Document:

EX-10.2

 Exhibit 10.2 
 FINAL VERSION 
 UNCOMMITTED U.S.$125,000,000 

FACILITY AGREEMENT 
 dated 31 July 2012 
 as amended and restated on the Effective Date 

for 
 PLATINUM
UNDERWRITERS BERMUDA, LTD. 
 arranged by 
 NATIONAL AUSTRALIA BANK LIMITED 
 with 

NATIONAL AUSTRALIA BANK LIMITED 
 acting as Agent 
 and 

NATIONAL AUSTRALIA BANK LIMITED 
 acting as Security Agent 
  
 

 
 Ref: OE/WE 
 Linklaters LLP 

 CONTENTS 

 

							
	CLAUSE	 	 	  	PAGE	 
			
		 	SECTION 1	  			
		 	INTERPRETATION	  			
	1.	 	 Definitions and interpretation
	  	 	1	  
		 	SECTION 2	  			
		 	THE FACILITY	  			
	2.	 	 The Facility
	  	 	16	  
	3.	 	 Purpose
	  	 	18	  
	4.	 	 Conditions of Utilisation
	  	 	18	  
		 	SECTION 3	  			
		 	UTILISATION	  			
	5.	 	 Utilisation
	  	 	20	  
	6.	 	 Letters of Credit
	  	 	23	  
	7.	 	 Collateral Cover
	  	 	24	  
		 	SECTION 4	  			
		 	PREPAYMENT AND CANCELLATION	  			
	8.	 	 Prepayment and cancellation
	  	 	28	  
		 	SECTION 5	  			
		 	COSTS OF UTILISATION	  			
	9.	 	 Default Interest
	  	 	31	  
	10.	 	 Fees
	  	 	31	  
		 	SECTION 6	  			
		 	ADDITIONAL PAYMENT OBLIGATIONS	  			
	11.	 	 Tax gross up and indemnities
	  	 	32	  
	12.	 	 Increased costs
	  	 	35	  
	13.	 	 Other indemnities
	  	 	36	  
	14.	 	 Mitigation by the Banks
	  	 	37	  
	15.	 	 Costs and expenses
	  	 	38	  
		 	SECTION 7	  			
		 	GUARANTEE	  			
	16.	 	 Guarantee and indemnity
	  	 	39	  
		 	SECTION 8	  			
		 	REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT	  			
	17.	 	 Representations
	  	 	42	  
	18.	 	 Information undertakings
	  	 	45	  
	19.	 	 Financial covenants
	  	 	49	  
	20.	 	 General undertakings
	  	 	51	  
	21.	 	 Events of Default
	  	 	54	  
	22.	 	 Transfer of Collateral
	  	 	57	  
		 	SECTION 9	  			
		 	CHANGES TO PARTIES	  			
	23.	 	 Changes to the Banks
	  	 	58	  
	24.	 	 Changes to the Obligors
	  	 	62	  

  
 (i)

							
		 	SECTION 10	  			
		 	THE FINANCE PARTIES	  			
	25.	 	 Role of the Agent, the Security Agent and the Arranger
	  	 	63	  
	26.	 	 Conduct of business by the Finance Parties
	  	 	69	  
	27.	 	 Sharing among the Finance Parties
	  	 	69	  
		 	SECTION 11	  			
		 	ADMINISTRATION	  			
	28.	 	 Payment mechanics
	  	 	71	  
	29.	 	 Set-off
	  	 	73	  
	30.	 	 Notices
	  	 	74	  
	31.	 	 Calculations and certificates
	  	 	75	  
	32.	 	 Partial invalidity
	  	 	76	  
	33.	 	 Remedies and waivers
	  	 	76	  
	34.	 	 Amendments and waivers
	  	 	76	  
	35.	 	 Confidentiality
	  	 	77	  
	36.	 	 Counterparts
	  	 	81	  
		 	SECTION 12	  			
		 	GOVERNING LAW AND ENFORCEMENT	  			
	37.	 	 Governing law
	  	 	82	  
	38.	 	 Enforcement
	  	 	82	  

 THE SCHEDULES 
  

					
	SCHEDULE	  	PAGE	 
		
	 SCHEDULE 1 The Effective Date Banks
	  	 	83	  
	 SCHEDULE 2 Conditions precedent to initial Utilisation
	  	 	84	  
	 SCHEDULE 3 Utilisation Request
	  	 	86	  
	 SCHEDULE 4 Form of Transfer Certificate
	  	 	87	  
	 SCHEDULE 5 Form of Assignment Agreement
	  	 	89	  
	 SCHEDULE 6 Security Agency Provisions
	  	 	92	  
	 SCHEDULE 7 Form of Compliance Certificate
	  	 	96	  
	 SCHEDULE 8 Existing Security/Quasi-Security
	  	 	97	  
	 SCHEDULE 9 Timetables
	  	 	98	  
	 SCHEDULE 10 Form of Letter of Credit
	  	 	100	  
	 SCHEDULE 11 Form of Increase Confirmation
	  	 	113	  
	 SCHEDULE 12 Form of Collateral Report
	  	 	115	  

  
 (ii)

 THIS AGREEMENT is originally dated 31 July 2012 and is as amended and restated on the Effective Date
and made between: 
  

	(1)	PLATINUM UNDERWRITERS HOLDINGS, LTD., a company incorporated under the laws of Bermuda with registration number 32037 as a guarantor (the “Guarantor”);

  

	(2)	PLATINUM UNDERWRITERS BERMUDA, LTD., a company incorporated under the laws of Bermuda with registration number 32079 as the borrower (the “Borrower”);

  

	(3)	NATIONAL AUSTRALIA BANK LIMITED as mandated lead arranger (the “Arranger”); 

 

	(4)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (the “Effective Date Banks”); 

 

	(5)	NATIONAL AUSTRALIA BANK LIMITED as agent of the other Finance Parties (the “Agent”); and 

 

	(6)	NATIONAL AUSTRALIA BANK LIMITED as security agent of the other Finance Parties (the “Security Agent”). 

IT IS AGREED as follows: 

SECTION 1 

INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this
Agreement: 
 “A. M. Best” means A. M. Best Company, Inc, or any successor entity thereto. 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any
other Subsidiary of that Holding Company. 
 “Agent’s Spot Rate of Exchange” means the Agent’s spot
rate of exchange for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day. 
 “Amendment Agreement” means the amendment and restatement agreement dated 2 July 2013 in respect of this Agreement between, amongst others, the Borrower, the Guarantor and the Agent.

 “APRA” means the Australian Prudential Regulation Authority, or any successor entity thereto. 

“APRA List” means, at any time, the most current list of entities disqualified by the APRA at that time. 

“APRA Approved Bank” means any Bank that is not listed on the APRA List. 

“Assignment Agreement” means an agreement substantially in the form set out in Schedule 5 (Form of Assignment
Agreement) or any other form agreed between the relevant assignor and assignee. 

  
 1 

 “AUS Cedants” means those persons who have entered into contracts of
insurance, reinsurance or retrocession with the Borrower and which are domiciled in Australia, and where (a) the liability of the Borrower under the contracts of insurance, reinsurance or retrocession is expressed in Australian Dollars or New
Zealand Dollars, and (b) the premium payable to or for the account of the Borrower has been paid or is payable in Australian Dollars or New Zealand Dollars. 
 “Australian Dollars” and “A$” means the lawful currency of Australia. 
 “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration. 

“Availability Period” means the period from and including the date of this Agreement to and including the date on which
the Agent gives the Guarantor notice of the Termination Date. 
 “Available Facility” means the aggregate for
the time being of each Bank’s Available Stated Amount. 
 “Available Stated Amount” means a Bank’s
Stated Amount minus: 
  

	 	(a)	the Base Currency Amount of its participation in any outstanding Utilisations; and 

 

	 	(b)	in relation to any proposed Utilisation, the Base Currency Amount of its participation in any Utilisations that are due to be made on or before the proposed Utilisation
Date, 

 other than that Bank’s participation in any Utilisations that are due to be reduced or cancelled
other than by way of the provision of Collateral Cover on or before the proposed Utilisation Date. 
 “Bank”
means: 
  

	 	(a)	each Effective Date Bank; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 2.3 (Increase) or Clause 23 (Changes to the
Banks), 

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

 “Base Currency”, “U.S.$” and “U.S. Dollars” means United States dollars.

 “Base Currency Amount” means, in relation to a Utilisation, the amount specified in the Utilisation Request
delivered by the Borrower for that Utilisation (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent’s Spot Rate of Exchange on the date which is five Business Days
before the Utilisation Date or, if later, on the date the Agent receives the Utilisation Request, and as adjusted under Clause 5.7 (Revaluation of Letters of Credit)) adjusted to reflect any repayment or prepayment of the Utilisation.

 “Beneficiary” means the beneficiary under a Letter of Credit. 

“Bilateral Facility” means the committed letter of credit issuance facility, between, among others, the Borrower, the
Guarantor and Citibank Europe plc dated 30 June 2011. 

  
 2 

 “Business Day” means a day (other than a Saturday or Sunday) on which banks
are open for general business in London, New York City, Sydney and Hamilton, Bermuda, and (in relation to any date for payment or purchase of a currency) the principal financial centre of the country of that currency. 

“Capital Lease” means, with respect to any person, any lease of property (whether real, personal or mixed) by such person
as lessee that is or is required to be, in accordance with GAAP, recorded as a capital lease on such person’s balance sheet. 
 “Capital Lease Obligations” means, with respect to any person, the obligations of such person to pay rent or other amounts under any Capital Lease, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Cash” has the meaning given to
it in Clause 7.3 (Amount of Collateral Cover). 
 “Catastrophe Bonds” means (i) any note, bond or
other debt instrument or any swap or other similar agreement which has a catastrophe, weather or other risk feature linked to payments thereunder and (ii) any equity interest in a person that is not a Subsidiary controlled, directly or
indirectly, by the Guarantor or any of its Subsidiaries for the sole purpose of investing in Financial Indebtedness of the type described in paragraph (i) above, which, in the case of Catastrophe Bonds purchased by the Guarantor or any of its
Subsidiaries, are purchased in accordance with its customary reinsurance underwriting procedures. 
 “Catastrophe
Losses” means any losses recognized by the Guarantor or any of its Subsidiaries under the terms of any Catastrophe Bonds, Reinsurance Agreements or other similar arrangements. 

“Claim Period” means the period for which a Claim Amount is unpaid under Clause 6.3 (Claims under a Letter of
Credit). 
 “Collateral” has the meaning given to it in the Pledge Agreement. 

“Collateral Cover” has the meaning given to it in Clause 7 (Collateral Cover). 

“Collateral Report” means a report in respect of the Collateral, substantially in the form set out in Schedule 12
(Form of Collateral Report) (or in such other form as may be agreed between the Borrower and the Agent). 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 7 (Form of Compliance
Certificate). 
 “Confidential Information” means all information relating to the Guarantor, any Obligor,
the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a
Finance Party under, the Finance Documents or the Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,

  
 3 

 in whatever form, and includes information given orally and any document, electronic file or
any other way of representing or recording information which contains or is derived or copied from such information but excludes information that: 
  

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 35 (Confidentiality);

  

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

 

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraph (a) or (b) above or is lawfully obtained by
that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise
subject to, any obligation of confidentiality. 

 “Confidentiality Undertaking” means a
confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Guarantor and the Agent. 
 “Consolidated Net Income” has the meaning given to it in Clause 19.2 (Definitions). 
 “Control Agreement” means the agreement between the Borrower, the Security Agent and the Custodian in relation to the Custody Accounts dated on or about the date of this Agreement.

 “Custodian” means State Street Bank and Trust Company. 

“Custody Accounts” means the accounts of the Borrower with the Custodian over which Security has been granted pursuant to
the terms of the Pledge Agreement and perfected pursuant to the terms of the Control Agreement. 
 “Default”
means an Event of Default or any event or circumstance specified in Clause 21 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any
combination of any of the foregoing) be an Event of Default. 
 “Disqualified Capital Stock” has the meaning
given to it in Clause 19.3 (Definitions). 
 “Disruption Event” means either or both of: 

 

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

  

	 	(b)	the occurrence of any other event which results in a disruption (including, without limitation, disruption of a technical or systems-related nature) to the treasury or
payments operations of a Party preventing or severely inhibiting that, or any other Party: 

  

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

  
 4 

 and which (in either such case) is not caused by, and is beyond the control of, the Party
whose operations are disrupted. 
 “Effective Date” has the meaning given to it in the Amendment Agreement.

 “Event of Default” means any event or circumstance specified as such in Clause 21 (Events of Default).

 “Exchange Act” means the Securities Exchange Act of 1934. 

“Expiry Date” means, for a Letter of Credit, the last day of its Term. 

“Facility” means the letter of credit facility made available under this Agreement as described in Clause 2 (The
Facility). 
 “Facility Office” means the office or offices notified by a Bank to the Agent in writing on or
before the date it becomes a Bank (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 

“Fair Market Value” means, as to any Collateral Cover, (i) with respect to any publicly traded security, the closing
price for such security on the largest exchange on which such security is traded (or if not traded on an exchange, then the average of the closing bid and ask prices quoted over-the-counter) on the date of the determination (as such prices are
reported in any nationally recognized financial journal or newspaper), (ii) with respect to Cash, the amount thereof, and (iii) with respect to any Collateral Cover (other than those set forth in paragraphs (i) and (ii) above),
the price for such Collateral Cover on the date of calculation obtained from a generally recognized source approved by the Agent or the most recent bid quotation from such approved source. 

“Fee Letter” means any letter or letters dated on or about the date of this Agreement between, as the case may be, the
Arranger and the Borrower, the Agent and the Borrower or the Security Agent and the Borrower setting out any of the fees referred to in Clause 10 (Fees). 
 “Finance Document” means this Agreement, any Fee Letter, any Security Document, the Control Agreement, the L/C Fee Rate/Margin Side Letter and any other document designated as such by the
Agent and the Guarantor in writing. 
 “Finance Party” means the Agent, the Security Agent, the Arranger or a
Bank. 
 “Financial Indebtedness” means, with respect to any person, at the time of determination (without
duplication), 
  

	 	(a)	all obligations of such person for borrowed money (including any such obligations issued by such person that qualify as Catastrophe Bonds described in paragraph
(i) of the definition thereof, net of any escrow established (whether directly or to secure any letter of credit issued to back such Catastrophe Bonds) in connection with such Catastrophe Bonds); 

  
 5 

	 	(b)	all obligations of such person evidenced by notes, bonds, debentures or similar instruments, or upon which interest payments are customarily made;

  

	 	(c)	the maximum stated or face amount of all surety bonds, letters of credit and bankers’ acceptances issued or created for the account of such person and, without
duplication, all drafts drawn thereunder (to the extent unreimbursed); 

  

	 	(d)	all obligations of such person to pay the deferred purchase price of property or services (excluding trade payables incurred in the ordinary course of business and not
past due based on customary practices in the trade); 

  

	 	(e)	all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such person;

  

	 	(f)	all Capital Lease Obligations of such person; 

  

	 	(g)	all Disqualified Capital Stock issued by such person, with the amount of Financial Indebtedness represented by such Disqualified Capital Stock being equal to the
greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price; 

  

	 	(h)	the principal balance outstanding and owing by such person under any synthetic lease, tax retention operating lease or similar off-balance sheet financing product;

  

	 	(i)	all Guaranty Obligations of such person with respect to Financial Indebtedness of another person; 

 

	 	(j)	the net termination obligations of such person under any Hedge Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such
date; and 

  

	 	(k)	all indebtedness of the types referred to in paragraphs (a) to (j) above (A) of any partnership or unincorporated joint venture in which such person is a
general partner or joint venturer to the extent such person is liable therefor or (B) secured by any Security on any property or asset owned or held by such person regardless of whether or not the indebtedness secured thereby shall have been
incurred or assumed by such person or is nonrecourse to the credit of such person, the amount thereof being equal to the value of the property or assets subject to such Security; provided that Financial Indebtedness shall not include obligations
with respect to Primary Policies and Reinsurance Agreements which are entered into in the ordinary course of business. 

 “Financial Officers” means, with respect to the Guarantor, the chief executive officer, chief financial officer, treasurer and general counsel of the Guarantor. 

“GAAP” means, in respect of persons incorporated or organised in Bermuda, generally accepted accounting principles in the
United States of America. 
 “Group” means the Guarantor and its Subsidiaries for the time being. 

  
 6 

 “Guaranty Obligation” means, with respect to any person, as of any date of
determination, any direct or indirect liability of such person with respect to any Financial Indebtedness, liability or other obligation (the “primary obligation”) of another person (the “primary obligor”), whether
or not contingent: 
  

	 	(a)	to purchase, repurchase or otherwise acquire such primary obligation or any property constituting direct or indirect security therefor; 

 

	 	(b)	to advance or provide funds: 

  

	 	(i)	for the payment or discharge of any such primary obligation; or 

  

	 	(ii)	to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or
financial condition of the primary obligor (including keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements); 

 

	 	(c)	to lease or purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary
obligor in respect thereof to make payment of such primary obligation; or 

  

	 	(d)	otherwise to assure or hold harmless the owner of any such primary obligation against loss or failure or inability to perform in respect thereof,

 provided, however, that, with respect to the Guarantor and its Subsidiaries, the term “Guaranty
Obligation” shall not include endorsements for collection or deposit in the ordinary course of business or trust arrangements, withheld balances or any other collateral or security arrangements (other than letters of credit) entered into in
the ordinary course of business. 
 The amount of any Guaranty Obligation of any guaranteeing person hereunder shall be deemed to
be the lower of: 
  

	 	(a)	an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guaranty Obligation is made; and 

 

	 	(b)	the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guaranty Obligation,

 unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not
stated or determinable, in which case the amount of such Guaranty Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by such guaranteeing person in good faith. 

“Hedge Agreement” means any interest or foreign currency rate swap, cap, collar, option, hedge, forward rate or other
similar agreement or arrangement designed to protect against fluctuations in interest rates or currency exchange, including any swap agreement. 
 “Holding Company” means, in relation to a company, corporation or other legal entity, any other company, corporation or other legal entity in respect of which it is a Subsidiary.

 “Increase Bank” has the meaning given to that term in Clause 2.3 (Increase). 

“Increase Confirmation” means a confirmation substantially in the form set out in Schedule 11 (Form of Increase
Confirmation). 

  
 7 

 “Insurance Regulatory Authority” means, with respect to the Borrower, the
insurance department or similar governmental authority charged with regulating insurance companies or insurance holding companies in its jurisdiction of domicile and, to the extent that it has regulatory authority over the Borrower, in each other
jurisdiction in which the Borrower conducts business or is licensed to conduct business. 
 “L/C Admin Fee Rate”
means the L/C Admin Fee Rate (as defined in the L/C Fee Rate/Margin Side Letter). 
 “L/C Drawn Rate” means, in
relation to any Claim Amount, the percentage rate per annum which is the aggregate of the applicable: 
  

	 	(a)	Margin; and 

  

	 	(b)	LIBOR. 

 “L/C Fee
Rate” means the L/C Fee Rate (as defined in the L/C Fee Rate/Margin Side Letter). 
 “L/C Fee Rate/Margin Side
Letter” means the letter dated on or about the Effective Date between the Agent and the Borrower setting out the L/C Fee Rate, the L/C Admin Fee Rate and the Margin. 
 “L/C Outstanding Period” means each period during which any Letter of Credit is outstanding and has not been repaid or prepaid in full. 

“L/C Outstanding Undertaking” means each undertaking in Clause 20.3 (Negative pledge), Clause 20.6
(Insurance) and Clause 20.7 (Financial Indebtedness). 
 “L/C Proportion” means, in relation to a
Bank in respect of any Letter of Credit, the proportion (expressed as a percentage) borne by that Bank’s Available Stated Amount to the Available Facility immediately prior to the issue of that Letter of Credit (taking into account any
deduction from the Available Facility under paragraph (d) of Clause 5.4 (Issue of Letters of Credit)), adjusted to reflect any assignment or transfer under this Agreement to or by that Bank. 

“L/C Stated Amount” means, in relation to a Bank in respect of any Letter of Credit, the participation of that Bank to
the Beneficiary under that Letter of Credit. 
 “Letter of Credit” means a standby letter of credit,
substantially in the form set out in Schedule 10 (Form of Letter of Credit) or in any other form requested by the Borrower and agreed by the Agent (with the prior consent of all the Banks participating in that standby letter of credit).

 “Letter of Credit Schedule” means a schedule to a Letter of Credit detailing the Banks’ L/C Stated
Amount under that Letter of Credit as may be adjusted from time to time in accordance with Clause 5.6 (Adjusted Letter of Credit Schedule). 
 “Liabilities” has the meaning given to it in the Pledge Agreement. 

“LIBOR” means, in relation any Claim Amount: 

 

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for the currency of such Claim Amount) the Reference Bank Rate, 

  
 8 

 as of 10:00 a.m. on each day of the Claim Period and, if any such applicable Screen Rate or
Reference Bank Rate is below zero, LIBOR will be deemed to be zero. 
 “LMA” means the Loan Market Association.

 “Loss Share Date” means, at any time after any amount has become payable to the Beneficiary under a Letter of
Credit, any date on which any amount due and owing to a Bank in respect of a claim under a Letter of Credit in relation to that payment has not been repaid and/or discharged. 
 “Loss Share Proportion” means, in respect of a Bank and a Loss Share Date, the aggregate of its L/C Stated Amount under all outstanding Letters of Credit as a proportion of the aggregate
of the L/C Stated Amount of all Banks under all outstanding Letters of Credit. 
 “Majority Banks” means:

  

	 	(a)	 if there are no Utilisations then outstanding, a Bank or Banks whose Stated Amounts aggregate more than 66 2/3% of the Total Stated Amount (or, if the Total Stated Amounts have been reduced to zero, aggregated more than
66 2/3% of the Total
Stated Amounts immediately prior to the reduction); or 

  

	 	(b)	 at any other time, a Bank or Banks whose participations in the Utilisations then outstanding aggregate more than 66 2/3% of all the Utilisations then outstanding. 

“Margin” means, at any time, the Margin (as defined in the L/C Fee Rate/Margin Side Letter at that time). 

“Material Adverse Effect” means a material adverse effect upon: 

 

	 	(a)	the business, assets, properties, operations or condition (financial or otherwise) of the Guarantor and its Subsidiaries, taken as a whole; 

 

	 	(b)	the ability of the Obligors taken as a whole to perform their payment or other material obligations under this Agreement or any of the other Finance Documents; or

  

	 	(c)	the legality, validity or enforceability of this Agreement or any of the other Finance Documents or the rights and remedies of the Agent and the Banks hereunder and
thereunder provided that, so long as no breach of any requirement of Clause 19 (Financial covenants) shall have occurred and be continuing as a result thereof, the occurrence of losses that give rise to or result in Catastrophe Losses alone
shall not be deemed to have a Material Adverse Effect. 

 “Money Market Mutual Funds” means SSGA
Cash Management Fund PLC – USD Liquidity Fund, SGCML52: 1D, ISIN # 1E00B4528261 and/or such other funds as may be agreed by the Borrower and the Agent (with the prior consent of the Majority Banks). 

“Month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the
next calendar month, except that: 
  

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

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar
month. 

  
 9 

 The above rules will only apply to the last Month of any period. 

“Moody’s” means Moody’s Investor Services Limited, or any successor entity thereto. 

“NAIC” means the National Association of Insurance Commissioners, or any successor entity thereto. 

“NAIC Approved Bank List” means, at any time, the most current “Bank List” of banks approved by the NAIC at
that time. 
 “NAIC Approved Bank” means any Bank that is listed on the NAIC Approved Bank List. 

“Net Income” has the meaning given to it in Clause 19.2 (Definitions). 

“New Zealand Dollars” and “NZ$” means the lawful currency of New Zealand. 

“Non-Acceptable L/C Bank” means: 
  

	 	(a)	any Bank which at any time whilst it has a participation in an outstanding Letter of Credit issued in favour of a US Cedant is not a NAIC Approved Bank; or

  

	 	(b)	any Bank which at any time whilst it has a participation in an outstanding Letter of Credit issued in favour of an AUS Cedant is not an APRA Approved Bank.

 “Obligor” means the Borrower or the Guarantor. 

“Optional Currency” means a currency (other than the Base Currency) which complies with the conditions set out in Clause
4.3 (Conditions relating to Optional Currencies). 
 “Original Financial Statements” means: 

 

	 	(a)	in relation to the Guarantor, the audited consolidated financial statements of the Group along with the accompanying notes for the financial year ended 31 December
2011; 

  

	 	(b)	in relation to the Guarantor, its unaudited consolidated financial statements, for the fiscal quarter ending on 31 March 2012; and 

 

	 	(c)	in relation to the Borrower, the audited consolidated financial statements of the Borrower and its Subsidiaries along with the accompanying notes for the financial year
ended 31 December 2011. 

 “Party” means a party to this Agreement. 

“Platinum UK” means Platinum UK Services Company Limited. 

“Pledge Agreement” means the security document between the Borrower and the Security Agent dated on or about the date of
this Agreement. 
 “Primary Policies” means any insurance policies issued by the Borrower. 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the
Agent at its request by the Reference Banks as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in the relevant currency and on an overnight basis, were it to do so by asking for and then accepting
interbank offers for deposits in reasonable market size in that currency and for that period. 

  
 10 

 “Reference Banks” means the principal London offices of National Australia
Bank or such other banks as may be appointed by the Agent in consultation with the Guarantor. 
 “Reinsurance
Agreement” means any agreement, contract, treaty, policy, certificate or other arrangement whereby the Borrower agrees to assume from or reinsure an insurer or reinsurer all or part of the liability of such insurer or reinsurer under a
policy or policies of insurance issued by such insurer or reinsurer. 
 “Related Fund” in relation to a fund
(the “first fund”), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose
investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund. 

“Relevant Interbank Market” means the London interbank market. 

“Repeating Representations” means each of the representations set out in Clauses 17.1 (Status) to 17.4 (Power
and authority), 17.10 (No default), 17.13 (Pari Passu) and 17.15 (Title). 

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

“S&P” means Standard and Poor’s Rating Services, or any successor entity thereto. 

“Screen Rate” means the British Bankers Association Interest Settlement Rate for the relevant currency and for an
overnight period displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Agent may specify another page or service displaying the appropriate rate after consultation with the
Guarantor and the Banks. 
 “Security” means a mortgage, charge, pledge, lien or other security interest
securing any obligation of any person or any other agreement or arrangement having a similar effect (including any right to give an Entitlement Order (as defined in the Pledge Agreement) in respect of any assets of such person). 

“Security Document” means the Pledge Agreement and any other security document that may at any time be given as security
for any of the Liabilities pursuant to or in connection with any Finance Document. 
 “Security Property” has
the meaning given to it in Schedule 6 (Security agency provisions). 
 “Specified Time” means a time
determined in accordance with Schedule 9 (Timetables). 
 “Stated Amount” means: 

 

	 	(a)	in relation to each Effective Date Bank, the amount in the Base Currency set opposite its name under the heading “Stated Amount” in Schedule 1 (The
Effective Date Banks) and the amount of any other Stated Amount transferred to it under this Agreement or assumed by it in accordance with Clause 2.3 (Increase); and 

 

	 	(b)	in relation to any other Bank, the amount in the Base Currency of any Stated Amount transferred to it under this Agreement or assumed by it in accordance with Clause
2.3 (Increase), 

  
 11 

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

“Subsidiary” means in relation to any Holding Company, a company, corporation or other legal entity: 

 

	 	(a)	which is controlled, directly or indirectly, by the Holding Company; 

  

	 	(b)	in which a majority of the voting rights are held by the Holding Company, either alone or pursuant to an agreement with others; 

 

	 	(c)	more than half the issued share capital of which is beneficially owned, directly or indirectly, by the Holding Company; or 

 

	 	(d)	which is a subsidiary of another Subsidiary of the Holding Company, 

 and, for this purpose, a company, corporation or other legal entity shall be treated as being controlled by another if that other company, corporation or other legal entity is able to determine the
composition of the majority of its board of directors or equivalent body. 
 “Syndicated Facility” means the
second amended and restated credit agreement between, among others, the Guarantor and Wells Fargo Bank, National Association as administrative agent dated 24 June 2011. 
 “Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in
paying any of the same). 
 “Term” means each period determined under this Agreement for which any Bank is under
a liability under a Letter of Credit. 
 “Termination Date” means such date as notified to the Guarantor by the
Agent in writing upon no less than 30 days notice. 
 “Total Assets” means the total assets of the Group as
disclosed in the latest audited or, if more recent, unaudited consolidated financial statements of the Group provided to the Agent in accordance with Clause 18.1 (Financial statements). 

“Total Stated Amounts” means the aggregate of the Stated Amounts, being U.S.$125,000,000 at the Effective Date.

 “Transfer Certificate” means a certificate substantially in the form set out in Schedule 4 (Form of
Transfer Certificate) or any other form agreed between the Agent and the Guarantor. 
 “Transfer Date”
means, in relation to an assignment or a transfer, the later of: 
  

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

 

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

  
 12 

 “Unpaid Sum” means any sum due and payable but unpaid by an Obligor under
the Finance Documents. 
 “US Cedants” means those persons who have entered into contracts of insurance,
reinsurance or retrocession with the Borrower and which are domiciled in the United States of America, and where (a) the liability of the Borrower under the contracts of insurance, reinsurance or retrocession is expressed in U.S. Dollars, and
(b) the premium payable to or for the account of the Borrower has been paid or is payable in U.S. Dollars. 

“Utilisation” means the utilisation of the Facility by a Letter of Credit (including any renewal thereof). 

“Utilisation Date” means the date on which a Utilisation is made. 

“Utilisation Request” means a notice substantially in the form set out in Schedule 3 (Utilisation Request).

 “VAT” means: 
  

	 	(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and

  

	 	(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in
paragraph (a) above or imposed elsewhere. 

  

	1.2	Construction 

  

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

  

	 	(i)	the “Agent”, the “Arranger”, any “Finance Party”, any “Bank”, any “Obligor”, any
“Party” or the “Security Agent” shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

 

	 	(ii)	“assets” includes present and future properties, revenues and rights of every description; 

 

	 	(iii)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated,
supplemented, extended, restated (however fundamentally and whether or not more onerously) or replaced and includes any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under that Finance
Document or other agreement or instrument; 

  

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

  

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

  

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

  
 13 

	 	(vii)	to “wilful default” in relation to the Security Agent means any wilful failure of the Security Agent to comply with, or wilful breach by the Security
Agent of, any of its obligations under any Finance Document other than a failure or breach which: 

  

	 	(A)	arises as a result of a breach of a Finance Document by a person other than the Security Agent and (subject to any provisions of the Finance Documents which limit its
liability in respect of the acts and omissions thereof) its directors, officers, employees, agents, delegates or attorneys; 

  

	 	(B)	is in accordance with a lawful court order or direction or is required by law; or 

 

	 	(C)	is in accordance with a proper instruction or direction of the Finance Parties; 

 

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

 

	 	(ix)	a time of day is a reference to London time. 

  

	(b)	Any reference in this Agreement to: 

  

	 	(i)	a Utilisation made or to be made to the Borrower refers to a Letter of Credit issued on its behalf; 

 

	 	(ii)	amounts outstanding under this Agreement refer to amounts outstanding under or in respect of any Letter of Credit; 

 

	 	(iii)	an outstanding amount of a Letter of Credit at any time is the maximum amount that is or may be payable by the Borrower in respect of that Letter of Credit at that
time; and 

  

	 	(iv)	the Borrower “repaying” or “prepaying” a Letter of Credit means: 

 

	 	(A)	the Borrower providing Collateral Cover in full for that Letter of Credit in the form of Cash denominated in the same currency as that Letter of Credit;

  

	 	(B)	the maximum amount payable under the Letter of Credit being reduced in accordance with its terms; or 

 

	 	(C)	each Bank being satisfied that it has no further liability under that Letter of Credit, 

and the amount by which a Letter of Credit is repaid or prepaid under paragraph (A) and (B) above is the amount of the relevant
reduction. 
  

	(c)	Section, Clause and Schedule headings are for ease of reference only. 

  

	(d)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same
meaning in that Finance Document or notice as in this Agreement. 

  

	(e)	A Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is
“continuing” if it has not been remedied or waived. 

  
 14 

	1.3	Third Party Rights 

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

  
 15 

 SECTION 2 
 THE FACILITY 
  

	2.	THE FACILITY 

  

	2.1	The Facility 

 Subject to
the terms of this Agreement, the Banks make available to the Borrower a U.S. Dollar, Australian Dollar and New Zealand Dollar letter of credit facility in an aggregate amount equal to the Total Stated Amounts, provided that the facility shall
only be made available by the Banks to the Borrower on an uncommitted basis and at each Bank’s sole discretion. 
  

	2.2	Finance Parties’ rights and obligations 

  

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

 

	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents
to a Finance Party from an Obligor shall be a separate and independent debt. 

  

	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

 

	2.3	Increase 

  

	(a)	The Guarantor may, by giving prior notice to the Agent at least 30 days in advance of the proposed date specified by the Guarantor in such notice to increase the size
of the Facility (the “Increase Date”), request that the Stated Amounts available under the Facility be increased by an aggregate amount of not more than U.S.$25,000,000 as follows: 

 

	 	(i)	the increased Stated Amounts will be assumed by one or more Banks or other banks, financial institutions, trusts, funds or other entities which are regularly engaged in
or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (each an “Increase Bank”) selected by the Guarantor (each of which shall not be a member of the Group);

  

	 	(ii)	each of the Obligors and any Increase Bank shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase Bank
would have assumed and/or acquired had the Increase Bank been an Effective Date Bank; 

  

	 	(iii)	each Increase Bank shall become a Party as a “Bank” and any Increase Bank and each of the other Finance Parties shall assume obligations towards one another
and acquire rights against one another as that Increase Bank and those Finance Parties would have assumed and/or acquired had the Increase Bank been an Effective Date Bank; 

 

	 	(iv)	the Stated Amounts of the other Banks shall continue in full force and effect; and 

 

	 	(v)	any increase in the Stated Amounts shall take effect on the date specified by the Guarantor in the notice referred to above or any later date on which the conditions
set out in paragraph (b) below are satisfied. 

  
 16 

	(b)	An increase in the Stated Amounts will only be effective on: 

  

	 	(i)	the execution by the Agent of an Increase Confirmation from the relevant Increase Bank; and 

 

	 	(ii)	in relation to an Increase Bank which is not a Bank immediately prior to the relevant increase, the Agent being satisfied that it has complied with all necessary
“know your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Stated Amounts by that Increase Bank. The Agent shall promptly notify the Guarantor and the Increase Bank
upon being so satisfied. 

  

	(c)	The Agent will notify each Bank of the receipt of any notice from the Guarantor under paragraph (a) above, and will only execute an Increase Confirmation if it has
received the consent of all of the Banks to the relevant increase in the Stated Amounts available under the Facility. 

  

	(d)	Each Increase Bank, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Agent has authority to execute on its behalf any amendment or
waiver that has been approved by or on behalf of the requisite Bank or Banks in accordance with this Agreement on or prior to the date on which the increase becomes effective. 

 

	(e)	The Guarantor shall, promptly on demand, pay the Agent and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by either
of them in connection with any increase in Stated Amounts under this Clause 2.3. 

  

	(f)	The Increase Bank shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee in an amount equal to the fee which would be
payable under Clause 23.3 (Assignment or transfer fee) if the increase was a transfer pursuant to Clause 23.5 (Procedure for transfer) and if the Increase Bank was a New Bank. 

 

	(g)	The Guarantor may pay to the Increase Bank a fee in the amount and at the times agreed between the Guarantor and the Increase Bank in a letter between the Guarantor and
the Increase Bank setting out that fee. A reference in this Agreement to a Fee Letter shall include any letter referred to in this paragraph. 

  

	(h)	The Guarantor may make a request to increase the Stated Amounts available under the Facility under this Clause on one occasion only in each calendar year starting with
the calendar year during which the date of this Agreement falls. 

  

	(i)	Clause 23.4 (Limitation of responsibility of Existing Banks) shall apply mutatis mutandis in this Clause 2.3 in relation to an Increase Bank as if references in
that Clause to: 

  

	 	(i)	an “Existing Bank” were references to all the Banks immediately prior to the relevant increase; 

 

	 	(ii)	the “New Bank” were references to that “Increase Bank”; and 

 

	 	(iii)	a “re-transfer” and “re-assignment” were references to respectively a “transfer” and “assignment”.”

  
 17 

	3.	PURPOSE 

  

	3.1	Purpose 

 The Borrower
shall use the Facility for the issue of Letters of Credit in favour of US Cedants, AUS Cedants or any other person specified by the Borrower or the Guarantor and approved by the Majority Banks. 

 

	3.2	Monitoring 

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

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

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

	4.2	Further conditions precedent 

 The Agent and the Banks will only be obliged to comply with Clause 5.4 (Issue of Letters of Credit) and Clause 5.5 (Automatic Renewal of a Letter of Credit) if on the date of the Utilisation
Request or automatic renewal and on the proposed Utilisation Date: 
  

	 	(a)	in the case of a Letter of Credit renewed in accordance with Clause 5.5 (Automatic Renewal of a Letter of Credit), no Event of Default is continuing or would
result from the proposed Utilisation and, in the case of any other Utilisation, no Default is continuing or would result from the proposed Utilisation; 

  

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

 

	 	(c)	the Majority Banks do not determine that a Material Adverse Effect exists or has occurred and is continuing; 

 

	 	(d)	if any such day does not fall in a L/C Outstanding Period, there would be no breach of any L/C Outstanding Undertaking on such day if such day was in a L/C Outstanding
Period; and 

  

	 	(e)	the Borrower is in compliance with its Collateral Cover requirements under Clause 7.1 (Collateral Cover requirements). 

 

	4.3	Conditions relating to Optional Currencies 

  

	(a)	A currency will constitute an Optional Currency in relation to a Utilisation if: 

 

	 	(i)	it is readily available in the amount required and freely convertible into the Base Currency in the Relevant Interbank Market on the Utilisation Date for that
Utilisation; and 

  

	 	(ii)	it is Australian Dollars, New Zealand Dollars or has been approved by the Agent (acting on the instructions of all the Banks) on or prior to receipt by the Agent of the
Utilisation Request for that Utilisation. 

  
 18 

	(b)	If by the Specified Time the Agent has received a written request from the Guarantor for a currency to be approved under paragraph (a)(ii) above, the Agent will notify
the Banks of that request by the Specified Time. Based on any responses received by the Agent by the Specified Time, the Agent will confirm to the Guarantor by the Specified Time: 

 

	 	(i)	whether or not the Banks have granted their approval; and 

  

	 	(ii)	if approval has been granted, the minimum amount (and, if required, integral multiples) for any subsequent Utilisation in that currency. 

 

	4.4	Maximum number of Letters of Credit 

 The Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 30 Letters of Credit would be outstanding except with the approval of the Agent (acting on the
instructions of the Majority Banks). 

  
 19 

 SECTION 3 
 UTILISATION 
  

	5.	UTILISATION 

  

	5.1	Delivery of a Utilisation Request 

 The Borrower may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request substantially in the form of Schedule 3 (Utilisation Request) not later than the Specified
Time. 
  

	5.2	Completion of a Utilisation Request 

  

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

 

	 	(i)	it specifies the currency and amount of the proposed Letter of Credit and these comply with Clause 5.3 (Currency and amount); 

 

	 	(ii)	the proposed Utilisation Date is a Business Day within the Availability Period; 

 

	 	(iii)	the form of Letter of Credit is attached; 

  

	 	(iv)	the Expiry Date of the Letter of Credit falls no later than one year after the proposed Utilisation Date or, in the case of a Letter of Credit denominated in Australian
Dollars or New Zealand Dollars, no later than two years after the proposed Utilisation Date; 

  

	 	(v)	the delivery instructions for the Letter of Credit are specified; 

  

	 	(vi)	the identity of the Beneficiary of the Letter of Credit is a US Cedant, an AUS Cedant or any other Beneficiary approved by the Majority Banks; and

  

	 	(vii)	to the extent the proposed Utilisation Date is not during an L/C Outstanding Period, it is delivered with the latest financial statements required to be delivered under
Clause 18.1 (Financial statements) and Clause 18.2 (Borrower Financial statements) as if the proposed Utilisation Date was during an L/C Outstanding Period. 

 

	(b)	Only one Letter of Credit may be requested in each Utilisation Request. 

  

	5.3	Currency and amount 

  

	(a)	The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency. 

 

	(b)	The amount of the proposed Letter of Credit must be: 

  

	 	(i)	if the currency selected is the Base Currency, a minimum of U.S.$1,000,000 or, if less, the Available Facility; or 

 

	 	(ii)	if the currency selected is Australian Dollars, a minimum of A$1,000,000 or, if less, the Available Facility; or 

 

	 	(iii)	if the currency selected is New Zealand Dollars, a minimum of NZ$1,000,000 or, if less, the Available Facility; or 

 

	 	(iv)	if the currency selected is an Optional Currency other than Australian Dollars or New Zealand Dollars, the minimum amount (and, if required, integral multiple)
specified by the Agent pursuant to paragraph (b)(ii) of Clause 4.3 (Conditions relating to Optional Currencies) or, if less, the Available Facility; and 

 

	 	(v)	in any event such that its Base Currency Amount is less than or equal to the Available Facility. 

  
 20 

	5.4	Issue of Letters of Credit 

  

	(a)	Subject to paragraph (b) below, if the conditions set out in this Agreement have been met, the Agent shall on behalf of each of the Banks, issue the relevant
Letter of Credit on the Utilisation Date. 

  

	(b)	No Bank is required to issue any Letter of Credit (or require the Agent to do so on its behalf) and each Bank can decide whether to do so in its absolute discretion,
notwithstanding the satisfaction of the other conditions to Utilisation in this Agreement. If any Bank decides that it does not want any duly requested Letter of Credit issued by it or on its behalf, it shall notify the Agent of such decision and
the Agent shall in turn notify the Guarantor and each other Bank, in each case by no later than the Specified Time. 

  

	(c)	If any Bank notifies the Agent under paragraph (b) above that it shall not issue a requested Letter of Credit, such Letter of Credit may still be issued by or on
behalf of each other Bank (the decision whether to make such issuance to be made by each other Bank in its absolute discretion) if each other Bank notifies the Agent that it agrees to such issuance by no later than the Specified Time.

  

	(d)	Subject to paragraphs (b) and (c) above, the amount of each Bank’s participation in each Letter of Credit will be equal to the proportion borne by its
Available Stated Amount to the Available Facility immediately prior to the issue of the Letter of Credit, provided that if any Letter of Credit is not to be issued by or on behalf of all of the Banks as a result of the application of paragraph
(c) above (any Bank which that Letter of Credit is not to be issued by or on behalf of being a “Declining Bank”), the Available Stated Amount of each Declining Bank shall be deducted from the Available Facility for these
purposes. 

  

	(e)	The Agent shall determine the Base Currency Amount of each Letter of Credit which is to be issued in an Optional Currency and shall notify each Bank of the details of
each requested Letter of Credit and its participation in that Letter of Credit, in each case by the Specified Time. 

  

	(f)	In determining the amount of the Available Facility and a Bank’s L/C Proportion of a proposed Letter of Credit, the Available Stated Amount of a Bank will be
calculated ignoring any Collateral Cover provided for outstanding Letters of Credit. 

  

	5.5	Automatic Renewal of a Letter of Credit 

 The Expiry Date of any Letter of Credit issued on behalf of the Borrower may be automatically extended by operation of its terms for up to one year on the occurrence of its initial Expiry Date and then
for up to one additional year on the occurrence of each subsequent Expiry Date unless: 
  

	 	(a)	the Availability Period has ended; 

  

	 	(b)	the Guarantor or the Borrower requests that it shall not be renewed; or 

  

	 	(c)	the Agent delivers notice to the relevant Beneficiary of such Letter of Credit and the Guarantor that it will not be renewed by no later than 30 days or, in the case of
a Letter of Credit denominated in Australian Dollars or New Zealand Dollars, one year prior to the then Expiry Date of that Letter of Credit (which notice the Agent shall give on the instructions of any Bank with a participation in the Letter of
Credit, acting in its sole discretion). 

  
 21 

	5.6	Adjusted Letter of Credit Schedule 

  

	(a)	The Agent is authorised and is instructed to deliver to the Beneficiary an adjusted Letter of Credit Schedule for any Letter of Credit to reflect the participation or
non-participation of a Bank in relation to an issued Letter of Credit including after any transfer or assignment under Clause 23 (Changes to the Banks). 

 

	(b)	Any adjusted Letter of Credit Schedule provided to the Beneficiary under paragraph (a) above shall be effective provided that: 

 

	 	(i)	the aggregate L/C Stated Amounts are no less than the aggregate L/C Stated Amounts under the Letter of Credit Schedule which it replaces; 

 

	 	(ii)	no Bank’s exposure increases under any adjusted Letter of Credit Schedule unless such increase is in connection with an increase in its Stated Amount following an
assignment or transfer under Clause 23 (Changes to the Banks); and 

  

	 	(iii)	the adjusted Letter of Credit Schedule is dated and includes the reference number of the Letter of Credit to which it applies. 

 

	5.7	Revaluation of Letters of Credit 

  

	(a)	If any Letter of Credit is denominated in an Optional Currency, the Agent shall at three monthly intervals after the date of this Agreement, recalculate the Base
Currency Amount of each such Letter of Credit by notionally converting into the Base Currency the outstanding amount of each such Letter of Credit on the basis of the Agent’s Spot Rate of Exchange on the date of calculation.

  

	(b)	The Borrower shall, if requested by the Agent within five days of any calculation under paragraph (a) above, ensure that within three Business Days sufficient
Utilisations are prepaid to prevent the Base Currency Amount of the Utilisations exceeding the Total Stated Amounts following any adjustment to a Base Currency Amount under paragraph (a) above. 

 

	5.8	Cancellation of Stated Amount 

  

	(a)	The Stated Amount which, at that time, is unutilised shall be immediately cancelled at the end of the Availability Period. 

 

	(b)	Any Bank may, in its absolute discretion, cancel all or part of its Available Stated Amount at any time, by giving no less than 5 Business Days’ notice to the
Agent, which will promptly thereafter notify the Guarantor of such cancellation. 

  
 22 

	6.	LETTERS OF CREDIT 

  

	6.1	Immediately payable 

 If a
Letter of Credit or any amount outstanding under a Letter of Credit is expressed to be immediately payable, the Borrower shall repay or prepay that amount immediately. 
  

	6.2	Fee payable in respect of Letters of Credit 

  

	(a)	The Borrower shall pay: 

  

	 	(i)	to the Agent (for the account of each Bank) a letter of credit fee in the Base Currency Amount computed at the L/C Fee Rate on the outstanding amount of each Letter of
Credit requested by it for the period from the Utilisation Date in respect of that Letter of Credit until its Expiry Date. This fee shall be distributed according to each Bank’s L/C Proportion of that Letter of Credit; and

  

	 	(ii)	to the Agent (for its own account) an administrative fee in the Base Currency Amount computed at the L/C Admin Fee Rate on the outstanding amount of each Letter of
Credit requested by it for the period from the Utilisation Date in respect of that Letter of Credit until its Expiry Date. 

  

	(b)	The accrued letter of credit fee and administrative fee on each Letter of Credit shall be payable in arrear on the last day of each successive period of three Months
(or such shorter period as shall end on the Expiry Date for that Letter of Credit) from the date of this Agreement. 

  

	(c)	Notwithstanding the provision of Collateral Cover in respect of a Letter of Credit: 

 

	 	(i)	the letter of credit fee and administrative fee payable for the account of each Bank and the Agent (respectively) shall continue to be payable on the full outstanding
amount of such Letter of Credit (which, for the avoidance of doubt, shall not be reduced by the amount of the Collateral Cover provided in relation thereto) until the expiry of the Letter of Credit; provided that 

 

	 	(ii)	the Borrower will be entitled to withdraw the interest accrued on the Collateral Cover to pay any such fee. 

 

	6.3	Claims under a Letter of Credit 

  

	(a)	The Borrower irrevocably and unconditionally authorises each of the Banks (through the Agent) to pay any claim made or purported to be made under a Letter of Credit
requested by the Borrower and which appears on its face to be in order (a “claim”). 

  

	(b)	The Borrower shall immediately on demand pay to the Agent on behalf of each Bank, an amount equal to: 

 

	 	(i)	the amount of any claim under that Letter of Credit (a “Claim Amount”); and 

 

	 	(ii)	a fee in the Base Currency Amount computed at the L/C Drawn Rate on any Claim Amount for the Claim Period, to be distributed according to each Bank’s L/C
Proportion of that Letter of Credit. 

  
 23 

	(c)	The Borrower acknowledges that: 

  

	 	(i)	no Bank or the Agent is obliged to carry out any investigation or seek any confirmation from any other person before paying a claim; and 

 

	 	(ii)	the Agent and each Bank deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or any available set-off,
counterclaim or other defence of any person. 

  

	(d)	The obligations of the Borrower under this Clause will not be affected by: 

 

	 	(i)	the sufficiency, accuracy or genuineness of any claim or any other document; or 

 

	 	(ii)	any incapacity of, or limitation on the powers of, any person signing a claim or other document. 

 

	6.4	Indemnity 

  

	(a)	The Borrower shall as soon as practicable but, in any event, within three Business Days of demand indemnify each Bank against any cost, loss or liability incurred by
that Bank (otherwise than by reason of gross negligence or wilful misconduct by that Bank) in providing or performing its obligations under any Letter of Credit. 

 

	(b)	No Obligor will be entitled to any right of contribution or indemnity from any Finance Party in respect of any payment it may make under this Clause 6.4.

  

	6.5	Loss sharing 

  

	(a)	If, at any time after any amount has become payable to the Beneficiary under a Letter of Credit, for any reason any amount due and owing to a Bank under the Finance
Documents in respect of that claim has not been paid and/or discharged and any resulting unpaid amount is not shared between the Banks pro rata to their Loss Share Proportions, the Banks shall make such payments between themselves as the Agent shall
require to ensure that, after taking into account such payments, any such amount is shared between the Banks pro rata to their Loss Share Proportions. 

  

	(b)	If a Bank (the “Paying Bank”) makes a payment to the Agent for distribution to one or more other Banks under paragraph (a) above then, without
double counting, the liability of the Borrower to the Paying Bank shall be increased (or treated as not having been reduced) by an amount equal to the payment so made and the liability of the Borrower to the Bank(s) to which any such payment has
been made shall be reduced (or treated as not having been increased) by an amount equal to the payment so made. Following any application of the provisions of paragraph (a) above the Agent is authorised and is instructed to deliver to the
Beneficiary an adjusted Letter of Credit Schedule or a new Letter of Credit, as the case may be, under the terms of this Agreement. Such adjusted Letter of Credit Schedule or new Letter of Credit shall reflect the L/C Stated Amounts of the Banks
after the application of paragraph (a) above. 

  

	7.	COLLATERAL COVER 

  

	7.1	Collateral Cover requirements 

  

	(a)	For the purposes of this Agreement, the Borrower providing “Collateral Cover” for a Letter of Credit means the Borrower depositing an amount (the
“Collateral Amount”) of cash or securities into the Custody Accounts in accordance with the terms of this Clause 7, the Pledge Agreement and the Control Agreement. 

  
 24 

	(b)	Subject to paragraph (c) below, the Guarantor shall ensure that the Collateral Amount in the Base Currency, as calculated pursuant to Clause 7.3 (Amount of
Collateral Cover), is at all times greater than or equal to the aggregate Base Currency Amount of all the outstanding Letters of Credit at that time. 

  

	(c)	If the Collateral Amount in the Base Currency is at any time less than the aggregate Base Currency Amount of all the outstanding Letters of Credit at that time (a
“Collateral Shortfall”), the Guarantor shall deposit cash or securities complying with this Clause 7 into the Custody Accounts in an amount (as calculated pursuant to Clause 7.3 (Amount of Collateral Cover)) equal to such
Collateral Shortfall within 2 Business Days. 

  

	(d)	If at any time (other than upon and during the continuance of an Event of Default) the Collateral Amount in the Base Currency is greater than the aggregate Base
Currency Amount of all the outstanding Letters of Credit at that time (a “Collateral Excess”), the Borrower may instruct the Custodian to deliver to the Borrower, free and clear of the Security of the Pledge Agreement, cash or
securities in an amount (as calculated pursuant to Clause 7.3 (Amount of Collateral Cover)) equal to such Collateral Excess, subject always to the Security Agent’s written approval. 

 

	7.2	Form of Collateral Cover 

  

	(a)	Subject to paragraphs (b) and (c) below, the Collateral Cover must be in the form of: 

 

	 	(i)	cash denominated in U.S. Dollars or an Optional Currency (“Cash”); 

 

	 	(ii)	Money Market Mutual Funds; 

  

	 	(iii)	debt securities denominated in U.S. Dollars, Australian Dollars or New Zealand Dollars and issued by the government of the United States of America, Australia or New
Zealand (as applicable) or other debt securities denominated in an Optional Currency and issued by such government or state as is approved by the Agent (acting on the instructions of all the Banks) (“Government Debt Securities”);
and/or 

  

	 	(iv)	     

  

	 	(A)	single-class mortgage participation certificates in book-entry form backed by single-family residential mortgage loans, the full and timely payment of interest at the
applicable certificate rate and the ultimate collection of principal of which are guaranteed by the Federal Home Loan Mortgage Corporation (excluding Real Estate Mortgage Investment Conduit (“REMIC”) or other multi-class
pass-through certificates, collateralized mortgage obligations, pass-through certificates backed by adjustable rate mortgages, securities paying interest or principal only and similar derivative securities); 

 

	 	(B)	single-class mortgage pass-through certificates in book-entry form backed by single-family residential mortgage loans, the full and timely payment of interest at the
applicable certificate rate and ultimate collection of principal of which are guaranteed by the Federal National Mortgage Association (excluding REMIC or other multi-class pass-through certificates, pass-through certificates backed by adjustable
rate mortgages, collateralized mortgage obligations, securities paying interest or principal only and similar derivative securities); and 

  
 25 

	 	(C)	single-class fully modified pass-through certificates in book-entry form backed by single-family residential mortgage loans, the full and timely payment of principal
and interest of which is guaranteed by the Government National Mortgage Association (excluding REMIC or other multi-class pass-through certificates, collateralized mortgage obligations, pass-through certificates backed by adjustable rate mortgages,
securities paying interest or principal only and similar derivatives securities), 

 in each case, denominated in
U.S. Dollars (“Government Agency Debt Securities”), 
 and in each case not subject to any Security or Quasi
Security other than any Security or Quasi Security created under a Finance Document. 
  

	(b)	For the purposes of this Clause 7 any debt securities under paragraph (a)(iii) or (a)(iv) above: 

 

	 	(i)	with a maturity of 3 months or less from the date of being provided as Collateral Cover are “Short Term Securities”; 

 

	 	(ii)	with a maturity of more than 3 months but equal to or less than 60 months from the date of being provided as Collateral Cover are “Medium Term
Securities”; 

  

	 	(iii)	with a maturity of more than 60 months but equal to or less than 120 months from the date of being provided as Collateral Cover are “Long Term
Securities”; and 

  

	 	(iv)	with a maturity of more than 120 months from the date of being provided as Collateral Cover are “Very Long Term Securities”. 

 

	(c)	Other than in respect of Cash denominated in U.S. Dollars and Government Debt Securities denominated in U.S. Dollars and which are issued by the government of the
United States of America and are Short Term Securities, all Collateral Cover must be denominated in the same currency as the Letter of Credit in respect of which such Collateral Cover has been provided. 

 

	7.3	Amount of Collateral Cover 

  

	(a)	The Agent shall determine the Collateral Amount starting on the first Utilisation Date and within 10 Business Days of the end of each Month thereafter.

  

	(b)	In determining the Collateral Amount, the deemed value of any Cash will be: 

 

	 	(i)	in relation to any Cash denominated in U.S. Dollars provided as Collateral Cover for any Letter of Credit denominated in an Optional Currency, 93 per cent. of the
Fair Market Value of such Cash; and 

  

	 	(ii)	in relation to any Cash (other than Cash referred to in paragraph (i) above), 100 per cent. of the Fair Market Value of such Cash. 

 

	(c)	In determining the Collateral Amount, the deemed value of any Money Market Mutual Funds will be 95 per cent. of the Fair Market Value of such securities.

  

	(d)	In determining the Collateral Amount, the deemed value of any Government Debt Securities will be: 

 

	 	(i)	in relation to any Short Term Securities denominated in U.S. Dollars and issued by the government of the United States of America which are provided as Collateral Cover
for any Letter of Credit denominated in an Optional Currency, 93 per cent. of the Fair Market Value of such Short Term Securities; and 

  
 26 

	 	(ii)	in relation to any Short Term Securities (other than Short Term Securities referred to in paragraph (i) above), 100 per cent. of the Fair Market Value of such
debt securities; 

  

	 	(iii)	in relation to any Medium Term Securities, 90 per cent. of the Fair Market Value of such debt securities; 

 

	 	(iv)	in relation to any Long Term Securities, 85 per cent. of the Fair Market Value of such debt securities; and 

 

	 	(v)	in relation to any Very Long Term Securities, 80 per cent. of the Fair Market Value of such debt securities. 

 

	(e)	In determining the Collateral Amount, the deemed value of any Government Agency Debt Securities will be: 

 

	 	(i)	in relation to any Short Term Securities or Medium Term Securities, 90 per cent. of the Fair Market Value of such debt securities; 

 

	 	(ii)	in relation to any Long Term Securities, 85 per cent. of the Fair Market Value of such debt securities; and 

 

	 	(iii)	in relation to any Very Long Term Securities, 80 per cent. of the Fair Market Value of such debt securities. 

 

	(f)	If the Collateral Cover consists of Cash or debt securities denominated in a currency other than the Base Currency the Collateral Amount shall be determined using the
Agent’s Spot Rate of Exchange on the date of calculation. 

  

	(g)	For the avoidance of doubt, any Collateral Cover provided in accordance with paragraph (d) of Clause 21.14 (Acceleration) shall be included when making any
calculations in accordance with Clause 7.3 (Amount of Collateral Cover). 

  

	7.4	Information 

  

	(a)	On the first Utilisation Date, and thereafter within 10 Business Days of the end of each Month, the Guarantor shall deliver a Collateral Report to the Agent.

  

	(b)	The Agent shall promptly send each Collateral Report received by it pursuant to paragraph (a) above to each Bank. 

  
 27 

 SECTION 4 
 PREPAYMENT AND CANCELLATION 
  

	8.	PREPAYMENT AND CANCELLATION 

  

	8.1	Illegality 

 If it becomes
unlawful in any applicable jurisdiction for a Bank to perform any of its obligations as contemplated by this Agreement or to maintain or to allow to remain outstanding its participation in any Letter of Credit: 

 

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

 

	 	(b)	upon the Agent notifying the Guarantor, that Bank shall not thereafter be obliged to participate in any Letter of Credit or issue any Letter of Credit and the Stated
Amount of that Bank will be immediately cancelled; and 

  

	 	(c)	if the Agent on behalf of that Bank so requires, the Guarantor shall procure that the Borrower shall on such date as the Agent (acting on the instructions of that Bank)
specifies to the Guarantor on no less than 5 Business Days’ notice, ensure that the liabilities of that Bank under or in respect of each outstanding Letter of Credit are reduced to zero or otherwise secured by the provision of full Collateral
Cover in respect of that Bank’s participation in each outstanding Letter of Credit. 

  

	8.2	Change of control 

  

	(a)	If any person or group of persons acting in concert gains control of the Guarantor: 

 

	 	(i)	the Guarantor shall promptly notify the Agent upon becoming aware of that event; 

 

	 	(ii)	the Banks shall, without prejudice to the uncommitted nature of the Facility, on receipt of the Agent’s notice under paragraph (i) above enter into
negotiations in good faith with the Guarantor for a period of not more than 30 days with a view to agreeing whether the Facility can continue to be made available on an uncommitted basis; and 

 

	 	(iii)	if no such agreement is reached within such 30 day period, and any Bank so requires, the Agent shall on the last day of that period cancel the Stated Amount of that
Bank and require the Guarantor to procure that the liabilities of that Bank under or in respect of each outstanding Letter of Credit are reduced to zero or otherwise secured by the provision of full Collateral Cover in respect of that Bank’s
participation in each outstanding Letter of Credit, whereupon the Guarantor will procure that such reduction or security is effected within that notice period, the Stated Amount of that Bank will be cancelled and all outstanding amounts under the
Finance Documents will become immediately due and payable. 

  

	(b)	For the purpose of paragraph (a) above a person (the “First Person”) has “control” of another person (the “Second
Person”) if the Second Person is a Subsidiary of the First Person. 

  

	(c)	For the purpose of paragraph (a) above “acting in concert” has the meaning given to it in the City Code on Takeovers and Mergers.

  
 28 

	8.3	Voluntary cancellation 

The Guarantor may, if it gives the Agent not less than 5 Business Days’ (or such shorter period as the Majority Banks may agree)
prior notice, cancel the whole or any part (being a minimum amount of U.S.$5,000,000) of the Available Facility. Any cancellation under this Clause 8.3 shall reduce the Stated Amounts of the Banks rateably. 

 

	8.4	Voluntary prepayment of Utilisations 

 The Borrower may, if it gives the Agent not less than 5 Business Days’ (or such shorter period as the Majority Banks may agree) prior notice, prepay the whole or any part of a Utilisation (but, if in
part, being an amount that reduces the Base Currency Amount of the Utilisation by a minimum amount of U.S.$5,000,000). 
  

	8.5	Right of repayment and cancellation in relation to a single Bank 

  

	(a)	If: 

  

	 	(i)	any sum payable to any Bank by an Obligor is required to be increased under paragraph (c) of Clause 11.2 (Tax gross-up); or 

 

	 	(ii)	any Bank claims indemnification from the Guarantor under Clause 11.3 (Tax indemnity) or Clause 12.1 (Increased costs), 

the Guarantor may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent
not less than 10 Business Days’ notice of cancellation of the Stated Amount of that Bank and its intention to procure that the liabilities of that Bank under each outstanding Letter of Credit are reduced to zero and/or that Collateral Cover
will be provided in respect of that Banks’ participation in each outstanding Letter of Credit. 
  

	(b)	No later than the date the notice referred to in paragraph (a) above expires, the Guarantor shall procure that the liabilities of that Bank under each outstanding
Letter of Credit are reduced to zero and/or that Collateral Cover is provided in respect of that Bank’s participation in each outstanding Letter of Credit. 

 

	(c)	On receipt of a notice of cancellation referred to in paragraph (a) above, that Bank shall not thereafter be obliged to participate in any Letter of Credit or
issue any Letter of Credit and the Stated Amount of that Bank shall immediately be reduced to zero. 

  

	8.6	Right of cancellation in relation to a Non-Acceptable L/C Bank 

  

	(a)	If any Bank becomes a Non-Acceptable L/C Bank, the Guarantor may, at any time whilst the Bank continues to be a Non-Acceptable L/C Bank, give the Agent 10 Business
Days’ notice of cancellation of the Available Stated Amount of that Bank. 

  

	(b)	On the notice referred to in paragraph (a) above becoming effective, the Available Stated Amount of the Non-Acceptable L/C Bank shall immediately be reduced to
zero. 

  

	(c)	The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Banks. 

 

	8.7	Restrictions 

  

	(a)	Any notice of cancellation or prepayment given by any Party under this Clause 8 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall
specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  
 29 

	(b)	Any prepayment under this Agreement shall be made without premium or penalty. 

 

	(c)	The Borrower shall not repay or prepay all or any part of the Utilisations or cancel all or any part of the Stated Amounts except at the times and in the manner
expressly provided for in this Agreement. 

  

	(d)	Subject to Clause 2.3 (Increase), no amount of the Total Stated Amount cancelled under this Agreement may be subsequently reinstated. 

 

	(e)	If the Agent receives a notice under this Clause 8 it shall promptly forward a copy of that notice to either the Guarantor or the affected Bank, as appropriate.

  

	(f)	If all or part of a Utilisation under the Facility is repaid or prepaid and is not available for redrawing, an amount of the Stated Amounts (equal to the Base Currency
Amount of the amount of the Utilisation which is repaid or prepaid) in respect of the Facility will be deemed to be cancelled on the date of repayment or prepayment. Any cancellation under this paragraph (f) shall reduce the Stated Amounts of
the Banks rateably under the Facility. 

  
 30 

 SECTION 5 
 COSTS OF UTILISATION 
  

	9.	DEFAULT INTEREST 

  

	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document (other than a Claim Amount) on its due date, interest shall accrue on the overdue amount
from the due date up to the date of actual payment (both before and after judgment) at a rate which, is the sum of: 

  

	 	(A)	the L/C Fee Rate plus the L/C Admin Fee Rate plus 1 per cent; and 

  

	 	(B)	in respect of a particular Bank, the rate notified to the Agent by that Bank as soon as practicable following the due date for payment of such amount, to be that which
expresses as a percentage rate per annum the cost which that Bank would incur in funding an amount equal to such overdue amount from whatever source it may reasonably select. 

Any interest accruing under this Clause 9 shall be immediately payable by the Obligor on demand by the Agent. 

 

	(b)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each successive period of three months for which that
overdue amount is outstanding but will remain immediately due and payable. 

  

	10.	FEES 

  

	10.1	Arrangement fee 

 The
Borrower shall pay to the Arranger an arrangement fee in the amount and at the times agreed in a Fee Letter. 
  

	10.2	Agency fee 

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

	10.3	Security Agency fee 

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

	10.4	Issuance fee 

 The
Borrower shall, within 3 Business Days of the Utilisation Date of a Letter of Credit, pay to the Agent (for its own account) an issuance fee of U.S.$150. 

  
 31 

 SECTION 6 
 ADDITIONAL PAYMENT OBLIGATIONS 
  

	11.	TAX GROSS UP AND INDEMNITIES 

  

	11.1	Definitions 

  

	(a)	In this Agreement: 

“Protected Party” means a Finance Party which is or will be subject to any liability, or required to make any payment,
for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. 
 “Tax Credit” means a credit against, relief or remission for, or repayment of any Tax. 
 “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document. 
 “Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under Clause 11.2 (Tax gross-up) or a payment under Clause 11.3 (Tax indemnity).

  

	(b)	Unless a contrary indication appears, in this Clause 11 a reference to “determines” or “determined” means a determination made in the absolute
discretion of the person making the determination. 

  

	11.2	Tax gross-up 

  

	(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

 

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

  

	(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any
Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	(d)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the
time allowed and in the minimum amount required by law. 

  

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

  
 32 

	11.3	Tax indemnity 

  

	(a)	The Guarantor shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected
Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

  

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

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is
treated as resident for tax purposes; or 

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction,

 if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum
deemed to be received or receivable) by that Finance Party; or 
  

	 	(ii)	to the extent a loss, liability or cost is compensated for by an increased payment under Clause 11.2 (Tax gross-up). 

 

	(c)	A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise
to the claim, following which the Agent shall notify the Guarantor. 

  

	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 11.3, notify the Agent. 

 

	11.4	Tax Credit 

 If an Obligor
makes a Tax Payment and the relevant Finance Party determines that: 
  

	 	(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax
Payment was required; and 

  

	 	(b)	that Finance Party has obtained and utilised that Tax Credit, 

 the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not
been required to be made by the Obligor. 
  

	11.5	Stamp taxes 

 The
Guarantor shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any
Finance Document. 
  

	11.6	VAT 

  

	(a)	 All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration
for any supply for VAT purposes are 

  
 33 

	 	
deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party
to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such
supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party). 

  

	(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”)
under a Finance Document, and any Party other than the Recipient (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being
required to reimburse or indemnify the Recipient in respect of that consideration): 

  

	 	(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as
paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the
relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and 

  

	 	(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient,
pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.

  

	(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may
be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT
from the relevant tax authority. 

  

	(d)	Any reference in this Clause 11.6 to any Party shall, at any time when such Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include
(where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided for in Article 11 of Council
Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any other similar provision in any jurisdiction which is not a member state of the European Union) so that a reference to a Party shall be construed as a
reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant
time (as the case may be). 

  

	(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide
such Finance Party with details of that Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply. 

  
 34 

	12.	INCREASED COSTS 

  

	12.1	Increased costs 

  

	(a)	Subject to Clause 12.3 (Exceptions) the Guarantor shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount
of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance
with any law or regulation made after the date of this Agreement or (iii) the implementation of or application of or compliance with Basel III. 

  

	(b)	In this Agreement 

“Basel III” means: 
  

	 	(i)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks
and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel
Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; 

  

	 	(ii)	the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency
requirement – Rules text” published by the Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	 	(iii)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”. 

“Increased Costs” means: 
  

	 	(i)	a reduction in the rate of return from the Facility or on a Finance Party’s (or on any of its Affiliate’s) overall capital; 

 

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Stated Amount or performing its obligations
under any Finance Document. 
  

	12.2	Increased cost claims 

  

	(a)	A Finance Party intending to make a claim pursuant to Clause 12.1 (Increased costs), shall notify the Agent of the event giving rise to the claim, following
which the Agent shall promptly notify the Guarantor. 

  

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

  
 35 

	12.3	Exceptions 

  

	(a)	Clause 12.1 (Increased costs) does not apply to the extent any Increased Cost is: 

 

	 	(i)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(ii)	compensated for by Clause 11.3 (Tax indemnity) (or would have been compensated for under Clause 11.3 (Tax indemnity) but was not so compensated solely
because any of the exclusions in paragraph (b) of Clause 11.3 (Tax indemnity) applied); or 

  

	 	(iii)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or 

 

	 	(iv)	attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised
Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III) (“Basel II”) or any other law or
regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). 

 

	(b)	In this Clause 12.3, a reference to a “Tax Deduction” has the same meaning given to the term in Clause 11.1 (Definitions). 

 

	13.	OTHER INDEMNITIES 

  

	13.1	Currency indemnity 

  

	(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be
converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

 

	 	(i)	making or filing a claim or proof against that Obligor; 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom that Sum is
due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate
or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it
is expressed to be payable. 

  

	13.2	Other indemnities 

 The
Guarantor shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 

 

	 	(a)	the occurrence of any Event of Default; 

  
 36 

	 	(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of
Clause 27 (Sharing among the Finance Parties); 

  

	 	(c)	participating, or making arrangements to participate, in a Utilisation requested by the Borrower in a Utilisation Request but not made by reason of the operation of any
one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or 

  

	 	(d)	a Utilisation (or part of a Utilisation) not being prepaid in accordance with a notice of prepayment given by the Borrower or the Guarantor. 

 

	13.3	Indemnity to the Agent and the Security Agent 

 The Guarantor shall promptly indemnify the Agent and the Security Agent against any cost, loss or liability incurred by the Agent or the Security Agent (acting reasonably) as a result of: 

 

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

  

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

 

	 	(c)	taking, holding, protecting or enforcing any Security created pursuant to any Finance Document; or 

 

	 	(d)	exercising any of the rights, powers, discretions or remedies vested in it under any Finance Document or by law. 

 

	14.	MITIGATION BY THE BANKS 

  

	14.1	Mitigation 

  

	(a)	Each Finance Party shall, in consultation with the Guarantor, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount
becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 8.1 (Illegality), Clause 11 (Tax gross-up and indemnities) or Clause 12 (Increased costs) including (but not limited to) transferring its rights and
obligations under the Finance Documents to another Affiliate or Facility Office. 

  

	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

 

	14.2	Limitation of liability 

  

	(a)	The Guarantor shall, as soon as reasonably practicable and in any event within three Business Days of demand, indemnify each Finance Party for all costs and expenses
reasonably incurred by that Finance Party as a result of steps taken by it under Clause 14.1 (Mitigation). 

  

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

  
 37 

	15.	COSTS AND EXPENSES 

  

	15.1	Transaction expenses 

 The
Guarantor shall, as soon as reasonably practicable and in any event within three Business Days of demand, pay the Agent, the Security Agent and the Arranger the amount of all costs and expenses (including legal fees) reasonably incurred by any of
them in connection with the negotiation, preparation, printing and execution of: 
  

	 	(a)	this Agreement and any other documents referred to in this Agreement; and 

  

	 	(b)	any other Finance Documents executed after the date of this Agreement. 

  

	15.2	Amendment costs 

 If an
Obligor requests an amendment, waiver or consent the Guarantor shall, as soon as reasonably practicable and in any event within three Business Days of demand, reimburse the Finance Parties for the amount of all costs and expenses (including legal
fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing and execution of that request and related documentation and reimburse the Agent and the Security Agent for the amount of all costs and expenses
(including legal fees) reasonably incurred by it in responding to, evaluating, negotiating or complying with that request. 
  

	15.3	Enforcement costs 

 The
Guarantor shall, as soon as reasonably practicable and in any event within three Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the
enforcement of, or the preservation of any rights under, any Finance Document. 
  

	15.4	Security Agent expenses 

The Guarantor shall promptly on demand pay the Security Agent the amount of all costs and expenses (including legal fees) reasonably
incurred by it in connection with the Control Agreement or the administration or release of any Security created pursuant to any Security Document. 

  
 38 

 SECTION 7 
 GUARANTEE 
  

	16.	GUARANTEE AND INDEMNITY 

  

	16.1	Guarantee and indemnity 

The Guarantor irrevocably and unconditionally: 
  

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

 

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

  

	 	(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary
obligation, indemnify that Finance Party within three Business Days of demand against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have
been payable by it under any Finance Document on the date when it would have been due. The amount payable by the Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 16 if the amount claimed had been
recoverable on the basis of a guarantee. 

  

	16.2	Continuing guarantee 

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

	16.3	Reinstatement 

 If any
discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition
which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor under this Clause 16 will continue or be reinstated as if the discharge, release or arrangement had
not occurred. 
  

	16.4	Waiver of defences 

 The
obligations of the Guarantor under this Clause 16 will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 16 (without limitation and whether or
not known to it or any Finance Party) including: 
  

	 	(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person; 

 

	 	(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;

  
 39 

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

 

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;

  

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other
document or security, including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security; 

 

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or

  

	 	(g)	any insolvency or similar proceedings. 

  

	16.5	Immediate recourse 

 The
Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor under
this Clause 16. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 
  

	16.6	Appropriations 

 Until all
amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: 

 

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

 

	 	(b)	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability under this Clause 16.

  

	16.7	Deferral of Guarantor’s rights 

 Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent (or, as the case may be, the
Security Agent) otherwise directs, the Guarantor will not exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this
Clause 16: 
  

	 	(a)	to be indemnified by an Obligor; 

  
 40 

	 	(b)	to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance Documents; 

 

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

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which the Guarantor has given a
guarantee, undertaking or indemnity under Clause 16.1 (Guarantee and indemnity); 

  

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

  

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

If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or
distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall
promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 28 (Payment mechanics). 
  

	16.8	Additional security 

 This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party. 

  
 41 

 SECTION 8 
 REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	17.	REPRESENTATIONS 

 Each
Obligor makes the representations and warranties set out in this Clause 17 to each Finance Party on the date of this Agreement. 
  

	17.1	Status 

  

	(a)	It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

 

	(b)	It has the power to own its assets and carry on its business as it is being conducted. 

 

	17.2	Binding obligations 

 The
obligations expressed to be assumed by it in each Finance Document are legal, valid, binding and enforceable, subject to: 
  

	 	(a)	any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of
Utilisation) or Clause 24 (Changes to the Obligors); or 

  

	 	(b)	in the case of any Security Document, the requirements specified at the end of Clause 17.5 (Validity and admissibility in evidence). 

 

	17.3	Non-conflict with other obligations 

 The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with: 

 

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it in a manner or to an extent which would have a Material Adverse Effect, 

nor (except as provided in any Security Document) result in the existence of, or oblige it to create, any Security over any of its assets.

  

	17.4	Power and authority 

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

  

	17.5	Validity and admissibility in evidence 

 All Authorisations required: 
  

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

 

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation; and 

 

	 	(c)	to enable it to create the Security to be created by it pursuant to any Security Document and to ensure that such Security has the priority and ranking it is expressed
to have, 

  
 42 

 have been obtained or effected and are in full force and effect save for the making of the
appropriate registrations of the Security Documents in the United States of America with the Washington D.C. Recorder of Deeds and in Bermuda with the office of the Registrar of Companies. 

 

	17.6	Governing law and enforcement 

 Subject to any reservations specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24 (Changes to the Obligors): 

 

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

  

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

 

	17.7	Deduction of Tax 

 It is
not required to make any deduction for or on account of Tax from any payment it may make under any Finance Document to a Bank. 
  

	17.8	No filing or stamp taxes 

Under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any
court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents. 

 

	17.9	Taxation 

  

	(a)	It is not materially overdue in the filing of any Tax returns (where applicable) in circumstances where such delay could reasonably be expected to have a Material
Adverse Effect. 

  

	(b)	To the best of its knowledge and belief having made reasonable enquiry no claims are being or are reasonably likely to be asserted against it with respect to Taxes
which are reasonably likely to be adversely determined and if so determined could reasonably be expected to have a Material Adverse Effect. 

  

	17.10	No default 

  

	(a)	No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

 

	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or
to which its (or any of its Subsidiaries’) assets are subject which could reasonably be expected have a Material Adverse Effect. 

  

	17.11	No misleading information 

  

	(a)	 All factual information provided in writing by or on behalf of any Obligor to a Finance Party in relation to the Finance Documents and the transactions
contemplated thereby was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated. 

  
 43 

	(b)	Nothing has: 

  

	 	(i)	occurred prior to the date of this Agreement which has not been disclosed to the Finance Parties in writing; or 

 

	 	(ii)	been omitted or been given or withheld, 

 that results in any of the information referred to in paragraph (a) above being untrue or misleading in any material respect. 

 

	17.12	Financial statements 

  

	(a)	Its Original Financial Statements were prepared in accordance with GAAP consistently applied. 

 

	(b)	Its Original Financial Statements fairly represent its financial condition and operations (consolidated in the case of the Guarantor) as at the end of and for the
relevant financial year. 

  

	(c)	There has been no material adverse change in its business or financial condition (or the business or consolidated financial condition of the Group, in the case of the
Guarantor) since 31 March 2012. 

  

	17.13	Pari Passu 

  

	(a)	Subject to the requirements specified at the end of Clause 17.5 (Validity and admissibility in evidence), each Security Document creates (or, once entered into,
will create) in favour of the Security Agent for the benefit of the Finance Parties the Security which it is expressed to create with the ranking and priority it is expressed to have. 

 

	(b)	Without limiting paragraph (a) above, its payment obligations under the Finance Documents rank at all times at least pari passu in right of priority and
payment with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

 

	17.14	No proceedings pending or threatened 

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

	17.15	Title 

 It has good and
marketable title to the assets subject to the Security created by it pursuant to any Security Document, free from all Security except the Security created pursuant to, or permitted by, the Finance Documents. 

 

	17.16	Solvency 

 No proceedings
specified in Clause 21.7 (Insolvency Proceedings) have been commenced or, so far as it is aware having made reasonable enquiry, threatened against it. 
  

	17.17	Compliance with Bermudan Insurance Regulation 

 It has, if applicable, complied with the conditions, obligations and requirements attached to its registration as an insurer under the Insurance Act 1978 of Bermuda as amended and restated

  
 44 

 
and the regulations thereunder including the Insurance Code of Conduct as published by the Bermudan Monetary Authority and it has all consents, licences, approvals or authorisations required from
the Insurance Regulatory Authority. 
  

	17.18	Repetition 

 The Repeating
Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on: 
  

	 	(a)	the first day of each Term; 

  

	 	(b)	the date of each Utilisation Request and each date on which a Letter of Credit is (or is to be) issued or renewed in accordance with Clause 5.5 (Automatic Renewal of
a Letter of Credit); and 

  

	 	(c)	the dates which are at six monthly intervals after the date of issue of a Letter of Credit until the Expiry Date of that Letter of Credit. 

 

	18.	INFORMATION UNDERTAKINGS 

The undertakings in this Clause 18 (apart from the undertakings in Clause 18.5 (Information: miscellaneous), 18.6 (Notification of
default), Clause 18.7 (Use of websites) and Clause 18.8 (“Know your customer” checks)) remain in force and are required to be complied with only during any L/C Outstanding Period. The undertakings in Clause 18.5
(Information: miscellaneous), Clause 18.6 (Notification of default), Clause 18.7 (Use of websites) and Clause 18.8 (“Know your customer” checks) remain in force and are required to be complied with from the date
of this Agreement for so long as any amount is outstanding under the Finance Documents or any Stated Amount is in force. 
  

	18.1	Financial statements 

 The
Guarantor shall supply to the Agent in sufficient copies for all the Banks: 
  

	 	(a)	as soon as the same become available, but in any event within 90 days (or, if earlier and if applicable to the Guarantor, the fifth Business Day following the annual
report deadline under the Exchange Act rules and regulations) after the end of each of its financial years, its audited consolidated financial statements along with the accompanying notes for that financial year; and 

 

	 	(b)	as soon as the same become available, but in any event within 45 days (or, if earlier and if applicable to the Guarantor, the fifth Business Day following the annual
report deadline under the Exchange Act rules and regulations) after the end of each of the first three fiscal quarters in each of its financial years, its unaudited consolidated financial statements, as of the end of and for such fiscal quarter.

  

	18.2	Borrower Financial statements 

 The Borrower shall supply to the Agent in sufficient copies for all the Banks as soon as the same become available, but in any event within five Business Days after approval of the board of directors of
the Borrower, the audited consolidated financial statements of the Borrower and its Subsidiaries along with the accompanying notes thereto. 

  
 45 

	18.3	Compliance Certificate 

  

	(a)	The Guarantor shall supply to the Agent, with each set of financial statements delivered pursuant to Clause 18.1 (Financial statements), a Compliance Certificate
setting out (in reasonable detail) computations as to compliance with Clause 19 (Financial covenants) as at the date as at which those financial statements were drawn up. 

 

	(b)	Each Compliance Certificate shall be signed by two Financial Officers of the Guarantor. 

 

	18.4	Requirements as to financial statements 

  

	(a)	Each set of financial statements delivered by the Guarantor pursuant to Clause 18.1 (Financial statements) shall be certified by a Financial Officer of the
relevant company as fairly representing its (or, as the case may be, its consolidated) financial condition as at the end of and for the period in relation to which those financial statements were drawn up. 

 

	(b)	The Guarantor shall procure that each set of financial statements of the Borrower delivered pursuant to 18.2 (Borrower Financial statements) is prepared using
GAAP. 

  

	(c)	The Guarantor shall procure that each set of financial statements of the Guarantor delivered pursuant to 18.1 (Financial statements) is prepared using GAAP and
accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements of the Guarantor unless, in relation to any set of financial statements, it notifies the Agent that there has
been a change in GAAP, the accounting practices or reference periods and its auditors deliver to the Agent: 

  

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

  

	 	(ii)	sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Banks to determine whether Clause 19 (Financial
covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Guarantor’s Original Financial Statements. 

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

	(d)	If the Guarantor notifies the Agent of a change in accordance with paragraph (b) of this Clause 18.4 the Guarantor and the Agent shall enter into negotiations in
good faith with a view to agreeing any amendments to this Agreement which are necessary as a result of the change. To the extent practicable these amendments will be such as to ensure that the change does not result in any material alteration in the
commercial effect of the obligations in this Agreement. If any amendments are agreed they shall take effect and be binding on each of the Parties in accordance with their terms. 

  
 46 

	18.5	Information: miscellaneous 

The Guarantor shall supply to the Agent (in sufficient copies for each Bank, to the extent that Bank has not already received such
information or documents in accordance with the provisions of another agreement, if the Agent so requests): 
  

	 	(a)	all documents dispatched by the Guarantor to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched;

  

	 	(b)	promptly after filing with the relevant Insurance Regulatory Authority and in any event within 150 days after the end of each financial year, a copy of the
Borrower’s “Statement of Actuarial Opinion” as to the adequacy of the Borrower’s loss reserves as of such financial year end in the format prescribed by the applicable insurance laws of the Borrower’s jurisdiction of
domicile; 

  

	 	(c)	no later than five Business Days after the sending, filing or receipt thereof, all documents in respect of (i) all reports on Form 10-Q or Form 10-K (or their
successor forms) or registration statements and prospectuses (other than on Form S-8 or its successor form) that the Guarantor or the Borrower shall render to or file with the Securities and Exchange Commission, the National Association of
Securities Dealers, Inc. or to any national securities exchange, (ii) all reports on Form A (or any successor form) that the Borrower shall file with any Insurance Regulatory Authority, (iii) all material reports on examination or similar
material reports, financial examination reports or market conduct examination reports by any Insurance Regulatory Authority or other Governmental Authority with respect to the Borrower’s insurance business and (iv) all material filings
made under applicable state insurance holding company acts by the Guarantor or the Borrower, including filings seeking approval of transactions with Affiliates, thereof; 

 

	 	(d)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any
Obligor, and which could, if adversely determined, have a Material Adverse Effect; and 

  

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

  

	18.6	Notification of default 

  

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

  

	(b)	Promptly upon a request by the Agent, the Guarantor shall supply to the Agent a certificate signed by two of its Financial Officers on its behalf certifying that no
Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 

  

	18.7	Use of websites 

  

	(a)	Any Obligor may satisfy its obligation under this Agreement to deliver any information in relation to those Banks (the “Website Banks”) who accept this
method of communication by that Obligor or the Agent posting this information onto an electronic website designated by the Guarantor and the Agent (the “Designated Website”) if: 

 

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

  
 47 

	 	(ii)	both the Guarantor and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and 

 

	 	(iii)	the information is in a format previously agreed between the Guarantor and the Agent. 

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

	(b)	The Agent shall supply each Website Bank with the address of and any relevant password specifications for the Designated Website following designation of that website
by the Guarantor and the Agent. 

  

	(c)	The Guarantor shall promptly upon becoming aware of its occurrence notify the Agent if: 

 

	 	(i)	the Designated Website cannot be accessed due to technical failure; 

  

	 	(ii)	the password specifications for the Designated Website change; 

  

	 	(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated Website; 

 

	 	(iv)	any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or 

 

	 	(v)	the Guarantor becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar
software. 

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

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

  

	18.8	“Know your customer” checks 

  

	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;

  

	 	(ii)	any change in the status of an Obligor after the date of this Agreement; or 

 

	 	(iii)	a proposed assignment or transfer by a Bank of any of its rights and obligations under this Agreement to a party that is not a Bank prior to such assignment or
transfer, 

  
 48 

 obliges the Agent or any Bank (or, in the case of paragraph (iii) above, any
prospective new Bank) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or
any Bank supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Bank) or any Bank (for itself or, in the case of the event described in paragraph
(iii) above, on behalf of any prospective new Bank) in order for the Agent, such Bank or, in the case of the event described in paragraph (iii) above, any prospective new Bank to carry out and be satisfied it has complied with all
necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

 

	(b)	Each Bank shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent
(for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the
Finance Documents. 

  

	19.	FINANCIAL COVENANTS 

 The
undertakings in this Clause 19 remain in force and are required to be complied with only during any L/C Outstanding Period. 
  

	19.1	Financial condition 

 The
Guarantor shall ensure that: 
  

	 	(a)	Consolidated Tangible Net Worth will not at any time be less than the Consolidated Tangible Net Worth Amount; 

 

	 	(b)	the ratio of Consolidated Indebtedness to Total Capitalisation shall not at any time be greater than 0.35 to 1.0; and 

 

	 	(c)	the Borrower shall at all times maintain a financial strength rating of not less than B++ with A.M. Best. 

 

	19.2	Financial covenant calculations 

 Consolidated Tangible Net Worth, Consolidated Tangible Net Worth Amount, Consolidated Indebtedness and Total Capitalisation shall be calculated and interpreted on a consolidated basis in accordance with
the GAAP applicable to the Original Financial Statements of the Guarantor and shall be expressed in U.S. Dollars. 
  

	19.3	Definitions 

 In this
Clause 19: 
 “Capital Stock” means (i) with respect to any person that is a corporation, any and all
shares, interests or equivalents in capital stock (whether voting or nonvoting, and whether common or preferred) of such corporation, and (ii) with respect to any person that is not a corporation, any and all partnership, membership, limited
liability company or other equity interests of such person, and in each case, any and all warrants, rights or options to purchase any of the foregoing. 

  
 49 

 “Consolidated Indebtedness” means, as of any date, the aggregate (without
duplication) of all Financial Indebtedness (whether or not reflected on the balance sheet of the Guarantor or any of its Subsidiaries) of the Guarantor and its Subsidiaries, determined on a consolidated basis in accordance with GAAP (excluding the
effects of Accounting Standards Codification 810 released by the FASB), and for the avoidance of doubt (i) shall include the obligations of the Guarantor or its Subsidiaries under any Hybrid Equity Securities if the total book value of such
Hybrid Equity Securities (excluding the effects of Accounting Standards Codification 810 released by the FASB) exceeds 15% of Total Capitalisation but only to the extent of such excess, and (ii) shall not include (A) the stated amount of
any letters of credit issued for the account of any Obligor in the ordinary course of its business to the extent such letters of credit are undrawn and secured by Collateral Cover and (B) Financial Indebtedness owing between one member of the
Group and another. 
 “Consolidated Net Income” means, for any period, net income (or loss) available to common
shareholders of the Guarantor and its Subsidiaries for such period, and as reflected on the consolidated financial statements of the Guarantor and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Net Worth” means, as of any date, the consolidated shareholders’ equity of the Guarantor and its
Subsidiaries determined in accordance with GAAP and as reflected on the consolidated financial statements of the Guarantor and its Subsidiaries (including the total book value of any Hybrid Equity Securities (excluding the effects of Accounting
Standards Codification 810 released by the FASB), that in the aggregate represents up to and including 15% of Total Capitalisation), excluding (i) accumulated other comprehensive income (loss) (including any such income (loss) arising from
adjustments pursuant to Accounting Standards Codification 320 released by the FASB) and (ii) any Disqualified Capital Stock. 
 “Consolidated Tangible Net Worth” means, as of any date, the Consolidated Net Worth of the Guarantor and its Subsidiaries on such date less the amount of all intangible items included
therein, including goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks, brand names and write-ups of assets, but not including deferred acquisition costs. 

“Consolidated Tangible Net Worth Amount” means (i) the sum of (A) U.S.$1,250,000,000, plus (B) 50% of
Consolidated Net Income for each financial year (beginning with the financial year ending 31 December 2012) for which Consolidated Net Income (measured at the end of each such financial year) is a positive amount plus (C) 75% of the
aggregate increases in shareholders’ equity of the Guarantor after 31 March 2012, by reason of the issuance or sale of Capital Stock of the Guarantor (other than the issuance of Capital Stock by the Guarantor or any Subsidiary to their
respective directors, officers and employees pursuant to employee benefit plans, employment agreements or other employment arrangements approved by the board of directors of the Guarantor or such Subsidiary) or the issuance and sale of Capital Stock
of any Subsidiary of the Guarantor or other capital contribution to the Guarantor, minus (ii) the amount of any extraordinary dividend payment or repurchase of Capital Stock of the Guarantor made during the term of this Agreement so long as and
after giving effect thereto, (a) Consolidated Tangible Net Worth is not less than U.S.$1,250,000,000, (b) no Default or Event of Default has occurred and is continuing and (c) each such payment or repurchase has been approved by the
board of directors of the Guarantor. 

  
 50 

 “Disqualified Capital Stock” means, with respect to any person, that
portion of any Capital Stock of such person that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise, (i) matures or is mandatorily
redeemable or subject to any mandatory repurchase requirement, pursuant to a sinking fund obligation or otherwise, (ii) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof, or (iii) is
convertible into or exchangeable for (whether at the option of the issuer or the holder thereof) (A) debt securities or (B) any Capital Stock referred to in (i) or (ii) above, in each case under (i), (ii) and
(iii) above at any time on or prior to the date which is 60 Months after the date of this Agreement. 
 “Hybrid
Equity Securities” means that portion of any class of hybrid preferred securities consisting of trust preferred securities, deferrable interest subordinated debt securities, mandatory convertible debt or other hybrid securities that are
(i) shown on the consolidated financial statements of the Guarantor as liabilities, (ii) accorded equity treatment by S&P and (iii) by their terms (or by the terms of any security into which they are convertible or for which they
are exchangeable) or upon the happening of any event or otherwise, do not mature, are not mandatorily redeemable or are not subject to any mandatory repurchase requirement, at any time on or prior to the date which is 54 Months after the date of
this Agreement. 
 “Total Capitalisation” means, as of any date, the sum of (i) Consolidated Net Worth as
of such date plus (ii) Consolidated Indebtedness as of such date. 
  

	20.	GENERAL UNDERTAKINGS 

 The
undertakings in this Clause 20 (apart from the undertakings in Clause 20.1 (Authorisations), Clause 20.2 (Compliance with laws), Clause 20.4 (Merger), Clause 20.5 (Change of business) and Clause 20.8 (Taxes))
remain in force and are required to be complied with only during any L/C Outstanding Period. The undertakings in Clause 20.1 (Authorisations), Clause 20.2 (Compliance with laws), Clause 20.4 (Merger), Clause 20.5 (Change of
business) and Clause 20.8 (Taxes) remain in force and are required to be complied with from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Stated Amount is in force. 

 

	20.1	Authorisations 

  

	(a)	Each Obligor shall promptly: 

  

	 	(i)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

 

	 	(ii)	supply certified copies to the Agent of, 

 any Authorisation required under any law or regulation of its jurisdiction of incorporation or, in respect of the Borrower only, by the Insurance Regulatory Authority to enable it to perform its
obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 

 

	(b)	Each Obligor shall promptly make the relevant registrations and comply with the other requirements in its jurisdiction of incorporation specified at the end of Clause
17.5 (Validity and admissibility in evidence). 

  
 51 

	20.2	Compliance with laws 

Each Obligor shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its
ability to perform its obligations under the Finance Documents. 
  

	20.3	Negative pledge 

 In this
Clause 20.3 and Clause 7.2 (Form of Collateral Cover), “Quasi-Security” means an arrangement or transaction described in paragraph (b) below. 

 

	(a)	No Obligor shall create or permit to subsist any Security over any of its assets. 

 

	(b)	No Obligor shall: 

  

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

  

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

 

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

  

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

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

 

	(c)	Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security, listed below: 

 

	 	(i)	any Security or Quasi-Security listed in Schedule 8 (Existing Security/Quasi-Security) except to the extent the principal amount secured by that Security or
Quasi-Security exceeds the amount stated in that Schedule; 

  

	 	(ii)	any Security or Quasi-Security created pursuant to any of the Security Documents; 

 

	 	(iii)	     

  

	 	(A)	any Security created by an Obligor in the ordinary course of its banking or investment arrangements under the customary terms of a bank or securities intermediary where
such member maintains an account; or 

  

	 	(B)	any netting or set-off arrangement entered into by an Obligor in the ordinary course of its banking arrangements or its reinsurance activities for the purpose of
netting debit and credit balances; 

  

	 	(iv)	any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered into by an Obligor for the purpose of: 

 

	 	(A)	hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or 

 

	 	(B)	its interest rate or currency management operations which are carried out in the ordinary course of business and for non-speculative purposes only,

  
 52 

 excluding, in each case, any Security or Quasi-Security under a credit support arrangement
in relation to a hedging transaction; 
  

	 	(v)	any Security or Quasi-Security granted by one Obligor to another; 

  

	 	(vi)	any lien or right of set off arising by operation of law and in the ordinary course of trading; 

 

	 	(vii)	any Security arising by virtue of trust arrangements, withheld balances, or any other collateral or security arrangements (including letters of credit) incurred in
connection with reinsurance obligations in the ordinary course of business or capital support agreements or any other agreements by the Guarantor in support of the capital of the Borrower, or guarantees or any other agreements by the Guarantor
guaranteeing the obligations of the Borrower under reinsurance agreements entered into in the ordinary course of business; 

  

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

 

	 	(ix)	any Security or Quasi-Security securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the
benefit of Security or Quasi-Security given by an Obligor other than any permitted under paragraphs (i) to (ix) above) does not exceed U.S.$100,000,000 (or its equivalent in another currency or currencies). 

 

	20.4	Merger 

 No Obligor shall
enter into any amalgamation, demerger, merger or corporate reconstruction, provided that this shall not prohibit any amalgamation, demerger, merger or corporate reconstruction where all parties are solvent and which takes place with the prior
consent of the Majority Banks. 
  

	20.5	Change of business 

 The
Guarantor shall procure that no substantial change is made to the general nature of the business of the Guarantor or the Group or the Obligors taken as a whole from that carried on at the date of this Agreement. 

 

	20.6	Insurance 

 Each Obligor
shall maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks, and to the extent, usually insured against by prudent companies located in the same or a similar location
and carrying on a similar business. 

  
 53 

	20.7	Financial Indebtedness 

No Obligor shall incur, create or permit to subsist or have outstanding any Financial Indebtedness or enter into any agreement or
arrangement whereby it is entitled to incur, create or permit to subsist any Financial Indebtedness other than: 
  

	 	(i)	any Financial Indebtedness owed by one Obligor to another Obligor; 

  

	 	(ii)	Financial Indebtedness which is fully subordinated (on terms satisfactory to the Majority Banks (acting reasonably)) to all claims of the Finance Parties under the
Finance Documents; 

  

	 	(iii)	any Financial Indebtedness incurred pursuant to the Bilateral Facility, provided that the maximum principal amount of all such Financial Indebtedness does not at any
time exceed U.S.$100,000,000; 

  

	 	(iv)	Financial Indebtedness pursuant to the Syndicated Facility; and 

  

	 	(v)	Financial Indebtedness not permitted by paragraphs (i) to (iv) above, provided that the maximum aggregate amount of all such Financial Indebtedness of all
members of the Group does not at any time exceed U.S.$100,000,000. 

  

	20.8	Taxes 

  

	(a)	Each Obligor shall pay all Taxes required to be paid by it within the time period allowed for payment without incurring any penalties for non payment.

  

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

  

	 	(i)	being contested by the relevant member of the Group in good faith and in accordance with the relevant procedures; 

 

	 	(ii)	which have been disclosed in its financial statements and for which adequate reserves are being maintained in accordance with GAAP; and 

 

	 	(iii)	where payment can be lawfully withheld and will not result in the imposition of any penalty nor in any Security ranking in priority to the claims of any Finance Party
under any Finance Document. 

  

	(c)	No Obligor may change its residence for Tax purposes without the prior consent of the Majority Banks. 

 

	21.	EVENTS OF DEFAULT 

 Each
of the events or circumstances set out in Clause 21 is an Event of Default (save for Clause 21.14 (Acceleration)). 
  

	21.1	Non-payment 

 An Obligor
does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless: 
  

	 	(a)	its failure to pay is caused by: 

  

	 	(i)	administrative or technical error; or 

  

	 	(ii)	a Disruption Event; and 

  

	 	(b)	payment is made within 3 Business Days of its due date. 

  
 54 

	21.2	Financial covenants 

 Any
requirement of Clause 19 (Financial covenants) is not satisfied. 
  

	21.3	Other obligations 

  

	(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 21.1 (Non-payment) and Clause 21.2 (Financial
covenants)). 

  

	(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 30 days of the earlier of:
(i) the Agent giving notice to the Guarantor and (ii) the Guarantor becoming aware of the failure to comply. 

  

	21.4	Misrepresentation 

  

	(a)	Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or
in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

  

	(b)	No Event of Default under paragraph (a) above will occur if the misrepresentation is capable of remedy and is remedied within 30 days of the earlier of:
(i) the Agent giving notice to the Guarantor and (ii) the Guarantor becoming aware of the misrepresentation. 

  

	21.5	Cross default and cross collateralisation 

  

	(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable grace period. 

 

	(b)	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	(c)	Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a creditor of any member of the Group as a result of an event of
default (however described). 

  

	(d)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified
maturity as a result of an event of default (however described). 

  

	(e)	Any collateral (in the form of cash, securities or any other form) is provided by a member of the Group to any of its creditors following, or in order to avoid, a
breach or default by a member of the Group in relation to any of its Financial Indebtedness. 

  

	(f)	No Event of Default will occur under this Clause 21.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within
paragraphs (a) to (e) above is less than U.S.$25,000,000 (or its equivalent in any other currency or currencies). 

  

	21.6	Insolvency 

  

	(a)	A member of the Group is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or
anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. 

  
 55 

	(b)	The value of the assets of any member of the Group is less than its liabilities (taking into account contingent and prospective liabilities). 

 

	(c)	A moratorium is declared in respect of any indebtedness of any member of the Group. 

 

	(d)	This Clause 21.6 shall not apply to Platinum UK. 

  

	21.7	Insolvency proceedings 

  

	(a)	A resolution of its shareholders or directors is passed for the suspension of payments of any member of the Group; 

 

	(b)	a resolution is passed or a meeting of its shareholders or directors is convened for the purpose of considering a resolution for winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor; 

 

	(c)	a composition, compromise, assignment or arrangement is made with any creditor of any member of the Group; 

 

	(d)	a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, administrative receiver, administrator,
compulsory manager or other similar officer is appointed in respect of any member of the Group or any of its assets or an application is made or petition is presented to a court, or a notice is given or filed, in relation to the appointment of such
an officer; or 

  

	(e)	any Security over any assets of any member of the Group is enforced, 

 or any analogous procedure or step is taken in any jurisdiction. 
 This Clause 21.7
shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 45 days of commencement and shall not apply to Platinum UK. 

 

	21.8	Creditors’ process 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of a member of the Group and is not
discharged within 30 days. 
  

	21.9	Ownership of the Obligors 

The Borrower is not or ceases to be a Subsidiary of the Guarantor. 

 

	21.10	Unlawfulness 

 It is or
becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents. 
  

	21.11	Repudiation 

 An Obligor
repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 

  
 56 

	21.12	Security 

 Any Security
Document is not in full force and effect or does not create in favour of the Security Agent for the benefit of the Finance Parties the Security which it is expressed to create with the ranking and priority it is expressed to have. 

 

	21.13	Failure to comply with final judgment 

 An obligor fails to comply with the final, non-appealable judgment by a court of competent jurisdiction, where such failure could reasonably be expected to have a Material Adverse Effect. 

 

	21.14	Acceleration 

 On and at
any time after the occurrence of an Event of Default, the Agent may, and shall if so directed by the Majority Banks, by notice to the Guarantor: 
  

	 	(a)	cancel the Total Stated Amounts whereupon they shall immediately be cancelled; 

 

	 	(b)	declare that all or part of the Utilisations, together with all fees and other amounts accrued or outstanding under the Finance Documents be immediately due and
payable, whereupon they shall become immediately due and payable; 

  

	 	(c)	declare that all or part of the Utilisations be payable on demand, whereupon they shall immediately become payable on demand by the Agent on the instructions of the
Majority Banks; and/or 

  

	 	(d)	declare that full Collateral Cover in respect of that Letter of Credit in the form of Cash denominated in the same currency as that Letter of Credit is immediately due
and payable whereupon it shall become immediately due and payable. 

  

	22.	TRANSFER OF COLLATERAL 

If at any time: 
  

	 	(a)	the Custodian’s long-term credit rating falls below A- (or such lower rating from time to time as may be agreed by the Majority Banks) with S&P or A3 with
Moody’s; or 

  

	 	(b)	there is a default which is continuing by the Custodian on any obligation or duty owed to the Security Agent, 

the Security Agent may transfer, or require the Borrower to transfer, the Collateral from the Custody Accounts to an account or accounts
with the Security Agent and the Borrower shall, at its own cost: 
  

	 	(a)	execute and deliver a new account control agreement and pledge agreement, substantially in the form of the Control Agreement and Pledge Agreement; and

  

	 	(b)	take such further steps and execute and deliver such further documents as the Security Agent may reasonably request in respect of the foregoing.

  
 57 

 SECTION 9 
 CHANGES TO PARTIES 
  

	23.	CHANGES TO THE BANKS 

  

	23.1	Assignments and transfers by the Banks 

 Subject to this Clause 23, a Bank (the “Existing Bank”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other
financial assets (the “New Bank”). 
  

	23.2	Conditions of assignment or transfer 

  

	(a)	The consent of the Guarantor is required for an assignment or transfer by an Existing Bank, unless the (i) assignment or transfer is to another Bank or to an
Affiliate of a Bank, or (ii) the assignment or transfer is made at a time when an Event of Default is continuing. 

  

	(b)	The consent of the Guarantor to an assignment or transfer must not be unreasonably withheld or delayed. The Guarantor will be deemed to have given its consent five
Business Days after the Existing Bank has requested it unless consent is expressly refused by the Guarantor within that time. 

  

	(c)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Bank (in form and substance satisfactory to the Agent) that
the New Bank will assume the same obligations to the other Finance Parties as it would have been under if it was an Effective Date Bank; and 

  

	 	(ii)	performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such
assignment to a New Bank, the completion of which the Agent shall promptly notify to the Existing Bank and the New Bank. 

  

	(d)	A transfer will only be effective if the procedure set out in Clause 23.5 (Procedure for transfer) is complied with. 

 

	(e)	If: 

  

	 	(i)	a Bank assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

 

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Bank or Bank
acting through its new Facility Office under Clause 11 (Tax gross-up and indemnities) or Clause 12 (Increased Costs), 

  
 58 

 then the New Bank or Bank acting through its new Facility Office is only entitled to receive
payment under those Clauses to the same extent as the Existing Bank or Bank acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (e) shall not apply in respect of an
assignment or transfer made in the ordinary course of the primary syndication of the Facility. 
  

	(f)	Each New Bank, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Agent has authority to execute on
its behalf any amendment or waiver that has been approved by or on behalf of the requisite Bank or Banks in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this
Agreement and that it is bound by that decision to the same extent as the Existing Bank would have been had it remained a Bank. 

  

	23.3	Assignment or transfer fee 

The New Bank shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of
U.S.$5,000. 
  

	23.4	Limitation of responsibility of Existing Banks 

  

	(a)	Unless expressly agreed to the contrary, an Existing Bank makes no representation or warranty and assumes no responsibility to a New Bank for: 

 

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

 

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

 

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 

 

	(b)	Each New Bank confirms to the Existing Bank and the other Finance Parties that it: 

 

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities
in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Bank in connection with any Finance Document; and 

 

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under
the Finance Documents or any Stated Amount is in force. 

  

	(c)	Nothing in any Finance Document obliges an Existing Bank to: 

  

	 	(i)	accept a re-transfer or re-assignment from a New Bank of any of the rights and obligations assigned or transferred under this Clause 23; or 

 

	 	(ii)	support any losses directly or indirectly incurred by the New Bank by reason of the non-performance by any Obligor of its obligations under the Finance Documents or
otherwise. 

  
 59 

	23.5	Procedure for transfer 

  

	(a)	Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (c) below when
the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Bank and the New Bank. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly
completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

 

	(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Bank and the New Bank once it is satisfied it has complied with all
necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Bank. 

  

	(c)	On the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Bank seeks to transfer by novation its rights and obligations under the Finance Documents each of the
Obligors and the Existing Bank shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged
Rights and Obligations”); 

  

	 	(ii)	each of the Obligors and the New Bank shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and
Obligations only insofar as that Obligor and the New Bank have assumed and/or acquired the same in place of that Obligor and the Existing Bank; 

  

	 	(iii)	the Agent, the Arranger, the Security Agent, the New Bank and other Banks shall acquire the same rights and assume the same obligations between themselves as they would
have acquired and assumed had the New Bank been an Effective Date Bank with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arranger, the Security Agent and the Existing Bank
shall each be released from further obligations to each other under the Finance Documents; 

  

	 	(iv)	the Agent shall provide an updated Letter of Credit Schedule of L/C Stated Amounts to the Beneficiary in accordance with Clause 5.6 (Adjusted Letter of Credit
Schedule). The L/C Stated Amounts after the Transfer Date shall be no less than the L/C Stated Amounts prior to the Transfer Date; and 

  

	 	(v)	the New Bank shall become a Party as a “Bank”. 

  

	23.6	Procedure for assignment 

  

	(a)	 Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with
paragraph (c) below when the Agent executes 

  
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an otherwise duly completed Assignment Agreement delivered to it by the Existing Bank and the New Bank. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable
after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. 

 

	(b)	The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Bank and the New Bank once it is satisfied it has complied with all
necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assignment to such New Bank. 

  

	(c)	On the Transfer Date: 

  

	 	(i)	the Existing Bank will assign absolutely to the New Bank the rights under the Finance Documents expressed to be the subject of the assignment in the Assignment
Agreement; 

  

	 	(ii)	the Existing Bank will be released by each Obligor and the other Finance Parties from the obligations owed by it (the “Relevant Obligations”) and
expressed to be the subject of the release in the Assignment Agreement; and 

  

	 	(iii)	the New Bank shall become a Party as a “Bank” and will be bound by obligations equivalent to the Relevant Obligations. 

 

	(d)	Banks may utilise procedures other than those set out in this Clause 23.6 to assign their rights under the Finance Documents (but not, without the consent of the
relevant Obligor or unless in accordance with Clause 23.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Banks nor the assumption of equivalent obligations by a New Bank)
provided that they comply with the conditions set out in Clause 23.2 (Conditions of assignment or transfer). 

  

	23.7	Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Guarantor 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Increase
Confirmation, send to the Guarantor a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation. 
  

	23.8	Security over Banks’ rights 

 In addition to the other rights provided to Banks under this Clause 23, each Bank may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security
in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Bank including, without limitation: 

 

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

 

	 	(b)	in the case of any Bank which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed,
or securities issued, by that Bank as security for those obligations or securities, 

  
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 except that no such charge, assignment or Security shall: 

 

	 	(i)	release a Bank from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Bank as a
party to any of the Finance Documents; or 

  

	 	(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to
the relevant Bank under the Finance Documents. 

  

	24.	CHANGES TO THE OBLIGORS 

No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

  
 62 

 SECTION 10 
 THE FINANCE PARTIES 
  

	25.	ROLE OF THE AGENT, THE SECURITY AGENT AND THE ARRANGER 

  

	25.1	Appointment of the Agent and the Security Agent 

  

	(a)	Each other Finance Party appoints the Agent to act as its agent under and in connection with the Finance Documents. 

 

	(b)	Each other Finance Party appoints the Security Agent to act as security trustee under and in connection with the Finance Documents. 

 

	(c)	Each other Finance Party authorises each of the Agent and the Security Agent to exercise the rights, powers, authorities and discretions specifically given to it under
or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

  

	25.2	Duties of the Agent and the Security Agent 

  

	(a)	Subject to paragraph (b) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party
by any other Party. 

  

	(b)	Without prejudice to Clause 23.7 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Guarantor), paragraph (a) above shall not
apply to any Transfer Certificate, to any Assignment Agreement or to any Increase Confirmation. 

  

	(c)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it
forwards to another Party. 

  

	(d)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly
notify the Finance Parties. 

  

	(e)	If the Agent is aware of the non-payment of any amount payable to a Finance Party (other than the Agent or the Arranger) under this Agreement it shall promptly notify
the other Finance Parties. 

  

	(f)	The Agent shall promptly send to the Security Agent such certification as the Security Agent may require pursuant to paragraph 7 (Basis of distribution) of
Schedule 6 (Security agency provisions). 

  

	(g)	The duties of the Agent and the Security Agent under the Finance Documents are solely mechanical and administrative in nature. 

 

	25.3	Role of the Arranger 

Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in
connection with any Finance Document. 
  

	25.4	Role of the Security Agent 

The Security Agent shall not be an agent of (except as expressly provided in any Finance Document) any Finance Party under or in
connection with any Finance Document. 

  
 63 

	25.5	No fiduciary duties 

  

	(a)	Nothing in this Agreement constitutes the Agent, the Security Agent (except as expressly provided in any Finance Document) or the Arranger as a trustee or fiduciary of
any other person. 

  

	(b)	 Neither the Agent, the Security Agent (except as expressly provided in any Finance Document) nor the Arranger shall be bound to account to any Bank for
any sum or the profit element of any sum received by it for its own account. 

  

	25.6	Business with the Group 

The Agent, the Security Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or
other business with any member of the Group. 
  

	25.7	Rights and discretions of the Agent and the Security Agent 

  

	(a)	The Agent and the Security Agent may rely on: 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

 

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or
within his power to verify. 

  

	(b)	The Agent and the Security Agent may assume unless it has received notice to the contrary in its capacity as agent for the Banks or, as the case may be, as security
agent or security trustee for the Finance Parties, that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 21.1 (Non-payment)); 

 

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Banks has not been exercised; and 

 

	 	(iii)	any notice or request made by the Guarantor (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors.

  

	(c)	Each of the Agent and the Security Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts.

  

	(d)	Each of the Agent and the Security Agent may act in relation to the Finance Documents through its personnel and agents. 

 

	(e)	The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

 

	(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent, the Security Agent nor the Arranger is obliged to do or omit to do
anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

 

	(g)	Each of the Agent and the Security Agent is taken not to be aware of anything until an officer of the Agent or the Security Agent (as applicable) with day-to-day
responsibility for the administration of the transactions contemplated by the Finance Documents has actual knowledge of sufficient facts to ascertain that the thing has occurred. 

  
 64 

	25.8	Majority Banks’ instructions 

  

	(a)	Unless a contrary indication appears in a Finance Document, the Agent and the Security Agent shall (i) exercise any right, power, authority or discretion vested in
it as Agent or Security Agent (as the case may be) in accordance with any instructions given to it by the Majority Banks (or, if so instructed by the Majority Banks, refrain from exercising any right, power, authority or discretion vested in it as
Agent or Security Agent, as the case may be) and (ii) not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Banks. 

 

	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Banks will be binding on all the Finance Parties.

  

	(c)	Each of the Agent and the Security Agent may refrain from acting in accordance with the instructions of the Majority Banks (or, if appropriate, the Banks) until it has
received such security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. 

 

	(d)	In the absence of instructions from the Majority Banks (or, if appropriate, the Banks), each of the Agent and the Security Agent may act (or refrain from taking action)
as it considers to be in the best interest of the Banks. 

  

	(e)	Neither the Agent nor the Security Agent is authorised to act on behalf of a Bank (without first obtaining that Bank’s consent) in any legal or arbitration
proceedings relating to any Finance Document. 

  

	25.9	Responsibility for documentation 

 Neither the Agent, the Security Agent nor the Arranger: 
  

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Security Agent, the Arranger, an
Obligor or any other person given in or in connection with any Finance Document; 

  

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered
into, made or executed in anticipation of or in connection with any Finance Document; or 

  

	 	(c)	is responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be
regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. 

  

	25.10	Exclusion of liability 

  

	(a)	Without limiting paragraph (b) below (and without prejudice to the provisions of paragraph (e) of Clause 28.10 (Disruption to Payment Systems etc.)),
the Agent will not be liable including without limitation for negligence or any other category of liability whatsoever for any action taken by it under or in connection with any Finance Document, unless directly caused by its gross negligence or
wilful misconduct. 

  
 65 

	(b)	No Party (other than the Agent or the Security Agent) may take any proceedings against any officer, employee or agent of the Agent or the Security Agent in respect of
any claim it might have against the Agent or the Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent or the Security
Agent may rely on this Clause. 

  

	(c)	Neither the Agent nor the Security Agent will be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance
Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.

  

	(d)	Nothing in this Agreement shall oblige the Agent, the Security Agent or the Arranger to carry out any “know your customer” or other checks in relation to any
person on behalf of any Bank and each Bank confirms to the Agent, the Security Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks
made by the Agent, the Security Agent or the Arranger. 

  

	25.11	Banks’ indemnity to the Agent and the Security Agent 

 Each Bank shall (in proportion to its share of the Total Stated Amounts or, if the Total Stated Amounts are then zero, to its share of the Total Stated Amounts immediately prior to their reduction to
zero) indemnify the Agent and the Security Agent, within three Business Days of demand, against any cost, loss or liability including without limitation for negligence or any other category of liability whatsoever incurred by the Agent or the
Security Agent (otherwise than by reason of the Agent’s or the Security Agent’s gross negligence or wilful misconduct) (or in the case of any cost, loss or liability pursuant to Clause 28.10 (Disruption to Payment Systems etc.)
notwithstanding the Agent’s or the Security Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent or the Security Agent) in acting as Agent or the
Security Agent under the Finance Documents (unless the Agent or the Security Agent has been reimbursed by an Obligor pursuant to a Finance Document). 
  

	25.12	Resignation of the Agent or the Security Agent 

  

	(a)	The Agent or the Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Guarantor.

  

	(b)	Alternatively the Agent or the Security Agent may resign by giving 30 days’ notice to the other Finance Parties and the Guarantor, in which case the Majority Banks
(after consultation with the Guarantor) may appoint a successor Agent or, as the case may be, Security Agent. 

  

	(c)	If the Majority Banks have not appointed a successor Agent or, as the case may be, Security Agent in accordance with paragraph (b) above within 20 days after
notice of resignation was given, the retiring Agent or, as the case may be, Security Agent (after consultation with the Guarantor) may appoint a successor Agent or Security Agent. 

 

	(d)	The retiring Agent or Security Agent shall, at its own cost, make available to its successor such documents and records and provide such assistance as its successor may
reasonably request for the purposes of performing its functions as Agent or Security Agent under the Finance Documents. 

  
 66 

	(e)	The resignation notice of the Agent or Security Agent shall only take effect upon the appointment of a successor and, in the case of the Security Agent, upon the
transfer of all of the Security Property to that successor. 

  

	(f)	Upon the appointment of a successor, the retiring Agent or Security Agent shall be discharged from any further obligation in respect of the Finance Documents (other
than its obligations under paragraph (d) above) but shall remain entitled to the benefit of this Clause 25. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such
successor had been an original Party. 

  

	(g)	After consultation with the Guarantor, the Majority Banks may, by notice to the Agent or, as the case may be, the Security Agent, require it to resign in accordance
with paragraph (b) above. In this event, the Agent or, as the case may be, the Security Agent, shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the
Guarantor. 

  

	25.13	Confidentiality 

  

	(a)	The Agent (in acting as agent for the Finance Parties) and the Security Agent (in acting as security agent or trustee for the Finance Parties) shall be regarded as
acting through its respective agency or security agency or trustee division which, in each case, shall be treated as a separate entity from any other of its divisions or departments. 

 

	(b)	If information is received by another division or department of the Agent or, as the case may be, the Security Agent, it may be treated as confidential to that division
or department and the Agent or, as the case may be, the Security Agent, shall not be deemed to have notice of it. 

  

	25.14	Relationship with the Banks 

  

	(a)	The Agent may treat the person shown in its records as Bank at the opening of business (in the place of the Agent’s principal office as notified to the Finance
Parties from time to time) as the Bank acting through its Facility Office: 

  

	 	(i)	entitled to or liable for any payment due under any Finance Document on that day; and 

 

	 	(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on
that day, 

 unless it has received not less than five Business Days prior notice from that Bank to the contrary in
accordance with the terms of this Agreement. 
  

	(b)	 Any Bank may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or
despatched to that Bank under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 30.5 (Electronic communication)) electronic
mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a

  
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notification of a substitute address, fax number, electronic mail address, department and officer by that Bank for the purposes of Clause 30.2 (Addresses) and paragraph (a)(iii) of Clause
30.5 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Bank. 

 

	25.15	Credit appraisal by the Banks 

 Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Bank confirms to the Agent, the Security Agent and the
Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 

 

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, Security, arrangement or document entered into, made
or executed in anticipation of, under or in connection with any Finance Document; 

  

	 	(c)	whether that Bank has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance
Document, the transactions contemplated by the Finance Documents or any other agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and

  

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, the Security Agent, any Party or by any other person under or in connection with
any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document.

  

	25.16	Reference Banks 

 If a
Reference Bank ceases to be a Bank, the Agent shall (in consultation with the Guarantor) appoint another Bank to replace that Reference Bank. 
  

	25.17	Management Time of the Agent and the Security Agent 

 Any amount payable to the Agent or the Security Agent, under Clause 13.3 (Indemnity to the Agent and the Security Agent), Clause 15 (Costs and expenses) and Clause 25.11 (Banks’
indemnity to the Agent and Security Agent) shall include the cost of utilising its management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as it may notify to the Borrower and the Banks,
and is in addition to any fee paid or payable to it under Clause 10 (Fees). 
  

	25.18	Security Agency Provisions 

The provisions of Schedule 6 (Security agency provisions) shall bind each Party. 

 

	25.19	Deduction from amounts payable by the Agent 

 If any Party owes an amount to the Agent or the Security Agent under the Finance Documents the Agent or the Security Agent (as the case may be) may, after giving notice to that Party,

  
 68 

 
deduct an amount not exceeding that amount from any payment to that Party which the Agent or the Security Agent (as the case may be) would otherwise be obliged to make under the Finance Documents
and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 

 

	26.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No provision of this Agreement will: 
  

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

 

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

  

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

 

	27.	SHARING AMONG THE FINANCE PARTIES 

  

	27.1	Payments to Finance Parties 

 If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 28 (Payment mechanics) (a “Recovered
Amount”) and applies that amount to a payment due under the Finance Documents then: 
  

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery to the Agent; 

 

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been
received or made by the Agent and distributed in accordance with Clause 28 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such
receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 28.5 (Partial payments). 

 

	27.2	Redistribution of payments 

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties
(other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 28.5 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties. 

 

	27.3	Recovering Finance Party’s rights 

 On a distribution by the Agent under Clause 27.2 (Redistribution of payments), of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the
Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor. 

  
 69 

	27.4	Reversal of redistribution 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then: 
  

	 	(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part
of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the
“Redistributed Amount”); and 

  

	 	(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by
that Obligor. 

  

	27.5	Exceptions 

  

	(a)	This Clause 27 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable
claim against the relevant Obligor. 

  

	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of
taking legal or arbitration proceedings, if: 

  

	 	(i)	it notified that other Finance Party of the legal or arbitration proceedings; and 

 

	 	(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received
notice and did not take separate legal or arbitration proceedings. 

  
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 SECTION 11 
 ADMINISTRATION 
  

	28.	PAYMENT MECHANICS 

  

	28.1	Payments to the Agent 

  

	(a)	On each date on which an Obligor or a Bank is required to make a payment under a Finance Document, that Obligor (subject to Clause 28.11 (Payments to the Security
Agent)) or Bank shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement
of transactions in the relevant currency in the place of payment. 

  

	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the Agent specifies. 

 

	28.2	Distributions by the Agent 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 28.3 (Distributions to an
Obligor), Clause 28.4 (Clawback) and Clause 28.11 (Payments to the Security Agent), be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in
the case of a Bank, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank in the principal financial centre of the country of that currency.

  

	28.3	Distributions to an Obligor 

 The Agent and the Security Agent may (with the consent of the Obligor or in accordance with Clause 29 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date
and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 

 

	28.4	Clawback 

  

	(a)	Where a sum is to be paid to the Agent or the Security Agent under the Finance Documents for another Party, the Agent or, as the case may be, the Security Agent is not
obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

 

	(b)	If the Agent or the Security Agent pays an amount to another Party and it proves to be the case that it had not actually received that amount, then the Party to whom
that amount (or the proceeds of any related exchange contract) was paid shall on demand refund the same to the Agent or, as the case may be, the Security Agent together with interest on that amount from the date of payment to the date of receipt by
the Agent or, as the case may be, the Security Agent, calculated by it to reflect its cost of funds. 

  

	28.5	Partial payments 

  

	(a)	If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply
that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent, the Security Agent or the Arranger under the Finance Documents;

  
 71 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

 

	 	(iii)	thirdly, in or towards payment pro rata of any amount due but unpaid under Clauses 6.3 (Claims under a Letter of Credit) and 6.4 (Indemnities); and

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

 

	(b)	The Agent shall, if so directed by the Majority Banks, vary the order set out in paragraphs (a)(ii) to (iv) above. 

 

	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

 

	28.6	No set-off by Obligors 

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any
deduction for) set-off or counterclaim. 
  

	28.7	Business Days 

 Any
payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). 

 

	28.8	Currency of account 

  

	(a)	Subject to paragraphs (b) to (d) below, the Base Currency is the currency of account and payment for any sum due from an Obligor under any Finance Document.

  

	(b)	A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made in the currency in which that Utilisation or Unpaid Sum is denominated
on its due date. 

  

	(c)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	(d)	Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other currency. 

 

	28.9	Change of currency 

  

	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency
of that country, then: 

  

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid
in, the currency or currency unit of that country designated by the Agent (after consultation with the Guarantor); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that
currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). 

  

	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Guarantor) specifies to
be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  
 72 

	28.10	Disruption to Payment Systems etc. 

 If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Guarantor that a Disruption Event has occurred: 

 

	 	(a)	the Agent may, and shall if requested to do so by the Guarantor, consult with the Guarantor with a view to agreeing with the Guarantor such changes to the operation or
administration of the Facility as the Agent may deem necessary in the circumstances; 

  

	 	(b)	the Agent shall not be obliged to consult with the Guarantor in relation to any changes mentioned in paragraph (a) if, in its opinion, it is not practicable to do
so in the circumstances and, in any event, shall have no obligation to agree to such changes; 

  

	 	(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) but shall not be obliged to do so if, in its opinion, it is
not practicable to do so in the circumstances; 

  

	 	(d)	any such changes agreed upon by the Agent and the Guarantor shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the
Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 34 (Amendments and Waivers); 

 

	 	(e)	the Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence, gross negligence or any other category of
liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 28.10; and 

 

	 	(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

 

	28.11	Payments to the Security Agent 

 Notwithstanding any other provision of any Finance Document, at any time after any Security created by or pursuant to any Security Document becomes enforceable, the Security Agent may require: 

 

	 	(a)	any Obligor to pay all sums due under any Finance Document; or 

  

	 	(b)	the Agent to pay all sums received or recovered from an Obligor under any Finance Document, 

in each case as the Security Agent may direct for application in accordance with the terms of the Security Documents. 

 

	29.	SET-OFF 

 A Finance Party
may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured 

  
 73 

 
obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the
Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 
  

	30.	NOTICES 

  

	30.1	Communications in writing 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may
be made by fax or letter. 
  

	30.2	Addresses 

 The address
and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 

 

	 	(a)	in the case of the Guarantor, that identified with its name below; 

  

	 	(b)	in the case of each Bank or the Borrower, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and 

 

	 	(c)	in the case of the Agent and the Security Agent, that identified with its name below, 

or any substitute address, fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other
Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 
  

	30.3	Delivery 

  

	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:

  

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to
it at that address, 

 and, if a particular department or officer is specified as part of its address details
provided under Clause 30.2 (Addresses), if addressed to that department or officer. 
  

	(b)	Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by it and then only if it is
expressly marked for the attention of the department or officer identified with its signature below (or any substitute department or officer as it shall specify for this purpose). 

 

	(c)	All notices from or to an Obligor shall be sent through the Agent. 

  

	(d)	Any communication or document made or delivered to the Guarantor in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.

  

	(e)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed
only to become effective on the following day. 

  
 74 

	30.4	Notification of address and fax number 

 Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 30.2 (Addresses) or changing its own address or fax number, the Agent shall
notify the other Parties. 
  

	30.5	Electronic communication 

  

	(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means, to the
extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties: 

 

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

 

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	(iii)	notify each other of any change to their address or any other such information supplied by them by not less than five Business Days’ notice.

  

	(b)	Any electronic communication made between those two Parties will be effective only when actually received in readable form and in the case of any electronic
communication made by a Party to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. 

  

	(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after 5.00 p.m. in the place of receipt shall be deemed only to
become effective on the following day. 

  

	30.6	English language 

  

	(a)	Any notice given under or in connection with any Finance Document must be in English. 

 

	(b)	All other documents provided under or in connection with any Finance Document must be: 

 

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the
document is a constitutional, statutory or other official document. 

  

	31.	CALCULATIONS AND CERTIFICATES 

  

	31.1	Accounts 

 In any
litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 

 

	31.2	Certificates and Determinations 

 Any certification or determination by a Finance Party of a rate or amount under any Finance Document is prima facie evidence of the matters to which it relates. 

  
 75 

	31.3	Day count convention 

 Any
interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market
differs, in accordance with that market practice. 
  

	32.	PARTIAL INVALIDITY 

 If,
at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 
  

	33.	REMEDIES AND WAIVERS 

 No
failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance
Documents. No waiver or election to affirm any of the Finance Documents on the part of any Finance Party shall be effective unless in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the
exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	34.	AMENDMENTS AND WAIVERS 

  

	34.1	Required consents 

  

	(a)	Subject to Clause 34.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Banks and the Obligors and
any such amendment or waiver will be binding on all Parties. 

  

	(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause. 

 

	34.2	Exceptions 

  

	(a)	An amendment or waiver that has the effect of changing or which relates to: 

 

	 	(i)	the definition of “Majority Banks” in Clause 1.1 (Definitions); 

 

	 	(ii)	an extension to the date of payment of any amount under the Finance Documents; 

 

	 	(iii)	a reduction in the L/C Fee Rate, the L/C Drawn Rate or a reduction in the amount of any payment of principal, interest, fees or commission payable;

  

	 	(iv)	an increase in or an extension of any Stated Amount or any requirement that a cancellation of Stated Amounts reduces the Stated Amounts of the Banks rateably under the
Facility; 

  

	 	(v)	a change to the Borrower or the Guarantor; 

  

	 	(vi)	any provision which expressly requires the consent of all the Banks; 

  

	 	(vii)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 23 (Changes to the Banks), Clause 27 (Sharing among the Finance Parties) or this
Clause 34; 

  
 76 

	 	(viii)	the release of any Security created pursuant to any Security Document or of any Pledged Assets (except as provided in any Security Document); or

  

	 	(ix)	the nature or scope of the guarantee and indemnity granted under Clause 16 (Guarantee and indemnity). 

shall not be made without the prior consent of all the Banks. 

 

	(b)	An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent or the Arranger (each in their capacity as such) may not be effected
without the consent of the Agent, the Security Agent or, as the case may be, the Arranger. 

  

	35.	CONFIDENTIALITY 

  

	35.1	Confidential Information 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
by Clause 35.2 (Disclosure of Confidential Information) and Clause 35.3 (Disclosure to numbering service providers), and to ensure that all Confidential Information is protected with security measures and a degree of care that would
apply to its own confidential information. 
  

	35.2	Disclosure of Confidential Information 

 Any Finance Party may disclose: 
  

	 	(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such
Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of
such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and
to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction
under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers;

  

	 	(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered
pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (b) of Clause 25.14 (Relationship with the Banks)); 

  
 77 

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or
(b)(ii) above; 

  

	 	(v)	to whom and to the extent that information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or
other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 23.8 (Security over Banks’
rights); 

  

	 	(vii)	who invests (or may potentially invest) in a securitisation (or similar transaction of broadly equivalent effect) of that Finance Party’s rights or obligations
under the Finance Documents; 

  

	 	(viii)	to whom and to the extent that information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other
investigations, proceedings or disputes concerning the Finance Documents; 

  

	 	(ix)	who is a Party; or 

  

	 	(x)	with the consent of the Guarantor; 

 in each case, such Confidential Information as that Finance Party shall reasonably consider appropriate if: 
  

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality
Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

  

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

 

	 	(C)	in relation to paragraphs (b)(v), (b)(vi), (b)(vii) and (b)(viii) above, the person to whom the Confidential Information is to be given is informed of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information except that in the case of paragraphs (b)(v) and b(viii) only there shall be no requirement to so inform if, in the reasonable opinion of that Finance
Party, it is not practicable so to do in the circumstances; 

  
 78 

	 	(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in
respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service
provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master
Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Guarantor and the relevant Finance Party; 

 

	 	(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out
its normal rating activities in relation to the Finance Documents and/or the Obligors. 

  

	35.3	Disclosure to numbering service providers 

  

	(a)	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services
in respect of this Agreement, the Facility and/or one or more Obligors the following information: 

  

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the names of the Agent and the Arranger; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of Total Stated Amounts; 

  

	 	(viii)	currencies of the Facility; 

  

	 	(ix)	type of Facility; 

  

	 	(x)	ranking of Facility; 

  

	 	(xi)	Termination Date for Facility; 

  

	 	(xii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xi) above; and 

 

	 	(xiii)	such other information agreed between such Finance Party and the Guarantor, 

 to enable such numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider
and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  
 79 

	(c)	Each Obligor represents that none of the information set out in paragraphs (i) to (xiii) of paragraph (a) above is, nor will at any time be, unpublished
price-sensitive information. 

  

	(d)	The Agent shall notify the Guarantor and the other Finance Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility and/or one or more Obligors; and 

 

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider.

  

	35.4	Entire agreement 

 This
Clause 35 (Confidentiality) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement,
whether express or implied, regarding Confidential Information. 
  

	35.5	Inside information 

 Each
of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law
relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	35.6	Notification of disclosure 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Guarantor: 

 

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 35.2 (Disclosure of Confidential Information)
except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

 

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 35 (Confidentiality). 

 

	35.7	Continuing obligations 

The obligations in this Clause 35 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each
Finance Party for a period of twelve months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Stated Amounts have been cancelled or
otherwise cease to be available; and 

  

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  
 80 

	36.	COUNTERPARTS 

 Each
Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

  
 81 

 SECTION 12 
 GOVERNING LAW AND ENFORCEMENT 
  

	37.	GOVERNING LAW 

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

	38.	ENFORCEMENT 

  

	38.1	Jurisdiction 

  

	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the
existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”). 

 

	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

  

	(c)	This Clause 38.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any
other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

	38.2	Service of process 

Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England
and Wales): 
  

	 	(a)	irrevocably appoints Trusec Limited of 2 Lambs Passage, London EC1Y 8BB as its agent for service of process in relation to any proceedings before the English courts in
connection with any Finance Document; and 

  

	 	(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 

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

  
 82 

 SCHEDULE 1 
 THE EFFECTIVE DATE BANKS 
  

					
	Name of Effective Date Bank	  	 Stated Amount as at the Effective Date

(U.S.$)
	 
		
	 NATIONAL AUSTRALIA BANK LIMITED
	  	 	75,000,000	  
		
	 ING Bank N.V.
	  	 	50,000,000	  

  
 83 

 SCHEDULE 2 

CONDITIONS PRECEDENT TO INITIAL UTILISATION 

 

	1.	Obligors 

  

	(a)	A copy of the constitutional documents of each Obligor. 

  

	(b)	A copy of a resolution of the board of directors of each Obligor: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which
it is a party; 

  

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

 

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be
signed and/or despatched by it under or in connection with the Finance Documents to which it is a party. 

  

	(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above. 

 

	(d)	A certificate of the Guarantor (signed by a Financial Officer) confirming that borrowing or guaranteeing, as appropriate, the Total Stated Amounts would not cause any
borrowing, guaranteeing or similar limit binding on any Obligor to be exceeded; confirming that the representations and warranties set out in Clause 17 (Representations) are true and accurate in all material respects and that no material
adverse change in its business or financial condition (or the business or consolidated financial condition of the Group) has occurred since 31 March 2012. 

 

	(e)	A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating to it specified in this Schedule 2 is correct, complete and
in full force and effect as at a date no earlier than the date of this Agreement. 

  

	2.	Security 

 Confirmation
from the Security Agent that it has received each of the following documents in form and substance satisfactory to it: 
  

	 	(a)	A copy of each Security Document, duly executed by the Parties to it. 

  

	 	(b)	A copy of the Control Agreement, duly executed by the Parties to it. 

  

	 	(c)	A copy of (i) a UCC-1 financing statement naming the Borrower as debtor and the Security Agent as secured party, unexecuted and in proper form for filing with the
Washington D.C. Recorder of Deeds, and (ii) a Registrar of Companies prescribed Form No. 9 (Particulars of a Mortgage or Charge) naming the Borrower as the company and the Security Agent as the person entitled to the charge, in proper form
for filing with the office of the Bermuda Registrar of Companies. 

  
 84 

	3.	Legal opinions 

  

	(a)	A legal opinion of Linklaters LLP, legal advisers to the Arranger and the Agent in England, substantially in the form distributed to the Original Bank prior to signing
this Agreement. 

  

	(b)	A legal opinion of Linklaters LLP, legal advisers to the Arranger and the Agent in New York, substantially in the form distributed to the Original Bank prior to signing
this Agreement. 

  

	(c)	A legal opinion of Conyers Dill & Pearman Limited, legal advisers to the Borrower and Guarantor in Bermuda, substantially in the form distributed to the
Original Bank prior to signing this Agreement. 

  

	4.	Other documents and evidence 

  

	(a)	Evidence that any process agent referred to in Clause 38.2 (Service of process), if not an Obligor, has accepted its appointment. 

 

	(b)	A certified copy of the Foreign Exchange Letter and its letter of permission issued by the Bermuda Monetary Authority, Hamilton, Bermuda of each Obligor.

  

	(c)	A certified copy of the Tax Assurance Letter issued by the Registrar of Companies for the Ministry of Business and Tourism for each Obligor. 

 

	(d)	A certificate of compliance issued by the Registrar of Companies in respect of each Obligor. 

 

	(e)	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Guarantor
accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document. 

 

	(f)	The Original Financial Statements of each Obligor. 

  

	(g)	Evidence that the fees, costs and expenses then due from the Guarantor pursuant to Clause 10 (Fees) and Clause 15 (Costs and expenses) have been paid or
will be paid by the first Utilisation Date. 

  
 85 

 SCHEDULE 3 
 UTILISATION REQUEST 
  

			
	From:	  	Platinum Underwriters Bermuda, Ltd. as Borrower
		
	To:	  	National Australia Bank Limited as Agent

 Dated: 
 Dear
Sirs 
 Platinum Underwriters Holdings, Ltd. - U.S.$125,000,000 Facility Agreement 

dated [                    ] (the
“Agreement”) 
  

	1.	We wish to arrange for a Letter of Credit to be issued by the Agent on the following terms: 

 

			
	Proposed Utilisation Date:	  	[                    ] (or, if that is not a Business Day, the next Business
Day)
		
	Amount:	  	[                    ] or, if less, the Available Facility
		
	Beneficiary:	  	[                    ]
		
	Term or Expiry Date:	  	[                    ]

  

	2.	We confirm that each condition specified in Clause 5.4 (Issue of Letters of Credit) is satisfied on the date of this Utilisation Request.

  

	3.	We attach a copy of the proposed Letter of Credit. 

  

	4.	This Utilisation Request is irrevocable. 

 Delivery Instructions: 
 [specify delivery instructions] 

 

	
	Yours faithfully
	  

	
	authorised signatory for
	
	the Guarantor on behalf of
Platinum Underwriters Bermuda, Ltd.

  
 86 

 SCHEDULE 4 
 FORM OF TRANSFER CERTIFICATE 
  

			
	To:	  	National Australia Bank Limited as Agent
		
	From:	  	[                    ] (the “Existing Bank”) and
[                    ] (the “New Bank”)

 Dated: 
 Platinum Underwriters Holdings, Ltd. - U.S.$125,000,000 Facility Agreement 

dated [                    ] (the
“Agreement”) 
  

	1.	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different
meaning in this Transfer Certificate. 

  

	2.	We refer to Clause 23.5 (Procedure for transfer): 

  

	 	(a)	The Existing Bank and the New Bank agree to the Existing Bank transferring to the New Bank by novation all or part of the Existing Bank’s Stated Amount, rights and
obligations referred to in the Schedule in accordance with Clause 23.5 (Procedure for transfer). 

  

	 	(b)	The proposed Transfer Date is [                    ].

  

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Bank for the purposes of Clause 30.2 (Addresses) are set out in the
Schedule. 

  

	3.	The New Bank expressly acknowledges the limitations on the Existing Bank’s obligations set out in paragraph (c) of Clause 23.4 (Limitation of
responsibility of Existing Banks). 

  

	4.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
this Transfer Certificate. 

  

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

 

	6.	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate. 

  
 87 

 THE SCHEDULE 
 Stated Amount/rights and obligations to be transferred 
 [insert relevant
details] 
 [Facility Office address, fax number and attention details for notices and account details for payments.] 

 

					
	[Existing Bank]	 		 	[New Bank]
			
	By:	 		 	By:

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as
[                    ]. 
 [to be
confirmed] 
 By: 

  
 88 

 SCHEDULE 5 
 FORM OF ASSIGNMENT AGREEMENT 
  

			
	To:	  	National Australia Bank Limited as Agent and Platinum Underwriters Holdings, Ltd. as Guarantor, for and on behalf of each Obligor
		
	From:	  	[                    ] (the “Existing Bank”) and
[                    ] (the “New Bank”)
		
	Dated:	  	

 Platinum Underwriters Holdings, Ltd. - U.S.$125,000,000 Facility Agreement 

dated [                    ] (the
“Agreement”) 
  

	1.	We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different
meaning in this Assignment Agreement. 

  

	2.	We refer to Clause 23.6 (Procedure for assignment): 

  

	 	(a)	The Existing Bank assigns absolutely to the New Bank all the rights of the Existing Bank under the Agreement and the other Finance Documents which relate to that
portion of the Existing Bank’s Stated Amounts and participations in Letters of Credit under the Agreement as specified in the Schedule. 

  

	 	(b)	The Existing Bank is released from all the obligations of the Existing Bank which correspond to that portion of the Existing Bank’s Stated Amounts and
participations in Letters of Credit under the Agreement specified in the Schedule. 

  

	 	(c)	The New Bank becomes a Party as a Bank and is bound by obligations equivalent to those from which the Existing Bank is released under paragraph (b) above.*

  

	3.	The proposed Transfer Date is [                    ].

  

	4.	On the Transfer Date the New Bank becomes Party to the Finance Documents as a Bank. 

 

	5.	The Facility Office and address, fax number and attention details for notices of the New Bank for the purposes of Clause 30.2 (Addresses) are set out in the
Schedule. 

  

	6.	The New Bank expressly acknowledges the limitations on the Existing Bank’s obligations set out in paragraph (c) of Clause 23.4 (Limitation of
responsibility of Existing Banks). 

  

	7.	This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 23.7 (Copy of Transfer
Certificate, Assignment Agreement or Increase Confirmation to Guarantor), to the Guarantor (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement. 

 

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

  

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

 

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

  
 89 

 THE SCHEDULE 
 Rights to be assigned and obligations to be released and undertaken 

[insert relevant details] 
 [Facility Office address, fax number and attention details for notices and account details for payments.] 
  

					
	[Existing Bank]	 		 	[New Bank]
			
	By:	 		 	By:

 This Assignment Agreement is accepted by the Agent and the Transfer Date is confirmed as
[                    ]. 
 Signature
of this Assignment Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party. 

National Australia Bank Limited 
 By:

  
 90 

 SCHEDULE 6 
 SECURITY AGENCY PROVISIONS 
  

	1.	Definitions 

 In this
Schedule: 
 “Security Property” means all right, title and interest in, to and under any Security Document,
including: 
  

	 	(a)	the Pledged Assets; 

  

	 	(b)	the benefit of the undertakings in any Security Document; and 

  

	 	(c)	all sums received or recovered by the Security Agent pursuant to any Security Document and any assets representing the same. 

 

	2.	Declaration of trust 

 The
Security Agent and each other Finance Party agree that the Security Agent shall hold the Security Property in trust for the benefit of the Finance Parties on the terms of the Finance Documents. 

 

	3.	Defects in Security 

 The
Security Agent shall not be liable for any failure or omission to perfect, or defect in perfecting, the Security created pursuant to any Security Document, including: 
  

	 	(a)	failure to obtain any Authorisation for the execution, validity, enforceability or admissibility in evidence of any Security Document; or 

 

	 	(b)	failure to effect or procure registration of or otherwise protect or perfect any of the Security created by the Security Documents under any laws in any territory.

  

	4.	No enquiry 

 The Security
Agent may accept without enquiry, requisition, objection or investigation such title as any Obligor may have to any Pledged Assets. 
  

	5.	Retention of documents 

The Security Agent may hold title deeds and other documents relating to any of the Pledged Assets in such manner as it sees fit (including
allowing any Obligor to retain them). 
  

	6.	Indemnity out of Security Property 

 The Security Agent and every receiver, delegate, attorney, agent or other similar person appointed under any Security Document may indemnify itself out of the Security Property against any cost, loss or
liability incurred by it in that capacity (otherwise than by reason of its own gross negligence or wilful misconduct). 
  

	7.	Basis of distribution 

 To
enable it to make any distribution, the Security Agent may fix a date as at which the amount of the Liabilities is to be calculated and may require, and rely on, a certificate from any Finance Party giving details of: 

 

	 	(a)	any sums due or owing to any Finance Party as at that date; and 

  

	 	(b)	such other matters as it thinks fit. 

  
 91 

	8.	Rights of Security Agent 

The Security Agent shall have all the rights, privileges and immunities which gratuitous trustees have or may have in England, even though
it is entitled to remuneration. 
  

	9.	No duty to collect payments 

 The Security Agent shall not have any duty: 
  

	 	(a)	to ensure that any payment or other financial benefit in respect of any of the Pledged Assets is duly and punctually paid, received or collected; or

  

	 	(b)	to ensure the taking up of any (or any offer of any) stocks, shares, rights, moneys or other property accruing or offered at any time by way of interest, dividend,
redemption, bonus, rights, preference, option, warrant or otherwise in respect of any of the Pledged Assets. 

  

	10.	Appropriation 

  

	 	(a)	Each Party irrevocably waives any right to appropriate any payment to, or other sum received, recovered or held by, the Security Agent in or towards payment of any
particular part of the Liabilities and agrees that the Security Agent shall have the exclusive right to do so. 

  

	 	(b)	Paragraph (a) above will override any application made or purported to be made by any other person. 

 

	11.	Investments 

 All money
received or held by the Security Agent under the Finance Documents may, in the name of, or under the control of, the Security Agent: 
  

	 	(a)	be invested in any investment it may select; or 

  

	 	(b)	be deposited at such bank or institution (including itself any other Finance Party or any Affiliate of any Finance Party) as it thinks fit. 

 

	12.	Suspense Account 

 Subject
to paragraph 13 below the Security Agent may: 
  

	 	(a)	hold in an interest bearing suspense account any money received by it from any Obligor; and 

 

	 	(b)	invest an amount equal to the balance from time to time standing to the credit of that suspense account in any of the investments authorised by paragraph 11 above.

  

	13.	Timing of Distributions 

Distributions by the Security Agent shall be made as and when determined by it. 

  
 92 

	14.	Delegation 

  

	 	(a)	The Security Agent may: 

  

	 	(i)	employ and pay an agent selected by it to transact or conduct any business and to do all acts required to be done by it (including the receipt and payment of money);

  

	 	(ii)	delegate to any person on any terms (including power to sub-delegate) all or any of its functions; and 

 

	 	(iii)	with the prior consent of the Majority Banks, appoint, on such terms as it may determine, or remove, any person to act either as separate or joint security trustee or
agent with those rights and obligations vested in the Security Agent by this Agreement or any Security Document. 

  

	 	(b)	The Security Agent will not be: 

  

	 	(i)	responsible to anyone for any misconduct or omission by any agent, delegate or security trustee or agent appointed by it pursuant to paragraph (a) above; or

  

	 	(ii)	bound to supervise the proceedings or acts of any such agent, delegate or security trustee or agent, 

provided that it exercises reasonable care in selecting that agent, delegate or security trustee or agent. 

 

	15.	Limitation of liability 

Notwithstanding any other provision of any Finance Document: 

 

	 	(a)	the Security Agent enters into this Agreement and each other Finance Document to which it is a party solely in its capacity as security agent of the other Finance
Parties and in no other capacity; 

  

	 	(b)	the Security Agent will have no liability under or in connection with this Agreement or any other Finance Document (whether to the Finance Parties, the Obligors or any
other person) other than to the extent to which the liability is able to be satisfied out of the trust property from which the Security Agent is actually indemnified for the liability. Subject to paragraph (e) below, this limitation of the
Security Agent’s liability applies despite any other provision of this Agreement or any other Finance Document and extends to all liabilities and obligations of the Security Agent in relation to any representation, warranty, conduct, omission,
agreement or transaction related to this Agreement or any other Finance Document; 

  

	 	(c)	subject to paragraphs (d) and (e) below, no Party may sue the Security Agent personally, seek the appointment of a liquidator, administrator, receiver or
similar person to the Security Agent or prove in any liquidation, administration or arrangement of or affecting the Security Agent; 

  
 93 

	 	(d)	nothing in this paragraph 15 or in any similar provision of any other Finance Document limits or adversely affects the powers of the Security Agent or any receiver in
respect of any property the subject of any Security under a Security Document; 

  

	 	(e)	this paragraph 15 will not apply to a liability of the Security Agent: 

  

	 	(i)	to the extent that it is not satisfied because, under this Agreement or any other Finance Document or by operation of law, there is a reduction in the extent of the
Security Agent’s indemnification; or 

  

	 	(ii)	if the Security Agent is personally liable to the Finance Parties, the Obligors or any other person, 

in either case, as a result of the Security Agent’s fraud, gross negligence or wilful default; 

 

	 	(f)	the Security Agent does not have any obligations to any Party under or in connection with this Agreement or any other Finance Document, except as expressly provided in
this Agreement and each other Finance Document to which it is a party; and 

  

	 	(g)	the Security Agent is not obliged to do or not do anything in connection with this Agreement or any other Finance Document (including enter into any transaction or
incur any liability) unless: 

  

	 	(i)	the Security Agent’s liability is limited in a manner which is consistent with this paragraph 15; 

 

	 	(ii)	the Security Agent is indemnified (or otherwise put in funds) to its reasonable satisfaction against any liability or loss arising from, and any costs, charges and
expenses (including those incurred in connection with advisers) properly incurred in connection with, doing or not doing that thing; and 

  

	 	(iii)	it has received the relevant instructions from the relevant Finance Parties. 

 

	16.	Unwinding 

 Any
appropriation or distribution which later transpires to have been or is agreed by the Security Agent to have been invalid or which has to be refunded shall be refunded and shall be deemed never to have been made. 

 

	17.	Banks 

 The Security Agent
shall be entitled to assume that each Bank is a Bank unless notified by the Agent to the contrary. 
  

	18.	Disapplication 

Section 1 of the Trustee Act 2000 shall not apply to the duties and powers of the Security Agent in relation to the trusts
constituted by any Finance Document save to the extent required by law. Where there are inconsistencies between the Trustee Act 1925 and the Trustee Act 2000 and the express provisions of any such Finance Document, the provisions of such Finance
Document shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of such Finance Document shall constitute a restriction or exclusion for the purposes of that Act. 

  
 94 

 SCHEDULE 7 
 FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:	  	National Australia Bank Limited as Agent
		
	From:	  	Platinum Underwriters Holdings, Ltd.
		
	Dated:	  	

 Dear Sirs 
 Platinum Underwriters Holdings, Ltd. - U.S.$125,000,000 Facility Agreement 

dated
[                    ] (the “Agreement”) 
 We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this
Compliance Certificate. 
  

	1.	[We confirm that no Default is continuing.]* 

  

	2.	We confirm that: 

  

	 	(a)	as at [                    ] Consolidated Indebtedness to
Total Capitalisation ratio was [                    ]; and 

 

	 	(b)	as at [                    ] Consolidated Tangible Net Worth
was [                    ] of the Consolidated Tangible Net Worth Amount. 

 

									
	Signed:	 	  
	 		 	Signed:	 	  

			
	 [Financial Officer] of
 Platinum Underwriters Holdings, Ltd.
	 		 	 [Financial Officer] of
 Platinum Underwriters Holdings, Ltd.

  

	*	If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.

  
 95 

 SCHEDULE 8 
 EXISTING SECURITY/QUASI-SECURITY 
  

							
	Name of Obligor	  	Security/Quasi Security	  	 Total Principal

Amount of
 Indebtedness
Secured
	 
			
	 Platinum Underwriters Bermuda, Ltd.
	  	 Letters of credit under the Syndicated Facility.
	  	U.S.$	300,000,000	  
			
	 Platinum Underwriters Bermuda, Ltd.
	  	 Letters of credit under the Bilateral Facility.
	  	U.S.$	100,000,000	  

  
 96 

 SCHEDULE 9 
 TIMETABLES 
 LETTERS OF
CREDIT 
  

					
	 	  	 Letters of Credit

in U.S.$
	  	 Letters of Credit

in other

currencies

			
	Request for approval as an Optional Currency, if required (Clause 4.2 (Conditions relating to Optional Currencies))	  	-	  	D – 7
10:00 a.m.
			
	Agent notifies the Banks of the request (Clause 4.2 (Conditions relating to Optional Currencies))	  	-	  	D – 7
3:00 p.m.
			
	Responses by Banks to the request (Clause 4.2 (Conditions relating to Optional Currencies))	  	-	  	D – 6
1:00 p.m.
			
	Agent notifies the Guarantor if a currency is approved as an Optional Currency in accordance with Clause 4.2 (Conditions relating to Optional Currencies)	  	-	  	D – 6
5:00 p.m.
			
	Delivery of a duly completed Utilisation Request (Clause 5.3 (Delivery of a Utilisation Request for Letters of Credit)	  	D – 5
10:00 a.m.	  	D – 5
10:00 a.m.
			
	Agent determines (in relation to a Utilisation) the Base Currency Amount of the Letter of Credit, if required under Clause 5.4 and notifies the Banks of the Letter of Credit in
accordance with Clause 5.4 (Issue of Letters of Credit)	  	D – 5
11:00 a.m.	  	D – 5
11:00 a.m.
			
	Delivery of notice to the Agent by any Bank that does not intend to issue the Letter of Credit in accordance with Clause 5.4 (Issue of Letters of Credit).	  	D – 4
10:00 a.m.	  	D – 4
10:00 a.m.
			
	Delivery of notice to the Guarantor and each other Bank by the Agent stating that a Bank does not intend to issue the Letter of Credit in accordance with Clause 5.4 (Issue of
Letters of Credit).	  	D – 4
11:00 a.m.	  	D – 4
11:00 a.m.

  
 97 

					
			
	Delivery of a notice to the Agent by a non Declining Bank stating that it intends to issue the Letter of Credit in accordance with Clause 5.4 (Issue of Letters of
Credit)	  	D – 3
11:00 a.m.	  	D – 3
11:00 a.m.

  
 98 

 SCHEDULE 10 
 FORM OF LETTER OF CREDIT 
 PART I 
 FORM OF LETTER
OF CREDIT – UNITED STATES OF AMERICA 
  

			
	

	  	
		  	Wholesale Banking
		  	 National Australia Bank Limited

ABN 12 004 044 937

		  	Level 28, 245 Park Avenue
		  	New York NY 10167, USA
		
	Date: [INSERT DATE]	  	
		
	Beneficiary: [name and address of beneficiary]	  	Applicant: [name and address of applicant]
		
	Letter of Credit no. [INSERT LC NUMBER]	  	
		
	Our reference [        ]	  	

 The banks whose names are set out below and in the attached Appendix (the “LC Issuers”), hereby confirm
that the Irrevocable Standby Letter of Credit No. [INSERT LC NUMBER] and amendments thereto, if any, issued in favor of the aforesaid addressee (“Beneficiary”) by National Australia Bank Limited, London as agent for the LC
Issuers for drawings up to U.S.$ [INSERT AMOUNT] is effective immediately. This confirmation is issued, presentable and payable at our office at National Australia Bank Limited, 245 Park Avenue, 28th Floor, New York, NY 10167 and expires with
our close of business on [INSERT EXPIRY DATE]. 
 The term “Beneficiary” includes any successor by operation of law of
the named Beneficiary, including, without limitation, any liquidator, rehabilitator, receiver or conservator. 
 The LC Issuers hereby undertake
to promptly honor your sight draft(s) drawn as specified in the Letter of Credit and presented at our office specified in paragraph one on or before the expiry date or any automatically extended expiry date. 

The obligations of the LC Issuers under this Letter of Credit shall be several, not joint, and no LC Issuer shall be required to pay an amount exceeding
its respective commitment set out in the Appendix (its “Commitment”) (and the LC Issuers shall not be obliged to make payments hereunder in aggregate exceeding a maximum amount of U.S.$ [AGGREGATE OF COMMITMENTS]). Any
payment by an LC Issuer hereunder shall be made via us in U.S.$ to the Beneficiary’s account specified in the demand made by you as Beneficiary. 
 We have signed this Letter of Credit as agent for the LC Issuers and accordingly shall be under no obligation to you hereunder. 

  
 99 

 Except as expressly stated herein, this undertaking is not subject to any agreement, condition or
qualification. The obligation of the LC Issuers under this Confirmation is the individual obligation of the LC Issuers and is no way contingent upon reimbursement with respect thereto. 
 It is a condition of this Confirmation that it is deemed to be automatically extended without amendment for one year from the expiry date hereof or any future expiration date, unless 30 days prior to any
expiration date we notify you by registered or certified mail that an LC Issuer elects not to consider this Confirmation renewed for any such additional period. 
 This Letter of Credit is subject to and governed by the laws of the State of New York and the 2007 revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of
Commerce (Publication No. 600) and, in the event of any conflict, the Laws of the State of New York will control. If this Credit expires during an interruption of business as described in Article 36 of said Publication 600, the LC Issuers
hereby specifically agree to effect payment if this Credit is drawn against, otherwise in compliance with the terms and conditions hereof, within 30 days after the resumption of business. 
 If the identity or commitment of the LC Issuers as set out in the Appendix changes after this Letter of Credit is issued, then we shall deliver to you an adjusted Appendix (an “Adjusted Letter of
Credit Schedule”) setting out the then current LC Issuers and their Commitments, and this will replace the immediately preceding Appendix that was in effect. Any Adjusted Letter of Credit Schedule provided pursuant to the preceding sentence
shall be effective provided that: (i) the adjusted aggregate Commitments are no less than the aggregate Commitments under the former Appendix; and (ii) it is dated and includes the reference number of this Letter of Credit. 

Yours faithfully, 
 National Australia Bank
Limited 
  

	
	  

	
	By:
	
	Title:

 for and on behalf of 
 [Names of all LC Issuers] 
  

	
	  

	
	By:
	
	Title:

  
 100

 Appendix – Commitments of LC Issuers 

 

					
	 Name and address of LC Issuer
	  	Commitment	 
	 [—]
	  	 	[—]	  
		  			
		  			
		  	  
	  
	 
	 Total
	  	 	[—]	  
		  	  
	  
	 

  
 101

 PART II 
 FORM OF LETTER OF CREDIT – AUSTRALIA 
 [ 
 To Advising Bank – NAB Sydney (SWIFT – NATAAU3302S) 

[APPLICANT TO INSERT BENEFICIARY NAME AND ADDRESS DETAILS] 
 Date: [NAB TO CONFIRM] 
 Dear Sirs 

CLEAN IRREVOCABLE LETTER OF CREDIT No. [NAB TO CONFIRM] 
 We are pleased to inform you that the banks set forth in Schedule 1 to this Syndicated Letter of Credit (the “Lenders”) have established through National Australia Bank Limited ABN 12
004 044 937, acting as Agent (in such capacity, the “Agent”) this clean, irrevocable and unconditional (except as expressly otherwise stated therein) Letter of Credit Number [NAB to confirm] (this
“Letter of Credit”) in your favour as beneficiary (the “Beneficiary”) and for your sole benefit for a sum not to exceed the aggregate maximum amount of AUD [Applicant to insert amount in figures and
words] Dollars Australian Currency, covering the obligations to you of [Insert Applicant name and address details] (the “Applicant”) with respect to the reinsurance assets related to the underwriting year
[20...Applicant to insert], defined as reinsurance recoverables and deferred reinsurance expenses in accordance with the definition of reinsurance assets in the Prudential Standard GPS 001 and due under the Australian Property Surplus
Treaty (Treaty Reference [Insert Treaty reference number]) incepting [Applicant to insert date], (or other reinsurance agreement as agreed in writing by the parties from time to time) between [Applicant to insert
name of Beneficiary] and [Insert name of Applicant] (the “Reinsurance Agreement”). 
 This Letter of
Credit is effective from [insert date] (the “Commencement Date”) and will be expiring at 4PM at the counters of the Agent on [insert date] (the “Original Expiry Date”) or the last day of
any extended term hereunder (each the “New Expiry Date”). 
 The Lenders severally undertake to promptly honour your sight
draft, expressly specifying this Letter of Credit No.[insert Letter of Credit No.], drawn on us for all or any part of this credit, upon presentation at the office of the Agent situated at 255 George Street, New South Wales 2000
Australia and as per the specimen attached in Annexure A attached to this Letter of Credit. Payments of funds under this Letter of Credit shall be made in Australia only. 
 Neither the Agent nor the Lenders will conduct any inquiry into sight draft(s) other than for the purpose of ascertaining whether it is in the form of the sight draft pro forma attached to this Letter of
Credit in Annexure A. In particular, the Agent and the Lenders will not inquire into the [Applicant to insert treaty reference number] incepting [Applicant to insert incepting date] (or other reinsurance agreement as
agreed in writing by the parties from time to time between [Applicant to insert Beneficiary] and [Insert name of Applicant]). 

  
 102

 Payment of funds under this Letter of Credit shall not be dependent on any breach of [Applicant to
insert applicant name] under the Reinsurance Agreement/s. 
 Each of the Lenders agrees, for itself alone and not jointly with any other
Lender, to honour a draft drawn by you and presented to the Agent in an amount not to exceed the aggregate amount available to be drawn hereunder multiplied by such Lender’s percentage as set forth in Schedule 1 to this Syndicated Letter of
Credit (the “Percentage Obligations”) and in accordance with the terms and conditions hereinafter set forth. The obligations of the Lenders hereunder shall be several and not joint, and multiple draws shall be available under this
Letter of Credit. 
 Except to the extent the amount of this Letter of Credit may be increased, this Letter of Credit cannot be amended or
revoked without your prior written consent; provided that this Letter of Credit may be amended to delete a Lender or add a Lender or change Percentage Obligations so long as such amendment does not decrease the amount of this Letter of Credit, and
need only be signed by the Agent so long as any Lender added shall be regulated by the Australian Prudential Regulation Authority as an Authorised Deposit Taking Institution. 
 National Australia Bank Limited (“NAB”) has been appointed by the Lenders, and has been granted the authority by the Lenders, to act as Agent for the Lenders obligated under this Letter
of Credit. As Agent, NAB has authority from such Lenders to act on their behalf hereunder to (i) execute and deliver this Letter of Credit, (ii) receive drafts presented by you hereunder, (iii) determine whether such drafts are in
compliance with the terms of this Letter of Credit, and (iv) notify the Lenders and the Applicant that a valid drawing has been made and the date that the related payment under this Letter of Credit is to be made; provided, however, that the
Agent shall have no obligation or liability for any payment under this Letter of Credit (other than payment to you of such funds as have been made available to it by the Lenders pursuant to your draw). 

It is a condition of this Letter of Credit that it shall be deemed automatically extended without written amendment for one calendar year from the
Original Expiry Date or a New Expiry Date thereafter unless at least 1 calendar year prior to the Original Expiry Date or a New Expiry Date thereafter the Agent notifies the Beneficiary by registered mail or courier that the Agent (on behalf of the
Lenders) elects not to consider this Letter of Credit renewed for any such additional period. 
 Only the Beneficiary may make drawings under
the Letter of Credit, and this Letter of Credit is not transferable. 
 This Letter of Credit is subject to Uniform Customs and Practice for
Documentary Credits (2007 Revision) International Chamber of Commerce publication No. 600. However notwithstanding Article 36 of said publication, if this Letter of Credit expires during an interruption of business as described in Article 36, the
bank is hereby specifically authorized and agrees to effect payment if the draft(s) drawn in respect of the Letter of Credit is presented within 30 days after resumption of business, and as to matters not addressed by the UCP shall be governed by
and construed in accordance with the laws of the State of New South Wales. 
 The insolvency of [Applicant to insert Applicant
name] shall in no way prejudice the ability of you to access the funds under this Letter of Credit. 

  
 103

 Kindly address all correspondence regarding this Letter of Credit to the attention of National Australia
Bank Limited, [255 George Street, New South Wales 2000 Australia], Attention quoting our reference number LDN [NAB to confirm]  

Signed for [National Australia Bank Limited] 
 By its duly authorised officers 
 As Agent for and on behalf of 

the Lenders set forth in Schedule 1 to this Syndicated Letter of Credit 
  

					
	  
	 		 	  

			
	Name	 		 	Name
			
	Title	 		 	Title

  
 104

 Schedule 1 to Syndicated Letter of Credit 

 

			
	 Lender
	  	Percentage Obligation
		  	
		  	
		  	
		  	

  
 105

 ANNEXURE A 
 .... (Draft Issue Date) .... 
 ... (Draft Issue Place) ... 

Drawn under Documentary Credit Number: [Insert details] 
 Dated: 
 Issued by: [Insert Name of Agent Bank] 

In respect of Reinsurance Contracts: 
 (Drawer to provide reinsurance contract details) 
  

			
	Amount in Figures	 	
	  
	 	
	(Amount Being Claimed in Figures)	 	

 AT SIGHT OF THIS SOLA BILL OF EXCHANGE 
 PAY TO THE ORDER OF [full name of Beneficiary] 
 THE SUM OF
                                         
                                         
                           
 (The amount being claimed under the L/C expressed in words) 

  
 106

 To the following Australian bank account: 

(Drawer to provide details of an Australian Bank Account) 
 DRAWEE: 
 [Insert details of Agent Bank] 

DRAWER: 
 [full name of
Beneficiary] 
  

                         
                                

 

	
	Name:
	
	Title:
	
	Duly Authorised

  

					
	                    	 	  
	 	
			
	Name:	 		 	
			
	Title:	 		 	
			
	Duly Authorised	 		 	

  
 107

 PART III 
 FORM OF LETTER OF CREDIT – GENERAL PURPOSE 

IRREVOCABLE STANDBY LETTER OF CREDIT 
 To:
[name and address of beneficiary] (the “Beneficiary”) 
 Dated: [INSERT DATE] 

IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER [INSERT NUMBER] 
 RE: [INSERT NAME OF APPLICANT] (the “Applicant”) 
 The banks
whose names are set out below and in the attached Appendix (the “LC Issuers”), have established this unconditional and irrevocable Letter of Credit Number [INSERT LC NUMBER] in favour of the Beneficiary (as defined above) for
a sum not to exceed the aggregate of [OPTIONAL CURRENCY][INSERT AMOUNT] (INSERT AMOUNT IN WORDS) (the “Maximum Amount”) effective from [INSERT DATE] (the “Commencement Date”) and expiring
at [INSERT EXPIRY TIME] [INSERT TIME ZONE] time at the office of the Confirming Bank at [INSERT BANK ADDRESS] on [INSERT EXPIRY DATE]1 or as may be automatically extended in accordance with the below (the “Expiry Date”), whether or not
the original instrument has been returned by the Beneficiary. 
 This Letter of Credit is confirmed by [INSERT BANK] (the
“Confirming Bank”) and the Confirming Bank is formally designated as the agent of the LC Issuer for the receipt and payment of drafts under the Letter of Credit. Such confirmation will expire at close of business at the office of
the Confirming Bank on the Expiry Date set out in the confirmation. The Confirming Bank has signed this Letter of Credit as agent for the LC Issuers and accordingly shall be under no obligation to the Beneficiary hereunder. 

The term “Beneficiary” includes any successor by operation of law of the named Beneficiary including, without limitation, any such
liquidator, rehabilitator, receiver or conservator. 
 The LC Issuers hereby undertake to honour promptly in [INSERT JURISDICTION] the
Beneficiary’s sight draft(s) drawn on the Confirming Bank indicating the Letter of Credit Number set out above for all or any part of this Letter of Credit if presented at our office at the address in paragraph one above on or before the Expiry
Date and accompanied by a statement from the Beneficiary purporting to be signed by an employee of the Beneficiary citing the Letter of Credit Number and containing the following statement: “We certify that the amount claimed represents a sum
which is due and payable to [INSERT BENEFICIARY] and remains unpaid by the Applicant under the terms of [REINSURANCE CONTRACT DETAILS]”. Such statement shall be accepted by the Confirming Bank as conclusive evidence that the
amount claimed is due and payable to the Beneficiary. 
 The obligations of the LC Issuers under this Letter of Credit shall be several, not
joint, and no LC Issuer shall be required to pay an amount exceeding its respective commitment set out in the Appendix (its “Commitment”) (and the LC Issuers shall not be obliged to make payments hereunder in aggregate 

 

	1 	 The original expiry date must be at least 1 year after the Commencement Date.

  
 108

 
exceeding a maximum amount of [OPTIONAL CURRENCY] [AGGREGATE OF COMMITMENTS]). Any payment by an LC Issuer hereunder shall be made in [OPTIONAL CURRENCY] to the Beneficiary’s account
specified in the demand made by the Beneficiary. 
 Any number of partial drawings are permitted under this Letter of Credit, subject to the
Maximum Amount not being exceeded. Any payments of demands received under this Letter of Credit will automatically reduce the Maximum Amount accordingly. 
 This Letter of Credit is deemed to be automatically extended without amendment for an additional period of one year from the Expiry Date unless at least 30 calendar days prior thereto an LC Issuer
notifies the Beneficiary by registered mail to the address above (or such other address nominated by the Beneficiary by not less than 10 calendar days’ written notice) that this Letter of Credit will not be extended for any such additional
period. 
 This Letter of Credit is subject to and governed by the [INSERT JURISDICTION] and [2007 Revision of the Uniform Customs and
Practice for Documentary Credits of the International Chamber of Commerce (Publication 600)]/[International Standby Practices 1998 (ISP98) of the International Chamber of Commerce (Publication 590)]. 

All charges (including confirmation fees, if any) are for the Applicant’s account. 
 If the identity or commitment of the LC Issuers as set out in the Appendix changes after this Letter of Credit is issued, then we shall deliver to you an adjusted Appendix (an “Adjusted Letter of
Credit Schedule”) setting out the then current LC Issuers and their Commitments, and this will replace the immediately preceding Appendix that was in effect. Any Adjusted Letter of Credit Schedule provided pursuant to the preceding sentence
shall be effective provided that: (i) the adjusted aggregate Commitments are no less than the aggregate Commitments under the former Appendix; and (ii) it is dated and includes the reference number of this Letter of Credit. 

Yours faithfully, 
 [Name of
Confirming Bank] 
  

			
	  

		
	By:	 	
		
	Title:	 	

  
 109

 for and on behalf of 
  

			
	[Names of all LC Issuers]
	
	  

		
	By:	 	
		
	Title:	 	

  
 110

 Appendix – Commitments of LC Issuers 

 

					
	 Name and address of LC Issuer
	  	Commitment	 
	 [—]
	  	 	[—]	  
		  			
		  			
		  	  
	  
	 
	 Total
	  	 	[—]	  
		  	  
	  
	 

  
 111

 SCHEDULE 11 
 FORM OF INCREASE CONFIRMATION 
  

	To:	National Australia Bank Limited as Agent, National Australia Bank Limited as Security Agent and Platinum Underwriters Holdings, Ltd. as Guarantor, for and on behalf of
each Obligor 

  

	From:	[the Increase Bank] (the “Increase Bank”) 

 Dated: 
 Platinum Underwriters Holdings, Ltd. - U.S.$125,000,000 Facility
Agreement 
 dated
[                    ] (the “Agreement”) 
  

	1.	We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same meaning in this Increase Confirmation unless given a different
meaning in this Increase Confirmation. 

  

	2.	We refer to Clause 2.3 (Increase). 

  

	3.	The Increase Bank agrees to assume and will assume all of the obligations corresponding to the Stated Amount specified in the Schedule (the “Relevant Stated
Amount”) as if it was an Effective Date Bank under the Agreement. 

  

	4.	The proposed date on which the increase in relation to the Increase Bank and the Relevant Stated Amount is to take effect (the “Increase Date”) is
[                    ]. 

  

	5.	On the Increase Date, the Increase Bank becomes party to the Finance Documents as a Bank. 

 

	6.	The Facility Office and address, fax number and attention details for notices to the Increase Bank for the purposes of Clause 30.2 (Addresses) are set out in the
Schedule. 

  

	7.	The Increase Bank expressly acknowledges the limitations on the Banks’ obligations referred to in paragraph (i) of Clause 2.3 (Increase).

  

	8.	This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
this Increase Confirmation. 

  

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

 

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

  
 112

 THE SCHEDULE 
 Relevant Commitment/rights and obligations to be assumed by the Increase Bank 
 [Insert relevant details] 
 [Facility office address, fax number and
attention details for notices and account details for payments] 
 [Increase Bank] 
 By: 
 This Increase Confirmation is accepted as an Increase Confirmation for the purposes of the
Agreement by the Agent and the Increase Date is confirmed as [                    ]. 
 Agent 
 By: 

  
 113

 SCHEDULE 12 
 FORM OF COLLATERAL REPORT 

Platinum Underwriters Bermuda, Ltd. 

Compliance with Collateral Requirements for NAB Facility 
 Month, Day 20XX 
 Part 1 – Compliance 

 

																											
	 	  	 	  	Base
Currency	 	  	Optional Currencies	 
	 	  	 	  	USD	 	  	AUD	 	  	NZD	 	  	 	 	  	 	 	  	 	 
		  	Exchange
Rate	  	 	1.0000	  	  	 	0.9637	  	  	 	0.8127	  	  	 	1.0000	  	  	 	1.0000	  	  	 	1.0000	  
	 7.2 Form of Collateral Cover
	  		  				  				  				  				  				  			
	 (a) (i) Cash
	  		  	 	—  	  	  				  				  				  				  			
	 (a) (ii) Money Market Mutual Funds
	  		  				  				  				  				  				  			
	 (a) (iii) Debt securities issued by government
	  		  				  				  				  				  				  			
	 (i) Short Term Securities (<= 3 months)
	  		  				  				  				  				  				  			
	 (ii) Medium Term Securities (> 3 months but <= 60 months)
	  		  				  				  				  				  				  			
	 (iii) Long Term Securities ( > 60 months but <= 120 months)
	  		  				  				  				  				  				  			
	 (iv) Very Long Term Securities ( > 120 months)
	  		  				  				  				  				  				  			
	 (a) (iv) (A) (B) and (C) Government Agency Debt Securities (FHLMC, FNMA, GNMA)
	  		  				  				  				  				  				  			
	 (i) Short Term Securities (<= 3 months)
	  		  				  				  				  				  				  			
	 (ii) Medium Term Securities (> 3 months but <= 60 months)
	  		  				  				  				  				  				  			
	 (iii) Long Term Securities ( > 60 months but <= 120 months)
	  		  				  				  				  				  				  			
	 (iv) Very Long Term Securities ( > 120 months)
	  		  				  				  				  				  				  			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
								
	 Total Collateral
	  		  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 114

																													
	 7.3 Amount of Collateral Cover **
	  				 				 				 				 				 				 			
								
	 	  	Factor %	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
								
	 (b) (i) U.S. Dollar Cash provided as Collateral Cover for Optional Currencies **
	  	 	93	% 	 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (b) (ii) Any Cash (other than referred to in paragraph (i) above)
	  	 	100	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (c) Money Market Mutual Funds
	  	 	95	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (d) (i) Short Term Securities denominated in USD provided as Collateral Cover for LOCs denominated in optional currencies
**
	  	 	93	% 	 				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (d) (ii) Short Term Government Debt Securities (not referred to in (d)(i) above)
	  	 	100	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (d) (iii) Medium Term Government Debt Securities
	  	 	90	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (d) (iv) Long Term Government Debt Securities
	  	 	85	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (d) (v) Very Long Term Government Debt Securities
	  	 	80	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (e) (i) Short or Medium Term Government Agency Debt
	  	 	90	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (e) (ii) Long Term Government Agency Debt
	  	 	85	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 (e) (iii) Very Long Term Government Agency Debt
	  	 	80	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
								
	 Total Collateral Cover
	  				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
								
	 Issued LC Amounts
	  				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
								
	 Excess Collateral
	  				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Excess %
	  				 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
			
	  	  	 	 	 	All figures in USD	 
	 **7.2 (c ) US Dollar denominated Cash and Short Term Government Debt Securities
	  				 				 				 				 				 				 			
	 Allocation of USD Cash
	  				 	 	—  	  	 				 				 				 				 			
	 Allocation of USD Government Debt Securities Short Term
	  				 	 	—  	  	 	 	—  	  	 				 				 				 			

  
 115

																													
	(All figures in Converted USD)	  	Total	 	  	USD	 	  	AUD	 	  	NZD	 	  	 	 	  	 	 	  	 	 
								
	 Total Collateral in Converted USD
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  				  				  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
								
	 Total Collateral Cover in Converted USD
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  				  				  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
								
	 Issued LC Amount in Converted USD
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  				  				  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
								
	 Excess Collateral
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  	 	^	  	  	 	^	  	  	 	^	  	  	 	^	  	  	 	^	  	  	 	^	  

 Part 2 – LC exposure 
 Date 
  

							
	 Cedent
	  	Expiry Date	  	Undrawn Amount	  	Unreimbursed drawings
		  		  		  	
		  		  		  	
		  		  		  	

 Part 3 – Collateral 
 Date 
  

							
	 Security
	  	Cusip/ISIN	  	Nominal Amount	  	Market Value
		  		  		  	
		  		  		  	
		  		  		  	

  
 116

 The Guarantor 
 Platinum Underwriters Holdings, Ltd. 
  

			
	Address:	  	The Belvedere Building, 69 Pitts Road,
2nd Floor, Pembroke, HM08, Bermuda
		
	Fax No:	  	+1 (441) 295 4605
		
	Attention:	  	Mark Pickering and Allan Decleir
		
	By:	  	ALLAN DECLEIR

 The Borrower 
 Platinum Underwriters Bermuda, Ltd. 
  

			
	By:	  	GAVIN COLLERY

  
 117

 The Arranger 
 National Australia Bank Limited 
  

			
	By:	  	BILL SEABROOK

 The Original Bank 
 National Australia Bank Limited 
  

			
	By:	  	BILL SEABROOK

 The Agent 

National Australia Bank Limited 
  

			
	Address:	  	88 Wood Street, London, EC2V 7QQ
		
	Fax No:	  	+44 (0)20 7410 0297
		
	Attention:	  	Lending Admin
		
	By:	  	CAROLE PALMER

 The Security Agent 
 National Australia Bank Limited 
  

			
	Address:	  	88 Wood Street, London, EC2V 7QQ
		
	Fax No:	  	+44 (0)20 7410 0297
		
	Attention:	  	Lending Admin
		
	By:	  	CAROLE PALMER

  
 118EX-4.1

 Exhibit 4.1 
  

 
  

MIX TELEMATICS LIMITED 
 AND 
 THE BANK OF NEW YORK MELLON 

                       
                                      As Depositary 

AND 
 OWNERS AND
HOLDERS OF AMERICAN DEPOSITARY SHARES 
 Deposit Agreement 

Dated as of             , 2013 

 
  

 

 TABLE OF CONTENTS 

 

									
	ARTICLE 1.	 	DEFINITIONS	  	 	1	  
		 	SECTION 1.01	    	 American Depositary Shares.
	  	 	1	  
		 	SECTION 1.02	    	 Commission.
	  	 	2	  
		 	SECTION 1.03	    	 Company.
	  	 	2	  
		 	SECTION 1.04	    	 Custodian.
	  	 	2	  
		 	SECTION 1.05	    	 Deliver; Surrender.
	  	 	2	  
		 	SECTION 1.06	    	 Deposit Agreement.
	  	 	3	  
		 	SECTION 1.07	    	 Depositary; Corporate Trust Office.
	  	 	3	  
		 	SECTION 1.08	    	 Deposited Securities.
	  	 	3	  
		 	SECTION 1.09	    	 Dollars.
	  	 	3	  
		 	SECTION 1.10	    	 DTC.
	  	 	3	  
		 	SECTION 1.11	    	 Foreign Registrar.
	  	 	3	  
		 	SECTION 1.12	    	 Holder.
	  	 	4	  
		 	SECTION 1.13	    	 Owner.
	  	 	4	  
		 	SECTION 1.14	    	 Receipts.
	  	 	4	  
		 	SECTION 1.15	    	 Registrar.
	  	 	4	  
		 	SECTION 1.16	    	 Restricted Securities.
	  	 	4	  
		 	SECTION 1.17	    	 Securities Act of 1933.
	  	 	4	  
		 	SECTION 1.18	    	 Shares.
	  	 	5	  
			
	ARTICLE 2.	 	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES	  	 	5	  
		 	SECTION 2.01	    	 Form of Receipts; Registration and Transferability of American Depositary Shares.
	  	 	5	  
		 	SECTION 2.02	    	 Deposit of Shares.
	  	 	6	  
		 	SECTION 2.03	    	 Delivery of American Depositary Shares.
	  	 	7	  
		 	SECTION 2.04	    	 Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and
Uncertificated American Depositary Shares.
	  	 	7	  
		 	SECTION 2.05	    	 Surrender of American Depositary Shares and Withdrawal of Deposited Securities.
	  	 	8	  
		 	SECTION 2.06	    	 Limitations on Delivery, Transfer and Surrender of American Depositary Shares.
	  	 	9	  
		 	SECTION 2.07	    	 Lost Receipts, etc.
	  	 	10	  
		 	SECTION 2.08	    	 Cancellation and Destruction of Surrendered Receipts.
	  	 	11	  
		 	SECTION 2.09	    	 Pre-Release of American Depositary Shares.
	  	 	11	  
		 	SECTION 2.10	    	DTC Direct Registration System and Profile Modification System.	  	 	12	  

  
 i 

									
	ARTICLE 3.	 	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES	  	 	12	  
		 	SECTION 3.01	    	 Filing Proofs, Certificates and Other Information.
	  	 	12	  
		 	SECTION 3.02	    	 Liability of Owner for Taxes.
	  	 	13	  
		 	SECTION 3.03	    	 Warranties on Deposit of Shares.
	  	 	13	  
		 	SECTION 3.04	    	 Disclosure of Interests.
	  	 	13	  
			
	ARTICLE 4.	 	THE DEPOSITED SECURITIES	  	 	14	  
		 	SECTION 4.01	    	 Cash Distributions.
	  	 	14	  
		 	SECTION 4.02	    	 Distributions Other Than Cash, Shares or Rights.
	  	 	14	  
		 	SECTION 4.03	    	 Distributions in Shares.
	  	 	15	  
		 	SECTION 4.04	    	 Rights.
	  	 	15	  
		 	SECTION 4.05	    	 Conversion of Foreign Currency.
	  	 	17	  
		 	SECTION 4.06	    	 Fixing of Record Date.
	  	 	18	  
		 	SECTION 4.07	    	 Voting of Deposited Securities.
	  	 	18	  
		 	SECTION 4.08	    	 Changes Affecting Deposited Securities.
	  	 	20	  
		 	SECTION 4.09	    	 Reports.
	  	 	20	  
		 	SECTION 4.10	    	 Lists of Owners.
	  	 	20	  
		 	SECTION 4.11	    	 Withholding.
	  	 	20	  
			
	ARTICLE 5.	 	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY	  	 	21	  
		 	SECTION 5.01	    	 Maintenance of Office and Transfer Books by the Depositary.
	  	 	21	  
		 	SECTION 5.02	    	 Prevention or Delay in Performance by the Depositary or the Company.
	  	 	21	  
		 	SECTION 5.03	    	 Obligations of the Depositary, the Custodian and the Company.
	  	 	22	  
		 	SECTION 5.04	    	 Resignation and Removal of the Depositary.
	  	 	23	  
		 	SECTION 5.05	    	 The Custodians.
	  	 	24	  
		 	SECTION 5.06	    	 Notices and Reports.
	  	 	24	  
		 	SECTION 5.07	    	 Distribution of Additional Shares, Rights, etc.
	  	 	25	  
		 	SECTION 5.08	    	 Indemnification.
	  	 	26	  
		 	SECTION 5.09	    	 Charges of Depositary.
	  	 	28	  
		 	SECTION 5.10	    	 Retention of Depositary Documents.
	  	 	29	  
		 	SECTION 5.11	    	 Exclusivity.
	  	 	29	  
		 	SECTION 5.12	    	 List of Restricted Securities Owners.
	  	 	29	  
			
	ARTICLE 6.	 	AMENDMENT AND TERMINATION	  	 	29	  
		 	SECTION 6.01	    	 Amendment.
	  	 	29	  
		 	SECTION 6.02	    	 Termination.
	  	 	30	  

  
 ii 

									
	ARTICLE 7.	 	MISCELLANEOUS	  	 	31	  
		 	SECTION 7.01	    	 Counterparts.
	  	 	31	  
		 	SECTION 7.02	    	 No Third Party Beneficiaries.
	  	 	31	  
		 	SECTION 7.03	    	 Severability.
	  	 	31	  
		 	SECTION 7.04	    	 Owners and Holders as Parties; Binding Effect.
	  	 	31	  
		 	SECTION 7.05	    	 Notices.
	  	 	31	  
		 	SECTION 7.06	    	 Submission to Jurisdiction; Appointment of Agent for Service of Process; Jury Trial Waiver.
	  	 	32	  
		 	SECTION 7.07	    	 Waiver of Immunities.
	  	 	33	  
		 	SECTION 7.08	    	 Governing Law.
	  	 	33	  

  
 iii

 DEPOSIT AGREEMENT 
 DEPOSIT AGREEMENT dated as of                 , 2013 among MIX TELEMATICS LIMITED, a company incorporated under the laws of
the Republic of South Africa (herein called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders (each as hereinafter defined) from time to time of American Depositary
Shares issued hereunder. 
 W I T N E S S E T H: 
 WHEREAS, the Company desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time with the Depositary or with
the Custodian (as hereinafter defined) as agent of the Depositary for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of
American Depositary Receipts evidencing the American Depositary Shares; and 
 WHEREAS, the American Depositary Receipts are to
be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows: 
  

	ARTICLE 1.	DEFINITIONS 

 The following
definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement: 
 SECTION 1.01 American Depositary Shares. 
 The term “American
Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated
securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those
provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and uncertificated American Depositary Shares. Each American Depositary Share shall represent the
number of Shares specified in Exhibit A to this Deposit Agreement, until there shall occur a distribution upon Deposited Securities covered by Section 4.03 or a change in 

  
 1 

 
Deposited Securities covered by Section 4.08 with respect to which additional American Depositary Shares are not delivered, and thereafter American Depositary Shares shall represent the
amount of Shares or Deposited Securities specified in such Sections. 
 SECTION 1.02 Commission. 

The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental
agency in the United States. 
 SECTION 1.03 Company. 

The term “Company” shall mean MiX Telematics Limited, a company incorporated under the laws of the Republic of South Africa,
and its successors. 
 SECTION 1.04 Custodian. 
 The term “Custodian” shall mean the principal Johannesburg office of any of Standard Bank of South Africa, FirstRand Bank Limited or Societe Generale (ZA), as agent of the Depositary for the
purposes of this Deposit Agreement, and any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of Section 5.05, as substitute or additional custodian or custodians hereunder, as the context shall
require and shall also mean all of them collectively. 
 SECTION 1.05 Deliver; Surrender. 

(a) The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities designated by the person entitled to that delivery or
(ii) physical transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the person entitled to that delivery. 

(b) The term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) book-entry
transfer of American Depositary Shares to an account at DTC designated by the person entitled to such delivery, evidencing American Depositary Shares registered in the name requested by that person, (ii) registration of American Depositary
Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming such registration or (iii) if requested by the person entitled
to such delivery, delivery at the Corporate Trust Office of the Depositary to the person entitled to such delivery of one or more Receipts. 
 (c) The term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares to the DTC account of the
Depositary, (ii) delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Corporate Trust Office of one or
more Receipts evidencing American Depositary Shares. 

  
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 SECTION 1.06 Deposit Agreement. 

The term “Deposit Agreement” shall mean this Deposit Agreement, as the same may be amended from time to time in accordance with
the provisions hereof. 
 SECTION 1.07 Depositary; Corporate Trust Office. 

The term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary
hereunder. The term “Corporate Trust Office”, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this Deposit Agreement is 101 Barclay Street, New York, New York 10286. 

SECTION 1.08 Deposited Securities. 
 The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement, including without limitation Shares that have not
been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such time held under this Deposit Agreement, subject
as to cash to the provisions of Section 4.05. 
 SECTION 1.09 Dollars. 

The term “Dollars” shall mean United States dollars. 
 SECTION 1.10 DTC. 
 The term “DTC” shall mean The Depository
Trust Company or its successor. 
 SECTION 1.11 Foreign Registrar. 

The term “Foreign Registrar” shall mean the entity that presently carries out the duties of registrar for the Shares or any
successor as registrar for the Shares and any other agent of the Company for the transfer and registration of Shares, including without limitation any securities depository for the Shares. 

  
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 SECTION 1.12 Holder. 

The term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary
Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares. 
 SECTION 1.13 Owner. 
 The term “Owner” shall mean the person in
whose name American Depositary Shares are registered on the books of the Depositary maintained for such purpose. 
 SECTION 1.14
Receipts. 
 The term “Receipts” shall mean the American Depositary Receipts issued hereunder evidencing
certificated American Depositary Shares, as the same may be amended from time to time in accordance with the provisions hereof. 

SECTION 1.15 Registrar. 
 The term “Registrar” shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, that is appointed by the Depositary to register American Depositary
Shares and transfers of American Depositary Shares as herein provided. 
 SECTION 1.16 Restricted Securities. 

The term “Restricted Securities” shall mean Shares, or American Depositary Shares representing Shares, that are acquired
directly or indirectly from the Company or its affiliates (as defined in Rule 144 under the Securities Act of 1933) in a transaction or chain of transactions not involving any public offering, or that are subject to resale limitations under
Regulation D under the Securities Act of 1933 or both, or which are held by an officer, director (or persons performing similar functions) or other affiliate of the Company, or that would require registration under the Securities Act of 1933 in
connection with the offer and sale thereof in the United States, or that are subject to other restrictions on sale or deposit under the laws of the United States or South Africa, or under a shareholder agreement or the articles of association or
similar document of the Company. 
 SECTION 1.17 Securities Act of 1933. 

The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended.

  
 4 

 SECTION 1.18 Shares. 

The term “Shares” shall mean ordinary shares of the Company that are validly issued and outstanding and fully paid,
nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided, however, that, if there shall occur any change in nominal value, a split-up or
consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.08, an exchange or conversion in respect of the Shares of the Company, the term “Shares” shall thereafter also mean the successor
securities resulting from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion. 
  

	ARTICLE 2.	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES 

SECTION 2.01 Form of Receipts; Registration and Transferability of American Depositary Shares. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been (i) executed by the
Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or a Registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be registered and (y) all American
Depositary Shares delivered as hereinafter provided and all registrations of transfer of American Depositary Shares shall be registered. A Receipt bearing the facsimile signature of a person that was at any time a proper officer of the Depositary
shall, subject to the other provisions of this paragraph, bind the Depositary, notwithstanding that such person was not a proper officer of the Depositary on the date of issuance of that Receipt. 

The Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent
with the provisions of this Deposit Agreement as may be reasonably required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which American
Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited
Securities or otherwise. 

  
 5 

 American Depositary Shares evidenced by a Receipt, when properly endorsed or accompanied by
proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities
under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution
of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Deposit Agreement
to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares). 
 SECTION 2.02
Deposit of Shares. 
 Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to
receive Shares may be deposited by delivery thereof to any Custodian hereunder, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the Custodian, together with all such certifications as
may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if the Depositary reasonably requires, together with a written order directing the Depositary to deliver to, or upon the written
order of, the person or persons stated in such order, the number of American Depositary Shares representing such deposit. 
 No
Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction that is then performing the function of the
regulation of currency exchange. If required by the Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Company or the Foreign Registrar, if applicable, are closed, shall also be accompanied by an agreement
or assignment, or other instrument reasonably satisfactory to the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property which any person in
whose name the Shares are or have been recorded may thereafter receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be reasonably satisfactory to the Depositary. 

The Depositary will refuse to accept Shares for deposit whenever it has received written notice from the Company that the deposit of such
Shares would violate applicable law or regulation. 
 At the request and risk and expense of any person proposing to deposit
Shares, and for the account of such person, the Depositary may receive certificates for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such Share certificates to the Custodian for deposit
hereunder. 

  
 6 

 Upon each delivery to a Custodian of a certificate or certificates for Shares to be
deposited hereunder, together with the other documents specified above, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate or certificates to the Company or the Foreign Registrar, if applicable,
for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or such Custodian or its nominee. 
 Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or places as the Depositary shall determine. 

SECTION 2.03 Delivery of American Depositary Shares. 
 Upon receipt by any Custodian of any deposit pursuant to Section 2.02 hereunder, together with the other documents required as specified above, such Custodian shall notify the Depositary of such
deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof and the number of American Depositary Shares to be so delivered. In addition, if the transfer books of the Company or
the Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence from the Company or the Foreign Registrar that any Deposited Securities have been recorded upon the books of
the Company or the Foreign Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee. Upon receiving such notice from such Custodian, or upon the receipt of Shares or evidence of the right to receive
Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of
that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of such American Depositary Shares as provided in Section 5.09, and of all taxes and governmental charges and fees payable in
connection with such deposit and the transfer of the Deposited Securities. 
 SECTION 2.04 Registration of Transfer of
American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares. 
 The Depositary, subject to the terms and conditions of this Deposit Agreement, shall register transfers of American Depositary Shares on its transfer books from time to time, upon (i) in the case of
certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or
(ii) in the case of uncertificated American Depositary Shares, 

  
 7 

 
receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped as
may be required by the laws of the State of New York and of the United States of America. Thereupon the Depositary shall deliver those American Depositary Shares to or upon the order of the person entitled thereto. 

The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the
purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary
Shares as the Receipt or Receipts surrendered. 
 The Depositary, upon surrender of certificated American Depositary Shares for
the purpose of exchanging for uncertificated American Depositary Shares, shall cancel those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American
Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10) from the Owner of uncertificated American Depositary Shares for
the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and deliver to the Owner the same number of certificated American Depositary Shares. 

The Depositary may appoint one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary
Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other
requirements by Owners or persons entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary. 
 SECTION 2.05 Surrender of American Depositary Shares and Withdrawal of Deposited Securities. 
 Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of the fee of
the Depositary for the surrender of American Depositary Shares as provided in Section 5.09 and payment of all taxes and governmental charges payable in connection with such surrender and withdrawal of the Deposited Securities, and subject to
the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by those American Depositary
Shares without unreasonable delay. 

  
 8 

 A Receipt surrendered for such purposes may be required by the Depositary to be properly
endorsed in blank or accompanied by proper instruments of transfer in blank. The Depositary may require the surrendering Owner to execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being
withdrawn to be delivered to or upon the written order of a person or persons designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the office of such Custodian, subject to Sections 2.06, 3.01 and 3.02 and to
the other terms and conditions of this Deposit Agreement, to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered
American Depositary Shares, except that the Depositary may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by those
American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 
 At the request, risk and expense of any Owner so surrendering American Depositary Shares, and for the account of such Owner, the Depositary shall direct the Custodian to forward any cash or other property
(other than rights) comprising, and forward a certificate or certificates, if applicable, and other proper documents of title for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at
the Corporate Trust Office of the Depositary. 
 The Depositary shall direct the Custodian with respect to delivery of Deposited
Securities by cable (which may be through SWIFT) or facsimile transmission and may charge the surrendering Owner a fee and its expenses for doing so. 
 Neither the Depositary nor the Custodian shall deliver Shares (other than to the Company or its agent as contemplated by Section 4.08), or otherwise permit Shares to be withdrawn from the facility
created hereby, except upon the surrender of American Depositary Shares or in connection with a sale permitted under and subject to the provisions of Section 3.02, 4.03, 4.11 or 6.02. 

SECTION 2.06 Limitations on Delivery, Transfer and Surrender of American Depositary Shares. 

As a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or
combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of
American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect
to Shares being deposited or 

  
 9 

 
withdrawn) and payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require
compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.06. 
 The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the transfer of American Depositary Shares in particular
instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or
advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement, or for any other reason, subject
to the provisions of the following sentence. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to
(i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities. Without
limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares which would be required to be registered under the provisions of the Securities Act of 1933 for public offer and sale in the
United States unless a registration statement is in effect as to such Shares for such offer and sale. 
 SECTION 2.07 Lost
Receipts, etc. 
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall deliver to the
Owner the American Depositary Shares evidenced by that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon cancellation thereof,
or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen
Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient
indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 

  
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 SECTION 2.08 Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so
cancelled. 
 SECTION 2.09 Pre-Release of American Depositary Shares. 

Notwithstanding Section 2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant
to Section 2.02 (“Pre-Release of American Depositary Shares”) and may deliver Shares prior to the surrender and cancellation of American Depositary Shares if the person to whom such Shares are to be delivered is a banking institution
organized pursuant to the laws of the Republic of South Africa (“South African Bank”) (“Pre-Release of Shares” and, together with Pre-Release of American Depositary Shares, “Pre-Release”). The Depositary may, pursuant
to Section 2.05, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such American Depositary
Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation from the person to whom
American Depositary Shares or Shares are to be delivered (a “Pre-Releasee”), that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized
with cash or such other collateral as the Depositary deems appropriate and in connection with Pre-Release of Shares, preceded or accompanied by an unconditional guaranty by the South-African Bank to deliver American Depositary Shares for
cancellation on the same calendar day on which the Shares are delivered to the South-African Bank (or, if such American Depositary Shares are not so delivered, to return the Shares), (c) terminable by the Depositary on not more than five
(5) business days’ notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a
result of Pre-Release will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems
reasonably appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance
of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depository Shares upon termination of a Pre-Release transaction (and
shall not, for the avoidance of doubt, constitute Deposited Securities). 
 The Depositary may retain for its own account any
compensation received by it in connection with the foregoing. 

  
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 SECTION 2.10 DTC Direct Registration System and Profile Modification System.

 (a) Notwithstanding the provisions of Section 2.04, the parties acknowledge that the Direct Registration System
(“DRS”) and Profile Modification System (“Profile”) shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may
register the ownership of uncertificated American Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC
participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC
account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register such transfer. 
 (b) In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary will not verify, determine or otherwise ascertain that the
DTC participant which is claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in subsection (a) has the actual authority to act on behalf of the Owner (notwithstanding any requirements
under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with
instructions received by the Depositary through the DRS/Profile System and in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary. 

 

	ARTICLE 3.	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

 SECTION 3.01 Filing Proofs, Certificates and Other Information. 
 Any
person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the
registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery
or registration of transfer of American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or
such certificates are executed or such representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, at the Company’s expense, provide the Company with copies of any such proofs, certificates or
other information it receives pursuant to this Section 3.01, to the extent that disclosure is permitted under applicable law. 

  
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 SECTION 3.02 Liability of Owner for Taxes. 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to any American Depositary
Shares or any Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner of such American Depositary Shares to the Depositary. The Depositary may refuse to register any
transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of
the Owner thereof any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge
and the Owner of such American Depositary Shares shall remain liable for any deficiency. 
 SECTION 3.03 Warranties on
Deposit of Shares. 
 Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and
warrant that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and were not issued in violation of any preemptive rights of the holders of outstanding Shares and that the person making such
deposit is duly authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of American Depositary Shares representing such Shares by that person are not restricted under the Securities Act
of 1933. Such representations and warranties shall survive the deposit of Shares and delivery of American Depositary Shares. 

SECTION 3.04 Disclosure of Interests. 
 Notwithstanding any other provision of this Deposit Agreement, each Owner and Holder agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of any stock
exchange on which the American Depositary Shares are, or will be, registered, traded or listed, the rules and requirements of any clearing system through which transactions in the American Depositary Shares may be settled or the Memorandum of
Incorporation of the Company to provide information, inter alia, as to the capacity in which such Owner or Holder owns American Depositary Shares (and Shares as the case may be) and regarding the identity of any other person(s) interested in such
American Depositary Shares (and Shares, as the case may be) and the nature of such interest and various other matters, whether or not they are Owners or Holders at the time of such request. The Depositary agrees to use its reasonable efforts to
forward, upon the written request of the Company and at the expense of the Company, any such written request from the Company to the Owners and to forward, as promptly as practicable, to the Company any responses to such requests received by the
Depositary. 

  
 13 

	ARTICLE 4.	THE DEPOSITED SECURITIES 

SECTION 4.01 Cash Distributions. 
 Whenever the Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, as promptly as practicable, subject to the provisions of
Section 4.05, if applicable, convert such dividend or distribution into Dollars and shall distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Section 5.09) to the Owners entitled thereto, in
proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Owner a fraction of
one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. Notwithstanding the foregoing that in the event that the Custodian or the Depositary shall be required by applicable law
to withhold and does withhold from such cash dividend or such other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owner of the American Depositary Shares representing such Deposited
Securities shall be reduced accordingly. The applicable withholding agent (or its agent) will remit to the appropriate governmental agency in each applicable jurisdiction all amounts so withheld and owing to such agency. The Depositary will, as
promptly as possible, forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies. 

SECTION 4.02 Distributions Other Than Cash, Shares or Rights. 

Subject to the provisions of Sections 4.11 and 5.09, whenever the Depositary shall receive any distribution other than a distribution
described in Section 4.01, 4.03 or 4.04, the Depositary shall, after consultation with the Company, cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees
and expenses of the Depositary or any taxes or other governmental charges imposed under applicable law, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that
the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any
other reason (including, but not limited to, any requirement under applicable law that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that such securities must be registered under the Securities
Act of 1933 in order to be distributed to Owners or Holders) the Depositary 

  
 14 

 
deems such distribution not to be feasible, the Depositary may, after consultation with the company if practicable, adopt such method as it may deem equitable and practicable for the purpose of
effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as
provided in Section 5.09) shall be distributed by the Depositary to the Owners entitled thereto, all in the manner and subject to the conditions described in Section 4.01. The Depositary may withhold any distribution of securities under
this Section 4.02 if it has not received satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities
or other property it would otherwise distribute under this Section 4.02 that is sufficient to pay its fees and expenses in respect of that distribution. 
 SECTION 4.03 Distributions in Shares. 
 If any distribution upon any
Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company shall so request in writing, deliver to the Owners entitled thereto, in proportion to the number of American Depositary
Shares representing such Deposited Securities held by them respectively, an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the
Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including withholding of any tax or governmental charge as provided in Section 4.11 and after deduction or upon payment of the fees and expenses
of the Depositary as provided in Section 5.09 (and the Depositary may sell, by public or private sale, an amount of the Shares received sufficient to pay its fees and expenses in respect of that distribution). The Depositary may withhold any
such delivery of American Depositary Shares if it has not received satisfactory assurances from the Company that such distribution does not require registration under the Securities Act of 1933. In lieu of delivering fractional American Depositary
Shares in any such case, the Depositary shall use reasonable efforts to sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions described in
Section 4.01. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 

SECTION 4.04 Rights. 
 In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary
after consultation with the Company, shall have discretion as to the procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net

  
 15 

 
proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such
rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible to make such
rights available to all or certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such
Owner, warrants or other instruments therefor in such form as it deems appropriate. 
 In circumstances in which rights would
otherwise not be distributed, if an Owner requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such rights available
to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined
in its sole discretion are reasonably required under applicable law. 
 If the Depositary has distributed warrants or other
instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the
account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other
instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the
Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.02, and shall, pursuant to Section 2.03, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph
of this Section, such deposit shall be made, and depositary shares shall be delivered, under depositary arrangements which provide for issuance of depositary shares subject to the appropriate restrictions on sale, deposit, cancellation, and transfer
under applicable United States laws. 
 If the Depositary determines in its discretion that it is not lawful and feasible to
make such rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make
such rights available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.09 and all taxes and governmental charges payable in connection with such rights and subject to the
terms and conditions of this Deposit Agreement) for the account of such Owners otherwise entitled to such rights, 

  
 16 

 
warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any
American Depositary Shares or otherwise. 
 The Depositary will not offer rights to Owners unless both the rights and the
securities to which such rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act; provided, that nothing in this
Deposit Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner
requests the distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act of 1933, the Depositary shall not effect such distribution unless it has received an opinion from
recognized counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration. 
 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 

SECTION 4.05 Conversion of Foreign Currency. 
 Whenever the Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time
of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall, as promptly as
practicable, convert or cause to be converted by sale or in any other manner that it may determine such foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed
any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other reasonably
practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the
Depositary as provided in Section 5.09. 
 If such conversion or distribution can be effected only with the approval or
license of any government or agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
 If at any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to
the United States, or if any approval or 

  
 17 

 
license of any government or agency thereof which is required for such conversion is denied or in the judgment of the Depositary is not obtainable, or if any such approval or license is not
obtained within a reasonable period as determined by the Depositary, the Depositary in its judgment may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to,
or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 

If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled
thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold
such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 

SECTION 4.06 Fixing of Record Date. 
 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities,
or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary
Share, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the “Record Date”) (a) for the determination of the Owners who shall be (i) entitled to receive such dividend,
distribution or rights or the net proceeds of the sale thereof, (ii) entitled to give instructions for the exercise of voting rights at any such meeting or (iii) responsible for any fee or charge assessed by the Depositary pursuant to this
Deposit Agreement, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.01 through 4.05 and to the other terms and conditions of this Deposit Agreement, the
Owners on such Record Date shall be entitled, as the case may be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of sale thereof in proportion to the
number of American Depositary Shares held by them respectively and to give voting instructions and to act in respect of any other such matter. 
 SECTION 4.07 Voting of Deposited Securities. 
 Upon receipt from the
Company of notice of any meeting or solicitation of proxies or consents of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice,
the form of which notice shall be approved by the Company in advance, such approval not being unreasonably withheld, which shall contain (a) such information (including, without limitation, solicitation materials) as is contained in such

  
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notice of meeting received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on the Record Date (as defined in Section 4.06) will be
entitled, subject to any applicable provision of South African law and of the Memorandum of Incorporation or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of
Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including an express indication that such instructions may be given or
deemed given in accordance with the last sentence of this paragraph if no instruction is received, to the Depositary to give a discretionary proxy to a person designated by the Company. Upon the written request of an Owner of American Depositary
Shares on the Record Date, received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities
represented by those American Depositary Shares in accordance with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other
than in accordance with such instructions or deemed instructions. If (i) the Company requested the Depositary to act under this paragraph and complied with the second following paragraph at least 30 days prior to the meeting date and
(ii) no instructions are received by the Depositary from an Owner with respect to an amount of the Deposited Securities represented by American Depositary Shares of that Owner and a matter on or before the date established by the Depositary for
such purpose, the Depositary shall deem such Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to that amount of Deposited Securities and that matter and the Depositary shall
give a discretionary proxy to a person designated by the Company to vote that amount of Deposited Securities as to that matter, except that no such instruction shall be deemed given and no such discretionary proxy shall be given with respect
to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not wish such proxy given, (y) substantial
opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares. 
 There can be no
assurance that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently prior to the instruction cutoff date to ensure that the Depositary will vote the Shares or Deposited Securities in
accordance with the provisions set forth in the preceding paragraph. 
 In order to give Owners a reasonable opportunity to
instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the Company will request the Depositary to act under this Section 4.07, the Company shall give the Depositary notice of the meeting and details
concerning the matters to be voted upon as soon as practicable. 

  
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 SECTION 4.08 Changes Affecting Deposited Securities. 

Upon any change in nominal value, change in par value, split-up, consolidation or any other reclassification of Deposited Securities, or
upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, or upon the redemption or cancellation by the Company of the Deposited Securities, any securities, cash or property
which shall be received by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities, shall be treated as new Deposited Securities under this Deposit Agreement, and American Depositary Shares
shall thenceforth represent, in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless additional American Depositary Shares are delivered pursuant to the following sentence. In any such
case the Depositary may deliver additional American Depositary Shares as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities.

 SECTION 4.09 Reports. 
 The Depositary shall make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy solicitation material, received from the Company which are
both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also, upon written request by the Company, send
to the Owners copies of such reports when furnished by the Company pursuant to Section 5.06. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in
English, to the extent such materials are required to be translated into English pursuant to any regulations of the Commission. 

SECTION 4.10 Lists of Owners. 
 Promptly upon request by the Company, the Depositary shall, at the expense of the Company (unless otherwise agreed between the Company and the Depositary), furnish to it a list, as of a recent date, of
the names, addresses and holdings of American Depositary Shares by all persons in whose names American Depositary Shares are registered on the books of the Depositary. 
 SECTION 4.11 Withholding. 
 In the event that the Depositary determines in
its reasonable judgment that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold under applicable law, the Depositary may
by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such 

  
 20 

 
amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of
such taxes or charges to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 
  

	ARTICLE 5.	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY 

 SECTION 5.01 Maintenance of Office and Transfer Books by the Depositary. 

Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The
City of New York, facilities for the execution and delivery, registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement. 

The Depositary shall keep books, at its Corporate Trust Office, for the registration of American Depositary Shares and transfers of
American Depositary Shares which at all reasonable times shall be open for inspection by the Owners and the Company, provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object
other than the business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares. 
 The
Depositary may close the transfer books, at any time or from time to time, when deemed reasonably expedient by it in connection with the performance of its duties hereunder or at the reasonable request of the Company. 

If any American Depositary Shares are listed on one or more stock exchanges in the United States, the Depositary shall act as Registrar
or appoint a Registrar or one or more co-registrars for registry of such American Depositary Shares in accordance with any requirements of such exchange or exchanges. 
 SECTION 5.02 Prevention or Delay in Performance by the Depositary or the Company. 
 Neither the Depositary nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability to any Owner or Holder (i) if by reason of any
provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the Memorandum of Incorporation or
similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its
control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be 

  
 21 

 
subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement or the Deposited Securities it is provided shall be done
or performed, (ii) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed, (iii) by reason of any
exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement, (iv) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit which is made available to holders of
Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders, or (v) for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where, by the
terms of a distribution pursuant to Section 4.01, 4.02 or 4.03, or an offering or distribution pursuant to Section 4.04, or for any other reason, such distribution or offering may not be made available to Owners, and the Depositary may not
dispose of such distribution or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse. 

SECTION 5.03 Obligations of the Depositary, the Custodian and the Company. 

Neither the Company nor any of its directors, officers, employees, agents or affiliates assumes any obligation nor shall it or any of
them be subject to any liability under this Deposit Agreement to any Owner or Holder, except that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 

Neither the Depositary nor any of its directors, officers, employees, agents or affiliates assumes any obligation nor shall it or any of
them be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to perform its
obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
 Neither the Depositary nor the
Company or any of their respective directors, officers, employees, agents or affiliates shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the
American Depositary Shares on behalf of any Owner or Holder or any other person. 
 Neither the Depositary nor the Company or
any of their respective directors, officers, employees, agents or affiliates shall be liable for any action or nonaction by any of them in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for
deposit, any Owner or any other person believed by any of them in good faith to be competent to give such advice or information. The Depositary and the Company and their respective directors, officers,

  
 22 

 
employees, agents or affiliates may rely and shall be protected in acting upon any written notice, request, direction or other documents believed by them to be genuine and to have been signed or
presented by the proper party or parties. 
 The Depositary shall not be liable for any acts or omissions made by a successor
depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such
potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 
 The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of Deposited
Securities or otherwise. 
 The Depositary shall not be responsible for any failure to carry out any instructions to vote any of
the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 
 No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement. 
 SECTION 5.04 Resignation and Removal of the Depositary. 
 The Depositary
may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter
provided. 
 The Depositary may at any time be removed by the Company by 120 days prior written notice of such removal, to
become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its reasonable efforts to appoint a
successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York or in any other place permitted by applicable law and stock exchange rules. Every successor depositary shall execute and
deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Company shall execute and deliver an instrument transferring to such successor all

  
 23 

 
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities to such successor and shall deliver to such
successor a list of the Owners of all outstanding American Depositary Shares. Any such successor depositary shall promptly mail notice of its appointment to the Owners. 
 Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 

SECTION 5.05 The Custodians. 
 The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. The Depositary shall require the Custodian to comply with all
applicable provisions of this Deposit Agreement. Any Custodian may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become
effective. The Depositary will inform the Company of such resignation promptly upon receipt of notice from the Custodian. If upon such resignation there shall be no Custodian acting hereunder, the Depositary shall, promptly after receiving such
notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian hereunder. The Depositary will give written notice to the Company of any such action as promptly as practicable, which will be advance notice if
practicable. The Depositary in its discretion may appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian shall deliver such of the
Deposited Securities held by it as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Each such substitute or additional custodian shall deliver to the Depositary, forthwith upon its appointment, an
acceptance of such appointment satisfactory in form and substance to the Depositary. 
 Upon the appointment of any successor
depositary hereunder, each Custodian then acting hereunder shall forthwith become, without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the
authority of each Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full
and complete power and authority as agent hereunder of such successor depositary. 
 SECTION 5.06 Notices and Reports.

 On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of
Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action in 

  
 24 

 
respect of any cash or other distributions or the offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the form given or to
be given to holders of Shares or other Deposited Securities. 
 The Company will arrange for the translation into English, if
not already in English, to the extent required pursuant to any regulations of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of such notices and any other reports and communications which are made
generally available by the Company to holders of its Shares. If requested in writing by the Company, the Depositary will arrange for the mailing of copies of such notices, reports and communications to all Owners. The Company will timely provide the
Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. 

SECTION 5.07 Distribution of Additional Shares, Rights, etc. 

If the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares,
(2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as
practicable and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary a written opinion from U.S. counsel for the Company that is reasonably satisfactory to
the Depositary, stating whether or not the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933. If, in the opinion of that counsel, the Distribution requires, or, if made in the
United States, would require, registration under the Securities Act of 1933, that counsel shall furnish to the Depositary a written opinion as to whether or not there is a registration statement under the Securities Act of 1933 in effect that will
cover that Distribution. 
 The Company agrees with the Depositary that neither the Company nor any company controlled by,
controlling or under common control with the Company will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Company or any such affiliate, unless a Registration Statement is in effect as to such
Shares under the Securities Act of 1933 or the Company delivers to the Depositary an opinion of United States counsel, satisfactory to the Depositary, to the effect that, upon deposit, those Shares will be eligible for public resale without
restriction in the United States without further registration under the Securities Act of 1933. Notwithstanding anything to the contrary herein, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration
statement in respect of any proposed transactions. 

  
 25 

 SECTION 5.08 Indemnification. 

The Company agrees to indemnify the Depositary, its directors, officers, employees, agents and affiliates and any Custodian against, and
hold each of them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) which may arise out of or in
connection with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States, except to the extent any such liability or expense arises out of
(x) information relating to the Depositary or any Custodian furnished in writing and not materially changed or altered by the Company expressly for use in any registration statement, proxy statement, prospectus (or placement memorandum), or
preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of American Depositary Shares (it being understood that, as of the date of this Deposit Agreement, the Depositary has not furnished any information of that
kind) or (y) if such information is provided, the misstatement of a material fact or the failure to state a material fact necessary to make the information provided not misleading, or (b) acts performed or omitted, pursuant to the
provisions of or in connection with this Deposit Agreement and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors,
officers, employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, officers, employees, agents and affiliates.

 The indemnities contained in the preceding paragraph shall not extend to any liability or expense to the extent such
liability or expense arises solely and exclusively out of a Pre-Release (as defined in Section 2.09) of American Depositary Shares in accordance with Section 2.09 and which would not otherwise have arisen had those American Depositary
Shares not been the subject of a Pre-Release pursuant to Section 2.09; provided, however, that the indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such liability or
expense would have arisen had those American Depositary Shares not be the subject of a Pre-Release, or (ii) which arises out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy
statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of American Depositary Shares, except to the extent any such liability or expense arises out of
(x) information relating to the Depositary or any Custodian (other than the Company), as applicable, furnished in writing and not materially changed or altered by the Company expressly for use in any of the foregoing documents, or, (y) if
such information is provided, the misstatement of a material fact or the failure to state a material fact necessary to make the information provided not misleading. 

  
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 The Depositary agrees to indemnify the Company, its directors, officers, employees, agents
and affiliates and hold them harmless from any liability or expense (including, but not limited to any fees and expenses incurred in seeking enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) which arises out of
acts performed or omitted by the Depositary or its Custodian or their respective directors, officers, employees, agents and affiliates due to their negligence or bad faith. 
 If an action, proceeding (including, but not limited to, any governmental investigation), claim or dispute (collectively, a “Proceeding”) in respect of which indemnity may be sought by either
party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”) shall promptly (and in no event more than ten (10) days after receipt of notice of such Proceeding) notify the party obligated
to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the Indemnitee to so notify the Indemnitor shall not impair the Indemnitee’s ability to seek indemnification from the Indemnitor (but only for
costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnitor’s ability to adequately oppose or defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be
entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no conflict of interest exists as specified in subparagraph (b) below or there are no other defenses available to Indemnitee as specified in
subparagraph (d) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee (in which case all attorney’s fees and expenses shall be borne by the Indemnitor and the Indemnitor shall in good faith defend the
Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be borne by the Indemnitee unless (a) the Indemnitor
agrees in writing to pay such fees and expenses, (b) the Indemnitee shall have reasonably and in good faith concluded that there is a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action,
(c) the Indemnitor fails, within ten (10) days prior to the date the first response or appearance is required to be made in such Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or
(d) there are legal defenses available to Indemnitee that are different from or are in addition to those available to the Indemnitor. No compromise or settlement of such Proceeding may be effected by either party without the other party’s
consent unless (i) there is no finding or admission of any violation of law and no effect on any other claims that may be made against such other party and (ii) the sole relief provided is monetary damages that are paid in full by the
party seeking the settlement and for which the Indemnitee will not seek reimbursement of such amount from the Indemnitor. Neither party shall have any liability with respect to any compromise or settlement effected without its consent, which shall
not be unreasonably withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee as a result of a default judgment entered against the Indemnitee
unless such judgment was entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding. 

  
 27 

 SECTION 5.09 Charges of Depositary. 

The Company agrees to pay the fees and out-of-pocket expenses of the Depositary and those of any Registrar only in accordance with
separate agreements in writing entered into between the Depositary and the Company from time to time. 
 The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock
split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.03 or 4.04), or by Owners, as applicable: (1) taxes
and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of
Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses as are expressly provided in this Deposit
Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.05, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of
American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 and the surrender of American Depositary Shares pursuant to Section 2.05 or 6.02, (6) a fee payable by Owners of $.05 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.01 through 4.04 hereof, (7) a fee payable by Owners for the distribution of securities pursuant to Section 4.02, such fee
being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such
securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under clause 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum
for depositary services, which will be payable as provided in clause 9 below, (9) any other charges payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in
connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 and shall be payable at the sole discretion of
the Depositary by billing such Owners for such charges or by deducting such charges from one or more cash dividends or other cash distributions). 
 The Depositary may collect any of its fees by deduction from any cash distribution payable to Owners that are obligated to pay those fees. 

  
 28 

 The Depositary, subject to Section 2.09 hereof, may own and deal in any class of
securities of the Company and its affiliates and in American Depositary Shares. 
 SECTION 5.10 Retention of Depositary
Documents. 
 The Depositary is authorized to destroy those documents, records, bills and other data compiled during the
term of this Deposit Agreement at the times permitted by the laws or regulations governing the Depositary unless the Company requests that such papers be retained for a longer period or turned over to the Company or to a successor depositary.

 SECTION 5.11 Exclusivity. 
 The Company agrees not to appoint any other depositary for issuance of American or global depositary shares or receipts so long as The Bank of New York Mellon is acting as Depositary hereunder.

 SECTION 5.12 List of Restricted Securities Owners. 

From time to time, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those
persons or entities who beneficially own Restricted Securities and the Company shall update that list on a regular basis. The Company agrees to advise in writing each of the persons or entities so listed that such Restricted Securities are
ineligible for deposit hereunder. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. 
  

	ARTICLE 6.	AMENDMENT AND TERMINATION 

SECTION 6.01 Amendment. 
 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or
Holders in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable or facsimile transmission costs, delivery
costs or other such expenses), or which shall otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of such
amendment shall have been given to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest
therein, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive therefor the Deposited
Securities represented thereby, except in order to comply with mandatory provisions of applicable law. 

  
 29 

 SECTION 6.02 Termination. 

The Company may at any time terminate this Deposit Agreement by instructing the Depositary to mail a notice of termination to the Owners
of all American Depositary Shares then outstanding at least 30 days prior to the termination date included in such notice. The Depositary may likewise terminate this Deposit Agreement if at any time 60 days shall have expired after the Depositary
delivered to the Company a written resignation notice and if a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.04; in such case the Depositary shall mail a notice of termination to the
Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date. On and after the date of termination, the Owner of American Depositary Shares will, upon (a) surrender of such American Depositary Shares,
(b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in Section 2.05, and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order,
of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary Shares shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of
transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to
collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any rights or other property, upon surrender of American Depositary Shares (after deducting, in each case, the fee of the Depositary for the surrender of American
Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). 

At any time after the expiration of four months from the date of termination, the Depositary may sell the Deposited Securities then held
under this Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of
American Depositary Shares that have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all
obligations under this Deposit Agreement, except to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of
such American Depositary Shares in accordance with the terms 

  
 30 

 
and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations
under this Deposit Agreement except for its obligations to the Depositary under Sections 5.08 and 5.09. 
  

	ARTICLE 7.	MISCELLANEOUS 

 SECTION 7.01
Counterparts. 
 This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an
original and all of such counterparts shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Holder during business hours.

 SECTION 7.02 No Third Party Beneficiaries. 
 This Deposit Agreement is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. 

SECTION 7.03 Severability. 
 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 SECTION 7.04 Owners and Holders as Parties; Binding Effect. 
 The Owners
and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of American Depositary Shares or any interest therein. 

SECTION 7.05 Notices. 
 Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail or facsimile transmission or email confirmed by letter, addressed to MiX
Telematics Limited, Matrix Center, Howick Close, Waterfall Park, Midrand 1685, South Africa, Attention: Group Financial Director, Megan.Pydigadu@mixtelematics.com, with a copy to the CEO, stefan.joss@mixtelematics.com, c/o 750 Park of Commerce
Blvd., Suite 100, Boca Raton, FL 33487 or any other place to which the Company may have transferred its principal office with notice to the Depositary. 

  
 31 

 Any and all notices to be given to the Depositary shall be deemed to have been duly given if
in English and personally delivered or sent by mail or cable, or facsimile transmission confirmed by letter, addressed to The Bank of New York Mellon, 101 Barclay Street, New York, New York 10286, Attention: American Depositary Receipt
Administration, [email address], or any other place to which the Depositary may have transferred its Corporate Trust Office with notice to the Company. 
 Any and all notices to be given to any Owner shall be deemed to have been duly given if personally delivered or sent by mail or cable, or facsimile transmission or email confirmed by letter, addressed to
such Owner at the address of such Owner as it appears on the transfer books for American Depositary Shares of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended for such Owner be given to
some other address, at the address designated in such request. 
 Delivery of a notice sent by mail or facsimile transmission or
email shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission or email) is deposited, postage prepaid, in a post-office letter box. The Depositary
or the Company may, however, act upon any facsimile transmission or email received by it, notwithstanding that such facsimile transmission or email shall not subsequently be confirmed by letter as aforesaid. 

SECTION 7.06 Submission to Jurisdiction; Appointment of Agent for Service of Process; Jury Trial Waiver. 

The Company hereby (i) irrevocably designates and appoints MiX Telematics North America, Inc. 750 Park of Commerce Blvd., Suite 100,
Boca Raton, Florida 33487, as the Company’s authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this
Deposit Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted and (iii) agrees that service of process upon said authorized
agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company agrees to deliver, upon the execution and delivery of this Deposit Agreement, a written acceptance by such agent of its
appointment as such agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so
long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company fails to continue such designation and appointment in full force and effect, the Company hereby waives
personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service so made
shall be deemed completed ten (10) business days after the same shall have been so mailed. 

  
 32 

 EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND
HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY
QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 SECTION 7.07
Waiver of Immunities. 
 To the extent that the Company or any of its properties, assets or revenues may have or may
hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim,
from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief
or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents
to such relief and enforcement. 
 SECTION 7.08 Governing Law. 

This Deposit Agreement and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof
shall be governed by the laws of the State of New York, except with respect to its authorization and execution by the Company, which shall be governed by the laws of South Africa. 

  
 33 

 IN WITNESS WHEREOF, MIX TELEMATICS LIMITED and THE BANK OF NEW YORK MELLON have duly
executed this Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein. 

 

					
	MIX TELEMATICS LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	THE BANK OF NEW YORK MELLON,
	as Depositary
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 34 

 EXHIBIT A 
  

					
		 		 	AMERICAN DEPOSITARY SHARES
		 		 	(Each American Depositary Share represents
		 		 	[25] deposited Shares)

 THE BANK OF NEW YORK MELLON 
 AMERICAN DEPOSITARY RECEIPT 
 FOR ORDINARY SHARES, NO PAR VALUE, 

OF 
 MIX TELEMATICS
LIMITED. 
 (INCORPORATED UNDER THE LAWS OF SOUTH AFRICA) 

The Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that
                    
                    , or registered assigns IS THE OWNER OF
                                        

 AMERICAN DEPOSITARY SHARES 
 representing deposited ordinary shares (herein called “Shares”), of MiX Telematics Limited, a company incorporated under the laws of the Republic of South Africa (herein called the
“Company”). At the date hereof, each American Depositary Share represents [25] Shares deposited or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) at the principal Johannesburg office of any of Standard
Bank of South Africa, FirstRand Bank Limited or Societe Generale (ZA), (each herein called a “Custodian”). The Depositary’s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate
Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at One Wall Street, New York, N.Y. 10286. 
 THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 
 101 BARCLAY STREET, NEW
YORK, N.Y. 10286 

	1.	THE DEPOSIT AGREEMENT. 

This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and
conditions set forth in the deposit agreement dated as of                 , 2013 (herein called the “Deposit Agreement”) among the Company, the
Depositary and all Owners and Holders from time to time of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof.
The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of
such Shares and held thereunder (such Shares, securities, property, and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Corporate Trust Office in New York City and at the
office of the Custodian. 
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of
the Deposit Agreement and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set
forth in the Deposit Agreement. 
 2. SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF DEPOSITED SECURITIES. 

Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares, and upon payment of the fee of the
Depositary provided in this Receipt, and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares is entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time
represented by those American Depositary Shares. Such delivery will be made at the option of the Owner hereof, either at the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for
Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk and expense of the Owner hereof. 
  

	3.	TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS. 

 Transfers of American Depositary Shares may be registered on the books of the Depositary by the Owner in person or by a duly authorized attorney, upon surrender of those American Depositary Shares
properly endorsed for transfer or accompanied by proper instruments of transfer, in the case of a Receipt, or pursuant to a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in
Section 2.10 of the Deposit Agreement), in the case of uncertificated American Depositary Shares, and funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with such regulations, if any, as
the 

  
 1 

 
Depositary may establish for such purpose. This Receipt may be split into other such Receipts, or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number
of American Depositary Shares as the Receipt or Receipts surrendered. The Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel those
certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the Owner of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt,
instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those
uncertificated American Depositary Shares and deliver to the Owner the same number of certificated American Depositary Shares. As a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or
split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of
transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or
charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature
and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement. 
 The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the transfer of American Depositary Shares in particular
instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or
advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement, or for any other reason, subject
to the provisions of the following sentence. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended
subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection with voting at a shareholders’ meeting, or the
payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited
Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares which would be required to be registered under the provisions of the Securities Act of 1933, unless a
registration statement is in effect as to such Shares for such offer and sale. 

  
 2 

	4.	LIABILITY OF OWNER FOR TAXES. 

 If any tax or other governmental charge imposed by applicable law shall become payable with respect to any American Depositary Shares or any Deposited Securities represented by any American Depositary
Shares, such tax or other governmental charge shall be payable by the Owner to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those
American Depositary Shares until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and
may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner shall remain liable for any deficiency. 

 

	5.	WARRANTIES ON DEPOSIT OF SHARES. 

 Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant, that such Shares and each certificate therefor, if applicable, are validly issued, fully paid,
nonassessable and were not issued in violation of any preemptive rights of the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the deposit of
such Shares and the sale of American Depositary Shares representing such Shares by that person are not restricted under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and delivery of American
Depositary Shares. 
  

	6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

 Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control
approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or
proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited
Securities until such proof or other information is filed or such certificates are executed or such representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, provide the Company, at the expense
of the Company, with copies of any such proofs, certificates or other information it receives pursuant to Section 3.01 of the Deposit Agreement, to the extent that disclosure is permitted under applicable law. No Share shall be accepted for
deposit unless 

  
 3 

 
accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in South Africa that is then performing the function of the regulation
of currency exchange. 
  

	7.	CHARGES OF DEPOSITARY. 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary
Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited
Securities or a delivery of American Depositary Shares pursuant to Section 4.03 or 4.04 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to
time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its
nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion
of foreign currency pursuant to Section 4.05 of that Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04
of that Agreement and the surrender of American Depositary Shares pursuant to Section 2.05 or 6.02 of that Agreement, (6) a fee payable by Owners of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution
made pursuant to the Deposit Agreement, including, but not limited to Sections 4.01 through 4.04 of that Agreement, (7) a fee payable by Owners for the distribution of securities pursuant to Section 4.02 of that Agreement, such fee being
in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as
if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under clause 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary
services, which will be payable as provided in clause 9 below, and (9) any other charges payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with
the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 of that Agreement and shall be payable at the sole discretion of
the Depositary by billing such Owners for such charges or by deducting such charges from one or more cash dividends or other cash distributions). 
 The Depositary may collect any of its fees by deduction from any cash distribution payable to Owners that are obligated to pay those fees. 

  
 4 

 The Depositary, subject to Article 8 hereof, may own and deal in any class of securities of
the Company and its affiliates and in American Depositary Shares. 
 From time to time, the Depositary may make reimbursement
for expenses of this American Depository Shares program. 
  

	8.	PRE-RELEASE OF RECEIPTS. 

Notwithstanding Section 2.03 of the Deposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of
Shares pursuant to Section 2.02 of the Deposit Agreement ( “Pre-Release of American Depositary Shares”) and may deliver Shares prior to the surrender and cancellation of American Depositary Shares if the person to whom such Shares are
to be delivered is a banking institution organized pursuant to the laws of the Republic of South Africa (“South African Bank”) (“Pre-Release of Shares” and, together with Pre-Release of American Depositary Shares,
“Pre-Release”). The Depositary may, pursuant to Section 2.05 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the
termination of such Pre-Release or the Depositary knows that such American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be
(a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered (a “Pre-Releasee”), that such person, or its customer, owns the Shares or American Depositary
Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate and in connection with Pre-Release of Shares, preceded or accompanied by an unconditional
guaranty by the South-African Bank to deliver American Depositary Shares for cancellation on the same calendar day on which the Shares are delivered to the South-African Bank (or, if such American Depositary Shares are not so delivered, to return
the Shares), (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares
represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of the Shares deposited under the Deposit Agreement; provided, however, that the
Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in
clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver
Shares or American Depository Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities). 

  
 5 

 The Depositary may retain for its own account any compensation received by it in connection
with the foregoing. 
  

	9.	TITLE TO RECEIPTS. 

 It is
a condition of this Receipt and every successive Owner and Holder of this Receipt by accepting or holding the same consents and agrees that when properly endorsed or accompanied by proper instruments of transfer, shall be transferable as
certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary,
notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice
provided for in the Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares unless that
Holder is the Owner of those American Depositary Shares. 
  

	10.	VALIDITY OF RECEIPT. 

This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this
Receipt shall have been executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary; provided, however that such signature may be a facsimile if a Registrar for the Receipts shall have been
appointed and such Receipts are countersigned by the manual signature of a duly authorized officer of the Registrar. 
  

	11.	REPORTS; INSPECTION OF TRANSFER BOOKS. 

 The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files reports with the Commission. Those reports will be available for inspection and
copying through the Commission’s EDGAR system on the Internet at www.sec.gov or at public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549. 

The Depositary will make available for inspection by Owners at its Corporate Trust Office any reports, notices and other communications,
including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the
Company. The Depositary will also, upon written request by the Company, send to Owners copies of such reports when furnished by the Company pursuant to the Deposit Agreement. Any such reports and communications, including any such proxy soliciting
material, furnished to the Depositary by the Company shall be furnished in English to the extent such materials are required to be translated into English pursuant to any regulations of the Commission. 

  
 6 

 The Depositary will keep books, at its Corporate Trust Office, for the registration of
American Depositary Shares and transfers of American Depositary Shares which at all reasonable times shall be open for inspection by the Owners, provided that such inspection shall not be for the purpose of communicating with Owners in the interest
of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the American Depositary Shares. 
  

	12.	DIVIDENDS AND DISTRIBUTIONS. 

 Whenever the Depositary receives any cash dividend or other cash distribution on any Deposited Securities, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency
can in the judgment of the Depositary be converted on a reasonable basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, as promptly as possible, convert such dividend or distribution into dollars
and will distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement) to the Owners entitled thereto; provided, however, that
in the event that the Custodian or the Depositary is required by applicable law to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes or other
governmental charges, the amount distributed to the Owners of the American Depositary Shares representing such Deposited Securities shall be reduced accordingly. 
 Subject to the provisions of Sections 4.11 and 5.09 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution described in Section 4.01, 4.03 or 4.04
of the Deposit Agreement, the Depositary after consultation with the Company will cause the securities or property received by it to be distributed to the Owners entitled thereto, in any manner that the Depositary may deem equitable and practicable
for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary
deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement) will be distributed by the
Depositary to the Owners of Receipts entitled thereto all in the manner and subject to the conditions described in Section 4.01 of the Deposit Agreement. The Depositary may withhold any distribution of securities under Section 4.02 of the
Deposit Agreement if it has not received satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933. The 

  
 7 

 
Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in
respect of that distribution. 
 If any distribution consists of a dividend in, or free distribution of, Shares, the Depositary
may, and shall if the Company shall so request in writing, deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the
terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including withholding of any tax or governmental charge as provided in Section 4.11 of the Deposit Agreement and
deduction or payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received sufficient to pay
its fees and expenses in respect of that distribution). The Depositary may withhold any such delivery of American Depositary Shares if it has not received satisfactory assurances from the Company that such distribution does not require registration
under the Securities Act of 1933. In lieu of delivering fractional American Depositary Shares in any such case, the Depositary will use reasonable efforts to sell the amount of Shares represented by the aggregate of such fractions and distribute the
net proceeds, all in the manner and subject to the conditions described in Section 4.01 of the Deposit Agreement. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the
additional Shares distributed upon the Deposited Securities represented thereby. 
 In the event that the Depositary determines
that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a
portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds
of any such sale after deduction of such taxes or charges to the Owners of Receipts entitled thereto. 
  

	13.	RIGHTS. 

 In the event
that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary, after consultation with Company, shall have discretion as
to the procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other
reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall 

  
 8 

 
allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible to make such rights available to all or certain
Owners but not to other Owners, the Depositary may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or other instruments
therefor in such form as it deems appropriate. 
 In circumstances in which rights would otherwise not be distributed, if an
Owner requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner under the Deposit Agreement, the Depositary will make such rights available to such Owner upon
written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in its sole
discretion are reasonably required under applicable law. 
 If the Depositary has distributed warrants or other instruments for
rights to all or certain Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such
Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the
Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause
the Shares so purchased to be deposited pursuant to Section 2.02 of the Deposit Agreement, and shall, pursuant to Section 2.03 of the Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution
pursuant to the second paragraph of this Article 13, such deposit shall be made, and depositary shares shall be delivered, under depositary arrangements which provide for issuance of depositary shares subject to the appropriate restrictions on sale,
deposit, cancellation, and transfer under applicable United States laws. 
 If the Depositary determines in its discretion that
it is not lawful and feasible to make such rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may
not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.09 of the Deposit Agreement and all taxes and governmental charges payable
in connection with such rights and subject to the terms and conditions of the Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without
regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 

  
 9 

 The Depositary will not offer rights to Owners unless both the rights and the securities to
which such rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act; provided, that nothing in the Deposit Agreement shall
create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner requests the distribution of
warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act of 1933, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the United
States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration. 
 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 

 

	14.	CONVERSION OF FOREIGN CURRENCY. 

 Whenever the Depositary or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time
of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall, as promptly as
practicable, convert or cause to be converted by sale or in any other manner that it may determine, such foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed
any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other reasonably
practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the
Depositary as provided in Section 5.09 of the Deposit Agreement. 
 If such conversion or distribution can be effected only
with the approval or license of any government or agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
 If at any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to
the United States, or if any approval or license of any government or agency thereof which is required for such conversion is denied or in the judgment of the Depositary is not obtainable, or if any such approval or license is not obtained within a
reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to 

  
 10 

 
receive such foreign currency) received by the Depositary to, or in its may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the
Owners entitled to receive the same. 
 If any such conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign
currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 

 

	15.	RECORD DATES. 

 Whenever
any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any
meeting of holders of Shares or other Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall find it necessary
or convenient, the Depositary shall fix a record date (the “Record Date”) (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof,
(ii) entitled to give instructions for the exercise of voting rights at any such meeting or (iii) responsible for any fee assessed by the Depositary pursuant to the Deposit Agreement, or (b) on or after which each American Depositary
Share will represent the changed number of Shares, subject to the provisions of the Deposit Agreement. 
  

	16.	VOTING OF DEPOSITED SECURITIES. 

 Upon receipt from the Company of notice of any meeting or solicitation of proxies or consents of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary
shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice, the form of which notice shall be approved by the Company in advance, such approval not being unreasonably withheld, which shall contain (a) such information
(including, without limitation, solicitation materials) as is contained in such notice of meeting received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on the Record Date (as defined in
Section 4.06 of the Deposit Agreement) will be entitled, subject to any applicable provision of law and of the Memorandum of Incorporation or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights,
if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given, including an express indication
that such instructions may be given or deemed given in accordance with the last sentence of this paragraph if no instruction is received, to the Depositary to give a discretionary proxy to a person

  
 11 

 
designated by the Company. Upon the written request of an Owner of American Depositary Shares on such record date, received on or before the date established by the Depositary for such purpose,
the Depositary shall endeavor insofar as practicable to vote or cause to be voted the amount of Shares or other Deposited Securities represented by those American Depositary Shares in accordance with the instructions set forth in such request. The
Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than in accordance with such instructions or deemed instructions. If (i) the Company requested the Depositary to
act under this paragraph and complied with the second following paragraph at least 30 days prior to the meeting date and (ii) no instructions are received by the Depositary from an Owner with respect to an amount of the Deposited Securities
represented by American Depositary Shares of that Owner and a matter on or before the date established by the Depositary for such purpose, the Depositary shall deem such Owner to have instructed the Depositary to give a discretionary proxy to a
person designated by the Company with respect to that amount of Deposited Securities and that matter and the Depositary shall give a discretionary proxy to a person designated by the Company to vote that amount of Deposited Securities as to that
matter, except that no such instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as
promptly as practicable in writing, if applicable) that (x) the Company does not wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares. 

There can be no assurance that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph
sufficiently prior to the instruction date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in the preceding paragraph. 

In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited
Securities, if the Company will request the Depositary to act under Section 4.07 of the Deposit Agreement, the Company shall give the Depositary notice of any such meeting or solicitation and details concerning the matters to be voted upon as
soon as practicable. 
  

	17.	CHANGES AFFECTING DEPOSITED SECURITIES. 

 Upon any change in nominal value, change in par value, split-up, consolidation, or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or
consolidation, or sale of assets affecting the Company or to which it is a party, or upon the redemption or cancellation by the Company of the Deposited Securities, any securities, cash or property which shall be received by the Depositary or a
Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities shall be treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to

  
 12 

 
the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless additional Receipts are delivered pursuant to the following sentence. In any such case the
Depositary may deliver additional American Depositary Shares as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities.

  

	18.	LIABILITY OF THE COMPANY AND DEPOSITARY. 

 None of the Depositary nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability to any Owner or Holder, (i) if by reason of any
provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority, or by reason of any provision, present or future, of the Memorandum of Incorporation or any similar
document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the
Depositary or the Company shall be prevented, delayed or forbidden from or be subject to any civil or criminal penalty on account of doing or performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities it is
provided shall be done or performed, (ii) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or may be done or performed,
(iii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement, (iv) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit which is
made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders, or (v) for any special, consequential or punitive damages for any breach of the terms of the Deposit
Agreement. Where, by the terms of a distribution pursuant to Section 4.01, 4.02 or 4.03 of the Deposit Agreement, or an offering or distribution pursuant to Section 4.04 of the Deposit Agreement, or for any other reason, such distribution
or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such
distribution or offering, and shall allow any rights, if applicable, to lapse. Neither the Company nor any of its directors, officers, employees, agents or affiliates assumes any obligation nor shall any of them be subject to any liability under
this Deposit Agreement to any Owner or Holder, except that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. Neither the Depositary nor any of its directors, officers,
employees, agents or affiliates assumes any obligation nor shall any of them be subject to any liability under the Deposit Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of the
Deposited Securities) except that the Depositary agrees to perform its obligations specifically set forth in the Deposit Agreement without negligence or bad faith. Neither the Depositary nor the Company shall be under any obligation to appear in,
prosecute or 

  
 13 

 
defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person. Neither
the Depositary nor the Company or any of their respective directors, officers, employees, agent or affiliates shall be liable for any action or nonaction by any of them in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and the Company and their respective directors, officers, employees,
agents or affiliates may rely and shall be protected in acting upon any written notice, request, direction or other documents believed by them to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall
not be liable for any acts or omissions made by a successor depositary whether in connection with any previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or
omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of Deposited Securities or otherwise. The Depositary shall not be responsible for any failure to carry out any
instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 

No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement. 

 

	19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN. 

The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to
the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 120 days prior
written notice of such removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in
the Deposit Agreement. The Depositary in its discretion may appoint a substitute or additional custodian or custodians. 
  

	20.	AMENDMENT. 

 The form of
the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or
desirable. Any amendment which shall impose or increase any fees or 

  
 14 

 
charges (other than taxes and other governmental charges, registration fees, cable or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any
substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of such amendment shall have been given to the Owners of outstanding American
Depositary Shares. Every Owner and Holder of American Depositary Shares, at the time any amendment so becomes effective, shall be deemed, by continuing to hold such American Depositary Shares or any interest therein, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive therefor the Deposited Securities represented thereby, except in
order to comply with mandatory provisions of applicable law. 
  

	21.	TERMINATION OF DEPOSIT AGREEMENT. 

 The Company may terminate the Deposit Agreement by instructing the Depositary to mail notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the
termination date included in such notice. The Depositary may likewise terminate the Deposit Agreement, if at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and if a successor depositary
shall not have been appointed and accepted its appointment as provided in the Deposit Agreement; in such case the Depositary shall mail a notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior
to the termination date. On and after the date of termination, the Owner of American Depositary Shares will, upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American
Depositary Shares referred to in Section 2.05, and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by those American
Depositary Shares. If any American Depositary Shares shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of American Depositary Shares, shall suspend the distribution of
dividends to the Owners thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell rights and other property as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the
sale of any rights or other property, upon surrender of American Depositary Shares (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American
Depositary Shares in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). At any time after the expiration of four months from the date of termination, the Depositary may sell the
Deposited Securities then held under the Deposit Agreement and may thereafter hold 

  
 15 

 
uninvested the net proceeds of any such sale, together with any other cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of
American Depositary Shares that have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all
obligations under the Deposit Agreement, except to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of
such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit Agreement, the Company shall be discharged from all
obligations under the Deposit Agreement except for its obligations to the Depositary with respect to indemnification, charges, and expenses. 
  

	22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

 (a) Notwithstanding the provisions of Section 2.04 of the Deposit Agreement, the parties acknowledge that the Direct Registration System (“DRS”) and Profile Modification System
(“Profile”) shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American
Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner, to
direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior
authorization from the Owner to register such transfer. 
 (b) In connection with and in accordance with the arrangements and
procedures relating to DRS/Profile, the parties understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in requesting registration of transfer and
delivery described in subsection (a) has the actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08 of the
Deposit Agreement shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with
the Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary. 

  
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	23.	SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES. 

 In the Deposit Agreement, the Company has (i) appointed MiX Telematics North America, Inc. 750 Park of Commerce Blvd., Suite 100, Boca Raton, Florida 33487, as the Company’s authorized agent
upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any
state or federal court in the State of New York in which any such suit or proceeding may be instituted and (iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the
Company in any such suit or proceeding. 
 EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER
AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY
QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 To the extent
that the Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the
giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in
connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or
claim, any such immunity and consents to such relief and enforcement. 
  

	24.	DISCLOSURE OF INTERESTS. 

Notwithstanding any other provision of the Deposit Agreement, each Owner and Holder agrees to comply with requests from the Company
pursuant to applicable law the rules and requirements of any stock exchange on which the American Depositary Shares are, or will be, registered, traded or listed, the rules and requirements of any clearing system through which transactions in the
American Depositary Shares may be settled or 

  
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the Articles of Association to provide information, inter alia, as to the capacity in which such Owner or Holder owns American Depositary Shares (and Shares as the case may be) and regarding the
identity of any other person(s) interested in such American Depositary Shares (and Shares, as the case may be) and the nature of such interest and various other matters, whether or not they are Owners or Holders at the time of such request. The
Depositary agrees to use its reasonable efforts to forward, upon the written request of the Company and at the expense of the Company, any such written request from the Company to the Owners and to forward, as promptly as practicable, to the Company
any responses to such requests received by the Depositary. 

  
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