Agreement in such manner and to such extent as the Committee deems necessary or appropriate. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including the Partnership, the Company, any Affiliate, any Participant, and any Participant’s beneficiary of any Award. 
(b)    Manner and Exercise of Committee Authority. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including, without limitation, the Company, the Partnership, any Affiliate, any Participant, and any beneficiary of a Participant. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting the power or authority of the Committee. 
(c)    Board Not Administering the Plan. In the event that the full Board is not acting as the Committee, the committee of the Board that is acting as the Committee for purposes of this Plan must comply with the requirements of this Section 3(c). At any time that a member of such Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to a Participant who is then subject to Section 16 of the Exchange Act in respect of the Partnership may be taken either (i) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (ii) by the Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon such abstention or recusal the Committee remains composed solely of two or more Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for all purposes of the Plan. 
(d)    Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee of the Company, the Partnership or their Affiliates, the Company’s or the Partnership’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of the Plan. Members of the Committee and any officer or employee of the Company, the Partnership or any of their Affiliates acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to this Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination. 
(e)    Exemptions from Section 16(b) Liability. It is the intent of the Company that the grant of any Awards to, or other transaction by, a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 or another applicable exemption (except for transactions acknowledged by the Participant in writing to be non-exempt). Accordingly, if any provision of the Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 or such other exemption as then applicable to any such transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b) of the Exchange Act. 
SECTION 4.    Units 
(a)    Limits on Units Deliverable. Subject to adjustment as provided in Section 4(c), the total aggregate number of Units that may be delivered with respect to Awards under the Plan is 9,500,000. Units withheld from an Award or surrendered by a Participant to satisfy the Company’s, Partnership’s or an Affiliate’s tax withholding obligations (including the withholding of Units with respect to Restricted Units) or to satisfy the payment of any exercise price with respect to the Award shall not be considered to be Units delivered under the Plan for this purpose. If any Award is forfeited, cancelled, exercised, settled in cash, or otherwise terminates or expires without the actual delivery of Units pursuant to such Award (the grant of Restricted Units is not a delivery of Units for this purpose), the Units subject to such Award shall again be available for Awards under the Plan (including Units not delivered in connection with the exercise of an Option or Unit Appreciation Right). There shall not be any limitation on the number of Awards that may be granted and paid in cash. 
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(b)    Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an Award shall consist, in whole or in part, of Units acquired in the open market, from the Company, the Partnership, any Affiliate or any other Person, or any combination of the foregoing, as determined by the Committee in its discretion. 
(c)    Anti-dilution Adjustments. Notwithstanding anything contained in Section 7, with respect to any “equity restructuring” event that could result in an additional compensation expense to the Company or the Partnership pursuant to the provisions of FASB Accounting Standards Codification, Topic 718 if adjustments to Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type of Units covered by each outstanding Award and the terms and conditions, including the exercise price and performance criteria (if any), of such Award to equitably reflect such restructuring event and shall adjust the number and type of Units (or other securities or property) with respect to which Awards may be granted after such event. With respect to any other similar event that would not result in an accounting charge under FASB Accounting Standards Codification, Topic 718 if the adjustment to Awards with respect to such event were subject to discretionary action, the Committee shall have complete discretion to adjust Awards in such manner as it deems appropriate with respect to such other event. In the event the Committee makes any adjustment pursuant to the foregoing provisions of this Section 4(c), the Committee shall make a corresponding and proportionate adjustment with respect to the maximum number of Units that may be delivered with respect to Awards under the Plan as provided in Section 4(a) and the kind of Units or other securities available for grant under the Plan. 
(d)    Additional Issuances. Except as hereinbefore expressly provided, the issuance by the Company or the Partnership of Units for cash, property, labor or services, upon direct sale, or upon the conversion of Units or obligations of the Company or the Partnership convertible into such Units, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Units subject to Awards theretofore granted pursuant to the Plan. 
SECTION 5.    Eligibility 
Any Employee or Director shall be eligible to be designated a Participant and receive an Award under the Plan. If the Units issuable pursuant to an Award are intended to be registered with the SEC on Form S-8, then only Employees and Directors of the Partnership or a parent or subsidiary of the Partnership (within the meaning of General Instruction A.1(a) to Form S-8) will be eligible to receive such an Award. 
SECTION 6.    Awards 
(a)    Options. The Committee may grant Options that are intended to comply with Section 1.409A-l(b)(5)(i)(A) of the 409A Regulations only to Employees or Directors performing services on the date of grant for the Partnership or a corporation or other type of entity in a chain of corporations or other entities in which each corporation or other entity has a “controlling interest” in another corporation or entity in the chain, starting with the Partnership and ending with the corporation or other entity for which the Employee or Director performs services. For purposes of this Section 6(a), “controlling interest” means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all classes of stock of such corporation entitled to vote or at least 50% of the total value of shares of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such partnership; (iii) in the case of a sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Section 1.414(c)-2(b)(2)(ii) of the 409A Regulations) of at least 50% of such trust or estate. The Committee may grant Options that are otherwise exempt from or compliant with Section 409A of the Code to any eligible Employee or Director. The Committee shall have the authority to determine the number of Units to be covered by each Option, the purchase price therefore and the Restricted Period and other conditions and limitations applicable to the exercise of the Option, including the following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 
(i)    Exercise Price. The exercise price per Unit purchasable under an Option that does not provide for the deferral of compensation under the 409A Regulations shall be determined by the Committee at the time the Option is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as of the date of grant of the Option. For purposes of this Section 6(a)(i), the Fair Market Value of a 
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Unit shall be determined as of the date of grant. The exercise price per Unit purchasable under an Option that does not provide for the deferral of compensation by reason of satisfying the short-term deferral rule set forth in the 409A Regulations or that is compliant with Section 409A of the Code shall be determined by the Committee at the time the Option is granted. 
(ii)    Time and Method of Exercise. The Committee shall determine the exercise terms and the Restricted Period with respect to an Option grant, which may include, without limitation, a provision for accelerated vesting upon the achievement of specified performance goals or other events, and the method or methods by which payment of the exercise price with respect to an Option may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the Company, withholding Units from the Award, a “cashless-broker” exercise through procedures approved by the Company, or any combination of the above methods, having a Fair Market Value on the exercise date equal to the relevant exercise price. Options shall in no event have a term longer than ten (10) years from the date of grant. 
(iii)    Forfeitures. Except as otherwise provided in the terms of the Award Agreement, upon termination of a Participant’s employment or service to the Company and its Affiliates or membership on the Board or the board of directors of an Affiliate, whichever is applicable, for any reason during the applicable Restricted Period, all unvested Options shall be forfeited by the Participant. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Options; provided that the waiver contemplated under this Section 6(a)(iii) shall be effective only to the extent that such waiver will not cause the Participant’s Options that are designed to satisfy Section 409A of the Code to fail to satisfy such Section. 
(b)    Unit Appreciation Rights. The Committee may grant Unit Appreciation Rights that are intended to comply with Section 1.409A-l(b)(5)(i)(B) of the 409A Regulations only to Employees or Directors performing services on the date of grant for the Partnership or a corporation or other type of entity in a chain of corporations or other entities in which each corporation or other entity has a “controlling interest” in another corporation or entity in the chain, starting with the Partnership and ending with the corporation or other entity for which the Employee or Director performs services. For purposes of this Section 6(b), “controlling interest” means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all classes of stock of such corporation entitled to vote or at least 50% of the total value of shares of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such partnership; (iii) in the case of a sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Section 1.414(c)-2(b)(2)(ii) of the 409A Regulations) of at least 50% of such trust or estate. The Committee may grant Unit Appreciation Rights that are otherwise exempt from or compliant with Section 409A of the Code to any eligible Employee or Director. The Committee shall have the authority to determine the Employees and Directors to whom Unit Appreciation Rights shall be granted, the number of Units to be covered by each grant, whether Units or cash shall be delivered upon exercise, the exercise price therefor and the conditions and limitations applicable to the exercise of the Unit Appreciation Rights, including the following terms and conditions and such additional terms and conditions as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 
(i)    Exercise Price. The exercise price per Unit Appreciation Right that does not provide for the deferral of compensation under the 409A Regulations shall be determined by the Committee at the time the Unit Appreciation Right is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as of the date of grant of the Unit Appreciation Right. For purposes of this Section 6(b)(i), the Fair Market Value of a Unit shall be determined as of the date of grant. The exercise price per Unit Appreciation Right that does not provide for the deferral of compensation by reason of satisfying the short-term deferral rule set forth in the 409A Regulations or that is compliant with Section 409A of the Code shall be determined by the Committee at the time the Unit Appreciation Right is granted. 
(ii)    Time of Exercise. The Committee shall determine the Restricted Period and the time or times at which a Unit Appreciation Right may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon the achievement of specified performance goals or other events. 
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(iii)    Forfeitures. Except as otherwise provided in the terms of the Award Agreement, upon termination of a Participant’s employment with or service to the Company, the Partnership and their Affiliates or membership on the Board or the board of directors of an Affiliate, whichever is applicable, for any reason during the applicable Restricted Period, all outstanding Unit Appreciation Rights awarded to the Participant shall be automatically forfeited on such termination. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Unit Appreciation Rights. 
(c)    Restricted Units and Phantom Units. The Committee shall have the authority to determine the Employees and Directors to whom Restricted Units and Phantom Units shall be granted, the number of Restricted Units or Phantom Units to be granted to each such Participant, the Restricted Period, the conditions under which the Restricted Units or Phantom Units may become vested or forfeited and such other terms and conditions as the Committee may establish with respect to such Awards. 
(i)    UDRs. To the extent provided by the Committee, in its discretion, a grant of Restricted Units may provide that the distributions made by the Company with respect to the Restricted Units shall be subject to the same forfeiture and other restrictions as the Restricted Unit and, if restricted, such distributions shall be held, without interest, until the Restricted Unit vests or is forfeited with the UDR being paid or forfeited at the same time, as the case may be. In addition, the Committee may provide that such distributions be used to acquire additional Restricted Units for the Participant. Such additional Restricted Units may be subject to such vesting and other terms as the Committee may prescribe. Absent such a restriction on the UDRs in the Award Agreement, UDRs shall be paid to the holder of the Restricted Unit without restriction at the same time as cash distributions are paid by the Partnership to its unitholders. Notwithstanding the foregoing, UDRs shall only be paid in a manner that is either exempt from or in compliance with Section 409A of the Code. 
(ii)    Forfeitures. Except as otherwise provided in the terms of the Restricted Units or Phantom Units Award Agreement, upon termination of a Participant’s employment with the Company and/or its Affiliates or membership on the Board, whichever is applicable, for any reason during the applicable Restricted Period, all outstanding, unvested Restricted Units and Phantom Units awarded to the Participant shall be automatically forfeited on such termination. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Restricted Units and/or Phantom Units; provided that the waiver contemplated under this Section 6(c)(ii) shall be effective only to the extent that such waiver will not cause the Participant’s Restricted Units and/or Phantom Units that are designed to satisfy Section 409A of the Code to fail to satisfy such Section. 
(iii)    Lapse of Restrictions. 
(A)    Phantom Units. No later than the 15th calendar day following the vesting of each Phantom Unit, subject to the provisions of Section 8(b), the Participant shall be entitled to settlement of such Phantom Unit and shall receive one (1) Unit or an amount in cash equal to the Fair Market Value of a Unit (for purposes of this Section 6(c)(iii), as calculated on the last day of the Restricted Period), as determined by the Committee in its discretion. 
(B)    Restricted Units. Upon or as soon as reasonably practical following the vesting of each Restricted Unit, subject to satisfying the tax withholding obligations of Section 8(b), the Participant shall be entitled to have the restrictions removed from his or her Unit certificate so that the Participant then holds an unrestricted Unit. 
(d)    Unit Awards. The Committee shall have the authority to grant a Unit Award under the Plan to any Employee or Director in a number determined by the Committee in its discretion, as a bonus or additional compensation or in lieu of cash compensation the individual is otherwise entitled to receive, in such amounts as the Committee determines to be appropriate. 
(e)    Other Unit-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Units, as deemed by the Committee to be consistent with the purposes of this 
7

Plan, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Units, purchase rights for Units, Awards with value and payment contingent upon performance of the Partnership or any other factors designated by the Committee, and Awards valued by reference to the book value of Units or the value of securities of or the performance of specified Affiliates of the Company or the Partnership. The Committee shall determine the terms and conditions of such Awards. Units delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(e) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Units, other Awards, or other property, as the Committee shall determine. Cash Awards, as an element of or supplement to, or independent of any other Award under this Plan, may also be granted pursuant to this Section 6(e). 
(f)    DERs. To the extent provided by the Committee, in its discretion, an Award (other than a Restricted Unit or Unit Award) may include a tandem DER grant, which may provide that such DERs shall be paid directly to the Participant, be reinvested into additional Awards, be credited to a bookkeeping account (with or without interest in the discretion of the Committee) subject to the same vesting restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. Absent a contrary provision in the Award Agreement, DERs shall be paid to the Participant without restriction at the same time as ordinary cash distributions are paid by the Partnership to its unitholders. Notwithstanding the foregoing, DERs shall only be paid in a manner that is either exempt from or in compliance with Section 409A of the Code.  
(g)    Substitute Awards. Awards may be granted under the Plan in substitution for similar awards held by individuals who become Employees or Directors as a result of a merger, consolidation or acquisition by the Partnership or an Affiliate of another entity or the assets of another entity. Such Substitute Awards that are Options or Unit Appreciation Rights may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution if such substitution complies with Section 409A of the Code and the 409A Regulations and other applicable laws and exchange rules. 
(h)    Performance Awards. The right of a Participant to receive a grant, and the right of a Participant to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions, and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance conditions. 
(i)    General. 
(i)    Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Partnership or any Affiliate. Awards granted in addition to, in substitution for, or in tandem with other Awards or awards granted under any other plan of the Partnership or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. If an Award is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other Award in consideration for the grant of the new Award. Awards under the Plan may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company, the Partnership, or any Affiliate, in which the value of Units subject to the Award is equivalent in value to the cash compensation, or in which the exercise price, grant price, or purchase price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of the underlying Units minus the value of the cash compensation surrendered. Awards granted pursuant to the preceding sentence shall be designed, awarded and settled in a manner that does not result in additional taxes under Section 409A the Code and the 409A Regulations. 
(ii)    Limits on Transfer of Awards. 
(A)    Except as provided in Paragraph (C) below, each Option and Unit Appreciation Right shall be exercisable only by the Participant during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 
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(B)    Except as provided in Paragraph (C) below, no Award and no right under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company, the Partnership or any Affiliate. 
(C)    To the extent specifically provided by the Committee with respect to an Option or Unit Appreciation Right, an Option or Unit Appreciation Right may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish. 
(iii)    Term of Awards. The term of each Award shall be for such period as may be determined by the Committee. 
(iv)    Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company, the Partnership, or any Affiliate upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee shall determine, including without limitation cash, Units, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis; provided, however, that any such deferred payment will be set forth in the agreement evidencing such Award and/or otherwise made in a manner that will not result in additional taxes under the Code and the 409A Regulations. Except as otherwise provided herein, the settlement of any Award may be accelerated, and cash paid in lieu of Units in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change of Control). Installment or deferred payments may be required by the Committee (subject to Section 7(a) of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted at the election of the Participant on terms and conditions established by the Committee and in compliance with Section 409A the Code and the 409A Regulations. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of DERs or other amounts in respect of installment or deferred payments denominated in Units. This Plan shall not constitute an “employee benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 
(v)    Issuance of Units. The Units or other securities of the Partnership delivered pursuant to an Award may be evidenced in any manner deemed appropriate by the Committee in its sole discretion, including, but not limited to, in the form of a certificate issued in the name of the Participant or by book entry, electronic or otherwise and shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions. 
(vi)    Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee shall determine.  
(vii)    Delivery of Units or other Securities and Payment by Participant of Consideration. Notwithstanding anything in the Plan or any Award Agreement to the contrary, delivery of Units pursuant to the exercise, vesting and/or settlement of an Award may be deferred for any period during which, in the good faith determination of the Committee, the Company is not reasonably able to obtain Units to deliver pursuant to such Award without violating applicable law or the applicable rules or regulations of any governmental agency or authority or securities exchange. No Units or other securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including, without limitation, any exercise price or tax withholding) is received by the Company. 
(viii)    Additional Agreements. Each Employee or Director to whom an Award is granted under this Plan may be required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an 
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Award that is exercised or settled following such Person’s termination of services with the Company, the Partnership or their Affiliates to a general release of claims and/or a noncompetition agreement in favor of the Company, the Partnership, and their Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee. 
SECTION 7.    Amendment and Termination 
Except to the extent prohibited by applicable law: 
(a)    Amendments to the Plan. Except as required by the rules of the principal securities exchange on which the Units are traded and subject to Section 7(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner, including increasing the number of Units available for Awards under the Plan, without the consent of any Participant, other holder or beneficiary of an Award, or any other Person. 
(b)    Amendments to Awards. Subject to Section 7(a), the Committee may waive any conditions or rights under, amend any terms of, or alter any Award theretofore granted, provided no change, other than pursuant to Section 7(c), in any Award shall (i) materially reduce the rights or benefits of a Participant with respect to an Award without the consent of such Participant, and/or (ii) result in taxation to the Participant under Section 409A of the Code unless otherwise determined by the Board. 
(c)    Actions Upon the Occurrence of Certain Events. Upon the occurrence of a Change of Control; a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant and similar corporate event that is not a Change of Control; any change in applicable law or regulation affecting the Plan or Awards thereunder; or any change in accounting principles affecting the financial statements of the Partnership or the Company, the Committee, in its sole discretion, without the consent of any Participant or holder of the Award, and on such terms and conditions as it deems appropriate, may take any one or more of the following actions in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or an outstanding Award:  
(i)    provide for either (A) the termination of any Award in exchange for an amount of cash, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of such transaction or event, the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment) or (B) the replacement of such Award with other rights or property selected by the Committee in its sole discretion; 
(ii)    provide that such Award be assumed by the successor or survivor entity, or a parent or subsidiary thereof, or be exchanged for similar options, rights or awards covering the equity of the successor or survivor, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of equity interests and prices; 
(iii)    make adjustments in the number and type of Units (or other securities or property) subject to outstanding Awards, and in the number and kind of outstanding Awards or in the terms and conditions of (including the exercise price), and the vesting and performance criteria included in, outstanding Awards, or both; 
(iv)    provide that such Award shall be exercisable or payable, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; and 
(v)    provide that the Award cannot be exercised or become payable after such event, i.e., shall terminate upon such event. 
Notwithstanding the foregoing, with respect to an above event that is an “equity restructuring” event that would be subject to a compensation expense pursuant FASB Accounting Standards Codification, Topic 718, the provisions in Section 4(c) shall control to the extent they are in conflict with the discretionary provisions of this Section 7. 
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SECTION 8.    General Provisions 
(a)    No Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 
(b)    Tax Withholding. Unless other arrangements have been made that are acceptable to the Company or an Affiliate, the Partnership or Affiliate is authorized to deduct, withhold, or cause to be deducted or withheld, from any Award, from any payment due or transfer made under any Award or from any compensation or other amount owing to a Participant the amount (in cash, Units, Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of the grant or settlement of an Award, its exercise, the lapse of restrictions thereon, or any other payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company or Affiliate to satisfy its withholding obligations for the payment of such taxes. Notwithstanding the foregoing, with respect to any Participant who is subject to Rule 16b-3, such tax withholding automatically shall be effected by the Company either by (i) “netting” or withholding Units otherwise deliverable to the Participant on the vesting or payment of such Award, or (ii) requiring the Participant to pay an amount equal to the applicable taxes payable in cash. 
(c)    No Right to Employment or Services. The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Partnership, the Company or any Affiliate or to remain on the Board, as applicable. Furthermore, the Company or an Affiliate may at any time dismiss a Participant from employment free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award Agreement or other agreement. 
(d)    Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Texas without regard to its conflicts of laws principles. 
(e)    Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
(f)    Other Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole discretion, it determines that the issuance or transfer of such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which the Units are then traded, or entitle the Company or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary. 
(g)    Section 409A of the Code 
(i)    The Plan is intended to be administered, operated and construed in compliance with Section 409A of the Code and the 409A Regulations. Notwithstanding this or any other provision of the Plan to the contrary, the Board or the Committee may amend the Plan in any manner, or take any other action, that either of them determines, in its sole discretion, is necessary, appropriate or advisable to cause the Plan to comply with Section 409A of the Code and the 409A Regulations, Any such action, once taken, shall be deemed to be effective from the earliest date necessary to avoid a violation of Section 409A of the Code and the 409A Regulations and shall be final, binding and conclusive on all Participants and other individuals having or claiming any right or interest under the Plan. 
(ii)    Notwithstanding the provisions of the Plan or any Award Agreement, if the Participant is a “specified employee” as defined in the 409A Regulations at the time of his “separation from service” as defined 
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in the 409A Regulations, any portion of a cash or Unit-based Award granted pursuant to this Plan that would cause the acceleration of, or an addition to, any taxes pursuant to the 409A Regulations may not commence earlier than six (6) months after the date of such Participant’s separation from service. 
(h)    No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any participating Affiliate and a Participant or any other Person, To the extent that any Person acquires a right to receive payments from the Company or any participating Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company or any participating Affiliate. 
(i)    No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated. 
(j)    Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
(k)    Facility Payment. Any amounts payable hereunder to any person under legal disability or who, in the judgment of the Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such person, or may be applied for the benefit of such person in any manner that the Committee may select, and the Company shall be relieved of any further liability for payment of such amounts. 
(l)    Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and the singular shall include the plural. 
(m)    Allocation of Costs. Nothing herein shall be deemed to override, amend, or modify any cost sharing arrangement, omnibus agreement, or other arrangement between the Company, the Partnership, and any Affiliate regarding the sharing of costs between those entities. 
(n)    Deferrals. The Committee may, to the extent permitted by applicable law, permit Participants to defer Awards under the Plan, Any such deferrals shall be subject to such terms, conditions and procedures that the Committee may establish from time to time in its sole discretion and consistent with the advance and subsequent deferral requirements of Section 409A of the Code. 
(o)    Unfunded Obligations. Any amounts (deferred or otherwise) to be paid to Participants pursuant to the Plan are unfunded obligations of the Company and or its Affiliates. Neither the Partnership nor the Company is required to segregate any monies from its general funds, to create any trusts or to make any special deposits with respect to such unfunded obligation. The Committee, in its sole discretion, may direct the Partnership or the Company to share with its Affiliates the costs of a portion of the Awards paid to Participants. Beneficial ownership of any investments, including trust investments which the Partnership or the Company may make to fulfill this obligation, shall at all times remain in the Partnership or the Company, as applicable. Any investments and the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or a fiduciary relationship between the Committee, the Partnership, the Company or any Affiliate and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s beneficiary or the Participant’s creditors in any assets of the Partnership, the Company or its Affiliates whatsoever. The Participants shall have no claim against the Partnership or the Company for any changes in the value of any assets which may be invested or reinvested by the Partnership or the Company with respect to the Plan. 
(p)    Forfeiture Events. 
(i)    If the Partnership or Company is required to prepare an accounting restatement due to the material noncompliance of the Partnership or Company, as a result of misconduct, with any financial reporting requirement under the securities laws, and if a Participant knowingly engaged in the misconduct, was grossly negligent with respect to such misconduct, or knowingly or grossly negligently failed to prevent the misconduct 
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(whether or not the Participant is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002), the Participant shall reimburse the Partnership or the Company the amount of any payment in settlement of an Award earned or accrued during the twelve month period following the first public issuance or filing with the SEC (whichever first occurred) of the financial document embodying such financial reporting requirement. Notwithstanding anything in this Plan or any Award Agreement or any other agreement between the Company and a Participant to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) has the effect of requiring certain executives of the Company to repay the Company, and for the Company to recoup from such executives, erroneously awarded amounts of incentive-based compensation. If, and only to the extent, the Act, any rules or regulations promulgated thereunder by the Securities and Exchange Commission or any similar federal or state law requires the Company to recoup any erroneously awarded incentive-based compensation (including Awards under this Plan) that the Company has paid or granted to an applicable Participant, even if the Participant has terminated his employment with the Company, the Partnership or any Affiliate, the Participant shall be required to promptly repay such erroneously awarded incentive compensation to the Company upon its written request. 
(ii)    The Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award.  Such events may include, without limitation, termination of employment for cause, violation of material policies that may apply to the Participant, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Partnership, the Company or any Affiliate. 
SECTION 9.    Term of the Plan 
The Plan shall be effective on the date it is approved by the unitholders of the Partnership and shall continue until the earliest of (a) the date it is terminated by the Board, (b) all Units available under the Plan have been paid to Participants, or (c) the tenth (10th) anniversary of the date the Plan is approved, as provided in this Section 9, with respect to any new Awards. However, any Award granted prior to such termination, and the authority of the Board or the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such termination date. 
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