Document:

Exhibit 4.29

Eros International
Plc

 

Rules of the Eros
International

 

2015 Share Plan

 

Unapproved Option
Awards Scheme 2015

    	 

    	 

    

 

INDEX

Rule

 

	 	1.	Interpretation
	 	2.	Eligibility
	 	3.	Grant of Options
	 	4.	Relationship with Contract of Employment
	 	5.	Non-transferability of Options
	 	6.	Exercise Price
	 	7.	Performance-Related Conditions at Exercise
	 	8.	Exercise of Options
	 	9.	Manner of Exercise of Options
	 	10.	Overall Limit on the Granting of Options
	 	11.	Individual Limits on the Granting of Options
	 	12.	Demerger, Reconstruction or Winding-up
	 	13.	Take-over
	 	14.	Variation of Share Capital
	 	15.	Alteration of Scheme
	 	16.	Service of Documents
	 	17.	Taxation
	 	18.	Miscellaneous

 

Schedule

Option Certificate Form of Acceptance

 

Notice of Exercise of Option

    	 

    	 

    

	1.	INTERPRETATION

 

		1.1.	In this Scheme (unless context otherwise requires) the following words and phrases have the meanings
given below):

 

	 	"Auditors"	the auditors of the Company for the time being;
	 	 	 
	 	'Business Day'	a day on which clearing banks in the United States of America are open for business generally;
	 	 	 
	 	'Committee'	the remuneration Committee of the Company;
	 	 	 
	 	'Company'	Eros International plc (registered in the Isle of Man and whose registered office is at Fort Anne, Douglas, Isle of Man IM1 5PD);
	 	 	 
	 	'Control'	has the meaning ascribed to it in section 840 of the Taxes Act;
	 	 	 
	 	'Date of Grant'	in relation to any Option, the date on which that Option is granted;
	 	 	 
	 	'Directors'	the board of directors of the Company from time to time or a duly constituted Committee thereof;
	 	 	 
	 	 	 
	 	'Eligible Participants'	any person who is an employee, consultant or director of any member of the Group;
	 	 	 
	 	'Exercise Price'	in relation to an Option, the price per Share payable upon the exercise of that Option;
	 	 	 
	 	'Group'	the Company, any holding company holding company of the Company and each and every company which is for the time being a Subsidiary of the Company or such holding company;

 

    	 

    	 

    

 

 

	 	'Option'	right to acquire Shares granted in accordance with and subject to the rules of this Scheme;
	 	 	 
	 	'Optionholder'	person who has been granted an Option or, if that person has died, their Personal Representatives;
	 	 	 
	 	 	 
	 	'Option Tax Liability'	in relation to any Optionholder, any liability of the Company or any member of the Group, excluding NIC or similar taxes payable by the Company or any other member of the Group) to account for any amount of income tax, National Insurance Contribution or other tax arising in relation to the grant exercise or otherwise in relation to their Option;
	 	 	 
	 	'Ordinary Share Capital'	issued share capital of the Company from time to time;
	 	 	 
	 	'Personal Representative'	in relation to an Optioholder, the legal personal representatives of the Optionholder (being either the executors of their will to whom a valid grant of probate has been made or the administrators);
	 	 	 
	 	'this Scheme'	The Eros International plc 2015 Share Awards Scheme as set out in these rules and amended from time to time;
	 	 	 
	 	'Shares'	ordinary shares in issue in the capital of the Company;
	 	 	 
	 	'Shareholder'	person who holds one or more Shares;
	 	 	 
	 	'Taxes Act'	the relevant taxes act applicable to the Group in respect of this Scheme;
	 	 	 
	 	'Value'	in relation to a Share on a given day the prevailing mid market value as shall be determined by the Company Secretary;

    	 

    	 

    

 

		1.2.	References to an Option vesting or being or becoming vested in respect of any number or proportion
of the Shares over which it subsists are to be read as references to the Option becoming capable of being executed either immediately
or, subject to the Optionholder continuing to hold office or employment within the Group, at some future time.

		1.3.	References to Shares in respect of which an Option subsists at any time are to be read and construed
as references to the Shares over which the Option is then held (and in respect of which it has not then lapsed and ceased to be
exercisable)

		1.4.	Any references to any enactment shall include any consolidation, modification, extension, amendment
or re-enactment and to any subordinate legislation made under it for the time being in force.

		1.5.	Words denoting the masculine gender shall include the feminine.

		1.6.	Words denoting the singular shall include the plural and vice versa.

		1.7.	References to rules are to the rules of this Scheme.

 

	2.	ELIGIBILITY

 

		2.1.	Subject to the following provisions of this rule 2, the Committee shall have absolute discretion
as to the selection of persons to whom an Option is granted by the Company.

		2.2.	An Option shall not be granted to any person unless he is an Eligible Participant.

		2.3.	No Option shall be granted to any Eligible Participant within the period of one year ending on
the date on which he is to reach the age of 65.

 

	3.	GRANT OF OPTIONS

 

		3.1.	An Option may only be granted:

		(a)	at any time within the period of 42 days beginning with the date on which this Scheme is approved
by the Committee; and

		(b)	within a period of 45 days immediately after the person to whom it is granted first becomes an
Eligible Participant.

		(c)	at any time to meet awards annual bonus or incentives as agreed by the Committee.

		3.2.	In the event of the Company being restricted by statute, order or regulation from granting an
Option in accordance with rule 3.1, an Option may be granted within 42 days of the removal of such restriction.

    	 

    	 

    

 

		3.3.	No Option may be granted after the tenth anniversary of the Scheme being approved.

		3.4.	An Option shall be granted by the Company executing as a deed and issuing to the Optionholder
an option certificate which contains an undertaking by the Optionholder (duly executed as a deed) to be bound by the rules of this
Scheme and whichspecifies:-

		(a)	the Date of Grant;

		(b)	the number of Shares in respect of which the Option is granted;

		(c)	the Exercise Price;

		(d)	the earliest date on which the Option may be exercised by reason of rule 8.2;

		(e)	that the exercise of the Option is subject to such performance-related conditions

(if any) as are
imposed pursuant to rule 7;

		(f)	that the Optionholder agrees to indemnify the Company or other member of the Group, as the case
may be, in respect of any Option Tax Liability and is otherwise in such form as the Committee may from time to time determine.

	4.	CONTRACTUAL RELATIONSHIP

 

		4.1.	The grant of an Option does not form part of the Optionholder's entitlement to remuneration or
benefits pursuant to any member of the Group nor does any such contract give such person any right or entitlement to have an Option
granted to him in respect of any number of Shares or any expectation that an Option might be granted to him whether subject to
any conditions or at all.

		4.2.	The rights and obligations of an Optionholder under the terms of any contract with a member of
the Group shall not be affected by the grant of an Option.

		4.3.	The rights granted to an Optionholder upon the grant of an Option shall not afford the Optionholder
any rights or additional rights to compensation or damages in consequence of the loss or termination of his office or employment
with a member of the Group.

    	 

    	 

    

		4.4.	An Optionholder shall not be entitled to any compensation or damages for any loss or potential
loss which he may suffer by reason of being or becoming unable to exercise an Option in consequence of the loss or termination
of his office or employment with a member of the Group for any reason (including, without limitation, any breach of contract by
an employer) or in any other circumstances whatsoever.

	5.	NON-TRANSFERABILITY OF OPTIONS

 

		5.1.	During his lifetime only the individual to whom an Option is granted may exercise that Option.

		5.2.	An Option shall immediately cease to be exercisable if:

		(a)	it is purported to be transferred or assigned (other than to his Personal Representatives upon
the death of the Optionholder), mortgaged, charged or otherwise disposed of by the Optionholder; or

		(b)	the Optionholder is adjudicated bankrupt or a bankruptcy order is made against the Optionholder;
or

		(c)	the Optionholder is deprived (otherwise than on death) of the legal or beneficial ownership of
the Option by operation of law or by the Optionholder doing or omitting to do anything which causes him to be so deprived.

 

	6.	EXERCISE PRICE

		6.1.	The Exercise Price shall be determined by the Committee but shall not be less than the greater
of the Value of a Share on the Date the Grant was approved or the nominal value of a Share. In the event that an eligible participant
and the Company agree an Option prior which is subsequently approved by the Committee the Exercise Price shall not be less than
the greater of the Value of a Share on the Date the Grant was agreed or the nominal value of a Share.

	7.	PERFORMANCE-RELATED CONDITIONS  OF EXERCISE

		7.1.	Subject to rule 7.4, the exercise of an Option may be conditional upon the performance of the
Company and/or the performance of another member of the Group over such period and measured against such objective criterion as
shall be determined by the Committee and notified to the Optionholder when the Option is granted.

    	 

    	 

    

 

		7.2.	Any such condition may provide that the Option shall become vested in respect of a given number
or proportion of the Shares over which it subsists according to whether, and the extent to which, any given performance target
is met or exceeded.

		7.3.	After an Option has been granted the Committee may, in appropriate circumstances, amend any such
performance-related condition of exercise of an Option provided that no such amendment shall be made unless such amendment will
afford a more effective incentive to the Optionholder and will be no more difficult to satisfy than were the original conditions
when first set.

		7.4.	If, in consequence of a performance-related condition being met, an Option becomes vested in
respect of some but not all of the number of Shares over which it subsists, it shall thereupon lapse and cease to be exercisable
in respect of the balance of the Shares over which it was held.

		7.5.	Until further notification by the Committee, no performance criteria shall apply to Options granted
pursuant to this Scheme.

 

	8.	EXERCISE OF OPTIONS

 

		8.1.	An Option may not in any event be exercised later than 31 March 2025.

		8.2.	An Option shall not be exercised earlier than such period as may be specified by the Committee
at the relevant Date of Grant, save as provided in rules 8.3, 8.4, 8.5, 12 and 13.

		8.3.	If an Optionholder dies in service an Option granted to him may be exercised by his Personal
Representatives within the period of 12 months beginning with the date of his death, and if not then exercised shall lapse and
cease to be exercisable at the end of that period.

		8.4.	If an Optionholder dies after ceasing to hold office or employment within the Group an Option
granted to him which has not already lapsed may, within the period of 12 months beginning with the date of death, be exercised
by his Personal Representatives, and if not then exercised shall lapse and cease to be exercisable at the end of that period of
12 months.

		8.5.	If an Optionholder ceases to hold office or employment within the Group by reason of:

    	 

    	 

    

 

		(a)	injury, ill-health or disability (evidenced to the satisfaction of the Committee); or

		(b)	dismissal by reason of redundancy; or

		(c)	retirement on reaching 65 years or any other earlier age at which he is bound to retire in accordance
with the terms of' his contractor of employment; or

		(d)	the company with which he holds office or employment by virtue of which he is eligible to participate
in this Scheme ceasing to be an Associated Company or a member of the Group; or

		(e)	the fact that the office or employment by virtue of which he is eligible to participate in this
Scheme relates to a business or part of a business which is transferred to a company which is not a member of the Group; then,
subject to rule 8.4, an Option granted to him may only be exercised within the period of 12 months beginning with the date on which
the Optionholder so ceases and if not then exercised shall lapse and cease to be exercisable at the end of that period of 12 months.

		8.6.	If an Optionholder:

		(a)	gives or receives notice to terminate the office or employment by virtue of which he was granted
an Option; or

		(b)	ceases to hold office or employment with any member of the Group for any reason other than those
set out in rules 8.3 and 8.5 then an Option granted to him shall lapse and ceasewhen he ceases to hold such office or employment.

		8.7.	For the purposes of this rule 8 an Optionholder shall not be treated as having ceased to hold
office or employment within the Group unless and until he no longer holds any office or employment with any member of the Group.

 

	9.	MANNER OF EXERCISE OF OPTIONS

 

		9.1.	An Option shall be exercised only by the Optionholder serving a written notice upon the Company
which:

    	 

    	 

    

		(a)	specifies the number of Shares in respect of which that Option is exercised with the minimum
being 25% of the Options Granted ;

		(b)	is accompanied by payment of an amount equal to the product of the number of Shares specified
in the notice and the Exercise Price; and

		(c)	unless the Committee otherwise permit, is accompanied by the Option Certificate in respect of
that Option

and is otherwise in such form as the Committee
may from time to time determine. The notice of exercise shall be treated as served on the Company on the date upon which it is
received by the Company.

 

		9.2.	Within the period of 30 days beginning with the date on which the requirements of rule 9.1 are
satisfied, the Company shall allot to the Optionholder (or such other person as the Optionholder may direct) the Shares specified
in the notice.

		9.3.	As soon as reasonably practicable after the allotment or transfer of any Shares pursuant to rule
9.2, the Company shall issue to the Optionholder (or other person as directed by the Optionholder) a definitive share certificate
or such acknowledgement of shareholding as is prescribed from time to time in respect of the Shares so allotted or transferred.

		9.4.	The allotment or transfer of any Shares under this Scheme shall be subject to the Memorandum
and Articles of Association of the Company and to any necessary consents of any governmental or other authorities under any enactments
or regulations from time to time in force and it shall be the responsibility of the Optionholder to comply with any requirements
to be fulfilled in order to obtain or obviate the necessity of any such consent.

		9.5.	All Shares allotted or transferred under this Scheme shall rank equally in all respects with
the Shares for the time being in issue save as regards any rights attaching to such Shares by reference to a record date prior
to the date of such allotment or transfer.

    	 

    	 

    

	10.	OVERALL LIMIT ON THE GRANTING OF OPTIONS

 

		10.1.	The aggregate number of Shares in respect of which Options may be granted (both exercised and
those which remain exercisable and have not lapsed), but excluding those have lapsed and cancelled, taken together with options
already granted under this Scheme, or any other share option or share incentive scheme adopted by the Company within the preceding
ten years shall not exceed 10% of the Ordinary Share Capital as at the Date of Grant.

 

	11.	INDIVIDUAL LIMITS ON THE GRANTING OF OPTIONS

 

		11.1.	No Option shall be granted to any Eligible Participant if or insofar as it would cause the aggregate
market value of Shares over which options granted in any 12 month period to that Eligible Participant, whether under the Scheme,
or any other share option or share incentive scheme adopted by the Company to exceed an amount that is greater than 10 times the
amount of the emoluments (which, without limitation, excludes pension benefits and benefits in kind but includes bonus entitlement)
expressed as an annual rate then payable to the Eligible Participant by the Group. For the purposes of this rule, the market value
of a share in respect of which rights to subscribe for shares have been or are to be granted shall be taken as the price payable
upon the exercise of such rights.

 

	12.	DEMERGER, RECONSTRUCTION OR WINDING-UP

 

		12.1.	Subject to rule 8.1, in the event that notice is given to shareholders of the Company of a proposed
demerger of the Company the Committee may give notice to Optionholders that Options may then be exercised in respect of all the
Shares over which they subsist (subject to any performance-related condition or other objective criterion attaching to Options
being satisfied) within such period (not exceeding 30 days) as the Committee may specify in such notice to Optionholders, save
that no such notice to Optionholders shall be given unless the Auditors have confirmed in writing to the Committee that the interests
of Optionholders would or might be substantially prejudiced if before the proposed demerger has effect Optionholders could not
exercise their Options and be registered as the holders of the Shares thereupon acquired.

		12.2.	Subject to rule 8.1, if the court sanctions a compromise or arrangement proposed for the purposes
of or in connection with a scheme for the reconstruction of the Company or its amalgamation the Optionholder shall be entitled
to exercise his Option during the period of 6 months commencing on the date on which the court sanctions the compromise or arrangement
(subject to any performance-related condition or other objective criterion attaching to Options being satisfied) and thereafter
the Option shall lapse and cease to be exercisable.

    	 

    	 

    

 

		12.3.	In the event of notice being given to holders of Shares of a resolution for the voluntary winding-up
of the Company, an Option may, subject to rule 8.1, be exercised at any time before the commencement of the winding-up (subject
to any performance-related condition or other objective criterion attaching to Options being satisfied) and thereafter the Option
shall lapse and cease to be exercisable.

		12.4.	All Options shall immediately lapse and cease to be exercisable upon the commencement of a winding-up
of the Company.

 

	13.	TAKE-OVER

 

		13.1.	Subject to rule 8.1, if, as a result of either:

		(a)	a general offer to acquire the whole of the Ordinary Share Capital which is made on a condition
such that if it is satisfied the person making the offer will have Control of the Company; or

		(b)	a general offer to acquire all the shares in the Company of the same class as the Shares the
Company shall come under the Control of another person or persons, the Optionholder shall (subject to any performance-related condition
or other objective criterion attaching to Options being satisfied) be entitled to exercise his Option within the period of 6 months
of the date when the person making the offer has obtained Control of the Company and any condition subject to which the offer is
made has been satisfied or waived and to the extent that the Option is not then exercised it shall upon the expiration of that
period lapse and ceased to be exercisable.

		13.2.	Subject to rule 8.1, if at any time before an Option has lapsed any person becomes entitled or
bound to acquire shares in the Company under sections 428 to 430F (inclusive) of the Companies Act 1985 (or similar provisions
applicable to the Company) the Optionholder shall (subject to any performance-related condition or other objective criterion attaching
to Options being satisfied) be entitled to exercise his Option at any time when that person remains so entitled or bound and to
the extent that the Option is not then exercised it shall upon the expiration of that period lapse and cease to be exercisable.

    	 

    	 

    

		13.3.	For the purposes of this rule 13, a person shall be deemed to have Control of a company if he
and others acting in concert with him have together obtained Control of it.

 

	14.	VARIATION OF SHARE CAPITAL

 

		14.1.	In the event of any alteration of the Ordinary Share Capital by way of capitalisation or rights
issue, or sub-division, consolidation or reduction or any other variation in the share capital of the Company, the Committee will
make such adjustment:

		(a)	to the aggregate number or amount of Shares subject to any Option, and/or

		(b)	to the Exercise Price payable for each Share under any such Option, and/or

		(c)	where an Option to subscribe for Shares has been exercised but no Shares have been allotted in
accordance with rule 9.2, to the number of Shares which may be so allotted and the Exercise Price payable for each Such Share.

PROVIDED THAT

		(i)	except in the case of a capitalisation issue, any such adjustment is confirmed
in writing by the Auditors to be in their opinion fair and reasonable; and

		(ii)	except insofar as the Committee (on behalf of the Company) agrees to capitalise
the Company's reserves and apply the same at the time of exercise of the Option in paying up the difference between the Exercise
Price and the nominal value of the Shares, the Exercise Price in relation to any Option to subscribe for shares is not reduced
below the nominal value of a Share.

 

		14.2.	As soon as reasonably practicable after any such adjustment has effect in relation to any Option
the Company shall give notice in writing to the Optionholder.

    	 

    	 

    

	15.	ALTERATION OF SCHEME

		15.1.	The Committee may at any time alter or add to any of the provisions of this Scheme in any respect
PROVIDED THAT:

		(a)	no such alteration or addition shall detrimentally affect Optionholders with. regard to their
subsisting Options except with the consent of Optionholders who, assuming they exercise their Options in full, would become entitled
to not less than three quarters of the nominal number of Shares the subject of such Options; and

		(b)	the Committee must obtain approval of the shareholders of the Company in general meeting where
a variation seeks to extend the class of persons eligible for the grant of Options, or alter to the advantage of Optionholders
rules relating to the grant of Options, Scheme limits, the adjustment of Options, and the subscription price, save for minor amendments
to benefit the administration of the Scheme to comply or take account of any proposed or existing legislation or to obtain or maintain
favourable tax, exchange control or regulatory treatment for Optionholders.

 

		15.2.	As soon as reasonably practicable after making any alteration or addition under this rule 15,
the Committee shall give notice in writing thereof to any Optionholder affected.

 

	16.	SERVICE OF DOCUMENTS

 

		16.1.	Except as otherwise provided in this Scheme, any notice or document to be given by, or on behalf
of, the Company to any person in accordance or in connection with this Scheme shall be duly given:

		(a)	if he is a director or employee of any member of the Group by delivering it to him at his place
of work; or

		(b)	by sending it through the post in a pre-paid envelope to the address last known to the Company
to be his address and, if so sent, it shall be deemed to have been duly given on the date of posting; or

    	 

    	 

    

 

		(c)	if he holds office or employment with any member of the Group, by sending a facsimile transmission
or any other electronic communication to a current facsimile or electronic communication number addressed to him at his place of
work or his address last known to the Company and if so sent it shall be deemed to have been duly given at the time of transmission.

		16.2.	Any notice or document so sent to an Eligible Participant and/or Optionholder shall be deemed
to have been duly given notwithstanding that such person is then deceased (and whether or not the Company has notice of his death)
except where his Personal Representatives have established their title to the satisfaction of the Company and supplied to the Company
an address to which documents are to be sent.

		16.3.	Any notice in writing or document to be submitted or given to any of the Directors or the Company
in accordance or in connection with this Scheme may be delivered, sent by post, or facsimile transmission but shall not in any
event be duly given unless it is actually received by the secretary of the Company or such other individual as may from time to
time be nominated by the Committee and whose name and address is notified to Optionholders.

 

	17.	TAXATION

 

		17.1.	If an Option Tax Liability arises in respect of an Option the Company shall be entitled to the
extent permitted by law to deduct such amount(s) from any payment due to be made by the Company or any Associated Company to or
in respect of the Optionholder in respect of that Option during the same calendar month or other relevant period in which the event
occurs or in any subsequent calendar month or such relevant period in order to satisfy and discharge the Option Tax Liability whether
or not such payment is of an income or capital nature.

17.2. If
and to the extent that the Option Tax Liability referred to in rule 17.1 is of income tax which exceeds the amount from which
deductions in respect thereof can be made in any one period referred to in rule 17.1 in respect of the Optionholder concerned,
that Optionholder shall pay or reimburse the Company for the amount of the excess on demand or within such period as may be specified
in any written notice given by the Company.

		17.3.	Where an Option Tax Liability arises in respect of the exercise of an Option the Committee may,
without prejudice to the Company's rights under rule 17.1, by written notice to the Optionholder concerned nominate as his bare
trustee any person ("the Bare Trustee") to sell such number of shares issued upon the exercise of the

    	 

    	 

    

Option as may be required in order to
discharge the Option Tax Liability and any other liability (including costs) connected with the said sale and the Bare Trustee
shall pay an amount equal to the Option Tax Liability to the Company and otherwise discharge any other said liability to the extent
that the net proceeds from the said sale permit.

 

	18.	MISCELLANEOUS

 

		18.1.	The Company shall at all times keep available sufficient authorised but unissued Shares to satisfy
the exercise in full of all Options to subscribe for Shares for the time being remaining capable of being exercised under this
Scheme.

		18.2.	The Committee may from time to time make and vary such rules and regulations not inconsistent
herewith and establish such procedures for the administration and implementation of this Scheme as they think fit and in the event
of any dispute or disagreement as to the interpretation of this Scheme or of any such rules, regulations or procedures or as to
any question or right arising from or related to this Scheme, the decision of the Committee shall (except as regards any matter
required to be determined by the Auditors hereunder) be final and binding upon all persons.

		18.3.	In any matter in which they are required to act hereunder, the Auditors shall be deemed to be
acting as experts and not as arbitrators.

		18.4.	The costs of the administration and implementation of this Scheme shall be borne by the Company.

		18.5.	Optionholders shall not by reason of the Option be entitled to receive copies of any documents
sent to holders of Shares nor have any right to attend general meetings of the Company.

		18.6.	Any exercise or issue of shares by the Company will be subject to any regulations or requirements
of the Securities and Exchange Commission and/or the NYSE or any similar body.Exhibit 4.30

 

EXECUTION COPY

 

 

Dated 15 October
2014

 

 

 

 

 

EROS INTERNATIONAL
PLC

 

and

 

U.S. BANK TRUSTEES
LIMITED

 

 

 

 

 

TRUST DEED

 

constituting the

£50,000,000 6.50 per cent. Bonds due 2021

 

 

 

 

 

 

 

 

 

Linklaters

 

Ref:EXM/RR/LB

 

Linklaters LLP

    	

    	 

    

 

Table of Contents

 

	Contents
    	Page
	 	 	 
	1	Interpretation	1
	 	 	 
	2 	Amount of the
    Bonds and Covenant to Pay	4
	 	 	 
	3 	Form of
    the Bonds	5
	 	 	 
	4 	Stamp Duties and
    Taxes	5
	 	 	 
	5 	Guarantee and
    Indemnity	6
	 	 	 
	6 	Application
    of Moneys Received by the Trustee	8
	 	 	 
	7 	Covenants	9
	 	 	 
	8 	Remuneration
    and Indemnification of the Trustee	11
	 	 	 
	9 	Provisions Supplemental
    to the Trustee Act 1925 and the Trustee Act 2000	13
	 	 	 
	10 	Trustee Liable
    for Gross Negligence	16
	 	 	 
	11 	Waiver and Proof of
    Default	16
	 	 	 
	12 	Trustee not
    Precluded from Entering into Contracts	16
	 	 	 
	13 	Modification,
    Substitution, Release and Accession	17
	 	 	 
	14 	Appointment,
    Retirement and Removal of the Trustee	18
	 	 	 
	15 	Couponholders	19
	 	 	 
	16 	Currency Indemnity	19
	 	 	 
	17 	Communications	20
	 	 	 
	18 	Further Issues	21
	 	 	 
	19 	Counterparts	21
	 	 	 
	20 	Governing Law
    and Jurisdiction 	21
	 	 	 
	Schedule
    1 Form of Definitive Bond	23
	 	 	 
	Schedule
    2 Form of Global Bond	60
	 	 	 
	Schedule
    3 Provisions for Meetings of Bondholders	67
	 	 	 
	Schedule
    4 Form of Supplemental Trust Deed in respect of the Accession of Subsidiary Guarantors	75

 

 

    	-i-

    	 

    

This
Trust Deed is made on 15 October 2014 b:

 

		(1)	EROS
                                         INTERNATIONAL PLC (the "Issuer"); and

 

		(2)	U.S.
                                         BANK TRUSTEES LIMITED (the "Trustee", which expression, where the
                                         context so admits, includes any other trustee for the time being of this Trust Deed).

 

WHEREAS:

 

		(A)	The Issuer, incorporated as a public company with limited liability in the
Isle of Man, has authorised the issue of £50,000,000 6.50 per cent. Bonds due 2021 to be constituted by this Trust Deed.

 

		(B)	On the date of this Trust Deed, no guarantees in respect of this Trust Deed,
the Bonds or the Coupons are given by any person; however, pursuant to Condition 2(c) of the terms and conditions of the Bonds
the Issuer has undertaken to procure that certain of its Subsidiaries will provide Guarantees, in certain circumstances, after
the date of this Trust Deed.

 

		(C)	The Trustee has agreed to act as trustee of this Trust Deed on the following
terms and conditions.

 

This Deed witnesses and it is declared
as follows: 

		1	Interpretation

 

		1.1	Definitions:
                                         The following expressions have the following meanings:

 

"Agency Agreement"
means the agreement referred to as such in the Conditions, as altered from time to time, and includes any other agreement
approved in writing by the Trustee appointing Successor Paying Agents or altering any such agreement;

 

"Bondholder"
means the holder of a Bond;

 

"Bonds"
means bearer bonds substantially in the form set out in Schedule 1 compns1ng the £50,000,000 6.50 per cent. Bonds due
2021 constituted by this Trust Deed and for the time being outstanding or, as the context may require, a specific number of them
and includes any replacement Bonds issued pursuant to the Conditions and (except for the purposes of Clause 3.1) the Global Bond;

 

"Change
of Control Put Event" has the meaning given to it in Condition 5(c);

"Clearstream,
Luxembourg" means Clearstream Banking, societe anonyme;

"Conditions"
means the terms and conditions set out in Schedule 1 as from time to time modified in accordance with this Trust Deed and,
with respect to any Bonds represented by the Global Bond, as modified by the provisions of the Global Bond. Any reference to a
particularly numbered Condition shall be construed accordingly;

 

"Couponholder"
means the holder of a Coupon;

 

"Coupons"
means the bearer coupons relating to the Bonds or, as the context may require, a specific number of them and includes any
replacement Coupons issued pursuant to the Conditions;

 

"EEA Regulated
Market" means a market as defined by Article 4.1(14) of Directive 2004/39/EC of the European Parliament and of the Council
on markets in financial instruments;

    	-1-

    	 

    

 

"Electronic Consent"
has the meaning set out in Schedule 3;

 

"Euroclear" means Euroclear Bank S.A./N.V.;

 

"Event of Default" means
an event described in Condition 8; "Extraordinary Resolution" has the meaning set out in Schedule 3; "FSMA"
means the Financial Services and Markets Act 2000, as amended;

"Global Bond"
means the permanent global bond which will represent the Bonds on issue substantially in the form set out in Schedule 2;

 

"Guarantee"
means the guarantee and indemnity of any Subsidiary Guarantor contained in Clause 5 and the term "Guarantees"
will be construed accordingly;

 

"Market" means
the EEA Regulated Market of the London Stock Exchange and which includes the electronic order book for retail bonds (ORB);

 

"Material Subsidiary"
has the meaning given to it in Condition 8;

 

"Non-Indian Subsidiary"
has the meaning given to it in Condition 3;

 

"outstanding"
means, in relation to the Bonds, all the Bonds issued except (a) those which have been redeemed in accordance with the Conditions,
(b) those in respect of which the date for redemption has occurred and the redemption moneys (including all interest accrued on
such Bonds to the date for such redemption and any interest payable under the Conditions after such date) have been duly paid to
the Trustee or to the Principal Paying Agent as provided in Clause 2 and remain available for payment against presentation and
surrender of Bonds and/or Coupons, as the case may be, (c) those which have become void, (d) those which have been purchased and
cancelled as provided in the Conditions, (e) those mutilated or defaced Bonds which have been surrendered in exchange for replacement
Bonds, (f) (for the purpose only of determining how many Bonds are outstanding and without prejudice to their status for any other
purpose) those Bonds alleged to have been lost, stolen or destroyed and in respect of which replacement Bonds have been issued,
and (g) the Global Bond to the extent that it shall have been exchanged for definitive Bonds pursuant to its provisions provided
that for the purposes of (1) ascertaining the right to attend and vote at any meeting of the Bondholders or on any Written Resolution
or Electronic Consent, (2) the determination of how many Bonds are outstanding for the purposes of Conditions 8 and 11 and Schedule
3, (3) the exercise of any discretion, power or authority which the Trustee is required, expressly or impliedly, to exercise in
or by reference to the interests of the Bondholders and (4) the certification (where relevant) by the Trustee as to whether any
event, circumstances or matter is in its opinion materially prejudicial to the interests of the Bondholders, those Bonds which
are beneficially held by or on behalf of the Issuer or any of its Subsidiaries and not cancelled shall (unless no longer so held)
be deemed not to remain outstanding;

 

"Paying
Agents" means the banks (including the Principal Paying Agent) referred to as such in the Conditions or any Successor
Paying Agents in each case at their respective specified offices;

"Person"
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company
trust, unincorporated organisation, government or any agency or political subdivision thereof or any other entity;

 

 

    	-2-

    	 

    

 

"Potential
Event of Default" means an event or circumstance which could with the giving of notice, lapse of time, issue of a certificate
and/or fulfillment of any other requirement become an Event of Default;

 

"Principal Paying
Agent" means the bank named as such in the Conditions or any Successor Principal Paying Agent;

 

"Relevant
Indebtedness" has the meaning given to it in Condition 2;

 

"Relevant
Non-Indian Indebtedness" has the meaning given to it in Condition 2;

"specified
office" means, in relation to a Paying Agent, the office identified with its name at the end of the Conditions or any
other office approved by the Trustee and notified to Bondholders pursuant to Clause 7.13; Bondholders pursuant to Clause 7.13;

 

"Subsidiary"
of any Person means any entity whose financial statements at any time are required by Jaw or in accordance with generally
accepted accounting principles to be fully consolidated with those of such Person;

 

"Subsidiary Guarantor"
has the meaning given to it in Condition 2; and the term "Subsidiary Guarantors" will be construed accordingly;

 

"Successor"
means, in relation to the Paying Agents, such other or further person as may from time to time be appointed by the Issuer
or any Subsidiary Guarantor as a Paying Agent with the written approval of, and on terms approved in writing by, the Trustee and
notice of whose appointment is given to Bondholders pursuant to Clause 7.13;

 

"Tax
Jurisdiction" means, in the case of the Issuer, the Isle of Man or any political division or authority therein or thereof
having power to tax and, in the case of any Subsidiary Guarantor, any jurisdiction under the laws of which that Subsidiary Guarantor
for the time being is treated as being resident for tax purposes, or any political division or authority therein or thereof having
power to tax;

 

"this
Trust Deed" means this Trust Deed (as from time to time altered in accordance with this Trust Deed) and any other document
executed in accordance with this Trust Deed (as from time to time so altered) and expressed to be supplemental to this Trust Deed;

 

"trust corporation"
means a trust corporation (as defined in the Law of Property Act 1925) or a corporation entitled to act as a trustee pursuant
to applicable foreign legislation relating to trustees; and

 

"Written
Resolution" has the meaning set out in Schedule 3.

 

		1.2	Construction
                                         of Certain References: References to:

 

		1.2.1	costs, charges, remuneration or expenses include any value added, turnover
or similar tax charged in respect thereof;

 

1.2.2 "pounds",
"sterling" and "£" are to the lawful currency for the time being of the United Kingdom;
and

 

		1.2.3	an action, remedy or method of judicial proceedings for the enforcement
of creditors' rights include references to the action, remedy or method of judicial proceedings in jurisdictions other than England
as shall most nearly approximate thereto.

 

		1.3	Headings:
                                         Headings shall be ignored in construing this Trust Deed.

    	-3-

    	 

    

 

		1.4	Schedules:
                                         The Schedules are part of this Trust Deed and have effect accordingly.

 

		1.5	Contracts
                                         (Rights of Third Parties) Act 1999: A person who is not a party to this Trust Deed
                                         has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term
                                         of this Trust Deed except and to the extent that this Trust Deed expressly provides for
                                         such Act to apply to any of its terms.

 

		2	Amount
                                         of the Bonds and Covenant to Pay

 

		2.1	Amount
                                         of the Bonds: The aggregate nominal amount of the Bonds is limited to £50,000,000.

 

		2.2	Covenant
                                         to pay: The Issuer will on any date when any Bonds become due to be redeemed unconditionally
                                         pay to or to the order of the Trustee in London in pounds sterling in same day funds
                                         the nominal amount of the Bonds becoming due for redemption on that date and will (subject
                                         to the Conditions) until such payment (both before and after judgment or order) unconditionally
                                         so pay to or to the order of the Trustee interest on the nominal amount of the Bonds
                                         outstanding as set out in the Conditions provided that (1) subject to the provisions
                                         of Clause 2.4 payment of any sum due in respect of the Bonds made to the Principal Paying
                                         Agent as provided in the Agency Agreement shall, to that extent, satisfy such obligation
                                         except to the extent that there is failure in its subsequent payment to the relevant
                                         Bondholders or Couponholders under the Conditions and (2) a payment made after the due
                                         date or pursuant to Condition 8 will be deemed to have been made when the full amount
                                         due has been received by the Principal Paying Agent or the Trustee and notice to that
                                         effect has been given to the Bondholders (if required under Clause 7.9), except to the
                                         extent that there is failure in its subsequent payment to the relevant Bondholders or
                                         Couponholders under the Conditions. The Trustee will hold the benefit of this covenant
                                         on trust for the Bondholders and Couponholders.

 

		2.3	Discharge:
                                         Subject to Clause 2.4, any payment to be made in respect of the Bonds or the Coupons
                                         by the Issuer, the Subsidiary Guarantors (if any) or the Trustee may be made as provided
                                         in the Conditions and any payment so made will (subject to Clause 2.4) to that extent
                                         be a good discharge to the Issuer, the Subsidiary Guarantors (if any) or the Trustee,
                                         as the case may be.

 

		2.4	Payment
                                         after a Default: At any time after an Event of Default or a Potential Event of Default
                                         has occurred the Trustee may:

 

		2.4.1	by notice in writing
to the Issuer, any Subsidiary Guarantors and the Paying Agents, require the Paying Agents, until notified by the Trustee to the
contrary, so far as permitted by applicable law:

 

		(i)	to act as Paying Agents of the Trustee under this Trust Deed and the Bonds
on the terms of the Agency Agreement (with consequential amendments as necessary and except that the Trustee's liability for the
indemnification, remuneration and expenses of the Paying Agents will be limited to the amounts for the time being held by the Trustee
in respect of the Bonds on the terms of this Trust Deed) and thereafter to hold all Bonds and Coupons and all moneys, documents
and records held by them in respect of Bonds and Coupons to the order of the Trustee; or

    	-4-

    	 

    

 

		(ii)	to deliver all Bonds and Coupons and all moneys, documents and records held
by them in respect of the Bonds and Coupons to the Trustee or as the Trustee directs in such notice; and

 

		2.4.2	by notice in writing to the Issuer and the Subsidiary Guarantor (if any)
require them to make all subsequent payments in respect of the Bonds and Coupons to or to the order of the Trustee and not to the
Principal Paying Agent with effect from the issue of any such notice to the Issuer and the Subsidiary Guarantors (if any); and
from then until such notice is withdrawn, proviso (1) to Clause 2.2 above shall cease to have effect.

 

		3	Form
                                         of the Bonds

 

		3.1	The
                                         Global Bond: The Bonds will initially be represented by the Global Bond in the nominal
                                         amount of £50,000,000. The Global Bond will be exchangeable for definitive Bonds
                                         as set out in the Global Bond.

 

		3.2	The
                                         Definitive Bonds: The definitive Bonds and the Coupons will be security printed in
                                         accordance with applicable legal and stock exchange requirements substantially in the
                                         forms set out in Schedule 1. The Bonds will be endorsed with the Conditions.

 

		3.3	Signature:
                                         The Bonds and the Coupons will be signed manually or in facsimile by any authorised
                                         signatory of the Issuer and the Bonds will be authenticated by or on behalf of the Principal
                                         Paying Agent. The Issuer may use the facsimile signature of a person who at the date
                                         of this Trust Deed is such an authorised signatory even if at the time of issue of any
                                         Bonds or Coupons he no longer holds that office. Bonds and Coupons so executed and authenticated
                                         will be binding and valid obligations of the Issuer.

 

		4	Stamp
                                         Duties and Taxes

 

		4.1	Stamp
                                         Duties: The Issuer will pay any stamp, issue, documentary or other taxes and duties,
                                         including interest and penalties, payable in the Isle of Man, Belgium, Luxembourg and
                                         the United Kingdom in respect of the creation, issue and offering of the Bonds and the
                                         Coupons and the execution or delivery of this Trust Deed. The Issuer will also indemnify
                                         the Trustee, the Bondholders and the Couponholders from and against all stamp, issue,
                                         documentary or other taxes paid by any of them in any jurisdiction in connection with
                                         any action taken by or on behalf of the Trustee or, as the case may be, the Bondholders
                                         or the Couponholders to enforce the Issuer's or any Subsidiary Guarantor's obligations
                                         under this Trust Deed, the Bonds or the Coupons.

 

		4.2	Change
                                         of Taxing Jurisdiction: If the Issuer (or a Subsidiary Guarantor) becomes subject
                                         generally to the taxing jurisdiction of a territory or a taxing authority of or in that
                                         territory with power to tax other than or in addition to the relevant Tax Jurisdiction
                                         for the time being then the Issuer, or, as the case may be, such Subsidiary Guarantor,
                                         will (unless the Trustee otherwise agrees) give the Trustee an undertaking satisfactory
                                         to the Trustee in terms corresponding to the terms of Condition 7 with the substitution
                                         for, or (as the case may require) the addition to, the references in that Condition to
                                         the relevant Tax Jurisdiction of references to that other or additional territory or
                                         authority to whose taxing jurisdiction the Issuer or the relevant Subsidiary Guarantor
                                         has become so subject. In such event this Trust Deed, the Bonds and the Coupons will
                                         be read accordingly.

    	-5-

    	 

    

 

		5	Guarantee and Indemnity

 

		5.1	Guarantee: Each or any Subsidiary of the Issuer which is added
                                                                          as a Subsidiary Guarantor pursuant to Condition 2(c), whether by way of a supplemental trust deed or otherwise, until such
                                                                          time as it may cease to be a Subsidiary Guarantor pursuant to Condition 2(d) or otherwise in accordance with this Trust Deed,
                                                                          unconditionally and irrevocably and jointly and severally guarantees that if the Issuer does not pay any sum payable by it
                                                                          under this Trust Deed, the Bonds or the Coupons by the time and on the date specified for such payment (whether on the normal
                                                                          due date, on acceleration or otherwise), each such Subsidiary Guarantor will, on a joint and several basis, pay that sum to
                                                                          or to the order of the Trustee, in the manner provided in Clause 2.2 (or, if in respect of sums due under Clause 8, in London
                                                                          in pounds sterling in immediately available funds) before close of business on that date in the city to which payment is so
                                                                          to be made. Clause 2.2(1) and 2.2(2) will apply (with consequential
amendments as necessary) to such payments other than those in respect of sums due under Clause 8. All payments under any Guarantee
by any Subsidiary Guarantor will be made subject to Condition 7 and Clause 4.2.

 

		5.2	Subsidiary Guarantors as Principal Debtors: As between each or any
Subsidiary Guarantor and the Trustee, the Bondholders and the Couponholders but without affecting the Issuer's obligations, each
of the Subsidiary Guarantors will be jointly and severally liable under this Clause 5 as if they were the sole principal debtor
and not merely sureties. Accordingly, they will not be discharged, nor will their liability be affected, by anything which would
not discharge them or affect their liability if they were the sole principal debtors (including (1) any time, indulgence, waiver
or consent at any time given to the Issuer or any other person, (2) any amendment to any other provisions of this Trust Deed or
to the Conditions or to any security or other guarantee or indemnity, (3) the making or absence of any demand on the Issuer or
any other person for payment, (4) the enforcement or absence of enforcement of this Trust Deed, the Bonds or the Coupons or of
any security or other guarantee or indemnity, (5) the taking, existence or release of any security, guarantee or indemnity, (6)
the dissolution, amalgamation, reconstruction or reorganisation of the Issuer or any other person or (7) the illegality, invalidity
or unenforceability of or any defect in any provision of this Trust Deed, the Bonds or the Coupons or any of the Issuer's obligations
under any of them).

 

		5.3	Subsidiary Guarantors' Obligations Continuing: Each or any Subsidiary
Guarantor's obligations under this Trust Deed are and will remain in full force and effect by way of continuing security until
no sum remains payable under this Trust Deed, the Bonds or the Coupons. Furthermore, those obligations of such Subsidiary Guarantor
are additional to, and not instead of, any security or other guarantee or indemnity at any time existing in favour of any person,
whether from such Subsidiary Guarantor or otherwise and may be enforced without first having recourse to the Issuer, any other
person, any security or any other guarantee or indemnity. Each or any Subsidiary Guarantor irrevocably waives all notices and demands
of any kind.

 

		5.4	Exercise of Subsidiary Guarantors' Rights: So long as any sum remains
payable under this Trust Deed, the Bonds or the Coupons:

 

		5.4.1	any right of any Subsidiary Guarantor, by reason of the performance of any
of its obligations under this Clause, to be indemnified by the Issuer or to take the benefit of or to enforce any security or other
guarantee or indemnity will be exercised and enforced by such Subsidiary Guarantor only in such manner and on such terms as the
Trustee may require or approve; and

    	-6-

    	 

    

 

		5.4.2	any amount received or recovered by any Subsidiary Guarantor (a) as a result
of any exercise of any such right or (b) in the dissolution, amalgamation, reconstruction or reorganisation of the Issuer will
be held in trust for the Trustee and immediately paid to the Trustee and the Trustee will hold it on the trusts set out in Clause
6.1.

 

		5.5	Suspense Accounts: Any amount received or recovered by the Trustee
(otherwise than as a result of a payment by the Issuer to the Trustee in accordance with Clause 2) in respect of any sum payable
by the Issuer under this Trust Deed, the Bonds or the Coupons may be placed in a suspense account and kept there for so long as
the Trustee thinks fit.

 

		5.6	Avoidance of Payments: The Subsidiary Guarantors shall, on a joint
and several basis, indemnify the Trustee, each Bondholder and each Couponholder against any cost, loss, expense or liability sustained
or incurred by it as a result of it being required for any reason (including any bankruptcy, insolvency, winding-up, dissolution,
or similar law of any jurisdiction) to refund all or part of any amount received or recovered by it in respect of any sum payable
by the Issuer under this Trust Deed, any Bond or the Coupons relating to that Bond and shall in any event pay to it on demand the
amount as refunded by it.

 

		5.7	Debts of Issuer: If any moneys become payable by a Subsidiary Guarantor
under the Guarantee, the Issuer will not (except in the event of the liquidation of the Issuer) so long as any such moneys remain
unpaid, pay any moneys for the time being due from the Issuer to any Subsidiary Guarantor.

 

		5.8	Addition of a Subsidiary Guarantor: In connection with the
proposed addition of any Subsidiary of the Issuer as a Subsidiary Guarantor pursuant to Condition 2(c) or Condition 2(e), the Trustee
shall (without liability or the consent of the Bondholders or Couponholders) agree to a Guarantee being provided by a new Subsidiary
Guarantor provided that the Trustee shall have been delivered (i) a deed supplemental to this Trust Deed, duly executed, and substantially
in the form set out in Schedule 4 (or in such other form as may be necessary or appropriate to comply with any applicable law,
rule or regulation, including the law of any jurisdiction outside England and Wales where that entity is organised or carries on
business) and (ii) relevant legal opinions each in a form satisfactory to the Trustee.

 

		5.9	Notice of Addition of a Subsidiary Guarantor: As soon as reasonably
practicable but in any event at least 10 days before the date that any Subsidiary Guarantor will be due to become a Subsidiary
Guarantor pursuant to this Trust Deed or the Conditions, the Issuer shall provide written notice of such event to the Trustee.

 

		5.10	Release of Subsidiary Guarantors: If any Subsidiary Guarantor ceases
to be a Subsidiary Guarantor pursuant to Condition 2(d), such Subsidiary Guarantor shall be released simultaneously from all of
its future obligations under this Trust Deed, without any prejudice to any obligations which may have accrued prior to that time.
The Trustee shall, at the written request of the Issuer but without the consent of the Bondholders or Couponholders, agree to the
release of a Subsidiary Guarantor (the "Released Subsidiary Guarantor") as a guarantor under the Trust Deed, the Bonds
and the Coupons provided that the Issuer delivers to the Trustee a notice including a certificate signed by two directors of the
Issuer containing each of the certifications required by Conditions 2(d)(i) and 2(d)(ii) upon which the Trustee may rely without
liability to any person.

    	-7-

    	 

    

 

		5.11	Provisions of the Trust Deed to apply to Subsidiary Guarantors: All
the provisions of this Trust Deed expressed to relate to Subsidiary Guarantors shall apply to a Subsidiary Guarantor and to the
Guarantee given by such Subsidiary Guarantor in all respects as if the Subsidiary Guarantor had been party to this Trust Deed and
references herein to Subsidiary Guarantors had included the Subsidiary Guarantor.

 

		5.12	Compliance with Agency Agreement: Each or any Subsidiary Guarantor
covenants at all times to comply with and perform all its obligations under the Agency Agreement and to use all reasonable endeavours
to procure that the Agents comply with and perform all their respective obligations thereunder and not make any amendment or modification
to such agreement without the prior written approval of the Trustee.

 

		5.13	Issuer and Subsidiary Guarantors consent to Subsidiary Guarantor:
The Issuer and each Subsidiary Guarantor (if any, for the time being) shall be deemed to have consented to the addition of a further
Subsidiary Guarantor and shall be deemed to be jointly and severally liable with any Subsidiary Guarantor by virtue of the giving
by any Subsidiary Guarantor of a Guarantee without the necessity for the Issuer or any Subsidiary Guarantor to concur in, consent
to or execute any further deed or other instrument adding any Subsidiary Guarantor.

 

		5.14	Trustee shall not be obliged to monitor: The Trustee shall not be
obliged to monitor compliance by the Issuer with Conditions 2(c), 2(d) or 2(e) and shall have no liability to any person for not
doing so. The Trustee shall be entitled to rely without liability to any person on any certificate or notice of the Issuer provided
under Condition 2 and, until it receives such notice, shall assume that no Subsidiary of the Issuer has provided any guarantee
or indemnity in respect of any Relevant Non-Indian Indebtedness and/or any Relevant Indebtedness.

 

		5.15	Indemnity: As separate, independent and alternative stipulations,
each or any Subsidiary Guarantor unconditionally and irrevocably agrees (1) that any sum which, although expressed to be payable
by the Issuer under this Trust Deed, the Bonds or the Coupons, is for any reason (whether or not now existing and whether or not
now known or becoming known to the Issuer, any Subsidiary Guarantor, the Trustee or any Bondholder or Couponholder) not recoverable
from such Subsidiary Guarantor on the basis of a guarantee will nevertheless be recoverable from it as if it were the sole principal
debtor and will be paid by it to the Trustee on demand and (2) as a primary obligation to indemnify the Trustee, each Bondholder
and each Couponholder against any loss suffered by it as a result of any sum expressed to be payable by the Issuer under this Trust
Deed, the Bonds or the Coupons not being paid on the date and otherwise in the manner specified in this Trust Deed or any payment
obligation of the Issuer under this Trust Deed, the Bonds or the Coupons being or becoming void, voidable or unenforceable for
any reason (whether or not now existing and whether or not now known or becoming known to the Trustee, any Bondholder or any Couponholder),
the amount of that loss being the amount expressed to be payable by the Issuer in respect of the relevant sum.

 

		6	Application of Moneys Received by the Trustee

 

		6.1	Declaration of Trust: All moneys received by the Trustee in respect
of the Bonds or Coupons or amounts payable under this Trust Deed will, despite any appropriation of all or part of them by the
Issuer or the Subsidiary Guarantors (if any), be held by the Trustee on trust to apply them (subject to Clause 5.5 and Clause 6.2):

 

    	-8-

    	 

    

 

		•	firstly, in payment of all costs (including legal fees), charges, fees,
expenses and liabilities properly incurred by the Trustee or any Appointee (including remuneration and indemnity payments payable
to it) in carrying out its functions under this Trust Deed;

 

		•	secondly, in payment of all costs (including legal fees), charges, fees, expenses
and liabilities properly incurred by the Paying Agents (including any remuneration and indemnity payments payable to them) in carrying
out their respective functions under the Agency Agreement;

 

		•	thirdly, in payment of any amounts owing in respect of the Bonds or Coupons
pari passu and rateably; and

 

		•	fourthly, in payment of any balance to the Issuer for itself or, if any moneys
were received from any Subsidiary Guarantor and to the extent of such moneys, any such Subsidiary Guarantor.

 

If the Trustee holds any
moneys in respect of Bonds or Coupons which have become void, the Trustee will hold them on these trusts.

 

		6.2	Accumulation:
If the amount of the moneys at any time available for payment in respect of the Bonds under Clause 6.1
is less than 10
per cent. of the nominal amount of the Bonds then outstanding, the
Trustee may, at its discretion, invest such moneys. The Trustee may retain such investments and accumulate the resulting income
until the investments and the accumulations, together with any other funds for the time being under its control and available for
such payment, amount to at least 10 per
cent. of the nominal amount of the Bonds then outstanding and then such investments, accumulations and funds (after deduction of,
or provision for, any applicable taxes) will be applied as specified in Clause 6.1.

 

		6.3	Investment:
Moneys held by the Trustee may be invested in its name or under its control in any investments or other assets anywhere whether
or not they produce income or deposited in its name or under its control at such bank or other financial institution in such currency
as the Trustee may, in its absolute discretion, think fit. If that bank or institution is the Trustee or a subsidiary, holding
or associated
company of the Trustee, it need only account for an amount of interest equal to the standard amount of interest payable by it on
such a deposit to an independent customer. The Trustee may at any time vary or transpose any such investments or assets or convert
any moneys so deposited into any other currency, and will not be responsible for any resulting loss, whether by depreciation in
value, change in exchange rates or otherwise.

 

		7	Covenants

 

So long as any Bond is outstanding, the Issuer
and each or any Subsidiary Guarantor (except as otherwise stated herein) will:

 

		7.1	Books of Account: keep, and procure that each of their respective
Subsidiaries (if any) keeps, proper books of account and, at any time after an Event of Default or Potential Event of Default has
occurred or if the Trustee reasonably believes that such an event has occurred, so far as permitted by applicable law, allow, and
procure that each such Subsidiary will allow, the Trustee and anyone appointed by it to whom the Issuer, the Subsidiary Guarantors
and/or the relevant Subsidiary has no reasonable objection, access to its books of account at all reasonable times during normal
business hours;

 

 

    	-9-

    	 

    

 

		7.2	Notice of Put Events and Events of Default: notify the Trustee in
writing immediately on becoming aware of the occurrence of any Change of Control, Change of Control Put Event, Event of Default
or Potential Event of Default;

 

		7.3	Ratings Change: promptly to notify the Trustee upon becoming aware
that the Bonds have been assigned a rating or that any of the ratings assigned to the Bonds have been, or will be, changed or withdrawn;

 

		7.4	Information: so far as permitted by applicable law, give or procure
to be given to the Trustee such information as it reasonably requires to perform its functions;

 

		7.5	Financial Statements etc.: send to the Trustee at the time of their
issue, and, in the case of annual financial statements in any event within four months of the end of each financial year, three
copies in English of every balance sheet, profit and loss account, report or other notice, statement or circular issued, or which
legally or contractually should be issued, to the members or creditors (or any class of them) of the Issuer or any Subsidiary Guarantor
or any holding company thereof generally in their capacity as such;

 

		7.6	Legal Opinions: save in respect of the legal opinions referred to
in Clause 7.7 procure the delivery of legal opinions addressed to the Trustee dated the date of such delivery, in form and content
acceptable to the Trustee, from such legal advisers acceptable to the Trustee as to the laws of England on the date hereof or as
to the laws of England and any other relevant jurisdiction on the date of any amendment to this Trust Deed;

 

		7.7	Subsidiary Guarantor Legal Opinions: procure the delivery of legal
opinions addressed to the Trustee dated the date of such delivery, acceptable to the Trustee, inter alia as to the capacity
and authority of any entity on the date that it is added as a Subsidiary Guarantor pursuant to this Trust Deed or the Conditions,
and as to the legal, valid, binding and enforceable nature of the Guarantee provided by such Subsidiary Guarantor from such legal
advisers acceptable to the Trustee as to the laws of England or any other relevant jurisdiction;

 

		7.8	Certificate of directors: send to the Trustee, within 14 days of its
annual audited financial statements being made available to its members, and also within 14 days of any reasonable request by the
Trustee a certificate of the Issuer or, as the case may be, a certificate of any relevant Subsidiary Guarantor signed by any two
of its respective directors that, having made all reasonable enquiries, to the best of the knowledge, information and belief of
the Issuer or, as the case may be, the relevant Subsidiary Guarantor as at a date (the "Certification Date") not
more than five days before the date of the certificate no Change of Control Put Event, Event of Default or Potential Event of Default
or other breach of this Trust Deed had occurred since the Certification Date of the last such certificate or (if none) the date
of this Trust Deed or, if such an event had occurred, giving details of it;

 

		7.9	Notices to Bondholders: send to the Trustee not less than three days
before the date of publication the form of each notice to be given to Bondholders and, once given, two copies of each such notice,
such notice to be in a form approved by the Trustee (such approval, unless so expressed, not to constitute approval for the purposes
of section 21 of the FSMA of any such notice which is a communication within the meaning of section 21 of the FSMA);

 

		7.10	Further Acts: so far as permitted by applicable law, do such further
things as may be necessary in the opinion of the Trustee to give effect to this Trust Deed;

    	-10-

    	 

    

 

		7.11	Notice of late payment: forthwith upon request by the Trustee give
notice to the Bondholders of any unconditional payment to the Principal Paying Agent or the Trustee of any sum due in respect of
the Bonds or the Coupons made after the due date for such payment;

 

		7.12	Listing and Trading: use all reasonable endeavours to maintain the
listing of the Bonds on the official list of the Financial Conduct Authority under Part VI of the Financial Services and Markets
Act 2000 and the trading of such Bonds on the Market but, if it is unable to do so, having used such endeavours, or if the maintenance
of such listing or trading is agreed by the Trustee to be unduly onerous and the Trustee is satisfied that the interests of the
Bondholders would not be thereby materially prejudiced, instead use all reasonable endeavours to obtain and maintain a listing
of the Bonds on another stock exchange and the admission to trading of the Bonds on another market, in each case approved in writing
by the Trustee;

 

		7.13	Change in Agents: give at least 14 days' prior notice to the Bondholders
of any future appointment, resignation or removal of a Paying Agent (other than an automatic termination of the appointment of
a Paying Agent pursuant to the terms of the Paying Agency Agreement when such notice shall be given promptly upon the Issuer becoming
aware of the same) or of any change by a Paying Agent of its specified office and not make any such appointment or removal without
the Trustee's written approval;

 

		7.14	Bonds held by Issuer etc.: send to the Trustee as soon as practicable
after being so requested by the Trustee a certificate of the Issuer or, as the case may be, any relevant Subsidiary Guarantor signed
by any two of its respective directors stating the number of Bonds held at the date of such certificate by or on behalf of the
Issuer or, as the case may be, any such relevant Subsidiary Guarantor or their respective Subsidiaries; and

 

		7.15	Material Subsidiaries: give to the Trustee at the same time as sending
the certificate referred to in Clause 7.8 or within 14 days of a request by the Trustee, a certificate signed by two directors
of the Issuer listing those Subsidiaries of the Issuer which as at the last day of the last financial year of the Issuer or as
at the date specified in such request were Material Subsidiaries. In addition, the Issuer will send to the Trustee a certificate
signed by two directors of the Issuer, as soon as practicable upon the occurrence thereof notifying the Trustee of the acquisition
or disposal of any company or Person which becomes, or ceases to be, a Material Subsidiary.

 

		7.16	Compliance with obligations: The Issuer and each of the Subsidiary
Guarantors (if any) covenants with the Trustee that it will comply with and perform and observe all the provisions of this Trust
Deed which are expressed to be binding on it. The Conditions shall be binding on the Issuer, the Subsidiary Guarantors (if any),
the Bondholders and the Couponholders. The Trustee shall be entitled to enforce the obligations of the Issuer and the Guarantors
under the Bonds and the Coupons as if the same were set out and contained in the Trust Deeds constituting the same, which shall
be read and construed as one document with the Bonds and the Coupons. The Trustee shall hold the benefit of this covenant upon
trust for itself and the Bondholders and the Couponholders according to its and their respective interests.

    	-11-

    	 

    

 

		8	Remuneration and Indemnification of the Trustee

 

		8.1	Normal Remuneration: So long as any Bond is outstanding the Issuer
will pay the Trustee as remuneration for its services as Trustee such sum on such dates in each case as they may from time to time
agree in writing. Such remuneration will accrue from day to day from the date of this Trust Deed. However, if any payment to a
Bondholder or Couponholder of moneys due in respect of any Bond or Coupon is improperly withheld or refused, such remuneration
will again accrue as from the date of such withholding or refusal until payment to such Bondholder or Couponholder is duly made.

 

		8.2	Extra Remuneration: If an Event of Default or Potential Event of Default
shall have occurred, the Issuer hereby agrees that the Trustee shall be entitled to be paid additional remuneration calculated
at its normal hourly rates in force from time to time. In any other case, if the Trustee finds it expedient or necessary or is
requested by the Issuer to undertake duties which they both agree to be of an exceptional nature or otherwise outside the scope
of the Trustee's normal duties under this Trust Deed, the Issuer will pay such additional remuneration as they may agree (and which
may be calculated by reference to the Trustee's normal hourly rates in force from time to time) or, failing agreement as to any
of the matters in this sub-Clause (or as to such sums referred to in Clause 8.1), as determined by an independent financial institution
or person (acting as an expert) selected by the Trustee and approved by the Issuer or, failing such approval, nominated by the
President for the time being of The Law Society of England and Wales. The expenses involved in such nomination and such financial
institution's fee will be borne by the Issuer. The determination of such financial institution or person will be conclusive and
binding on the Issuer, each or any Subsidiary Guarantor, the Trustee, the Bondholders and the Couponholders.

 

		8.3	Expenses: The Issuer will also on demand by the Trustee pay or discharge
all fees, costs, charges, liabilities and expenses properly incurred by the Trustee in the preparation and execution of this Trust
Deed and the performance of its functions under this Trust Deed including, but not limited to, legal and travelling expenses and
any stamp, documentary or other taxes or duties paid by the Trustee in connection with any legal proceedings reasonably brought
or contemplated by the Trustee against the Issuer or any Subsidiary Guarantor to enforce any provision of this Trust Deed, the
Bonds or the Coupons. Such costs, charges, liabilities and expenses will:

 

		8.3.1	in the case of payments
made by the Trustee before such demand carry interest from the date of the demand at the rate equal to the Trustee's cost of funding
on the date on which the Trustee made such payments; and

 

		8.3.2	in other cases carry
interest at such rate from 30 days after the date of the demand or (where the demand specifies that payment is to be made on an
earlier date) from such earlier date.

 

		8.4	Indemnity: The Issuer and/or the Subsidiary Guarantors (if any) will
on demand by the Trustee indemnify it in respect of Amounts or Claims paid or incurred by it in acting as trustee under this Trust
Deed (including (1) any Agent/Delegate Liabilities and (2) in respect of disputing or defending any Amounts or Claims made against
the Trustee or any Agent/Delegate Liabilities). The Issuer and/or the Subsidiary Guarantors, if any, will on demand by such agent
or delegate indemnify it against such Agent/Delegate Liabilities. "Amounts or Claims" are losses, liabilities, costs,
fees, claims, actions, demands or expenses and "Agent/Delegate Liabilities" are Amounts or Claims which the Trustee
is or would be obliged to pay or reimburse to any of its agents or delegates appointed pursuant to this Trust Deed. The Contracts
(Rights of Third Parties) Act 1999 applies to this Clause 8.4.

    	-12-

    	 

    

 

		8.5	Continuing Effect: Clauses 8.3 and 8.4 will continue in full force and
effect as regards the Trustee even if it no longer is Trustee.

 

		9	Provisions Supplemental to the Trustee Act 1925 and the Trustee Act 2000

 

		9.1	Advice: The Trustee may act or rely on the opinion, confirmation,
certificate or advice of, or information obtained from, any accountants, financial advisers, legal advisers, valuer, broker, financial
institution or other expert and will not be responsible or liable to anyone for any loss occasioned by so acting or relying whether
such advice is obtained by or addressed to the Issuer, the Trustee or any other person. Any such opinion, advice or information
may be sent or obtained by email, letter, or fax and the Trustee will not be liable to anyone for acting in good faith on any opinion,
advice or information purporting to be conveyed by such means even if it contains some error or is not authentic. The Trustee may
rely without liability to Bondholders and Couponholders or any other person on any opinion, advice, report, confirmation or certificate
or any advice of any accountants, financial advisers, legal advisers, valuer, broker, financial institution or any other expert,
whether or not addressed to the Trustee and whether or not liability in relation thereto is limited by reference to a monetary
cap, methodology or otherwise.

 

		9.2	Trustee to Assume Performance: The Trustee need not notify anyone
of the execution of this Trust Deed or do anything to find out if an Event of Default or Potential Event of Default has occurred.
Until it has actual knowledge or express notice to the contrary, the Trustee may assume that no such event has occurred and that
the Issuer and the Subsidiary Guarantors, if any, are performing all their respective obligations under this Trust Deed, the Bonds
and the Coupons.

 

		9.3	Resolutions of Bondholders: The Trustee will not be responsible for
having acted in good faith on a resolution purporting: (i) to have been passed at a meeting of Bondholders in respect of which
minutes have been made and signed, (ii) to be a Written Resolution made in accordance with paragraph 30 of Schedule 3 or (iii)
to be in respect of any approval given by way of Electronic Consent even if it is later found that there was a defect in the constitution
of the meeting or the passing of the resolution or that the resolution was not valid or binding on the Bondholders or Couponholders.

 

		9.4	Certificate signed by directors: If the Trustee, in the exercise of
its functions, requires to be satisfied or to have information as to any fact or the expediency of any act, it may call for and
accept as sufficient evidence of that fact or the expediency of that act a certificate signed by any two directors of the Issuer
or by any two directors of the relevant Subsidiary Guarantor (if any) as to that fact or to the effect that, in their opinion,
that act is expedient and the Trustee need not call for further evidence and will not be responsible for any loss occasioned by
acting on such a certificate.

 

		9.5	Deposit of Documents: The Trustee may appoint as custodian, on any
terms, any bank or entity whose business includes the safe custody of documents or any lawyer or firm of lawyers believed by it
to be of good repute and may deposit this Trust Deed and any other documents with such custodian and pay all sums due in respect
thereof. The Trustee is not obliged to appoint a custodian of securities payable to bearer.

 

		9.6	Discretion: The Trustee will have absolute and uncontrolled discretion
as to the exercise of its functions and will not be responsible for any loss, liability, cost, claim, action, demand, expense or
inconvenience which may result from their exercise or non-exercise.

    	-13-

    	 

    

		9.7	Agents: Whenever it considers it expedient in the interests of the
Bondholders, the Trustee may, in the conduct of its trust business, instead of acting personally, employ and pay an agent selected
by it, whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any
business and to do or concur in doing all acts required to be done by the Trustee (including the receipt and payment of money).

 

		9.8	Delegation: Whenever it considers it expedient in the interests of
the Bondholders, the Trustee may delegate to any person on any terms (including power to sub-delegate) all or any of its functions.

 

		9.9	Nominees: In relation to any asset held by it under this Trust Deed,
the Trustee may appoint any person to act as its nominee on any terms.

 

		9.10	Forged Bonds: The Trustee will not be liable to the Issuer or any
Subsidiary Guarantor or any Bondholder or Couponholder by reason of having accepted as valid or not having rejected any Bond or
Coupon purporting to be such and later found to be forged or not authentic.

 

		9.11	Confidentiality: Unless ordered to do so by a court of competent
jurisdiction the Trustee shall not be required to disclose to any Bondholder or Couponholder any confidential financial or other
information made available to the Trustee by the Issuer or any Subsidiary Guarantor.

 

		9.12	Determinations Conclusive: As between itself and the Bondholders and
Couponholders the Trustee may determine all questions and doubts arising in relation to any of the provisions of this Trust Deed.
Such determinations, whether made upon such a question actually raised or implied in the acts or proceedings of the Trustee, will
be conclusive and shall bind the Trustee, the Bondholders and the Couponholders.

 

		9.13	Currency Conversion: Where it is necessary or desirable to convert
any sum from one currency to another, it will (unless otherwise provided hereby or required by law) be converted at such rate or
rates, in accordance with such method and as at such date as may reasonably be specified by the Trustee but having regard to current
rates of exchange, if available. Any rate, method and date so specified will be binding on the Issuer, the Subsidiary Guarantors,
the Bondholders and the Couponholders.

 

		9.14	Events of Default etc.: The Trustee may determine whether or not
an Event of Default or Potential Event of Default is in its opinion capable of remedy. Any such determination will be conclusive
and binding on the Issuer, the Subsidiary Guarantors, the Bondholders and the Couponholders.

 

		9.15	Payment for and Delivery of Bonds: The Trustee will not be responsible
for the receipt or application by the Issuer of the proceeds of the issue of the Bonds, any exchange of Bonds or the delivery of
Bonds to the persons entitled to them.

 

		9.16	Bonds held by the Issuer etc.: In the absence of knowledge or express
notice to the contrary, the Trustee may assume without enquiry (other than requesting a certificate under Clause 7.14) that no
Bonds are for the time being held by or on behalf of the Issuer, the Subsidiary Guarantors or their Subsidiaries, as the case may
be.

 

		9.17	Responsibility for agents etc.: If the Trustee exercises reasonable
care in selecting any custodian, agent, delegate or nominee appointed under this Clause (an "Appointee"), it will not
have any obligation to supervise the Appointee or be responsible for any loss, liability,
cost, claim, action, demand or expense incurred by reason of the Appointee's misconduct or default or the misconduct or default
of any substitute appointed by the Appointee.

    	-14-

    	 

    

 

		9.18	Consequential Loss: Notwithstanding any provision of this Trust Deed
to the contrary, the Trustee shall not in any event be liable for indirect, punitive or consequential loss or special damages or
other damage of any kind whatsoever (including but not limited to lost profits), whether or not foreseeable, even if the Trustee
has been advised of the likelihood of such loss or damage and regardless of whether the claim for loss or damage is made in negligence,
for breach of contract or otherwise.

 

		9.19	Illegality: Notwithstanding anything else contained in this Trust
Deed, the Paying Agency Agreement or any related document, the Trustee may refrain from doing anything which would or might in
its opinion be contrary to any law of any jurisdiction or any directive or regulation of any agency of any state or which would
or might otherwise render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such
law, directive or regulation.

 

		9.20	Certificates from Clearing Systems: The Trustee may call for any
certificate or other document issued by Euroclear or Clearstream, Luxembourg in relation to any matter. Any such certificate or
other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such certificate or other
document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including
Euroclear's EUCLID or Clearstream, Luxembourg's Creation Online system) in accordance with its usual procedures and in which the
holder of a particular principal or nominal amount of the Bonds is clearly identified together with the amount of such holding.
The Trustee shall not be liable to any person by reason of having accepted as valid or not having rejected any certificate or other
document to such effect purporting to be issued by Euroclear or Clearstream, Luxembourg and subsequently found to be forged or
not authentic.

 

		9.21	Not bound to act: The Trustee shall not be bound to take any action,
step or proceeding in connection with the Trust Deed or any obligations arising hereunder or under the Conditions or the Paying
Agency Agreement or otherwise, including, without prejudice to the generality of the foregoing, forming any opinion or employing
any financial adviser, unless it has been indemnified and/or secured and/or prefunded to its satisfaction against all liabilities
which may be properly incurred in connection with such action, step or proceeding and may demand prior to taking any such action
that there be paid to it in advance such sums as it reasonably considers (without prejudice to any further demand) shall be sufficient
so as to indemnify and/or secure and/or prefund it and, on such demand being made, the Issuer shall be obliged to make payment
of all such sums in full.

 

		9.22	Interests of Bondholders: In connection with the exercise of its powers,
trusts, authorities or discretions (including, but not limited to, those in relation to any proposed modification, waiver or authorisation
of any breach or proposed breach of any of the Conditions or any of the provisions of this Trust Deed or any proposed substitution
in accordance with Clause 13.2 or any determination to be made by it under this Trust Deed), the Trustee shall have regard to the
general interests of the Bondholders as a class and shall not have regard to the consequences of such exercise for individual Bondholders
nor to circumstances particular to individual Bondholders (whatever their number) and, in particular, but without prejudice to
the generality of the foregoing, shall not have regard to the consequences of any such exercise for individual Bondholders resulting
from their being for any purpose domiciled or resident in, or
otherwise connected with, or subject to the jurisdiction of, any particular territory or any political subdivision thereof and
the Trustee shall not be entitled to require, nor shall any Bondholder be entitled to claim from the Issuer or the Trustee, any
indemnification or payment in respect of any tax arising in consequence of any such exercise for individual Bondholders. For the
avoidance of doubt, the Trustee shall not at any time have regard to the interests of the holders of ordinary shares.

    	-15-

    	 

    

 

		10	Trustee Liable for Gross Negligence

 

Section
1 of the Trustee Act 2000 shall not apply to any function of the Trustee, provided that if the Trustee fails to show the degree
of care and diligence required of it as trustee, nothing in this Trust Deed shall relieve or indemnify it from or against any liability
which would otherwise attach to it in respect of any gross negligence, willful default or fraud of which it may be guilty.

 

Where there are any inconsistencies
between the Trustee Act 1925, the Trustee Act 2000 and the provisions of this Trust Deed, the provisions of this Trust Deed shall,
to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act

2000,
the provisions of this Trust Deed shall constitute a restriction or exclusion for the purposes of that Act.

 

		11	Waiver and Proof of Default

 

		11.1	Waiver: The Trustee may, without the consent of the Bondholders or
Couponholders and without prejudice to its rights in respect of any subsequent breach, from time to time and at any time, if in
its opinion the interests of the Bondholders will not be materially prejudiced thereby, waive or authorise, on such terms as seem
expedient to it, any breach or proposed breach by the Issuer or any Subsidiary Guarantor of this Trust Deed or the Conditions or
determine that an Event of Default or Potential Event of Default will not be treated as such provided that the Trustee will not
do so in contravention of an express direction given by an Extraordinary Resolution or a request made pursuant to Condition 8.
No such direction or request will affect a previous waiver, authorisation or determination. Any such waiver, authorisation or determination
will be binding on the Bondholders and the Couponholders and, if the Trustee so requires, will be notified to the Bondholders as
soon as practicable.

 

		11.2	Proof of Default: Proof that the Issuer or a Subsidiary Guarantor
has failed to pay a sum due to the holder of any one Bond or Coupon will (unless the contrary be proved) be sufficient evidence
that it has made the same default as regards all other Bonds or Coupons which are then payable.

 

		12	Trustee not Precluded from Entering into
Contracts

 

The Trustee and any other
person, whether or not acting for itself, may acquire, hold or dispose of any Bond, Coupon or other security (or any interest therein)
of the Issuer, any Subsidiary Guarantor or any other person, may enter into or be interested in any contract or transaction with
any such person and may act on, or as depositary or agent for, any committee or body of holders of any securities of any such person
in each case with the same rights as it would have had if the Trustee were not acting as Trustee and need not account for any profit.

    	-16-

    	 

    

 

		13	Modification,
                                         Substitution, Release and Accession

 

		13.1	Modification:
                                         The Trustee may agree without the consent of the Bondholders or Couponholders to
                                         any modification to this Trust Deed that is, in its opinion, of a formal, minor or technical
                                         nature or to correct a manifest error. The Trustee may also so agree to any modification
                                         to this Trust Deed which is in its opinion not materially prejudicial to the interests
                                         of the Bondholders, but such power does not extend to any such modification as is mentioned
                                         in the proviso to paragraph 2 of Schedule 3. Any such modification shall be binding on
                                         the Bondholders and Couponholders and, if the Trustee so requires it, such modifications
                                         shall be notified to the Bondholders as soon as practical by the Issuer.

 

		13.2	Substitution,
                                         Release and Accession:

 

		13.2.1	The
                                         Trustee may, without the consent of the Bondholders or Couponholders, agree to the substitution
                                         of the Issuer's successor in business or any Subsidiary of the Issuer or any Subsidiary
                                         Guarantor or its successor in business (the "Substituted Obligor") in place
                                         of the Issuer (or of any previous substitute under this sub-Clause) as the principal
                                         debtor under this Trust Deed, the Bonds and the Coupons and the Trustee may, without
                                         the consent of the Bondholders or Couponholders, agree to the substitution of any Subsidiary
                                         Guarantor's successor in business or any Subsidiary of the Subsidiary Guarantor or its
                                         successor in business (also a "Substituted Obligor") in place of such Subsidiary
                                         Guarantor (or any previous substitute under this sub-Clause) as the guarantor under this
                                         Trust Deed, the Bonds and the Coupons, in each case provided that:

 

		(i)	a
                                         deed is executed or undertaking given by the Substituted Obligor to the Trustee, in form
                                         and manner satisfactory to the Trustee, agreeing to be bound by this Trust Deed, the
                                         Bonds and the Coupons (with consequential amendments as the Trustee may deem appropriate)
                                         as if the Substituted Obligor had been named in this Trust Deed, the Bonds and the Coupons
                                         as the principal debtor in place of the Issuer or as a guarantor in place of the relevant
                                         Subsidiary Guarantor as the case may be;

 

		(ii)	if
                                         the Substituted Obligor is subject generally to the taxing jurisdiction of a territory
                                         or any authority of or in that territory with power to tax (the "Substituted Territory")
                                         other than the territory to the taxing jurisdiction of which (or to any such authority
                                         of or in which) the Issuer is subject generally (the "Issuer's Territory")
                                         or to which any Subsidiary Guarantor is subject generally (the "Subsidiary Guarantors'
                                         Territory"), the Substituted Obligor will (unless the Trustee otherwise agrees)
                                         give to the Trustee an undertaking satisfactory to the Trustee in terms corresponding
                                         to Condition 7 with the substitution for or addition to (as the case may be) the references
                                         in that Condition to the Issuer's Territory or any Subsidiary Guarantors' Territory as
                                         the case may be of references to the Substituted Territory whereupon the Trust Deed,
                                         the Bonds and the Coupons will be read accordingly;

 

		(iii)	if
                                         any two directors of the Substituted Obligor certify that it will be solvent immediately
                                         after such substitution, the Trustee need not have regard to the Substituted Obligor's
                                         financial condition, profits or prospects or compare them with those of the Issuer or,
                                         if any, the relevant Subsidiary Guarantor;

    	-17-

    	 

    

		(iv)	the Issuer procures the delivery of legal opinion(s) addressed to the Trustee
dated the date of such delivery, acceptable to the Trustee, inter alia as to the capacity and authority of any entity on
the date that it is added as the Substituted Obligor pursuant to this Trust Deed or the Conditions, and as to the legal, valid,
binding and enforceable nature of its obligations under the Trust Deed, the Bonds and the Coupons or the Guarantee (as the case
may be) from such legal advisers acceptable to the Trustee as to the laws of England and/or any other relevant jurisdiction;

 

		(v)	the Issuer, the relevant Subsidiary Guarantor, if any, and the Substituted
Obligor comply with such other requirements as the Trustee may direct in the interests of the Bondholders; and

 

		(vi)	(unless the Issuer's successor in business or where relevant, the relevant
Subsidiary Guarantor or its successor in business is the Substituted Obligor) the obligations of the Substituted Obligor under
this Trust Deed, the Bonds and the Coupons are guaranteed by the Issuer or the relevant Subsidiary Guarantor (as the case may be)
in the same terms (with consequential amendments as necessary) as the Guarantee (if any) to the Trustee's satisfaction.

 

		13.2.2	Release of Substituted Issuer or Substituted Subsidiary Guarantor: An agreement
by the Trustee pursuant to this Clause 13.2 will, if so expressed, release the Issuer or the relevant Subsidiary Guarantor (or
a previous substitute of any of them) from any or all of its obligations under this Trust Deed, the Bonds and the Coupons. Notice
of the substitution will be given to the Bondholders within 14 days of the execution of such documents and compliance with such
requirements.

 

		13.2.3	Completion of Substitution: On completion of the formalities set out in
this Clause 13.2, the Substituted Obligor will be deemed to be named in this Trust Deed, the Bonds and the Coupons as the principal
debtor in place of the Issuer (or of any previous substitute) or as a guarantor in place of the Subsidiary Guarantor (or of any
previous substitute) as the case may be and this Trust Deed, the Bonds and the Coupons will be deemed to be amended as necessary
to give effect to the substitution.

 

		14	Appointment, Retirement and Removal of the Trustee

 

		14.1	Appointment: Subject as provided in Clause 14.2, the Issuer has the
power of appointing new trustees but no-one may be so appointed unless previously approved by an Extraordinary Resolution. A trust
corporation will at all times be a Trustee and may be the sole Trustee. Any appointment of a new Trustee will be notified by the
Issuer to the Bondholders as soon as practicable.

 

		14.2	Retirement and Removal: Any Trustee may. retire at any time on giving
at least three months' written notice to the Issuer and, if any, the Subsidiary Guarantors without giving any reason or being responsible
for any costs occasioned by such retirement and the Bondholders may by Extraordinary Resolution remove any Trustee provided that
the retirement or removal of a sole trust corporation will not be effective until a trust corporation is appointed as successor
Trustee. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer
will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee but if it fails to do so before
the expiry of such three month notice period or within three months of the Extraordinary Resolution, the Trustee shall have the
power to appoint a new Trustee.

    	-18-

    	 

    

 

		14.3	Co-Trustees: The Trustee may, despite Clause 14.1, by written notice
to the Issuer and, if any, the Subsidiary Guarantors appoint anyone to act as an additional Trustee jointly with the Trustee:

 

	 	14.3.1	if the Trustee considers the appointment to be in the interests of the Bondholders
and/or the Couponholders;

 

	 	14.3.2	to conform with a legal requirement, restriction or condition in a jurisdiction in
which a particular act is to be performed; or

 

	 	14.3.3	to obtain a judgment or to enforce a judgment or any provision of this Trust Deed
in any jurisdiction.

 

Subject to the provisions
of this Trust Deed the Trustee may confer on any person so appointed such functions as it thinks fit. The Trustee may by written
notice to the Issuer, the Subsidiary Guarantors (if any) and that person remove that person. At the Trustee's request, the Issuer
and the Subsidiary Guarantors (if any) will forthwith do all things as may be required to perfect such appointment or removal and
each of them irrevocably appoints the Trustee as its attorney in its name and on its behalf to do so.

 

		14.4	Competence of a Majority of Trustees: If there are more than two
Trustees the majority of them will be competent to perform the Trustee's functions provided the majority includes a trust corporation.

 

		14.5	Merger: A corporation into which the Trustee may be merged or converted,
or any corporation with which the Trustee may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, shall, on the date when the merger, conversion or consolidation becomes effective and to
the extent permitted by any applicable laws and subject to any requirements set out in this Trust Deed become the successor trustee
under this Trust Deed without the execution or filing of any paper or any further act on the part of the parties to this Trust
Deed, unless otherwise required by the Issuer or a Subsidiary Guarantor (if any) (as the case may be), and after the said effective
date, all references in this Trust Deed to the Trustee shall be deemed to be references to such successor corporation. Written
notice of any such merger, conversion or consolidation shall immediately be given to the Issuer and the Subsidiary Guarantors (if
any) by the Trustee.

 

		15	Couponholders

 

No
notices need be given to Couponholders. They will be deemed to have notice of the contents of any notice given to Bondholders.
Even if it has express notice to the contrary, in exercising any of its functions by reference to the interests of the Bondholders,
the Trustee will assume that the holder of each Bond is the holder of all Coupons relating to it.

 

		16	Currency Indemnity

 

		16.1	Currency of Account and Payment: Pounds sterling (the "Contractual
Currency") is the sole currency of account and payment for all sums payable by the Issuer or any Subsidiary Guarantor under
or in connection with this Trust Deed, the Bonds and the Coupons, including damages.

    	-19-

    	 

    

		16.2	Extent of discharge: An amount received or recovered in a currency
other than the Contractual Currency (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction,
in the insolvency, winding-up or dissolution of the Issuer or any Subsidiary Guarantor or otherwise), by the Trustee or any Bondholder
or Couponholder in respect of any sum expressed to be due to it from the Issuer or any Subsidiary Guarantor will only discharge
the Issuer and such Subsidiary Guarantor to the extent of the Contractual Currency amount which the recipient is able to purchase
with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable
to make that purchase on that date, on the first date on which it is practicable to do so).

 

		16.3	Indemnity: If that Contractual Currency amount is less than the Contractual
Currency amount expressed to be due to the recipient under this Trust Deed, the Bonds or the Coupons, the Issuer failing whom,
each or any Subsidiary Guarantor will indemnify it against any loss sustained by it as a result. In any event, the Issuer will
indemnify the recipient against the cost of making any such purchase.

 

		16.4	Indemnity separate: The indemnities in this Clause 16 and in Clause
8.4 constitute separate and independent obligations from the other obligations in this Trust Deed, will give rise to a separate
and independent cause of action, will apply irrespective of any indulgence granted by the Trustee and/or any Bondholder or Couponholder
and will continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any
sum due under this Trust Deed, the Bonds and/or the Coupons or any other judgment or order.

 

		17	Communications

 

Any communication shall be by letter, fax or electronic
communication:

in the case of the Issuer, to it at:

Eros International Plc

Fort Anne

Douglas IM1 5PD

Isle of Man

 

Tel no.: +44 (0) 20 7258 9909

Email: mark.carbeck@erosintl.com

Attention: Mark Carbeck,
Chief Corporate and Strategy Officer

and in the case of the Trustee, to it at:

U.S. Bank Trustees Limited

Fifth Floor

125 Old Broad Street

London EC2N 1AR

 

 

Fax no.: +44 207 365 2577

Email: mbs.relationship.management@usbank.com

Attention: MBS Relationship Management

    	-20-

    	 

    

 

Communications will take
effect, in the case of a letter, when delivered, in the case of a fax, when the relevant delivery receipt is received by the sender
or, in the case of an electronic communication when the relevant receipt of such communication being read is given, or where no
read receipt is requested by the sender, at the time of sending, provided that no delivery failure notification is received by
the sender within 24 hours of sending such communication; provided that any communication which is received (or deemed to take
effect in accordance with the foregoing) outside business ho.urs or on a non-business day in the place of receipt shall be deemed
to take effect at the opening of business on the next following business day in such place. Any communication delivered to any
party under this Trust Deed which is to be sent by fax or electronic communication will be written legal evidence.

 

		18	Further Issues

 

		18.1	Supplemental Trust Deed: If the Issuer issues further securities as
provided in the Conditions, the Issuer and, if any, the Subsidiary Guarantors shall, before their issue, execute and deliver to
the Trustee a deed supplemental to this Trust Deed containing such provisions (corresponding to any of the provisions of this Trust
Deed) as the Trustee may require.

 

		18.2	Meetings of Bondholders: If the Trustee so directs, Schedule 3 shall
apply equally to Bondholders and to holders of any securities issued pursuant to the Conditions as if references in it to "Bonds"
and "Bondholders" were also to such securities and their holders respectively.

 

		19	Counterparts

 

This
Trust Deed and any Trust Deed supplemental hereto may be executed and delivered in any number of counterparts, all of which, taken
together, shall constitute one and the same deed and any party to this Trust Deed or any Trust Deed supplemental hereto may enter
into the same be executing and delivering a counterpart.

 

		20	Governing Law and Jurisdiction

 

		20.1	Governing Law: This Trust Deed and any non-contractual obligations
arising out of or in connection with it shall be governed by and construed in accordance with English law.

 

		20.2	Jurisdiction: The courts of England are to have jurisdiction to settle
any disputes which may arise out of or in connection with this Trust Deed, the Bonds or the Coupons and accordingly any legal action
or proceedings arising out of or in connection with this Trust Deed, the Bonds or the Coupons ("Proceedings") may be
brought in such courts. The Issuer and any Subsidiary Guarantor each irrevocably submits to the jurisdiction of such courts and
waives any objections to Proceedings in any such courts on the ground of venue or on the ground that the Proceedings have been
brought in an inconvenient forum. This Clause is for the benefit of each of the Trustee, the Bondholders and the Couponholders
and shall not limit the right of any of them to take Proceedings in any other court of competent jurisdiction nor shall the taking
of Proceedings in any one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently
or not).

 

    	-21-

    	 

    

 

		20.3	Service of Process: Each of the Issuer and, if any, the Subsidiary
Guarantors irrevocably appoints the Chief Financial Officer, at Eros International Plc, Group Headquarters, 13 Manchester Square,
London W1U 3PP to receive, for it and on its behalf, service of process in any Proceedings in England. Such service shall be deemed
completed on delivery to such process agent (whether or not it is forwarded to and received by the Issuer or any Subsidiary Guarantor).
If for any reason such process agent ceases to be able to act as such or no longer has an address in England each of the Issuer
and, if any, the Subsidiary Guarantors irrevocably agrees to appoint a substitute process agent acceptable to the Trustee and shall
immediately notify the Trustee of such appointment. Nothing shall affect the right to serve process in any other manner permitted
by law.

 

 

    	-22-

    	 

    

 

 

Schedule
1

Form of Definitive
Bond

 

On the front:

	     Denomination	ISIN	Series	Certif. No.

 

 

 

 

 

 

Eros International
Plc

(Incorporated
with limited liability in the Isle of Man)

£50,000,000

6.50 per
cent. Bonds due 2021

 

 

This Bond forms part
of a series designated as specified in the title (the "Bonds") of Eros International Plc (the "Issuer")
constituted by the Trust Deed referred to on the reverse hereof. The Bonds are subject to, and have the benefit of, that Trust
Deed and the terms and conditions (the "Conditions") set out on the reverse hereof.

 

This is to certify that
the bearer of this Bond is entitled on 15 October 2021, or on such earlier date as the principal sum mentioned below may become
repayable in accordance with the Conditions, to the principal sum of:

 

£50,000,000 (fifty
million pounds sterling)

 

together with interest
on such principal sum from and including 15 October 2014 at the rate of 6.50 per cent. per annum payable semi-annually in arrear
on 15 April and 15 October in each year, subject to and in accordance with the Conditions.

 

This Bond shall not be
valid or become obligatory for any purpose until authenticated by or on behalf of the Principal Paying Agent.

 

In witness whereof the
Issuer has caused this Bond to be signed in facsimile on its behalf.

Dated [DATE]

EROS INTERNATIONAL
PLC

 

 

 

.......................

Name:

Director

 

    	-23-

    	 

    

Certificate
of Authentication

 

This Bond is authenticated
by or on behalf of the Principal Paying Agent.

 

ELAVON FINANCIAL SERVICES
LIMITED, UK BRANCH

 

acting by two duly
authorised attorneys as Principal Paying Agent

 

By:

By:

Authorised Signatory

 

For the purposes of
authentication only without recourse, warranty or liability.

 

 

 

ANY
UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING
THE LIMITATIONS PROVIDED IN SECTIONS 165G) AND 1287(a) OF THE INTERNAL REVENUE CODE.

    	-24-

    	 

    

On the back:

 

Terms and Conditions

The
following are the terms and conditions substantially in the form to be endorsed on the Bonds in definitive form (if issued):

 

The
issue of sterling denominated 6.50 per cent. bonds due 2021 (the "Bonds") was authorised by a resolution of the
board of directors of Eros International Plc (the "Issuer") passed on 24 September 2014. The Bonds are constituted
by a trust deed (the "Trust Deed") dated 15 October 2014 (the "Issue Date") made between the
Issuer and U.S. Bank Trustees Limited (the "Trustee", which expression shall include all persons for the time
being the trustee or trustees under the Trust Deed) as trustee for the holders of the Bonds (the "Bondholders").
These terms and conditions (the "Conditions") include summaries of, and are subject to, the detailed provisions
of the Trust Deed, which includes the form of the Bonds and the coupons relating to them (the "Coupons"). Copies
of the Trust Deed, and of the paying agency agreement (the "Agency Agreement") dated on or around the Issue Date
relating to the Bonds between the Issuer, the Trustee and Elavon Financial Services Limited, UK Branch as the initial principal
paying agent and any other paying agents named in it, are available for inspection during usual business hours at the principal
office for the time being of the Trustee (presently at Fifth Floor, 125 Old Broad Street, London EC2N 1AR) and at the specified
offices of the principal paying agent for the time being (the "Principal Paying Agent") and any other paying
agents for the time being (the "Paying Agents", which expression shall include the Principal Paying Agent). The
Bondholders and the holders of the Coupons (whether or not attached to the relevant Bonds) (the "Couponholders")
are entitled to the benefit of, are bound by, and are deemed to have notice of, all the provisions of the Trust Deed and are deemed
to have notice of those provisions applicable to them of the Agency Agreement.

 

		1	Form, Denomination and Title

 

		(a)	Form and denomination: The Bonds are serially numbered and in bearer
form in the denomination of £100, each with Coupons attached on issue.

 

		(b)	Title: Title to the Bonds and Coupons passes by delivery. The holder
of any Bond or Coupon will (except as otherwise required by law) be treated as its absolute owner for all purposes (whether or
not it is overdue and regardless of any notice of ownership, trust or any interest in it, any writing on it, or its theft or loss)
and no person will be liable for so treating the holder.

 

		2	Status and Subsidiary Guarantors

 

		(a)	Status: The Bonds and Coupons constitute unconditional, unsubordinated
and (subject to Condition 3(a)) unsecured obligations of the Issuer and shall at all times rank pari passu and without any
preference among themselves. The payment obligations of the Issuer under the Bonds and the Coupons (and, if any, of the Subsidiary
Guarantors (as defined below), from time to time, under any Guarantee) shall, save for such exceptions as may be provided by applicable
legislation and subject to Condition 3(a), at all times rank at least equally with all its (or their respective, as the case may
be) other present and future unsecured and unsubordinated obligations.

    	-25-

    	 

    

 

		(b)	Provision of a Guarantee: Subject to the provisions of Conditions
2(d) and 3(a), any Subsidiary (as defined in Condition 3(i)) of the Issuer which becomes a Subsidiary Guarantor pursuant to Condition
2(c) below will unconditionally and irrevocably guarantee, on a joint and several basis, the due payment of all sums expressed
to be payable by the Issuer under the Trust Deed, the Bonds and the Coupons (any such Subsidiary, a “Subsidiary Guarantor”,
and each such obligation in that respect individually and/or collectively referred to as, a “Guarantee”).

 

		(c)	Addition of Subsidiary Guarantors: Without prejudice to Conditions
2(e) or 11(c), if (A) any Subsidiary of the Issuer becomes a borrower or provides a guarantee or indemnity, as the case may be,
in respect of any Relevant Non-Indian Indebtedness (as defined in Condition 2(f)) or (B) any Non-Indian Subsidiary (as defined
in Condition 3(i)) of the Issuer becomes a borrower or provides a guarantee or indemnity, as the case may be, in respect of any
Relevant Indebtedness, subject in each case to Condition 2(e), the Issuer covenants that it shall procure that such Subsidiary
shall at the same time as, or prior to the date of, becoming a borrower or giving such guarantee or indemnity provide a Guarantee
in respect of the Trust Deed, the Bonds and the Coupons by procuring the delivery to the Trustee of a deed of accession substantially
in the form scheduled to the Trust Deed or otherwise as the Trustee may agree to, duly executed and delivered, and relevant legal
opinions in a form satisfactory to the Trustee having been delivered to the Trustee as it may require in accordance with the Trust
Deed. The Issuer shall promptly provide advanced written notice to the Trustee of any proposed addition of such borrower or accession
of such guarantor under or in respect of any Relevant Non-Indian Indebtedness and/or Relevant Indebtedness, as applicable. Notice
of any addition of a Subsidiary Guarantor pursuant to this Condition 2(c) will promptly be given by the Issuer to the Bondholders
in accordance with Condition 15.

 

		(d)	Release of Subsidiary Guarantors: A Subsidiary Guarantor for the time
being which is no longer a borrower, a guarantor or otherwise liable and is no longer required to provide a guarantee or indemnity
in respect of (A) any Relevant Non Indian Indebtedness and/or (B) any Relevant Indebtedness shall be immediately, automatically
and (subject always to Condition 2(c)) irrevocably released and relieved of all of its obligations under any Guarantee and all
of its future obligations as a Subsidiary Guarantor under the Trust Deed without any prejudice to any obligations which may have
accrued prior to that time upon the Issuer giving written notice to the Trustee signed by two directors of the Issuer to that effect
upon which the Trustee may rely without liability to any person. Any such notice must also contain the following certifications
to the Trustee:

 

		(i)	that no Event of Default or Potential Event of Default is continuing or
will result from the release of that Subsidiary Guarantor; and

 

		(ii)	that such Subsidiary Guarantor is not (or will cease to be simultaneously
with such release) a borrower under or providing any guarantee or indemnity in respect of any Relevant Non-Indian Indebtedness
(in the case of any Subsidiary of the Issuer) and/or any Relevant Indebtedness (in the case of any Non-Indian Subsidiary), as applicable.

    	-26-

    	 

    

Neither
the Issuer nor any Subsidiary Guarantor will be required to execute or provide any other document or certification in relation
to any release pursuant to this Condition 2(d) but, if the Issuer requests in writing, the Trustee shall enter into any documentation
in relation to the release of any Subsidiary Guarantor which the Issuer reasonably considers to be necessary or desirable and in
a form satisfactory to the Trustee to evidence the release of that Subsidiary Guarantor; provided that, the Trustee shall not be
obliged to enter into any documentation which, in the sole opinion of the Trustee, would have the effect of:

 

		(A)	exposing the Trustee to any liability against which it has not been indemnified and/or secured
and/or prefunded to its satisfaction; or

 

		(B)	increasing the obligations or duties of the Trustee in the Trust Deed, the Agency Agreement, the
Bonds or the Coupons.

 

If
any Subsidiary of the Issuer released from providing a Guarantee as described above subsequently becomes a borrower or provides
a guarantee or indemnity in respect of any Relevant Non-Indian Indebtedness (in the case of any Subsidiary of the Issuer) and/or
any Relevant Indebtedness (in the case of any Non-Indian Subsidiary) at any time after such release, such Subsidiary will again
be required to provide a Guarantee as described in Condition 2(c). Notice of any release of a Subsidiary Guarantor pursuant to
this Condition 2(d) will promptly be given by the Issuer to the Bondholders in accordance with Condition 15.

 

		(e)	Limitation on Guarantees: The obligation of the Issuer to procure
the provision of a Guarantee from a relevant Subsidiary of it contained in Condition 2(c) shall not apply in circumstances where
the relevant Subsidiary is for the time being prohibited by mandatory provisions of applicable law from providing a Guarantee with
respect to the Bonds; provided that, (A) the Issuer has used all reasonable endeavours (without requiring the Issuer to
procure any change in jurisdiction of incorporation of any such Subsidiary) to enable such Subsidiary to provide a Guarantee with
respect to the Bonds not subject to any such prohibition and certifies such to the Trustee in a certificate signed by two directors
and delivers a legal opinion to such effect satisfactory to the Trustee and (B) if such prohibition ceases to apply pursuant to
applicable law, the Issuer shall promptly but in any event within 30 days thereof cause that Subsidiary to provide a Guarantee
in respect of the Trust Deed, the Bonds and the Coupons in accordance with the provisions of Condition 2(c) applicable to it.

 

		(f)	Definitions: In these Conditions:

 

"Indian Rupee"
refers to the currency of the Republic of India;

 

"Potential Event
of Default" means an event or circumstance that could with the giving of notice, lapse of time, issue of a certificate
and/or fulfilment of any other requirement provided for in Condition 8 or the Trust Deed become an Event of Default;

    	-27-

    	 

    

"Relevant
Indebtedness" means any indebtedness which is in the form of, or represented or evidenced by, (A) acceptance under any
Credit Facility and (B) bonds, notes, debentures, loan stock or other securities, including privately placed securities, in each
case which for the time being are, or are intended to be or are capable of being, quoted, listed or dealt in or traded on any stock
exchange or over-the-counter or other securities market; in each case as the same may be amended, supplemented, waived or otherwise
modified from time to time, or refunded, refinanced, restructured (including with respect to structures or contractual subordination),
replaced, renewed, repaid, increased or extended from time to lime (whether in whole or in part, whether with the original banks,
lenders, investors or institutions or other banks, lenders, investors or institutions or otherwise, with any alternative or further
Relevant Indebtedness) but, in each case, not including any indebtedness owed to another member or members of the Group. Without
limiting the generality of the foregoing, the term 'Relevant Indebtedness' shall include any agreement or deed (1) changing the
maturity of any indebtedness incurred thereunder or contemplated thereby, (2) the addition or removal of borrowers or guarantors
thereunder, (3) increasing or decreasing the amount of indebtedness incurred thereunder or available to be borrowed thereunder
or (4) otherwise altering the terms and conditions of any of them; and

 

"Relevant
Non-Indian Indebtedness" means any indebtedness which is in the form of, or represented or evidenced by, (A) acceptance
under any Credit Facility of a Non-Indian Subsidiary (each as defined in Condition 3(i)) and (B) bonds, notes, debentures, loan
stock or other securities, including privately placed securities, in each case which (x) are denominated in a currency other than
Indian Rupees or are by their terms payable, or confer a right to receive payment, in any currency other than Indian Rupees, or
are denominated or payable in Indian Rupees and more than 50 per cent. of the aggregate principal amount thereof is initially distributed
outside India, and (y) for the time being are, or are intended to be or are capable of being, quoted, listed or dealt in or traded
on any stock exchange or over-the-counter or other securities market; in each case as the same may be amended, supplemented, waived
or otherwise modified from time to time, or refunded, refinanced, restructured (including with respect to structures or contractual
subordination), replaced, renewed, repaid, increased or extended from time to time (whether in whole or in part, whether with the
original banks, lenders, investors or institutions or other banks, lenders, investors or institutions or otherwise, with any alternative
or further Relevant Non-Indian Indebtedness) but, in each case, not including any indebtedness owed to another member or members
of the Group (as defined in Condition 3(i)). Without limiting the generality of the foregoing, the term 'Relevant Non-Indian Indebtedness'
shall include any agreement or deed (1) changing the maturity of any indebtedness incurred thereunder or contemplated thereby,
(2) the addition or removal of borrowers or guarantors thereunder, (3) increasing or decreasing the amount of indebtedness incurred
thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions of any of them.

    	-28-

    	 

    

 

		(g)	Trustee not obliged to monitor: The Trustee shall not be obliged
to monitor compliance by the Issuer with Conditions 2(c), 2(d) or 2(e) and shall have no liability to any person for not doing
so. The Trustee shall be entitled to rely, without liability to any person, on any certificate or notice of the Issuer provided
under this Condition 2, and until it receives such notice shall assume that no other Subsidiary of the Issuer has become a borrower
or provided a guarantee or an indemnity in respect of any Relevant Non-Indian Indebtedness and/or any Relevant Indebtedness.

 

		3	Covenants and Undertakings

 

		(a)	Negative Pledge: So long as any Bond or Coupon remains outstanding
(as defined in the Trust Deed), neither the Issuer nor any Subsidiary Guarantor will, and each will ensure that none of its respective
Non-Indian Subsidiaries or Non-Indian Finance Vehicles, if any,
(each as defined in Condition 3(i)) will, create, assume or permit to subsist, as security for Debt of any Person, any Security
other than any Permitted Security upon the whole or any part of its present or future undertaking, assets or revenues (including
any uncalled capital) without at the same time or prior thereto procuring that all amounts payable under the Bonds and the Coupons
are secured equally and rateably with the Debt secured by such Security to the satisfaction of the Trustee or that such other Security
is provided or such other arrangement (whether or not including the giving of Security) is made as either (i) the Trustee shall,
in its absolute discretion, deem not materially less beneficial to the interests of the Bondholders or (ii) as shall be approved
by an Extraordinary Resolution (as defined in the Trust Deed) of the Bondholders.

 

		(b)	Financial Covenant (Leverage Ratio): So long as any Bond or Coupon
remains outstanding, the Issuer shall in ensure that, as at and for the Measurement Period ending on each Reference Date (as defined
in Condition 3(i)), the Leverage Ratio is less than 3.5 : 1.0.

 

		(c)	Financial Covenant (Fixed Charge Cover Ratio): So long as any Bond
or Coupon remains outstanding, the Issuer will not, and will not permit any Subsidiary of it to, directly or indirectly, Incur
any Debt, including Acquired Debt, or issue Preferred Stock; provided however, that the Issuer or any Subsidiary of it may Incur
Debt (including Acquired Debt) or issue Preferred Stock if, on the date of such Incurrence and after giving effect thereto on a
pro forma basis, the Fixed Charge Cover Ratio would be equal to or greater than 2.0 : 1.0.

 

Notwithstanding
the foregoing, this Condition 3(c) will not prohibit the Incurrence of any of the following Debt:

    	-29-

    	 

    

 

		(i)	the Incurrence by the Issuer or any of its Subsidiaries of intercompany
Debt between or among the Issuer or any of its other Subsidiaries; provided, however, that (A) any subsequent issuance or transfer
of any Capital Stock which results in any such Subsidiary ceasing to be a Subsidiary of the Issuer and any such Debt thus being
held by a Person other than the Issuer or any of its other Subsidiaries or any subsequent transfer of such Debt (other than to
the Issuer or a Subsidiary of the Issuer), shall be deemed, in each case in respect of such Debt, to constitute the Incurrence
of such Debt which was not permitted by this sub-paragraph (i) and (B) if the Issuer is the obligor in respect of such Debt, such
Debt is unsecured and ranks pari passu with or is contractually subordinated to the Bonds;

 

		(ii)	Debt under the Bonds (other than any Additional Bonds) and the Guarantee, if any, in respect of
them;

 

		(iii)	Debt, other than Debt described in sub-paragraphs (i), (ii), (iii), (vi),
(vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvi) and (xvii) of this paragraph, outstanding as of the Issue Date;

 

		(iv)	Refinancing Debt described in sub-paragraph (iii) or this sub-paragraph (iv);

 

		(v)	Hedging Obligations
entered into in the ordinary course of business and including any such Hedging Obligations Incurred in connection with the issuance
of the Bonds; 

 

		(vi)	Debt in respect of bid, performance, completion, surety or appeal bonds or
guarantees of any of the foregoing, VAT Guarantees, or similar instruments, in each case given in the ordinary course of business
(including the expansion of business into new territories);

 

		(vii)	Debt in respect of workers' compensation claims and self-insurance obligations;

 

		(viii)	Debt in respect of bankers' acceptances and letters of credit or similar
credit transactions (including guarantees or indemnities related thereto) in the ordinary course of business including the expansion
of business into new territories;

 

		(ix)	Debt arising from the honouring by a bank or other financial institution
of a cheque, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Debt is covered within
five Business Days in the place where the account against which the cheque, draft or similar instrument is drawn is held;

 

		(x)	Debt consisting of advance or extended payment terms in the ordinary course
of business (including Trade Payables);

 

		(xi)	Debt owed to banks or other financial institutions Incurred in the ordinary
course of business of the Issuer and its Subsidiaries maintained with such banks or financial institutions and which arises in
connection with ordinary banking arrangements to manage cash balances of the Issuer and its Subsidiaries;

 

		(xii)	the guarantee by the Issuer of Debt of any Subsidiary of the Issuer that
was permitted to be Incurred by another provision of this Condition 3(c); provided that, if the Debt being guaranteed is subordinated
in right of payment to the Bonds or the guarantee, if any, then such guarantee shall be subordinated to the same extent as the
Debt guaranteed;

    	-30-

    	 

    

 

		(xiii)	Debt
                                         of any other Person Incurred and outstanding on or prior to the date on which such other
                                         Person was acquired by the Issuer or a Subsidiary of the Issuer (the "Acquiring
                                         Subsidiary") (other than Debt Incurred in connection with, or in contemplation
                                         of, the transaction or series of related transactions pursuant to which such Person became
                                         a Subsidiary of the Issuer or was otherwise acquired by the Issuer or the Acquiring Subsidiary);
                                         provided, however, that on the date that such Person is acquired by the Issuer or the
                                         Acquiring Subsidiary, (A) such Person becomes a Subsidiary of the Issuer and (B) the
                                         Issuer would have been able to Incur such Debt pursuant to the first paragraph of this
                                         Condition 3(c);

 

		(xiv)	Debt arising from agreements of the Issuer or a Subsidiary of it providing
for indemnification, adjustment of purchase price or similar obligations, in each case Incurred or assumed in connection with the
disposition of any business, assets or a Subsidiary of the Issuer other than Debt Incurred by any Person acquiring all or a portion
of such business, assets or a Subsidiary of the Issuer for the purpose of financing such acquisition; provided that (A) such Debt
is not reflected on the balance sheet of the Issuer or any Subsidiary of it (contingent obligations referred to in a footnote to
financial statements and not otherwise reflected on such balance sheet will not be deemed to be reflected on such balance sheet
for purposes of this sub-paragraph (A)) and (B) the maximum assumable liability in respect of all such Debt shall at no time exceed
the gross proceeds including non-cash proceeds (the fair market value of such non cash proceeds being measured at the time received
and without giving effect to any subsequent changes in value) actually received by the Issuer and its Subsidiaries in connection
with such disposition;

 

		(xv)	Debt represented by Finance Leases entered into by the Issuer and its Subsidiaries
in the ordinary course of business which does not exceed U.S.$1,000,000 (or the foreign currency equivalent thereof) in the aggregate
at any one time outstanding;

 

		(xvi)	any Bond Refinancing Debt; and

 

		(xvii)	additional Debt of the Issuer or any Subsidiary of the Issuer in an aggregate
principal amount which does not exceed U.S.$5,000,000 (or the foreign currency equivalent) at any time outstanding.

 

For
the purposes of determining compliance with this covenant, in the event that an item of proposed Debt meets the criteria of more
than one of the categories described in sub-paragraphs (i) through (xvii) above, or is entitled to be Incurred pursuant to the
first paragraph of this Condition 3(c), the Issuer will be permitted to classify such item of Debt on the date of its Incurrence,
or later reclassify all or a portion of such item of Debt, in any manner that complies with this Condition 3(c) except that any
Debt Incurrence under sub-paragraph (i) through (xvii) of the second paragraph of this Condition 3(c) may not be reclassified as
Incurred pursuant to the first paragraph of this Condition 3(c) unless it could have been so Incurred on the date of its Incurrence.
The accrual of interest, the accretion or amortisation of original issue discount, the payment of interest on any Debt in the form
of additional Debt with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of
the same class of Disqualified Stock will not be deemed to be an Incurrence of Debt or an issuance of Disqualified Stock for purposes
of this covenant; provided, in each such case, that the amount thereof is included in Consolidated Interest Expense of the Issuer
as accrued. Notwithstanding any other provision of this Condition 3(c), the maximum amount of Debt that the Issuer or any Subsidiary
of it may Incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations from time to time
in exchange rates or currency values.

    	-31-

    	 

    

 

The amount of any
Debt outstanding as of any date will be:

 

		(A)	the accreted value of the Debt, in the case of any Debt issued with original
issue discount;

 

		(B)	in respect of Debt of another Person secured by Security on the assets
of the specified Person, the lesser of:

 

(x)    the fair market
value of such asset at the date of determination; and

 

(y)    the amount
of the Debt of the other Person;

 

		(C)	the greater of the liquidation preference or the maximum fixed redemption
or repurchase price of the Disqualified Stock, in the case of Disqualified Stock; and

 

		(D)	the principal
amount of the Debt, in the case of any other Debt.

 

For
purposes of the foregoing, the "maximum fixed redemption or repurchase price" of any Disqualified Stock that does not
have a fixed redemption or repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such
Disqualified Stock were redeemed or repurchased on any date of determination

 

		(d)	Covenant
                                         Suspension: If, on any date following the Issue Date, the Bonds have an investment
                                         grade rating from at least two Rating Agencies (as defined in Condition 5(c)) and no
                                         Event of Default or Potential Event of Default has occurred and is continuing (a "Suspension
                                         Event"), then, beginning on that day and continuing until such time, if any,
                                         at which the Bonds cease to have an investment grade rating from at least two of the
                                         Rating Agencies, the covenants contained in Condition 3(b) (Financial Covenant (Leverage
                                         Ratio)) and Condition 3(c) (Financial Covenant (Fixed Charge Cover Ratio)) will
                                         not apply. However such covenants will be reinstituted and apply according to their respective
                                         terms as of and from the first day on which a Suspension Event ceases to be in effect.
                                         Such covenant will not, however, be of any effect with regard to actions of the Issuer
                                         properly taken in compliance with the provisions of the Trust Deed during the continuance
                                         of the Suspension Event.

 

		(e)	Merger, Consolidation and Sale of Substantially all Assets: The Issuer
shall not consolidate, merge or amalgamate with or into (whether or not the Issuer is the surviving corporation), or sell, assign
or convey, transfer, lease, or otherwise dispose of, in one transaction or a series of transactions, all or substantially all of
its assets (determined on a consolidated basis for it and its Subsidiaries) to, another Person, unless:

 

		(i)	the resulting, surviving or transferee Person, if other than the Issuer
(the "Successor"), shall be a Person organised and existing under the laws of the Isle of Man or England &
Wales or Australia or any member state of the European Union as of 1 January 2004 or any State of the United States and shall expressly
assume, by a supplement to the Trust Deed, executed and delivered to the Trustee, in a form satisfactory to the Trustee, all the
obligations of the Issuer in respect of the Bonds and Coupons and under the Trust Deed;

 

		(ii)	immediately after giving effect to such transaction (and treating any Debt
which becomes an obligation of the Issuer or the Successor, as applicable, or any Subsidiary of the Issuer or the Successor, as
the case may be, as a result of such transaction as having been Incurred by the Issuer or the Successor or such Subsidiary at the
time of such transaction) no Event of Default or Potential Event of Default (as defined in Condition 2(f)) shall have occurred
and be continuing;

    	-32-

    	 

    

 

		(iii)	immediately after giving effect to such transaction (and treating any Debt
which becomes an obligation of the Issuer or the Successor, as applicable, or any Subsidiary of the Issuer or the Successor, as
the case may be, as a result of such transaction as having been Incurred by the Issuer or the Successor or such Subsidiary at the
time of such transaction), the Issuer or, as the case may be, the Successor could Incur at least £1 of additional Debt pursuant
to the first paragraph of the covenant in Condition 3(c) (Financial Covenant (Fixed Charge Coverage Ratio)); and

 

		(iv)	the Issuer shall have first delivered to the Trustee (x) a certificate signed by two directors
of the Issuer stating that such consolidation, merger, amalgamation or sale, assignment, conveyance, transfer, lease or other disposition
and such supplement to the Trust Deed (if any) comply with the provisions of this Condition 3(e) and (y) an opinion(s) of independent
legal advisers of recognised standing as to all relevant laws in a form(s) satisfactory to the Trustee and opining as to the matters
referred to in (x) above.

 

The
Successor shall succeed to, and be substituted for and may exercise every right and power of, the Issuer under the Trust Deed.
Except in the case of a lease, the Issuer shall be relieved of all obligations and covenants under the Trust Deed and the Bonds.

 

Nothing
contained in the foregoing restrictions on merger, consolidation, amalgamation and asset transfers shall prohibit any Subsidiary
of the Issuer from consolidating or amalgamating with, merging with or into, or transferring all or part of its properties and
assets to the Issuer or another Subsidiary of the Issuer provided that, after giving effect to any such merger, consolidation,
amalgamation or asset transfer, no Event of Default or Potential Event of Default shall have occurred and be continuing or would
result therefrom.

 

		(f)	Financial Information
Reporting: As soon as they may become available, (i) but in any event within four months of its most recent financial year-end,
the Issuer shall send to the Trustee a copy of its audited annual Consolidated Financial Statements for such financial year, together
with the report thereon of the Issuer's independent auditors and (ii) within two months of each Reference Date other than the Issuer's
financial year-end date, the Issuer shall send to the Trustee a copy of its unaudited interim Consolidated Financial Statements
for such semi-annual or quarterly period, as the case may be.

 

		(g)	Compliance Certificate:
The Issuer shall, concurrently with the delivery of each of the annual, semi-annual and quarterly Consolidated Financial Statements
referred to in Condition 3(f) and within 14 days
of any request by the Trustee, provide to the Trustee a certificate signed by two directors of the Issuer confirming compliance
with the covenants contained in Conditions 3(b) and 3(c) with respect to the most recent Reference Date.

 

		(h)	Trustee not obliged to Monitor: The Trustee shall be under no obligation
to monitor compliance by the Issuer with any of the covenants, restrictions or provisions set out in this Condition 3 and shall
have no liability to any person as a result of any failure to monitor such compliance. The Trustee shall be entitled to rely without
liability to any person and without further enquiry on a certificate provided by the Issuer pursuant to Condition 3(g) above as
to compliance or non compliance (as the case may be) with such covenants as aforesaid.

    	-33-

    	 

    

 

		(i)	Definitions: In these Conditions:

 

"Acquired Debt"
means Debt of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of the
Issuer, whether or not such Debt is Incurred in connection with, or in contemplation of, such other Person merging with or into,
or becoming a Subsidiary of, the Issuer;

 

"Additional Bonds"
means any further securities issued at any time as described in Condition 14 and forming a single series with the Bonds;

 

"Average
Life" means, as of the date of determination, with respect to any Debt, the quotient obtained by dividing (x) the sum
of the products of (a) the numbers of years from the date of determination to the date of each successive scheduled principal payment
of such Debt or scheduled redemption, multiplied by (b) the amount of such payment, by (y) the sum of all such payments;

 

"Bond
Refinancing Debt" means Debt Incurred by the Issuer or a Subsidiary of it where the Issuer gives notice to the Trustee
not later than 15 days after the Incurrence of such Debt that such Debt is intended to be utilised to refinance (as defined in
the definition of Refinancing Debt) any Eurobond outstanding on the date of that Incurrence, provided that:

 

		(i)	the notice to the Trustee shall specify the Eurobond which is intended to
be so refinanced (the "Designated Debt");

 

		(ii)	the Bond Refinancing Debt has a Stated Maturity no earlier than the Stated
Maturity of the Designated Debt;

 

		(iii)	the Bond Refinancing Debt is Incurred in an aggregate principal amount
(or if issued with original issue discount, an aggregate issue price) that is equal to or less than the sum of:

 

		(A)	the aggregate principal amount (or, if issued with original issue discount,
the aggregate accreted value) of the Designated Debt; plus

 

		(B)	unpaid interest, prepayment penalties, redemption or repurchase premiums,
defeasance costs, fees, expenses and other amounts owing with respect thereto, plus reasonable financing fees and other reasonable
out-of-pocket expenses incurred in connection therewith;

 

(for the avoidance of
doubt, the Bond Refinancing Debt may be part of a larger Incurrence of Debt provided that there is compliance with the provisions
of Condition 3(c) (Financial Covenant (Fixed Charge Coverage Ratio));

 

"Business Day"
means, in relation to any place, a day on which commercial banks and foreign exchange markets settle payments and are open
for general business (including dealing in foreign exchange and foreign currency deposits) in that place;

 

"Capital
Stock" of any Person means any and all shares, interests, participations or other equivalents of or interests (including
partnership interests) in (however designated) equity of such Person, including any Preferred Stock, and all rights to purchase,
warrants, options or other equivalents with respect to any of the foregoing, but excluding any debt securities convertible into
or exchangeable for such equity;

    	-34-

    	 

    

 

"Consolidated Adjusted
EBITDA" means the consolidated profit before taxation of the relevant Person for a period, adjusted by:

 

		(i)	adding back Consolidated Interest Expense and depreciation and amortisation
(excluding amortisation of capitalised film content and debt issuance costs) for such period;

 

		(ii)	excluding any exceptional items, and any amount attributable to minority
interests for such period;

 

		(iii)	adding back any non-cash charges by virtue of lAS 19 (Employee benefits);
and

 

		(iv)	further adjusted for impairments of available-for-sale financial assets,
profit or loss on held for trading liabilities (including profit or loss on derivatives), transaction costs related to equity transactions,
and share based payments.

 

"Consolidated Financial
Statements" means the Issuer's audited annual consolidated financial statements or its unaudited semi-annual or quarterly
financial statements, as the case may be, including the relevant accounting policies and notes to the accounts and in each case
prepared in accordance with IFRS from time to time (and if there has been an change in the accounting policies since the Issue
Date, the Consolidated Financial Statements shall be accompanied by a description of any change necessary for 'Operating profit'
to reflect the same under IFRS as at the Issue Date);

 

"Consolidated Interest
Expense" means, with respect to a Person for any period, the sum, without duplication, of:

 

		(i)	the consolidated finance cost of such Person and its Subsidiaries for such
period, whether paid or accrued, including, without limitation, amortisation of original issue discount, non-cash interest payments,
the interest component of any deferred payment obligations, the interest component of all payments associated with Finance Leases,
commissions, discounts and other fees and charges in respect of letters of credit or bankers' acceptance financings, and net of
the effect of all payments made or received pursuant to Hedging Obligations in accordance with IFRS but excluding any gain or loss
that would be reflected in consolidated interest expense as a result of purchases of Debt by way of tender or open market purchases;
plus

 

		(ii)	the consolidated finance cost of such Person and its Subsidiaries that was
capitalised during such period; plus

 

		(iii)	any finance cost (in respect of the Relevant Secured Debt Amount in the
case of (B)) on Debt of another Person that is (A) guaranteed by such Person or any of its Subsidiaries or (B) secured by Security
on assets of such Person or any of its Subsidiaries,

 

in each case whether
or not such guarantee or Security is called upon, plus:

    	-35-

    	 

    

 

		(iv)	any dividend payments, whether in cash or otherwise, on any Preferred Stock
of such Person or any of its Subsidiaries other than:

 

		(A)	dividend payments paid solely in Capital Stock (other than Disqualified Stock
or options, warrants or rights to acquire Disqualified Stock); or

 

		(B)	to such Person or any of its Subsidiaries; but deducting

 

		(v)	any finance cost attributable to minority interests for such period;

 

"Consolidated Operating
Profit" means, with respect of the Group for any period, 'Operating profit' for the Group as shown in the income statement
of the Consolidated Financial Statements for such period;

 

"Credit Facility"
or "Credit Facilities" means one or more debt facilities or other financing arrangements (including, without limitation,
commercial paper facilities or indentures) (in each case, whether drawn or otherwise) providing for revolving credit loans, term
loans, notes or letters of credit together with any related documents thereto (including, without limitation, any guarantee agreements
and security documents), in each case as such agreement may be amended (including any amendment and restatement thereof), supplemented
or otherwise modified from time to time, including any agreements extending the maturity of, refinancing, replacing (whether or
not contemporaneously) or otherwise restructuring (including increasing the amount of available borrowings thereunder (provided
that, for the avoidance of doubt, such increase in borrowings is permitted by the covenant described under Condition 3(b) (Financial
Covenant (Fixed Charge Coverage Ratio))) all or any portion of the Debt under such agreement or any successor or replacement
agreements and whether by the same or any other agent, lender or group of lenders or investors and whether such refinancing or
replacement is under one or more debt facilities or commercial paper facilities, indentures or other agreements or deeds, in each
case with banks or other institutional lenders or trustees or investors providing for revolving credit loans, term loans, notes
or letters of credit;

 

"Currency Exchange
Protection Agreement" means, in respect of any Person, any foreign exchange contract, currency swap agreement, currency
option or other similar agreement or arrangement designed to protect such Person against fluctuations in currency exchange rates;

 

"Debt" means,
with respect to any Person on any date of determination (without duplication):

 

	 	(i)	the principal of and any premium in respect of:

 

		(A)	Debt of such Person for monies borrowed; and

 

		(B)	Debt evidenced by bonds, notes, debentures, loan stock or other similar instruments
for the payment of which such Person is responsible or liable;

 

	 	(ii)	all Finance Leases of such Person;

 

	 	(iii)	all the principal of all moneys owing in connection with the sale or discounting of
receivables (otherwise than on a non-recourse basis);

 

    	-36-

    	 

    

 

	(iv)		the principal of any Debt arising from any deferred payment agreements arranged primarily
as a method of raising finance or financing the acquisition of an asset and where the deferred and unpaid purchase price of such
asset is due more than six months after acquisition thereof;

 

	(v)		all obligations of such Person in respect of bid, performance, advanced payment, completion,
surety or appeal bonds or guarantees or counter indemnities of any of the foregoing, VAT Guarantees or similar instruments and
all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker's acceptance or similar credit
transaction (including guarantees or indemnities related thereto);

	 		 

	(vi)		the amount of all obligations of such Person with respect to the redemption, repayment
or other repurchase of any Disqualified Stock of such Person (but excluding, in each case, any accrued dividends);

	 		 

	(vii)		all obligations of the type referred to in sub-paragraphs (i) through (vi) of other
Persons and all dividends of other Persons for, the payment of which, in either case, such Person is responsible or liable, directly
or indirectly, as obligor, guarantor or otherwise, including by means of any guarantee;

	 		 

	(viii)		all obligations of the type referred to in sub-paragraphs (i) through (vi) of other
Persons secured by any Security on any property or asset of such Person (whether or not such obligation is assumed by such Person),
the amount of such obligation being deemed to be the lesser of the value of such property or assets or the amount of the obligation
so secured (the "Relevant Secured Debt Amount"); and

	 		 

	(ix)		to the extent not otherwise included in this definition, Hedging Obligations of such
Person;

 

"Designated
Debt" has the meaning given in the definition of Bond Refinancing Debt;

 

"Disqualified
Stock", with respect to any Person, means any Capital Stock which by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event:

 

	(i)		matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise
prior to the stated maturity of the Bonds;

	 		 

	(ii)		is convertible or exchangeable at the option of the holder for Debt or Disqualified
Stock; or

	 		 

	(iii)		is mandatorily redeemable or must be purchased, upon the occurrence of certain events
or otherwise, in whole or in part, in each case on or prior to the first anniversary of the Stated Maturity of the Bonds,

 

and
any Preferred Stock of a Subsidiary of the Issuer, provided, however, that any Capital Stock that would not constitute Disqualified
Stock but for provisions thereof giving holders thereof the right to require the Issuer or a Subsidiary of it to purchase or redeem
such Capital Stock upon the occurrence of an "asset sale" or "change of control" occurring prior to the Stated
Maturity of the Bonds shall not constitute Disqualified Stock if:

    	-37-

    	 

    

	(A)		the "change of control" provisions applicable to such Capital Stock are
not more favourable to the holders of such Capital Stock than the terms applicable to the Bonds and described under Condition
5(c); and

	 		 

	(B)		any such requirement only becomes operative after compliance with such terms applicable
to the Bonds, including the redemption or purchase of any Bonds tendered pursuant thereto.

 

If Capital
Stock is issued to any plan for the benefit of directors, officers or employees of the Issuer or any of its Subsidiaries or by
any such plan to such directors, officers or employees, such Capital Stock shall not constitute Disqualified Stock solely because
it may be required to be repurchased by the Issuer or any Subsidiary of it in order to satisfy applicable statutory or regulatory
obligations;

 

"Eurobond"
means any Debt Incurred by the Issuer or a Subsidiary of it and evidenced by bonds (including the Bonds and any Additional
Bonds), notes, debentures, loan stock or other similar transferable securities;

 

"Finance
Lease" means an obligation that is required to be classified and accounted for as a capital or finance lease for financial
reporting purposes in accordance with IFRS and the amount of Debt represented by such obligation shall be the capitalised amount
of such obligation determined in accordance with IFRS, and the Stated Maturity thereof shall be the date of the last payment of
rent or any other amount due under such lease;

 

"Fixed
Charge Coverage Ratio" as of any date of determination (the "Transaction Date") means the ratio of (x) the
aggregate amount of Consolidated Adjusted EBITDA of the Issuer and its Subsidiaries for the most recent Measurement Period to
(y) Consolidated Interest Expense of the Issuer and its Subsidiaries for such Measurement Period; provided that:

 

	(i)		if the Issuer or any Subsidiary of it has Incurred any Debt (other than revolving
credit borrowings) since the beginning of such period that remains outstanding on such Transaction Date or if the transaction
giving rise to the need to calculate the Fixed Charge Coverage Ratio is an Incurrence of Debt, or both, Consolidated Adjusted
EBITDA and Consolidated Interest Expense of the Issuer and its Subsidiaries for such period shall be calculated after giving effect
on a pro forma basis to (i) such Debt as if such Debt had been Incurred on the first day of such period and (ii) the discharge
of any other Debt repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Debt as if such discharge
had occurred on the first day of such period;

 

	(ii)		if the Issuer or any Subsidiary of it has repaid, repurchased, defeased or otherwise
discharged any Debt since the beginning of such period or if any Debt is to be repaid, repurchased, defeased or otherwise discharged
(in each case other than Debt Incurred under any revolving credit facility unless such Debt has been permanently repaid and has
not been replaced) on the Transaction Date, Consolidated Adjusted EBITDA and Consolidated Interest Expense of the Issuer and its
Subsidiaries for such period shall be calculated on a pro forma basis as if such discharge had occurred on the first day of such
period and as if the Issuer or such Subsidiary had not earned the interest income actually earned during such period in respect
of cash or cash equivalents used to repay, repurchase, defease or otherwise discharge such Debt;

    	-38-

    	 

    

 

	(iv)		if, since the beginning of such period, the Issuer or any Subsidiary of it shall have
made any asset disposition, the Consolidated Adjusted EBITDA of the Issuer and its Subsidiaries for such period shall be reduced
by an amount equal to the Consolidated Adjusted EBITDA (if positive) of the Issuer and its Subsidiaries directly attributable
to the assets which are the subject of such asset disposition for such period or increased by an amount equal to the Consolidated
Adjusted EBITDA (if negative) of the Issuer and its Subsidiaries directly attributable thereto for such period and Consolidated
Interest Expense of the Issuer and its Subsidiaries for such period shall be reduced by an amount equal to the Consolidated Interest
Expense of the Issuer and its Subsidiaries directly attributable to any Debt of the Issuer or any Subsidiary repaid, repurchased,
defeased or otherwise discharged with respect to the Issuer and its continuing Subsidiaries in connection with such asset disposition
for such period (or, if the Capital Stock of any Subsidiary of it is sold, the Consolidated Interest Expense of the Issuer and
its Subsidiaries for such period directly attributable to the Debt of such Subsidiary to the extent the Issuer and its continuing
Subsidiaries are no longer liable for such Debt after such sale);

 

	(v)		if since the beginning of such period the Issuer or any Subsidiary of it shall have
made an investment in any Subsidiary of it (or any Person who becomes a Subsidiary of the Issuer) or an acquisition of assets,
including cash equivalents and any acquisition of assets occurring in connection with a transaction giving rise to the need to
calculate the Fixed Charge Coverage Ratio, Consolidated Adjusted EBITDA and Consolidated Interest Expense of the Issuer and its
Subsidiaries for such period shall be calculated after giving pro forma effect thereto (including the Incurrence of any Debt in
accordance with sub-paragraph (i) above and the increase to the Consolidated Adjusted EBITDA (if positive) of the Issuer and its
Subsidiaries directly attributable to such investment or acquisition or a reduction of the Consolidated Adjusted EBITDA (if negative)
of the Issuer and its Subsidiaries directly attributable to such investment or acquisition) as if such investment or acquisition
occurred on the first day of such period; and

 

	(vi)		if since the beginning of such period any person that subsequently became a Subsidiary
of the Issuer or was merged with or into the Issuer or any Subsidiary of it since the beginning of such period shall have made
any asset disposition, investment or acquisition of assets that would require an adjustment pursuant to sub-paragraph (iii) or
(iv) above if made by the Issuer or a Subsidiary of it during such period, Consolidated Adjusted EBITDA and Consolidated Interest
Expense of the Issuer and its Subsidiaries for such period shall be calculated after giving pro forma effect thereto (including
the Incurrence of any Debt in accordance with sub paragraph (i) above) as if such investment or acquisition occurred on the first
day of such period.

    	-39-

    	 

    

 

For
purposes of this definition of Fixed Charge Cover Ratio, whenever pro forma effect is to be given to an investment or an
acquisition or disposition of assets. the amount of income or earnings relating thereto and the amount of Consolidated Interest
Expense associated with any Debt Incurred or repaid, repurchased, defeased or otherwise discharged in connection therewith, the
pro forma calculations shall be determined in good faith by a responsible financial or accounting officer of the Issuer.
If any Debt bears a floating rate of interest and is being given pro forma effect. the interest expense on such Debt shall
be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking
into account any Hedging Obligation applicable to such Debt if such Hedging Obligation has a remaining term as at the Transaction
Date in excess of 12 months);

 

"Group"
means the Issuer and its Subsidiaries taken as a whole;

 

"Hedging
Obligations" of any Person means the obligations of such Person pursuant to any Interest Rate Protection Agreement or
Currency Exchange Protection Agreement or other similar agreement or arrangement involving interest rates, currencies, commodities
or otherwise;

 

"IFRS"
means International Financial Reporting Standards issued and/or adopted by the International Accounting Standards Board from
time to time to the extent applicable to the relevant financial statements;

 

"Incur"
means, with respect to any Debt or other obligation, to incur (including by conversion, exchange or otherwise), create, issue,
assume, guarantee or otherwise become liable for or with respect to. or become responsible for, the payment of, contingently or
otherwise, such Debt, including, for the avoidance of doubt, by acquisition of Subsidiaries or by the acquisition of any asset
securing any Debt (and "Incurrence", "Incurred" and "Incurring" shall have meanings
correlative to the foregoing);

 

"Interest
Rate Protection Agreement" means, in respect of any Person, any interest rate swap agreement, interest rate option agreement,
interest rate cap agreement. interest rate collar agreement. interest rate floor agreement or other similar agreement or arrangement
designed to protect such Person against fluctuations in interest rates;

 

"Leverage
Ratio" means the ratio of Debt of the Eros India Group to Consolidated Operating Profit of the Group, where "Debt
of the Eros India Group" means the aggregate of all Debt of Eros International Media Limited (India) and its Subsidiaries
taken as a whole (other than Debt owed to another member of the Group) at the relevant time;

 

"Measurement
Period" means the most recently ended four fiscal quarters for which Consolidated Financial Statements or management
accounts of the Issuer are available;

 

"Minimum
Rating" means a credit rating of either "A-1" or higher by S&P or "F1" or higher by Fitch or
"P-1" or higher by Moody's (each as defined in Condition 5(c));

 

"Non-Indian
Finance Vehicle" means any Person. whether or not owned, in whole or part, by the Issuer or any other member of the Group,
(A) established for the purpose of and engaged exclusively in the business of Incurring Debt, guaranteed by the Issuer or any
other member of the Group and loaning the proceeds thereof to any Subsidiary of the Issuer which is incorporated in India, (B)
whose only material liabilities are the Debt so Incurred by it from time to time and whose only material assets are such loans
made by it from time to time and (C) who is not incorporated in India;

    	-40-

    	 

    

 

"Non-Indian
Subsidiary" means a Subsidiary of the Issuer which is not incorporated in India;

 

"Permitted
Security" means:

 

	(i)		any Security existing at the Issue Date or ans1ng from contractual commitments existing
as at the Issue Date, provided that the principal amount secured by such Security has not been increased since the Issue Date;

	 		 

	(ii)		any Security on assets acquired by the Issuer or a Non-Indian Subsidiary member of
the Group after the Issue Date provided that (a) any such Security is in existence prior to the contemplation of such acquisition
and

	(b)		the amount secured by such Security does not exceed, at any time, the amount secured
thereby as at the date of acquisition;

	 		 

	(iii)		any Security on assets of a company which becomes a Non-Indian Subsidiary member of
the Group after the Issue Date provided that (a) any such Security is in existence prior to the contemplation of such company
becoming a Non-Indian Subsidiary member of the Group and (b) the amount secured by such Security does not exceed, at anytime,
the amount secured thereby as at the date such company becomes a Non-Indian Subsidiary member of the Group;

	 		 

	(iv)		any Security created for the purpose of securing a counter-indemnity or any other
obligations provided by any Non-Indian Subsidiary member of the Group in connection with the issuance of any performance bonds,
advance payment bonds or documentary letters of credit arising in the ordinary course of its business;

	 		 

	(v)		any Security imposed by mandatory provisions of applicable law, including under workmen's
compensation laws, unemployment insurance laws, social security laws or similar legislation, or insurance related to obligations
(including pledges and deposits securing liability to insurance carriers under insurance or self-insurance arrangements);

	 		 

	(vi)		any Security securing Hedging Obligations so long as the related Debt is, and is permitted
to be incurred under these Conditions, secured by Security on the same property securing the Hedging Obligations;

	 		 

	(vii)		Security on property or assets under construction (and related rights) in favour of
a contractor or developer or arising from progress or partial payments by a third party relating to such property or assets;

	 		 

	(viii)		Security arising out of conditional sale, title retention, hire purchase, consignment
or similar arrangements for the same of goods entered into in the ordinary course of business;

    	-41-

    	 

    

	(ix)		any Security relating to banker's right of set-off, right to combine accounts or any
analogous right which any bank or other financial institution may have relating to any credit balance, deposit accounts or other
funds of the Issuer or any of its Non-Indian Subsidiaries;

	 		 

	(x)		any Security created as security for any Debt Incurred solely for the purpose of any
extension of maturity, renewal or refinancing of any indebtedness secured by Security permitted by (i) to (ix) above; and

	 		 

	(xi)		any Security created as security for any Debt not covered by paragraphs (i) through
(x) provided that the aggregate principal amount of all Debt secured by any such Security does not, on the date of creation of
the latest such Security or, as the case may be, the assumption of any such additional Debt, exceed U.S.$5,000,000 (or the foreign
currency equivalent thereof).

 

"Person"
means, any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company
trust, unincorporated organisation, government or any agency or political subdivision thereof or any other entity;

 

"Preferred
Stock", as applied to the Capital Stock of any corporation, means Capital Stock of any series (however designated) which
matures before 15 October 2021 and which is preferred as to the payment of dividends, or as to the distribution of assets upon
any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other series
of such corporation;

 

"Reference
Date" means such annual, semi-annual or quarterly date or dates, as the case may be, at which the Issuer prepares its
audited annual Consolidated Financial Statements or its unaudited semi-annual or quarterly, as the case may be, Consolidated Financial
Statements, and, as at the Issue Date, those Reference Dates are 31 March, 30 June, 30 September and 31 December in each year;

 

"Refinancing
Debt" means Debt that refunds, refinances, replaces, renews, repays or extends (including pursuant to any defeasance
or discharge mechanism) (collectively, "refinances" and "refinance" and "refinanced"
shall each have a correlative meaning) already existing Debt; provided that, except in the case of Debt that refinances all
of the outstanding Bonds (including upon redemption or purchase pursuant to Condition 5(e)):

 

	(i)		the Refinancing Debt has a Stated Maturity no earlier than any Stated Maturity of
the Debt being refinanced;

	 		 

	(ii)		the Refinancing Debt has an Average Life at the time such Refinancing Debt is Incurred
that is equal to or greater than the Average Life of the Debt being refinanced; and

	 		 

	(iii)		such Refinancing Debt is Incurred in an aggregate principal amount (or if issued with
original issue discount, an aggregate issue price) that is equal to or less than the sum of:

    	-42-

    	 

    

 

	(A)		the aggregate principal amount (or, if issued with original issue discount, the aggregate
accreted value) of the Debt being refinanced (including, with respect to both the Refinancing Debt and the Debt being refinanced,
amounts then outstanding and amounts available thereunder); plus

	 		 

	(B)		unpaid interest, prepayment penalties, redemption or repurchase premiums, defeasance
costs, fees, expenses and other amounts owing with respect thereto, plus reasonable financing fees and other reasonable out-of-pocket
expenses incurred in connection therewith;

 

"Relevant
Secured Debt Amount" has the meaning given to that term in the definition of "Debt";

 

"Security"
means any mortgage, charge, pledge, lien or other security interest or encumbrance other than an encumbrance arising solely
by operation of law; and, for the avoidance of doubt, any contractual rights of set-off of accounts or combination of accounts
shall not be or be deemed to be Security;

 

"Stated
Maturity" means, with respect to any security, the date specified in such security as the fixed date on which the payment
of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any
provision providing for the redemption or repurchase of such security upon the happening of any contingency);

 

"Subsidiary"
of any Person means any entity whose financial statements at any time are required by law or in accordance with generally
accepted accounting principles to be fully consolidated with those of such Person;

 

"Trade
Payables" means, with respect to any Person, any accounts payable or any indebtedness or monetary obligation to trade
creditors created, assumed or guaranteed by such Person arising in the ordinary course of business in connection with the acquisition
of goods or services; and

 

"VAT
Guarantee" means a guarantee in respect of value-added tax.

 

	4		Interest

 

The
Bonds bear interest from and including the Issue Date at the rate of 6.50 per cent. per annum, payable semi-annually in arrear
in equal instalments of £3.25 per £100 nominal amount of the Bonds on 15 April and 15 October in each year (each,
an "Interest Payment Date"). Each Bond will cease to bear interest from the due date for redemption unless, upon
due presentation, payment of principal is improperly withheld or refused. In such event the relevant Bond shall continue to bear
interest at such rate (both before and after judgment) until whichever is the earlier of (a) the day on which all sums due in
respect of such Bond up to that day are received by or on behalf of the relevant holder and (b) the day seven days after the Trustee
or the Principal Paying Agent has notified Bondholders of receipt of all sums due in respect of all the Bonds up to that seventh
day (except to the extent that there is failure in the subsequent payment to the relevant holders under these Conditions.

 

If interest
is to be calculated in respect of a period which is equal to or shorter than an Interest Period (as defined below), the day-count
fraction used will be the number of days in the relevant period, from and including the date from which interest begins to accrue
to but excluding the date on which it falls due, divided by two times the number of days in the Interest Period in which the relevant
period falls (including the first such day but excluding the last).

    	-43-

    	 

    

 

The
period beginning on and including the Issue Date and ending on but excluding the first Interest Payment Date and each successive
period beginning on and including an Interest Payment Date and ending on but excluding the next succeeding Interest Payment Date
is called an "Interest Period".

 

Interest
in respect of any Bond shall be calculated per £100 in nominal amount of the Bonds. The amount of interest payable per £100
for any period shall, save as provided above in relation to equal instalments, be equal to the product of 6.50 per cent., £100
and the day-count fraction for the relevant period, rounding the resulting figure to the nearest penny (half a pence being rounded
upwards).

 

	5		Redemption and Purchase

 

	(a)		Final redemption: Unless previously redeemed or purchased and cancelled the
Bonds will be redeemed at their nominal amount on 15 October 2021. The Bonds may not be redeemed at the option of the Issuer other
than in accordance with this Condition 5.

	 		 

	(b)		Redemption for taxation reasons: The Bonds may be redeemed at the option of
the Issuer in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days' notice to the Bondholders
in accordance with Condition 15 (which notice shall be irrevocable), at their nominal amount, (together with interest accrued
to but excluding the date fixed for redemption), if (i) the Issuer (or a Subsidiary Guarantor) satisfies the Trustee immediately
prior to the giving of such notice that it has or will (or, in the case of a Subsidiary Guarantor, if its Guarantee were called)
become obliged to pay additional amounts as provided or referred to in Condition 7 as a result of any change in, or amendment
to, the laws or regulations of a relevant Tax Jurisdiction (as defined below), or any change in the application or official interpretation
of such laws or regulations, which change or amendment becomes effective on or after the Issue Date, and (ii) such obligation
cannot be avoided by the Issuer (or the Subsidiary Guarantor, as the case may be) taking reasonable measures available to it,
provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer
(or the Subsidiary Guarantor, as the case may be) would be obliged to pay such additional amounts were a payment in respect of
the Bonds (or a Guarantee, as the case may be) then due. Prior to the publication of any notice of redemption pursuant to this
Condition 5(b), the Issuer (or the Subsidiary Guarantor, as the case may be) shall deliver to the Trustee a certificate signed
by two of its directors stating that the obligation referred to in (i) above cannot be avoided by the Issuer (or the Subsidiary
Guarantor, as the case may be) taking reasonable measures available to it and the Trustee shall without liability to any person
accept such certificate as sufficient evidence of the satisfaction of the condition precedent set out in (ii) above, in which
event it shall be conclusive and binding on the Bondholders and the Couponholders.

 

In these
Conditions, "Tax Jurisdiction" means, in the case of the Issuer, the Isle of Man or any political division or authority
therein or thereof having power to tax and, in the case of any Subsidiary Guarantor, any jurisdiction under the laws of which
that Subsidiary Guarantor for the time being is treated as being resident for tax purposes, or any political division or authority
therein or thereof having power to tax.

    	-44-

    	 

    

 

	(c)		Redemption at the option of Bondholders following a Change of Control Put Event:
A Change of Control Put Event will be deemed to occur if:

 

		(i)	either (x) Mr Kishore Lulla and his family cease to be discretionary beneficiaries
of Beech Investments Limited or (y) Beech Investments Limited ceases to control the Issuer ("control" for this
purpose means the power or the ability to direct the management and policies of an entity, whether through the ownership of voting
capital, by contract or otherwise) (each such event being, a "Change of Control"); and

 

		(ii)	on the date (the "Relevant Announcement Date") that is
the earlier of (1) the date of the first public announcement of the relevant Change of Control and (2) the date of the earliest
Relevant Potential Change of Control Announcement (if any), the Bonds carry:

 

		(A)	an investment grade credit rating (Baa3/BBB-, or their respective equivalents,
or better), from any Rating Agency whether provided by such Rating Agency at the invitation of the Issuer or at its own volition
and such rating is, within the Change of Control Period, either downgraded to a non-investment grade credit rating (Ba1/BB+, or
their respective equivalents, or worse) (a "Non Investment Grade Rating") or withdrawn and is not, within the
Change of Control Period, subsequently (in the case of a downgrade) upgraded to an investment grade credit rating by such Rating
Agency; or

 

		(B)	a Non-Investment Grade Rating from any Rating Agency whether provided by
such Rating Agency at the invitation of the Issuer or at its own volition and such rating is, within the Change of Control Period,
either downgraded by one or more rating categories (from Ba1 to Ba2 or such similar lowering) or withdrawn and is not, within the
Change of Control Period, subsequently (in the case of a downgrade) upgraded to its earlier credit rating or better by such Rating
Agency; or

 

		(C)	no credit rating and a Negative Rating Event also occurs within the Change
of Control Period,

 

provided
that if at the time of the occurrence of the Change of Control the Bonds carry a credit rating from more than one Rating Agency,
at least one of which is investment grade, then sub paragraph (A) will apply; and

 

		(iii)	in making any decision to downgrade or withdraw a credit rating pursuant
to paragraphs (A) and (B) above or not to award a credit rating of at least investment grade as described in paragraph (ii)
of the definition of Negative Rating Event, the relevant Rating Agency announces or confirms in writing to the Issuer that such
decision(s) resulted, in whole or in part, from the occurrence of the Change of Control or the Relevant Potential Change of Control
Announcement.

    	-45-

    	 

    

 

If a
Change of Control Put Event occurs, the holder of each Bond will have the option (a "Change of Control Put Option")
(unless prior to the giving of the relevant Change of Control Put Event Notice (as defined below) the Issuer has given notice
of redemption under Condition 5(b) above) to require the Issuer to redeem or, at the Issuer's option, purchase (or procure the
purchase of) that Bond on the date (the "Change of Control Put Date") which is seven days after the expiration
of the Change of Control Put Period (as defined below) at its nominal amount together with (or, where purchased, together with
an amount equal to) interest (if any) accrued to (but excluding) the Change of Control Put Date.

 

Promptly
upon, and in any event within 14 days after, the Issuer becoming aware that a Change of Control Put Event has occurred the Issuer
shall, and at any time upon the Trustee becoming similarly so aware the Trustee may, and if so requested by the holders of at
least one-fifth in nominal amount of the Bonds then outstanding or if so directed by an Extraordinary Resolution of the Bondholders,
shall, (subject in each case to the Trustee being indemnified and/or secured and/or pre-funded to its satisfaction) give notice
(a "Change of Control Put Event Notice") to the Bondholders in accordance with Condition 15 specifying the nature
of the Change of Control Put Event and the procedure for exercising the Change of Control Put Option.

 

To exercise
the Change of Control Put Option, the holder of the Bond must deposit such Bond with any Paying Agent at its specified office
at any time during normal business hours of such Paying Agent falling within the period (the "Change of Control Put Period")
of 30 days after a Change of Control Put Event Notice is given, accompanied by a duly signed and completed notice of exercise
in the form (for the time being current) obtainable from the specified office of any Paying Agent (a "Change of Control
Put Notice"). No Bond so deposited and option so exercised may be withdrawn (except as provided in the Agency Agreement)
without the prior consent of the Issuer. The Issuer shall redeem or purchase (or procure the purchase of) the relevant Bonds on
the Change of Control Put Date unless previously redeemed (or purchased) and cancelled.

 

If 80
per cent. or more in nominal amount of the Bonds then outstanding have been redeemed or purchased pursuant to this Condition 5(c),
the Issuer may, on giving not less than 30 nor more than 60 days' notice to the Bondholders (such notice being given within 30
days after the Change of Control Put Date), redeem or purchase (or procure the purchase of), at its option, all but not some only
of the remaining outstanding Bonds at their nominal amount, together with interest accrued to (but excluding) the date fixed for
such redemption or purchase.

 

If the
rating designations employed by any of Moody's, Fitch or S&P are changed from those which are described in paragraph (ii)
of the definition of "Change of Control Put Event" above, or if a rating is procured from a Substitute Rating Agency,
the Issuer shall determine, with the agreement of the Trustee, the rating designations of Moody's, Fitch or S&P or such Substitute
Rating Agency (as appropriate) as are most equivalent to the prior rating designations of Moodys, Fitch or S&P and this Condition
5(c) shall be construed accordingly.

    	-46-

    	 

    

 

The
Trustee is under no obligation to ascertain whether a Change of Control Put Event or Change of Control or Negative Rating Event
or any event which could lead to the occurrence of or could constitute a Change of Control Put Event or Change of Control or Negative
Rating Event has occurred, or to seek any confirmation from any Rating Agency pursuant to paragraph (iii) above or pursuant to
the definition of Negative Rating Event below, and, until it shall have actual knowledge or notice pursuant to the Trust Deed
to the contrary, the Trustee may assume (without liability for so doing) that no Change of Control Put Event or Change of Control
or other such event has occurred.

 

In these
Conditions:

 

"Change
of Control Period" means the period commencing on the Relevant Announcement Date and ending 90 days after the Change
of Control (or such longer period for which the Bonds are under consideration (such consideration having been announced publicly
within the period ending 90 days after the Change of Control) for rating review or, as the case may be, rating by a Rating Agency,
such period not to exceed 60 days after the public announcement of such consideration);

 

a "Negative
Rating Event" shall be deemed to have occurred if at such time as there is no rating assigned to the Bonds by a Rating
Agency (i) the Issuer does not, either prior to, or not later than 21 days after, the occurrence of the Change of Control seek,
and thereafter throughout the Change of Control Period use all reasonable endeavours to obtain, a rating of the Bonds, or any
other unsecured and unsubordinated debt of the Issuer or (ii) if the Issuer does so seek and use such endeavours, it is unable
to obtain such a rating of at least investment grade (BBB-/Baa3, or their respective equivalents for the time being) by the end
of the Change of Control Period;

 

"Rating
Agency" means Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings Ltd. ("Fitch")
or Standard & Poor's Rating Services, a division of The McGraw-Hill Companies Inc. ("S&P") or any of
their respective successors or any rating agency (a "Substitute Rating Agency") substituted for any of them by
the Issuer from time to time with the prior written approval of the Trustee; and

 

"Relevant
Potential Change of Control Announcement" means any public announcement or statement by the Issuer, any actual or potential
bidder or any adviser acting on behalf of any actual or potential bidder relating to any potential Change of Control where within
180 days following the date of such announcement or statement, a Change of Control occurs.

 

		(d)	Notice of redemption: All Bonds in respect of which any notice of
redemption is given under this Condition 5 shall be redeemed on the date specified in such notice in accordance with this Condition
5.

 

		(e)	Purchase: The Issuer and its Subsidiaries may at any time purchase
Bonds in the open market or otherwise at any price (provided that, if they should be cancelled under Condition 5(f) below, they
are purchased together with all unmatured Coupons relating to them). The Bonds so purchased, while held by or on behalf of the
Issuer or any such Subsidiary, shall not entitle the holder to vote at any meetings of the Bondholders or on any Written Resolution
or Electronic Consent (each as defined in Condition 11(a)) and shall not be deemed to be outstanding for the purposes of calculating
quorums at meetings of the Bondholders or for the purposes of Condition 11. Such Bonds may be held, re-sold or reissued or, at
the option of the Issuer, surrendered to any Paying Agent for cancellation.

    	-47-

    	 

    

		(f)	Cancellation: All Bonds so redeemed or purchased and to be cancelled
pursuant to Condition 5(e) and any unmatured Coupons attached to or surrendered with them will be cancelled and may not be re-issued
or resold.

 

	6		Payments

 

	(a)		Method of Payment: Payments of principal and interest will be made against
presentation and surrender (or, in the case of a partial payment, endorsement) of Bonds or the appropriate Coupons (as the case
may be) at the specified office of any Paying Agent by pound sterling cheque drawn on, or by transfer to a sterling account maintained
by the payee with, a bank in the United Kingdom. Payments of interest due in respect of any Bond other than on presentation and
surrender of matured Coupons shall be made only against presentation and either surrender or endorsement (as appropriate) of the
relevant Bond.

	 		 

	(b)		Payments subject to laws: Save as provided in Condition 7, payments will be
made subject in all cases to any applicable fiscal or other laws and regulations in the place of payment or other laws and regulations
to which the Issuer (or any Subsidiary Guarantor, as the case may be) and the Paying Agents agree to be subject and neither the
Issuer nor any Subsidiary Guarantor will be liable for any taxes or duties of whatever nature imposed or levied by such laws,
regulations and agreements. No commissions or expenses shall be charged to the Bondholders or Couponholders in respect of such
payments.

	 		 

	(c)		Surrender of unmatured Coupons: Each Bond should be presented for redemption
together with all unmatured Coupons relating to it, failing which the amount of any such missing unmatured Coupon (or, in the
case of payment not being made in full, that proportion of the amount of any such missing unmatured Coupon which the sum of principal
so paid bears to the total nominal amount due) will be deducted from the sum due for payment. Each amount of principal so deducted
will be paid in the manner mentioned above against surrender of the relevant missing Coupon not later than 10 years after the
Relevant Date (as defined in Condition 7) for the relevant payment of principal.

	 		 

	(d)		Payments on business days: A Bond or Coupon may only be presented for payment
on a day which is a business day in the place of presentation (and, in the case of payment by transfer to a sterling account,
in London). No further interest or other payment will be made as a consequence of the day on which the relevant Bond or Coupon
may be presented for payment under this Condition 6 falling after the due date. In this Condition 6, "business day"
means a day on which commercial banks and foreign exchange markets are open for business in London.

	 		 

	(e)		Paying Agents: The initial Paying Agents and their initial specified offices
are listed below these Conditions. The Issuer reserves the right at any time with the prior written approval of the Trustee to
vary or terminate the appointment of any Paying Agent and appoint additional or other Paying Agents, provided that it will maintain
(i) a Principal Paying Agent, (ii) a Paying Agent having a specified office in London and/or in any other major European city
approved by the Trustee and (iii) a Paying Agent with a specified office in a European Union member state that will not be obliged
to withhold or deduct tax pursuant to any law implementing European Council Directive 2003/48/EC (as amended from time to time)
or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings
income or any law implementing or complying with, or introduced in order to conform to, such Directive. Notice of any change in
the Paying Agents or their specified offices will promptly be given to the Bondholders in accordance with Condition 15.

    	-48-

    	 

    

	7		Taxation

 

All
payments of principal and interest by or on behalf of the Issuer (or, as the case may be, any Subsidiary Guarantor) in respect
of the Bonds and the Coupons (or under any Guarantee) shall be made free and clear of, and without withholding or deduction for,
any taxes, duties, assessments or governmental charges of whatever nature ("Taxes") imposed, levied, collected,
withheld or assessed by a relevant Tax Jurisdiction (as defined in Condition 5(b)), unless such withholding or deduction is required
by law. In that event the Issuer (or, as the case may be, any Subsidiary Guarantor) shall pay such additional amounts as will
result in receipt by the Bondholders and the Couponholders of such amounts as would have been received by them had no such withholding
or deduction been required, except that no such additional amounts shall be payable in respect of any Bond or Coupon:

 

	(a)		Other connection: the holder of which is liable to such Taxes in respect of
such Bond or Coupon by reason of his having some connection with the relevant Tax Jurisdiction other than the mere holding of
the Bond or Coupon; or

	 		 

	(b)		Presentation more than 30 days after the Relevant Date: presented for payment
more than 30 days after the Relevant Date except to the extent that the holder of it would have been entitled to such additional
amounts on presenting such Bond or Coupon for payment on the last day of such period of 30 days; or

	 		 

	(c)		Payment to individuals: where such withholding or deduction is imposed on a
payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC (as amended from time to
time) or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation
of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive; or

	 		 

	(d)		Payment by another Paying Agent: presented for payment by or on behalf of a
Bondholder or a Couponholder who would have been able to avoid such withholding or deduction by presenting the relevant Bond or
Coupon to another Paying Agent in a Member State of the European Union.

	 		 

"Relevant
Date" means whichever is the later of (i) the date on which such payment first becomes due and (ii) if the full amount
payable has not been received by the Principal Paying Agent or the Trustee on or prior to such due date, the date on which, the
full amount having been so received, notice to that effect shall have been given to the Bondholders. Any reference in these Conditions
to principal and/or interest shall be deemed to include any additional amounts which may be payable under this Condition 7 or
any undertaking given in addition to or substitution for it under the Trust Deed.

	8		Events of Default

 

If any
of the following events (an "Event of Default") occurs and is continuing the Trustee at its discretion may, and
if so requested by holders of at least one-fifth in nominal amount of the Bonds then outstanding or if so directed by an Extraordinary
Resolution shall, subject in each case to its being indemnified and/or secured and/or prefunded to its satisfaction, give notice
to the Issuer that the Bonds are, and they shall immediately become, due and payable at their nominal amount together (if applicable)
with accrued interest:

 

	(a)		Non-Payment: the Issuer fails to pay any interest on any of the Bonds when
due and such failure continues for a period of 14 days or

 

	(b)		Breach of Other Obligations: the Issuer does not perform or comply with any
one or more of its other obligations in the Bonds or the Trust Deed which default is incapable of remedy or, if in the opinion
of the Trustee capable of remedy, is not in the opinion of the Trustee remedied within 30 days after notice of such default shall
have been given to the Issuer by the Trustee or

    	-49-

    	 

    

 

	(c)		Cross-Default: (i) any other present or future indebtedness of the Issuer or
any of its Subsidiaries for or in respect of moneys borrowed or raised becomes due and payable prior to its stated maturity by
reason of any actual or potential default, event of default or the like (howsoever described), or (ii) any such indebtedness is
not paid when due or, as the case may be, within any originally applicable grace period, or (iii) the Issuer or any Subsidiary
of it fails to pay when due any amount payable by it under any present or future guarantee for, or indemnity in respect of, any
moneys borrowed or raised provided that the aggregate amount of the relevant indebtedness, guarantees and indemnities in respect
of which one or more of the events mentioned above in this Condition 8(c) have occurred equals or exceeds U.S.$10,000,000 or its
equivalent in any other currency or

 

	(d)		Enforcement Proceedings: a distress, attachment, execution or other legal process
is levied, enforced or sued out on or against any part of the property, assets or revenues of the Issuer or any of its Subsidiaries
for the payment of money aggregating in excess of U.S.$10,000,000 or its equivalent in other currencies and is not discharged
or stayed within 30 days or

	 		 

	(e)		Security Enforced: any mortgage, charge, pledge, lien or other encumbrance,
present or future, securing indebtedness in an amount equal to or exceeding U.S.$10,000,000 or its equivalent in other currencies
and created or assumed by the Issuer or any of its Subsidiaries becomes enforceable and any step is taken to enforce it (including
the taking of possession or the appointment of a receiver, administrator, manager or other similar person) and is not discharged
or stayed within 30 days or

	 		 

	(f)		Insolvency: the Issuer or any of its Material Subsidiaries is (or is, or could
be, deemed by law or a court to be) insolvent or bankrupt or unable to pay its debts, stops, suspends or threatens to stop or
suspend payment of all or materially all of (or of a particular type of) its debts, proposes or makes any agreement for the deferral,
rescheduling or other readjustment of all of (or all of a particular type of) its debts (or of any part which it will or might
otherwise be unable to pay when due), proposes or makes a general assignment or an arrangement or composition with or for the
benefit of the relevant creditors in respect of any of such debts or a moratorium is agreed or declared or comes into effect in
respect of or affecting all or any part of (or of a particular type of) the debts of the Issuer or any of its Material Subsidiaries
or

    	-50-

    	 

    

	(g)		Winding-up: an administrator is appointed, an order is made or an effective
resolution passed for the winding-up or dissolution or administration of the Issuer or any of its Material Subsidiaries, or the
Issuer or any Material Subsidiary ceases to carry on all or substantially all of its business or operations, except for the purpose
of and followed by a reconstruction, amalgamation, reorganisation, merger or consolidation (i) on terms approved by an Extraordinary
Resolution of the Bondholders, (ii) in the case of a Subsidiary, whereby the undertaking and assets of the Material Subsidiary
are transferred to or otherwise vested in the Issuer or one or more of its Material Subsidiaries or (iii) in compliance with Condition
3(e) or

	 		 

	(h)		Authorisation and Consents: any action, condition or thing (including the obtaining
or effecting of any necessary consent, approval, authorisation, exemption, filing, licence, order, recording or registration)
at any time required to be taken, fulfilled or done in order (i) to enable the Issuer and any Subsidiary Guarantor lawfully to
enter into, exercise its or their respective rights and perform and comply with its or their respective obligations under the
Bonds and the Trust Deed, (ii) to ensure that those obligations are legally binding and enforceable and (iii) to make the Bonds
and the Trust Deed admissible in evidence in the courts of England is not taken, fulfilled or done or

	 		 

	(i)		Illegality: it is or will become unlawful for the Issuer or any Subsidiary
Guarantor to perform or comply with any one or more of its obligations under any of the Bonds or the Trust Deed or

	 		 

	(j)		Analogous Events: any
event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the events referred to in any
of the foregoing paragraphs of this Condition 8 or

	 		 

	(k)		Guarantee: the Guarantee (if any) is not (or is claimed by any Subsidiary Guarantor
for the time being not to be) in full force and effect other than in accordance with Condition 2.

 

In these
Conditions, a "Material Subsidiary" means at any time a Subsidiary of the Issuer:

 

	(i)		whose net profits (consolidated in the case of a Subsidiary which itself has Subsidiaries)
represent (or, in the case of a Subsidiary acquired after the end of the financial period to which the then latest audited consolidated
accounts of the Issuer and its Subsidiaries relate, are equal to) not less than 10 per cent. of the consolidated net profits of
the Issuer and its consolidated Subsidiaries taken as a whole, all as calculated respectively by reference to the then latest
audited accounts (consolidated or, as the case may be, unconsolidated) of such Subsidiary and the then latest audited consolidated
accounts of the Issuer and its consolidated Subsidiaries, provided that:

 

	(A)		if the then latest audited consolidated accounts of the Issuer and its consolidated
Subsidiaries show a net loss for the relevant financial period then there shall be substituted for the words "net profits"
the words "gross revenues" for the purposes of this definition;

    	-51-

    	 

    

 

	(B)		in the case of a Subsidiary of the Issuer acquired after the end of the financial
period to which the then latest audited consolidated accounts of the Issuer and its consolidated Subsidiaries relate, the reference
to the then latest audited consolidated accounts of the Issuer and its Subsidiaries for the purposes of the calculation above
shall, until consolidated accounts for the financial period in which the acquisition is made have been prepared and audited as
aforesaid, be deemed to be a reference to such first-mentioned accounts as if such Subsidiary had been shown in such accounts
by reference to its then latest relevant audited accounts, adjusted as deemed appropriate by the Issuer;

 

	(ii)		to which is transferred the whole or substantially the whole of the undertaking and
assets of a Subsidiary of the Issuer which immediately prior to such transfer is a Material Subsidiary, provided that the transferor
Subsidiary shall upon such transfer forthwith cease to be a Material Subsidiary and the transferee Subsidiary shall cease to be
a Material Subsidiary pursuant to this subparagraph (a)(ii) on the date on which the consolidated accounts of the Issuer and its
Subsidiaries for the financial period current at the date of such transfer have been prepared and audited as aforesaid but so
that such transferor Subsidiary or such transferee Subsidiary may be a Material Subsidiary on or at any time after the date on
which such consolidated accounts have been prepared and audited as aforesaid by virtue of the provisions of subparagraph (a)(i)
above or, prior to or after such date, by virtue of any other applicable provision of this definition; or

 

	(iii)		to which is transferred an undertaking or assets which, taken together with the undertaking
or assets of the transferee Subsidiary, generated (or, in the case of the transferee Subsidiary being acquired after the end of
the financial period to which the then latest audited consolidated accounts of the Issuer and its Subsidiaries relate, generate
net profits equal to) not less than 10 per cent. of the consolidated net profits of the Issuer, as calculated as referred to in
subparagraph (a)(i) above, provided that the transferor Subsidiary (if a Material Subsidiary) shall upon such transfer forthwith
cease to be a Material Subsidiary unless immediately following such transfer its undertaking and assets generate (or, in the case
aforesaid, generate net profits equal to) not less than 10 per cent. of the consolidated net profits of the Issuer, as calculated
as referred to in subparagraph (a)(i) above, and the transferee Subsidiary shall cease to be a Material Subsidiary pursuant to
this subparagraph (a)(iii) on the date on which the consolidated accounts of the Issuer and its Subsidiaries for the financial
period current at the date of such transfer have been prepared and audited but so that such transferor Subsidiary or such transferee
Subsidiary may be a Material Subsidiary on or at any time after the date on which such consolidated accounts have been prepared
and audited as aforesaid by virtue of the provisions of subparagraph (a)(i) above or, prior to or after such date, by virtue of
any other applicable provision of this definition.

 

The
Issuer shall provide to the Trustee within 14 days of its annual audited financial statements being made available to its members
and upon the occurrence of an Event of Default or Potential Event of Default pursuant to Condition 8(f) or 8(g) and in any event
within 14 days of a request by the Trustee a certificate signed by two directors of the Issuer addressed to the Trustee that in
their opinion a Subsidiary is or is not or was or was not at any particular time or during any particular period a Material Subsidiary
which shall, in the absence of manifest error, be conclusive and binding on all parties and upon which the Trustee may rely without
liability to any person.

    	-52-

    	 

    

 

	9		Prescription

 

Claims
in respect of principal and interest will become void unless presentation for payment is made as required by Condition 6 within
a period of 10 years in the case of principal and five years in the case of interest from the appropriate Relevant Date (as defined
in Condition 7).

 

	10		Replacement of Bonds and Coupons

 

If any
Bond or Coupon is lost, stolen, mutilated, defaced or destroyed it may be replaced at the specified office of any Paying Agent
for the time being in London subject to all applicable laws and stock exchange or other relevant authority requirements, upon
payment by the claimant of the expenses incurred in connection with such replacement and on such terms as to evidence, security,
indemnity and otherwise as the Issuer or any relevant Subsidiary Guarantor may require (provided that the requirement is reasonable
in the light of prevailing market practice). Mutilated or defaced Bonds or Coupons must be surrendered before replacements will
be issued.

 

	11		Meetings of Bondholders, Modification, Waiver and Substitution

 

	(a)		Meetings of Bondholders: The Trust Deed contains provisions for convening meetings
of Bondholders to consider matters affecting their interests, including the sanctioning by Extraordinary Resolution of a modification
of any of these Conditions or any provisions of the Trust Deed. Such a meeting may be convened by the Issuer, the Subsidiary Guarantors
(if any) or the Trustee upon written request of Bondholders holding not less than 10 per cent. in nominal amount of the Bonds
for the time being outstanding and subject to it being indemnified and/or secured and/or pre-funded to its satisfaction. The quorum
for any meeting convened to consider an Extraordinary Resolution will be two or more persons holding or representing a clear majority
in nominal amount of the Bonds for the time being outstanding, or at any adjourned meeting two or more persons being or representing
Bondholders whatever the nominal amount of the Bonds held or represented, unless the business of such meeting includes consideration
of proposals, inter alia, (i) to modify the maturity of the Bonds or the dates on which interest is payable in respect
of the Bonds, (ii) to reduce or cancel the nominal amount of, or interest payable on, the Bonds, (iii) to change the currency
of payment of the Bonds or the Coupons, (iv) to modify the provisions concerning the quorum required at any meeting of Bondholders
or the majority required to pass an Extraordinary Resolution, or (v) to modify or cancel any Guarantee or the provisions relating
to accession of Subsidiary Guarantors, in which case the necessary quorum will be two or more persons holding or representing
not less than 75 per cent., or at any adjourned meeting not less than 25 per cent., in nominal amount of the Bonds for the time
being outstanding. Any Extraordinary Resolution duly passed shall be binding on Bondholders (whether or not they were present
at the meeting at which such resolution was passed and whether or not they voted on such resolution) and on all Couponholders.

    	-53-

    	 

    

 

The
Trust Deed provides that (i) a resolution in writing signed by or on behalf of the holders of not less than 90 per cent. in nominal
amount of the Bonds for the time being outstanding (a "Written Resolution") or (ii) consents given by way of
electronic consent through the relevant clearing system(s) (in a form satisfactory to the Trustee) by or on behalf of the holders
of not less than 90 per cent. in nominal amount for the time being outstanding (an "Electronic Consent") shall
for all purposes be as valid and effective as an Extraordinary Resolution passed at a meeting of Bondholders duly convened and
held. Such a resolution in writing or, as the case may be, such consents may be contained in one document or several documents
in the same form, each signed by or on behalf of one or more Bondholders.

 

	(b)		Modification and Waiver: The Trustee may agree, without the consent of the
Bondholders or Couponholders, to (i) any modification of any of the provisions of the Trust Deed that is, in the opinion of the
Trustee, of a formal, minor or technical nature or is made to correct a manifest error and (ii) any other modification (except
as mentioned in the Trust Deed), and any waiver or authorisation of any breach or proposed breach, of any of the provisions of
the Trust Deed that is in the opinion of the Trustee not materially prejudicial to the interests of the Bondholders. Any such
modification, authorisation or waiver shall be binding on the Bondholders and the Couponholders and such modification shall be
notified to the Bondholders as soon as practicable.

 

	(c)		Substitution: The Trust Deed contains provisions permitting the Trustee to
agree, subject to such amendment of the Trust Deed and such other conditions as the Trustee may require, but without the consent
of the Bondholders or the Couponholders, to the substitution of certain other entities in place of the Issuer or a Subsidiary
Guarantor, or of any previous substituted company, as principal debtor or guarantor under the Trust Deed, the Bonds and the Coupons.
In the case of such a substitution the Trustee may agree, without the consent of the Bondholders or Couponholders, to a change
of the law governing the Bonds, the Coupons and/or the Trust Deed provided that such change would not in the opinion of the Trustee
be materially prejudicial to the interests of the Bondholders.

	 		 

	(d)		Entitlement of the Trustee: In connection with the exercise of its functions
(including but not limited to those referred to in this Condition 11) the Trustee shall have regard to the interests of the Bondholders
as a class and shall not have regard to the consequences of such exercise for individual Bondholders or Couponholders and the
Trustee shall not be entitled to require, nor shall any Bondholder or Couponholder be entitled to claim, from the Issuer or any
Subsidiary Guarantor any indemnification or payment in respect of any tax consequence of any such exercise upon individual Bondholders
or Couponholders.

 

	12		Enforcement

 

At any
time after the Bonds become due and payable, the Trustee may, at its discretion and without further notice, institute such proceedings
or take such steps or actions against the Issuer and/or any Subsidiary Guarantor as it may think fit to enforce the terms of the
Trust Deed, the Bonds and the Coupons, but it need not take any such proceedings, steps or actions unless (a) it shall have been
so directed by an Extraordinary Resolution or so requested in writing by Bondholders holding at least one-fifth in nominal amount
of the Bonds outstanding and (b) it shall have been indemnified and/or secured and/or prefunded to its satisfaction. No Bondholder
or Couponholder may proceed directly against the Issuer or any Subsidiary Guarantor unless the Trustee, having become bound so
to proceed, fails to do so within a reasonable time and such failure is continuing.

    	-54-

    	 

    

 

	13		Indemnification of the Trustee

 

The
Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility. The Trustee is entitled
to enter into business transactions with the Issuer and any entity related to the Issuer, including any Subsidiary Guarantor,
without accounting for any profit.

 

The
Trustee may act and rely without liability to Bondholders or Couponholders on a report, confirmation, notice or certificate or
any advice of any accountants, financial advisers, financial institution or any other expert, whether or not addressed to it and
whether their liability in relation thereto is limited (by its terms or by any engagement letter relating thereto entered into
by the Trustee or any other person or in any other manner) by reference to a monetary cap, methodology or otherwise. The Trustee
may accept and shall be entitled to act and rely on any such report, confirmation or certificate or advice and such report, confirmation,
notice or certificate or advice shall be binding on the Issuer, any Subsidiary Guarantor, the Trustee, the Bondholders and the
Couponholders.

 

	14		Further Issues

 

The
Issuer may from time to time without the consent of the Bondholders or Couponholders create and issue further securities either
having the same terms and conditions as the Bonds in all respects (or in all respects except for the first payment of interest
on them) and so that such further issue shall be consolidated and form a single series with the outstanding securities of any
series (including the Bonds) or upon such terms as the Issuer may determine at the time of their issue. References in these Conditions
to the Bonds include (unless the context requires otherwise) any other securities issued pursuant to this Condition 14 and forming
a single series with the Bonds. Any further securities forming a single series with the outstanding securities of any series (including
the Bonds) constituted by the Trust Deed or any deed supplemental to it shall, and any other securities may (with the consent
of the Trustee), be constituted by a deed supplemental to the Trust Deed. The Trust Deed contains provisions for convening a single
meeting of the Bondholders and the holders of securities of other series where the Trustee so decides.

 

	15		Notices

 

Notices
to Bondholders will be valid if published in a leading newspaper having general circulation in London (which is expected to be
the Financial Times) or, if in the opinion of the Trustee such publication shall not be practicable, in an English language
newspaper of general circulation in the United Kingdom. Any such notice shall be deemed to have been given on the date of such
publication or, if published more than once, on the first date on which publication is made. Couponholders will be deemed for
all purposes to have notice of the contents of any notice given to the Bondholders in accordance with this Condition 15.

    	-55-

    	 

    

 

	16		Contracts (Rights of Third Parties) Act 1999

 

No person
shall have any right to enforce any term or condition of the Bonds under the Contracts (Rights of Third Parties) Act 1999.

 

	17		Governing Law and Jurisdiction

 

	(a)		Governing Law: The Trust Deed, the Bonds and the Coupons and any non contractual
obligations arising out of or in connection with them are governed by and shall be construed in accordance with English law.

	 		 

	(b)		Jurisdiction: The courts of England are to have jurisdiction to settle any
disputes which may arise out of or in connection with the Bonds, the Coupons or any Guarantee and accordingly any legal action
or proceedings arising out of or in connection with the Bonds, the Coupons or any Guarantee ("Proceedings") may
be brought in such courts. Pursuant to the Trust Deed the Issuer has irrevocably submitted to the jurisdiction of such courts.

	 		 

	(c)		Agent for Service of Process: Pursuant to the Trust Deed, the Issuer has irrevocably
appointed an agent in England to receive service of process in any Proceedings in England based on any of the Bonds, the Coupons
and any Guarantee.

    	-56-

    	 

    

 

PRINCIPAL
PAYING AGENT

ELAVON FINANCIAL
SERVICES LIMITED, UK BRANCH 

FIFTH FLOOR

125 OLD BROAD STREET

LONDON EC2N 1AR

 

 

PAYING AGENTS

[PAYING AGENTS AND ADDRESSES]

 

 

 

    	-57-

    	 

    

 

Form of Coupon

 

On the front:

 

EROS INTERNATIONAL PLC

 

£50,000,000 6.50 per
cent. Bonds due 2021

 

Coupon for £3.25 due
on [•].

 

This Coupon
is payable to bearer (subject to the Conditions endorsed on the Bond to which this Coupon relates, which shall be binding upon
the holder of this Coupon whether or not it is for the time being attached to such Bond) at the specified offices of the Paying
Agents set out on the reverse hereof (or any further or other Paying Agents or specified offices duly appointed or nominated and
notified to the Bondholders).

 

ANY UNITED
STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTIONS 1650) AND 1287(a) OF THE INTERNAL REVENUE CODE.

 

EROS INTERNATIONAL PLC

 

By:

 

 

 

 

 

[Authorised Signatory]

 

	Cp No.	Denomination	ISIN	Series	Certif. No.

 

    	-58-

    	 

    

 

On the back:

 

PRINCIPAL PAYING
AGENT

ELAVON FINANCIAL
SERVICES LIMITED, UK BRANCH 

FIFTH FLOOR

125 OLD BROAD STREET

LONDON EC2N 1AR

 

PAYING AGENTS

[PAYING AGENTS AND
ADDRESSES]

 

 

 

 

 

 

 

 

 

 

    	-59-

    	 

    

 

Schedule 2

Form of Global
Bond

 

!SIN: XS1112834608

 

EROS
INTERNATIONAL PLC 

(Incorporated with limited liability in the Isle of Man)

£50,000,000

6.50
per cent. Bonds due 2021

 

 

Global Bond

 

This is to certify
that the bearer is entitled to a principal sum not exceeding:

FIFTY MILLION POUNDS STERLING (£50,000,000)

on
15 October 2021 (or such earlier date as such principal sum may become payable in accordance with the Trust Deed (as defined below)
and with the terms and conditions (the "Conditions") of the Bonds designated above (the "Bonds")
set out in Schedule 1 to the Trust Deed dated 15 October 2014 (the "Trust Deed") between Eros International Plc
(the "Issuer") and U.S. Bank Trustees Limited as trustee (the "Trustee") upon presentation
and surrender of this Global Bond and to interest at the rate of 6.50 per cent. per annum on such principal sum in arrear on 15
April and 15 October in each year in accordance with the method of calculation provided for in the Conditions, save that the calculation
is made in respect of the total aggregate amount of the Bonds.

 

The aggregate nominal
amount from time to time of this Global Bond shall be that amount not exceeding £50,000,000 as shall be shown by the latest
entry in the fourth column of Schedule A hereto, which shall be completed by or on behalf of the Principal Paying Agent upon the
redemption or purchase and cancellation of Bonds represented hereby or exchange for Definitive Bonds as described below.

 

This Global Bond is
exchangeable in whole but not in part (free of charge to the holder) for the Definitive Bonds described below if this Global
Bond is held on behalf of Euroclear or Clearstream, Luxembourg or the Alternative Clearing System (each as defined under "Notices"
below) and (1) any such clearing system is closed for business for a continuous period of 14 days (other than by reason
of holidays, statutory or otherwise) or (2) announces an intention permanently to cease business or does in fact do so by the
holder giving notice to the Principal Paying Agent.

 

On
or after the Exchange Date the holder of this Global Bond may surrender this Global Bond to or to the order of the Principal Paying
Agent. In exchange for this Global Bond, the Issuer shall deliver, or procure the delivery of, an equal aggregate nominal amount
of duly executed and authenticated Definitive Bonds having attached to them all Coupons in respect of interest which has not already
been paid on this Global Bond.

 

"Exchange
Date" means a day falling not less than 60 days after that on which the notice requiring exchange is given and on which
banks are open for business in the city in which the specified office of the Principal Paying Agent is located and except in the
case of exchange pursuant to (1) above in the cities in which Euroclear and Clearstream, Luxembourg or, if relevant, the Alternative
Clearing System (each as defined under "Notices" below) are located.

 

Except
as otherwise described herein, this Global Bond is subject to the Conditions and the Trust Deed and, until it is exchanged for
Definitive Bonds, its holder shall be entitled to the same benefits as if it were the holder of the Definitive Bonds for which
it may be exchanged and as if such Definitive Bonds had been issued on the date of this Global Bond.

 

    	-60-

    	 

    

 

The Conditions shall
be modified with respect to Bonds represented by this Global Bond by the following provisions:

 

Payments

 

Principal
and interest in respect of this Global Bond shall be paid to its holder against presentation and (if no further payment falls to
be made on it) surrender of it to or to the order of the Principal Paying Agent in respect of the Bonds (or to or to the order
of such other Paying Agent as shall have been notified to the Bondholders for this purpose) which shall endorse such payment or
cause such payment to be endorsed in the appropriate Schedule hereto (such endorsement being prima facie evidence that the
payment in question has been made) and each payment of principal and/or interest so made will discharge the Issuer's obligations
in respect thereof. Any failure to make the endorsements referred to above shall not affect such discharge. References in the Conditions
to Coupons and Couponholders shall be construed accordingly. No person shall however be entitled to receive any payment on this
Global Bond falling due after the Exchange Date, unless exchange of this Global Bond for Definitive Bonds is improperly withheld
or refused by or on behalf of the Issuer. Condition 6(e)(iii) and Condition 7(d) will apply to the Definitive Bonds only.

 

For
the purposes of any payments made in respect of this Global Bond, Condition 6(d) (Payments on business days) shall not apply,
and all such payments shall be made on a day on which commercial banks and foreign exchange markets are open for business in London.

 

Notices

 

So
long as this Global Bond is held on behalf of Euroclear Bank S.A./N.V. ("Euroclear") or Clearstream Banking, societe
anonyme ("Clearstream, Luxembourg") or such other clearing system as shall have been approved by the Trustee
(the "Alternative Clearing System"), notices required to be given to Bondholders may be given by their being delivered
to Euroclear and Clearstream, Luxembourg or, as the case may be, the Alternative Clearing System, rather than by publication as
required by the Conditions. Any such notice shall be deemed to have been given to Bondholders on the day on which such notice is
delivered to the relevant Clearing System.

 

Prescription

 

Claims
in respect of principal and interest in respect of this Global Bond will become void unless it is presented for payment within
a period of 10 years (in the case of principal) and five years (in the case of interest) from the appropriate Relevant Date (as
defined in Condition 7).

 

Meetings

 

For
the purposes of any meeting of Bondholders, the holder hereof shall (unless this Global Bond represents only one Bond) be treated
as two persons for the purposes of any quorum requirements of a meeting of Bondholders and, at any such meeting, as having one
vote in respect of each £100 in nominal amount of Bonds.

 

Purchase and Cancellation

 

Cancellation of any Bond
represented by this Global Bond which is required by the Conditions to be cancelled will be effected by reduction in the nominal
amount of this Global Bond on its presentation to or to the order of the Principal Paying Agent for notation in Schedule A. Bonds
may only be purchased by the Issuer or the Subsidiary Guarantors (if any) or any of their respective Subsidiaries if (where they
should be cancelled in accordance with the Conditions) they are purchased together with the right to receive all future payments
of interest thereon.

 

    	-61-

    	 

    

Trustee's Powers

 

In
considering the interests of Bondholders in circumstances where this Global Bond is held on behalf of any one or more of Euroclear,
Clearstream, Luxembourg and an Alternative Clearing System, the Trustee may, to the extent it considers it appropriate to do so
in the circumstances, (a) have regard to such information as may have been made available to it by or on behalf of the relevant
clearing system or its operator as to the identity of its accountholders (either individually or by way of category) with entitlements
in respect of this Global Bond and (b) consider such interests on the basis that such accountholders were the holder of this Global
Bond.

 

Redemption at the
option of Bondholders

 

The
option of the Bondholders provided for in Condition 5(c) may be exercised by the holder of this Global Bond giving notice to the
Principal Paying Agent within the time limits relating to the deposit of Bonds with a Paying Agent set out in that Condition substantially
in the form of the redemption notice available from any Paying Agent and stating the nominal amount of Bonds in respect of which
the option is exercised and at the same time presenting this Global Bond to the Principal Paying Agent for notation accordingly
in Schedule C hereto.

 

This
Global Bond shall not be valid or become obligatory for any purpose until authenticated by or on behalf of the Principal Paying
Agent.

 

 

    	-62-

    	 

    

 

This Global Bond
and any non-contractual obligations arising out of or in connection with it is governed by and shall be construed in accordance
with English law.

 

In witness whereof the
Issuer has caused this Global Bond to be signed on its behalf. Dated 15 October 2014

 

EROS INTERNATIONAL
PLC

 

By:

 

 

 

 

 

Authorised Signatory

 

 

 

Certificate of Authentication

 

This Global Bond is
authenticated by or on behalf of the Principal Paying Agent.

 

ELAVON FINANCIAL SERVICES
LIMITED, UK BRANCH

 

acting by two duly
authorised attorneys as Principal Paying Agent

 

By:

By:

Authorised Signatory

 

For the purposes of
authentication only without recourse, warranty or liability.

 

 

 

ANY
UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING
THE LIMITATIONS PROVIDED IN SECTIONS 165UJ AND 1287(a) OF THE INTERNAL REVENUE CODE.

 

    	-63-

    	 

    

 

Schedule
A

Nominal Amount
of this Global Bond

 

Reductions in the nominal amount of this Global Bond following
redemption or the purchase and cancellation of Bonds are entered in the second and third columns below.

 

	Date	Reason for change in 

the nominal amount 

of this Global Bond*	Amount of such 

change	Nominal amount 

of this Global 

Bond following 

such reduction	Notation made 

by or on 

behalf of the 

Principal 

Paying Agent

 

 

 

 

 

 

 

________________________

*  State whether increase/reduction following (1)
redemption of Bonds or (2) purchase and cancellation of Bonds.

 

    	-64-

    	 

    

 

Schedule B

Interest Payments in respect of this Global Bond

 

The following payments of interest in respect of this Global
Bond and the Bonds represented by this Global Bond have been made:

 

	Date made 	Amount of interest due 

and payable	Amount of interest paid	Notation made by or on 

behalf of the Principal 

Paying Agent

 

 

 

 

    	-65-

    	 

    

 

Schedule C

Exercise of Bondholders' Option

 

The following exercises of the option of the Bondholders
provided for in Condition 5(c) have been made in respect of the stated nominal amount of this Global Bond:

 

	Date of Exercise 	Nominal amount of 

this Global Bond in 

respect of which

 exercise is made	Date on which 

redemption of such 

nominal amount is due	Notation made by or 

on behalf of the 

Principal Paying Agent

 

    	-66-

    	 

    

 

Schedule 3

Provisions
for Meetings of Bondholders

 

Interpretation

 

		1	In this Schedule:

 

		1.1	references to a meeting are to a meeting of Bondholders and include, unless the context otherwise
requires, any adjournment;

 

		1.2	"agent" means a holder of a voting certificate or a proxy for a Bondholder;

 

		1.3	"block voting instruction" means an instruction issued in accordance with paragraphs
8 to 14;

 

		1.4	"Electronic Consent" has the meaning set out in paragraph 30;

 

		1.5	"Extraordinary Resolution" means a resolution passed (a) at a meeting duly convened
and held in accordance with this Trust Deed by a majority of at least 75 per cent. of the votes cast, (b) by a Written Resolution
or (c) by an Electronic Consent;

 

		1.6	"voting certificate" means a certificate issued in accordance with paragraphs
5, 6, 7 and 14;

 

		1.7	"Written Resolution" means a resolution in writing signed by the holders of not
less than 90 per cent. in nominal amount of the Bonds outstanding; and

 

		1.8	references to persons representing a proportion of the Bonds are to Bondholders or agents holding
or representing in the aggregate at least that proportion in nominal amount of the Bonds for the time being outstanding.

 

Powers
of meetings

		2	A meeting shall, subject to the Conditions and without prejudice to any powers conferred on other
persons by this Trust Deed, have power by Extraordinary Resolution:

 

		2.1	to sanction any proposal by the Issuer, the Subsidiary Guarantors (if any) or the Trustee for any
modification, abrogation, variation or compromise of, or arrangement in respect of, the rights of the Bondholders and/or the Couponholders
against the Issuer or any Subsidiary Guarantor, whether or not those rights arise under this Trust Deed;

 

		2.2	to sanction the exchange or substitution for the Bonds of, or the conversion of the Bonds into,
shares, bonds or other obligations or securities of the Issuer, any Subsidiary Guarantor or any other entity;

 

		2.3	to assent to any modification of this Trust Deed, the Bonds or the Coupons proposed by the Issuer,
the Subsidiary Guarantors (if any) or the Trustee;

 

		2.4	to authorise anyone to concur in and do anything necessary to carry out and give effect to an Extraordinary
Resolution;

 

		2.5	to give any authority, direction or sanction required to be given by Extraordinary Resolution;

 

		2.6	to appoint any persons (whether Bondholders or not) as a committee or committees to represent the
Bondholders' interests and to confer on them any powers or discretions which the Bondholders could themselves exercise by Extraordinary
Resolution;

    	-67-

    	 

    

 

		2.7	to approve a proposed new Trustee and to remove a Trustee;

 

		2.8	to approve the substitution of any entity for the Issuer or any Subsidiary Guarantor (or any previous
substitute) as principal debtor or guarantor under this Trust Deed; and

 

		2.9	to discharge or exonerate the Trustee from any liability in respect of any act or omission for
which it may become responsible under this Trust Deed, the Bonds or the Coupons provided that the special quorum provisions in
paragraph 19 shall apply to any Extraordinary Resolution (a "special quorum resolution") for the purpose of sub·
paragraph 2.2 or 2.8 or for the purpose of making a modification to this Trust Deed or the Bonds which have the effect of:

 

		(i)	modifying the maturity of the Bonds or the dates on which interest is payable in respect of the
Bonds;

		(ii)	reducing or cancelling the nominal amount of, or interest payable on, the Bonds;

		(iii)	changing the currency of payment of the Bonds or the Coupons;

		(iv)	modifying the provisions concerning the quorum required at any meeting of Bondholders or the majority
required to pass an Extraordinary Resolution;

		(v)	modifying or cancelling any Guarantee or the provisions relating to accession of Subsidiary Guarantors;
or

		(vi)	amending this proviso.

 

Convening
a meeting

 

		3	The Issuer, the Subsidiary Guarantors (if any) or the Trustee may at any time convene a meeting.
If it receives a written request by Bondholders holding at least 10 per cent. in nominal amount of the Bonds for the time being
outstanding and is indemnified and/or secured and/or prefunded to its satisfaction, the Trustee shall convene a meeting. Every
meeting shall be held at a time and place approved by the Trustee.

 

Notice
of Meeting

		4	At least 21 days' notice (exclusive of the day on which the notice is given and of the day of the
meeting) shall be given to the Bondholders. A copy of the notice shall be given by the party convening the meeting to the other
parties. The notice shall specify the day, time and place of meeting and, unless the Trustee otherwise agrees, the nature of the
resolutions to be proposed and shall explain how Bondholders may appoint proxies or representatives, obtain voting certificates
and use block voting instructions and the details of the time limits applicable.

 

Cancellation
of meeting

		5	A meeting that has been validly convened in accordance with paragraph 3 above, may be cancelled
by the person who convened such meeting by giving at least 10 days' notice (exclusive of the day on which the notice is given and
of the day of the meeting) to the Bondholders (with a copy to the Trustee where such meeting was convened by the Issuer or to the
Issuer where such meeting was convened by the Trustee). Any meeting cancelled in accordance with this paragraph 5 shall be deemed
not to have been convened.

    	-68-

    	 

    

Arrangements for voting

 

		6	If a holder of a Bond wishes to obtain a voting certificate in respect of it for a meeting, he
must deposit it for that purpose at least 48 hours before the time fixed for the meeting with a Paying Agent or to the order of
a Paying Agent with a bank or other depositary nominated by the Paying Agent for the purpose. The Paying Agent shall then issue
a voting certificate in respect of it.

		7	A voting certificate shall:

		7.1	be a document in the English language;

		7.2	be dated;

		7.3	specify the meeting concerned and the serial numbers of the Bonds deposited; and

		7.4	entitle, and state that it entitles, its bearer to attend and vote at that meeting in respect of
those Bonds.

		8	Once a Paying Agent has issued a voting certificate for a meeting in respect of a Bond, it shall
not release the Bond until either:

		8.1	the meeting has been concluded; or

		8.2	the voting certificate has been surrendered to the Paying Agent.

		9	If a holder of a Bond wishes the votes attributable to it to be included in a block voting instruction
for a meeting, then, at least 48 hours before the time fixed for the meeting, (i) he must deposit the Bond for that purpose with
a Paying Agent or to the order of a Paying Agent with a bank or other depositary nominated by the Paying Agent for the purpose
and (ii) he or a duly authorised person on his behalf must direct the Paying Agent how those votes are to be cast. The Paying Agent
shall issue a block voting instruction in respect of the votes attributable to all Bonds so deposited.

		10	A block voting instruction shall:

		10.1	be a document in the English language;

		10.2	be dated;

		10.3	specify the meeting concerned;

		10.4	list the total number and serial numbers of the Bonds deposited, distinguishing with regard to
each resolution between those voting for and those voting against it;

		10.5	certify that such list is in accordance with Bonds deposited and directions received as provided
in paragraphs 8, 11 and 14; and

		10.6	appoint a named person (a "proxy") to vote at that meeting in respect of those
Bonds and in accordance with that list.

A proxy need not be
a Bondholder.

		11	Once a Paying Agent has issued a block voting instruction for a meeting in respect of the votes
attributable to any Bonds:

		11.1	it shall not release the Bonds, except as provided in paragraph 11, until the meeting has been
concluded; and

    	-69-

    	 

    

		11.2	the directions to which it gives effect may not be revoked or altered during the 48 hours before
the time fixed for the meeting.

		12	If the receipt for a Bond deposited with a Paying Agent in accordance with paragraph 8 is surrendered
to the Paying Agent at least 48 hours before the time fixed for the meeting, the Paying Agent shall release the Bond and exclude
the votes attributable to it from the block voting instruction.

		13	Each block voting instruction shall be deposited at least 24 hours before the time fixed for the
meeting at such place as the Trustee shall designate or approve, and in default it shall not be valid unless the chairman of the
meeting decides otherwise before the meeting proceeds to business. If the Trustee requires, a notarially certified copy of each
block voting instruction shall be produced by the proxy at the meeting but the Trustee need not investigate or be concerned with
the validity of the proxy's appointment.

		14	A vote cast in accordance with a block voting instruction shall be valid even if it or any of the
Bondholders' instructions pursuant to which it was executed has previously been revoked or amended, unless written intimation of
such revocation or amendment is received from the relevant Paying Agent by the Issuer or the Trustee at its registered office or
by the chairman of the meeting in each case at least 24 hours before the time fixed for the meeting.

		15	No Bond may be deposited with or to the order of a Paying Agent at the same time for the purposes
of both paragraph 5 and paragraph 8 for the same meeting.

Chairman

		16	The chairman of a meeting shall be such person as the Trustee may nominate in writing, but if no
such nomination is made or if the person nominated is not present within 15 minutes after the time fixed for the meeting the Bondholders
or agents present shall choose one of their number to be chairman, failing which the Issuer may appoint a chairman.

		17	The chairman may, but need not, be a Bondholder or agent. The chairman of an adjourned meeting
need not be the same person as the chairman of the original meeting.

Attendance

		18	The following may attend and speak at a meeting:

		18.1	Bondholders and agents;

		18.2	the chairman;

		18.3	the Issuer, any Subsidiary Guarantor and the Trustee (through their respective representatives)
and their respective financial and legal and other advisers.

No one else may attend or
speak.

Quorum
and Adjournment

		19	No business (except choosing a chairman) shall be transacted at a meeting unless a quorum is present
at the commencement of business. If a quorum is not present within 15 minutes from the time initially fixed for the meeting, it
shall, if convened on the requisition of Bondholders or if the Issuer and the Trustee agree, be dissolved. In any other case it
shall be adjourned until such date, not less than 14 nor more than 42 days later, and at a time and place as the chairman may decide.
If a quorum is not present within 15 minutes from the time fixed for a meeting so adjourned, the meeting shall be dissolved.

    	-70-

    	 

    

 

		20	Two or more Bondholders or agents present in person shall be a quorum:

		20.1	in the cases marked "No minimum proportion" in the table below, whatever the proportion
of the Bonds which they represent; and

		20.2	in any other case, only if they represent the proportion of the Bonds shown by the table below.

 

	Column 1	Column 2	Column 3
	Purpose of meeting	Any meeting except one referred to in column 3	Meeting previously adjourned through want of a quorum
	Required proportion	Required proportion
	To pass a special quorum resolution	75 per cent.	25 per cent.
	To
pass any other Extraordinary Resolution	A clear majority	No minimum proportion
	Any other purpose	10 per cent.	No minimum proportion

 

		21	The chairman may with the consent of (and shall if directed by) a meeting adjourn the meeting from
time to time and from place to place. Only business which could have been transacted at the original meeting may be transacted
at a meeting adjourned in accordance with this paragraph or paragraph 18.

		22	At least 10 days' notice of a meeting adjourned through want of a quorum shall be given in the
same manner as for an original meeting and that notice shall state the quorum required at the adjourned meeting. No notice need,
however, otherwise be given of an adjourned meeting.

Voting

		23	Each question submitted to a meeting shall be decided by a show of hands unless a poll is (before,
or on the declaration of the result of, the show of hands) demanded by the chairman, the Issuer, any Subsidiary Guarantor, the
Trustee or one or more persons representing two per cent. of the Bonds.

		24	Unless a poll is demanded a declaration by the chairman that a resolution has or has not been passed
shall be conclusive evidence of the fact without proof of the number or proportion of the votes cast in favour of or against it.

		25	If a poll is demanded, it shall be taken in such manner and (subject as provided below) either
at once or after such adjournment as the chairman directs. The result of the poll shall be deemed to be the resolution of the meeting
at which it was demanded as at the date it was taken. A demand for a poll shall not prevent the meeting continuing for the transaction
of business other than the question on which it has been demanded.

		26	A poll demanded on the election of a chairman or on a question of adjournment shall be taken at
once.

    	-71-

    	 

    

		27	On a show of hands every person who is present in person and who produces a Bond or a voting certificate
or is a proxy has one vote. On a poll every such person has one vote for £100 in nominal amount of Bonds so produced or represented
by the voting certificate so produced or for which he is a proxy or representative. Without prejudice to the obligations of proxies,
a person entitled to more than one vote need not use them all or cast them all in the same way.

		28	In case of equality of votes the chairman shall both on a show of hands and on a poll have a casting
vote in addition to any other votes which he may have.

Effect
and Publication of an Extraordinary Resolution

		29	An Extraordinary Resolution shall be binding on all the Bondholders, whether or not present at
the meeting, and on all the Couponholders and each of them shall be bound to give effect to it accordingly. The passing of such
a resolution shall be conclusive evidence that the circumstances justify its being passed. The Issuer shall give notice of the
passing of an Extraordinary Resolution to Bondholders within 14 days but failure to do so shall not invalidate the resolution.

Minutes

		30	Minutes shall be made of all resolutions and proceedings at every meeting and, if purporting to
be signed by the chairman of that meeting or of the next succeeding meeting, shall be conclusive evidence of the matters in them.
Until the contrary is proved every meeting for which minutes have been so made and signed shall be deemed to have been duly convened
and held and all resolutions passed or proceedings transacted at it to have been duly passed and transacted.

Written
Resolution and Electronic Consent

		31	Subject to the following sentence, a Written Resolution may be contained in one document or in
several documents in like form, each signed by or on behalf of one or more of the Bondholders.

For so long as the Bonds
are in the form of a Global Bond held on behalf of one or more of Euroclear, Clearstream, Luxembourg or another clearing system,
then, in respect of any resolution proposed by the Issuer, any Subsidiary Guarantor or the Trustee:

		31.1	where the terms of the proposed resolution have been notified to the Bondholders through the relevant
clearing system(s), each of the Issuer, any Subsidiary Guarantor and the Trustee shall be entitled to rely upon approval of such
resolution proposed by the Issuer, any Subsidiary Guarantor or the Trustee (as the case may be) given by way of electronic consents
communicated through the electronic communications systems of the relevant clearing system(s) in accordance with their operating
rules and procedures by or on behalf of the holders of not less than 75 per cent. in nominal amount of the Bonds outstanding ("Electronic
Consent"). None of the Issuer, any Subsidiary Guarantor or the Trustee shall be liable or responsible to anyone for such
reliance; and

 

		(i)	when a proposal for a resolution to be passed as an Electronic Consent has been made, at least
10 days' notice (exclusive of the day on which the notice is given and of the day on which affirmative consents will be counted)
shall be given to the Bondholders through the relevant clearing system(s). The notice shall specify, in sufficient detail to enable
Bondholders to give their consents in relation to the proposed resolution, the method by which their consents may be given (including,
where applicable, blocking of their accounts in the relevant clearing system(s)) and the time and date (the "Applicable
Date") by which they must be received in order for such consents to be validly given, in each case subject to and in accordance
with the operating rules and procedures of the relevant clearing system(s); and

    	-72-

    	 

    

 

		(ii)	if, on the Applicable Date on which the consents in respect of an Electronic Consent are first
counted, such consents do not represent the Required Proportion, the resolution shall, if the party proposing such resolution (the
"Proposer") so determines, be deemed to be defeated. Such determination shall be notified in writing to the other
party or parties to the Trust Deed. Alternatively, the Proposer may give a further notice to Bondholders that the resolution will
be proposed again on such date and for such period as shall be agreed with the Trustee (unless the Trustee is the Proposer). Such
notice must inform Bondholders that insufficient consents were received in relation to the original resolution and the information
specified in sub-paragraph (i) above. For the purpose of such further notice, references to "Applicable Date" shall be
construed accordingly.

For the avoidance of doubt,
an Electronic Consent may only be used in relation to a resolution proposed by the Issuer, a Subsidiary Guarantor (if any) or the
Trustee which is not then the subject of a meeting that has been validly convened in accordance with paragraph 3 above, unless
that meeting is or shall be cancelled or dissolved; and

		31.2	where Electronic Consent is not being sought, for the purpose of determining whether a Written
Resolution has been validly passed, the Issuer, any Subsidiary Guarantor and the Trustee shall be entitled to rely on consent or
instructions given in writing directly to the Issuer, any Subsidiary Guarantor and/or the Trustee, as the case may be, by accountholders
in the clearing system with entitlements to such Global Bond or, where the accountholders hold any such entitlement on behalf of
another person, on written consent from or written instruction by the person for whom such entitlement is ultimately beneficially
held, whether such beneficiary holds directly with the accountholder or via one or more intermediaries and provided that, in each
case, the Issuer, any Subsidiary Guarantor and the Trustee have obtained commercially reasonable evidence to ascertain the validity
of such holding and have taken reasonable steps to ensure that such holding does not alter following the giving of such consent
or instruction and prior to the effecting of such amendment. Any resolution passed in such manner shall be binding on all Bondholders
and Couponholders, even if the relevant consent or instruction proves to be defective. As used in this paragraph, "commercially
reasonable evidence" includes any certificate or other document issued by Euroclear, Clearstream, Luxembourg or any other
relevant clearing system, or issued by an accountholder of them or an intermediary in a holding chain, in relation to the holding
of interests in the Bonds. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding
for all purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records
provided by the relevant clearing system (including Euroclear's EUCLID or Clearstream, Luxembourg's CreationOnline system) in accordance
with its usual procedures and in which the accountholder of a particular principal or nominal amount of the Bonds is clearly identified
together with the amount of such holding. None of the Issuer, any Subsidiary Guarantor and the Trustee shall be liable to any person
by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be
issued by any such person and subsequently found to be forged or not authentic.

    	-73-

    	 

    

A Written Resolution and/or
Electronic Consent shall take effect as an Extraordinary Resolution. A Written Resolution and/or Electronic Consent will be binding
on all Bondholders and holders of Coupons, whether or not they participated in such Written Resolution and/or Electronic Consent.

Trustee's Power to Prescribe
Regulations

		32	Subject to all other provisions in this Trust Deed the Trustee may without the consent of the Bondholders prescribe such further
regulations regarding the holding of meetings and attendance and voting at them as it in its sole discretion determines including
(without limitation) such requirements as the Trustee thinks reasonable to satisfy itself that the persons who purport to make
any requisition in accordance with this Trust Deed are entitled to do so and as to the form of voting certificates or block voting
instructions so as to satisfy itself that persons who purport to attend or vote at a meeting are entitled to do so.

 

 

 

    	-74-

    	 

    

Schedule 4

Form of Supplemental Trust Deed in respect of the Accession of Subsidiary

Guarantors

 

 

		To:	Eros International Pic

Fort Anne

Douglas IM1 5PD

Isle of Man

 

 

U.S. Bank Trustees Limited

Fifth Floor

125 Old Broad Street

London EC2N 1AR

(the “Trustee”)

Attention: [•]

 

 

 

[Date] Dear Sirs

 

EROS INTERNATIONAL PLC (the “Issuer”)

£50,000,000 6.50 per cent.
Bonds due 2021 (the “Bonds”)

 

We refer to the trust deed dated 15
October 2014 in respect of the above Bonds between the Issuer and the Trustee (the “Trust Deed”). This Supplemental
Trust Deed is supplemental to and forms part of the Trust Deed and from the date hereof this Supplemental Trust Deed shall be
read as one document with the Trust Deed. References in this Supplemental Trust Deed to this Supplemental Trust Deed or any other
document are to this Supplemental Trust Deed or those documents as amended, supplemental or replaced from time to time and include
any document that amends, supplements or replaces them.

 

We have received a copy of the agency
agreement dated 15 October 2014 (the “Agency Agreement”) and the Trust Deed containing the Conditions and have
found them to our satisfaction.

 

For the purposes of the Agency Agreement
and Trust Deed our notice details are as follows:

 

(insert postal addresses, facsimile
address and attention)

 

We agree that, as from [date from
which appointment of Subsidiary Guarantor/Subsidiary Guarantors is to take effect] we have become [a Subsidiary
Guarantor/Subsidiary Guarantors], on a joint and several basis, in respect of all sums expressed to be payable by the Issuer
under the Trust Deed, the Bonds and the Coupons. We agree to comply with and be bound by all provisions of the Agency Agreement,
the Trust Deed and the Conditions which relate to Subsidiary Guarantors or to the Guarantee. We further agree to becoming [a Subsidiary
Guarantor/Subsidiary Guarantors] without any need for the Trustee or the Issuer or any other Subsidiary Guarantor or any other
person executing any further deed, consent or any other instrument.

 

    	-75-

    	 

    

 

We agree that we shall not amend, vary,
terminate or suspend the Guarantee or any of our obligations assumed hereunder unless pursuant to Condition 2(d) (Release of
Subsidiary Guarantors) or else as is approved by an Extraordinary Resolution to which the special quorum provisions specified
in the Bonds apply to the holders of the Bonds outstanding (as defined in the Trust Deed), save that nothing in this paragraph
shall prevent us from increasing or extending our obligations hereunder pursuant to Clause 18.1 of the Trust Deed at any time.

 

This Supplemental Trust Deed and any
non-contractual obligations arising out of or in connection with it shall be governed by and shall be construed in accordance with
English law.

 

 

    	-76-

    	 

    

 

In witness whereof the Subsidiary Guarantor has caused this
Supplemental Trust Deed to be duly delivered as a deed on the date stated at the beginning.

 

EXECUTED AS A DEED BY [NAME OF NEW SUBSIDIARY GUARANTOR]
ACTING BY [NAME OF DIRECTOR] AND [NAME OF DIRECTOR OR SECRETARY]

 

By: Director

 

 

 

[By:

Director Secretary][Witnessed By:]

 

 

 

[EXECUTED AS A DEED BY [EXISTING SUBSIDIARY GUARANTORS]]*

 

Executed as a deed by EROS INTERNATIONAL PLC acting
by:

 

 

	...........................................	 	...........................................
	 	 	 
	 	 	 
	Name:	 	Name:
	 	 	 
	[Authorised Signatory / Director]	 	[Authorised Signatory / Director]

 

 

Signed as a deed by U.S. BANK TRUSTEES LIMITED acting
by two duly authorised attorneys:

 

 

 

 

	.........................................	.........................................
	Name: 	Name:

 

 

 

 

 

cc: [PRINCIPAL PAYING AGENT]

 

cc: [OTHER PAYING AGENTS]*

 

* If applicable.

 

 

    	-77-

    	 

    

 

THIS TRUST DEED is delivered on the date stated at the
beginning.

 

 

Executed as a deed by EROS INTERNATIONAL PLC acting
by:

 

 

 

 

 

 

Signed as a deed by U.S. BANK TRUSTEES LIMITED acting
by two duly authorised attorneys:

 

 

 

 

 

 

	.........................................	.........................................
	Name: 	Name:

 

 

 

    	-78-

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