Document:

Memorandum and Articles of Association of BP p.l.c.

 Exhibit 4.9 
  

Memorandum and 
 Articles of
Association 
  
 BP p.l.c.

 Incorporated 14 April 1909 
  
 No. 102498 
 Company Limited by Shares 
  
 May 2003 

 Memorandum of Association 
  
 1 The name of the Company is “BP p.l.c.” 
  
 2 The Company is to be a public company. 
  
 3 The Registered Office of the Company will be situate in England. 
  
 4 The objects for which the Company is established are: 
  
 (A) To enter into and carry into effect, with such modifications (if any) as may be agreed upon, the agreement with The Concessions Syndicate, Limited,
The Burmah Oil Company, Limited, and Lord Strathcona and Mount Royal, mentioned in Clause 3 of the Company’s Articles of Association. 
  
 (B) To purchase, take on lease or license, or otherwise acquire any petroleum or oil-bearing lands in Persia or in any other part of the world, or any
interest in any such lands, or any rights of or connected with the getting or winning of any natural gas, petroleum or other oil, bitumen, asphalt or ozokerite, or other similar substances, and to sink wells, to make borings and otherwise to search
for, obtain, exploit, develop, render suitable for trade, carry away and sell petroleum and other mineral oils, natural gas, asphalt, ozokerite, or other similar substances and products thereof, and other fuels. 
  
 (C) To carry on all or any of the businesses of dealers in and refiners of
petroleum and other mineral oils, natural gas, asphalt, and ozokerite, or other similar substances and products thereof, and other fuels, mine owners, merchants, carriers, wharfingers, manufacturers, shipowners, shipbuilders, barge owners,
lightermen, factors and brokers in all or any of their respective branches, and to treat or turn to account in any other manner any natural gas, petroleum or other oils, asphalt, or any products thereof, or any other fuel. 
  
 (D) To acquire, work and dispose of and deal in any mines, metals, minerals,
mineral wax, clay and other like substances, and to acquire, produce by cultivation, manufacture, treat, deal in or otherwise turn to account any mineral, vegetable or mineral products. 
  
 (E) To acquire, construct, improve, maintain, work, manage, carry out or control any roads, ways, tramways, railways, docks,
wharves, piers, bridges, viaducts, aqueducts, canals, watercourses, tanks, wells, reservoirs, stations and pump services, accumulation services and distribution services, pipes, pipe lines, and other apparatus in connection with oil, gas, bitumen,
asphalt and ozokerite, and other similar substances, telegraphs, telephones, gasworks, electric lighting and power works, factories, workshops, warehouses, shops, stores, fuel stores, fuel stations, guard towers, dwellinghouses, and other buildings,
works and conveniences which may seem calculated directly or indirectly to advance the Company’s interests, and to contribute to, subsidise or otherwise assist or take part in the construction, improvement, maintenance, working, management,
carrying out or control thereof, and to take any lease or enter into any working agreement in respect thereof. 

 (F) To purchase, build, charter, affreight, hire and let out for hire, or for chartering and
affreightment, and to otherwise obtain the possession of, and use and dispose of, and employ or turn to account ships, lighters, launches, boats and vessels of all kinds (including tank vessels), and locomotives, wagons, tank cars and other rolling
stock, and to otherwise provide for the conveyance of oil, gas, asphalt, ozokerite and movable property of all kinds, and to purchase or otherwise acquire any shares or interests in any ships or vessels, or in any companies possessed of or
interested in any ships or vessels. 
  
 (G) To clear, manage,
farm, cultivate, irrigate and otherwise work or use any lands over which for the time being the Company has any rights, and to dispose of or otherwise deal with any farm or other products of any such lands, and to lay out sites for and establish
permanent camps, towns and villages on any such lands. 
  
 (H) To
equip expeditions and employ experts, agents and others for the purpose of searching for, acquiring, working, proving, and developing lands and others and concessions, licences, rights, powers and privileges suitable for the purposes of the Company.

  
 (I) To carry on business as concessionaires, capitalists and
financiers, and to undertake, carry on and execute any kinds of financial, commercial, trading, trust, exploitation, agency and other operations, and to advance or provide money, with or without security, to concessionaires, inventors, patentees and
others, for the purpose of improving and developing, or assisting to improve and develop, any concessions, lands or others, or of experimenting, testing or developing any invention, design or process, industrial or otherwise. 
  
 (J) To carry on as principals, or agents, any branch of agricultural,
manufacturing, metallurgical, chemical or mercantile business for which the Company’s properties, buildings, and employees may be conveniently applicable. 
  

(K) To subsidise, or contribute to, or otherwise assist in, or take part in, the construction, maintenance, improvement, management, working, control
or superintendence of any operations or works or buildings useful or expedient or convenient or adaptable for the purposes of the Company which may be constructed by or may belong to or be worked by or be under the control or superintendence of
others. 
  
 (L) To manufacture, buy, sell, treat and deal in all
kinds of commodities, substances, materials, articles and things necessary or useful for carrying on any of the businesses of the Company, or in or for any of the operations of the Company. 
  
 (M) To purchase, lease or otherwise acquire, and to confer and grant rights
of way, light and water and other rights, easements or privileges in favour of the Company or its properties or any of them, or over or affecting the Company’s properties or any of them. 
  

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 (N) To guarantee payment of any moneys by, or the performance of any contracts, liabilities, obligations
or engagements of any company, corporation or person, with, or to any other company, corporation or person; and to become liable or responsible for money; and to grant guarantees and indemnities of every description; and to undertake obligations of
every description. 
  
 (O) To indemnify and secure any person
(including any officers of this Company) or company against debt or liability incurred to him or them by this Company, or undertaken by him or them for or on behalf of this Company, or against any costs, losses or expenses in connection with any of
the affairs or businesses of this Company, and to issue to any such person or company, by way of indemnity or security, any shares, or grant in their favour or give them any securities, which this Company has power to issue, grant or give.

  
 (P) To pay all printing, legal and other costs, charges and
expenses incidental to or connected with the promotion, formation and incorporation of the Company (whether of a preliminary nature or not), and the purchase or acquisition of any properties, businesses, rights and others acquired or to be acquired
for the purposes of the Company and the carrying of any of its objects into effect; and to remunerate any person or company for services rendered or to be rendered in placing, or assisting in placing, or obtaining subscriptions for, any shares or
stocks or securities of this Company, or of any company to be promoted by this Company, or in arranging loans for this Company, or any company to be promoted by it, or in relation to the formation or promotion of this Company, or of any company to
be promoted by this Company, or otherwise in relation to the businesses or objects of this Company; and to adopt all acts and preliminary arrangements in reference to all or any of these matters. 
  
 (Q) To carry on any other businesses which may seem to the Company capable of
being conveniently carried on in connection with any business which the Company is authorised to carry on, or may seem to the Company calculated directly or indirectly to benefit this Company, or to enhance the value of or render profitable any of
the Company’s properties or rights. 
  
 (R) To acquire and
carry on all or any part of the business or property, and to undertake any liabilities of any person, firm, association or company possessed of property suitable for any of the purposes of this Company, or carrying on any business which this Company
is authorised to carry on, and as the consideration for the same to pay cash or to issue any shares, stocks or obligations of this Company. 
  
 (S) To enter into partnership or into any arrangement for sharing profits, union of interest, joint adventure, reciprocal concessions or co-operation with
any person or company carrying on, engaged in, or about to carry on or engage in, any business or transaction which the Company is authorised to carry on or engage in, or any business or transaction capable of being conducted so as directly or
indirectly to benefit this 
  

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 Company, and to take or otherwise acquire and hold, sell, re-issue or otherwise deal with the shares or stock in or
securities or obligations of, and to subsidise or otherwise assist any such company, and to guarantee the principal or interest of any such securities or obligations, or any dividends upon any such shares or stock. 
  
 (T) To purchase, take on lease or in exchange, hire or otherwise acquire any
real or personal property, rights or privileges which the Company may think suitable or convenient for any purposes of its business; and to erect and construct buildings and works of all kinds. 
  
 (U) To apply for, purchase or otherwise acquire any patents, licenses and the
like, conferring an exclusive or non-exclusive or limited right to use, or any secret or other information as to any invention which may seem capable of being used for any of the purposes of the Company, or the acquisition of which may seem
calculated directly or indirectly to benefit this Company, and to use, exercise, develop, grant licenses in respect of, or otherwise turn to account the rights and information so acquired. 
  
 (V) To purchase, subscribe for or otherwise acquire, and to hold the shares,
stocks or obligations of any company, in the United Kingdom or elsewhere, and upon a distribution of assets or division of profits to distribute any such shares, stocks or obligations amongst the Members of this Company in kind. 
  
 (W) To borrow or raise or secure the payment of money, and for those or other
purposes to mortgage or charge the undertaking and all or any part of the property and rights of the Company, present or after acquired, including uncalled capital, and to create, issue, make, draw, accept and negotiate perpetual or redeemable
debentures or debenture stock, bonds or other obligations, bills of exchange, promissory notes or other negotiable instruments. 
  
 (X) To sell, let, develop, dispose of or otherwise deal with the undertaking and property of the Company, or any part thereof or share or interest
therein, upon any terms, with power to accept as the consideration any shares, stocks or obligations of or interest in any other company. 
  
 (Y) To allow or cause the legal estate and interest in any businesses or property acquired, established or carried on by the Company, to remain or be
vested or registered in the name of or carried on by any foreign company or companies, formed or to be formed, or persons, either upon trust for or as agents or nominees of this Company. 
  
 (Z) To pay out of the funds of the Company all expenses which the Company may lawfully pay of or incident to the formation,
registration and advertising of or raising money for the Company and the issue of its capital, including brokerage and commissions for obtaining applications for or taking, placing or underwriting shares, debentures or debenture stock, and to apply
at the cost of the Company to Parliament for any extension of the Company’s powers. 
  

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 (AA) To enter into any arrangement with any governments or authority, supreme, municipal, local or
otherwise, and to obtain from any such government or authority any rights, concessions and privileges that may seem conducive to the Company’s objects or any of them. 
  
 (BB) To procure the Company to be domiciled, registered and recognised in accordance with the laws and constitution of
Persia, and any other country or place, and to take such steps and do such acts and things as may be necessary or expedient to give the Company the same rights and privileges in Persia, or in any other place or country outside the United Kingdom as
may be possessed by local companies or partnerships of a similar nature. 
  
 (CC) To establish and support, or aid in the establishment and support of associations, institutions and conveniences calculated to benefit any of the employees or ex-employees of the Company, or the dependents or
connections of such persons, and to grant pensions and allowances, and to make payments towards insurance, and to subscribe or guarantee money for charitable or benevolent objects, or for any exhibition, or for any public, general or useful object
and to purchase and maintain for the benefit of any persons (including Directors) any insurance. 
  
 (DD) To establish and maintain, and to contribute to, any scheme for encouraging or facilitating the holding of shares or debentures in the Company by or
for the benefit of its employees or former employees, or those of its subsidiary or holding companies or subsidiaries of its holding company, or by or for the benefit of such other persons as may for the time being be permitted by law, or any scheme
for sharing profits with its employees or those of its subsidiary and/or associated companies. 
  
 (EE) To promote any company or companies for the purpose of its or their acquiring all or any of the property, rights and liabilities of the Company or share or interest therein, or for any other purpose which may
seem directly or indirectly calculated to benefit this Company, and to pay all the expenses of or incident to such promotion. 
  
 (FF) To carry out all or any of the foregoing objects as principals or agents, or in partnership or conjunction with any other person, firm, association
or company, and in any part of the world. 
  
 (GG) To do all such
other things as are incidental or conducive to the attainment of the above objects. 
  
 5 The liability of the Members is limited. 
  
 6 The
capital of the Company is 1£2,000,000 divided into 1,000,000 Preference Shares of £1 each and 1,000,000
Ordinary Shares of £1 each, with power to increase and with power from time to time to issue any shares of the original or new capital with any preference or priority in the payment of dividends or the distribution of assets, or 
  

	1.	See notes at end of Memorandum of Association. 

  

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 otherwise, over any other shares, whether Ordinary or Preference, and whether issued or not, and to vary the regulations
of the Company as far as necessary to give effect to any such preference or priority, and upon the subdivision of a share, to apportion the right to participate in profits or surplus assets, or the right to vote in any manner as between the shares
resulting from such subdivision. 
  
 WE, the several persons whose names and
addresses are subscribed are desirous of being formed into a Company in pursuance of this Memorandum of Association, and we respectively agree to take the number of shares in the capital of the Company set opposite our respective names. 

 

	 Names, Addresses and Descriptions of Subscribers

	  	Number of Preference Shares
taken by each Subscriber

	 Strathcona,
 28 Grosvenor Square,
 London W.,
 G.C.M.G., G.C.V.O.
	  	One thousand
Preference
		
	 Charles William Wallace,
 Director, The Burmah Oil Company, Limited,
 Winchester House, Old Broad Street,
 London E.C.
	  	One thousand
Preference
		
	 Francis of Teck,
 36 Welbeck Street, London W.
 K.C.V.O.
	  	One thousand
Preference
		
	 H.S. Barnes, K.C.S.I., K.C.V.O.
 East India United Service Club,
 16 St. James’ Square, London S.W.
	  	One thousand
Preference
		
	 William Garson,
 Writer to the “Signet”,
 5 Albyn Place, Edinburgh.
	  	One thousand
Preference
		
	 John T. Cargill
 Chairman, The Burmah Oil Company, Limited,
 175 West George Street, Glasgow.
	  	One thousand
Preference
		
	 W.K. D’Arcy
 Chairman, London Board,
 Mount Morgan Gold Co., Limited,
 42 Grosvenor Square, London W.
	  	One thousand
Preference

  
 Dated the 14th day of April, 1909. 
  
 Witness to the above Signatures: 
  
 Charles Crisp 
 Solicitor, 
 17 Throgmorton Avenue, London E.C. 
  
 1 The following increases in the Company’s original capital of £2,000,000 have been made: 
  

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	 Date of Resolution

	  	By Creation of

	  	Increased to

	 	  	shares of £1 each	  	 
	 29th May 1914
	  	2,000,000 Ordinary Shares	  	£4,000,000
	 3rd December 1917
	  	1,000,000 Preference Shares	  	£5,000,000
	 1st December 1919
	  	3,000,000 Preference Shares	  	£20,000,000
	 	  	4,500,000 Ordinary Shares	  	 
	 	  	7,500,000 Shares	  	 
	 2nd November 1926
	  	4,000,000 Ordinary Shares	  	£24,000,000
	 31st December 1931
	  	2,500,000 Shares	  	£26,500,000
	 21st June 1937
	  	6,500,000 Ordinary Shares	  	£33,000,000
	 16th December 1954
	  	87,000,000 Ordinary Shares	  	£120,000,000
	 22nd October 1957
	  	80,000,000 Shares	  	£200,000,000
	 9th October 1958
	  	50,000,000 Shares	  	£250,000,000
	 26th October 1961
	  	50,000,000 Shares	  	£300,000,000
	 14th May 1964
	  	75,000,000 Shares	  	£375,000,000
	 11th May 1967
	  	50,000,000 Shares	  	£425,000,000
	 4th May 1972
	  	75,000,000 Shares	  	£500,000,000
			
	 	  	shares of 25p each	  	 
	 6th May 1982
	  	400,000,000 Ordinary Shares	  	£600,000,000
	 30th April 1987
	  	4,600,000,000 Ordinary Shares	  	£1,750,000,000
	 28th April 1988
	  	1,000,000,000 Ordinary Shares	  	£2,000,000,000
			
	 	  	shares of US$0.50 each	  	 
	 25th November 1998
	  	12,000,000,000 Ordinary Shares	  	 $6,000,000,000
 and £12,750,000

			
	 	  	shares of US$0.25 each	  	 
	 1st September 1999
	  	12,000,000,000 Ordinary Shares	  	 $9,000,000,000
 and £12,750,000

  
 2 At an Extraordinary General
Meeting held on 4th October 1979 the following Special Resolution was passed: 
  
 THAT as from the close of business on Friday, 5th October 1979: 
  
 (a) each £1 of the £7,232,838 Cumulative Preference Stock be hereby converted into one Cumulative First Preference Share of £1 and each
£1 of the £5,473,414 Cumulative Second Preference Stock be hereby converted into one Cumulative Second Preference Share of £1 and each £1 of the £386,518,085 Ordinary Stock be hereby converted and sub-divided into four
Ordinary Shares of 25p each; 
  
 (b) each of the 100,731,915
unissued and unclassified shares of £1 be hereby sub-divided into and designated as four Ordinary Shares of 25p each; 
  
 (c) Article 68 of the Company’s Articles of Association2 be hereby altered by deleting the words “one vote for every five Preference Shares and two votes for every Ordinary Share” and substituting therefor the words “two votes for every
£5 in nominal amount of the Preference Shares and one vote for every 25p in nominal amount of the Ordinary Shares”; and 
  

	2.	This refers to Article 68 of previous Articles of Association which have since been replaced. 

  

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 (d) all standing resolutions for the conversion of shares into stock be hereby rescinded and cancelled.

  
 3 At an Extraordinary General Meeting held on 25th November 1998 the
following Special Resolution was passed (and the conditions referred to therein were satisfied on 31st December 1998): 
  
 “THAT, conditional upon the passing as an extraordinary resolution at a separate meeting of the holders of the Ordinary Shares in the capital of the Company (or any
adjournment thereof) of the resolution set out in the notice dated 30 October 1998 convening such meeting and upon and with effect from the Merger Agreement becoming unconditional in all respects (save as regards the condition relating to the
admission of the shares in the Company to be issued as consideration pursuant to the Merger to the Official List of the London Stock Exchange becoming effective) and not having been terminated in accordance with its terms: 
  
 11.1 the ordinary share capital of the Company be reduced by cancelling and
extinguishing all the Ordinary Shares of 25p each in the capital of the Company (“Sterling Shares”), whether issued or authorised but unissued, and the reserve arising as a result of such cancellation be credited to a special reserve
account of the Company (the “Ordinary Share Reserve”); 
  
 11.2 subject to and forthwith upon such reduction of capital taking effect: 
  
 (a) the authorised share capital of the Company be increased to £12,750,000 and $6,000,000,000 by the creation of 12,000,000,000 new Ordinary Shares of $0.50 each; 
  
 (b) the Ordinary Share Reserve be converted into US dollars at such spot rate
of exchange for the purchase of US dollars with pounds sterling at or around 4.00 pm (London time) on the Record Date as may be selected by the Directors of the Company (“the Selected Rate”); 
  
 4 At an Extraordinary General Meeting held on 1st September 1999 the following Special
Resolution was passed (and the conditions therein were satisfied on 18th April 2000): 
  
 “THAT the Articles of Association3 of the Company be and are hereby amended as set out in Schedules A
and B to this Notice of Extraordinary General Meeting, such amendments to take effect from the dates set out in such schedules.” “Schedule B to the Notice of Extraordinary General Meeting 
  
 A With effect from the date on which the New BP Amoco Ordinary Shares are
admitted to the Official List of the London Stock Exchange: 
  

	3.	This refers to previous Articles of Association which have since been replaced. 

  

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 1 Article 3 (A)5: in the first sentence, delete the figure “12,000,000,000” and replace with the figure “24,000,000,000” or, if the amendment set out in Paragraph B 2(ii) below has come into
effect, delete the figure “18,000,000,000” and replace with the figure “36,000,000,000.” 
  
 2 Article 3 (A)5: in
the first sentence, delete the word “US$0.50” and replace with the word “US$0.25.” 
  
 3 Article 61 (A) 5:
delete the word “US$0.50” and replace with the word “US$0.25.” 
  

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 Articles of Association 
  

Preliminary 
  
 No application of statutory regulations 
  
 1 The regulations in Table A in the Companies (Tables A to F) Regulations 1985 (as amended from time to time) and in any Table A applicable to the Company under any former enactment relating to companies shall not apply to the
Company. 
  
 Definitions 
  
 2 In these Articles, except where the subject or context otherwise requires:

  

	 Act
	 	means the Companies Act 1985
		
	 Address
	 	in relation to electronic communications, includes any number or address used for the purposes of such communications
		
	 Appointed Number
	 	has the meaning given in Article 161 (D) (i)
		
	 Appointed Person
	 	has the meaning given in Article 161 (B)
		
	 Approved Depositary Record Date
	 	has the meaning given in Article 167 (A)
		
	 Approved Depositary Register
	 	has the meaning given in Article 161 (A)
		
	 Approved Transfer
	 	has the meaning given in Article 87 (G)
		
	 Articles
	 	means these articles of association as amended from time to time
		
	 associated tax credit
	 	has the meaning given in Article 141 (H) for the purposes specified there
		
	 Bearer
	 	has the meaning given in Article 24
		
	 certificated share
	 	means a share in the capital of the Company which is not an uncertificated share
		
	 Default Shares
	 	has the meaning given in Article 87 (A)
		
	 Designated Period
	 	has the meaning given in Article 87 (G)
		
	 Designated Shares
	 	means fully paid shares in a body corporate (which both immediately before and after the distribution hereafter referred to is a subsidiary of the Company) which have been
distributed by the Company pursuant to Article 138 and which, at or before the record date for the purpose of determining entitlement to receipt of such distribution, are designated by the Directors to be Designated Shares for the purposes of
Article 46 (A) and any further shares of the same class which may, with the prior consent of the Company, be allotted by such body corporate after such distribution, provided that the Directors may at any time after such distribution declare such
shares no longer to be Designated Shares for the purposes of such Article by giving not less than fifteen days prior notice thereof to the London Stock Exchange, and provided further that there shall not at any time be more than one class of shares
constituting Designated Shares
		
	 Designated Subsidiary
	 	means the body corporate referred to in the definition of Designated Shares

  

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	Direction Notice	 	has the meaning given in Article 87 (A)
		
	electronic communication	 	has the meaning given to that expression by Section 15 of the Electronic Communications Act 2000
		
	First Preference Shares	 	has the meaning given in Article 5 (A)
		
	London Stock Exchange	 	means the London Stock Exchange plc
		
	month	 	means calendar month
		
	Office	 	means the registered office for the time being of the Company
		
	Overall Holding	 	has the meaning given in Article 160
		
	Paid	 	means paid or credited as paid
		
	prescribed period	 	has the meaning given in Article 13 (B) (iv) (b) for the purposes specified there
		
	Principal Place	 	has the meaning given in Article 62 (A)
		
	Procedural Resolutions	 	means all resolutions of a procedural nature (such as a resolution to amend a Substantive Resolution as permitted by Article 69 (B), a resolution on adjournment of a meeting or a
resolution on choice of a Chairman)
		
	Recognised Investment Exchange	 	means a recognised investment exchange within the meaning of the Financial Services and Markets Act 2000 or any other stock exchange outside the United Kingdom on which the
Company’s shares are normally traded
		
	record date	 	has the meaning given in Article 142
		
	Register of Members	 	means the register of members of the Company kept pursuant to Section 352 of the Act
		
	relevant system	 	has the meaning given to that expression by regulation 2 (1) of the Uncertificated Securities Regulations 2001
		
	rights issue	 	has the meaning given in Article 13 (B) (iv) (a) for the purposes specified there
		
	routine business	 	has the meaning given to it in Article 61
		
	Seal	 	means the common seal of the Company
		
	Second Preference Shares	 	has the meaning given in Article 5 (A)
		
	Section 80 Amount	 	has the meaning given in Article 13 (B) (iv) (c) for the purposes specified there
		
	Section 89 Amount	 	has the meaning given in Article 13 (B) (iv) (d) for the purposes specified there
		
	Securities Seal	 	means an official seal kept by the Company by virtue of Section 40 of the Act
		
	Share Warrants	 	has the meaning given in Article 24
		
	Specified Shares	 	has the meaning given in Article 161 (A)
		
	Statutes	 	means the Act and every other statute or statutory instrument for the time being in force and affecting the Company
		
	sterling	 	means the lawful currency of the United Kingdom
		
	Stock Exchange Nominee	 	has the meaning given to that expression by Section 185 of the Act
		
	subsidiary	 	has the meaning given to that word by Section 736 of the Act as supplemented by Section 736A of the Act
		
	Subsidiary Chairman	 	has the meaning given in Article 62 (D)
		
	Subsidiary Locations	 	has the meaning given in Article 62 (A)

  

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	Substantive Resolutions	 	means all resolutions other than Procedural Resolutions
		
	Transfer Office	 	means the place where the Register of Members is situated for the time being
		
	uncertificated share	 	means a share in the capital of the Company which is recorded in the Register of Members as being held in uncertificated form, and title to which may be transferred by means of a
relevant system pursuant to the Uncertificated Securities Regulations 2001
		
	United Kingdom	 	means the United Kingdom of Great Britain and Northern Ireland
		
	US dollars	 	means the lawful currency of the United States of America
		
	year	 	means calendar year

  
 Interpretation and construction

  
 3 In these Articles: 
  
 the expressions “debenture” and “debenture holder” shall respectively
include “debenture stock” and “debenture stockholder”; 
  
 the
expression “Secretary” shall include any person appointed by the Directors to perform any of the duties of the Secretary and where two or more persons are appointed to act as Joint Secretaries shall include any one of these persons;

  
 all the provisions of these Articles which are applicable to paid-up shares
shall apply to stock, and the words “share” and “shareholder” shall be construed accordingly; 
  
 the expressions “written” and “in writing” shall include any way of representing or copying words legibly, but shall not (save where the context
requires otherwise) include electronic communications; 
  
 words denoting persons
shall include bodies corporate and unincorporate; 
  
 words denoting the masculine
shall include the feminine and vice versa; 
  
 words denoting the singular shall
include the plural and vice versa; 
  
 headings are included only for convenience
and shall not affect the meaning of these Articles; 
  
 references to any statute
or statutory provision shall be construed as relating to any modification or re-enactment of it in force for the time being, and the same principle of construction shall be applied to a statutory instrument or a provision in a statutory instrument;

  
 any words or expressions defined in the Statutes shall bear the same meanings
in these Articles, unless that meaning is inconsistent with the subject or context, or unless these Articles attribute another meaning to the particular words or expressions; 
  

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 any powers of delegation shall not be restrictively construed, but the widest interpretation shall be given to them, and,
except where expressly provided by the terms of the delegation in question, delegation of a power shall not exclude the concurrent exercise of that power by any other body or person who is for the time being authorised to exercise it under these
Articles or under another delegation of the power. 
  
 Effectiveness of types
of resolution 
  
 4 A special or extraordinary resolution shall be
effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes, and where for any purpose an extraordinary resolution is required a special resolution shall be effective.

  
 Share Capital 
  
 Division of the Company’s capital and the rights attaching to shares 

 
 5 (A) The share capital of the Company is £12,750,000 (divided into
7,250,000 8 per cent. Cumulative Preference Shares of £1 each (of which 7,232,838 have been issued and are fully paid and 17,162 are unissued) and 5,500,000 9 per cent. Cumulative Second Preference Shares of £1 each (of which 5,473,414
have been issued and are fully paid and 26,586 are unissued)) and US$9,000,000,000 divided into 36,000,000,000 Ordinary Shares of US$0.25 each. The 8 per cent. Cumulative Preference Shares (“First Preference Shares”) and the 9 per cent.
Cumulative Second Preference Shares (“Second Preference Shares”) had attached thereto respectively on 5th April 1973 the rights as regards participation in the profits and assets of the Company set out below (and have attached thereto at
the date of the adoption of these Articles such rights as modified or affected by the provisions of paragraph 18 of Schedule 23 to the Finance Act 1972 and Section 46 of the Finance Act 1976): 
  
 (i) the First Preference Shares, together with any further shares hereafter
issued ranking pari passu therewith pursuant to the provisions hereinafter contained, entitle the holders to a fixed cumulative preferential dividend on the amounts paid up thereon at the rate of 8 per cent. per annum, and on a return of
assets of the Company on winding up to have the assets of the Company available for distribution amongst the members applied in the first place in paying to them (a) the amounts paid up on such First Preference Shares, (b) a sum equal to any arrears
or deficiency of the fixed cumulative preferential dividend on such First Preference Shares, such arrears or deficiency to be calculated down to the date of the commencement of the winding up, and (c) a sum equal to ten per cent. on the amounts paid
up on the First Preference Shares, or to the average premium above par at which the First Preference Shares have during the six months before the commencement of the winding up been dealt in on the market (such average premium to be certified by the
Secretary of the London Stock Exchange), whichever sum is the greater, but the holders of the First Preference Shares shall not be entitled in respect thereof to any further or other participation in the profits or assets of the Company. 

 

 -13- 

 (ii) the Second Preference Shares, together with any further shares hereafter issued ranking pari
passu therewith pursuant to the provisions hereinafter contained, entitle the holders to a fixed cumulative preferential dividend on the amounts paid up thereon (payable next after the dividend on the First Preference Shares, but in priority to
any dividend on the Ordinary Shares) at the rate of 9 per cent. per annum, and on a return of assets of the Company on winding up to have the assets of the Company available for distribution amongst the members and remaining after making to the
holders of the First Preference Shares the payments to which they are entitled, applied in the next place in paying to the holders of the Second Preference Shares (a) the amounts paid up on such Second Preference Shares, (b) a sum equal to any
arrears or deficiency of the fixed cumulative preferential dividend on such Second Preference Shares, such arrears or deficiency to be calculated down to the date of the commencement of the winding up, and (c) a sum equal to ten per cent. on the
amounts paid up on the Second Preference Shares, or to the average premium above par at which the Second Preference Shares have during the six months before the commencement of the winding up been dealt in on the market (such average premium to be
certified by the Secretary of the London Stock Exchange), whichever sum is the greater, but the holders of the Second Preference Shares shall not be entitled in respect thereof to any further or other participation in the profits or assets of the
Company. 
  
 (B) Unless otherwise expressly resolved by the
Company in general meeting, further shares may be created and issued (without any further sanction or approval by the Company in general meeting or by any class of members thereof pursuant to Article 6) as First Preference Shares ranking pari
passu with the First Preference Shares in the present capital, provided that the total nominal amount of such First Preference Shares at any one time in issue shall not exceed £10,000,000, or as Second Preference Shares ranking pari
passu with the Second Preference Shares in the present capital, provided that the total nominal amount of such Second Preference Shares at any one time in issue shall not exceed £10,000,000. 
  
 (C) Subject as aforesaid no new shares entitled to rank pari passu
with or to any preference over the existing First and Second Preference Shares shall be issued by the Company without the sanction of an extraordinary resolution of the holders of such Preference Shares passed at a meeting held under the conditions
hereinafter contained. 
  
 Variation of Rights 
  
 Variations of rights which may be made 
  
 6 The holders of any class of shares may at any time and from time to time, and
whether before or during liquidation, by an extraordinary resolution passed at a meeting of such holders, consent on behalf of all the holders of shares of the class to the issue or creation of any shares ranking equally therewith, or having any
priority thereto, or to the abandonment of any preference or priority or of any accrued dividend, or the reduction for any time or permanently of the dividends payable thereon, or to the amalgamation into one class of the shares of any two or more
classes or to the sub-division of shares of one class into shares of different classes, or any alteration in these Articles varying or 
  

 -14- 

 taking away any rights or privileges attached to shares of the class, or to any scheme for the reduction of the
Company’s capital affecting the class of shares in a manner not otherwise authorised by these Articles, or to any scheme for the distribution (though not in accordance with legal rights) of assets in money or in kind in or before liquidation,
or to any contract for the sale of the whole or any part of the Company’s property or business determining the way in which as between the several classes of shareholders the purchase consideration shall be distributed, and generally consent to
any alteration, contract, compromise or arrangement which the persons voting thereon could if sui juris and holding all the shares of the class consent to or enter into, and such resolution shall be binding upon all the holders of shares of
the class. 
  
 Procedure for variations of rights 
  
 7 Any meeting for the purpose of the last preceding Article shall be convened and
conducted in all respects as nearly as possible in the same way as an extraordinary general meeting of the Company provided that no member, not being a Director, shall be entitled to notice thereof or to attend thereat, unless he be a holder of
shares of the class intended to be affected by the resolution, and that no vote shall be given except in respect of a share of that class, and that the quorum at any such meeting shall (subject to the provisions as to an adjourned meeting
hereinafter contained) by persons holding or representing by proxy one-tenth of the issued shares of that class (as regards the First Preference Shares and the Second Preference Shares) and one-third of the issued shares of that class (as regards
all other classes of share), and that at any such meeting a poll may be demanded in writing by not less than five members present in person or by proxy and entitled to vote. 
  
 Alteration of Share Capital 
  
 Increase in the Company’s share capital 
  
 8 The Company may from time to time by ordinary resolution increase its capital by such sum to be divided into shares of such amounts as the resolution shall
prescribe. All new shares shall be subject to the provisions of the Statutes and of these Articles with reference to allotment, payment of calls, lien, transfer, transmission, forfeiture and otherwise. 
  
 Consolidation, division and cancellation of shares 
  
 9 (A) The Company may by ordinary resolution: 
  
 (i) consolidate and divide all or any of its share capital into shares of
larger amount than its existing shares; 
  
 (ii) cancel any shares
which, at the date of the passing of the resolution, have not been taken, or agreed to be taken, by any person and diminish the amount of its capital by the amount of the shares so cancelled; 
  
 (iii) sub-divide its shares, or any of them, into shares of smaller amount
than is fixed by the Company’s memorandum of association (subject, nevertheless, to the 
  

 -15- 

 provisions of the Statutes), and so that the resolution whereby any share is sub-divided may determine that, as between
the holders of the shares resulting from such sub-division, one or more of the shares may, as compared with the others, have any such preferred, deferred or other special rights, or be subject to any such restrictions, as the Company has power to
attach to unissued or new shares. 
  
 (B) Whenever as a result of
a consolidation and division or sub-division of shares any difficulty arises, the Directors may settle the matter in any manner they deem fit, and, in particular, may sell shares representing fractions to which any members would become entitled to
any person (including, subject to the provisions of the Statutes, the Company) and distribute the net proceeds of sale in due proportion among those members, and the Directors may authorise some person to execute any instrument, or give any
instruction, or do any act or thing, for the purpose of transferring the shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall his title to the
shares be affected by any irregularity in or invalidity of the proceedings relating to the sale. 
  
 Power to repurchase shares 
  
 10
Subject to the provisions of the Statutes the Company may purchase any of its own shares (including any redeemable shares). 
  
 Power to reduce the Company’s capital 
  
 11 The Company may reduce its share capital or any capital redemption reserve, share premium account or other undistributable reserve in any manner and with and
subject to any incident authorised and consent required by law. 
  
 Shares

  
 Issue of shares 
  
 12 Without prejudice to any special rights previously conferred on the holders of any
shares or class of shares for the time being issued, any share in the Company may be issued with such preferred, deferred or other special rights, or subject to such restrictions, whether as regards dividend, return of capital, voting or otherwise,
as the Company may from time to time by ordinary resolution determine (or, in the absence of any such determination, as the Directors may determine) and subject to the provisions of the Statutes the Company may issue any shares which are, or at the
option of the Company or the holder are liable, to be redeemed. 
  
 Allotment
of shares etc 
  
 13 (A) Subject to the provisions of the Statutes
relating to authority, pre-emption rights and otherwise and of any resolution of the Company in general meeting passed pursuant thereto, all unissued shares in the Company and all (if any) shares in the Company lawfully held by or on behalf of it
shall be at the disposal of the Directors and they may allot (with or without conferring a right of renunciation), grant options over or otherwise dispose of them to such persons, at such times and on such terms as they think proper. 
  

 -16- 

 (B) (i) Pursuant to and in accordance with Section 80 of the Act the Directors shall be generally and
unconditionally authorised to exercise for each prescribed period all the powers of the Company to allot relevant securities up to an aggregate nominal amount equal to the Section 80 Amount; and 
  
 (ii) pursuant to and within the terms of the said authority the Directors
shall be empowered during each prescribed period to allot equity securities wholly for cash (a) in connection with a rights issue; and (b) otherwise than in connection with a rights issue up to an aggregate nominal amount equal to the Section 89
Amount; and 
  
 (iii) during each prescribed period the Company
and its Directors by such authority and power may make offers or agreements which would or might require equity securities or other relevant securities to be allotted after the expiry of such period; and 
  
 (iv) for the purposes of this Article 13 (B): 
  
 (a) “rights issue” means an offer of equity securities open for
acceptance for a period fixed by the Directors to holders of equity securities on the register on a fixed record date in proportion to their respective holdings of such securities or in accordance with the rights attached thereto but subject to such
exclusions or other arrangements as the Directors may deem necessary or expedient in relation to fractional entitlements or legal or practical problems under the laws of, or the requirements of any recognised regulatory body or any stock exchange
in, any territory or as regards shares held by an Approved Depositary; 
  
 (b) “prescribed period” means the period (“the first period”) beginning on the date of the adoption of these Articles and ending on the date of the Company’s annual general meeting in 2004 or 23 July 2004 (whichever
is earlier), and any other period (not exceeding five years on any occasion) for which the authority conferred in the case of sub-paragraph (i) above is renewed by ordinary or special resolution stating the Section 80 Amount, and the power conferred
in the case of sub-paragraph (ii) above is renewed by special resolution stating the Section 89 Amount; 
  
 (c) “the Section 80 Amount” shall in the case of the first period be US dollars 1,840 million, but only if Resolution 6 in the notice of the
Company’s annual general meeting for 2003 has been duly passed at that meeting before these Articles are adopted, and shall for any other prescribed period be that stated in the relevant ordinary or special resolution; 
  
 (d) “the Section 89 Amount” shall in the case of the first period
be US dollars 276 million, but only if Resolution 7 in the notice of the Company’s annual general meeting for 2003 has been duly passed at that meeting before these Articles are adopted, and shall for any other prescribed period be that stated
in the relevant special resolution; 
  
 (e) the nominal amount of
any securities shall be taken to be, in the case of rights to subscribe for or to convert any securities into shares of the Company, the nominal amount of such shares which may be allotted pursuant to such rights; and 
  

 -17- 

 (f) words and expressions defined in or for the purposes of Part IV of the Act shall bear the same
meanings herein. 
  
 Commissions 
  
 14 The Company may exercise the powers of paying commissions conferred by the
Statutes to the full extent thereby permitted. The Company may also on any issue of shares pay such brokerage as may be lawful. 
  
 Renunciation of allotments 
  
 15 The Directors may at any time after the allotment of any share but before any person has been entered in the Register of Members as the holder recognise a
renunciation thereof by the allottee in favour of some other person and may accord to any allottee of a share a right to effect such renunciation upon and subject to such terms and conditions as the Directors may think fit to impose. 
  
 No recognition of trusts etc 
  
 16 Except only as required by law or as otherwise provided by these Articles:

  
 (i) no person shall be recognised by the Company as holding
any share upon any trust; and 
  
 (ii) the Company shall not be
bound by or compelled in any way to recognise any equitable, contingent, future or partial interest in any share, or any interest in any fractional part of a share, or any other right in respect of any share except an absolute right to the entirety
thereof in the registered holder. 
  
 Form of Shares 
  
 Issue of certificated or uncertificated shares 
  
 17 In so far as permitted by law, and without having to consult any shareholder, the
Directors may at any time or times do all or any of the following for any purpose they see fit: 
  
 (i) cause shares issued by the Company to be issued as certificated shares or uncertificated shares; 
  
 (ii) permit any shares in the Company to be held as certificated shares or
uncertificated shares; 
  
 (iii) permit the transfer of any
uncertificated shares in the Company by means of a relevant system; 
  
 (iv) make such arrangements as they think fit for shares in the Company to be held and transferred as uncertificated shares, and to be converted from certificated shares to uncertificated shares or vice versa; 
  

 -18- 

 (v) determine that any shares in the Company shall cease to be held and transferred as uncertificated
shares. 
  
 Form of shares not to affect classes 
  
 18 Notwithstanding any other provision of these Articles, it shall be irrelevant,
when determining whether or not shares form a class or classes of shares, that some of the shares in question are held or permitted to be held as certificated shares and others as uncertificated shares. 
  
 Restriction of the effect of these Articles on uncertificated shares 
  
 19 Subject to the Directors’ power to determine that any shares in the Company
shall cease to be held and transferred as uncertificated shares, the provisions of these Articles shall not apply to any shares held as uncertificated shares to the extent that such provisions are inconsistent with: 
  
 (i) the holding of such shares as uncertificated shares; 
  
 (ii) the transfer of title to such shares by means of a relevant system; or

  
 (iii) any provision of the Uncertificated Securities
Regulations 2001. 
  
 Share certificates 
  
 20 Every share certificate shall be executed by the Company in such manner as the
Directors may decide, which may include the use of the Seal or the Securities Seal (or, in the case of shares on a branch register, an official seal for use in the relevant territory). No certificate shall be issued representing shares of more than
one class. No certificate shall normally be issued in respect of shares held by a Stock Exchange Nominee. 
  
 Joint holders of certificated shares 
  
 21 In the case of a certificated share held jointly by several persons the Company shall not be bound to issue more than one certificate therefor and delivery of a certificate to one of the joint holders shall be sufficient delivery
to all. 
  
 Entitlement to share certificates 
  
 22 Any person (subject as aforesaid) whose name is entered in the Register of Members
in respect of any certificated shares of any one class upon the issue or transfer thereof shall (subject, in the case of issue, to the terms of the issue of any such shares) be entitled without payment to a certificate therefor (in the case of
issue) within one month (or such longer period as the terms of issue shall provide) after allotment or (in the case of a transfer of fully paid shares) within fourteen days after lodgment of a transfer or (in the case of a transfer of partly paid
shares) within two months after lodgment of a transfer. 
  

 -19- 

 General provisions about share certificates 
  
 23 (A) Where some only of the shares comprised in a share certificate are transferred the old certificate shall be cancelled and a
new certificate for the balance of such shares issued in lieu without charge. 
  
 (B) Any two or more certificates representing shares of any one class held by any member may at his request be cancelled and a single new certificate for such shares issued in lieu without charge. 
  
 (C) If any member shall surrender for cancellation a share certificate
representing shares held by him and request the Company to issue in lieu share certificates representing such shares in such proportions as he may specify, the Directors may, if they think fit, comply with such request. 
  
 (D) If a share certificate shall be damaged or defaced or alleged to have
been lost, stolen or destroyed, a new certificate representing the same shares may be issued to the holder upon request subject to delivery up of the old certificate or (if alleged to have been lost, stolen or destroyed) compliance with such
conditions as to evidence and indemnity and the payment of out-of-pocket expenses of the Company in connection with the request as the Directors may think fit. 
  

(E) In the case of shares held jointly by several persons any such request may be made by any one of the joint holders. 
  
 Share Warrants 
  
 Power to issue Share Warrants 
  
 24 Subject to the Statutes and Articles 25 to 29, the Company with respect to any fully-paid shares may issue to such persons as the Directors may decide (the
“Bearer”) share warrants to bearer (“Share Warrants”) under the Seal stating that the Bearer is entitled to the shares therein specified and may provide (by coupons or otherwise) for the payment or making of future dividends or
other distributions, and the issue of shares pursuant to Article 143, on or in respect of the shares included in such Share Warrants. 
  
 Rights of the Bearer of a Share Warrant 
  
 25 A Share Warrant shall entitle the Bearer thereof to the shares specified in it, and the shares represented by it may be transferred by the delivery of the Share
Warrant, and the provisions of these Articles (other than this Article 25) with respect to the transfer and transmission of shares and untraced shareholders shall not apply thereto. 
  
 Evidence of a Share Warrant held by an Approved Depositary 
  
 26 The Directors may accept a certificate (in such form as the Directors may approve) of the Approved Depositary, or of any bank or
agent of the Company, that such bank, agent or an Approved Depositary holds a specified Share Warrant on behalf of the person named in the certificate as sufficient evidence of the facts stated in such certificate including the number of shares
specified in it, and may treat the deposit of such certificate at the Transfer Office as equivalent to the deposit there of the Share Warrant for the purposes of these Articles other than in relation to Article 29. 
  

 -20- 

 Conditions attaching to Share Warrants 
  
 27 The Share Warrants shall be subject to the following conditions: 
  
 (i) except as otherwise provided in subparagraph (vii) of this Article, no Share Warrant shall be issued except upon a
request in writing by the person for the time being named in the Register of Members as the holder of the shares in respect of which the Share Warrant is to be issued. The Directors shall not be under any obligation to accede to any such request;

  
 (ii) the request shall be in such form, and supported by such
evidence as to the identity of the person making the same and of his right or title to the shares, as the Directors shall from time to time require, and shall be lodged at the Transfer Office; 
  
 (iii) before the issue of a Share Warrant the share certificates (if any)
then outstanding in respect of the shares to be included in the Share Warrant shall be delivered up to the Company for cancellation; 
  
 (iv) save as otherwise agreed by the Company, any person applying to have a Share Warrant issued shall be responsible for, and shall indemnify the Company
against, any stamp duties, stamp duty reserve tax, bearer instrument duty, taxes, charges, fees, interest and penalties payable (if any) in respect of the issue of the Share Warrant and shall pay to the Company at the time of such issue such amount
in respect thereof as the Company may require; 
  
 (v) each Share
Warrant shall represent such number of shares and be in such language and form as the Directors shall think fit; 
  
 (vi) the Company shall be entitled to recognise an absolute right in the Bearer for the time being of any Share Warrant to such amount of dividend or
other moneys payable on or in respect of the shares included in such Share Warrant, as shall have been declared or otherwise be payable, upon the presentation or delivery of such Share Warrant, and payment by or on behalf of the Company to an
account or accounts specified by the person presenting such Share Warrant to the Transfer Office against such presentation or delivery shall be a good discharge to the Company accordingly; 
  
 (vii) save as otherwise agreed by the Company, subject to the payment to the
Company of all (if any) stamp duties, stamp duty reserve tax, bearer instrument duty, taxes, charges, fees, interest and penalties which may thereby be involved and for which the Company may be required to account: 
  
 (a) if any Share Warrant is worn out, damaged or defaced, a replacement
Share Warrant will be issued upon request and upon surrender of the old Share Warrant for cancellation; 
  

 -21- 

 (b) if any Share Warrant is alleged to have been lost, stolen or destroyed, a replacement Share Warrant
may, at the discretion of the Directors, be issued to the person claiming to be entitled thereto upon request and upon compliance with such conditions as to evidence and indemnity and the payment of out-of-pocket expenses of the Company in
connection with the request as the Directors may think fit provided that no new Share Warrant may be issued to replace one that has been lost unless the Directors are satisfied beyond reasonable doubt that the original has been destroyed; and

  
 (c) a Bearer may surrender for cancellation any Share Warrant
and request that the Company issue in lieu two or more Share Warrants which together represent the same shares in such proportion as he may specify and the Directors may, if they think fit, authorise the cancellation of the original Share Warrants
and the issuance of such new Share Warrants; and 
  
 (viii) a
Bearer may at any time deposit the Share Warrant together with a written declaration specifying his name and postal address at such place as the Directors may from time to time appoint (or, in default of such appointment, at the Transfer Office),
and, so long as the Share Warrant remains so deposited, the depositor shall have the same right of signing a requisition for calling a meeting of the Company, of giving notice of intention to submit a resolution to a meeting, of attending and
voting, giving a proxy and exercising the other rights and privileges of a member at any meeting held after the expiration of forty-eight hours from the time of deposit, as if from the time of deposit his name were inserted in the Register as the
holder of the shares specified in the deposited Share Warrant. Not more than one person shall be recognised as depositor of any Share Warrant. Every Share Warrant which shall have been so deposited as aforesaid shall remain so deposited until after
the conclusion of the meeting (including any adjournment) at which the depositor desires to attend or to be represented. Save as otherwise expressly provided, no person shall, as bearer of a Share Warrant, be entitled to sign a requisition for
calling a general meeting; 
  
 (ix) subject as otherwise expressly
provided in Articles 24 to 29, a Bearer (or the depositor of a Share Warrant in accordance with Article 27 (viii)) shall be entitled in all other respects to the same rights, benefits, privileges and advantages, accorded from time to time pursuant
to these Articles or by the Statutes (subject to these Articles) and subject to the same obligations and duties as if he were named in the Register as the holder of the shares specified in the Share Warrant, and he shall be deemed to be a member of
the Company for these purposes. 
  
 Communications with the Bearer of a Share
Warrant 
  
 28 (A) In the case of an offer of shares, securities or
debentures to members or any class of members, or a proposed issue of shares pursuant to Article 143, it shall be sufficient, so far as any Bearer is concerned, to advertise the fact of the proposed offer or issue once in a leading London daily
newspaper, and such other newspapers (if any) as the Directors may from time to time determine, and upon the Bearer depositing the Share Warrant (or, if appropriate, the requisite coupon) at the Transfer Office, or some other place or places
mentioned in the advertisement, within the time limit prescribed in the offer, he shall have the same right to receive the offer and accept the proportionate 
  

 -22- 

 number of shares, securities or debentures within the time limit prescribed in the offer, or to participate in the
proposed issue of shares pursuant to Article 143, as if he were the registered holder of the shares comprised in the Share Warrant. 
  
 (B) In the case of any notice or document or other communication with members or any class of members, it shall be sufficient, so far as any Bearer is
concerned, to advertise the notice, document or other communication once in a leading London daily newspaper, and such other newspapers (if any) as the Directors may from time to time determine, and to give a postal address (and, if the Directors
see fit, the address of a website) where copies of the notice, document or other communication may be obtained by any Bearer. 
  
 Surrender of a Share Warrant 
  
 29 If a Bearer shall desire to surrender a Share Warrant and be registered as a member or request that another person be registered as a member in respect of all
or any of the shares included in such Share Warrant, he shall lodge at such place as the Directors may from time to time appoint (or, in default of such appointment, at the Transfer Office) for cancellation of such Share Warrant together with a
declaration in writing signed by him in such form and authenticated in such manner as the Directors may require, requesting to be registered as a member in respect of all or some of the shares specified in such Share Warrant and stating in such
declaration his full name and postal address. Save as otherwise agreed by the Company, upon the payment to the Company of all (if any) stamp duties, stamp duty reserve tax, bearer instrument duty, taxes, charges, fees, interest and penalties which
may thereby be incurred by the Company or for which the Company is required to account, the person giving such declaration shall thereupon be entitled to have his name entered as a member in the Register in respect of the relevant shares specified
in the Share Warrant so surrendered and, if he indicates that those relevant shares are to be held as certificated shares, to receive a share certificate therefor. If the Bearer shall desire to be registered as a member in respect of part only of
the shares included in such Share Warrant, a Share Warrant for the balance of the shares shall be issued to such person without charge upon cancellation of the Share Warrant so surrendered. 
  
 Calls on Shares 
  
 Power to make calls on shares 
  
 30 The Directors may from time to time make calls upon the members in respect of any moneys unpaid on their shares (whether on account of the nominal value of the
shares, or when permitted, by way of premium) but subject always to the terms of issue of such shares. A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call was passed and may be made payable
by instalments. 
  
 Payment of calls 
  
 31 Each member shall (subject to receiving at least fourteen days’ notice
specifying the time or times and place of payment) pay to the Company at the time or times and place so specified the amount called on his shares. The joint holders of a share shall be jointly and severally liable to pay all calls in respect
thereof. A call may be revoked or postponed as the Directors may determine. 
  

 -23- 

 Interest on unpaid calls 
  

32 If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest
on the sum from the day appointed for payment thereof to the time of actual payment at such rate (not exceeding fifteen per cent. per annum) as the Directors may determine but the Directors shall be at liberty in any case or cases to waive payment
of such interest wholly or in part. 
  
 Failure to pay sums due on shares

  
 33 Any sum (whether on account of the nominal value of the share
or by way of premium) which by the terms of issue of a share becomes payable upon allotment or at any fixed date shall for all the purposes of these Articles be deemed to be a call duly made and payable on the date on which by the term of issue the
same becomes payable. In case of non-payment all the relevant provisions of these Articles as to payment of interest and expenses, forfeiture or otherwise shall apply as if such sum had become payable by virtue of a call duly made and notified.

  
 Powers of the Directors in connection with sums due in respect of shares

  
 34 (A) The Directors may on the issue of shares differentiate
between the holders as to the amount of calls to be paid and the times of payment. 
  
 (B) The Directors may if they think fit receive from any member willing to advance the same all or any part of the moneys (whether on account of the nominal value of the shares or by way of premium) uncalled and
unpaid upon the shares held by him and such payment in advance of calls shall extinguish pro tanto the liability upon the shares in respect of which it is made and upon the money so received (until and to the extent that the same would but
for such advance become payable) the Company may pay interest at such rate (not exceeding twelve per cent. per annum) as the member paying such sum and the Directors may agree. 
  
 (C) Whenever any law for the time being of any country, state or place imposes or purports to impose any immediate or future
or possible liability upon the Company to make any payment or empowers any government or taxing authority or government official to require the Company to make any payment in respect of any shares registered in any of the Company’s registers as
held either jointly or solely by any member or in respect of any dividends, bonuses or other moneys due or payable or accruing due or which may become due or payable to such member by the Company on or in respect of any shares registered as
aforesaid or for or on account or in respect of any member and whether in consequence of: 
  
 (i) the death of such member; 
  
 (ii) the non-payment of any income tax or other tax by such member; 
  

 -24- 

 (iii) the non-payment of any estate, probate, succession, death, stamp, or other duty by the executor or
administrator of such member or by or out of his estate; or 
  
 (iv) any other act or thing, the Company in every such case: 
  
 (a) shall be fully indemnified by such member or his executor or administrator from all liability; and 
  
 (b) may recover as a debt due from such member or his executor or administrator wherever constituted or residing any monies paid by the Company under or
in consequence of any such law together with interest thereon at the rate of fifteen per cent. per annum thereon from date of payment to date of repayment. 
  
 (D) Nothing contained in paragraphs (B) and (C) above shall prejudice or affect any right or remedy which any law may confer or purport to confer on the
Company and as between the Company and every such member as aforesaid, his executor, administrator, and estate wheresoever constituted or situate, any right or remedy which such law shall confer or purport to confer on the Company shall be
enforceable by the Company. 
  
 Forfeiture and Lien 
  
 Notice to pay sums due on shares 
  
 35 If a member fails to pay in full any call or instalment of a call on the due date
for payment thereof, the Directors may at any time thereafter serve a notice on him requiring payment of so much of the call or instalment as is unpaid together with any interest which may have accrued thereon and any expenses incurred by the
Company by reason of such non-payment. 
  
 Contents of a notice to pay

  
 36 The notice shall name a further day (not being less than seven
days from the date of service of the notice) on or before which and the place where the payment required by the notice is to be made, and shall state that in the event of non-payment in accordance therewith the shares on which the call has been made
will be liable to be forfeited. 
  
 Forfeiture or surrender of shares for
non-payment 
  
 37 If the requirements of any such notice as aforesaid
are not complied with, any share in respect of which such notice has been given may at any time thereafter, before payment of all calls and interest and expenses due in respect thereof has been made, be forfeited by a resolution of the Directors to
that effect. Such forfeiture shall include all dividends declared in respect of the forfeited share and not actually paid before forfeiture. The Directors may accept a surrender of any share liable to be forfeited hereunder. 
  
 Powers of the Directors on forfeiture or surrender 
  
 38 A share so forfeited or surrendered shall become the property of the Company and
may be sold, re-allotted or otherwise disposed of either to the person who was before 
  

 -25- 

 such forfeiture or surrender the holder thereof or entitled thereto or to any other person upon such terms and in such
manner as the Directors shall think fit and at any time before a sale, re-allotment or disposition the forfeiture or surrender may be cancelled on such terms as the Directors think fit. The Directors may, if necessary, authorise some person to
transfer a forfeited or surrendered share to any such other person as aforesaid. 
  
 Continuing liabilities after forfeiture or surrender 
  
 39 A member whose shares have been forfeited or surrendered shall cease to be a member in respect of the shares but shall notwithstanding the forfeiture or surrender remain liable to pay to the Company all moneys which at the date of
forfeiture or surrender were presently payable by him to the Company in respect of the shares with interest thereon at fifteen per cent. per annum (or such lower rate as the Directors may determine) from the date of forfeiture or surrender until
payment and the Directors may at their absolute discretion enforce payment without any allowance for the value of the shares at the time of forfeiture or surrender or waive payment in whole or in part. 
  
 Lien 
  
 40 The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently
payable or not) called or payable at a fixed time in respect of such share and the Company shall also have a first and paramount lien on every share (not being a fully paid share) standing registered in the name of a single member for all the debts
and liabilities of such member or his estate to the Company whether the same shall have been incurred before or after notice to the Company of any equitable or other interest of any person other than such member and whether the period for the
payment or discharge of the same shall have actually arrived or not and notwithstanding that the same are joint debts or liabilities of such member or his estate and any other person, whether a member of the Company or not. The Directors may waive
any lien which has arisen and may resolve that any share shall for some limited period be exempt wholly or partially from the provisions of this Article. 
  
 Exercise of lien 
  
 41 The Company may sell in such manner as the Directors think fit any share on which the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable
nor until the expiration of fourteen days after a notice stating and demanding payment of the sum presently payable and giving notice of intention to sell in default shall have been given to the holder for the time being of the share or the person
entitled thereto by reason of the holder’s death or bankruptcy. 
  
 Application of proceeds of sale after exercise of lien 
  
 42 The net proceeds of such sale after payment of the costs of such sale shall be applied in or towards payment or satisfaction of the debts or liabilities in respect whereof the lien exists so far as the same are then payable and
any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the shares prior to the sale) be paid to the person entitled to the shares at the time of the sale. For the purpose of giving effect to any such
sale the Directors may authorise some person to transfer the shares sold to the purchaser. 
  

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 Evidence of title to shares following exercise of lien 
  
 43 A statutory declaration that the declarant is a Director or the Secretary of the
Company and that a share has been duly forfeited or surrendered or sold to satisfy a lien of the Company on a date stated in the declaration shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to
the share. Such declaration, and the receipt of the Company for the consideration (if any) given for the share on the sale, re-allotment or disposal thereof, together with, in relation to a certificated share, the share certificate delivered to a
purchaser or allottee thereof, shall (subject if necessary to the execution of an instrument of transfer or a transfer by a relevant system, as the case may be) constitute a good title to the share, and the person to whom the share is sold,
re-allotted or disposed of shall be registered as the holder of the share and shall not be bound to see to the application of the purchase money (if any) nor shall his title to the share be affected by any irregularity or invalidity in the
proceedings relating to the forfeiture, surrender, sale, re-allotment or disposal of the share. 
  
 Transfer of Shares and Related Matters 
  
 Form of transfer of certificated shares 
  
 44 All
transfers of shares, other than shares represented by Share Warrants, or uncertificated shares, may be effected by transfer in writing in any usual or common form or in any other form acceptable to the Directors and may be under hand only. The
instrument of transfer (if any) shall be signed by or on behalf of the transferor and (except in the case of fully paid shares) by or on behalf of the transferee. The transferor shall remain the holder of the shares concerned until the name of the
transferee is entered in the Register of Members in respect thereof. 
  
 Closure of the Register of Members 
  
 45 The registration
of transfers may be suspended at such times and for such periods as the Directors may from time to time determine and either generally or in respect of any class of shares. The Register of Members shall not be closed for more than thirty days in any
year. 
  
 Refusal to register transfers of shares 
  
 46 (A) The Directors may, in their absolute discretion and without giving any reason,
refuse to register the transfer of a share which is not fully paid and shall (for so long as there is in issue any Designated Share) decline to register the transfer of any Ordinary Share unless there is produced to the Directors such evidence as
they may in their discretion require to ensure that on the same occasion there is being transferred to the same person one Designated Share for every Ordinary Share included in such transfer. For so long as there is in issue any Designated Share,
every transfer of one or more Ordinary Shares shall, except so far as otherwise stated on the instrument of transfer, constitute a transfer of the same number of Designated Shares provided that, where any such shares are admitted to the Official
List of the London Stock Exchange, such discretion may not be exercised in such a way as to prevent dealings in the shares of that class from taking place on an open and proper basis. The Directors may also refuse to register a transfer of shares
(whether fully paid or not) in favour of more than four persons jointly. 
  

 -27- 

 (B) If the Directors refuse to register a transfer, they shall send to the transferee notice of such
refusal within ten days of the refusal, or, if earlier, within two months after the date on which (in the case of certificated shares) the transfer was lodged with the Company or (in the case of uncertificated shares) the Operator-instruction was
received (within the meaning of the Uncertificated Securities Regulations 2001). 
  
 Refusal to recognise instruments of transfer 
  
 47 The
Directors may decline to recognise any instrument of transfer unless the instrument of transfer is in respect of only one class of share and is lodged at the Transfer Office accompanied by the relevant share certificate(s) and such other evidence as
the Directors may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer is executed by some other person on his behalf, the authority of that person so to do). In the case of a transfer by a
Stock Exchange Nominee the lodgment of share certificates will only be necessary if and to the extent that certificates have been issued in respect of the shares in question. 
  
 Retention of instruments of transfer 
  
 48 All instruments of transfer which are registered may be retained by the Company. 
  
 No fee for registration of transfers etc 
  
 49 No fee will be charged by the Company in respect of the registration of any instrument of transfer or probate or letters of administration or certificate of
marriage or death or stop notice or power of attorney relating to or affecting the title to any shares. 
  
 Retention of Records 
  
 50 (A) The
Company shall be entitled to destroy: 
  
 (i) all instruments of
transfer of shares which have been registered, and all other documents on the basis of which any entry is made in the register, at any time after the expiration of six years from the date of registration or entry; 
  
 (ii) all dividend mandates, variations or cancellations of dividend mandates,
and notifications of change of address at any time after the expiration of two years from the date of recording the matters in such document; 
  
 (iii) all share certificates which have been cancelled at any time after the expiration of one year from the date of the cancellation; 
  
 (iv) all paid dividend warrants and cheques at any time after the expiration
of one year from the date of actual payment; 
  
 (v) all proxy
appointments which have been used for the purpose of a poll at any time after the expiration of one year from the date of use; and 
  

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 (vi) all proxy appointments which have not been used for the purpose of a poll at any time after one
month from the end of the meeting to which the proxy appointment relates and at which no poll was demanded. 
  
 (B) It shall conclusively be presumed in favour of the Company that: 
  
 (i) every entry in the register purporting to have been made on the basis of an instrument of transfer or other document
destroyed in accordance with paragraph (A) above was duly and properly made; 
  
 (ii) every instrument of transfer destroyed in accordance with paragraph (A) above was a valid and effective instrument duly and properly registered; 
  
 (iii) every share certificate destroyed in accordance with paragraph (A) above was a valid and effective certificate duly
and properly cancelled; and 
  
 (iv) every other document
destroyed in accordance with paragraph (A) above was a valid and effective document in accordance with its recorded particulars in the books or records of the Company, 
  
 but: 
  
 (a) the provisions of this Article apply only to the destruction of a document in good faith and without notice of any claim (regardless of the parties)
to which the document might be relevant; 
  
 (b) nothing in this
Article shall be construed as imposing on the Company any liability in respect of the destruction of any document earlier than the time specified in paragraph (A) above or in any other circumstances which would not attach to the Company in the
absence of this Article; and 
  
 (c) any reference in this Article
to the destruction of any document includes a reference to its disposal in any manner or deletion. 
  
 Transmission of Shares 
  
 Succession
to shares 
  
 51 In the case of the death of a shareholder, the
survivors or survivor where the deceased was a joint holder, and the executors or administrators of the deceased where he was a sole or only surviving holder, shall be the only persons recognised by the Company as having any title to his interest in
the shares, but nothing in this Article shall release the estate of a deceased holder (whether sole or joint) from any liability in respect of any share held by him. 
  
 Registration of succession to shares 
  
 52 Any person becoming entitled to a share in consequence of the death or bankruptcy of a member may (subject as hereinafter provided) upon supplying to the

  

 -29- 

 Company such evidence as the Directors may reasonably require to show his title to the share either be registered himself
as holder of the share upon giving to the Company notice in writing of his desire to be registered as holder or transfer such share to some other person. All the limitations, restrictions and provisions of these Articles relating to the right to
transfer and the registration of transfers of shares shall be applicable to any such notice or transfer as aforesaid as if the death or bankruptcy of the member had not occurred and the notice or transfer were a transfer made by such member. Rights
of successors to shares 
  
 53 Save as otherwise provided by or in
accordance with these Articles, a person becoming entitled to a share in consequence of the death or bankruptcy of a member (upon supplying to the Company such evidence as the Directors may reasonably require to show his title to the share) shall be
entitled to the same dividends and other advantages as those to which he would be entitled if he were the registered holder of the share except that he shall not be entitled in respect thereof (except with the authority of the Directors) to exercise
any right conferred by membership in relation to meetings of the Company until he shall have been registered as a member in respect of the share. 
  
 Untraced Shareholders 
  
 54 (A) The Company shall be entitled to sell the shares of a member or the shares to which a person is entitled by virtue of transmission on death or bankruptcy if and provided that: 
  
 (i) during the period of twelve years prior to the date of the publication
of the advertisements referred to in sub-paragraph (ii) below (or, if published on different dates, the later thereof) at least three dividends have become payable on or in respect of the shares in question but all dividends or other moneys payable
on or in respect of such shares during such period remain unclaimed; and 
  
 (ii) the Company shall have inserted advertisements, both in a leading London newspaper and in a newspaper circulating in the area of the postal address at which service of notices upon such member or other person may
be effected in accordance with these Articles (or, if there be no such address the Office), giving notice of its intention to sell the said shares; and 
  
 (iii) during the said period of twelve years and the period of three months following the publication of the said advertisements the Company shall have
received indication neither of the whereabouts nor of the existence of such member or person; and 
  
 (iv) notice shall have been given to the London Stock Exchange of its intention to make such sale. 
  
 (B) To give effect to any such sale the Company may appoint some person to
execute any instrument, or give any instruction, or do any act or thing, for the purpose of transferring the shares, and every such instrument, instruction, act or thing shall be as effective as if it had been executed, given or done by the
registered holder of, or person entitled by transmission to, such shares, and the title of the transferee shall not be affected 
  

 -30- 

 by any irregularity or invalidity in the proceedings relating thereto. The net proceeds of sale shall belong to the
Company which shall be obliged to account to the former member or other person previously entitled as aforesaid for an amount equal to such proceeds and shall enter the name of such former member or other person in the books of the Company as a
creditor for such amount. No trust shall be created in respect of the debt, no interest shall be payable in respect of the same and the Company shall not be required to account for any money earned on the net proceeds, which may be employed in the
business of the Company or invested in such investments (other than shares of the Company or its holding company if any) as the Directors may from time to time think fit. 
  
 General Meetings 
  
 Annual general meetings 
  
 55 An annual general meeting shall be held once in every year, at such time (within a period of not more than fifteen months after the holding of the last preceding annual general meeting) and place as may be
determined by the Directors. All other general meetings shall be called extraordinary general meetings. All general meetings shall be held in England. 
  
 Members’ resolutions at annual general meetings 
  
 56 (A) If on or before 31 December in any year any members shall in accordance with Section 376 of the Act require the Company in relation to the annual general
meeting to be held in the next following year to give notice of a resolution which may properly be moved or to circulate a statement in acceptable form, the Company will circulate that resolution or statement with the notice of the annual general
meeting without cost to the requisitionists. 
  
 (B) If any
requisition is made in accordance with Section 376 of the Act after 31 December in any year and prior to the annual general meeting to be held in the next following year the Company shall require that the requisitionists deposit or tender a sum
sufficient to meet the Company’s reasonable expenses in giving effect to it. 
  
 Extraordinary general meetings 
  
 57 The Directors may
whenever they think fit, and shall on requisition in accordance with the Statutes proceed with proper expedition to convene an extraordinary general meeting. 
  
 Class meetings 
  
 58 The provisions of these Articles relating to general meetings shall apply, with necessary modifications, to any separate meeting of the holders of shares of a particular class which is convened otherwise
than in connection with the variation or abrogation of the rights attached to shares of that class. 
  

 -31- 

 Notice of General Meetings and Related Arrangements 
  
 Length of notice 
  
 59 An annual general meeting and any extraordinary general meeting at which it is proposed to pass a special resolution or (save as provided by the Statutes) a
resolution of which special notice has been given to the Company, shall be called by twenty-one days’ notice in writing (including, subject to the provisions of the Statutes, electronic communication) at the least and any other extraordinary
general meeting by fourteen days’ notice in writing (including, subject to the provisions of the Statutes, electronic communication) at the least. The period of notice shall in each case be exclusive of the day on which the notice is served or
given or deemed to be served or given and of the day on which the meeting is to be held and the notice shall be given in a manner hereinafter mentioned to all members other than such as are not under the provisions of these Articles entitled to
receive such notices from the Company, provided that a general meeting notwithstanding that it has been called by a shorter notice than that specified above shall be deemed to have been duly called if it is so agreed: 
  
 (i) in the case of an annual general meeting by all the members entitled to
attend and vote thereat; and 
  
 (ii) in the case of an
extraordinary general meeting by a majority in number of the members having a right to attend and vote thereat, being a majority together holding not less than 95 per cent. in nominal value of the shares giving that right. 
  
 The accidental omission to give notice to or the nonreceipt of notice by any person entitled
thereto shall not invalidate the proceedings at any general meeting. 
  
 Contents of notices 
  
 60 (A) Every notice calling a
general meeting shall specify the place and the day and hour of the meeting (and where there are to be any Subsidiary Locations in accordance with Article 62 below it shall specify the Principal Place and may specify any one or more of the
Subsidiary Locations), and there shall appear with reasonable prominence in every such notice a statement that a member entitled to attend and vote is entitled to appoint a proxy or proxies to attend, speak and vote instead of him and that a proxy
need not be a member of the Company. 
  
 (B) In the case of an
annual general meeting, the notice shall also specify the meeting as such. 
  
 (C) In the case of any general meeting at which business other than routine business is to be transacted, the notice shall set out the text of all Substantive Resolutions to be considered by the meeting and shall
state in the case of each resolution whether it is to be proposed as an ordinary resolution, as an extraordinary resolution or as a special resolution. 
  
 (D) For the purposes of determining which persons are entitled to attend or vote at a meeting and how many votes such persons may cast, the Company may
specify 
  

 -32- 

 in the notice of the meeting a time, not more than forty-eight hours before the time fixed for the meeting, by which a
person who holds shares in registered form must be entered on the Register in order to have the right to attend or vote at the meeting or to appoint a proxy to do so. 
  
 Routine business at meetings 
  
 61 Routine business shall mean and include only business transacted at an annual general meeting of the following classes, that is to say: 
  
 (i) declaring dividends; 
  
 (ii) receiving and/or adopting the accounts, the reports of the Directors and
auditors and other documents required to be attached or annexed to the accounts; 
  
 (iii) appointing or re-appointing Directors to fill vacancies arising at the meeting on retirement whether by rotation or otherwise; 
  
 (iv) re-appointing the retiring auditors (unless they were last appointed otherwise than by the Company in general meeting);

  
 (v) fixing the remuneration of the auditors or determining the
manner in which such remuneration is to be fixed. Arrangements in connection with meetings 
  
 62 (A) The Directors may, for the purpose of facilitating the organisation and administration of any general meeting, from time to time make such arrangements whether involving the issue of tickets (on a basis
intended to afford to all members and proxies otherwise entitled to attend such meeting an equal opportunity of being admitted to the meeting) or otherwise as they shall in their absolute discretion consider to be appropriate, and may from time to
time vary any such arrangements or make new arrangements in place thereof. The entitlement of any member or proxy to attend a general meeting shall be subject to such arrangements as may be for the time being in force and by the notice of meeting be
stated to apply to that meeting. In the case of any general meeting to which such arrangements apply the Directors shall, and in the case of any other general meeting the Directors may, direct that the meeting shall be held at a place specified in
the notice (“Principal Place”) at which the chairman of the meeting shall preside, and make provision for participation in the meeting at other places (“Subsidiary Locations”) by members and proxies otherwise entitled to attend
the general meeting but excluded therefrom pursuant to this Article or who wish to attend at one of the Subsidiary Locations. Such provision shall be such as to ensure that all persons attending the meeting are able to participate in the business of
the meeting and are able to see and hear anyone else attending the meeting while that person is addressing the meeting. Such provision may also include arrangements of the type described above regarding the level of attendance at, and admission to,
a particular location, provided that any such arrangements shall operate (so far as possible) so that any members and proxies excluded from one location are not excluded from another. 
  

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 (B) For the purposes of all other provisions of these Articles any meeting which has a Principal Place
and one or more Subsidiary Locations shall be treated as being held and taking place at the Principal Place and as attended by members and duly appointed proxies who are present at the Principal Place or at one of the Subsidiary Locations. Under no
circumstance will a failure (for any reason) of communication equipment, or any other failure in the arrangements for participation in the meeting at more than one place, affect the validity of such meeting at the Principal Place, or any business
conducted thereat, or any action taken pursuant thereto. 
  
 (C)
As well as making provision for one or more Subsidiary Locations, the Directors may allow the proceedings of a meeting or any part of them to be viewed elsewhere, whether by a televisual link or by any other means, but any such viewing by any person
shall not form part of, or in any way affect the business of, the meeting in question. 
  
 (D) A person (“Subsidiary Chairman”) shall preside at each one of the Subsidiary Locations (if any). Each Subsidiary Chairman shall be appointed by the Directors, or by some person to whom they have
delegated the task. Every Subsidiary Chairman shall have the powers vested in him by or under these Articles. 
  
 Powers to promote security at meetings 
  
 63 The Directors or the Secretary, before the commencement of any general meeting, shall have power to take any action they or he may think fit to ensure the security of the meeting, the safety of people attending the meeting, and
the future orderly conduct of the meeting, and a decision made in good faith under this Article shall be final. 
  
 Proceedings at General Meetings 
  
 Chairman 
  
 64 Subject to Article 112, the Chairman of the Directors, failing whom the Deputy Chairman, shall preside as chairman at a general meeting. If there be no such Chairman or Deputy Chairman, or if at any meeting
neither be present within five minutes after the time appointed for holding the meeting and willing to act, the Directors present shall choose one of their number (or, if no Director be present or if all the Directors present decline to take the
chair) the members present shall choose one of their number to be chairman of the meeting. 
  
 Quorum 
  
 65 No business other
than the appointment of a chairman shall be transacted at any general meeting unless a quorum is present at the time when the meeting proceeds to business. Five members present in person or by proxy and entitled to vote shall be a quorum for all
purposes. 
  
 Consequences of a lack of quorum 
  
 66 If within five minutes from the time appointed for a general meeting (or such
longer interval as the chairman of the meeting may think fit to allow) a quorum is not 
  

 -34- 

 present, the meeting, if convened on the requisition of members, shall be dissolved. In any other case it shall stand
adjourned to such other day and such time and place as may have been specified for the purpose in the notice convening the meeting or (if not so specified) as the chairman of the meeting may determine and in the latter case not less than seven
days’ notice of the adjourned meeting shall be given in any manner in which notice of a meeting may lawfully be given for the time being. At the adjourned meeting any two members present in person or by proxy shall be a quorum. 
  
 Adjournments 
  
 67 The chairman of any general meeting at which a quorum is present may with or without the consent of the meeting (and shall if so
directed by the meeting) adjourn the meeting from time to time (or sine die) and from place to place, and if it appears to the chairman that it is likely to be impracticable to hold or continue the meeting because of the numbers of members
and proxies wishing to attend the meeting who are not present he may adjourn the meeting to another time and place (or sine die) without the need for any such consent, but no business shall be transacted at any adjourned meeting except
business which might lawfully have been transacted at the meeting from which the adjournment took place. Where a meeting is adjourned sine die, the time and place for the adjourned meeting shall be fixed by the Directors. When a meeting is adjourned
for thirty days or more or sine die, not less than seven days’ notice of the adjourned meeting shall be given in any manner in which notice of a meeting may lawfully be given for the time being. Notice of adjourned meetings etc 68 Save as
hereinbefore expressly provided, it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting. 
  
 Passing Substantive Resolutions 
  
 69 (A) Subject to paragraph (B) of this Article and subject to the Statutes no Substantive Resolution may be considered or passed at a general meeting unless the
text of the resolution was set out in the notice by which the meeting was convened. 
  
 (B) A Substantive Resolution may be amended (for example by correcting grammatical or clerical errors which can be corrected as a matter of construction of the resolution set out in the notice when read together with
any circular which accompanied the notice, or by reducing the words to a more formal language) provided that there is no departure from the substance of the resolution which was set out in the notice by which the meeting was convened. 
  
 Manner of voting 
  
 70 At any general meeting all Substantive Resolutions put to the vote of the meeting shall be decided on a poll and all Procedural
Resolutions put to the vote of the meeting shall be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands) demanded by: 
  
 (i) the chairman of the meeting; or 
  

 -35- 

 (ii) not less than five members present in person or by proxy and entitled to vote; or 
  
 (iii) a member or members present in person or by proxy and representing not
less than one-tenth of the total voting rights of all the members having the right to vote at the meeting; or 
  
 (iv) a member or members present in person or by proxy and holding shares in the Company conferring a right to vote at the meeting being shares on which
an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all the shares conferring that right. 
  
 The chairman of the meeting shall use his absolute discretion to determine whether a resolution is a Procedural Resolution or a Substantive Resolution and
his decision shall be final. 
  
 Polls 
  
 71 A demand for a poll may be withdrawn only with the approval of the meeting. A
demand so withdrawn shall not be taken to have invalidated the result of a show of hands on a Procedural Resolution declared before the demand was made. Unless a poll is required or demanded a declaration by the chairman of the meeting that a
Procedural Resolution has been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in the minute book, shall be conclusive evidence of that fact without proof of the number or proportion of the votes
recorded for or against such resolution. If a poll is required or demanded, it shall be taken in such manner (including the use of ballot or voting papers or tickets) as the chairman of the meeting may direct, and the result of the poll shall be
deemed to be the resolution of the meeting at which the poll was demanded. The chairman of the meeting may (and if so directed by the meeting shall) appoint scrutineers and may adjourn the meeting to some place and time fixed by him for the purpose
of declaring the result of the poll. 
  
 Timing of polls 
  
 72 A poll demanded on the choice of a chairman of the meeting or on a question of
adjournment shall be taken forthwith. A poll demanded on any other question shall be taken either immediately or at such subsequent time (not being more than thirty days from the date of the meeting) and place as the chairman of the meeting may
direct. No notice need be given of a poll not taken immediately. The demand for a poll shall not prevent the continuance of the meeting for the transaction of any business other than the question on which the poll has been demanded. 
  
 Chairman’s casting vote 
  
 73 In the case of an equality of votes, whether on a show of hands or on a poll, the
chairman of the meeting at which the show of hands takes place or at which the poll is demanded shall be entitled to a casting vote. 
  

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 Chairman’s powers to promote order and the dispatch of business at meetings 
  
 74 The chairman of the meeting shall take such action as he thinks fit to promote the
orderly conduct of the business of any general meeting as laid down in the notice of the meeting and to promote the conduct of such business with reasonable despatch, and such chairman’s decision, made in good faith, on matters of procedure or
arising incidentally from the business of the meeting shall be final as shall his determination, acting in good faith, as to whether any matter is of such a nature. 
  
 Subsidiary Chairman’s powers to promote order at meetings 
  
 75 Every Subsidiary Chairman shall keep good order at the location where he is presiding, and he shall have all powers necessary or
desirable for that purpose. Every Subsidiary Chairman shall also carry out all requests made of him by or on behalf of the chairman of the meeting in which he is participating, and he shall have all powers necessary or desirable for that purpose.

  
 Votes of Members 
  
 Votes attaching to shares 
  
 76 Subject to Articles 60 (D) and 79 and to any special rights or restrictions as to
voting attached to any class of shares, on a show of hands every member who is present in person and every person present who has been duly appointed as a proxy shall have one vote and on a poll every member who is present in person or by proxy
shall have two votes for every £5 in nominal amount of the First Preference Shares and Second Preference Shares and one vote for every US$0.25 in nominal amount of all other shares of which he is the holder or in respect of which his
appointment as proxy has been made. 
  
 Votes by joint shareholders

  
 77 In the case of joint holders of a share the vote of the senior
who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the Register of Members in
respect of the share. 
  
 Votes of mentally disordered shareholders

  
 78 Where in England or elsewhere a receiver or other person (by
whatever name called) has been appointed by any court claiming jurisdiction in that behalf to exercise powers with respect to the property or affairs of any member on the ground (however formulated) of mental disorder, the Directors may in their
absolute discretion, upon or subject to production of such evidence of the appointment as the Directors may require, permit such receiver or other person on behalf of such member to vote in person or by proxy at any general meeting or to exercise
any other right conferred by membership in relation to meetings of the Company. 
  
 Restriction of voting rights etc where calls unpaid 
  
 79
No member shall, unless the Directors otherwise determine, be entitled in respect of shares held by him to vote at a general meeting either personally or by proxy or to exercise any other right conferred by membership in relation to meetings of the
Company if any call or other sum presently payable by him to the Company in respect of such shares remains unpaid. 
  

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 Objections to votes 
  
 80 No person other than the Company or some person acting on its behalf may raise an objection to the admissibility of any vote except at the meeting or adjourned
meeting or subsequent poll at which that vote may be, or is, given or tendered. Any such objection shall be referred to the person presiding when the objection is raised. The person presiding, or some person appointed by him, shall rule on the
objection, and such ruling shall be final and conclusive. If a vote is ruled in order it shall then be valid for all purposes unless previously or subsequently disallowed by the Company. 
  
 Voting in person or by proxy 
  
 81 On a poll votes may be given either personally or by proxy and a person entitled to more than one vote: 
  
 (i) may vote in respect of some of his shares in person and in respect of
others of them by proxy; and 
  
 (ii) need not use all his votes
or cast all the votes he uses (either in person or by proxy) in the same way. 
  
 Identity of a proxy 
  
 82 A proxy need not be a member of
the Company. 
  
 Means of appointing proxies (in writing; by electronic
communications) 
  
 83 (A) A proxy shall only be appointed in one of
the manners specified in this Article (as supplemented by Articles 84 and 85), or in accordance with Articles 161, 163 and 167. 
  
 (B) A proxy may be appointed by an instrument in writing in any usual or common form, or in any other form which the Directors may approve, and:

  
 (i) in the case of an appointor who is a natural person shall
be signed by the appointor or his agent lawfully authorised in writing; and 
  
 (ii) in the case of an appointor which is a corporation shall be either given under its common seal or signed on its behalf by an agent lawfully authorised in writing or by a duly authorised officer of the
corporation. 
  
 The signature on such an instrument appointing a proxy need not
be witnessed. 
  
 Such an instrument appointing a proxy must be left at such place
or one of such places (if any) as may be specified for the purpose in or by way of note to or in any document accompanying the notice convening the meeting (or, if no place is so specified, at the Transfer Office) not less than forty-eight hours (or
such shorter time as the Directors may determine) before the time appointed for the commencement of the meeting or adjourned 
  

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 meeting (or in the case of a poll taken otherwise than at or on the same day as the meeting or adjourned meeting before
the time appointed for the taking of the poll) at which it is to be used, and in default shall not be treated as valid. 
  
 Where an instrument appointing a proxy is signed on behalf of the appointor by an agent lawfully authorised in writing, the authority under which the agent is appointed
or a duly certified copy thereof must (failing previous registration with the Company) be lodged with the instrument of proxy in the manner directed above, failing which the instrument may be treated as invalid. 
  
 (C) A proxy may be appointed by electronic communication to such address as
may be notified by or on behalf of the Company for that purpose, or by any other lawful means from time to time authorised by the Directors. Any means of appointing a proxy which is authorised by or under this paragraph shall be subject to any
terms, limitations, conditions or restrictions that the Directors may from time to time prescribe. 
  
 (D) An appointment of a proxy by electronic communication where an address has been specified for the purpose of receiving appointments by electronic
communication: 
  
 (i) in the notice convening the meeting; or

  
 (ii) in any instrument of proxy sent out by the Company in
relation to the meeting; or 
  
 (iii) in any invitation contained
in an electronic communication to appoint a proxy issued by the Company in relation to the meeting 
  
 must be received at such address not less than forty-eight hours (or such shorter time as the Directors may determine) before the time appointed for the commencement of the meeting or adjourned meeting (or in the case
of a poll taken otherwise than at or on the same day as the meeting or adjourned meeting before the time appointed for the taking of the poll) at which it is to be used, and in default shall not be treated as valid. 
  
 Directors’ powers to establish verification procedures in connection with proxies

  
 84 From time to time the Directors may (consistently with the
Statutes and these Articles) make such regulations and establish such procedures as they consider appropriate to receive and verify the appointment or revocation of a proxy. Any such regulations may be general, or specific to a particular meeting.
Without limitation, any such regulations may include provisions that the Directors (or some person or persons appointed by them) may conclusively determine any matter or dispute relating: 
  
 (i) to the appointment or revocation, or purported appointment or
revocation, of a proxy; and/or 
  
 (ii) to any instruction
contained or allegedly contained in any such appointment, 
  

 -39- 

 and any such regulations may also include rebuttable or conclusive presumptions of any fact concerning those matters. The
Directors may from time to time modify or revoke any such regulations as they think fit, provided that no subsisting valid appointment or revocation of a proxy or any vote instruction shall thereby be rendered invalid. 
  
 Validity of proxies 
  
 85 (A) Unless the contrary is stated therein, the appointment of a proxy shall be valid for any adjournment of the meeting or
meetings to which it relates, and for any poll arising from any such meeting or adjourned meeting. 
  
 (B) The valid appointment of a proxy relating to more than one meeting (including any adjournment thereof), having once been so delivered for the purposes
of any meeting, shall not have to be re-lodged or otherwise re-registered with the Company for the purposes of any subsequent meeting to which it relates. 
  
 (C) A validly appointed proxy shall have the right to demand or join in demanding a poll and the right to speak at a meeting. 
  
 (D) Notice of the revocation of the appointment of a proxy may be given in
any lawful manner which complies with all (if any) regulations for the time being in force that the Directors have made to govern how a proxy is validly revoked. Nevertheless, a vote cast by proxy shall not be invalidated by the previous death or
insanity of any appointor, or by the revocation of the appointment of the proxy or of the authority under which the appointment was made, unless notice (in writing or by electronic communication) of such death, insanity or revocation shall have been
received by the Company at such place or one of such places (if any) as may be specified for the purpose in any notice convening the meeting or in any material accompanying the notice convening the meeting (or, if no place is so specified, at the
Transfer Office) not less than forty-eight hours (or such shorter time as the Directors may determine) before the time appointed for the commencement of the meeting or adjourned meeting (or in the case of a poll taken otherwise than at or on the
same day as the meeting or adjourned meeting before the time appointed for the taking of the poll) at which the vote is cast. 
  
 Limitation of liabilities in connection with proxies 
  
 86 To the extent permitted by law, each of the Directors, the Secretary and each person employed or, directly or indirectly, retained or used by the Company in the
processes of receiving and validating the appointment and revocation of proxies shall not be liable to any persons other than the Company in respect of any acts or omissions (including negligence) occurring in the execution or purported execution of
his tasks relating to such processes, provided that he shall have no such immunity in respect of any act done or omitted to be done in bad faith. 
  
 Disclosure of Interests in Shares 
  
 87 (A) If any member, or any other person appearing to be interested in shares held by such member, has been duly served with a notice under Section 212 of the Act
and is in default for the Designated Period in supplying to the Company the information 
  

 -40- 

 thereby required, then the Directors may in their absolute discretion at any time thereafter by notice (a “Direction
Notice”) to such member direct that in respect of the shares in relation to which the default occurred (the “Default Shares”) (which expression shall include any further shares which are issued in respect of such shares) the member
shall not (for so long as the default continues) nor shall any transferee to whom any of such shares are transferred (other than pursuant to an approved transfer or pursuant to Article 87 (C) below) be entitled to vote either personally or by proxy
at a general meeting of the Company or a meeting of the holders of any class of shares of the Company or to exercise any other right conferred by membership in relation to general meetings of the Company or meetings of the holders of any class of
shares of the Company. 
  
 (B) The Company shall send to each
other person appearing to be interested in the shares the subject of any Direction Notice a copy of the said notice, but the failure or omission by the Company to do so shall not invalidate such Direction Notice. 
  
 (C) Where the Default Shares represent at least 0.25 per cent. of the issued
shares of that class then the Direction Notice may additionally direct: 
  
 (i) that any cash dividend or other money which would otherwise be payable in respect of each of the Default Shares shall (in whole or any part thereof) be retained by the Company without any liability to pay interest
thereon when such dividend or other money is finally paid to the member; and/or 
  
 (ii) that no transfer of any of the shares held by such member shall be registered unless: 
  
 (a) the member is not himself in default as regards supplying the information required and the transfer is of part only of the member’s holding and
when presented for registration is accompanied by a certificate by the member in a form satisfactory to the Directors to the effect that after due and careful enquiry the member is satisfied that no person in default as regards supplying such
information is interested in any of the shares the subject of the transfer; or 
  
 (b) the transfer is an Approved Transfer. 
  
 (D) Where any person appearing to be interested in the Default Shares has been duly served with a Direction Notice and the Default Shares which are the subject of such Direction Notice are held by an Approved
Depositary, the provisions of this Article shall be treated as applying only to such Default Shares held by the Approved Depositary and not (insofar as such person’s apparent interest is concerned) to any other shares held by the Approved
Depositary. 
  
 (E) Where the member on which a notice under
Section 212 of the Act is served is an Approved Depositary acting in its capacity as such, the obligations of the Approved Depositary as a member of the Company shall be limited to disclosing to the Company such information relating to any person
appearing to be interested in the shares held by it as has been recorded by it pursuant to the arrangements entered into by the Company or approved by the Directors pursuant to which it was appointed as an Approved Depositary. 
  

 -41- 

 (F) Any Direction Notice shall have effect in accordance with its terms for so long as the default in
respect of which the Direction Notice was issued continues and (unless the Directors otherwise determine) for a period of one week thereafter but shall cease to have effect in relation to any Default Shares which are transferred by such member by
means of an Approved Transfer. The Directors may at any time give notice cancelling a Direction Notice. 
  
 (G) For the purpose of this Article: 
  
 (i) a person shall be treated as appearing to be interested in any shares if the member holding such shares has given to the Company a notification under
the said Section 212 of the Act which either 
  
 (a) names such
person as being so interested or 
  
 (b) fails to establish the
identities of those interested in the shares and (after taking into account the said notification and any other relevant Section 212 notification) the Company knows or has reasonable cause to believe or suspects on reasonable grounds that the person
in question is or may be interested in the shares; 
  
 (ii) the
Designated Period is twenty-eight days from the date of service of the notice under the said Section 212 except that if the Default Shares represent at least 0.25 per cent. of the issued shares of that class, the Designated Period is fourteen days
from such date; and 
  
 (iii) a transfer of shares is an Approved
Transfer if but only if: 
  
 (a) it is a transfer of shares to an
offeror by way or in pursuance of acceptance of a take-over offer for a company (as defined in Section 428 of the Act); or 
  
 (b) the Directors are satisfied that the transfer is made pursuant to a sale of the whole of the beneficial ownership of the shares to a party unconnected
with the member and with other persons appearing to be interested in such shares; or 
  
 (c) the transfer results from a sale made through a Recognised Investment Exchange. 
  
 (H) Nothing contained in this Article shall limit the power of the Directors under Section 216 of the Act. 
  
 Corporations Acting by Representatives 
  
 88 Any corporation which is a member of the Company may authorise such person as it
thinks fit to act as its representative at any meeting of the Company or of any class of members of the Company. A person so authorised shall be entitled to exercise the same powers on behalf of the grantor of the authority as the grantor could
exercise if it 
  

 -42- 

 were an individual member of the Company, and a person so authorised shall, if present at any such meeting, for the
purposes of these Articles be deemed to be a member present in person at such meeting. 
  
 Directors 
  
 Number of Directors 
  
 89 (A) Subject as hereinafter provided, the number of Directors shall not be less
than three nor more than twenty-two (or such lesser maximum as the Directors may from time to time resolve). 
  
 (B) The Company may by ordinary resolution from time to time vary the minimum number and/or maximum number of Directors. 
  
 No qualification shares 
  
 90 A Director shall not be required to hold any shares of the Company by way of qualification. A Director who is not a member of the
Company shall nevertheless be entitled to attend and speak at general meetings. 
  
 Directors’ remuneration 
  
 91 The remuneration
payable to the Directors for their services in such capacity shall be determined from time to time by ordinary resolution of the Company. Such amount shall be divided among the Directors as they may agree unless the resolution provides otherwise.
The amount of remuneration so determined will include remuneration for serving as Chairman or Deputy Chairman and serving on committees of Directors but will not include remuneration of Directors for performing an executive office of the Company.

  
 Directors’ expenses 
  
 92 The Company may pay on behalf of any Director, or reimburse him in respect of, all
such reasonable expenses incurred by him in connection with any activities undertaken in or about the business of the Company or in connection with the attendance of any spouse or partner of his on any occasion where such spouse or partner
accompanies a Director for the purpose of advancing the business or interests of the Company. 
  
 Directors’ pensions 
  
 93 The
Directors shall have power to pay and agree to pay pensions or other retirement, superannuation, death or disability benefits to (or to any person in respect of) any Director or ex-Director and for the purpose of providing any such pensions or other
benefits to contribute to any scheme or fund or to pay premiums. 
  
 Directors’ interests in contracts etc 
  
 94 A
Director may be party to or in any way interested in any contract or arrangement or transaction to which the Company is a party or in which the Company is in any way interested and he may hold and be remunerated in respect of any office or

  

 -43- 

 place of profit (other than the office of auditor of the Company or any subsidiary thereof) under the Company or any
other company in which the Company is in any way interested and he (or any firm of which he is a member) may act in a professional capacity for the Company or any such other company and be remunerated therefor and in any such case as aforesaid (save
as otherwise agreed) he may retain for his own absolute use and benefit all profits and advantages accruing to him thereunder or in consequence thereof. 
  
 Offices held by Directors 
  
 95 (A) The Directors may from time to time appoint one or more of their body to be the holder of any executive office on such terms (including such terms as to
remuneration by way of salary, commission or otherwise) and for such period as they may (subject to the provisions of the Statutes) determine and, without prejudice to the terms of any contract entered into in any particular case, may at any time
revoke any such appointment. 
  
 (B) The appointment of any
Director to the office of Chairman or Deputy Chairman shall automatically determine if he ceases to be a Director but without prejudice to any claim for damages for breach of any contract of service between him and the Company. 
  
 (C) The appointment of any Director to an executive office shall not
automatically determine if he ceases from any cause to be a Director, unless the contract or resolution under which he holds office shall expressly state otherwise, in which event such determination shall be without prejudice to any claim for
damages for breach of any contract of service between him and the Company. 
  
 Delegation to executives 
  
 96 The Directors may entrust
to and confer upon any Director holding any executive office any of the powers exercisable by them as Directors upon such terms and conditions and with such restrictions as they think fit, and either collaterally with or to the exclusion of their
own powers, and may from time to time revoke, withdraw, alter or vary all or any of such powers. 
  
 Appointment and Retirement of Directors 
  
 Restrictions on holding office as a Director 
  
 97 Any
provision of the Statutes which, subject to the provisions of these Articles, would have the effect of rendering any person ineligible for appointment as a Director or liable to vacate office as a Director on account of his having reached any
specified age or of requiring special notice or any other special formality in connection with the appointment of any Director over a specified age, shall apply to the Company. 
  
 Vacation of office by a Director 
  
 98 The office of a Director shall be vacated in any of the following events, namely: 
  
 (i) if he shall become prohibited by law from acting as a Director; 
  

 -44- 

 (ii) if he shall resign in writing left at the Office or if he shall in writing offer to resign and the
Directors shall resolve to accept such offer; 
  
 (iii) if he
shall have a receiving order made against him or shall compound with his creditors generally; 
  
 (iv) if in England or elsewhere an order shall be made by any court claiming jurisdiction in that behalf on the ground (however formulated) of mental disorder for his detention or for the appointment of a guardian or
for the appointment of a receiver or other person (by whatever name called) to exercise powers with respect to his property or affairs. 
  
 Retirement by rotation 
  
 99 At each annual general meeting all those Directors who have held office for three years or more since they were elected or re-elected shall retire from office by rotation. 
  
 Eligibility for re-appointment 
  
 100 A retiring Director shall be eligible for re-election. No person other than a
Director retiring at the meeting shall, unless recommended by the Directors for election, be eligible for appointment as a Director at any general meeting unless not less than seven nor more than forty-two days (inclusive of the date on which the
notice is given) before the date appointed for the meeting there shall have been lodged at the Office notice in writing signed by some member (other than the person to be proposed) duly qualified to attend and vote at the meeting for which such
notice is given of his intention to propose such person for election and also notice in writing signed by the person to be proposed of his willingness to be elected. 
  
 Appointment and re-appointment of Directors 
  

101 The Company at the meeting at which a Director retires under any provision of these Articles may by ordinary resolution fill the office being vacated by
electing thereto the retiring Director or some other person eligible for appointment. In default the retiring Director shall be deemed to have been re-elected except in any of the following cases: 
  
 (i) where at such meeting it is expressly resolved not to fill such office
or a resolution for the re-election of such Director is put to the meeting and lost; 
  
 (ii) where such Director has given notice in writing to the Company that he is unwilling to be re-elected; 
  
 (iii) where the default is due to the moving of a resolution in contravention of the next following Article; 
  
 (iv) where such Director has attained any retiring age applicable to him as
Director. 
  
 The retirement shall not have effect until the conclusion of the
meeting except where a resolution is passed to elect some other person in the place of the retiring Director or a 
  

 -45- 

 resolution for his re-election is put to the meeting and lost and accordingly a retiring Director who is re-elected or
deemed to have been re-elected will continue in office without a break. 
  
 Form of resolutions to appoint Directors 
  
 102 A
resolution for the appointment of two or more persons as Directors by a single resolution shall not be moved at any general meeting unless a resolution that it shall be so moved has first been agreed to by the meeting without any vote being given
against it; and any resolution moved in contravention of this provision shall be void. 
  
 Removal of Directors 
  
 103 The Company may in accordance
with and subject to the provisions of the Statutes by ordinary resolution of which special notice has been given remove any Director from office (notwithstanding any provision of these Articles or of any agreement between the Company and such
Director, but without prejudice to any claim he may have for damages for breach of any such agreement) and appoint another person in place of a Director so removed from office. In default of such appointment the vacancy arising upon the removal of a
Director from office may be filled as a casual vacancy. 
  
 Casual vacancies

  
 104 The Company may by ordinary resolution appoint any person to
be a Director either to fill a casual vacancy or as an additional Director. Without prejudice thereto the Directors shall have power at any time so to do, but so that the total number of Directors shall not thereby exceed the maximum number (if any)
fixed by or in accordance with these Articles. Any person so appointed by the Directors shall hold office only until the next general meeting and shall then be eligible for re-election. 
  
 Meetings and Proceedings of Directors 
  
 Directors’ meetings 
  
 105 (A) Subject to the provisions of these Articles the Directors may meet together for the despatch of business, adjourn and otherwise regulate their meetings as
they think fit. 
  
 (B) Subject always to Article 105 (A), all or
any of the Directors or any committee thereof may participate in a meeting of the Directors or that committee by means of a conference telephone or any communication equipment which allows all persons participating in the meeting to hear each other.
Any person so participating shall be deemed to be present in person at the meeting and shall be entitled to vote or be counted in a quorum accordingly. Such a meeting shall be deemed to take place where the largest group of those participating is
assembled, or, if there is no such group, where the chairman of the meeting is then present. 
  

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 Calling Directors’ meetings 
  
 106 At any time any Director may, and the Secretary on the requisition of a Director shall, summon a meeting of the Directors. Any
Director may waive notice of any meeting and any such waiver may be retroactive. 
  
 Quorum 
  
 107 The quorum necessary for the transaction of
the business of the Directors may be fixed from time to time by the Directors and unless so fixed at any other number shall be two. A meeting of the Directors at which a quorum is present shall be competent to exercise all powers and discretions for
the time being exercisable by the Directors. 
  
 Votes 
  
 108 Questions arising at any meeting of the Directors shall be determined by a
majority of votes. In case of an equality of votes the chairman of the meeting shall have a second or casting vote. 
  
 Votes and Directors’ interests 
  
 109 (A) Save as herein provided, a Director shall not vote in respect of any contract or arrangement or any other proposal whatsoever in which he has any material
interest otherwise than by virtue of his interests in shares or debentures or other securities of or otherwise in or through the Company. A Director shall not be counted in the quorum at a meeting in relation to any resolution on which he is
debarred from voting. 
  
 (B) Subject to the provisions of the
Statutes a Director shall (in the absence of some other material interest than is indicated below) be entitled to vote (and be counted in the quorum) in respect of any resolution concerning any of the following matters, namely: 
  
 (i) the giving of any security or indemnity to him in respect of money lent
or obligations incurred by him at the request of or for the benefit of the Company or any of its subsidiaries; 
  
 (ii) the giving of any security or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiaries for which he
himself has assumed responsibility in whole or in part under a guarantee or indemnity or by the giving of security; 
  
 (iii) any proposal concerning an offer of shares or debentures or other securities of or by the Company or any of its subsidiaries for subscription or
purchase in which offer he is or is to be interested as a participant in the underwriting or sub-underwriting thereof; 
  
 (iv) any proposal concerning any other company in which he is interested, directly or indirectly and whether as an officer or shareholder or otherwise
howsoever, provided that he (together with persons connected with him within the meaning of Section 346 of the Act) is not the holder of or beneficially interested in one per cent. or more of the issued shares of any class of such company (or of any
third company through 
  

 -47- 

 which his interest is derived) or of the voting rights available to members of the relevant company (any such interest
being deemed for the purposes of this Article to be a material interest in all circumstances); 
  
 (v) any proposal concerning the purchase and/or maintenance of any insurance policy under which he may benefit. 
  
 (C) Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to
offices or employments with the Company or any company in which the Company is interested, such proposals may be divided and considered in relation to each Director separately and in such case each of the Directors concerned (if not debarred from
voting under subparagraph (B)(iv) of this Article) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning his own appointment. 
  
 (D) If any question shall arise at any time as to the materiality of a Director’s interest or as to the entitlement of
any Director to vote and such question is not resolved by his voluntarily agreeing to abstain from voting, such question shall be referred to the chairman of the meeting and his ruling in relation to any other Director shall be final and conclusive
except in a case where the nature or extent of the interests of such Director has not been fairly disclosed. 
  
 (E) The Company may by ordinary resolution suspend or relax the provisions of this Article to any extent or ratify any transaction not duly authorised by
reason of a contravention of this Article. 
  
 (F) For the
purposes of this Article: 
  
 (i) subject to sub-paragraph (iii)
below, an interest of a person who is connected with a Director (within the meaning of Section 346 of the Act) shall be treated as an interest of that Director; 
  

(ii) a general notice given to the Directors that a Director is to be regarded as having an interest of the nature and extent specified in the notice
in any transaction or arrangement in which a specified person or class of persons is interested shall be deemed to be a disclosure that the Director has an interest in any such transaction or arrangement of the nature and extent so specified, but
not otherwise; and 
  
 (iii) an interest of which a Director has
no knowledge and of which it is unreasonable to expect him to have knowledge shall not be treated as an interest of his. 
  
 Directors acting during vacancies 
  
 110 The continuing Directors may act notwithstanding any vacancies, but if and so long as the number of Directors is reduced below the minimum
number fixed by or in accordance with these Articles the continuing Directors or Director may act for the purpose of filling such vacancies or of summoning general meetings, but not for any other purpose. If there be no Directors or Director able or
willing to act, then any two members may summon a general meeting for the purpose of appointing Directors. 
  

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 Chairman and Deputy Chairman 
  
 111 (A) The Directors may elect from their number a Chairman and a Deputy Chairman (or two or more Deputy Chairmen) and determine the
period for which each is to hold office. If no Chairman or Deputy Chairman shall have been appointed or if at any meeting of the Directors no Chairman or Deputy Chairman shall be present within five minutes after the time appointed for holding the
meeting, the Directors present may choose one of their number to be chairman of the meeting. 
  
 (B) If at any time there is more than one Deputy Chairman the right in the absence of the Chairman to preside at a meeting of the Directors or of the Company shall be determined as between the Deputy Chairmen present
(if more than one) by seniority in length of appointment as Deputy Chairman or otherwise as resolved by the Directors. 
  
 Co-chairmen 
  
 112 (A) The Directors may appoint one of their number as Co-Chairman on such terms as they may determine and the provisions of Articles 64, 95 and 111 shall apply to any person so appointed and references
herein to Chairman shall be construed to mean Co-Chairman, or any one of them. 
  
 (B) For so long as there are Co-Chairmen, the Chairman to preside at a meeting of the Directors or of the Company shall be determined by agreement between them, or if no such agreement can be reached, by the Directors
present. 
  
 Written and e-mail resolutions 
  
 113 (A) A resolution executed by all the Directors, or by all the members of a
committee constituted under these Articles, shall be as valid and effectual as if it had been passed at a meeting of the Directors, or (as the case may be) at a meeting of that committee, which in every case was duly convened and held. 

 
 (B) For the purposes of this Article: 
  
 (i) a resolution shall consist of one or more written instruments (including
faxes) or one or more electronic communications sent to an address specified for the purpose by the Secretary, or a combination of them, provided that each such written instrument and electronic communication (if more than one) is to the same
effect; 
  
 (ii) a written instrument is executed when the person
executing it signs it; 
  
 (iii) an electronic communication is
executed when the person executing it sends it provided that it has been authenticated in such manner (if any) as the Secretary shall prescribe; 
  

 -49- 

 (iv) the Directors, or (as the case may be) members of a committee constituted under these Articles, need
not execute the same written instrument or electronic communication; and 
  
 (v) a resolution shall be effective when the Secretary certifies that sufficient evidence has been received by him that the resolution has been executed in accordance with this Article. 
  
 Committees and delegation to committees 
  
 114 The Directors may delegate any of their powers or discretions to committees
consisting of one or more members of their body and (if thought fit) one or more other persons co-opted as hereinafter provided. Any committee so formed shall in the exercise of the powers so delegated conform to any regulations which may from time
to time be imposed by the Directors. Any such regulations may provide for or authorise the co-option to the committee of persons other than Directors and for such co-opted members to have voting rights as members of the committee but so that (a) the
number of co-opted members shall be less than one-half of the total number of members of the committee and (b) no resolution of the committee shall be effective unless a majority of the members of the committee present at the meeting are Directors.

  
 Proceedings of committees 
  
 115 The meetings and proceedings of any such committee consisting of two or more
members shall be governed mutatis mutandis by the provisions of these Articles regulating the meetings and proceedings of the Directors, so far as the same are not superseded by any regulations made by the Directors under Article 114.

  
 Validity of acts 
  
 116 All acts done by any meeting of Directors, or of any such committee, or by any
person acting as a Director or as a member of any such committee, shall as regards all persons dealing in good faith with the Company, notwithstanding that there was some defect in the appointment of any of the persons acting as aforesaid, or that
any such persons were disqualified or had vacated office, or were not entitled to vote, be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director or member of the committee and had been entitled
to vote. 
  
 Borrowing Powers 
  
 117 (A) Subject as hereinafter provided and to the provisions of the Statutes the
Directors may exercise all the powers of the Company to borrow money, and to mortgage or charge its undertaking, property and uncalled capital, and to issue debentures and other securities, whether outright or as collateral security for any debt,
liability or obligation of the Company or of any third party. 
  
 (B) The Directors shall restrict the borrowings of the Company and exercise all voting and other rights or powers of control exercisable by the Company in relation to its subsidiaries incorporated in the United Kingdom so as to secure that
the aggregate 
  

 -50- 

 amount for the time being remaining undischarged of all moneys borrowed by the Company and/or any of its subsidiaries
incorporated in the United Kingdom (exclusive of moneys borrowed by the Company from and for the time being owing to any such subsidiary or by any such subsidiary from and for the time being owing to the Company or another such subsidiary) shall
not, except with the consent of the Company in general meeting, at any one time exceed: 
  
 (i) the amount paid up on the Share Capital of the Company for the time being issued, plus 
  
 (ii) the aggregate of the sums for the time being standing to the credit of the capital and revenue reserves (including share premium account and
undistributed profits but excluding amounts set aside for taxation) of the Company and its subsidiaries incorporated in the United Kingdom as appearing in the latest audited accounts of those companies. 
  
 (C) For the purposes of the said limits: 
  
 (i) the issue of debentures shall be deemed to constitute borrowing
notwithstanding that the same may be issued in whole or in part for a consideration other than cash; 
  
 (ii) moneys borrowed for the purpose of repaying or redeeming (with or without premium) in whole or in part any other borrowed moneys falling to be taken
into account and intended to be applied for such purpose within six months after the borrowing thereof shall not during such period, except to the extent so applied, themselves be taken into account; 
  
 (iii) any amounts borrowed from bankers or others for the purpose of
financing any contract up to an amount not exceeding that part of the price receivable under such contract which is guaranteed or insured by the Export Credits Guarantee Department or other like institution carrying on a similar business shall be
deemed not to be borrowed moneys; 
  
 (iv) borrowed moneys
expressed in or calculated by reference to a currency other than sterling shall be translated into sterling by reference to the rate of exchange used for the conversion of such currency in the latest audited balance sheet of the relevant company or,
if the relevant currency was not thereby involved, by reference to the rate of exchange or approximate rate of exchange ruling on such date and determined on such basis as the auditors may determine or approve. 
  
 (D) No person dealing with the Company or any of its subsidiaries shall be
concerned to see or enquire whether the said limit is observed and no debt incurred or security given in excess of such limit shall be invalid or ineffectual unless the lender or the recipient of the security had, at the time when the debt was
incurred or security given, express notice that the said limit had been or would thereby be exceeded. 
  

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 General Powers of Directors 
  
 General powers of the Directors 
  
 118 The business and affairs of the Company shall be managed by the Directors, who may exercise all such powers of the Company as are not by the Statutes or by
these Articles required to be exercised by the Company in general meeting, subject nevertheless to any regulations of these Articles, to the provisions of the Statutes and to such regulations, being not inconsistent with the aforesaid regulations or
provisions, as may be prescribed by special resolution of the Company, but no regulation so made by the Company shall invalidate any prior act of the Directors which would have been valid if such regulation had not been made. The general powers
given by this Article shall not be limited or restricted by any special authority or power given to the Directors by any other Article. 
  
 Head office 
  
 119 The Directors shall ensure that the head office of the Company remains in England at all times. 
  
 Local boards 
  
 120 The Directors may establish any local boards or agencies for managing any of the affairs of the Company, either in the United Kingdom or elsewhere, and may appoint any persons to be members of such local
boards, or any managers or agents, and may fix their remuneration, and may delegate to any local board, manager or agent any of the powers, authorities and discretions vested in the Directors, with power to subdelegate, and may authorise the members
of any local boards, or any of them, to fill any vacancies therein, and to act notwithstanding vacancies, and any such appointment or delegation may be made upon such terms and subject to such conditions as the Directors may think fit, and the
Directors may remove any person so appointed, and may annul or vary any such delegation, but no person dealing in good faith and without notice of any such annulment or variation shall be affected thereby. 
  
 Attorneys 
  
 121 The Directors may from time to time and at any time by power of attorney or otherwise appoint any company, firm or person or any
fluctuating body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable
by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney
as the Directors may think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. 
  
 Branch registers 
  
 122 Subject to and to the extent permitted by the Statutes, the Company, or the Directors on behalf of the Company, may cause to be kept in any territory a branch register of members resident in such territory,
and the Directors may make and vary such regulations as they may think fit respecting the keeping of any such register. 
  

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 Signature on financial instruments 
  
 123 All cheques, promissory notes, drafts, bills of exchange, and other negotiable or transferable instruments, and all receipts for
moneys paid to the Company, shall be signed, drawn, accepted, endorsed, or otherwise executed, as the case may be, in such manner as the Directors shall from time to time by resolution determine. 
  
 Secretary 
  
 124 The Secretary shall be appointed by the Directors on such terms and for such period as they may think fit. Any Secretary so
appointed may at any time be removed from office by the Directors, but without prejudice to any claim for damages for breach of any contract of service between him and the Company. If thought fit two or more persons may be appointed as joint
secretaries. The Directors may also appoint from time to time on such terms as they may think fit one or more deputy secretaries, assistant secretaries and deputy assistant secretaries. A signature or attestation or certification of or on any
document by a deputy, assistant or deputy assistant secretary in that capacity shall in favour of any person dealing with the Company on the faith thereof be as effective as if it were the signature or attestation or certification of or on such
document by the Secretary. 
  
 Authentication of Documents 
  
 125 Any Director or the Secretary or any person appointed by the Directors for the
purpose shall have power to authenticate any documents affecting the constitution of the Company and any resolutions passed by the Company or the Directors or any committee, and any books, records, documents and accounts relating to the business of
the Company, and to certify copies thereof or extracts therefrom as true copies or extracts; and where any books, records, documents or accounts are elsewhere than at the Office the local manager or other officer of the Company having the custody
thereof shall be deemed to be a person appointed by the Directors as aforesaid. A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Directors or any committee which is certified
as aforesaid shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that any minute so extracted is a true and accurate record of
proceedings at a duly constituted meeting. 
  
 Reserves 
  
 126 (A) After payment of the dividends upon any preference shares of the Company, and
of a dividend of 4.2 per cent. upon the Ordinary Shares, there shall be set aside a special reserve fund out of the balance of the profits of each year such sum as the Directors may determine, and no part of the moneys so set aside nor of the
interest thereon shall without the sanction of an extraordinary resolution of the holders of the preference shares be applied otherwise than for the purpose of making up any deficit of 
  

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 cumulative dividend on the preference shares, or in the event of a reduction of capital or a winding up, for the purpose
of repaying to the holders of the preference shares the amounts paid up on such shares together with the ten per cent. referred to in subparagraphs (i) and (ii) of paragraph (A) of Article 5 but the same may be used by the Directors as part of the
working capital of the Company. All moneys from time to time standing to the credit of the special reserve fund may be invested in or upon such securities or investments as the Directors shall think fit, including the debentures of any company
formed or promoted by this Company, or in which this Company shall hold shares. 
  
 (B) The Directors may from time to time set aside out of the profits of the Company and carry to a general reserve such further sums as they think proper which, at the discretion of the Directors, shall be applicable
for any purpose to which the profits of the Company may properly be applied and pending such application may either be employed in the business of the Company or be invested. The Directors may divide the general reserve into such special funds as
they think fit and may consolidate into one fund any special funds or any parts of any special funds into which the general reserve may have been divided. The Directors may also without placing the same to reserve carry forward any profits.

  
 (C) In carrying sums to reserve and in applying the same the
Directors shall comply with the provisions of the Statutes. 
  
 The Seal

  
 General provisions about seals 
  
 127 (A) The Directors shall provide for the safe custody of the Seal and any
Securities Seal, and neither shall be used without the authority of the Directors or of a committee authorised by the Directors in that behalf. 
  
 (B) Affixing any seal of the Company (including the Seal, any Securities Seal and any other seal) to an instrument shall include: 
  
 (i) impressing that seal by mechanical means, or printing that seal or a
facsimile of it, on the instrument; 
  
 (ii) applying that seal or
a facsimile of it by any other means to the instrument. 
  
 (C)
Every instrument to which the Seal shall be affixed shall be signed autographically by one Director and the Secretary or by two Directors, save that as regards any certificates for shares or debentures or other securities of the Company the
Directors may by resolution determine that such signatures, or either of them, shall be dispensed with or affixed by some method or system of mechanical signature. 
  
 (D) The Securities Seal shall be used only for sealing securities issued by the Company and documents creating or evidencing
securities so issued. Any such securities or documents sealed with the Securities Seal shall not require to be signed. 
  

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 (E) Where the Statutes so permit, any instrument signed by one Director and the Secretary or by two
Directors and expressed to be executed by the Company shall have the same effect as if executed under the Seal, provided that no instrument shall be so signed which makes it clear on its face that it is intended by the person or persons making it to
have effect as a deed without the authority of the Directors or of a committee authorised by the Directors in that behalf. 
  
 Official seals abroad 
  
 128 The Company may exercise the powers conferred by the Statutes with regard to having an official seal for use abroad and such powers shall be vested in the Directors. 
  
 Dividends 
  
 Powers and rights in respect of dividends 
  

129 (A) The Company may by ordinary resolution declare dividends but no such dividend shall exceed the amount recommended by the Directors. 
  
 (B) The Directors may also from time to time declare and pay dividends on
shares of any class of such amounts and on such dates and in respect of such periods as they think fit. 
  
 (C) Dividends may be declared and paid in any currency or currencies that the Directors shall determine, provided that: 
  
 (i) the Directors shall announce a sterling equivalent for any dividend
declared in another currency, which sterling equivalent shall be determined in accordance with Article 131 (C); and 
  
 (ii) holders of Ordinary Shares shall be entitled to be paid dividends in sterling. 
  
 (D) When declaring a dividend, the Company or the Directors may identify either generally or in relation to any particular
group or groups of shareholders the funds from which it is proposed that the dividend will be paid. 
  
 Payment of fixed dividends 
  
 130
If and so far as in the opinion of the Directors the profits of the Company justify such payments, the Directors may declare and pay the fixed dividends on any class of shares carrying a fixed dividend expressed to be payable on fixed dates on the
half-yearly or other dates prescribed for the payment thereof and may also from time to time pay interim dividends on shares of any class of such amounts and on such dates and in respect of such periods as they think fit. 
  
 Supplementary rules relating to dividends 
  
 131 (A) Unless and to the extent that the rights attached to any shares, the terms of
issue thereof or these Articles otherwise provide, all dividends shall (as regards any shares not fully paid throughout the period in respect of which the dividend is paid) be 
  

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 apportioned and paid pro rata according to the amounts paid on the shares during any portion or portions of the
period in respect of which the dividend is paid. For the purposes of this Article no amount paid on a share in advance of calls shall be treated as paid on the share. 
  
 (B) The Directors may at their discretion make provisions to enable a member and/or an Approved Depositary and/or any
Appointed Person to receive dividends duly payable in a currency or currencies other than sterling. 
  
 (C) For the purposes of the calculation of the amount receivable in respect of any dividend, the rate of exchange to be used to determine the relevant
currency equivalent of any sum payable as a dividend shall be such market rate (whether spot or forward) selected by the Directors as they shall consider appropriate ruling at the close of business in London on the date which is the business day
last preceding: 
  
 (i) in the case of a dividend to be declared
by the Company in general meeting, the date on which the Directors publicly announce their intention to recommend that specific dividend; and 
  
 (ii) in the case of any other dividend, the date on which the Directors publicly announce their intention to pay that specific dividend. 
  
 Provided that where the Directors consider the circumstances to be appropriate they shall
determine such relevant currency equivalent of any sums payable as a dividend by reference to such market rate or rates or the mean of such market rates prevailing at such time or times or on such other date or dates, in each case falling before the
time of the relevant announcement, as the Directors may in their discretion select. 
  
 Limitation on dividends 
  
 132 No dividend shall be paid
otherwise than out of profits available for distribution under the provisions of the Statutes. 
  
 Acquired profits 
  
 133 Subject to
the provisions of the Statutes, where any asset, business or property is bought by the Company as from a past date the profits and losses thereof as from such date may at the discretion of the Directors in whole or in part be carried to revenue
account and treated for all purposes as profits or losses of the Company. Subject as aforesaid, if any shares or securities are purchased cum dividend or interest, such dividend or interest may at the discretion of the Directors be treated as
revenue, and it shall not be obligatory to capitalise the same or any part thereof. 
  
 No interest on dividends 
  
 134 No dividend or other
moneys payable on or in respect of a share shall bear interest as against the Company. 
  

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 Retention of dividends 
  

135 (A) The Directors may retain any dividend or other moneys payable on or in respect of a share on which the Company has a lien and may apply the same in or
towards satisfaction of the debts, liabilities or engagements in respect of which the lien exists. 
  
 (B) The Directors may retain the dividends payable upon shares in respect of which any person is under the provisions as to the transmission of shares
hereinbefore contained entitled to become a member, or which any person is under those provisions entitled to transfer, until such person shall become a member in respect of such shares or shall transfer the same. 
  
 Waiver of dividends 
  
 136 The waiver in whole or in part of any dividend on any share by any document (whether or not under seal) shall be effective only
if such document is signed by the shareholder (or the person entitled to the share in consequence of the death or bankruptcy of the holder) and delivered to the Company and if or to the extent that the same is accepted as such or acted upon by the
Company. 
  
 Unclaimed dividends 
  
 137 The payment by the Directors of any unclaimed dividend or other moneys payable on
or in respect of a share into a separate account shall not constitute the Company a trustee in respect thereof and any dividend unclaimed after a period of twelve years from the date of declaration of such dividend shall be forfeited and shall
revert to the Company. 
  
 Non-cash dividends 
  
 138 The Company may upon the recommendation of the Directors by ordinary resolution
direct payment of a dividend in whole or in part by the distribution of specific assets (and in particular of paid-up shares or debentures of any other company) and the Directors shall give effect to such resolution. In addition the Directors may
direct payment of any dividend in whole or in part by the distribution of Designated Shares. If at any time and from time to time there have been, or will be, allotted any shares which are Designated Shares, and the Directors resolve to allot to any
person any Ordinary Shares (whether or not pursuant to an existing obligation of the Company) the Directors may, if and so far as in the opinion of the Directors the profits of the Company justify such payments, either at the time of such allotment
or at any time thereafter, resolve that there be paid to the registered holder of such Ordinary Shares as at the close of business (or at such other time as the Directors may determine) on such date as the Directors may specify a dividend to be paid
by the distribution of Designated Shares in such amount and manner as will secure that such holder will receive one Designated Share for each Ordinary Share held by him. (If and so far as the foregoing provisions are inconsistent with those
contained in Articles 130, 131, 139 and 142, the foregoing provisions shall prevail.)Where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient and in particular may issue fractional
certificates, may fix the value for distribution of such specific assets or any part thereof, may determine that cash payments shall be made to any members upon the footing of the 
  

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 value so fixed in order to adjust the rights of all parties and may vest any such specific assets in trustees as may seem
expedient to the Directors. The Directors may in relation to any such distribution of Designated Shares authorise any person to enter on behalf of all the members interested into an agreement with the relevant Designated Subsidiary whereby such
members agree to become members and to be bound, in respect of their holdings of Designated Shares from time to time, by the memorandum and articles of association (as amended from time to time) of such Designated Subsidiary and each mandate or
other instruction relating to the payment of dividends or making of distributions by the Company, and which is in force at the time of determining entitlement to any distribution of Designated Shares, shall, unless and until revoked, become a valid
and binding mandate or other instruction to such Designated Subsidiary in respect of any dividend or other distribution paid or made by it, and any agreement made under the authority given to the Directors pursuant to this Article shall be effective
and binding on all concerned. 
  
 Payment mechanisms for dividends

  
 139 (A) Any dividend or other moneys payable in cash (whether in
sterling or foreign currency pursuant to provision made under these Articles) on or in respect of a share may be paid by cheque or warrant sent through the post to the registered address (or in the case of an Approved Depositary, subject to the
approval of the Directors, such persons and postal addresses as an Approved Depositary may direct) of the member or person entitled thereto (or, if two or more persons are registered as joint holders of the share or are entitled thereto in
consequence of the death or bankruptcy of the holder, to any one of such persons) or to such person and such postal address as such member or person or persons may in writing direct. Every such cheque or warrant shall be made payable to, or to the
order of, the person to whom it is sent or to such person as the holder or joint holders or person or persons entitled to the share in consequence of the death or bankruptcy of the holder may direct and payment of the cheque or warrant by the banker
upon whom it is drawn shall be a good discharge to the Company. If any such cheque or warrant has or shall be alleged to have been lost, stolen or destroyed, the Directors may, on request of the person entitled thereto, issue a replacement cheque or
warrant subject to compliance with such conditions as to evidence and indemnity and the payment of out of pocket expenses of the Company in connection with the request as the Directors may think fit. Every such cheque or warrant shall be sent at the
risk of the person entitled to the money represented thereby. If on three consecutive occasions cheques or warrants in payment of dividends or other moneys payable on or in respect of any share have been sent through the post in accordance with the
provisions of this Article but have been returned undelivered or left uncashed during the periods for which the same are valid, the Company need not thereafter despatch further cheques or warrants in payment of dividends or other moneys payable on
or in respect of the share in question until the member or other person entitled thereto shall have communicated with the Company and supplied in writing to the Transfer Office a postal address for the purpose. 
  
 (B) Where an Approved Depositary approved by the Directors for the purposes
of this Article has elected or agreed pursuant to provision made under these Articles to receive dividends in a foreign currency, the Directors may in their discretion 
  

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 approve the entering into of arrangements with such Approved Depositary to enable payment of the dividend to be made to
such Approved Depositary in such foreign currency for value on the date on which the relevant dividend is paid, or such later date as the Directors may determine. 
  
 Payment of dividends to joint shareholder 
  

140 If two or more persons are registered as joint holders of any share, or are entitled jointly to a share in consequence of the death or bankruptcy of the
holder, any one of them may give effectual receipts for any dividend or other moneys payable or property distributable on or in respect of the share. 
  
 Dividend re-investment plans 
  
 141 (A) The Directors may with the prior sanction of an ordinary resolution of the Company implement and maintain in accordance with the terms and conditions of
such resolution but otherwise as the Directors may determine from time to time a share dividend or distribution reinvestment plan or plans for the benefit of the holders of Ordinary Shares of the Company whereby such holders may be given one or more
of the following options namely: 
  
 (i) instead of taking the
net cash amount due to them in respect of any dividend (or any part thereof) declared or payable on all or any Ordinary Shares held by them either to invest such cash in subscribing for unissued Ordinary Shares in the capital of the Company payable
in full or by instalments or in paying up in full or by instalments any unpaid or partly paid Ordinary Shares held by them on the terms of any such plan; or 
  
 (ii) instead of taking the net cash amount due to them in respect of any dividend (or any part thereof) declared or payable on all or any Ordinary Shares
held by them to elect to receive new Ordinary Shares in the capital of the Company credited as fully paid on the terms and conditions of any such plan; or 
  
 (iii) to forego their entitlement to any dividend (or any part thereof) declared or payable on all or any Ordinary Shares held by them and to take instead
fully paid bonus Ordinary Shares on the terms and conditions of any such plan; or 
  
 (iv) any other option in respect of the whole or any part of any dividend on all or any Ordinary Shares held by them as the Directors shall determine. 
  
 Where in the case of any plan such as those contemplated in sub-paragraphs (ii) and (iii) above, holders of Ordinary Shares are not entitled
to payment of a cash dividend (otherwise than in respect of fractional entitlements), the plan may provide for them to receive allotments of Ordinary Shares credited as fully paid having a value of more than the net cash amount which would otherwise
be due to them in respect of the relevant dividend but not exceeding a value equivalent to the sum of the net cash amount of the dividend together with the associated tax credit (as defined in paragraph (H) below). 
  

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 (B) The Directors may in their discretion suspend or terminate or modify in any manner consistent with
these Articles or the sanctioning resolution any such plan which is in operation. 
  
 (C) For the purposes of any such plan the Directors may capitalise out of such of the sums standing to the credit of any of the Company’s reserve accounts (including any share premium account, capital redemption
reserve or any other undistributable reserve) or any of the profits available for distribution under the provisions of the Statutes and which could otherwise have been applied in paying dividends in cash as the Directors may determine, a sum equal
to the aggregate nominal amount of any Ordinary Shares to be allotted under any such plan and shall apply the same in paying up in full the appropriate number of unissued Ordinary Shares for allotment and distribution credited as fully paid up to
and amongst the holders of Ordinary Shares entitled to the same. The Directors may do all acts and things considered necessary or expedient to give effect to any such capitalisation and may authorise any person on behalf of all the holders of
Ordinary Shares entitled to the same to enter into an agreement with the Company providing for any such capitalisation and matters incidental thereto and any agreement made under such authority shall be effective and binding on all concerned.

  
 (D) No fraction of any share shall be allotted. The Directors
may make such provisions as they think fit for any fractional entitlements including provisions whereby, in whole or in part, the benefit thereof accrues to the Company and/or under which fractional entitlements are accrued and/or retained and in
each case accumulated on behalf of any shareholder and such accruals or retentions are applied to the allotment (by reference to the aggregate net cash amount thereof or value equivalent to the sum of the aggregate net cash amount thereof together
with the associated tax credit which it would have attracted if paid as a dividend) by way of bonus to or cash subscription on behalf of such shareholder of fully paid Ordinary Shares. 
  
 (E) The Directors shall notify the holders of Ordinary Shares of the terms and conditions of any such plan and shall make
available or provide to them forms of election so that they may exercise the rights granted. 
  
 (F) The power conferred under this Article and by any authority given by the Shareholders shall not be exercised unless the Company shall then have: 
  
 (i) sufficient unissued shares in the capital of the Company capable of being issued as Ordinary Shares; and 
  
 (ii) if any shares are to be allotted other than for cash, sufficient profits
available for distribution or reserves standing to the credit of an appropriate account to give effect to the terms of any such plan. 
  
 (G) The Directors may in their discretion on any occasion determine that any such plan shall not be made available to Ordinary Shareholders resident
within or beyond specified territories or jurisdictions or in respect of Ordinary Shares held by an Approved Depositary or in respect of Ordinary Shares the dividends on which are payable or liable to be payable in a currency other than US dollars
or sterling pursuant to provision made under these Articles. 
  

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 (H) “associated tax credit” means for the purposes of this Article and any plan the tax credit
which would be available to the recipient of a dividend under Section 231 of the Income and Taxes Act 1988 on the assumption that such recipient is an individual resident in the UK for UK taxation purposes. 
  
 Record Date 
  
 142 Notwithstanding any other provision of these Articles but subject always to the Statutes, the Company or the Directors may by
resolution specify any date (“record date”) as the date at the close of business (or such other time as the Directors may determine) on which persons registered as the holders of shares or other securities shall be entitled to receipt of
any dividend, distribution, interest, allotment, issue, notice, information, document or circular and such record date may be on or at any time before the date on which the same is paid or made or (in the case of any dividend, distribution,
interest, allotment or issue) at any time after the same is recommended, resolved, declared or announced but without prejudice to the rights inter se in respect of the same of transferors and transferees of any such shares or other
securities. 
  
 Capitalisation of Profits and Reserves 
  
 143 The Directors may, with the sanction of an ordinary resolution of the Company,
capitalise any sum standing to the credit of any of the Company’s reserve accounts (including any share premium account, capital redemption reserve or other undistributable reserve) or any sum standing to the credit of profit and loss account
by appropriating such sum to the members who would have been entitled to it if it were distributed by way of dividend on the Ordinary Shares and in the same proportions and applying such sum on their behalf in paying up in full unissued Ordinary
Shares (or, subject to any special rights previously conferred on any shares or class of shares for the time being issued, unissued shares of any other class not being redeemable shares) for allotment and distribution credited as fully paid up to
and amongst them as bonus shares in the proportions aforesaid. The Directors may do all acts and things considered necessary or expedient to give effect to any such capitalisation, with full power to the Directors to make such provisions as they
think fit for any fractional entitlements which would arise on the basis aforesaid (including provisions as to the date or dates by reference to which the entitlement of such members is to be determined and provisions whereby fractional entitlements
are disregarded or the benefit thereof accrues to the Company rather than to the members concerned). The Directors may authorise any person to enter on behalf of all the members interested into an agreement with the Company providing for any such
capitalisation and matters incidental thereto and any agreement made under such authority shall be effective and binding on all concerned. 
  

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 Accounts 
  
 Accounts to be kept 
  
 144 Accounting records sufficient to show and explain the Company’s transactions and otherwise complying with the Statutes shall be kept at the Office, or at such other place as the Directors think fit,
and shall always be open to inspection by the officers of the Company. Subject as aforesaid no member of the Company or other person shall have any right of inspecting any account or book or document of the Company except as conferred by statute or
ordered by a court of competent jurisdiction or authorised by the Directors. 
  
 Copies of accounts 
  
 145 A copy of every balance sheet
and profit and loss account which is to be laid before a general meeting of the Company (including every document required by law to be comprised therein or attached or annexed thereto) shall not less than twenty-one days before the date of the
meeting be sent to every member of, and every holder of debentures of, the Company and to every other person who is entitled to receive notices of meetings from the Company under the provisions of the Statutes or of these Articles. Provided that
this Article shall not require a copy of these documents to be sent to more than one of joint holders or to any person for whom the Company does not have on record either a postal address or an address for electronic communication to which the
copies can be sent, but any member or holder of debentures to whom a copy of these documents has not been sent shall be entitled to receive a copy free of charge on application at the Office and provided further that if the Statutes so permit the
Company need not send copies of these documents to members who do not wish to receive them but may send them such summary financial statement or other documents as may be authorised by the Statutes. So long as and whenever any of the shares or
debentures of the Company are for the time being listed or dealt in on the London Stock Exchange, there shall be forwarded to the appropriate officer of the London Stock Exchange such number of copies of such documents as may for the time being be
required under its regulations or practice. Where permitted by the Statutes, any document or copy referred to in this Article may be sent by electronic communication. 
  
 Auditors 
  
 Defective appointment of auditors 
  
 146 Subject to the provisions of the Statutes, all acts done by any person acting as an auditor shall, as regards all persons dealing in good faith with the
Company, be valid, notwithstanding that there was some defect in his appointment or that he was at the time of his appointment not qualified for appointment or subsequently became disqualified. 
  
 Auditors’ rights 
  
 147 An auditor shall be entitled to attend any general meeting and to receive all notices of and other communications relating to any
general meeting which any member is entitled to receive and to be heard at any general meeting on any part of the business of the meeting which concerns him as auditor. 
  

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 Notices 
  
 Service of notices and documents 
  
 148 (A) Any notice or document (including a share certificate) may be served on or delivered to any member by the Company either personally or by sending it
through the post in a prepaid cover (in such form as any Director or the Secretary may determine) addressed to such member at his registered address, or (if he has no registered address within the United Kingdom) to the postal address, if any,
within the United Kingdom supplied by him to the Company as his address for the service of notices, or by delivering it to such address addressed as aforesaid. In the case of a member registered on a branch register any such notice or document may
be posted either in the United Kingdom or in the territory in which such branch register is maintained. 
  
 (B) Where a notice or other document is served or sent by post, service or delivery shall be deemed to be effected at the expiration of twenty-four hours
(or, where second-class mail is employed, forty-eight hours) after the time when the cover containing the same is posted and in proving such service or delivery it shall be sufficient to prove that such cover was properly addressed, stamped and
posted. 
  
 (C) The Company may also, subject to the provisions of
the Statutes, give or send to any members any notice or other document (excluding a share certificate) by electronic communication where: 
  
 (i) the Company and that member have agreed to the use of electronic communication for sending copies of documents to the member and: 
  
 (a) the documents are documents to which the agreement applies; and

  
 (b) copies of the documents are sent using electronic
communication to such address (or to one of such addresses if more than one) as may for the time being be notified by the member to the Company for that purpose; or 
  
 (ii) the Company and that member have agreed to that member having access to documents on a website (instead of the
documents being sent to him) and: 
  
 (a) the documents are
documents to which the agreement applies; and 
  
 (b) the member
is notified in a manner for the time being agreed for the purpose between the member and the Company of: 
  
 (1) the publication of the documents on a website; 
  
 (2) the address of that website; 
  
 (3) the place on that website where the documents may be accessed and how they may be accessed; and 
  

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 (4) the period of time for which the documents will be available on the website, which must be for a
period of not less than twenty-one days from the date of notification or, if later, until the conclusion of any general meeting to which the documents relate; and 
  
 (c) the documents are published on that website throughout the period referred to in sub-paragraph (ii) (b) (4) above,
provided that, if the documents are published on that website for a part but not all of such period, the documents will be treated as published throughout that period if the failure to publish those documents throughout that period is wholly
attributable to circumstances which it would not be reasonable to have expected the Company to prevent or avoid. 
  
 (D) Where a notice or other document is given or sent by electronic communication, it shall be deemed to have been given or sent at the expiration of two
hours from the time it was sent to an address supplied by the member or of notification to the member of its publication on a website. Proof that a notice or other document given or sent by electronic communication was given or sent in accordance
with current guidance issued by the Institute of Chartered Secretaries and Administrators shall be conclusive evidence that the notice or document was sent or given. 
  
 Notices to joint shareholders 
  
 149 Any notice given to that one of the joint holders of a share whose name stands first in the Register of Members in respect of the share shall be sufficient
notice to all the joint holders in their capacity as such. For such purpose a joint holder having no registered address in the United Kingdom and not having supplied a postal address within the United Kingdom for the service of notices shall be
disregarded. 
  
 Notices to successors of shareholders 
  
 150 A person entitled to a share in consequence of the death or bankruptcy of a
member upon supplying to the Company such evidence as the Directors may reasonably require to show his title to the share, and upon supplying also a postal address within the United Kingdom for the service and delivery of notices and documents, and,
if he wishes, an address for the service and delivery of electronic communications, shall be entitled to have served upon or delivered to him at any address given by him any notice or document to which the member but for his death or bankruptcy
would have been entitled, and any such service or delivery shall for all purposes be deemed a sufficient service or delivery of such notice or document on all persons interested (whether jointly with or as claiming through or under him) in the
share. Save as aforesaid any notice or document delivered or sent to a member in accordance with these Articles shall, notwithstanding that such member be then dead or bankrupt or in liquidation, and whether or not the Company have notice of his
death or bankruptcy or liquidation, be deemed to have been duly served or delivered in respect of any share registered in the name of such member as sole or first-named joint holder. 
  

 -64- 

 Loss of entitlement to notices 
  
 151 A member who (having no registered address within the United Kingdom) has not supplied to the Company a postal address within the
United Kingdom for the service of notices, or an address for the service of notices by electronic communication, shall not be entitled to receive notices from the Company. If on three consecutive occasions a notice to a member has been returned
undelivered, such member shall not thereafter be entitled to receive notices from the Company until he shall have communicated with the Company and supplied in writing to the Transfer Office a new registered address, or a postal address within the
United Kingdom for the service of notices, or shall have informed the Company, in such manner as may be specified by the Company, of an address for the service of notices by electronic communication. For these purposes, a notice sent by post shall
be treated as returned undelivered if the notice is sent back to the Company (or its agents), and a notice sent by electronic communication shall be treated as returned undelivered if the Company (or its agents) receive notification that the notice
was not delivered to the address to which it was sent. 
  
 Service of notices
when post disrupted 
  
 152 If at any time by reason of the suspension
or curtailment of postal services within the United Kingdom the Company is unable effectively to convene a general meeting, a general meeting may be convened by a notice advertised on the same date in at least two leading daily newspapers with
appropriate circulation, and such notice shall be deemed to have been duly served on all members entitled thereto at noon on the day when the advertisement appears. In any such case the Company may still serve notices by electronic communication,
subject always to the Statutes, and shall send confirmatory copies of the notice by post to members to whom it was not sent by electronic communication if at least seven days prior to the meeting the posting of notices to addresses throughout the
United Kingdom again becomes practicable. 
  
 Savings 
  
 153 Nothing in any of the preceding five Articles shall affect any requirement of the
Statutes that any particular offer, notice or other document be served in any particular manner. 
  
 Winding Up 
  
 Petitioning for
winding-up 
  
 154 The Directors shall have power in the name and on
behalf of the Company to present a petition to the Court for the Company to be wound up. 
  
 Powers of liquidator 
  
 155 If the
Company shall be wound up (whether the liquidation is voluntary, under supervision or by the Court) the Liquidator may, with the authority of an extraordinary resolution, divide among the members in specie or kind the whole or any part of the
assets of the Company and whether or not the assets shall consist of property of one kind or shall consist of properties of different kinds, and may for such purpose set such value as he deems fair upon any one or more class or classes of property
and may determine 
  

 -65- 

 how such division shall be carried out as between the members or different classes of members. The Liquidator may, with
the like authority, vest any part of the assets in trustees upon such trusts for the benefit of members as the Liquidator with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so
that no contributory shall be compelled to accept any shares or other property in respect of which there is a liability. 
  
 Indemnity 
  
 156 Subject to the provisions of and so far as may be consistent with the Statutes, every Director, auditor, Secretary or other officer of the Company shall be entitled to be indemnified by the Company against
all costs, charges, losses, expenses and liabilities incurred by him in the execution and/or discharge of his duties and/or the exercise of his powers and/or otherwise in relation to or in connection with his duties, powers or office. 
  
 Approved Depositaries 
  
 Appointment of an Approved Depositary 
  
 157 The Directors may appoint as an Approved Depositary any person: 
  
 (i) who is a member holding Ordinary Shares; 
  
 (ii) on whose behalf Ordinary Shares are held by a nominee, or 
  
 (iii) by whom or on whose behalf Share Warrants have been deposited pursuant to Article 27 (viii). 
  
 The appointment of an Approved Depositary already effected prior to the adoption of these
Articles shall remain in force on the terms and conditions as approved by the Directors. 
  
 An Approved Depositary’s Nominee 
  
 158 An Approved Depositary’s “Nominee” shall mean any member who holds Ordinary Shares as the Approved Depositary’s nominee. 
  

Manner of appointing an Approved Depositary 
  
 159 The appointment of an Approved Depositary shall be in writing and may be in relation to all or any specified number of such person’s Overall Holding and
be on such terms and conditions as the Directors may approve. 
  
 “Overall
Holding” 
  
 160 The expression “Overall Holding” in
relation to an Approved Depositary means the aggregate of the Ordinary Shares which shall for the time being: 
  
 (i) be registered in the name of the Approved Depositary or its Nominee; or 
  

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 (ii) be represented by Share Warrants which have been deposited by or on behalf of the Approved
Depositary pursuant to Article 27 (viii) or which are the subject matter of a certificate deposited by or on behalf of the Approved Depositary and accepted by the Directors pursuant to Article 26. 
  
 The Approved Depositary Register 
  
 161 (A) An Approved Depositary shall maintain a register or system (s)
(“Approved Depositary Register”) in which shall be recorded the number of Ordinary Shares in relation to which the Approved Depositary has been appointed (“Specified Shares”). 
  
 (B) An Approved Depositary or its Nominee may appoint such person as it
thinks fit as its proxy (including appointment by electronic communication) in relation to Specified Shares by entering the name of each such person (“Appointed Person”) in the Approved Depositary Register together with such details as the
Directors shall require. 
  
 (C) Upon the entry of an Appointed
Person’s name in the Approved Depositary Register the Approved Depositary or its Nominee shall be deemed to have appointed such person as its proxy and otherwise conferred on him the rights set out under Article 163. 
  
 (D) The Approved Depositary Register shall: 
  
 (i) in the case of each Appointed Person specify the number (the
“Appointed Number”) of Specified Shares in respect of which the appointment of the Appointed Person as a proxy has been made; and 
  
 (ii) be open to inspection by any person authorised by the Company or the Approved Depositary during usual business hours. 
  
 (E) The Approved Depositary shall furnish to the Company or its agents upon
demand all such information contained in the Approved Depositary Register, or any part of it as may be requested. 
  
 Restrictions on the Approved Depositary 
  
 162 In relation to an Approved Depositary: 
  
 (i) the aggregate of Appointed Numbers of Appointed Persons recorded in the Approved Depositary Register shall not exceed the aggregate number of
Specified Shares so recorded; and 
  
 (ii) the aggregate number of
Specified Shares recorded in the Approved Depositary Register shall not exceed the Approved Depositary’s Overall Holding. 
  
 Rights of Appointed Persons 
  
 163 (A) Subject to the Statutes and subject to the provisions of these Articles an Appointed Person: 
  

 -67- 

 (i) shall upon production to the Company at any general meeting of written evidence of his status as an
Appointed Person (which shall be in such form as the Company and the Approved Depositary shall determine from time to time) be entitled in relation to that meeting to the same rights, and subject to the same restrictions, in relation to his
Appointed Number of Specified Shares as though he had been validly appointed as a proxy in relation to such Specified Shares by his Approved Depositary or his Approved Depositary’s Nominee in accordance with Articles 83 - 85 (inclusive); and

  
 (ii) shall himself be entitled to appoint any other person as
proxy in relation to his Appointed Number of Specified Shares (or some lesser number of them) using any of the means by which a proxy may be appointed under or pursuant to Articles 83 - 85 (inclusive) and so that the provisions of these Articles
relating to the appointment by a member of a person to act as proxy, and to the revocation of such an appointment, and relating to the rights and duties of the person so appointed, shall apply mutatis mutandis in relation to the appointment
of a person as the proxy of an Appointed Person in relation to his Appointed Number of Specified Shares, as though the Appointed Person was the registered holder of Ordinary Shares of the Appointed Number and he had appointed his proxy under or
pursuant to the provisions of Articles 83—85 (inclusive). 
  
 (B) Subject to such terms and conditions as may have been agreed between the Company and the Approved Depositary and to such terms and conditions as govern the relationship between the Approved Depositary and its Appointed Persons, the
Approved Depositary or its Nominee shall, on the request of an Appointed Person, exercise in relation to the Appointed Person’s Appointed Number of Specified Shares such other rights in relation to general meetings of the Company as may be
conferred upon a member of the Company by the Statutes. 
  
 Reserved rights of
an Approved Depositary (or its Nominee) 
  
 164 For the avoidance of
doubt and subject to Article 168 below an Approved Depositary or its Nominee shall as between the Approved Depositary or its Nominee on the one hand and the Company on the other be entitled in relation to any general meeting to exercise all the
voting rights in relation to all or any of the shares comprised in that Approved Depositary’s Overall Holding, and in particular may exercise the right to vote in person (or by corporate representative) notwithstanding the appointment by that
Approved Depositary or its Nominee of any Appointed Person (s), the rights conferred by such appointment, or the exercise of such rights. 
  
 Service of notices and documents on Appointed Persons 
  
 165 The Company may, if requested by any Approved Depositary, send to each Appointed Person entered in the Approved Depositary Register all notices and other
documents which are sent to the holders of Ordinary Shares. Any such notices and documents shall be sent to the postal address of the Appointed Person in question as it appears in the Approved Depositary Register, save that if he shall have an
address for electronic communication recorded in the Approved Depositary Register, they may be sent by electronic communication to that address. 
  

 -68- 

 Payments to Appointed Persons 
  
 166 The Company may if requested by an Approved Depositary pay to an Appointed Person at his postal address as shown in the Approved
Depositary Register or by electronic funds transmission to an account notified by the Approved Person all dividends payable on the Ordinary Shares in respect of which he has been appointed as an Appointed Person, and payment of any such dividend
shall be a good discharge to the Company of its obligation to make payment of the dividend in question in respect of the Ordinary Shares concerned. 
  
 Record dates in relation to Appointed Persons 
  
 167 (A) For the purposes of determining which persons are entitled as Appointed Persons: 
  
 (i) to exercise the rights conferred by Article 163; 
  
 (ii) to receive documents sent pursuant to Article 165; and 
  
 (iii) to be paid dividends paid pursuant to Article 166, and each such person’s Appointed Number of Specified Shares
the Approved Depositary may determine that the Appointed Persons so entitled shall be the persons entered as such in the Approved Depositary Register at the close of business on any date specified for the particular purpose and determined by
agreement between the Approved Depositary and the Company (the “Approved Depositary Record Date”). 
  
 (B) When the Approved Depositary Record Date is determined for a particular purpose then subject to Article 168: 
  
 (i) each Appointed Person’s Appointed Number of Specified Shares shall
be the number appearing against his name in the Approved Depositary Register as at the close of business on the Approved Depositary Record Date; and 
  
 (ii) changes to entries in the Approved Depositary Register after the close of business on the Approved Depositary Record Date shall be disregarded in
determining the entitlement of any person for the particular purpose specified in setting the Approved Depositary Record Date. 
  
 Adjustments to votes 
  
 168 If it appears: 
  
 (i)
in relation to a particular resolution at a particular meeting; and 
  
 (ii) in relation to a particular Approved Depositary, 
  
 that the
aggregate number of votes cast by or on behalf of the Approved Depositary would without an adjustment exceed that Approved Depositary’s Overall Holding at the time specified under Article 60 (D) for establishing the entitlement of members of
the Company to attend or vote at the meeting then such adjustments shall be made to the 
  

 -69- 

 aggregate number of votes cast for or against the resolution so that the total number of votes cast by or on behalf of
the Approved Depositary does not exceed that Approved Depositary’s Overall Holding and the following provisions for making that adjustment shall apply: 
  
 (a) such adjustments (which may be adjustments to nil) may be adjustments of all votes which would otherwise be cast by or on behalf of the Approved
Depositary or of some of them only and then in the latter event such adjustments may vary as between some votes and others; 
  
 (b) if it is willing and able to do so within such time as the chairman of the meeting may prescribe, such adjustments shall be made by the Approved
Depositary; 
  
 (c) in any other case such adjustments shall be
made by the chairman of the meeting on a pro rata basis or in such other manner as may have been prescribed by regulations or procedures made or established by the Directors under Article 84; and 
  
 (d) any adjustments made in good faith in accordance with this Article shall
be conclusive and binding on all persons interested. 
  
 For the avoidance of
doubt votes cast by or on behalf of the Approved Depositary shall include votes cast by its Nominee, or by any Appointed Person appointed by that Depositary or its Nominee, or by any proxy of such an Appointed Person. 
  
 No recognition of trusts etc 
  
 169 Except as required by law, no Appointed Person shall be recognised by the Company
as holding any interest in shares upon any trust and subject to the recognition of the rights conferred in relation to general meetings by appointments made by Appointed Persons pursuant to Article 163 (A)(ii) the Company shall be entitled to treat
any person entered in the Approved Depositary Register as an Appointed Person as the only person (other than the Approved Depositary or its Nominee) who has any interest in the Specified Shares in respect of which the Appointed Person has been
appointed. 
  
 Determination of questions relating to an Appointed
Person’s rights 
  
 170 Subject and without prejudice to the
provisions of Article 168, if in any circumstances other than those provided for in that Article any question shall arise as to whether an Appointed Person or a proxy for an Appointed Person has been validly appointed to vote (or exercise any other
right) in respect of any Specified Shares or as to the Appointed Number of Specified Shares in respect of which he is entitled to do so, then: 
  
 (i) if such question arises at or in relation to a general meeting it shall be determined by the chairman of the meeting or in such other manner as may
have been prescribed by regulations or procedures made or established by the Directors under Article 84; and 
  

 -70- 

 (ii) if it arises in any other circumstances it shall be determined by the Directors 
  
 and any such determination if made in good faith shall be final and conclusive and binding on
all persons interested. 
  

 -71-Form of Warrant Agreement

 EXHIBIT 4.1 
  

WARRANT AGREEMENT 
  
 Dated as of November 4, 2003 
  
 Between 
  
 SYNTROLEUM CORPORATION

  
 and 
  
 AMERICAN STOCK TRANSFER AND TRUST COMPANY 
  
 as Warrant Agent 

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	ARTICLE I	  	 
	 ISSUANCE, FORM, EXECUTION, DELIVERY AND
 REGISTRATION OF WARRANT CERTIFICATES
	  	 
			
	 Section 1.01
	  	 Issuance of Warrants
	  	1
	 Section 1.02
	  	 Form of Warrant Certificates
	  	1
	 Section 1.03
	  	 Execution of Warrant Certificates
	  	2
	 Section 1.04
	  	 Authentication and Delivery
	  	2
	 Section 1.05
	  	 Temporary Warrant Certificates
	  	3
	 Section 1.06
	  	 Separation of Warrants and Shares
	  	3
	 Section 1.07
	  	 Registration
	  	3
	 Section 1.08
	  	 Registration of Transfers and Exchanges
	  	4
	 Section 1.09
	  	 Lost, Stolen, Destroyed, Defaced or Mutilated Warrant Certificates
	  	6
	 Section 1.10
	  	 Offices for Exercise, etc
	  	7
		
	ARTICLE II	  	 
	DURATION, EXERCISE OF WARRANTS AND EXERCISE PRICE	  	 
			
	 Section 2.01
	  	 Duration of Warrants
	  	7
	 Section 2.02
	  	 Exercise, Exercise Price, Settlement and Delivery
	  	8
	 Section 2.03
	  	 Cancellation of Warrant Certificates
	  	9
		
	ARTICLE III	  	 
	 OTHER PROVISIONS RELATING TO
 RIGHTS OF HOLDERS OF WARRANTS
	  	 
			
	 Section 3.01
	  	 Enforcement of Rights
	  	9
		
	ARTICLE IV	  	 
	CERTAIN COVENANTS OF THE COMPANY	  	 
			
	 Section 4.01
	  	 Payment of Taxes
	  	10
	 Section 4.02
	  	 Reservation of Shares
	  	10
	 Section 4.03
	  	 Registration of Securities
	  	10
		
	ARTICLE V	  	 
	ADJUSTMENTS	  	 
			
	 Section 5.01
	  	 Adjustment of Exercise Price and Number of Shares Issuable
	  	11
	 Section 5.02
	  	 Fractional Interest
	  	17
	 Section 5.03
	  	 When Adjustment Not Required
	  	17
	 Section 5.04
	  	 Challenge to Good Faith Determination
	  	17
	 Section 5.05
	  	 Treasury Stock
	  	18
	 Section 5.06
	  	 Notices to Warrant Holders
	  	18

	 Section 5.07
	  	 Par Value of Shares of Common Stock
	  	18
		
	ARTICLE VI	  	 
	CONCERNING THE WARRANT AGENT	  	 
			
	 Section 6.01
	  	 Warrant Agent
	  	19
	 Section 6.02
	  	 Conditions of Warrant Agent’s Obligations
	  	19
	 Section 6.03
	  	 Resignation and Appointment of Successor
	  	22
		
	ARTICLE VII	  	 
	MISCELLANEOUS	  	 
			
	 Section 7.01
	  	 Amendment
	  	24
	 Section 7.02
	  	 Notices and Demands to the Company and Warrant Agent
	  	24
	 Section 7.03
	  	 Addresses for Notices to Parties and for Transmission of Documents
	  	24
	 Section 7.04
	  	 Notices to Holders
	  	25
	 Section 7.05
	  	 Applicable Law
	  	25
	 Section 7.06
	  	 Obtaining of Governmental Approvals
	  	25
	 Section 7.07
	  	 Persons Having Rights Under Agreement
	  	25
	 Section 7.08
	  	 Headings
	  	25
	 Section 7.09
	  	 Counterparts
	  	25
	 Section 7.10
	  	 Inspection of Agreement
	  	25
	 Section 7.11
	  	 Successors
	  	26
			
	 EXHIBIT A -
	  	 Form of Warrant Certificate
	  	 
			
	 EXHIBIT B -
	  	 Certificate To Be Delivered upon Exchange or Registration of Transfer of Warrants
	  	 

  

 ii 

 INDEX OF DEFINED TERMS 
  

	 Defined Term

	  	Section

	 Act
	  	Recitals
	 Additional Shares of Common Stock
	  	5.01(f)
	 Agreement
	  	Recitals
	 Business Day
	  	2.01
	 Common Stock
	  	Recitals
	 Company
	  	Recitals
	 Convertible Securities
	  	5.01(e)
	 Current Market Value
	  	5.01(c)
	 Definitive Warrants
	  	1.02
	 Distribution
	  	5.01(f)
	 Effective Date
	  	Recitals
	 Election to Exercise
	  	2.02(b)
	 Excluded Shares
	  	5.01(e)
	 Exercisability Date
	  	2.02(a)
	 Exercise Date
	  	2.02(d)
	 Exercise Price
	  	2.02(a)
	 Expiration Date
	  	2.01
	 Fully Diluted Basis
	  	5.01(g)
	 Global Warrants
	  	1.02
	 Issuance Date
	  	5.01(e)
	 Majority Holders
	  	5.04
	 Market Value
	  	5.01(c)
	 Nasdaq
	  	5.01(c)
	 Officers’ Certificate
	  	1.08(f)(ii)
	 Options
	  	5.01(e)
	 Registrar
	  	1.07
	 Related Parties
	  	6.02(e)
	 SEC
	  	4.03
	 Shares
	  	1.01
	 Shelf Registration Statement
	  	4.03
	 Underwriter
	  	Recitals
	 Warrant Agent
	  	Recitals
	 Warrant Agent Office
	  	1.10
	 Warrant Certificates
	  	Recitals
	 Warrant Exercise Office
	  	2.02(b)
	 Warrant Register
	  	1.07
	 Warrants
	  	Recitals

  

 iii 

 WARRANT AGREEMENT 
  
 WARRANT AGREEMENT (“Agreement”), dated as of November 4, 2003 (the “Effective Date”) by Syntroleum
Corporation, a Delaware corporation (together with any successor thereto, the “Company”), and American Stock Transfer and Trust Company, a New York corporation, as warrant agent (with any successor Warrant Agent, the “Warrant
Agent”). 
  
 WHEREAS, the Company has entered into an
underwriting agreement dated October 30, 2003 with Jefferies & Company, Inc. (the “Underwriter”) in which the Company has agreed, among other things, to sell to the Underwriter in an initial public offering under the Securities Act of
1933, as amended (the “Act”), units consisting in the aggregate of (i) 5,180,000 shares of common stock, par value $.01 per share, of the Company (“Common Stock”) and (ii) 1,554,000 Warrants to purchase an aggregate of 1,554,000
shares of Common Stock of the Company (the “Warrants”), and the certificates evidencing the Warrants being hereinafter referred to as “Warrant Certificates”), in each case subject to adjustment in accordance with the terms
hereof; and 
  
 WHEREAS, the Warrants and the shares of Common
Stock comprising part of the units shall be separately transferable immediately; and 
  
 WHEREAS, the Company desires the Warrant Agent to assist the Company as warrant agent in connection with the issuance, exchange, cancellation, replacement and exercise of the Warrants, and in this Agreement wishes to
set forth, among other things, the terms and conditions on which the Warrants may be issued, exchanged, canceled, replaced and exercised; 
  
 NOW, THEREFORE, the parties hereto agree as follows: 
  
 ARTICLE I 
 ISSUANCE, FORM, EXECUTION,
DELIVERY AND 
 REGISTRATION OF WARRANT CERTIFICATES 
  
 Section 1.01 Issuance of Warrants. Each Warrant Certificate shall evidence the number of Warrants specified therein,
each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase from the Company (and the Company shall issue and sell to such holder of the Warrant) one fully paid and non-assessable
share of the Company’s Common Stock (the shares of Common Stock purchasable upon exercise of a Warrant, as adjusted from time to time, being hereinafter referred to as the “Shares” and, where appropriate, such term shall also mean the
other securities or property purchasable and deliverable upon exercise of a Warrant as provided in Article V) at the price specified herein and therein, in each case subject to adjustment as provided herein and therein. 
  
 Section 1.02 Form of Warrant Certificates. Warrant Certificates shall
be issued initially in the form of one or more permanent Global Warrants (the “Global Warrants”), substantially in the form of Exhibit A hereto (including footnote 1 thereto). The Warrant Certificates evidencing the Global Warrants to be
delivered pursuant to this Agreement shall be substantially in the form set forth in Exhibit A attached hereto. Such Global Warrants shall represent such of the outstanding Warrants as shall be specified therein and each shall provide that it shall
represent the aggregate amount of outstanding Warrants from time to time endorsed thereon and that the 

 
aggregate amount of outstanding Warrants represented thereby may from time to time be reduced or increased, as appropriate. Any endorsement of a Global
Warrant to reflect the amount of any increase or decrease in the amount of outstanding Warrants represented thereby shall be made by the Warrant Agent and Depositary (as identified below) in accordance with instructions given by the holder thereof.
The Depository Trust Company shall act as the Depositary with respect to the Global Warrants until a successor shall be appointed by the Company. Upon written request, a Warrant holder may receive from the Warrant Agent definitive warrants
(“Definitive Warrants”) as set forth in Section 1.08 hereof. Definitive Warrants shall be substantially in the form set forth in Exhibit A attached hereto. 
  
 Section 1.03 Execution of Warrant Certificates. The Warrant Certificates shall be executed on behalf of the Company
by its chief executive officer, its president or any vice president and attested by its secretary or an assistant secretary. Such signatures may be the manual or facsimile signatures of the present or any future such officers. Typographical and
other minor errors or defects in any such reproduction of the signature shall not affect the validity or enforceability of any Warrant Certificate that has been duly countersigned and delivered by the Warrant Agent. 
  
 In case any officer of the Company who shall have signed any of the Warrant
Certificates shall cease to be such officer before the Warrant Certificate so signed shall be countersigned and delivered by the Warrant Agent or disposed of by the Company, such Warrant Certificate nevertheless may be countersigned and delivered or
disposed of as though the person who signed such Warrant Certificate had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such
Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution and delivery of this Agreement any such person was not such an officer. 
  
 Section 1.04 Authentication and Delivery. Subject to the immediately following paragraph, Warrant Certificates shall
be authenticated by manual or facsimile signature and dated the date of authentication by the Warrant Agent and shall not be valid for any purpose unless so authenticated and dated. The Warrant Certificates shall be numbered and shall be registered
in the Warrant Register (as defined in Section 1.07 hereof). 
  
 Upon the receipt by the Warrant Agent of a written order of the Company, which order shall be signed by its chief executive officer, its president or any vice president and attested by its secretary or an assistant secretary, and shall
specify the amount of Warrants to be authenticated, whether the Warrants are to be Global Warrants or Definitive Warrants, the date of such Warrants and such other information as the Warrant Agent may reasonably request, without any further action
by the Company, the Warrant Agent is authorized, upon receipt from the Company at any time and from time to time of the Warrant Certificates, duly executed as provided in Section 1.03 hereof, to authenticate the Warrant Certificates and deliver
them. Such authentication shall be by a duly authorized signatory of the Warrant Agent (although it shall not be necessary for the same signatory to sign all Warrant Certificates). 
  
 In case any authorized signatory of the Warrant Agent who shall have authenticated any of the Warrant Certificates shall
cease to be such authorized signatory before the Warrant Certificate shall be disposed of by the Company, such Warrant Certificate nevertheless may be 

  

 2 

 
delivered or disposed of as though the person who authenticated such Warrant Certificate had not ceased to be such authorized signatory of the Warrant Agent;
and any Warrant Certificate may be authenticated on behalf of the Warrant Agent by such persons as, at the actual time of authentication of such Warrant Certificates, shall be the duly authorized signatories of the Warrant Agent, although at the
time of the execution and delivery of this Agreement any such person is not such an authorized signatory. 
  
 The Warrant Agent’s authentication on all Warrant Certificates shall be in substantially the form set forth in Exhibit A hereto. 
  
 Section 1.05 Temporary Warrant Certificates. Pending the preparation
of definitive Warrant Certificates, the Company may execute, and, upon receipt of an authentication order in accordance with Section 1.04 hereof, the Warrant Agent shall authenticate and deliver, temporary Warrant Certificates, which are printed,
lithographed, typewritten or otherwise produced, substantially of the tenor of the definitive Warrant Certificates in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers
executing such Warrant Certificates may determine, as evidenced by their execution of such Warrant Certificates. 
  
 If temporary Warrant Certificates are issued, the Company will cause definitive Warrant Certificates to be prepared without unreasonable delay. After the
preparation of definitive Warrant Certificates, the temporary Warrant Certificates shall be exchangeable for definitive Warrant Certificates upon surrender of the temporary Warrant Certificates at any office or agency maintained by the Company for
that purpose pursuant to Section 1.10 hereof. Subject to the provisions of Section 4.01 hereof, such exchange shall be without charge to the holder. Upon surrender for cancellation of any one or more temporary Warrant Certificates, the Company shall
execute, and, upon receipt of an authentication order in accordance with Section 1.04 hereof, the Warrant Agent shall authenticate and deliver in exchange therefor, one or more definitive Warrant Certificates representing in the aggregate a like
number of Warrants. Until so exchanged, the holder of a temporary Warrant Certificate shall in all respects be entitled to the same benefits under this Agreement as a holder of a definitive Warrant Certificate. 
  
 Section 1.06 Separation of Warrants and Shares. The Shares and
Warrants will be separately transferable immediately. 
  
 Section
1.07 Registration. The Company will keep, at the office or agency maintained by the Company for such purpose, a register or registers in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the
registration of, and registration of transfer and exchange of, Warrants as provided in this Article. Each person designated by the Company from time to time as a person authorized to register the transfer and exchange of the Warrants is hereinafter
called, individually and collectively, the “Registrar”. The Company hereby initially appoints the Warrant Agent as Registrar. Upon written notice to the Warrant Agent and any acting Registrar, the Company, in its sole discretion, may
appoint a successor Registrar for such purposes. 
  

 3 

 Section 1.08 Registration of Transfers and Exchanges 
  
 (a) Transfer and Exchange of Definitive Warrants. When Definitive
Warrants are presented to the Warrant Agent with a request: 
  
 (i) to register the transfer of the Definitive Warrants; or 
  
 (ii) to exchange such Definitive Warrants for an equal number of Definitive Warrants, 
  
 the Warrant Agent shall register the transfer or make the exchange as requested if the requirements under this Warrant Agreement as set forth in this Section 1.08 hereof for such transactions are met; provided,
however, that the Definitive Warrants presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Company and the Warrant Agent, duly
executed by the holder thereof or by his attorney, duly authorized in writing. 
  
 (b) Restrictions on Transfer of a Definitive Warrant for a Beneficial Interest in a Global Warrant. A Definitive Warrant may not be transferred for a beneficial interest in a Global Warrant except upon
satisfaction of the requirements set forth below. Upon receipt by the Warrant Agent of a Definitive Warrant, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Warrant Agent, together with written
instructions directing the Warrant Agent to make, or to direct the Depositary to make, an endorsement on the Global Warrant to reflect an increase in the aggregate amount of the Warrants represented by the Global Warrant, then the Warrant Agent
shall cancel such Definitive Warrant and cause, or direct the Depositary to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Warrant Agent, the number of Warrants represented by the Global
Warrant to be increased accordingly. If no Global Warrant is then outstanding, the Company shall issue and the Warrant Agent shall authenticate a new Global Warrant in the appropriate amount. 
  
 (c) Transfer and Exchange of Global Warrants. The transfer and
exchange of Global Warrants or beneficial interests therein shall be effected through the Depositary, in accordance with this Section 1.08 and the procedures of the Depositary therefor. 
  
 (d) Transfer of a Beneficial Interest in a Global Warrant for a Definitive Warrant. 
  
 (i) Any person having a beneficial interest in a Global Warrant may upon
request transfer such beneficial interest for a Definitive Warrant. Upon receipt by the Warrant Agent of written instructions or such other form of instructions as is customary for the Depositary from the Depositary or its nominee on behalf of any
person having a beneficial interest in a Global Warrant and upon receipt by the Warrant Agent of a written order or such other form of instructions as is customary for the Depositary or the person designated by the Depositary as having such a
beneficial interest containing registration instructions then the Warrant Agent will cause, in accordance with the standing instructions and procedures existing between the Depositary and the Warrant Agent, the aggregate amount of the Global Warrant
to be reduced and, following such reduction, the Company will execute and, upon receipt of an 

  

 4 

 
authentication order in the form of an Officers’ Certificate (as defined), the Warrant Agent will authenticate and deliver to the transferee a
Definitive Warrant. If such beneficial interest is being transferred to the person designated by the Depositary as being the beneficial owner, a certification from such person to that effect (in substantially the form of Exhibit B hereto) may be
required. 
  
 (ii) Definitive Warrants issued in exchange for a
beneficial interest in a Global Warrant pursuant to this Section 1.08(d) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Warrant Agent in writing. The Warrant Agent shall deliver such Definitive Warrants to the persons in whose names such Warrants are so registered. 
  

(e) Restrictions on Transfer and Exchange of Global Warrants. Notwithstanding any other provisions of this Warrant Agreement (other than the
provisions set forth in subsection (h) of this Section 1.08), a Global Warrant may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 
  
 (f) Authentication of Definitive Warrants in Absence of Depositary. If at any time: 
  
 (i) the Depositary for the Warrants notifies the Company that the Depositary is unwilling or unable to continue as
Depositary for the Global Warrant and a successor Depositary for the Global Warrant is not appointed by the Company within 90 days after delivery of such notice; or 
  
 (ii) the Company, at its sole discretion, notifies the Warrant Agent in writing that it elects to cause the issuance of
Definitive Warrants under this Warrant Agreement, 
  
 then the Company will
execute, and the Warrant Agent, upon receipt of an officers’ certificate signed by two officers of the Company (one of whom must be the principal executive officer, principal financial officer or principal accounting officer) (an
“Officers’ Certificate”) requesting the authentication and delivery of Definitive Warrants, will authenticate and deliver Definitive Warrants, in an aggregate number equal to the aggregate number of warrants represented by the Global
Warrant, in exchange for such Global Warrant. 
  
 (g)
Cancellation and/or Adjustment of a Global Warrant. At such time as all beneficial interests in a Global Warrant have either been exchanged for Definitive Warrants, redeemed, repurchased or canceled, such Global Warrant shall be returned to
or retained and cancelled by the Warrant Agent. At any time prior to such cancellation, if any beneficial interest in a Global Warrant is exchanged for Definitive Warrants, redeemed, repurchased or cancelled, the number of Warrants represented by
such Global Warrant shall be reduced and an endorsement shall be made on such Global Warrant, by the Warrant Agent to reflect such reduction. 
  

 5 

 (h) Obligations with Respect to Transfers and Exchanges of Definitive Warrants. 
  
 (i) To permit registrations of transfers and exchanges, the Company shall
execute, at the Warrant Agent’s request, Definitive Warrants and Global Warrants. Furthermore, the Warrant Agent shall, upon receipt of an authentication order in accordance with Section 1.04 hereof, authenticate Definitive Warrants and Global
Warrants. 
  
 (ii) All Definitive Warrants and Global Warrants
issued upon any registration, transfer or exchange of Definitive Warrants or Global Warrants shall be the valid obligations of the Company, entitled to the same benefits under this Warrant Agreement as the Definitive Warrants or Global Warrants
surrendered upon the registration of transfer or exchange. 
  
 (iii) Prior to due presentment for registration of transfer of any Warrant, the Warrant Agent and the Company may deem and treat the person in whose name any Warrant is registered as the absolute owner of such Warrant, and neither the
Warrant Agent nor the Company shall be affected by notice to the contrary. 
  
 (i) Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the initial issuance of the Shares upon the exercise of Warrants; provided, however, that the Company shall not be required
to pay any tax or taxes which may be payable in respect of any transfer involved in the issue of any Warrant Certificates or any certificates for the Shares in a name other than that of the registered holder of a Warrant Certificate surrendered upon
the exercise of a Warrant, and the Company shall not be required to issue or deliver such Warrant Certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid. 
  
 Section 1.09 Lost, Stolen, Destroyed, Defaced or Mutilated Warrant Certificates. Upon receipt by the Company and the Warrant Agent (or any agent of the Company or the Warrant Agent, if requested by the Company)
of evidence satisfactory to them of the loss, theft, destruction, defacement, or mutilation of any Warrant Certificate and of indemnity reasonably satisfactory to them and, in the case of mutilation or defacement, upon surrender thereof to the
Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser or holder in due course, the Company shall execute, and, upon receipt of an
authentication order in accordance with Section 1.04 hereof, an authorized signatory of the Warrant Agent shall manually authenticate and deliver, in exchange for or in lieu of the lost, stolen, destroyed, defaced or mutilated Warrant Certificate, a
new Warrant Certificate representing a like number of Warrants, bearing a number or other distinguishing symbol not contemporaneously outstanding. Upon the issuance of any new Warrant Certificate under this Section, the Company may require the
payment from the holder of such Warrant Certificate of a sum sufficient to cover any tax, stamp tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent and
the Registrar) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section in lieu of any lost, stolen or destroyed Warrant Certificate shall constitute an additional contractual obligation of the
Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of (but shall be subject to all the limitations of rights set forth in) this Agreement
equally and proportionately with any 

  

 6 

 
and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 1.09 are exclusive with respect to the replacement
of lost, stolen, destroyed, defaced or mutilated Warrant Certificates and shall preclude (to the extent lawful) any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the
replacement of lost, stolen, destroyed, defaced or mutilated Warrant Certificates. 
  
 The Warrant Agent is hereby authorized to authenticate in accordance with the provisions of this Agreement, and deliver the new Warrant Certificates required pursuant to the provisions of this Section. 
  
 Section 1.10 Offices for Exercise, etc. So long as any of the Warrants
remain outstanding, the Company will designate and maintain in New York City, New York: (a) an office or agency where the Warrant Certificates may be presented for exercise, (b) an office or agency where the Warrant Certificates may be presented for
registration of transfer and for exchange (including the exchange of temporary Warrant Certificates for definitive Warrant Certificates pursuant to Section 1.05 hereof), and (c) an office or agency where notices and demands to or upon the Company in
respect of the Warrants or of this Agreement may be served. The Company may from time to time change or rescind such designation, as it may deem desirable or expedient; provided, however, that an office or agency shall at all times be maintained in
New York City, New York, as provided in the first sentence of this Section. In addition to such office or offices or agency or agencies, the Company may from time to time designate and maintain one or more additional offices or agencies within or
outside of New York, where Warrant Certificates may be presented for exercise or for registration of transfer or for exchange, and the Company may from time to time change or rescind such designation, as it may deem desirable or expedient. The
Company will give to the Warrant Agent written notice of the location of any such office or agency and of any change of location thereof. The Company hereby designates the Warrant Agent’s office at 59 Maiden Lane in the Borough of Manhattan,
City of New York (the “Warrant Agent Office”), as the initial agency maintained for each such purpose. 
  
 ARTICLE II 
 DURATION, EXERCISE OF WARRANTS AND EXERCISE PRICE 

 
 Section 2.01 Duration of Warrants. Subject to the terms and
conditions established herein, the Warrants shall expire at 5:00 p.m., New York City, New York time, on November 4, 2007 (the “Expiration Date”). Each Warrant may be exercised on any Business Day (as defined below) on or after the
Exercisability Date (as defined below) and on or prior to the Expiration Date. 
  
 Any Warrant not exercised on or prior to the Expiration Date relating to such Warrant shall become void, and all rights of the holder under the Warrant Certificate evidencing such Warrant and under this Agreement
shall cease. 
  
 “Business Day” shall mean any day on
which (i) banks in New York City, New York are open for business, (ii) the principal national securities exchange or market on which the Common Stock is listed or admitted to trading is open for business and (iii) the principal national 

  

 7 

 
securities exchange or market, if any, on which the Warrants are listed or admitted to trading are open for business. 
  
 Section 2.02 Exercise, Exercise Price, Settlement and Delivery.

  
 (a) Subject to the provisions of this Agreement, a holder of
each Warrant shall have the right to purchase from the Company on or after the Effective Date (the “Exercisability Date”) and on or prior to the Expiration Date one fully paid, registered and non-assessable Share, at the purchase price of
$5.00 for each share purchased upon the exercise of the Warrants (the “Exercise Price”), in each case subject to adjustment in accordance with Article V hereof,. 
  
 (b) Warrants may be exercised on or after the Exercisability Date by (i) surrendering at any office or agency maintained for
that purpose by the Company pursuant to Section 1.10 (each a “Warrant Exercise Office”) the Warrant Certificate evidencing such Warrants with the form of election to purchase Shares set forth on the reverse side of the Warrant Certificate
(the “Election to Exercise”) duly completed and signed by the registered holder or holders thereof or by the duly appointed legal representative thereof or by a duly authorized attorney, and (ii) paying in full the Exercise Price for each
such Warrant exercised and any other amounts required to be paid pursuant to Section 1.08(i) hereof. Each Warrant may be exercised only in whole. 
  
 (c) Simultaneously with the exercise of each Warrant, payment in full of the Exercise Price shall be made in cash or by certified or official bank check
to be delivered to the office or agency where the Warrant Certificate is being surrendered. No payment or adjustment shall be made on account of any dividends on the Shares issued upon exercise of a Warrant. 
  
 (d) Upon such surrender of a Warrant Certificate and payment and collection
of the Exercise Price at any Warrant Exercise Office (other than any Warrant Exercise Office that also is an office of the Warrant Agent), such Warrant Certificate and payment shall be promptly delivered to the Warrant Agent. The “Exercise
Date” for a Warrant shall be the date when all of the items referred to in the first sentence of paragraphs (b) and (c) of this Section 2.02 are received by the Warrant Agent at or prior to 2:00 p.m., New York City, New York time, on a Business
Day and the exercise of the Warrants will be effective as of such Exercise Date. If any items referred to in the first sentence of paragraphs (b) and (c) are received after 2:00 p.m., New York City, New York time, on a Business Day, the exercise of
the Warrants to which such item relates will be effective on the next succeeding Business Day. Notwithstanding the foregoing, in the case of an exercise of Warrants on the Expiration Date (as defined in Section 2.01), if all of the items referred to
in the first sentence of paragraphs (b) and (c) are received by the Warrant Agent at or prior to 5:00 p.m., New York City, New York time, on such Expiration Date, the exercise of the Warrants to which such items relate will be effective on the
Expiration Date. If all of the items referred to in the first sentence of paragraphs (b) and (c) are received by the Warrant Agent after 5:00 p.m., New York City time, on such Expiration Date, the exercise of the Warrants to which such items relate
will not be effective and shall be void. 
  
 (e) Upon the exercise
of a Warrant in accordance with the terms hereof, the receipt of a Warrant Certificate and payment of the Exercise Price, the Warrant Agent shall: (i) cause an amount equal to the Exercise Price to be paid to the Company by crediting the same to

  

 8 

 
the account designated by the Company in writing to the Warrant Agent for that purpose; (ii) advise the Company immediately by telephone of the amount so
deposited to the Company’s account and promptly confirm such telephonic advice in writing and (iii) as soon as practicable, advise the Company in writing of the number of Warrants (giving effect to Section 5.01(i) below) exercised in accordance
with the terms and conditions of this Agreement and the Warrant Certificates, the instructions of each exercising holder of the Warrant Certificates with respect to delivery of the Shares to which such holder is entitled upon such exercise, and such
other information as the Company shall reasonably request. 
  
 (f)
Subject to Section 5.02 hereof, as soon as practicable after the exercise of any Warrant or Warrants in accordance with the terms hereof, the Company shall issue or cause to be issued to or upon the written order of the registered holder of the
Warrant Certificate evidencing such exercised Warrant or Warrants, a certificate or certificates evidencing the Shares to which such holder is entitled, in fully registered form, registered in such name or names as may be directed by such holder
pursuant to the Election to Exercise, as set forth on the reverse of the Warrant Certificate. The Warrant Agent shall have no obligation to ascertain the number of Shares to be issued with respect to the exercised Warrant or Warrants. Such
certificate or certificates evidencing the Shares shall be deemed to have been issued and any persons who are designated to be named therein shall be deemed to have become the holder of record of such Shares as of the close of business on the
Exercise Date. After such exercise of any Warrant or Warrants, the Company shall also issue or cause to be issued to or upon the written order of the registered holder of such Warrant Certificate, a new Warrant Certificate, countersigned by the
Warrant Agent pursuant to the Company’s written instruction, evidencing the number of Warrants, if any, remaining unexercised unless such Warrants shall have expired. 
  
 Section 2.03 Cancellation of Warrant Certificates. In the event the Company shall purchase or otherwise acquire
Warrants, the Warrant Certificates evidencing such Warrants may thereupon be delivered to the Warrant Agent, and if so delivered, shall be canceled by it and retired. The Warrant Agent shall cancel all Warrant Certificates properly surrendered for
exchange, substitution, transfer or exercise. The Warrant Agent shall account promptly to the Company with respect to Warrants exercised and concurrently pay to the Company all monies received by the Warrant Agent for the purchase of Warrant Shares
through the exercise of such Warrants. 
  
 ARTICLE III

 OTHER PROVISIONS RELATING TO 
 RIGHTS OF HOLDERS OF WARRANTS 
  
 Section 3.01
Enforcement of Rights. 
  
 (a) Notwithstanding any of the
provisions of this Agreement, any holder of any Warrant Certificate, without the consent of the Warrant Agent, the holder of any Shares or the holder of any other Warrant Certificate, may, in and for his own behalf, enforce, and may institute and
maintain any suit, action or proceeding against the Company suitable to enforce, his right to exercise the Warrant or Warrants evidenced by his Warrant Certificate in the manner provided in such Warrant Certificate and in this Agreement. 

 

 9 

 (b) Neither the Warrants nor any Warrant Certificate shall entitle the holders thereof to any of the
rights of a holder of Shares, including, without limitation, the right to vote or to receive any dividends or other payments or to consent or to receive notice as stockholders in respect of the meetings of stockholders or for the election of
directors of the Company or to share in the assets of the Company in the event of the liquidation, dissolution or winding up of the Company’s affairs or any other matter, or any rights whatsoever as stockholders of the Company. 
  
 ARTICLE IV 
 CERTAIN COVENANTS OF THE COMPANY 
  
 Section 4.01 Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the initial issuance of Warrants and of the Shares upon the exercise of Warrants or to the separation of the
Warrants and Shares; provided, however, that the Company shall not be required to pay any tax or other governmental charge which may be payable in respect of any transfer or exchange of any Warrant Certificates or any certificates for Shares in a
name other than the registered holder of a Warrant Certificate surrendered upon the exercise of a Warrant. In any such case, no transfer or exchange shall be made unless or until the person or persons requesting issuance thereof shall have paid to
the Company the amount of such tax or other governmental charge or shall have established to the satisfaction of the Company that such tax or other governmental charge has been paid or an exemption is available therefrom. 
  
 Section 4.02 Issuance and Reservation of Shares. The Company shall
take all actions necessary to ensure that the shares of Common Stock issuable upon exercise of the Warrants shall be duly authorized and, when issued upon exercise or exchange of any Warrant in accordance with the terms hereof, shall be validly
issued, fully paid and non-assessable, free and clear of all taxes, liens, charges and security interests and free and clear of all preemptive or similar rights. There has been reserved and the Company shall at all times keep reserved so long as the
Warrants remain outstanding, out of its authorized Common Stock, such number of shares of Common Stock as shall be subject to purchase under the Warrants. On or before taking any action that would cause an adjustment pursuant to the terms of the
Warrants resulting in an increase in the number of shares of Common Stock deliverable upon such conversion or exercise above the number thereof previously authorized, reserved and available therefore, the Company shall take all such action so
required for compliance with this Section. 
  
 Section 4.03
Registration of Securities. The Company agrees, for so long as any Warrants continue to be outstanding, to use its best efforts to (i) maintain the effectiveness of the Company’s Registration Statement on Form S-3 (Registration No.
333-62290) (the “Shelf Registration Statement”) and file any and all post effective amendments to the Shelf Registration Statement, (ii) make all required filings under applicable securities laws and regulations necessary to keep current
the Shelf Registration Statement, (iii) reserve capacity under the Shelf Registration Statement of a sufficient number of shares of Common Stock to accommodate the exercise of all outstanding Warrants, (iv) make all filings required under applicable
federal and state securities laws, as may be necessary to permit the issuance of registered shares of Common Stock upon the exercise of the Warrants at any and all times during the period the Warrants are exercisable and (v) take all actions
required to cause the exchange of Warrants for shares of Common Stock as provided below in this Section 4.03 to be exempt from the registration 

  

 10 

 
requirements of the Securities Act of 1933, as amended, and state qualification requirements; provided, however, that the Company shall not be
obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any
jurisdiction in which it is not otherwise so subject. If at any time the effectiveness of the Shelf Registration Statement lapses or the Shelf Registration Statement is otherwise not available for the issuance of shares of Common Stock upon the
exercise of the Warrants, the Company shall use its best efforts to prepare and file with the Securities and Exchange Commission (the “SEC”), a registration statement and such other documents as may be necessary and use its commercially
reasonable efforts to have such registration statement declared effective as promptly thereafter as practical, in order to comply with the provisions of the Act so as to permit the registered resale of the shares of Common Stock issuable upon
exercise of the Warrants. In the event that at the time a notice of exercise is delivered to the Warrant Agent either (i) a registration statement covering issuance or resale of the shares of Common Stock issuable upon exercise of the Warrants is
not in effect or (ii) the Shelf Registration Statement is not available or qualifications under applicable state securities laws are not in effect for the issuance of shares of Common Stock upon the exercise of the Warrants and such purchase and the
resale of Warrant Shares by the Warrantholders are not exempt from the registration requirements of the Securities Act of 1933, as amended, and such state qualification requirements, then, the Company shall, if requested by the Warrantholder giving
the notice of exercise, exchange the Warrants being exercised for a number of shares of Common Stock equal to the whole number nearest to (a) the number of shares of Common Stock issuable upon exercises of such Warrants minus (b) the number of
shares of Common Stock equal to the quotient obtained by dividing (i) the product obtained by multiplying (A) the Exercise Price by (B) the number of shares of Common Stock issuable upon exercises of such Warrants by (ii) the Current Market Value.
In the event that the Shelf Registration Statement or another registration statement is not effective and available or qualifications under applicable state securities laws are not in effect for the issuance of shares of Common Stock upon the
exercise of the Warrants, a holder of a Warrant would not be permitted under applicable securities laws to purchase shares of Common Stock upon exercise of the Warrants unless such purchase or exchange is exempt from the registration requirements of
the Securities Act of 1933, as amended, and such state qualification requirements, provided that the holders would be allowed to exchange Warrants for shares of Common Stock as provided in Section 4.03. 
  
 ARTICLE V 
 ADJUSTMENTS 
  
 Section 5.01 Adjustment of Exercise Price and Number of Shares Issuable. The number and kind of Shares purchasable upon the exercise of Warrants and the Exercise Price shall be subject to adjustment from time to time upon the
happening of certain events, as follows: 
  
 (a) Stock Splits,
Combinations, etc. In case the Company after the date hereof shall (A) make or pay a dividend or make a distribution in shares of Common Stock on its Common Stock, (B) subdivide its outstanding shares of Common Stock into a greater number of
shares or (C) combine or reclassify its outstanding shares of Common Stock into a smaller number of shares, the number of Shares purchasable upon exercise of the Warrants immediately prior to such action shall be adjusted so that the holder of any
Warrant upon exercise of the 

  

 11 

 
Warrants shall be entitled to receive the number of shares of Common Stock which such holder would have owned or would have been entitled to receive
immediately following such action had the Warrants been exercised immediately prior thereto. An adjustment made pursuant to this paragraph shall become effective on the day immediately after the record date, except as provided in Section 5.03 below,
in the case of a dividend or distribution and shall become effective on the day immediately after the effective date in the case of a subdivision or combination or reclassification. Whenever the number of Shares purchasable upon the exercise of a
Warrant is adjusted as provided in this paragraph (a), the Exercise Price shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the number of Shares purchasable upon
the exercise of the Warrants immediately prior to such adjustment, and of which the denominator shall be the number of Shares so purchasable immediately thereafter. 
  
 (b) In case the Company or any subsidiary of the Company after the date hereof shall distribute to all holders of Common
Stock any of its assets, evidences of indebtedness, cash or securities (excluding any distributions referred to in paragraph (a) and any dividend or distribution paid in cash out of earned surplus of the Company) then in each such case the Exercise
Price shall be adjusted so that the same shall equal the price determined by multiplying the Exercise Price in effect immediately prior to the record date of such distribution by a fraction of which the numerator shall be the then Current Market
Value per share of the Common Stock (determined as provided in paragraph (c) below) on the record date mentioned below less the then fair market value (as reasonably determined in good faith by the Board of Directors of the Company) of the portion
of the assets, evidences of indebtedness, cash or securities so distributed applicable to one share of Common Stock, and of which the denominator shall be such Current Market Value per share of the Common Stock. Such adjustment shall, except as
provided in Section 5.03, become effective on the day immediately after the record date for the determination of stockholders entitled to receive such distribution. 
  
 (c) For the purposes of this Warrant Agreement, the Current Market Value per share of Common Stock on any date shall be
deemed to be the average of the Market Value of the Common Stock for the 10 trading days before, and ending not later than, the earlier of the date in question and the date before the “‘ex’ date”, with respect to the issuance or
distribution requiring such computation. For purposes of this paragraph (c), the term “‘ex’ date,” when used with respect to any issuance or distribution, means the first date on which the Common Stock trades regular way on the
Nasdaq Stock Market (“Nasdaq”) (or, if not listed or admitted to trading thereon, then on the principal national securities exchange or automated quotation system on which the Common Stock is listed or admitted to trading and if not listed
or admitted to trading on any national securities exchange or automated quotation system, as determined in good faith by the Company’s Board of Directors) without the right to receive such issuance or distribution. “Market Value” on
any trading day shall mean (i) in the case of a security traded on the over-the-counter market and not on Nasdaq nor on any national securities exchange, the per share last sale price of the Common Stock on such trading day as reported by Nasdaq or
an equivalent generally accepted reporting service; (ii) in the case of a security traded on Nasdaq or on a national securities exchange, the per share last sale price of the Common Stock on such trading day on Nasdaq or on the principal stock
exchange on which it is listed, as the case may be or (iii) if neither clause (i) or (ii) above is applicable, then the fair value thereof as determined in good faith by the Company’s Board of Directors. For purposes of clause (i) above, if
trading in the 

  

 12 

 
Common Stock is not reported by Nasdaq, the bid price referred to in said clause shall be the lowest bid price as reported in the “pink sheets”
published by National Quotation Bureau, Incorporated. The last sale price referred to in clause (ii) above shall be the last reported sale price or, in case no such reported sale takes place on such day, the average of the reported closing bid and
asked prices, in either case on Nasdaq or on the national securities exchange on which the Common Stock is then listed. 
  
 (d) Reclassification, Combinations, Mergers, etc. In case of any reclassification or change of outstanding shares of Common Stock (other than as
set forth in Section 5.01(a) above and other than a change in par value, or from par value to no par value, or from no par value to par value, or in case of any consolidation or merger of the Company with or into another corporation (other than a
merger in which the Company is the continuing corporation and which does not result in any reclassification or change of the then outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par
value to par value or as a result of a subdivision or combination)) or in case of any sale or conveyance to another corporation of all or substantially all of the assets of the Company (computed on a consolidated basis), then, as a condition of such
reclassification, change, consolidation, merger, sale or conveyance, the Company or such a successor or purchasing corporation, as the case may be, shall forthwith make lawful and adequate provision whereby the holder of such Warrant then
outstanding shall have the right thereafter to receive on exercise of such Warrant the kind and amount of shares of stock and other securities and property receivable upon such reclassification, change, consolidation, merger, sale or conveyance by a
holder of the number of shares of Common Stock issuable upon exercise of such Warrant immediately prior to such reclassification, change, consolidation, merger, sale or conveyance and enter into a supplemental warrant agreement so providing. Such
provisions shall include provision for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article V. If the issuer of securities deliverable upon exercise of Warrants under the supplemental
warrant agreement is an affiliate of the surviving or transferee corporation, that issuer shall join in the supplemental warrant agreement. The above provisions of this paragraph (d) shall similarly apply to successive reclassifications and changes
of shares of Common Stock and to successive consolidations, mergers, sales or conveyances. 
  
 In case of any such reclassification, merger, consolidation or disposition of assets, the successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance and
performance of each and every covenant and condition of this Warrant Agreement to be performed and observed by the Company and all the obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined
by resolution of the Board of Directors of the Company) in order to provide for adjustments of shares of the Common Stock for which this Warrant is exercisable which shall be as nearly equivalent as practicable to the adjustments provided for in
this Article V. The foregoing provisions of this Section 5.01(d) shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets. 
  
 If, as a result of an adjustment made pursuant to this paragraph, the holder of any Warrant thereafter exercised shall
become entitled to receive shares of two or more classes of capital stock of the Company, the Board of Directors of the Company (whose determination shall be 

  

 13 

 
conclusive) shall determine the allocation of the adjusted Exercise Price between or among shares of such classes of capital stock. 
  
 (e) Issuance of Common Stock, Options or Convertible Securities. For
the purposes of this Warrant Agreement, “Additional Shares of Common Stock” shall mean all shares of Common Stock issued or deemed to be issued by the Company after the Effective Date, other than Excluded Shares (as defined below).

  
 In the event the Company shall, at any time or from time to
time after the Effective Date, issue, sell, distribute or otherwise grant in any manner (including by assumption) shares of Common Stock or any rights to subscribe for or to purchase, or any warrants or options for the purchase of, Common Stock or
any stock or securities convertible into or exchangeable for Common Stock (any such rights, warrants or options being herein called “Options” and any such convertible or exchangeable stock or securities being herein called
“Convertible Securities”) or any Convertible Securities (other than upon exercise of any Option), whether or not such Options or the rights to convert or exchange such Convertible Securities are immediately exercisable, then the maximum
number of shares of Common Stock (as set forth in the instrument relating thereto without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise and/or conversion of such Options or
Convertible Securities, shall be deemed to be Additional Shares of Common Stock. 
  
 For purposes of this Warrant Agreement, the term “Issuance Date” shall mean (i) with respect to Additional Shares of Common Stock deemed to have been issued in connection with the issuance of an Option or
Convertible Security, the date such Option or Convertible Security is issued and (ii) in all other cases, the actual date Additional Shares of Common Stock are issued. 
  
 For the purposes of this Warrant Agreement, “Excluded Shares” shall mean: (i) shares for which the consideration
per share as determined pursuant to paragraph (f) below would be equal to or more than the Current Market Value determined on the day prior to the Issuance Date; (ii) shares for which the consideration per share as determined pursuant to (f) below
is equal to or greater than the initial Exercise Price; (iii) shares of Common Stock issuable upon the exercise of Options or conversion or payment of Convertible Securities existing as of the Effective Date; (iv) shares of Common Stock
(appropriately adjusted to reflect stock splits, stock dividends, reorganizations, consolidations and similar changes) issued pursuant to (A) any stock incentive plan existing as of the Effective Date or (B) any amendment thereto or any additional
stock incentive plan adopted by the stockholders of the Company after the Effective Date; and (v) shares issued pursuant to the adjustment provisions of this Section 5.01. The issuance of Excluded Shares shall not be an issuance of Additional Shares
of Common Stock, and shall not give rise to an adjustment or a right to purchase the securities pursuant to paragraph (f) below. 
  
 In any such case in which the Additional Shares of Common Stock are deemed to be issued, no right to receive an adjustment or to purchase securities under
Section 5.01(f) below will accrue upon the subsequent issue of shares of Common Stock upon the exercise and/or conversion or exchange of such Option or Convertible Security unless such Option or Convertible Security shall have been amended or
modified prior to exercise or conversion or exchange so as to increase the number of Additional Shares of Common Stock deemed to have 

  

 14 

 
been issued thereunder or decrease the exercise and/or conversion or exchange price payable thereunder to an amount less than Current Market Value as of the
Issuance Date thereof. 
  
 (f) If the price per share at which
Common Stock is issued after the Effective Date or Common Stock is issuable upon the exercise of Options or upon the conversion or exchange of Convertible Securities issued after the Effective Date, in either case other than Excluded Shares
(determined by dividing (i) the aggregate amount, if any, received or receivable by the Company as consideration for the issuance, sale, distribution or granting of such Common Stock or Options or any such Convertible Security, plus the minimum
aggregate amount of additional consideration, if any, payable to the Company upon the issuance of Common Stock or the exercise of all such Options or upon conversion or exchange of all such Convertible Securities, plus, in the case of Options to
acquire Convertible Securities, the minimum aggregate amount of additional consideration, if any, payable upon the conversion or exchange of all such Convertible Securities, by (ii) the total maximum number of shares of Common Stock to be issued or
issuable upon the exercise of all such Options or upon the conversion or exchange of all such Convertible Securities or upon the conversion or exchange of all Convertible Securities issuable upon the exercise of all Options (as set forth in the
instrument relating thereto without regard to any provision contained therein for a subsequent adjustment of such number)) shall be less than the Current Market Value per share of Common Stock (determined pursuant to Section 5.01(c)) on the Issuance
Date of such Common Stock, Options or Convertible Securities then, unless the Company offers to sell to each holder of Warrants, at the same price and on the same terms offered to all other prospective buyers (provided that the holders of Warrants
shall not be required to buy any securities or other assets in order to buy such Common Stock, Options or Convertible Securities, except in the context of an offering of units of packaged securities), a number of shares of Common Stock, Options or
Convertible Securities that is equal to the product of such holder’s portion of the Common Stock then outstanding if immediately prior thereto all the Warrants held by such holder had been exercised, multiplied by the number of shares of Common
Stock, Options or Convertible Securities so issued, sold, distributed or granted: 
  
 (i) The Exercise Price shall be reduced to an amount equal to the product obtained by multiplying (A) the Exercise Price in effect immediately prior to such issuance or sale times (B) a fraction, (I) the numerator of
which shall be the sum of (x) the product of (1) the number of shares of Common Stock outstanding (on a Fully Diluted Basis) immediately prior to such issuance or sale times (2) the Current Market Value per share as of the date of such issuance or
sale plus (y) the consideration, if any, received or receivable by the Company upon such issuance, sale, exercise, conversion or exchange calculated in accordance with the procedures set forth above pursuant to this paragraph (f), and (II) the
denominator of which shall be the product of (x) the number of shares of Common Stock outstanding (on a Fully Diluted Basis) immediately after such issuance or sale times (y) such Current Market Value per share; and 
  
 (ii) The number of Shares issuable upon exercise of such Warrant shall be
increased to the number of shares determined by multiplying (A) the number of Shares issuable upon exercise of such Warrant immediately prior to such issuance or sale by (B) a fraction, (1) the numerator of which shall be the Exercise Price in
effect immediately prior to the 

  

 15 

 
adjustment in clause (i) of this paragraph (f), and (2) the denominator of which shall be the Exercise Price in effect immediately after such adjustment.

  
 “Fully Diluted Basis” means, with respect to the
Common Stock at any time of determination, the number of shares of Common Stock that would be issued and outstanding at such time, assuming full conversion, exercise and exchange of all issued and outstanding Convertible Securities and Options that
shall be (or may become) exchangeable for, or exercisable or convertible into, Common Stock, including the Warrants. 
  
 Each holder of a Warrant may elect to buy all or any portion of the Common Stock, Options or Convertible Securities offered pursuant to this subsection
(f) or may decline to purchase any such securities. 
  
 Notwithstanding the provisions of this subsection (f), in no event will the Exercise Price be decreased pursuant to any adjustment under this subsection (f) to a price under $3.95. 
  
 (g) Consideration Received. If any shares of Common Stock, Options or
Convertible Securities shall be issued, sold or distributed for a consideration other than cash, the amount of the consideration other than cash received by the Company in respect thereof shall be deemed to be the then fair market value of such
consideration (as determined in good faith by the Board of Directors of the Company). If any Options shall be issued in connection with the issuance and sale of other securities of the Company, together comprising one integral transaction in which
no specific consideration is allocated to such Options by the parties thereto, such Options shall be deemed to have been issued without consideration; provided, however, that if such Options have an exercise price equal to or greater than the
Current Market Value of the Common Stock on the date of issuance of such Options, then such Options shall be deemed to have been issued for consideration equal to such exercise price. For purposes of determining the price per share of any Additional
Shares of Common Stock, in the event that shares of Common Stock, Options and Convertible Securities issued in a single transaction or series of related transactions, the price per share shall be determined on the basis of the aggregate
consideration received and shares issued or deemed to be issued in such transaction or series of related transactions. 
  
 (h) Changes in Options and Convertible Securities. If the exercise price provided for in any Options referred to in Section 5.01(f) above, the
additional consideration, if any, payable upon the conversion or exchange of any Convertible Securities referred to in Section 5.01(f) above, or the rate at which any Convertible Securities referred to in Section 5.01(f) above are convertible into
or exchangeable for Common Stock shall change at any time to a price which is less than the Current Market Value thereof as of the Issuance Date, then the adjustment provisions of Section 5.01(f) above would be applicable. 
  
 (i) Statement of Warrants. Irrespective of any adjustment in the
number or kind of Shares issuable upon the exercise of the Warrants, Warrants theretofore or thereafter issued shall continue to express the same number and kind of shares as are stated in the Warrants initially issuable pursuant to this Agreement.

  

 16 

 (j) Expiration of Rights, Warrants or Options. Upon the expiration of any Options or Convertible
Securities, to the extent the Warrants shall not have been exercised, the Exercise Price shall be adjusted to such amount as would have been received by a Warrant holder had the adjustment in such Exercise Price made upon the distribution of such
Options or Convertible Securities been made upon the basis of the distribution of only such number of Options or Convertible Securities as were actually exercised or converted. 
  
 (k) No Nominal Adjustment. No adjustment in the number of Shares purchasable pursuant to the Warrants or in the
Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1.0% of the number of Shares then purchasable upon exercise of the Warrants or in the Exercise Price; provided, however, that any adjustments
which by reason of this subsection (k) are not required to be made immediately shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 5 shall be made to the nearest cent or to the nearest
one-hundredth of a share, as the case may be. 
  
 Section 5.02
Fractional Interest. The Company shall not be required to issue fractional shares of Common Stock on the exercise of Warrants. If more than one Warrant shall be presented for exercise in full at the same time by the same holder, the number of
full shares of Common Stock which shall be issuable upon such exercise shall be computed on the basis of the aggregate number of shares of Common Stock acquirable on exercise of the Warrants so presented. If any fraction of a share of Common Stock
would, except for the provisions of this Section, be issuable on the exercise of any Warrant (or specified portion thereof), the Company shall direct the transfer agent for the Common Stock to pay an amount in cash calculated to equal the then
Current Market Value per share (determined pursuant to Section 5.01(c)) multiplied by such fraction computed to the nearest whole cent. Holders of Warrants, by their acceptances of the Warrant Certificates, expressly waive any and all rights to
receive any fraction of a share of Common Stock or a stock certificate representing a fraction of a share of Common Stock. 
  
 Section 5.03 When Adjustment Not Required. If the Company shall take a record of the holders of its Common Stock for the purpose of entitling them
to receive a dividend or distribution or subscription or purchase rights and shall, thereafter and before the distribution to stockholders thereof, legally abandon its plan to pay or deliver such dividend, distribution, subscription or purchase
rights, then thereafter no adjustment shall be required by reason of the taking of such record and any such adjustment previously made in respect thereof shall be rescinded and annulled. 
  
 Section 5.04 Challenge to Good Faith Determination. Whenever the Board of Directors of the Company shall be required
to make a determination in good faith of the fair value of any item under this Article V, such determination may be challenged in good faith by holders holding a majority of the outstanding Warrants (the “Majority Holders”), and any
dispute shall be resolved by an investment banking firm of national standing selected by the Company. The fee of such investment banking firm shall be paid by the Company, unless such fair market value as determined by the investment banking firm is
more than 95% of the fair market value determined by the Board of Directors of the Company, in which case the challenging holders shall be jointly and severally liable for such fee. 
  

 17 

 Section 5.05 Treasury Stock. The sale or other disposition of any issued shares of Common Stock
owned or held by or for the account of the Company shall be deemed an issuance thereof and a repurchase thereof and designation of such shares as treasury stock shall be deemed to be a redemption thereof for the purposes of this Agreement.

  
 Section 5.06 Notices to Warrant Holders. In connection
with any adjustment pursuant to this Article V, the Company shall (i) promptly after such adjustment, cause to be filed with the Warrant Agent a certificate of an officer of the Company setting forth the number of shares (or portion thereof)
issuable after such adjustment, upon exercise of a Warrant and the Exercise Price after such adjustment, which certificate shall be conclusive evidence of the correctness of the matters set forth therein, and (ii) promptly after such adjustment
cause to be given to each of the registered holders of the Warrant Certificates at his address appearing on the Warrant Register written notice of such adjustments by first-class mail, postage prepaid. The Warrant Agent shall be entitled to
conclusively rely on the above-referenced officer’s certificate and shall be under no duty or responsibility with respect to any such certificate, except to exhibit the same from time to time to any holder desiring an inspection thereof during
normal business hours upon reasonable notice. The Warrant Agent shall not at any time be under any duty or responsibility to any holder to determine whether any facts exist that may require any adjustment of the number of Shares issuable on exercise
of the Warrants or the Exercise Price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making such adjustment or the validity or value (or the kind or amount) of any Shares which
may be issuable on exercise of the Warrants. The Warrant Agent shall not be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any shares of Common Stock or stock certificates or other common stock
or property upon the exercise of any Warrant. 
  
 The Company
shall, in addition, promptly notify the holders of the Warrants of any determination of its Board of Directors that any actions affecting its Common Stock will not require an adjustment to the number of Shares for which a Warrant is exercisable, and
shall specify in such notice the reasons for such determination. In the event that the Majority holders shall challenge any of the calculations set forth in such notice within 20 days after the Company’s delivery thereof, the Company shall
retain a firm of independent certified public accountants or law firm of national standing selected by the Company to prepare and execute a certificate verifying that no adjustment is required. The Company shall promptly cause a signed copy of any
certificate prepared pursuant to this Section 5.06 to be delivered to each holder at his address appearing in the Warrant Register. The Company shall keep at its office or agency designated pursuant to Section 1.10 copies of all such certificates
and cause the same to be available for inspection at said office during normal business hours upon reasonable notice by any holder or any prospective purchaser of a Warrant designated by a holder thereof. 
  
 Section 5.07 Par Value of Shares of Common Stock. Before taking any
action which would cause an adjustment effectively reducing the portion of the Exercise Price allocable to each Share below the then par value per share of the Common Stock issuable upon exercise of the Warrants, the Company will take any corporate
action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable Common Stock upon exercise of the Warrants. 
  

 18 

 ARTICLE VI 
 CONCERNING THE WARRANT AGENT 
  
 Section 6.01 Warrant Agent. The Company hereby appoints American Stock Transfer and Trust Company as warrant agent (and in all capacities in this Agreement, the “Warrant Agent”) of the Company in respect of the Warrants and
the Warrant Certificates upon the terms and subject to the conditions herein and in the Warrant Certificates set forth; and American Stock Transfer and Trust Company hereby accepts such appointment. The Warrant Agent shall have the powers and
authority specifically granted to and conferred upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it and it shall accept in
writing. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof. 
  
 Section 6.02 Conditions of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set
forth upon the terms and conditions hereof and in the Warrant Certificates, including the following, to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant Certificates shall be
subject: 
  
 (a) The Warrant Agent shall be entitled to
compensation to be agreed upon with the Company in writing for all services rendered by it and the Company agrees promptly to pay such compensation and to reimburse the Warrant Agent for its reasonable out-of-pocket expenses (including reasonable
fees and expenses of counsel) incurred without gross negligence or willful misconduct on its part in connection with the services rendered by it hereunder. The Company also agrees to indemnify the Warrant Agent, each successor Warrant Agent, and
their respective directors, officers, affiliates, agents and employees for, and to hold it and its directors, officers, affiliates, agents and employees harmless against, any loss, liability or expense of any nature whatsoever (including, without
limitation, fees and expenses of counsel) incurred without gross negligence or willful misconduct on the part of the Warrant Agent or successor Warrant Agent, arising out of or in connection with its acting as such Warrant Agent hereunder and its
exercise or failure to exercise of its rights and performance of its obligations hereunder. The obligations of the Company under this Section 6.02 shall survive the exercise and the expiration of the Warrant Certificates and the resignation and
removal of the Warrant Agent. 
  
 (b) In acting under this
Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligation or relationship of agency or trust for or with any of the owners or holders of the Warrant
Certificates. 
  
 (c) The Warrant Agent may consult with counsel
and any advice or written opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or opinion. 
  
 (d) The Warrant Agent shall be fully protected and shall incur no liability
for or in respect of any action taken or omitted to be taken or thing suffered by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, opinion of counsel, 

  

 19 

 
instruction, statement or other paper or document reasonably believed by it, in the absence of bad faith, to be genuine and to have been presented or signed
by the proper parties. 
  
 (e) The Warrant Agent, and its
officers, directors, affiliates and employees (“Related Parties”), may become the owners of, or acquire any interest in, Warrant Certificates, shares or other obligations of the Company with the same rights that it or they would have it if
were not the Warrant Agent hereunder and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee
or body of holders of shares or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent or such Related Parties from acting in any other
capacity for the Company. 
  
 (f) The Warrant Agent shall not be
under any liability for interest on, and shall not be required to invest, any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 
  
 (g) The Warrant Agent shall not be under any responsibility in respect of the
validity of this Agreement (or any term or provision hereof) or the execution and delivery hereof (except the due execution and delivery hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except its
authentication thereof). 
  
 (h) The recitals and other statements
contained herein and in the Warrant Certificates (except as to the Warrant Agent’s authentication thereon) shall be taken as the statements of the Company and the Warrant Agent assumes no responsibility for the correctness of the same. The
Warrant Agent does not make any representation as to the validity or sufficiency of this Agreement or the Warrant Certificates, except for its due execution and delivery of this Agreement; provided, however, that the Warrant Agent shall not be
relieved of its duty to authenticate the Warrant Certificates as authorized by this Agreement. The Warrant Agent shall not be accountable for the use or application by the Company of the proceeds of the exercise of any Warrant. 
  
 (i) Before the Warrant Agent acts or refrains from acting with respect to any
matter contemplated by this Warrant Agreement, it may require: 
  
 (1) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Warrant Agreement relating to the proposed action have been complied with; and 
  
 (2) if reasonably necessary in the sole judgment of the Warrant Agent, an
opinion of counsel for the Company stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
  
 Each Officers’ Certificate or, if requested, an opinion of counsel with respect to compliance with a condition or covenant provided for in this
Warrant Agreement shall include: 
  
 (1) a statement that the
person making such certificate or opinion has read such covenant or condition; 
  

 20 

 (2) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or
condition has been complied with; and 
  
 (4) a statement as to
whether or not, in the opinion of such person, such condition or covenant has been complied with. 
  
 (j) The Warrant Agent shall be obligated to perform such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties
or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates
authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements
contained in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to
initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 7.02 hereof, to make any demand upon the Company. The Warrant Agent shall not be obligated to perform any duty to the extent prohibited by law.

  
 (k) Unless otherwise specifically provided herein, any order,
certificate, notice, request, direction or other communication from the Company made or given under any provision of this Agreement shall be sufficient if signed by its chief executive officer, its president, its treasurer, its controller or any
vice president or its secretary or any assistant secretary. 
  
 (l) The Warrant Agent shall have no responsibility in respect of any adjustment pursuant to Article V hereof. 
  
 (m) The Company agrees that it will perform, execute, acknowledge and deliver, or cause to be performed, executed, acknowledged and delivered, all such
further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Agreement. 
  
 (n) The Warrant Agent is hereby authorized and directed to accept written
instructions with respect to the performance of its duties hereunder from any one of the chief executive officer, the president, the treasurer, the controller, any vice president or the secretary of the Company or any other officer or official of
the Company reasonably believed to be authorized to give such instructions and to apply to such officers or officials for advice or instructions in connection with its duties, and it shall not be liable for any action taken or suffered to be taken
by it in good faith in accordance with instructions with respect to any matter arising in connection with the Warrant Agent’s duties and obligations arising under this 

  

 21 

 
Agreement. Such application by the Warrant Agent for written instructions from the Company may, at the option of the Warrant Agent, set forth in writing any
action proposed to be taken or omitted by the Warrant Agent with respect to its duties or obligations under this Agreement and the date on or after which such action shall be taken and the Warrant Agent shall not be liable for any action taken or
omitted in accordance with a proposal included in any such application on or after the date specified therein (which date shall be not less than 10 Business Days after the Company receives such application unless the Company consents to a shorter
period), provided that (i) such application includes a statement to the effect that it is being made pursuant to this paragraph (n) and that unless objected to prior to such date specified in the application, the Warrant Agent will not be liable for
any such action or omission to the extent set forth in such application and (ii) prior to taking or omitting any such action, the Warrant Agent has not received written instructions objecting to such proposed action or omission. 
  
 (o) Whenever in the performance of its duties under this Agreement the
Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by any one of the chief executive officer, the president, the treasurer, the controller, any vice president or the secretary of the Company or
any other officer or official of the Company reasonably believed to be authorized to give such instructions and delivered to the Warrant Agent; and such certificate shall be full authorization to the Warrant Agent for any action taken or suffered in
good faith by it under the provisions of this Agreement in reliance upon such certificate. 
  
 (p) The Warrant Agent shall not be required to risk or expend its own funds in the performance of its obligations and duties hereunder. 
  
 Section 6.03 Resignation and Appointment of Successor. 
  
 (a) The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at
all times be a Warrant Agent hereunder. 
  
 (b) The Warrant Agent
may at any time resign as Warrant Agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective, provided that such date shall be at least 30 days after the
date on which such notice is given unless the Company agrees to accept less notice. Upon receiving such notice of resignation, the Company shall promptly appoint a successor Warrant Agent, qualified as provided in Section 6.03(d) hereof, by written
instrument in duplicate signed on behalf of the Company, one copy of which shall be delivered to the resigning Warrant Agent and one copy to the successor Warrant Agent. As provided in Section 6.03(d) hereof, such resignation shall become effective
upon the earlier of (x) the acceptance of the appointment by the successor Warrant Agent or (y) 30 days after receipt by the Company of notice of such resignation. The Company may, at any time and for any reason, and shall, upon any event set forth
in the next succeeding sentence, remove the Warrant Agent and appoint a successor Warrant Agent by written instrument in duplicate, specifying such removal and the date on which it is intended to become effective, signed on behalf of the Company,
one copy of which shall be delivered to the Warrant Agent being removed and one copy to the successor Warrant 

  

 22 

 
Agent. The Warrant Agent shall be removed as aforesaid if it shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver
of the Warrant Agent or of its property shall be appointed, or any public officer shall take charge or control of it or of its property or affairs for the purpose of rehabilitation, conservation or liquidation. Any removal of the Warrant Agent and
any appointment of a successor Warrant Agent shall become effective upon acceptance of appointment by the successor Warrant Agent as provided in Section 6.03(d). As soon as practicable after appointment of the successor Warrant Agent, the Company
shall cause written notice of the change in the Warrant Agent to be given to each of the registered holders of the Warrants in the manner provided for in Section 7.04 hereof 
  
 (c) Upon resignation or removal of the Warrant Agent, if the Company shall fail to appoint a successor Warrant Agent within
a period of 30 days after receipt of such notice of resignation or removal, then the holder of any Warrant Certificate or the Warrant Agent may apply to a court of competent jurisdiction for the appointment of a successor to the Warrant Agent.
Pending appointment of a successor to the Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. 
  
 (d) Any successor Warrant Agent, whether appointed by the Company or by a court, shall be a bank or trust company in good
standing, incorporated under the laws of the United States of America or any State thereof and having, at the time of its appointment, a combined capital surplus of at least $50 million. Such successor Warrant Agent shall execute and deliver to its
predecessor and to the Company an instrument accepting such appointment hereunder and all the provisions of this Agreement, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Warrant Agent hereunder, and such predecessor shall thereupon become obligated to (i) transfer and deliver, and such successor Warrant
Agent shall be entitled to receive, all securities, records or other property on deposit with or held by such predecessor as Warrant Agent hereunder and (ii) upon payment of the amounts then due it pursuant to Section 6.02(a) hereof, pay over, and
such successor Warrant Agent shall be entitled to receive, all monies deposited with or held by any predecessor Warrant Agent hereunder. 
  
 (e) Any corporation or bank into which the Warrant Agent hereunder may be merged or converted, or any corporation or bank with which the Warrant Agent may
be consolidated, or any corporation or bank resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation or bank to which the Warrant Agent shall sell or otherwise transfer all or
substantially all of its corporate trust business, shall be the successor to the Warrant Agent under this Agreement (provided that such corporation or bank shall be qualified as aforesaid) without the execution or filing of any document or any
further act on the part of any of the parties hereto. 
  
 (f) No
Warrant Agent under this Warrant Agreement shall be personally liable for any action or omission of any successor Warrant Agent or of the Company. 
  

 23 

 ARTICLE VII 
 MISCELLANEOUS 
  
 Section
7.01 Amendment. This Agreement and the terms of the Warrants may be amended by the Company and the Warrant Agent, without the consent of the holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting
or supplementing any defective or inconsistent provision contained herein or therein or, subject to the provisions of the second paragraph of this Section 7.01, in any other manner which the Company may deem necessary or desirable and which shall
not adversely affect in any material respect the interests of the holders of the Warrant Certificates. 
  
 The Company and the Warrant Agent may modify this Agreement and the terms of the Warrants with the consent of not less than a majority in number of the
then outstanding Warrants for the purpose of adding any provision to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the holders of the outstanding Warrants; provided,
however, that no such modification that increases or decreases the Exercise Price, decreases the number of shares purchasable upon exercise of the Warrants, reduces the period of time during which the Warrants are exercisable hereunder, otherwise
materially and adversely affects the exercise rights of the holders of the Warrants, reduces the percentage required for modification, or effects any change to this Section 7.01 may be made with respect to an outstanding Warrant without the consent
of the holder of such Warrant. 
  
 Any modification or amendment
made in accordance with this Agreement will be conclusive and binding on all present and future holders of Warrant Certificates whether or not they have consented to such modification or amendment or waiver and whether or not notation of such
modification or amendment is made upon such Warrant Certificates. Any instrument given by or on behalf of any holder of a Warrant Certificate in connection with any consent to any modification or amendment will be conclusive and binding on all
subsequent holders of such Warrant Certificate. 
  
 Section 7.02
Notices and Demands to the Company and Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions hereof or of the Warrant Certificates,
the Warrant Agent shall promptly forward such notice or demand to the Company. 
  
 Section 7.03 Addresses for Notices to Parties and for Transmission of Documents. All notices hereunder to the parties hereto shall be deemed to have been given when sent by certified or registered mail, postage
prepaid, or by telex or telecopy, confirmed by first class mail, postage prepaid, addressed to any party hereto as follows: 
  

	 To the Company:
	 	 Syntroleum Corporation

	 	 	 4322 South 49th West Avenue

	 	 	 Tulsa, Oklahoma 74107

	 	 	 Attention: Chief Executive Officer

		
	 To the Warrant Agent:
	 	 American Stock Transfer and Trust Company

	 	 	 59 Maiden Lane

	 	 	 New York, New York 10038

	 	 	 Attention: Corporate Trust Department

  

 24 

 or at any other address of which either of the foregoing shall have notified the other in writing. 
  
 Section 7.04 Notices to Holders. Notices to holders of Warrants shall
be mailed to such holders at the addresses of such holders as they appear in the Warrant Register. Any such notice shall be sufficiently given if sent by first-class mail, postage prepaid. 
  
 Section 7.05 APPLICABLE LAW. THE VALIDITY, INTERPRETATION AND
PERFORMANCE OF THIS AGREEMENT AND EACH WARRANT CERTIFICATE ISSUED HEREUNDER AND OF THE RESPECTIVE TERMS AND PROVISIONS THEREOF SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

  
 Section 7.06 Obtaining of Governmental Approvals. The
Company will from time to time take all action required to be taken by it which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities acts filings under
United States Federal and State laws, and the rules and regulations of all stock exchanges on which the Warrants are listed which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Certificates,
the exercise of the Warrants or the issuance, sale, transfer and delivery of the shares issued upon exercise of the Warrants. 
  
 Section 7.07 Persons Having Rights Under Agreement. Nothing in this Agreement expressed or implied and nothing that may be inferred from any of the
provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this
Agreement or of any covenant, condition, stipulation, promise or agreement hereof; and all covenants, conditions, stipulations, promises and agreements in this Agreement contained shall be for the sole and exclusive benefit of the Company and the
Warrant Agent and their successors and of the holders of the Warrant Certificates. 
  
 Section 7.08 Headings. The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the
provisions hereof. 
  
 Section 7.09 Counterparts. This
Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original; but such counterparts shall together constitute but one and the same instrument. 
  
 Section 7.10 Inspection of Agreement. A copy of this Agreement shall
be available at all reasonable times at the principal corporate trust office of the Warrant Agent, for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate for inspection by
it. 
  

 25 

 Section 7.11 Successors. All the covenants and provisions of this Agreement by or for the benefit
of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 
  

 26 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year
first above written. 
  

	 SYNTROLEUM CORPORATION

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 AMERICAN STOCK TRANSFER
 AND TRUST COMPANY,

	 as Warrant Agent

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 27 

 EXHIBIT A 
  
 [FORM OF WARRANT CERTIFICATE] 
  
 [FACE] 
  
 [Unless and until it is exchanged in whole or in part for Warrants in certificated form, this Warrant may not be transferred except as a whole by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.1 
  
 CUSIP#[  ]       
  

	 No. [    ]
	 	[    ] Warrants      

  
 WARRANT CERTIFICATE

  
 SYNTROLEUM CORPORATION 
  
 This Warrant Certificate certifies that
[            ], or registered assigns, is the registered holder of [    ] Warrants (the “Warrants”) to purchase shares of Common Stock, par value $.01 per
share (the “Common Stock”), of Syntroleum Corporation a Delaware corporation (the “Company”). Each Warrant entitles the holder to purchase from the Company at any time on or after
                     until 5:00 p.m., New York City, New York time, on
                     (the “Expiration Date”),
                     fully paid and non-assessable shares of Common Stock (a “Share”, or, if adjusted, the “Shares”, which
may also include any other securities or property purchasable upon exercise of a Warrant, such adjustment and inclusion each as provided in the Warrant Agreement) at the exercise price (the “Exercise Price”) of
                     per Share upon surrender of this Warrant Certificate and payment of the Exercise Price at any office or agency maintained
for that purpose by the Company (the “Warrant Agent Office”), subject to the conditions set forth herein and in the Warrant Agreement. 
  
 The Exercise Price shall be payable by cash, certified check or official bank check or by such other means as is acceptable to the Company in the lawful
currency of the United States of America which as of the time of payment is legal tender for payment of public or private debts. The Company has initially designated at its agent’s office in New York City, New York, as the initial Warrant Agent
Office. The number of Shares issuable upon exercise of the Warrants (“Exercise Rate”) is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 
  

	1	 	This paragraph is to be included only if the Warrant is in global form. 

  

 A-1 

 EXHIBIT A 
  
 Any Warrants not exercised on or prior to 5:00 p.m., New York City, New York time, on
             shall thereafter be void. 
  
 Reference is hereby made to the further provisions on the reverse hereof which provisions shall for all purposes have the same effect as though fully set
forth at this place. Capitalized terms used in this Warrant Certificate but not defined herein shall have the meanings ascribed thereto in the Warrant Agreement. 
  
 This Warrant Certificate shall not be valid unless authenticated by the Warrant Agent, as such term is used in the Warrant
Agreement. 
  
 THIS WARRANT CERTIFICATE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PROVISIONS THEREOF. 
  
 WITNESS the facsimile seal of the Company and facsimile signatures of its duly authorized officers. 
  

	 Dated:
                    
	  	 SYNTROLEM CORPORATION

			
	 	  	 By:
	  	  

	 	  	 Name:
	  	  

	 	  	 Title:
	  	  

  
 [Seal] 
  
 Attest: 
  

	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Certificate of Authentication: 
  
 This is one of the Warrants referred to in the within mentioned Warrant Agreement: 
  

	
	 [

	as Warrant Agent
		
	 By:
	 	  

	 	 	Authorized Signatory

  

 A-2 

 EXHIBIT A 
  
 [FORM OF WARRANT CERTIFICATE] 
  
 [REVERSE] 
  
 SYNTROLEUM CORPORATION 
  
 The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants, each of which represents the right to purchase at any time on or after
                    , until 5:00 p.m., New York City, New York time, on
                ,          share of Common Stock of the Company, subject to adjustment as set forth in the Warrant
Agreement. The Warrants are issued pursuant to a Warrant Agreement dated as of October     , 2003 (the “Warrant Agreement”), duly executed and delivered by the Company to
                , as Warrant Agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning
the registered holders or registered holder) of the Warrants. Warrants may be exercised by (1) surrendering at any Warrant Agent Office this Warrant Certificate with the form of Election to Exercise set forth hereon duly completed and executed and
(ii) paying in full the Exercise Price for each such Warrant exercised and any other amounts required to be paid pursuant to the Warrant Agreement. 
  
 If all of the items referred to in the last sentence of the preceding paragraph are received by the Warrant Agent at or prior to 2:00 p.m., New York City,
New York time, on a Business Day, the exercise of the Warrant to which such items relate will be effective on such Business Day. If any items referred to in the last sentence of the preceding paragraph are received after 2:00 p.m., New York City,
New York time, on a Business Day, the exercise of the Warrants to which such item relates will be deemed to be effective on the next succeeding Business Day. Notwithstanding the foregoing, in the case of an exercise of Warrants on the Expiration
Date, if all of the items referred to in the last sentence of the preceding paragraph are received by the Warrant Agent at or prior to 5:00 p.m., New York City, New York time, on such Expiration Date, the exercise of the Warrants to which such items
relate will be effective on the Expiration Date. 
  
 Subject to
the terms of the Warrant Agreement, as soon as practicable after the exercise of any Warrant or Warrants, the Company shall issue or cause to be issued to or upon the written order of the registered holder of this Warrant Certificate pursuant to the
Election to Exercise, as set forth on the reverse of this warrant Certificate, a certificate or certificates evidencing the Share. Such certificate or certificates evidencing the Share or Shares shall be deemed to have been issued and any persons
who are designated to be named therein shall be deemed to have become the holder of record of such Share or Shares as of the close of business on the date upon which the exercise of this Warrant was deemed to be effective as provided in the
preceding paragraph. 
  
 The Company will not be required to issue
fractional shares of Common Stock upon exercise of the Warrants or distribute Share certificates that evidence fractional shares of Common Stock. In lieu of fractional shares of Common Stock, there shall be paid to the registered holder of this
Warrant Certificate at the time such Warrant Certificate is exercised an 

  

 A-3 

 EXHIBIT A 
  
 amount in cash equal to the same fraction of the Current Market Value per share as determined in accordance with the Warrant Agreement. 
  
 Warrant Certificates, when surrendered at any office or agency maintained by
the Company for that purpose by the registered holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged for a new Warrant Certificate or new Warrant Certificates evidencing in the aggregate a like
number of Warrants, in the manner and subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 
  
 Upon due presentment for registration of transfer of this Warrant Certificate
at any office or agency maintained by the Company for that purpose, a new Warrant Certificate evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this Warrant Certificate, subject to the
limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 
  
 The Company and the Warrant Agent may deem and treat the registered holder hereof as the absolute owner of this Warrant Certificate (notwithstanding any
notation of ownership or other writing hereon made by anyone) for the purpose of any exercise hereof and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
  
 The term “Business Day” shall mean any day on which (i) banks in
New York City, New York are open for business, (ii) the principal national securities exchange or market on which the Common Stock is listed or admitted to trading is open for business and (iii) the principal national securities exchange or market
on which the Warrants are listed or admitted to trading are open for business. 
  

 A-4 

 EXHIBIT A 
  
 (FORM OF ELECTION TO EXERCISE) 
  
 (To be executed upon exercise of Warrants on the Exercise Date) 
  
 The undersigned hereby irrevocably elects to exercise              of the Warrants
represented by this Warrant Certificate and purchase the whole number of Shares issuable upon the exercise of such Warrants and herewith tenders payment for such Shares in the amount of
$             in cash or by certified or official bank check, in accordance with the terms hereof The undersigned requests that a certificate representing such Shares be registered
in the name of
                                        
                 whose address is
                                        
     and that such certificate be delivered to
                                        
         whose address is
                                        
    . Any cash payments to be paid in lieu of a fractional Share should be made to
                                        
     whose address is                              and the check representing
payment thereof should be delivered to
                                        
     whose address is
                                        .

  

	 Dated:
                                        
        
	  	 
		
	 Name of holder of Warrant Certificate:
	  	  

	 	  	 (Please Print)

		
	 Tax Identification or Social Security Number:
	  	  

	 Address:

	  	  

		
	 	  	  

		
	 Signature:
	  	  

  
 Note: The above signature must
correspond with the name as written upon the face of this Warrant Certificate in every particular, without alteration or enlargement or any change whatever. 
  
 Dated:
                                        
         
  

 A-1 

 EXHIBIT A 
  
 [FORM OF ASSIGNMENT] 
  
 For value received
                                        
             hereby sells, assigns and transfers unto
                                        
                         the within Warrant Certificate, together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint attorney, to transfer said Warrant Certificate on the books of the within-named Company, with full power of substitution in the premises. 
  

	 Dated:
	 	  

		
	 Signature:
	 	  

  
 Note: The above signature must
correspond with the name as written upon the face of this Warrant Certificate in every particular, without alteration or enlargement or any change whatever. 
  

 A-1 

 EXHIBIT A 
  
 SCHEDULE OF EXCHANGES OF CERTIFICATED WARRANTS2 
  
 The following exchanges of a part of this Global
Warrant for certificated Warrants have been made: 
  

	 Date of
 Exchange
	 	 Amount of decrease in
 Number of
Warrants of
 this Global Warrant
	 	 Amount of increase
 in Number of
 Warrants of this
 Global
Warrant
	  	 Number of Warrants
 of this
Global
 Warrant following
 such decrease (or
 increase)
	  	 Signature of
 authorized officer
of
 Warrant Agent

	2	 	This is to be included only if the Warrant is in global form. 

  

 A-1 

 EXHIBIT B 
  
 CERTIFICATE TO BE DELIVERED UPON EXCHANGE 
 OR
REGISTRATION OF TRANSFER OF WARRANTS 
  
 Re: Warrants to Purchase Common Stock
(the “Warrants”) of Syntroleum Corporation. 
  
 This Certificate relates
to                              Warrants held in* book-entry or*
                                 certificated form by
                                     (the
“Transferor”). 
  
 The Transferor: * 
  

	 	 ̈	 	has requested the Warrant Agent by written order to deliver in exchange for its beneficial interest in the Global Warrant held by the Depositary a Warrant or Warrants in definitive,
registered form of authorized denominations and an aggregate number equal to its beneficial interest in such Global Warrant (or the portion thereof indicated above); or 

  

	 	 ̈	 	has requested the Warrant Agent by written order to exchange or register the transfer of a Warrant or Warrants. 

  
 In connection with such request and in respect of each such Warrant, the
Transferor does hereby certify that the Transferor is familiar with the Warrant Agreement relating to the above captioned Warrants and the restrictions on transfers thereof as provided in such Warrant Agreement, and that the transfer of this Warrant
does not require registration under the Securities Act of 1933, as amended (the “Act”). 
  

	 	  	 [INSERT NAME OF TRANSFEROR]

		
	 Date:
	  	 By:

	*	 	Check applicable box. 

  

 B-1

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