Document:

Exhibit 4.3

 

FORM OF GLOBAL SHARE WARRANT

 

Prudential plc

(Incorporated with
limited liability in

England:  Registered No. 1397169)

GLOBAL SHARE WARRANT

[                                              
]

preference shares, Series [  ] of
US$0.01 each

This Warrant is a Global Share Warrant, without
dividend coupons or a talon for further dividend coupons, representing the
[                              ]  preference shares, Series [  ] of US$0.01 each (the “Series [    ] Preference Shares”) of Prudential plc (the
“Company”) the terms and the issue of which was authorised by resolutions of a
Committee of the Board of Directors of the Company passed on [    ] and [    
], 20[  ].

THIS IS TO CERTIFY that the bearer hereof is entitled
to ................................................. fully paid Series [  ] preference shares of the Company, subject
to the Memorandum and Articles of Association of the Company and to the terms
and conditions of the Series [ ] Preference Shares as determined by the
Committee of the Board of Directors of the Company on [                ].

Dividends on the Series [  ] Preference Shares are payable [                       ] at the rate and
subject as mentioned in the Terms and Conditions endorsed hereon.  The first dividend payment will be made on
[   ], 20[  ] in respect of the period from the [first]
date of issue of the Series [   ] Preference Shares.

The bearer hereof shall be subject to, and entitled to
the benefit of the terms of, and the rights and limitations attaching to, the
Series [   ] Preference Shares contained
in the Company’s Articles of Association and in resolutions of a duly
constituted Committee of the Board of Directors of the Company passed on [       ] and [     ], 20 [  
], but so that, notwithstanding anything to the contrary therein, all
dividends and other moneys payable on or in respect of the Series
[   ] dollar preference shares represented hereby shall be paid
against the presentation of this Global Share Warrant.

Title to this
Global Share Warrant will pass by delivery.

The Company may treat the bearer hereof as the
absolute owner of this Global Share Warrant notwithstanding any notation of
ownership or other writing hereon, for all purposes, and the Company shall not
be affected by any notice to the contrary. 
All payments of dividends and other moneys payable on or in respect of
the Series [   ] Preference Shares represented hereby made to
the bearer hereof shall be valid and, to the extent of the sums so paid,
constitute a full discharge to the Company.

This Global Share Warrant is exchangeable (in whole or
in part) at the request of the bearer hereof (free of charge to the bearer
hereof) for one or more definitive share certificates (“Certificates”), each
Certificate representing one Series [   ] Preference Share in
registered form (a “Registered Preference Share”) or an integral multiple
thereof.  Any such request shall specify
the number of Registered Preference Shares in respect of which the exchange is
to be effected and the number of Certificates required, the number of
Registered Preference Shares to be represented by each Certificate and the name
and address of each person (up to a maximum of four persons) in whose name the
relevant Registered Preference Shares are to be registered.  Any such exchange for Registered Preference
Shares shall take place within fourteen calendar days after the relevant
request at the office of the Company at Laurence Pountney Hill, London EC4R
OHH,  England or at such other office in the
United Kingdom as the Company may appoint for the purpose and notify to the
bearer hereof.  Upon such exchange,
against the presentation and surrender of this Global Share Warrant at the
Company’s 

 

 

registered office, the Company shall issue and deliver
to or to the order of the bearer hereof, free of charge, the Certificates
representing the total number of Series [   ] Preference Shares
(not exceeding the aggregate number of such shares represented hereby) for
which this Global Share Warrant is submitted for exchange.  Upon such presentation and surrender this
Global Share Warrant shall be cancelled by the Company and, insofar as the
total number of Series [   ] 
Preference Shares represented by the Registered Preference Shares for which
this Global Share Warrant is submitted for exchange is less than the aggregate
number of Series [   ] Preference Shares represented by this
Global Share Warrant, then the Company shall issue and deliver to or to the
order of the bearer hereof, free of charge, a fresh global Share Warrant (in
like form to the present Global Share Warrant) representing the balance of the
Series [   ]  Preference
Shares not so submitted for exchange and duly executed by the Company.

GIVEN under the Seal of the Company this   day of   
, 20  , in the presence of:

 

 

Issued in London

 

2

 

(endorsed on Certificate and Warrant)

 

Terms and Conditions

The terms and
conditions attaching to the Preference Shares are contained in the Articles of
Association of the Company and in resolutions of a committee of the board of
directors of the Company dated [                
].  The full text of the
resolutions are available for inspection at the registered office of the
Company.  There follows a summary of the
terms and conditions.

Definitions

	
  “ADR Depositary”

  	
   

  	
  means Citibank, N.A.;

  
	
  “Assets”

  	
   

  	
  means the total amount of the Company’s
  non-consolidated gross assets as shown by its latest published balance sheet,
  but adjusted, as specified in the subordinated indenture, for contingencies
  and subsequent events, and to such extent as the person or persons giving the
  Solvency Condition report may determine;

  
	
  “Capital Securities”

  	
   

  	
  means $[•] per cent. Perpetual Subordinated Capital Securities
  of the Company issued pursuant to a prospectus supplement dated [•];

  
	
  “Company”

  	
   

  	
  means Prudential plc;

  
	
  “FSA”

  	
   

  	
  means the United Kingdom Financial Services Authority or any successor
  regulatory body;

  
	
  “Junior Securities”

  	
   

  	
  means ordinary shares in the capital of the Company
  or any other securities of the Company which rank, as regards distributions
  on a return of assets or on a winding-up of the Company or as regards
  distributions or payments of dividends or any other payments, after the Capital
  Securities and the Preference Shares;

  
	
  “Liabilities”

  	
   

  	
  means the total amount of the Company’s
  non-consolidated gross liabilities as shown by its latest published balance
  sheet, but adjusted, as specified in the Subordinated Indenture, for
  contingencies and subsequent events, and to such extent as the person or
  persons giving the Solvency Condition report may determine;

  
	
  “Parity Security”

  	
   

  	
  means the Company’s perpetual capital instruments including the
  Capital Securities, preferred or preference shares or other securities issued
  directly or indirectly by the Company ranking pari passu
  with the Preference Shares as to rights to interest or dividend payments and
  participation in the Company’s assets in the event of the Company’s
  liquidation or winding up;

  
	
  “Preference
  Shares”

  	
   

  	
  means Perpetual Non-Cumulative Preference Shares in the Company;

  
	
  “Senior Creditors”

  	
   

  	
  means in respect of the Capital Securities:

  (i)            any creditors who are
  unsubordinated creditors with claims admitted in the event of a winding up of
  the Company;

  (ii)           any creditors having claims in
  respect of liabilities that are, or are expressed to be, subordinated,
  whether only in the event of a winding up or otherwise, to the claims of
  unsubordinated creditors of the Company but not further or otherwise; 

  (iii)          any creditor who is a holder of
  capital securities other than the Capital Securities except those that rank,
  or are expressed to rank, equally with or junior to the Capital Securities;
  and

  (iv)          all other creditors having claims,
  including other such creditors holding subordinated debt securities, except
  those that rank, or are expressed to rank, equally with (including holders of
  Parity Securities) or junior to (including holders of Junior Securities) the
  claims of any holder of the Capital Securities;

  

 

3

 

	
  “Solvency
  Condition”

  	
   

  	
  means the test of solvency of the Company. The Company
  is solvent if it is able to pay its debts to Senior Creditors as they fall due and total Assets exceed total
  Liabilities, other than liabilities to persons that are not Senior Creditors,
  by at least 4% or such minimum or notional margin of solvency or minimum
  regulatory capital or capital ratios required for insurance companies,
  insurance holding companies or financial groups by the FSA; and

  
	
  “Subordinated Indenture”

  	
   

  	
  means the subordinated indenture
  dated [•] between the Company and Citibank, N.A. as subordinated
  trustee as supplemented by the first supplemental indenture between the
  Company and Citibank, N.A. as subordinated trustee.

  

 

1.              Dividend
Rights of the Preference Shares

Perpetual
Non-Cumulative Preference Shares

Non-cumulative
preferential dividends on this series of Preference Shares will be payable if
declared by our board of directors in its sole discretion, and subject to the
satisfaction of the following conditions:

(a)
the Solvency Condition is satisfied;

(b)
the Company is not prohibited from paying a dividend under the terms of any
Parity Security; and

(c)
the distributable profits of the Company are sufficient to cover the payment in
full of the dividend, or the setting aside and providing for the dividend on
this series of Perpetual Non-Cumulative Preference Shares and dividends on any
other preference shares stated to be payable on the same date and ranking
equally as to dividends with this series of Perpetual Non-Cumulative Preference
Shares.

If so
declared, any such dividend will be [l]% of the liquidation preference per annum, payable
quarterly in arrear on 23 March, 23 June, 23 September  and 23 December  of each year, commencing on the first such
date occurring after the applicable issue date (each, a “Dividend
Payment Date”).

 

4

 

2.              Capital
Rights of the Preference Shares

Return of capital

On return of capital on a winding-up or otherwise of the
Company, the holders of Preference Shares of this series, and the holders of
any other preference shares ranking equally with the Preference Shares with
regard to rights to participation in the surplus assets, will be entitled to
receive payment in U.S. dollars out of any assets available for distribution to
shareholders.  This distribution will be
made in priority to any distribution of assets to holders of ordinary shares in
the capital of the Company or any other class of shares ranking below the
Preference Shares of this series with regard to participation in the surplus
assets of the Company. Holders of Preference Shares will be entitled to a
payment equal to the amount paid up (or credited as paid up) on each Preference
Share together with any accrued but unpaid dividends and any premium on such
share as may be determined in accordance with the procedures described in
paragraph 3 below under “Redemption  and purchase of Preference Shares - Optional Redemption” unless there are insufficient assets
available for distribution in which case holders of Preference Shares will be
entitled to share ratably in any distribution of the surplus assets in
proportion to the full respective preferential amounts to which they are
entitled.  Holders of Preference Shares
have no further right to participate in any return of capital.

If the
holders of the Preference Shares are entitled to any recovery with respect to
the Preference Shares in a winding up or liquidation, they might not be
entitled in such proceedings to a recovery in U.S. dollars and might be
entitled only to a recovery in pounds sterling.

 

 

Dividend
and capital restriction

 

If the Company
does not declare a dividend for this series of Preference Shares, the Company
will not, and it will not permit any entity that it controls to, directly or
indirectly:

 

(a) declare or pay a dividend or make a distribution or any other
payment on any Preference Shares or Junior Securities (other than (i) a final dividend declared by the Company with respect to
ordinary shares prior to the date that the decision to not pay such dividend is
made or (ii) a payment made by one of the Company’s wholly-owned subsidiaries
to another wholly-owned subsidiary or directly to the Company); or

 

(b) to redeem, purchase or otherwise acquire any
Capital Securities, Parity Securities or any Junior Securities, in each case
unless or until the Company sets aside and provides for or pays in full the
dividend on the Preference Shares for the next succeeding four quarterly
dividend payment dates.

 

These restrictions do not apply to any payments made by the Company to
policyholders or other customers, or transfers to or from the fund for future
appropriations, in each case in the ordinary course of business consistent with
past practice.

 

For the purposes of the foregoing provision, the payment (or
declaration of payment) of a dividend or distribution on Junior Securities or
preference shares shall be deemed to include the making of any interest, coupon
or dividend payment (or payment under any guarantee in respect thereof).  For the purposes of the foregoing provision,
the redemption, purchase or other acquisition of the Capital Securities, Parity
Securities or Junior Securities shall be deemed not to include transactions
where the funds used to redeem, purchase or acquire those securities are
derived from an issue of Capital Securities, Junior Securities or Parity
Securities (i) made at any time within the six month period prior to the time
of such redemption, purchase or acquisition, and (ii) with the same or junior
ranking on a return 

 

5

 

of assets on a winding up or in respect of a distribution or payment of
interest, coupons or dividends and/or any other amounts thereunder to those
securities being redeemed, purchased or acquired).

 

3.              Redemption
and Purchase of the Preference Shares

Optional
Redemption

This
series of Preference Shares is redeemable at the option of the Company on any
Dividend Payment Date at least five years after the date of issue of the this
series of Preference Shares (a “Preference
Share Redemption Date”), giving not less than 30 and not more than
60 days’ notice.  The Company may elect
to redeem this series of Preference Shares in whole or in part provided that it
has given at least six months’ notice to the FSA and the FSA have issued a
statement of no objection prior to the Preference Share Redemption Date (except
as otherwise indicated by the FSA).

On
redemption the holder of each Preference Share will be entitled to an amount
equal to $[25] per Preference Share together with any accrued but unpaid
dividends (such amount, the “Redemption Price”).

If any
Preference Shares are to be redeemed, a notice of redemption will be given to
the ADR Depositary and to each record holder of Preference Shares in registered
form to be redeemed, not less than 30 and not more than 60 days prior to the
Preference Share Redemption Date.  Each
notice of redemption will specify:

(i)                                     the Preference Share Redemption Date;

(ii)                                  the particular Preference Shares to be
redeemed;

(iii)                               the Redemption Price and details of any dividend
payable on the Preference Share Redemption Date (stating that dividends shall
cease to accrue on redemption);

(iv)                              the place or places where holders may
surrender documents of title and obtain payment of the Redemption Price; and

(v)                                 that no defect in the notice of
redemption or in giving of the notice will affect the validity of the
redemption proceedings.

The Company
may (subject to the provisions of the Companies Act 1985, applicable U.S. securities laws and regulations and the Company’s Articles of Association) purchase
Preference Shares of any series, in the open market, or by private agreement,
in each case upon the terms and conditions that the board of directors of the
Company or a committee thereof shall determine. 
However, under existing FSA requirements, the FSA may impose any
conditions on the redemption and purchase, the Company may not redeem or
purchase any Preference Shares unless it has given at least six months’ notice
to the FSA and the FSA has issued a statement of no objection, and redemption
may only be effected if at the time of redemption the Company is in compliance
with any applicable regulatory capital or capital ratios required to be
maintained for insurance companies and parent companies in insurance
groups or financial groups generally by the FSA.

 

4.              Voting
Rights

Holders of this series of Preference Shares having a registered address
within the United Kingdom will be entitled to receive notice of, but will not
be entitled to attend or vote at, general meetings except as provided by
applicable law.

 

6

 

5.              Additional
Amounts

If at any time a U.K. taxing authority requires the
Company to deduct or withhold any amount in relation to any dividend payments,
the Company is under no obligation to pay any holder of  Preference Shares in this series any
additional amounts.

 

6.              Issuance
Restriction

The Company may
not issue any shares that rank ahead of the Preference Shares with regard to
rights to participate in the Company’s profits or assets, without the prior
written consent of the holders of at least three-quarters in nominal value of
this series of Preference Shares.

 

7Exhibit 4.4

	
  Certificate
  No

  	
   

  	
  Account
  No

  	
   

  	
  Transfer
  No

  	
   

  	
  Registration
  Date

  	
   

  	
  No
  of Shares

  

 

[Insert Logo]

Prudential plc

This is to certify that the undermentioned is/are the registered holder(s) of Perpetual
Non-Cumulative Preference Shares, series [ 
] of US$0.01 each, fully paid, in Prudential plc
subject to its Memorandum and Articles of Association.

 

	
  Name(s) of holder(s)

  	
   

  	
  Given
  under the Common Seal of the Company on the      
  day of
               
  20

  

 

 

Number of Preference Shares

	
  Prudential
  plc, Laurence Pountney Hill, London EC4R OHH

   

  Incorporated
  and registered in England and Wales Registered Office as above, Registered
  number 01397169

   

  Prudential
  plc is a holding company, subsidiaries of which are authorised and regulated
  by the Financial Services Authority

  	
   

  	
  This
  certificate should be kept in a safe place. It will be needed when you sell
  or transfer your shares. 

   

  The
  Registrar’s address is: Lloyds TSB Registrars, The Causeway, Worthing West
  Sussex BN 99 6DA.

  

 

 

(endorsed on Certificate and Warrant)

Terms and Conditions

The terms and conditions attaching to the Preference Shares are
contained in the Articles of Association of the Company and in resolutions of a
committee of the board of directors of the Company dated [                 ].  The full text of the resolutions are
available for inspection at the registered office of the Company.  There follows a summary of the terms and
conditions.

1.                                     Definitions

	
  “ADR
  Depositary”

  	
   

  	
  means
  Citibank, N.A.;

  
	
  “Assets”

  	
   

  	
  means
  the total amount of the Company’s non-consolidated gross assets as shown by
  its latest published balance sheet, but adjusted, as specified in the
  Subordinated Indenture, for contingencies and subsequent events, and to such
  extent as the person or persons giving the Solvency Condition report may determine;

  
	
  “Capital
  Securities”

  	
   

  	
  means
  $[•] per cent. Perpetual Subordinated Capital Securities of the Company
  issued pursuant to a prospectus supplement dated [•];

  
	
  “Company”

  	
   

  	
  means
  Prudential plc;

  
	
  “FSA”

  	
   

  	
  means
  the United Kingdom Financial Services Authority or any successor regulatory
  body;

  
	
  “Junior
  Securities”

  	
   

  	
  means
  ordinary shares in the capital of the Company or any other securities of the
  Company which rank, as regards distributions on a return of assets or on a
  winding-up of the Company or as regards distributions or payments of
  dividends or any other payments, after the Capital Securities and the
  Preference Shares;

  
	
  “Liabilities”

  	
   

  	
  means
  the total amount of the Company’s non-consolidated gross liabilities as shown
  by its latest published balance sheet, but adjusted, as specified in the Subordinated
  Indenture, for contingencies and subsequent events, and to such extent as the
  person or persons giving the Solvency Condition report may determine;

  
	
  “Parity
  Security”

  	
   

  	
  means
  the Company’s perpetual capital instruments including the Capital Securities,
  preferred or preference shares or other securities issued directly or
  indirectly by the Company ranking pari passu
  with the Preference Shares as to rights to interest or dividend payments and
  participation in the Company’s assets in the event of the Company’s
  liquidation or winding up;

  
	
  “Preference Shares”

  	
   

  	
  means Perpetual Non-Cumulative Preference Shares in the
  Company;

  
	
  “Senior Creditors”

  	
   

  	
  means
  in respect of the Capital Securities: 

  (i)         any creditors who are unsubordinated
  creditors with claims admitted in the event of a winding up of the Company; 

  (ii)        any creditors having claims in respect
  of liabilities that are, or are expressed to be, subordinated, whether only
  in the event of a winding up or otherwise, to the claims of unsubordinated
  creditors of the Company but not further or otherwise; 

  (iii)       any creditor who is a holder of capital
  securities other than the Capital Securities except those that rank, or are
  expressed to rank, equally with or junior to the Capital Securities; and 

  (iv)       all other creditors having claims,
  including other such creditors holding subordinated debt securities, except
  those that rank, or are expressed to rank, equally with (including holders of
  Parity Securities) or junior to (including holders of Junior Securities) the
  claims of any holder of the Capital Securities;

  

 

2

 

	
  “Solvency Condition”

  	
   

  	
  means the test of solvency
  of the Company. The Company is solvent if it is able to pay its debts to Senior Creditors as they fall due
  and total Assets exceed total Liabilities, other than liabilities to persons
  that are not Senior Creditors, by at least 4% or such minimum or notional
  margin of solvency or minimum regulatory capital or capital ratios required
  for insurance companies, insurance holding companies or financial groups by
  the FSA;

  
	
  “Subordinated Indenture”

  	
   

  	
  means the subordinated
  indenture dated [•] between the Company and Citibank, N.A. as
  subordinated trustee as supplemented by the first supplemental indenture
  between the Company and Citibank, N.A. as subordinated trustee.

  

 

1.              Dividend Rights
of the Preference Shares

Perpetual
Non-Cumulative Preference Shares

Non-cumulative
preferential dividends on this series of Preference Shares will be payable if
declared by our board of directors in its sole discretion, and subject to the
satisfaction of the following conditions:

(a) the
Solvency Condition is satisfied;

(b) the
Company is not prohibited from paying a dividend under the terms of any Parity
Security; and

(c) the distributable profits
of the Company are sufficient to cover the payment in full of the dividend, or
the setting aside and providing for the dividend on this series of Perpetual
Non-Cumulative Preference Shares and dividends on any other preference shares
stated to be payable on the same date and ranking equally as to dividends with
this series of Perpetual Non-Cumulative Preference Shares.

 

3

 

If so declared, any such dividend will be [l]% of the liquidation preference
per annum, payable quarterly in arrear on 23 March, 23 June, 23 September  and 23 December  of each year, commencing on the first such
date occurring after the applicable issue date (each, a “Dividend Payment
Date”).

 

2.              Capital Rights of
the Preference Shares

Return of capital

On
return of capital on a winding-up or otherwise of the Company, the holders of
Preference Shares of this series, and the holders of any other preference
shares ranking equally with the Preference Shares with regard to rights to
participation in the surplus assets, will be entitled to receive payment in
U.S. dollars out of any assets available for distribution to shareholders.  This distribution will be made in priority to
any distribution of assets to holders of ordinary shares in the capital of the
Company or any other class of shares ranking below the Preference Shares of
this series with regard to participation in the surplus assets of the Company.
Holders of Preference Shares will be entitled to a payment equal to the amount
paid up (or credited as paid up) on each Preference Share together with any
accrued but unpaid dividends and any premium on such share as may be determined
in accordance with the procedures described in paragraph 3 below under “Redemption  and purchase of Preference
Shares - Optional Redemption”
unless there are insufficient assets available for distribution in which case
holders of Preference Shares will be entitled to share ratably in any
distribution of the surplus assets in proportion to the full respective
preferential amounts to which they are entitled.  Holders of Preference Shares have no further
right to participate in any return of capital.

If the
holders of the Preference Shares are entitled to any recovery with respect to
the Preference Shares in a winding up or liquidation, they might not be
entitled in such proceedings to a recovery in U.S. dollars and might be
entitled only to a recovery in pounds sterling.

Dividend
and capital restriction

If
the Company does not declare a dividend for this series of Preference Shares,
the Company will not, and it will not permit any entity that it controls to,
directly or indirectly:

(a)
declare or pay a dividend or make a distribution or any other payment on any
preference shares or Junior Securities (other than (i) a final dividend
declared by the Company with respect to ordinary shares prior to the date that
the decision to not pay such dividend is made or (ii) a payment made by one of
the Company’s wholly-owned subsidiaries to another wholly-owned subsidiary or
directly to the Company); or

(b)
to redeem, purchase or otherwise acquire any Capital Securities, Parity
Securities or any Junior Securities, in each case unless or until the Company
sets aside and provides for or pays in full the dividend on the Preference
Shares for the next succeeding four quarterly dividend payment dates.

 

4

 

These
restrictions do not apply to any payments made by the Company to policyholders
or other customers or transfers to or from the fund for future appropriations,
in each case in the ordinary course of business consistent with past practice.

For
the purposes of the foregoing provision, the payment (or declaration of
payment) of a dividend or distribution on Junior Securities or preference
shares shall be deemed to include the making of any interest, coupon or
dividend payment (or payment under any guarantee in respect thereof).  For the purposes of the foregoing provision,
the redemption, purchase or other acquisition of the Capital Securities, Parity
Securities or Junior Securities shall be deemed not to include transactions
where the funds used to redeem, purchase or acquire those securities are
derived from an issue of Capital Securities, Junior Securities or Parity
Securities (i) made at any time within the six month period prior to the time
of such redemption, purchase or acquisition, and (ii) with the same or junior
ranking on a return of assets on a winding up or in respect of a distribution
or payment of interest, coupons or dividends and/or any other amounts
thereunder to those securities being redeemed, purchased or acquired).

 

 

3.              Redemption and
Purchase of the Preference Shares

Optional Redemption

This series of Preference Shares is
redeemable at the option of the Company on any Dividend Payment Date at least
five years after the date of issue of the this series of Preference Shares (a “Preference Share Redemption Date”), giving
not less than 30 and not more than 60 days’ notice.  The Company may elect to redeem this series
of Preference Shares in whole or in part provided that it has given at least
six months’ notice to the FSA and the FSA have issued a statement of no
objection prior to the Preference Share Redemption Date (except as otherwise
indicated by the FSA).

On redemption the holder of each share will
be entitled to an amount equal to $[25] per Preference Share together with any
accrued but unpaid dividends (such amount, the “Redemption Price”).

If any Preference Shares are to be redeemed,
a notice of redemption will be given to the ADR Depositary and to each record
holder of Preference Shares in registered form to be redeemed, not less than 30
and not more than 60 days prior to the Preference Share Redemption Date.  Each notice of redemption will specify:

(i)                                     the Preference Share Redemption Date;

(ii)                                  the particular Preference Shares to be
redeemed;

 

5

 

(iii)                               the Redemption Price and details of any dividend
payable on the Preference Share Redemption Date (stating that dividends shall
cease to accrue on redemption);

(iv)                              the place or places where holders may
surrender documents of title and obtain payment of the Redemption Price; and

(v)                                 that no defect in the notice of
redemption or in giving of the notice will affect the validity of the
redemption proceedings.

 

The Company
may (subject to the provisions of the Companies Act 1985, applicable U.S.
securities laws and regulations and the Company’s Articles of Association)
purchase Preference Shares of any series, in the open market, or by private
agreement, in each case upon the terms and conditions that the board of
directors of the Company or a committee thereof shall determine.  However, under existing FSA requirements the
FSA may impose any conditions on the redemption and purchase, the Company may
not redeem or purchase any Preference Shares unless it has given at least six
months’ notice to the FSA and the FSA has issued a statement of no objection,
and redemption may only be effected if at the time of redemption the Company is
in compliance with any applicable regulatory capital or capital ratios required
to be maintained for insurance companies and parent companies in insurance
groups or financial groups generally by the FSA.

 

4.              Rights to
Transfer

Title
to this series of Preference Shares held in registered form may only be
transferred by transfer and registration on the register for the Preference
Shares of this series.  The registration
or transfer of Preference Shares of this series may only be made in the register
of Preference Shares of this series, which is kept by the registrar at its
office in the United Kingdom.  The
registrar will not charge the person requesting the transfer a registration
fee.  However the person requesting
registration will be liable for any taxes, stamp duty or other governmental
charges arising in connection with the registration.

5.              Voting Rights

Holders
of this series of Preference Shares having a registered address within the
United Kingdom will be entitled to receive notice of, but will not be entitled
to attend or vote at, general meetings except as provided by applicable law.

 

6

 

6.              Additional
Amounts

If
at any time a U.K. taxing authority requires the Company to deduct or withhold any
amount in relation to any dividend payments, the Company is under no obligation
to pay any holder of  Preference Shares
in this series any additional amounts.

 

7.              Issuance
Restriction

The
Company may not issue any shares that rank ahead of the Preference Shares with
regard to rights to participate in the Company’s profits or assets, without the
prior written consent of the holders of at least three-quarters in nominal
value of this series of Preference Shares.

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]