Document:

Shareholders Agreement

 Exhibit 10.51 
 SHAREHOLDERS AGREEMENT 
 AMONG 

(1) WHITE HORSE INTERVEST LIMITED  
 and 
 (2) BOLS SP. Z O.O.  

and 
 (3)
CENTRAL EUROPEAN DISTRIBUTION CORPORATION  
 and 
 (4) COPECRESTO ENTERPRISES LIMITED  
  

 
 relating to

 COPECRESTO ENTERPRISES LIMITED 

 
  

 CONTENTS 

 

							
	 	  	 	  	Page	 
	1.	  	Definitions and Interpretation	  	 	3	  
			
	2.	  	Shareholder Warranties	  	 	4	  
			
	3.	  	The Business of the Company, its Purpose, and Dealings with Shareholders	  	 	5	  
			
	4.	  	Funding and Dividend Policy	  	 	6	  
			
	5.	  	Constitution and Meetings of the Board	  	 	7	  
			
	6.	  	Shareholders’ Meetings	  	 	11	  
			
	7.	  	Control and Management of the Company	  	 	13	  
			
	8.	  	Conduct of the Company	  	 	13	  
			
	9.	  	Preparation and Dissemination of Information	  	 	18	  
			
	10.	  	Shareholders’ Undertakings	  	 	19	  
			
	11.	  	Restrictions on Share Dealings	  	 	22	  
			
	12.	  	Deadlock	  	 	26	  
			
	13.	  	Default	  	 	26	  
			
	14.	  	Transfers of Shares Upon Default	  	 	29	  
			
	15.	  	Guarantee of CEDC	  	 	30	  
			
	16.	  	Termination	  	 	30	  
			
	17.	  	Announcements	  	 	31	  
			
	18.	  	Confidentiality	  	 	31	  
			
	19.	  	Notices	  	 	32	  
			
	20.	  	Costs	  	 	34	  
			
	21.	  	General	  	 	34	  
		
	 Schedules
	  			
			
	1.	  	Definitions	  			
			
	2.	  	Key Decisions	  			
			
	3.	  	Licenses	  			
			
	4.	  	New Production Facilities	  			
			
	5.	  	Term Sheet	  			
			
	6.	  	Deed of Adherence	  			
			
	7.	  	Company Articles	  			
			
	8.	  	Base Strategic Plan	  			
			
	9.	  	Certain Employees	  			

 THIS SHAREHOLDERS AGREEMENT (this “Agreement”) is entered into on 13 March, 2008
among: 
  

	(1)	WHITE HORSE INTERVEST LIMITED, a company incorporated under the laws of the British Virgin Islands whose registered office is at P.O. Box 3321, Drake Chambers,
Road Town, Tortola, British Virgin Islands (“White Horse”); 

  

	(2)	BOLS SP. Z O.O., a limited liability company incorporated under the laws of the republic of Poland whose registered office is at ul. Kowanowska 48, 64-600
Oborniki Wielkopolskie, Poland (“Bols”); and 

  

	(3)	CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a company incorporated under the laws of the State of Delaware whose registered office is at 2 Bala Plaza, Suite 300,
Bala Cynwyd, Pennsylvania, 19004, USA (“CEDC” and together with Bols, the “CEDC Shareholders”); and 

  

	(4)	COPECRESTO ENTERPRISES LIMITED, a company incorporated under the laws of the Republic of Cyprus whose registered office is at Arch Makariou III, 2-4 Capital
Center, 9th floor P.C. 1065, Nicosia, Cyprus (the “Company”). 

 WHEREAS, the Company has an authorised
share capital of $4,000 divided into 4,000 Shares of $1.00 each, which Shares have been issued and are legally and beneficially owned by White Horse. 
 WHEREAS, pursuant to and on and subject to the terms and conditions of a share purchase agreement between the CEDC Shareholders, William V. Carey and White Horse dated 11 March, 2008 (the
“SPA”), the CEDC Shareholders have together agreed to acquire 3,400 of those Shares (being 85 per cent. of the outstanding and issued share capital of the Company) from White Horse. 

WHEREAS, the parties are entering into this Agreement for the purpose of setting out: 

 

	(a)	certain agreed matters relating to the business, financing, conduct and management of the Company and its Subsidiaries; and 

 

	(b)	their rights, duties and obligations with respect to the Company, its Subsidiaries and each other as shareholders of the Company. 

WHEREBY IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION  

  

	1.1	Definitions  

 In this
Agreement and the Schedules to it the capitalized terms set out in Schedule 1 shall have the meanings therein ascribed thereto. 
  

	1.2	Interpretation  

 In this
Agreement, unless otherwise specified: 
  

	 	(a)	references to Clauses, sub-Clauses, paragraphs, sub-paragraphs and Schedules are references respectively to clauses, sub-clauses, paragraphs and sub-paragraphs of, and
to Schedules to, this Agreement; 

  
 3 

	 	(b)	a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or
re-enacted; 

  

	 	(c)	headings to Clauses and Schedules are for convenience only and do not affect the interpretation of this Agreement; 

 

	 	(d)	the Schedules form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement, and any reference to this
Agreement shall include a reference to the Schedules; 

  

	 	(e)	references to this Agreement, or to any other document, or to any specified provision of this Agreement or any other document, are to this Agreement, that document or
provision as in force for the time being, as amended, modified, supplemented, varied, assigned or novated, from time to time; 

  

	 	(f)	references to a “company” shall be construed so as to include any company, corporation or other body corporate, wherever and however incorporated or
established, together with its successors and assigns; 

  

	 	(g)	references to a “person” shall be construed so as to include any individual, firm, company, government, state or agency of a state or any joint
venture, association or partnership (whether or not having separate legal personality), together with its successors and assigns; 

  

	 	(h)	words importing the singular include the plural and vice versa, words importing a gender include every gender; 

 

	 	(i)	references to a “party” or “parties” means a party or the parties to this Agreement; 

 

	 	(j)	references to “indemnify” and “indemnifying” any person against any matter or circumstance include indemnifying and keeping that
person harmless from all actions, claims and proceedings from time to time made against that person and all loss or damage and all payments, costs or expenses made or incurred by that person as a consequence of or which would not have arisen but for
that matter or circumstance; 

  

	 	(k)	references to writing shall include any modes of reproducing words in a legible and non-transitory form; 

 

	 	(l)	references to “US dollars,” “dollars” or to “$” shall be construed as references to the lawful currency for the time
being of the United States of America; and 

  

	 	(m)	general words shall not be given a restrictive interpretation by reason of their being preceded or followed by words indicating a particular class of acts, matters or
things. 

  

	2.	SHAREHOLDER WARRANTIES  

Each Shareholder warrants to each of the other parties that: 

 

	 	(a)	(unless a natural person) such Shareholder has been duly organised, properly registered as a legal entity and is validly existing under the laws of the jurisdiction of
its organisation; 

  
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	 	(b)	it has full power to enter into and perform its obligations under this Agreement and has taken all necessary corporate and other action to approve and authorise the
transactions contemplated by this Agreement; 

  

	 	(c)	this Agreement constitutes its valid and binding obligations enforceable in accordance with its terms, subject to general principles of equity and laws affecting
creditors’ rights generally; and 

  

	 	(d)	all relevant consents (if any) to its entering into this Agreement have been obtained and neither the entering into nor the performance by it of its obligations under
this Agreement will constitute or result in any breach of any contractual or legal restriction binding on it or on its assets or undertaking. 

  

	3.	THE BUSINESS OF THE COMPANY, ITS PURPOSE, AND DEALINGS WITH SHAREHOLDERS  

 

	3.1	Purpose  

 The purpose of
the Company and the Group shall be to carry on the businesses of the production, marketing, distribution, and sale of alcoholic beverages and matters incidental to or in support of such businesses (the “Business”). 

 

	3.2	Non-Competition, Dealings with Shareholders  

  

	 	(a)	White Horse undertakes to the Company that it will not, and that it will procure that none of its Affiliates will, either alone or in conjunction with or on behalf of
any other person, during the period that is the shorter of (x) the period in which it (or any of its Affiliates) legally or beneficially own any Shares and (y) the five-year period beginning with the date hereof, unless otherwise approved in writing
by CEDC, be engaged or be directly or indirectly interested in carrying on any business in the geographic areas in which the Business is conducted as at the date of this Agreement that competes in any respect with the Business as conducted as at the
date of this Agreement (except (i) as the holder of securities listed for public trading if such holding does not permit Control of the issuer of such securities nor constitute more than five per cent. of the issued securities of such issuer and
(ii) as the holder of securities not listed for public trading if the issuer of such securities is not engaged in the production of alcohol in Russia to an extent which accounts for more than ten per cent. of the gross revenues of such issuer).

  

	 	(b)	Notwithstanding anything contained to the contrary in this Clause 3.2: 

  

	 	(i)	the holding or maintaining of any rights to brands or other intellectual property rights, including the Urozhay Brand; and 

 

	 	(ii)	the production, marketing, distribution, or sale by White Horse and all of its Affiliates of no more than 1,000 litres per year of alcoholic beverages per brand,

 shall not be deemed a breach of Clause 3.2, PROVIDED THAT White Horse and each of its relevant Affiliates shall
use its commercially reasonable efforts to dispose of its intellectual property rights to the Urozhay Brand within the period of 12 months following the date of this Agreement (or, if the sale of the Urozhay Brand reasonably appears to be
forthcoming, within the period of 18 months following the date of this Agreement), and, in any event, shall cease and terminate all of its business carried on 

  
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thereunder on or before the date falling 12 months following the date of this Agreement (or, if the sale of the Urozhay Brand reasonably appears to be forthcoming, within the period of 18 months
following the date of this Agreement, or such longer period as the parties shall agree). 
  

	 	(c)	Each undertaking contained in Clause 3.2 shall be construed as a separate undertaking and if one or more of the undertakings is held to be against the public interest
or unlawful or in any way an unreasonable restraint of trade, the remaining undertakings shall continue to be binding. 

  

	 	(d)	Any dealings between a Shareholder (or such Shareholder’s Affiliate) and a member of the Group shall be undertaken on an arm’s-length basis.

  

	4.	FUNDING AND DIVIDEND POLICY  

  

	4.1	Funding Policy  

 The
Shareholders shall procure that the Directors cause, to the extent lawful and to the extent possible, the overall financial policy of the Group to be as follows: 
  

	 	(a)	the activities and any expansion of the Group shall be financed from its own resources (including, where practical and efficient, credit facilities provided by third
party lenders, or, subject to the terms hereof, the CEDC Group, funds provided by counterparties under advance payment agreements and other sources of credit); 

 

	 	(b)	if the Board determines in its reasonable judgment that the Group is unable to satisfy its Operational Financial Requirements from the resources of the CEDC Group or
from the Group’s own resources (including from third party sources of credit on a practical and efficient basis as aforesaid) after exercising commercially reasonable endeavours to do so, then the Board shall give a Funding Notice to the
Shareholders and the provisions of Clause 4.2 shall apply; PROVIDED, HOWEVER, THAT in no event will a Shareholder be obliged to fund (by way contributions to share capital, loans, or otherwise) more than its Specified Proportion of the Operational
Financial Requirements. 

  

	4.2	Funding  

  

	 	(a)	Subject to Clause 4.2(b), each Shareholder undertakes to the other Shareholder that within ten Business Days after the receipt of a Funding Notice given in accordance
with Clause 4.1(b), it shall subscribe for shares in the share capital of the Company for an aggregate subscription price equal to, its Specified Proportion of the amount of additional capital specified in the Funding Notice.

  

	 	(b)	If the Board specifies in the Funding Notice that each Shareholder shall lend the amount of additional capital to the Company, each Shareholder undertakes to the other
Shareholders that within ten Business Days after the receipt of the Funding Notice, it shall lend to the Company an amount equal to its Specified Proportion of the amount of additional capital specified in the Funding Notice.

  

	 	(c)	In the event that a Shareholder fails to perform its obligations under Clauses 4.2(a) or 4.2(b) (the “Breaching Shareholder”), the other Shareholder
can elect by notice in writing to the Breaching Shareholder and the Company to undertake any part or all of the obligations of the Breaching Shareholder set out in the Funding Notice. 

  
 6 

	4.3	Company Obligations  

Prior to the making or permitting of any loan to, or contribution to share capital of, any member of the Group, the Shareholders shall
consider the minimum financial obligations required to operate that member in the ordinary course of business. 
  

	4.4	Dividend Policy  

 As soon
as reasonably practicable after the end of each quarter of each Financial Year and at such other time(s) as the Board shall specify, the Board shall determine and cause the distribution of the some or all of the net profits of the Company available
for distribution for that period to the Shareholders. The Board shall, in making that determination, take into account the provisions of applicable law, the Articles and the reasonable financial requirements of the Group for the following 12 months.
To the extent permitted under applicable law, unless the CEDC Shareholders and White Horse (or as the case may be their permitted assignees to whom their respective rights under this Agreement have been assigned pursuant to Clause 11.1) otherwise
agree, the Shareholders will procure that the Board will cause at least fifty per cent. of the Distribution Amount of the Company to be promptly distributed to the Shareholders in the Specified Proportions by way of dividend or, if the Shareholders
agree, through the proportional redemption or repurchase of Shares or other Equity Interests of the Company. The Shareholders agree that the Company shall cause, so far as it is lawfully able to do so, each other member of the Group to distribute a
sufficient amount of net profits of such member to permit the Company to distribute at least fifty per cent. of the Distribution Amount. 
  

	5.	CONSTITUTION AND MEETINGS OF THE BOARD  

  

	5.1	Number of Directors  

Unless the Shareholders agree otherwise, the number of Directors shall be five. 

 

	5.2	Appointment and Removal of Directors  

  

	 	(a)	Subject to the Minimum Holding Condition, White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been
assigned pursuant to Clause 11.1) shall be entitled to appoint at least two Directors, at least one of whom shall be a Cypriot Resident, and shall be exclusively entitled to remove or replace any Directors appointed by them.

  

	 	(b)	The CEDC Shareholders (or as the case may be their permitted assignee(s) to whom their rights under this Agreement have been assigned pursuant to Clause 11.1) shall
together be entitled to appoint three Directors, at least two of whom shall be Cypriot Residents, and shall be exclusively entitled to remove or replace any Directors appointed by them. 

 

	 	(c)	The Chairman shall be a Director nominated by the Board from amongst the CEDC Directors. 

 

	5.3	Freedom to Pass Information  

 Any Director appointed under Clause 5.2 shall be entitled to pass to the Shareholder appointing him full details of any information which may come into his possession as Director. For the avoidance of
doubt, such information shall be subject to the provisions set out in Clause 18. 

  
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	5.4	Directors’ Fees  

  

	 	(a)	Subject to Clause 5.4(b), Directors shall be not be entitled to receive or be reimbursed, by the Company or the Group, any directors’ fees for their services as
Directors or to reimbursement for their reasonable out-of-pocket expenses incurred in attending Board meetings. For the avoidance of doubt, the party appointing a Director may make arrangements to pay such a fee or provide such reimbursements to
such Director themselves. 

  

	 	(b)	Notwithstanding Clause 5.4(a), Directors shall be entitled: 

  

	 	(i)	to receive from the Company such fees as are required to be paid to them pursuant to the mandatory provisions of applicable law; and 

 

	 	(ii)	if they are Cypriot Residents and not otherwise an employee of White Horse or any of its Affiliates or of CEDC or any of its Affiliates, to receive such reasonable fee
as is agreed with the Company, together with expenses (to the extent so agreed), in each case from the Company. 

  

	5.5	Resignation of Appointed Directors  

 Prior to a Shareholder ceasing to be a Shareholder, it shall vote its Shares (together with the other Shareholders, if necessary) and otherwise do all acts or things necessary to procure the resignation
or removal of each Director whom it has appointed. That resignation shall be both from office as a Director and, if applicable, as an employee of the Company and/or any other relevant member of the Group. The relevant Shareholder shall use its
reasonable endeavours to procure that each resigning Director shall deliver to the Company a letter, executed as a deed, acknowledging that he has no claim of any kind outstanding against the Company save for unpaid salary and expenses (if any). If
the resigning Director is also an employee of the Company, the relevant Shareholder shall use its reasonable endeavours to procure that the resigning Director shall also acknowledge in such letter that he or she has no claim for compensation for
wrongful dismissal or unfair dismissal (or any analogous claim); no entitlement to any payment for redundancy; and no claim in respect of any other moneys or benefits due to him or her from the Company save for unpaid salary and expenses (if any)
arising out of his or her employment or termination and that such acknowledgement be made in accordance with all necessary formalities as may be required by law. To the extent that a relevant Shareholder does not or is unable to procure the delivery
by a resigning Director whom it has appointed to deliver such a letter as aforesaid (together, where relevant, with the acknowledgements as aforesaid), that Shareholder shall indemnify and hold harmless the Company in respect of all its costs,
claims, expenses, damages, losses, actions, suits and other things which and to the extent it would not have suffered but for the non-delivery of such letter (and, where relevant, acknowledgment). 

 

	5.6	Shareholders’ Right to Request Board Meetings  

 In addition to the powers of the Board to call meetings as set out in the Articles, a Board meeting may be convened on the application of White Horse or either of the CEDC Shareholders (or as the case may
be any of their permitted assignees to whom any of their respective rights under this Agreement have been assigned pursuant to Clause 11.1) at any time by request to the Secretary. Save where White Horse, either of the CEDC Shareholders or their
permitted transferees as aforesaid require the Board to approve the appointment (or as the case may be resignation or removal) of a Director pursuant to and in accordance with their rights hereunder, each acknowledge (on behalf of themselves and
each of their permitted assignees to whom any of their respective rights under this Agreement have been assigned pursuant to Clause 11.1) that they will ordinarily expect to convene meetings of the Board through and by the request of the Director(s)
appointed pursuant to Clause 5.2. 

  
 8 

	5.7	Notice of Board Meetings  

Unless otherwise agreed by all of the Directors, at least five Business Days’ prior notice of any meeting of the Board shall be given
by the Secretary to each Director at his or her last known address. If the meeting of the Board is to be convened pursuant to Clause 5.6, the Secretary shall give such notice to each Director within two Business Days of a request from the relevant
Shareholder. The notice of the meeting of the Board shall set forth a short agenda of the business to be conducted at the meeting, which agenda shall include the matters described in any such request where such meeting is convened in connection with
such a request. No business shall be conducted at a meeting that is not referred to in the notice, except with the consent of all Directors. The right of a member of the Board to receive a notice may be waived by that member of the Board in writing.

  

	5.8	Frequency, Language, and Location of Board Meetings  

 Unless otherwise agreed by the Shareholders, the Board shall meet at intervals of not more than three months. All Board meetings shall take place at a location mutually convenient to the Board as the
Board shall agree. All Board meetings shall be conducted in English with, upon the prior request of any Director, simultaneous translation into Russian provided at the expense of the Company but otherwise arranged by (or on the behest of) the
Director requesting the same. 
  

	5.9	Appointment of Alternate Directors  

 Each Director shall be entitled to appoint, in writing, one alternate to represent him at any meeting of the Board at which he is unwilling or unable to be present. Alternate directors may only be
excluded from part or all of any Board meeting, if the remaining Directors determine, upon advice of external legal counsel, that excluding them is necessary to preserve legal privilege of the subject matter of such meeting. No vote, however, shall
be taken on any matter while any alternate director is so excluded. An alternate who is present for a meeting of the Board but excluded from such meeting shall nevertheless be counted for purposes of determining whether the meeting is quorate. A
Director who is a Cypriot Resident may only appoint an alternate if that alternate is also a Cypriot Resident. 
  

	5.10	Quorum for Board Meetings  

  

	 	(a)	Subject to this Clause 5.10, the quorum necessary for a meeting of the Board shall be three Directors who are Cypriot Residents present in person or by alternate at the
commencement of the meeting, PROVIDED, HOWEVER, THAT one such Director (or the alternate thereof) shall be a White Horse Director. 

  

	 	(b)	If a quorum is not constituted at such Board meeting within 30 minutes from the time appointed for the meeting (or such longer time as the persons present may all agree
to wait), then the meeting shall be adjourned pending subsequent reconvening pursuant to Clause 5.10(c). 

  

	 	(c)	 A meeting adjourned under Clause 5.10(b) shall be reconvened not more than three Business Days from the date of the original meeting. Notice of the
time, date and place for such reconvening of the adjourned meeting shall be provided by the Secretary to all Directors at least two Business Days prior to the reconvening. At such reconvened meeting, the quorum necessary for a meeting of the Board
shall be 

  
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three Directors who are Cypriot Residents present in person or by alternate at the commencement of the meeting, PROVIDED, HOWEVER, THAT one such Director (or the alternate thereof) shall be a
White Horse Director. 

  

	 	(d)	If a quorum is not constituted at a Board meeting convened pursuant to Clause 5.10(c) within 30 minutes from the time appointed for the meeting (or such longer time as
the persons present may all agree to wait), then the meeting shall be adjourned pending subsequent reconvening pursuant to Clause 5.10(e). 

  

	 	(e)	A meeting adjourned under Clause 5.10(b) shall be reconvened not more than three Business Days from the date of such meeting. Notice of the time, date and place for
such reconvening of the adjourned meeting shall be provided by the Secretary to all Directors at least two Business Days prior to the reconvening. At such reconvened meeting, the quorum necessary for a meeting of the Board shall be two Directors who
are Cypriot Residents present in person or by alternate at the commencement of the meeting. 

  

	 	(f)	Notwithstanding any provision herein to the contrary, no Board meeting shall be quorate unless each director not present in person or by alternate (and excluding those
directors excusing themselves by sending notification thereof to the Chairman) has been afforded the opportunity to participate in such meeting by means of a telephone conference, video conference or other similar means as set out in Clause 5.13,
and has been provided with the appropriate details with which to do so. 

  

	5.11	Votes at Board Meetings  

At meetings of the Board: 
  

	 	(a)	each Director (or his alternate, in his absence) shall have one vote; 

  

	 	(b)	the Chairman shall not have a second or casting vote; and 

  

	 	(c)	save as this Agreement otherwise requires, a decision or resolution of the Board shall be valid if supported by the affirmative vote of a simple majority of Directors
(if applicable, including alternates thereof) present. 

  

	5.12	Written Resolutions  

 A
resolution in writing signed (including where signed by facsimile) by all of the Directors shall be as valid and effectual as if it had been passed at a meeting of Directors duly convened and held and may consist of several documents in the same
form each signed by one or more Directors. 
  

	5.13	Phone or Video Conference  

The Shareholders and the Company shall procure that each Director (or, if applicable, any alternate thereof) is afforded the opportunity
to participate in a meeting of the Board by means of a telephone conference, video conference or other similar means which allows all persons participating in the meeting to hear and speak to each other. Persons participating in a meeting in this
manner shall be deemed to be present at the meeting. Such a meeting shall be deemed to take place where the largest group of those participating is assembled or, if there is no group which is larger than any other group, where the Chairman of the
Board is present. 

  
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	6.	SHAREHOLDERS’ MEETINGS  

  

	6.1	Notice and Location of Shareholders’ Meetings  

 A Shareholders’ meeting may be called by any Shareholder at any time. No less than 21 days’ notice of each Shareholders’ meeting must be given by the Secretary to each Shareholder, the
procedure for the giving of such notice to accord with the provisions of Clause 19. The Secretary shall set forth in such notice the date, time and place of the meeting and the business to be transacted at it. The Shareholders may agree in writing
to a shorter period of notice, in which case the meeting shall be deemed to be properly called on such shorter notice. All Shareholders’ meetings shall take place at a location convenient to the Shareholders or the majority of holdings of them,
or otherwise as the Shareholders may agree. 
  

	6.2	Quorum for Shareholders’ Meetings  

  

	 	(a)	The quorum for a meeting of the Shareholders shall be one duly authorised representative of White Horse (or as the case may be its permitted assignee to whom White
Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1) (subject to the Minimum Holding Condition) and one duly authorised representative of one of the CEDC Shareholders (or as the case may be their permitted assignee(s)
to whom their rights under this Agreement have been assigned pursuant to Clause 11.1), in each case present in person or by proxy. 

  

	 	(b)	If a quorum is not constituted at such Shareholders’ meeting within 30 minutes from the time appointed for the meeting (or such longer time as the persons present
may all agree to wait), then the meeting shall be adjourned pending subsequent reconvening pursuant to Clause 6.2(c). 

  

	 	(c)	A meeting adjourned under Clause 6.2(b) shall be reconvened not more than three Business Days from the date of the original meeting. Notice of the time, date and place
for such reconvening of the adjourned meeting shall be provided by the Secretary to all Shareholders at least two Business Days prior to the reconvening. At such reconvened meeting, quorum shall be one duly authorised representative of White Horse
(or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1) (subject to the Minimum Holding Condition) and one duly authorised representative of one of the CEDC
Shareholders (or as the case may be their permitted assignee(s) to whom their rights under this Agreement have been assigned pursuant to Clause 11.1), in each case present in person or by proxy. 

 

	 	(d)	If a quorum is not constituted at Shareholders’ meeting convened pursuant to Clause 6.2(c) within 30 minutes from the time appointed for such meeting (or such
longer time as the persons present may all agree to wait), then the meeting shall be adjourned pending subsequent reconvening pursuant to Clause 6.2(e). 

  

	 	(e)	A meeting adjourned under Clause 6.2(d) shall be reconvened not more than three Business Days from the date of such meeting. Notice of the time, date and place for such
reconvening of the adjourned meeting shall be provided by the Secretary to all Shareholders at least two Business Days prior to the reconvening. At such reconvened meeting, such Shareholders as are present in person or by proxy at the time appointed
for the meeting shall constitute a quorum, whatever their number. 

  

	 	(f)	 Notwithstanding any provision herein to the contrary, no Shareholders’ meeting shall be quorate unless each shareholder not present in person or
by proxy has been 

  
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afforded the opportunity to participate in such meeting by means of a telephone conference, video conference or other similar means as set out in Clause 6.8, and has been provided with the
appropriate details with which to do so. 

  

	6.3	Chairman and Secretary of Shareholders’ Meetings  

 The chairman of the Shareholders’ meetings shall not have a second or casting vote, and the Secretary shall be the secretary of all Shareholders’ meetings. 

 

	6.4	Exercising Votes of Those Not Present  

 Each Shareholder shall be entitled to appoint any person to be his proxy who shall be entitled to attend and vote at a Shareholders’ meetings in place of such Shareholder, subject to entering into an
appropriate undertaking regarding confidentiality. Instruments appointing such a proxy together with such undertakings as regards confidentiality shall be lodged with the Secretary at or prior to the start of the meeting or such longer period as is
required under applicable law. 
  

	6.5	Votes at Shareholders’ Meetings  

 At Shareholders’ meetings, every Shareholder shall have one vote for every Share of which he is the holder at the relevant record date for the meeting. 

 

	6.6	Decisions by Majority  

Save as this Agreement or applicable law otherwise requires, any decision to be made or given by the Shareholders shall be decided or
agreed by Shareholders entitled to vote and owning a simple majority of Shares. All resolutions put to the Shareholders at Shareholders’ meetings and the Shareholders’ decisions thereon shall be recorded in writing and signed by the
Chairman. 
  

	6.7	Attendance at Shareholders’ Meetings  

 Each Shareholder shall use its reasonable endeavours to ensure that it attends and remains in attendance in person or by proxy throughout each Shareholders’ meeting for which proper notice shall have
been given. 
  

	6.8	Phone or Video Conference  

The Shareholders and the Company shall procure that each Shareholder (including a proxy of a Shareholder) is afforded the opportunity to
participate in a Shareholders’ meeting by means of a telephone conference, video conference or other similar means which allows all persons participating in the meeting to hear and speak to each other. Persons participating in a meeting in this
manner shall be deemed to be present at the meeting and shall accordingly be accounted for the purposes of Clauses 6.2 through 6.7 inclusive. Such a meeting shall be deemed to take place where the largest group of those participating is assembled
or, if there is no group which is larger than any other group, where the chairman of the Shareholders’ meeting is present. 

  
 12 

	7.	CONTROL AND MANAGEMENT OF THE COMPANY  

  

	7.1	Powers of Shareholders  

The Shareholders may approve, ratify, adopt or take any action not delegated to the Board pursuant to Clause 7.2. 

 

	7.2	Powers of the Board  

  

	 	(a)	Subject to Clause 7.2(b), each Shareholder hereby delegates to the Board, to the maximum extent permitted by applicable law, the power to approve (i) any action,
decision or plan affecting the Company, and (ii) the undertaking by the Company of any matter or any class of matters in respect of the Business, in both instances, subject to Clause 8. No White Horse Director may act on behalf of the Company (or
permit or allow any other Person from believing him to act on behalf of the Company) without the prior approval of the Board. 

  

	 	(b)	If, under applicable law, the approval of, or other action by, the Shareholders is required to give effect to any decision or action taken, or that would have been
taken but for a prohibition under applicable law against such action being taken, or taken solely, by the Board in accordance with this Agreement, the Shareholders shall vote their Shares to effect such approval or other action.

  

	7.3	Company Secretary  

 The
Secretary of the Company shall have the duties ascribed to it under applicable law and the Articles, and shall be appointed by the Board. 
  

	7.4	Auditor and Financial Statements  

 The Shareholders shall procure that the Board causes: 
  

	 	(a)	the auditors of the Company to be a reputable Cypriot accounting firm or a member firm of the network of independent firms known as PricewaterhouseCoopers, KPMG, Ernst
& Young, or Deloitte; and 

  

	 	(b)	the accounting and financial reports of the Company to be prepared in accordance with IFRS with subsequent translation into GAAP. 

 

	8.	CONDUCT OF THE COMPANY  

  

	8.1	Key Decisions  

 Subject
to the Minimum Holding Condition, the Shareholders shall procure that the Company shall not, and that the Company shall procure, to the extent within the Company’s power to do so, that none of the Subsidiaries shall: 

 

	 	(a)	without the affirmative vote of both White Horse Directors, do any of the things set out in Schedule 2A; or 

 

	 	(b)	without the affirmative vote of White Horse (or a simple majority of its permitted assignees to whom White Horse’s rights under this Agreement have been assigned
pursuant to Clause 11.1), acting itself or by proxy, do any of the things set out in Schedule 2B. 

  
 13 

 Each Shareholder shall use all reasonable endeavours to ensure that the Company observes its
obligations under this Clause 8.1. 
  

	8.2	Annual Budget  

  

	 	(a)	Subject to the Minimum Holding Condition not later than three months prior to the start of each financial year, each of CEDC and White Horse (or as the case may be
their permitted assignees to whom their respective rights under this Agreement have been assigned pursuant to Clause 11.1) shall discuss and negotiate, each acting reasonably and in good faith, with a view to agreeing, an annual budget denominated
in Russian Rubles for the Consolidated Company for that financial year (the “Annual Budget”), and such Annual Budget shall be prepared with a similar organisation and detail as that of CEDC’s annual budget and in any event shall
include the categories set out in the Base Strategic Plan. 

  

	 	(b)	Subject to the Minimum Holding Condition, the Shareholders shall procure that the Company shall not approve the Annual Budget or any portion thereof without the
affirmative vote of White Horse. 

  

	 	(c)	Subject to the Minimum Holding Condition, in the absence of an affirmative vote of White Horse as contemplated by Clause 8.2(b), the relevant Annual Budget will provide
for and default to all such amounts as are set out in a three-year strategic plan agreed by the Parties from time to time in accordance with Clause 8.3, the first of which will be agreed upon by the Shareholders within 90 days of the date hereof and
will include amounts for capital expenditures for each year that in aggregate over the three year period will be no less than 320,367,000 Russian Rubles and no more than 605,795,000 Russian Rubles and will be otherwise based on the categories and
organization set out in Schedule 8 (the “Base Strategic Plan”). Should any category of the Base Strategic Plan provide for ranges of amounts rather than one concrete amount, the higher end of such range shall be deemed the
designated amount for such category for purposes of Clause 8.6 and Schedule 2, and the lower end of such range shall be deemed the designated amount for such category for purposes of Clause 8.5. 

 

	 	(d)	White Horse shall, and shall procure that the White Horse Director shall, consider and discuss in good faith with CEDC any proposals as CEDC may reasonably put to it
for the approval of White Horse as contemplated by Clause 8.2(b), shall ensure that such approval is not unreasonably delayed or unreasonably withheld and shall ensure that the reasons for any such approval being so withheld are made available and
known to CEDC. 

 For purposes of Clause 8.2(d) above, with respect to any withholding of an approval,
“unreasonableness” shall be based on what would be unreasonable for a shareholder situated in substantially the same position as White Horse at the time of such withholding. 

 

	8.3	Base Strategic Plan  

Subject to the Minimum Holding Condition, upon mutual agreement of CEDC and White Horse (or as the case may be their permitted assignees
to whom their respective rights under this Agreement have been assigned pursuant to Clause 11.1), and in any event: 
  

	 	(a)	one year prior to the expiry of the Base Strategic Plan; or 

  

	 	(b)	 if at the end of any year the reasonably projected performance of the Consolidated Company for such year (as measured by EBITDA as set out in the Base
Strategic Plan) is greater than 105 per cent. or less than 95 per cent. of the relevant line items set out in the Base Strategic Plan, 

  
 14 

	 	 
CEDC and White Horse (or as the case may be their permitted assignees to whom their respective rights under this Agreement have been assigned pursuant to Clause 11.1) shall discuss and negotiate,
each acting reasonably and in good faith, with a view to agreeing a replacement three-year strategic plan, which, if and to the extent agreed, shall replace and update the Base Strategic Plan for all purposes of this Agreement.

  

	8.4	Budget Instructions  

Subject to the Minimum Holding Condition each of the CEDC Shareholders and, to the extent within its reasonable control, White Horse, or
as the case may be their permitted assignees to whom their respective rights under this Agreement have been assigned pursuant to Clause 11.1, shall procure that: 
  

	 	(a)	the Company instructs its key employees (and/or those of the relevant members of the Group) who are responsible for the financial control of Relevant Expenditure to
comply with the Annual Budget. 

  

	 	(b)	each member of the Group and their respective boards of directors and management comply in all material respects with all decisions of the Company’s Board,
including those related to the Annual Budget approved in accordance with the terms hereof. 

  

	8.5	Shortfall Situations  

Subject to the Minimum Holding Condition, CEDC will procure that if, with respect to any quarter, any action or inaction by employees or
directors of any member of the Group has resulted (at the end of that relevant quarter) in a Relevant Expenditure being less than the Relevant Underspend Percentage of the corresponding projected expenditure for each relevant category as set forth
for the relevant quarter in the Annual Budget, as multiplied by the fraction of which the numerator is the actual amount of Sales during such quarter (which for purposes of this Clause 8.5 will be deemed to be no less than the Sales Floor Percentage
of the amount of Sales as set forth for the relevant quarter in the Annual Budget) and the denominator is the projected amount of Sales as set forth for the relevant quarter in the Annual Budget (a “Shortfall Situation”):

  

	 	(a)	the Board will promptly be notified of such Shortfall Situation; 

  

	 	(b)	 a meeting of the Board will be called, in accordance with Clause 5, within five Business Days thereof, wherein such Shortfall Situation and the reasons
therefor shall be discussed, and in particular whether such Shortfall Situation was primarily due to a Qualifying External Circumstance. If the Board accepts the Qualifying External Circumstance, the relevant Shortfall Situation shall be deemed
never to have occurred for all purposes of this Agreement, PROVIDED THAT such acceptance by the Board shall include (unless sufficient quorum for such meeting of the Board is established without them) the acceptance of both White Horse Directors. In
the event that (where required) no acceptance of both White Horse Directors is forthcoming within 10 days of such meeting, CEDC may require the Board to delegate the determination of whether such Shortfall Situation was primarily due to a Qualifying
External Circumstance to an independent arbitrator agreed between CEDC and White Horse, the determination of whom shall in the absence of fraud or manifest error be final and binding on the parties. The independent arbitrator shall be instructed to
notify its determination, in writing, to the Board as soon as is reasonably practicable. In the 

  
 15 

	 	 
event that the CEDC Directors and both White Horse Directors do not agree on an independent arbitrator within 30 days of such meeting, the matter shall be referred to arbitration in accordance
with Clause 21.11. If the independent arbitrator, or as the case may be the arbitration conducted in accordance with Clause 21.11, so determines that such Shortfall Situation was primarily due to a Qualifying External Circumstance, the relevant
Shortfall Situation shall be deemed never to have occurred for all purposes of this Agreement. Each party shall procure that all information reasonably related to the determination of, and otherwise reasonably requested of them by the independent
arbitrator to determine, whether such Shortfall Situation was primarily due to a Qualifying External Circumstance, is provided to such independent arbitrator. 

 In the event that (x) the Board accepts that a Shortfall Situation was primarily due to a Qualifying External Circumstance, (y) an independent arbitrator determines that a Shortfall Situation was
primarily due to a Qualifying External Circumstance in accordance with Clause 8.5(b), or (z) it is determined that a Shortfall Situation was primarily due to a Qualifying External Circumstance through the arbitration process in accordance with
Clause 21.11, CEDC and White Horse (or as the case may be their permitted assignees to whom their respective rights under this Agreement have been assigned pursuant to Clause 11.1) shall promptly discuss and negotiate a revised Annual Budget
applicable for the remainder of the then existing financial year. 
  

	8.6	Overspend Situations  

Subject to the Minimum Holding Condition, CEDC will procure that if with respect to any quarter, any member of the Group enters into a
Binding Obligation without the consent of White Horse which results (at the end of that relevant quarter) in a Relevant Expenditure being more than the Relevant Overspend Percentage of the corresponding projected expenditure for each relevant
category as set forth for the relevant quarter in the Annual Budget, as multiplied by the fraction of which the numerator is the actual amount of Sales during such quarter (which for purposes of this Clause 8.6 will be deemed to be no more than the
Sales Ceiling Percentage of the amount of Sales as set forth for the relevant quarter in the Annual Budget) and the denominator is the projected amount of Sales as set forth for the relevant quarter in the Annual Budget (an “Overspend
Situation”): 
  

	 	(a)	the Board will promptly be notified of such Overspend Situation; 

  

	 	(b)	 a meeting of the Board will be called, in accordance with Clause 5, within five Business Days thereof, wherein such Overspend Situation and the reasons
therefor shall be discussed, and in particular whether such Overspend Situation was primarily due to a Qualifying External Circumstance. If the Board accepts the Qualifying External Circumstance, the relevant Overspend Situation shall be deemed
never to have occurred for all purposes of this Agreement, PROVIDED THAT such acceptance by the Board shall include (unless sufficient quorum for such meeting of the Board is established without them) the acceptance of both White Horse Directors. In
the event that (where required) no acceptance of both White Horse Directors is forthcoming within 10 days of such meeting, CEDC may require the Board to delegate the determination of whether such Overspend Situation was primarily due to a Qualifying
External Circumstance to an independent arbitrator agreed between CEDC and White Horse, the determination of whom shall in the absence of fraud or manifest error be final and binding on the parties. The independent arbitrator shall be instructed to
notify its determination, in writing, to the Board as soon as is reasonably practicable. In the event that the CEDC Directors and both White Horse Directors do not agree on an independent arbitrator within 30 days of such meeting, the matter

  
 16 

	 	 
shall be referred to arbitration in accordance with Clause 21.11. If the independent arbitrator or as the case may be the arbitration conducted in accordance with Clause 21.11 so determines that
such Overspend Situation was primarily due to a Qualifying External Circumstance, the relevant Overspend Situation shall be deemed never to have occurred for all purposes of this Agreement. Each party shall procure that all information reasonably
related to the determination of, and otherwise reasonably requested of them by the independent arbitrator to determine, whether such Overspend Situation was primarily due to a Qualifying External Circumstance, is provided.

  

	8.7	Proposals  

 In the event
that (x) the Board does not accept that an Overspend Situation or a Shortfall Situation as the case may be was primarily due to a Qualifying External Circumstance, (y) the independent arbitrator does not determine that such Overspend Situation or a
Shortfall Situation as the case may be was primarily due to a Qualifying External Circumstance in accordance with Clauses 8.5(b) or 8.6(b), or (z) it is not determined that such Overspend Situation or a Shortfall Situation as the case may be was
primarily due to a Qualifying External Circumstance through the arbitration process in accordance with Clause 21.11: 
  

	 	(a)	subject to Clause 8.7(b), the relevant Overspend Situation or Shortfall Situation as the case shall be deemed for all purposes of this Agreement to have occurred due to
reasons other than a Qualifying External Circumstance; and 

  

	 	(b)	White Horse (or as the case may be its permitted assignees to whom its rights under this Agreement have been assigned pursuant to Clause 11.1) may, at its discretion,
propose within ten Business Days following a meeting of the Board called for purposes of discussing such Overspend Situation or Shortfall Situation (which, for the avoidance of doubt may be called by White Horse or any White Horse Director), or as
the case may be within ten Business Days following the determination of the independent arbitrator or through arbitration regarding the disputed Qualifying External Circumstance, a written proposal to address such Shortfall Situation or as the case
may be Overspend Situation (the “Proposal”). Such Proposal must set out in objective terms what must be done by the Consolidated Company to satisfy it and what the timescales for such matters are, including the final date on which
the matters set out in the Proposal are to be satisfied in full (the “Final Date”). To the extent that the Consolidated Company satisfies a Proposal made in accordance with this Clause 8.7 in full by the Final Date, the relevant
Shortfall Situation or as the case may be Overspend Situation shall be deemed never to have occurred for all purposes of this Agreement. 

  

	8.8	Enforcement of the Company’s Rights  

 Notwithstanding anything in this Agreement to the contrary, any right of action against a Shareholder or Affiliate of a Shareholder that the Company may have in respect of a breach of any obligation owed
to the Company shall be prosecuted by the Director(s) (or their alternates) appointed by the Shareholders which are not, or whose Affiliates are not, responsible for such breach to the exclusion of the others. Such Directors (and their alternates)
shall have full authority on behalf of the Company to negotiate, litigate and settle any claim arising out of the breach or exercise of any right of termination arising out of the breach. 

  
 17 

	8.9	Debt to Equity Ratio  

The Company undertakes, and the Shareholders undertake to cause the Company, to maintain at the end of each Financial Year, a Debt to
Equity Ratio of not more than 3:1. 
  

	8.10	Encumbrances over the Shares  

 Notwithstanding anything to the contrary in this Agreement, any Shareholder shall be entitled to grant an Encumbrance over the Shares it holds for financing purposes, PROVIDED THAT the provisions of
Clause 11.4 shall apply to any chargee enforcing such Encumbrance such that any such chargee shall be required to execute a Deed of Adherence in the form attached as Schedule 6 on (or before) enforcement of that Encumbrance. 

 

	8.11	Employees  

  

	 	(a)	For a period of six months beginning with the date hereof, (i) Bols and CEDC shall procure that the Company shall not, and the Company shall procure that none of the
Subsidiaries shall, without the affirmative vote or written consent of White Horse (or a simple majority of its permitted assignees to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1), acting itself or
by proxy, amend or terminate the employment agreements with the employees holding the positions set out in Schedule 9 and (ii) Bols and CEDC shall procure that the Company shall, and the Company shall procure that the Subsidiaries shall, upon
receipt of joint written instructions from White Horse and CEDC to the Company, promptly terminate the employment agreements with the employees holding such positions set out in Schedule 9 as are described in such notice. 

 

	 	(b)	Within 90 days of the date hereof, the Shareholders shall endeavour in good faith to implement increased salary and improved incentive schemes for all employees of the
Group. 

  

	9.	PREPARATION AND DISSEMINATION OF INFORMATION  

  

	9.1	Dissemination of Information  

 The Shareholders shall procure that the Board shall cause the preparation and dissemination to all Directors within 14 days of the end of every quarter (except for financial statements for the Company in
respect of which the period shall be 35 days of the end of every quarter) the following financial and management information: 
  

	 	(a)	financial statements for the Company, on a consolidated basis, and cash flow forecasts; 

 

	 	(b)	cost statements and progress reports for the Business measured as against the Annual Budget; and 

 

	 	(c)	reports and forecasts of capital and operating expenditures. 

 The Shareholders shall procure that the Board shall cause the preparation and dissemination to all Directors the monthly management accounts (as soon as reasonably practicable following their
finalisation), the Annual Budget (promptly following it being finalised for each financial year); and the daily sales update information for the Business (on a monthly basis). CEDC undertakes in good faith to convene a meeting of the directors as
soon as practicable if White Horse reasonably requests such a meeting to discuss a material issue arising from the information provided under this Clause 9.1. 

  
 18 

	9.2	Right of Inspection  

White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been assigned
pursuant to Clause 11.1), subject to the Minimum Holding Condition, and CEDC (or as the case may be its permitted assignee to whom CEDC’s rights under this Agreement have been assigned pursuant to Clause 11.1), shall have the right: 

 

	 	(a)	to inspect the books and records of the Company three times per year by its authorised representatives on reasonable notice during normal business hours; and

  

	 	(b)	(at its own expense) to take away copies of or extracts from those books and records. 

The Board shall ensure that all information which is given to one such Shareholder (save for information relating specifically to that
Shareholder and only that Shareholder) by any member of the Group is given at the same time to the other such Shareholder. 
  

	9.3	Disclosures to the Board  

Each of the CEDC Shareholders and White Horse (and each of their permitted assignees to whom any of their respective rights under this
Agreement have been assigned pursuant to Clause 11.1) shall procure that each Director appointed by them pursuant to Clause 5.2 shall disclose to or update the Board as to each material action he has taken which has resulted in a member of the Group
falling under a material legal obligation, or which is reasonably likely to result in a member of the Group falling under a material legal obligation, at the next following meeting of the Board. 

 

	9.4	Further Dissemination  

For the avoidance of doubt, the information disseminated to Directors pursuant to Clause 9.1 may be passed by those directors to the
persons appointing them pursuant to Clause 5.2. Such information shall, for the avoidance of doubt, be subject to Clause 18. 
  

	10.	SHAREHOLDERS’ UNDERTAKINGS  

  

	10.1	New Production Facilities  

White House, with the cooperation of the Company, CEDC and Bols, undertakes to CEDC to procure, unless prohibited by applicable law, the
purchase and installation of the New Production Facilities by the Company, as soon as practicably possible after the beginning of the Interim Period and in any event by the end of it. Each of CEDC, the Company and Bols undertakes to White Horse to
cooperate fully in such actions as White Horse may reasonably request of it, as a Shareholder or through the board members appointed by it in accordance with the terms hereof, to enable White Horse to procure, unless prohibited by applicable law,
the purchase and installation of the New Production Facilities by the Company as aforesaid. 
  

	10.2	CEDC Call Option  

  

	 	(a)	 White Horse irrevocably grants (and shall procure that each of its Affiliates becoming Shareholders shall also grant) to CEDC, and CEDC hereby accepts
and undertakes to accept, the option (the “Call Option”) to acquire from White Horse and each such 

  
 19 

	 	 
Affiliate all of the Shares held by them (the “Call Shares”), with full title guarantee free from all Encumbrances and together with all rights that attach (or may in the future
attach) to the Call Shares, for aggregate consideration equal to the Option Purchase Price. 

  

	 	(b)	CEDC may exercise the Call Option in full (but not in part) at any time during the period commencing seven years after the date hereof and ending upon the earlier to
occur of (i) delivery of a Default Notice or a Put Option Exercise Notice corresponding to all of the Shares held by White Horse and each of its Affiliates and (ii) ten years after the Final Closing by delivering written notice (the “Call
Option Exercise Notice”) to White Horse. 

  

	 	(c)	From the date of delivery of the Call Option Exercise Notice by CEDC, White Horse and each of its relevant Affiliates shall be bound to sell, and CEDC shall be bound to
purchase, the Call Shares on the terms substantially the same as those set out in the Term Sheet. The purchase will be completed as soon as reasonably practicable at the registered office of the Company or such other location as the parties may
agree. If White Horse or any such Affiliate, after having become bound to transfer the Call Shares to CEDC, defaults in so doing, the Board shall authorise the execution of any necessary transfers of the Call Shares in favour of CEDC and a duly
appointed representative of the Board will be deemed to have been appointed White Horse’s or such Affiliate’s attorney with full power to execute, complete and deliver, in the name of and on behalf of White Horse or as the case may be such
Affiliate, a transfer of the Call Shares, and shall cause CEDC to be entered in the register of the Company as the holder of the Call Shares. CEDC shall forthwith pay the Option Purchase Price directly to White Horse (or as the case may be its
permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1) (on behalf of itself and each relevant Affiliate) by deposit of immediately available funds to such bank and account as it may
designate in writing for that purpose or, if White Horse or such transferee fails to designate such a bank and/or account, then to such bank and account that CEDC shall designate in writing for the deposit of such funds to be held for the account or
on behalf of White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1) (on behalf of itself and each relevant Affiliate). 

 

	 	(d)	The provisions of Clauses 11.1, 11.2 and 11.3 shall not apply in the event that a Call Option Exercise Notice is served. 

 

	10.3	White Horse Put Option  

  

	 	(a)	CEDC irrevocably grants to White Horse and each of its Affiliates as become Shareholders, and White Horse hereby accepts (and shall procure that each of its Affiliates
becoming Shareholders shall also accept), the option (the “Put Option”) to cause CEDC to acquire from White Horse and each such Affiliate any or all of the Shares held by them (the “Put Shares”), with full title
guarantee free from all Encumbrances and together with all rights that attach (or may in the future attach) to the Put Shares, for aggregate consideration equal to the Option Purchase Price. 

 

	 	(b)	 White Horse may exercise the Put Option (on behalf of itself and each of its Affiliates as become Shareholders) one or more times during the period
commencing three years after the date hereof and ending upon the earlier to occur of: (i) delivery of a Default Notice or the Call Option Exercise Notice and (ii) ten years after the Final Closing, by delivering written notice (the “Put
Option Exercise Notice”), which notice shall include details of the bank account to which the Option Purchase Price 

  
 20 

	 	 
shall be paid to CEDC. White Horse may also exercise the Put Option (on behalf of itself and each of its Affiliates as become Shareholders) one or more times within the three months following
Bols suffering a Change of Control such that CEDC no longer controls Bols (within the meaning set out in the definition of Change of Control herein), or at any time within the three months following CEDC itself suffering a Change of Control by
delivering written notice (also a “Put Option Exercise Notice”) to CEDC. 

  

	 	(c)	From the date of delivery of the Put Option Exercise Notice by White Horse, CEDC shall be bound to purchase, and White Horse and each of its relevant Affiliates shall
be bound to Sell, the Put Shares on the terms substantially the same as those set out in the Term Sheet. The purchase will be completed as soon as reasonably practicable at the registered office of the Company or such other location as the parties
may agree. CEDC shall forthwith pay the Option Purchase Price directly to White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1) (on behalf of
itself and each relevant Affiliate) by deposit of immediately available funds to such bank and account as it may designate in writing for that purpose. 

  

	 	(d)	The provisions of Clauses 11.1, 11.2 and 11.3 shall not apply in the event that a Put Option Exercise Notice is served. 

 

	 	(e)	Notwithstanding anything to the contrary in this Clause 10.3, White Horse shall not be permitted to exercise the Put Option (other than in respect of all (and not some
only) of the Shares held by White Horse and each of its Affiliates) if the amount of Shares subject to such exercise is less than one per cent. of the total number of outstanding Shares at the relevant time. 

 

	10.4	Right of Refusal for Future Acquisitions  

 Prior to CEDC acquiring any interest in a Russian Business Venture, it shall comply with the following provisions of this Clause 10.4. 

 

	 	(a)	At least 60 days prior to CEDC acquiring a Russian Business Venture or any interest in any Russian Business Venture, CEDC shall give notice in writing (an
“Russian Venture Offer Notice”) to White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1) and the Company offering to assign its
rights to acquire such venture or interest therein to the Company in accordance with this Clause 10.4. The offer will be open for a period of 60 days from the date of the Russian Venture Offer Notice (the “Russian Venture Acceptance
Period”). 

  

	 	(b)	The Russian Venture Offer Notice shall describe the Russian Business Venture or interest therein to be acquired in summary detail, provide copies of all agreements and
documents executed in connection with such acquisition, provide or make available all due diligence material in the possession or control of CEDC, relating to such acquisition, and give details of the identity of the seller of such Russian Business
Venture or an interest therein and the terms of such acquisition, including the consideration to be paid in connection therewith (the “Russian Venture Sale Price”). Any time within the Russian Venture Acceptance Period, White Horse
may accept the offer described in the Russian Venture Offer Notice on behalf of the Company by giving notice in writing (the “Russian Venture Acceptance Notice”) of that acceptance to CEDC. The Russian Venture Acceptance Notice
shall specify the place and time (being not earlier than 21 and not later than 60 days after the date of the Russian Venture Acceptance Notice) at which the sale of the rights to acquire such Russian Business Venture or an interest therein will be
completed. 

  
 21 

	 	(c)	CEDC will be bound to transfer the rights to acquire such Russian Business Venture or an interest therein to the Company, and the Shareholders will cause the Company to
bind itself to acquire such Russian Business Venture, at the time and place specified in the Russian Venture Acceptance Notice, and the Shareholders shall procure that the payment of the Russian Venture Sale Price for such Russian Business Venture
or an interest therein will be made by the Company to CEDC. 

  

	10.5	Further Assurances  

Subject to Clause 3.2, each of the Shareholders undertakes to the others to do, execute and perform (and to procure that all third parties
directly or indirectly under their respective Control do, execute and perform) all such further deeds, documents, acts, assurances and things as may reasonably be required to carry out the provisions and intent of this Agreement and the Articles.
Where any obligation in this Agreement is expressed to be undertaken or assumed by a party, that obligation is to be construed as requiring the party concerned to apply commercially reasonable efforts to exercise all voting rights and other then
existing powers of corporate or contractual control over the affairs of any other person (including specifically any subsidiary of such party) that it is able to exercise (whether directly or indirectly) in order to secure performance of such
obligation. 
  

	11.	RESTRICTIONS ON SHARE DEALINGS  

  

	11.1	Permitted Transfers  

  

	 	(a)	A Shareholder (or other Person entitled to transfer the Shares registered in the name of a Shareholder) (the “Transferor”) may at any time transfer all
or any Shares in the Company held by such Shareholder (the “Relevant Shares”) to any Person that is a 100% Affiliate of an Original Ultimate Parent, in which case such Transferor may if it so wishes assign all but not part of the
rights arising under this Agreement to such transferee, and such transferee shall assume all but not part of the obligations of an applicable Shareholder arising under this Agreement. The Transferor shall procure that such transferee signs the Deed
of Adherence in the form attached as Schedule 6. 

  

	 	(b)	Subject to this Clause 11.1, if a Shareholder subsequently ceases to be a 100% Affiliate of its Original Ultimate Parent, it will forthwith transfer the Relevant Shares
to a 100% Affiliate of the Original Ultimate Parent. If it does not so transfer its Shares within 14 days of ceasing to be a 100% Affiliate of the Original Ultimate Parent, the other Shareholder shall be entitled (but not obliged) to serve a Default
Notice to such Shareholder ceasing to be a 100% Affiliate of its Original Ultimate Parent, in accordance with the procedure set forth in Clause 13.1 and there shall be an Event of Default in relation to such Shareholder ceasing to be a 100%
Affiliate of its Original Ultimate Parent. Further, if a Shareholder to whom rights under this Agreement were assigned and who assumed obligations under this Agreement in accordance with Clause 11.1(a) subsequently ceases to be a 100% Affiliate of
its Original Ultimate Parent, each such assignment and assumption (or such minimum number of them as may be necessary to cause the obligations under this Agreement to be held by a 100% Affiliate of the Original Ultimate Parent) shall forthwith be of
no effect, and to the extent any such assignment or assumption continues to have effect following the date on which the relevant Shareholder ceases to be a 100% Affiliate of the Original Ultimate Parent, an Event of Default shall be deemed to have
occurred in respect of such Shareholder. 

  
 22 

	 	(c)	Any Director may request the Transferor (or the person named as transferee in any transfer lodged for registration) to provide the Company with such information and
evidence as a Director may reasonably consider necessary or relevant for the purpose of ensuring that a transfer of Shares is permitted under this Clause 11.1. If this information or evidence is not provided to the reasonable satisfaction of all
Directors within 21 days after a Director’s request, the Shareholders shall cause the Directors to refuse to register the transfer in question. 

  

	 	(d)	The provisions of Clauses 11.2(b) - 11.2(i) (inclusive) and 11.3 shall not apply to transfers made pursuant to and in accordance with this Clause 11.1.

  

	11.2	Transfer and Transmission  

  

	 	(a)	Any instrument of transfer of Shares must be in writing in any usual or common form or in any other form acceptable to the Directors subject always to being in such
form as is required by applicable law and be executed by or on behalf of the Transferor and (in the case of a partly paid Share) by or on behalf of the transferee. 

 

	 	(b)	Save where permitted pursuant to Clause 11.1, no Shareholder (or other Person entitled to transfer the Shares registered in the name of a Shareholder) may transfer all
or any Shares or any interest in any Shares, unless and until the following provisions of this Clause 11.2 are complied with in respect of such transfer PROVIDED THAT, notwithstanding anything to the contrary in this Agreement or Clause 11.2, no
Shareholder (or other Person entitled to transfer the Shares registered in the name of a Shareholder) may transfer any Share pursuant to Clause 11.2 until the expiration of 10 years following the date of Final Closing, other than with respect to
Clause 11.1 or the enforcement by third party financial institutions of such Encumbrances of the Shares as are permitted under Clause 8.10. 

  

	 	(c)	Before a Shareholder (or other Person entitled to transfer the Shares registered in the name of a Shareholder) (the “Seller”) transfers or disposes of
any Share or any interest in any Share to any Person after the date falling ten years after the Final Closing, the Seller shall give notice in writing (an “Offer Notice”) to the other Shareholders (the “Other
Shareholders”) offering to sell such Shares to the Other Shareholders in accordance with this Clause 11.2. The offer will be open for a period of 60 days from the date of the Offer Notice (the “Acceptance Period”). If the
Seller is White Horse or a White Horse Affiliate, the Offer Notice shall be given (and the offer of the Shares described therein shall be made) solely to CEDC (or as the case may be its permitted assignee to whom CEDC’s rights under this
Agreement have been assigned pursuant to Clause 11.1). If the Seller is CEDC or a CEDC Affiliate, the Offer Notice shall be given (and the offer of the Shares described therein shall be made) solely to White Horse (or as the case may be its
permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1). If the Seller is not White Horse, a White Horse Affiliate, CEDC or a CEDC Affiliate, the Offer Notice shall first be given (and
the offer of the Shares described therein shall first be made) solely to CEDC (or as the case may be its permitted assignee to whom CEDC’s rights under this Agreement have been assigned pursuant to Clause 11.1) and if CEDC (or as the case may
be its permitted assignee to whom CEDC’s rights under this Agreement have been assigned pursuant to Clause 11.1) does not accept such offer as to all such Shares in accordance with the procedure set forth in this Clause 11.2(c), the Seller
shall give an Offer Notice (and offer the Shares described therein) solely to White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1) on the
Business Day immediately following the expiration of the Acceptance Period. 

  
 23 

	 	(d)	The Offer Notice: 

  

	 	(i)	shall confirm that the Seller has received a bona fide all cash offer from a Person who is not an Affiliate of the Seller to purchase some or all of its Shares, give
details of the identity of the proposed purchaser and the terms of such offer, including the number of Shares which are the subject of such offer (the “Sale Shares”) and the offer price therefor (the “Sale Price”);

  

	 	(ii)	except as provided in Clause 11.2(d)(iii), shall be irrevocable; and 

  

	 	(iii)	except where it is given or deemed to be given under Clauses 11.1(b) or 13.1 (Default Notice), may contain a provision that, unless the Other Shareholders
purchase all or a minimum number of the Sale Shares, none of the Sale Shares will be sold to the Other Shareholders. 

  

	 	(e)	Subject to Clause 11.2(c), any time within the Acceptance Period, any or all of the Shareholders to whom the Offer Notice is given (the “Accepting
Shareholders”) may accept the offer of all or, subject to Clause 11.2(d)(iii), any of the Sale Shares (but not less than the minimum number (if any) specified in the Offer Notice) by giving notice in writing (the “Acceptance
Notice”) of that acceptance to the Seller. The Acceptance Notice shall specify the place and time (being not earlier than 21 and not later than 60 days after the date of the Acceptance Notice) at which the sale of the Sale Shares (or,
subject to Clause 11.2(d)(iii), such of the Sale Shares as are accepted for purchase) will be completed. 

  

	 	(f)	The Seller will be bound to transfer the Sale Shares (or, subject to the provisions of Clause 11.2(d)(iii), such of the Sale Shares as are applied for) to the Accepting
Shareholders at the time and place specified in the Acceptance Notice and payment of the Sale Price for the Sale Shares (or such proportionate part of the Sale Price it relates to such of the Sale Shares as are applied for) will be made by the
Accepting Shareholders to the Seller. 

  

	 	(g)	If, after having become bound to do so, the Seller fails to transfer the Sale Shares (or, subject to the provisions of Clause 11.2(d)(iii), such of the Sale Shares as
are applied for), then the following provisions shall apply: 

  

	 	(i)	the Chairman of the Company or failing him the Secretary will be deemed to have been appointed the Seller’s agent with full power to execute, complete and deliver,
in the name of and on behalf of the Seller, a transfer of the Sale Shares (or such of the Sale Shares as are applied for) to the Accepting Shareholders against payment of the Sale Price (or such proportionate part of it as aforesaid);

  

	 	(ii)	on payment to the Company of the Sale Price (or such proportionate part of it as aforesaid) and of the relevant stamp duty payable in respect of the transfer to the
Company, the Accepting Shareholders will be deemed to have obtained a good discharge for that payment and on execution and delivery of the transfer(s) the Accepting Shareholders will be entitled to insist that its name is entered in the register of
members as the holder by transfer of, and to be issued with share certificates in respect of, the Sale Shares (or, subject to Clause 11.2(d)(iii), such of the Sale Shares as are applied for); and 

  
 24 

	 	(iii)	after the name of the Accepting Shareholders has been entered in the register of members in exercise of the powers mentioned above, the validity of the proceedings will
not be questioned by any Person 

  

	 	(h)	The Company will be trustee for any moneys received as payment of the Sale Price (or such proportionate part of it as aforesaid) from the Accepting Shareholders and
will promptly pay them to the Seller (subject to applying the same on its behalf in settling any fees or expenses falling to be borne by the Seller) together with any balancing share certificate to which it may be entitled. 

 

	 	(i)	If, by the expiry of the Acceptance Period, the offer for the Sale Shares has not been accepted on the terms of the Offer Notice or otherwise as aforesaid by the
Accepting Shareholders or if any of the Sale Shares allocated are not paid for by the Accepting Shareholders on the date for completion specified in the Acceptance Notice, then, subject to Clause 11.3, the Seller may elect to transfer, within three
months thereafter, those Sale Shares to any Person at a cash price not lower than the Sale Price. For the avoidance of doubt, if the Accepting Shareholders have not accepted for payment the minimum number of Sale Shares specified in the Offer
Notice, all the Sale Shares may be sold pursuant to this Clause 11.2(i). 

  

	 	(j)	The Directors may refuse to register any transfer of any Share unless: 

  

	 	(i)	it has been transferred in accordance with the provisions of this Clause 11; 

 

	 	(ii)	it is lodged at the registered office or at another place determined by the Directors, and is accompanied by the certificate for the Shares to which it relates and such
other evidence as the Directors may reasonably require to show that the Transferor is the holder or a person entitled to execute the transfer under Clause 11.1; and 

 

	 	(iii)	complies with applicable law. 

PROVIDED THAT, notwithstanding anything to the contrary in this Agreement or Clause 11.2, no Shareholder (or other Person entitled to
transfer the Shares registered in the name of a Shareholder) may transfer any Share pursuant to Clause 11.2 until the expiration of 10 years following the date of Final Closing, other than with respect to the enforcement by third party financial
institutions of such encumbrances of the Shares as are permitted under Clause 8.10. 
  

	11.3	Tag Along Rights  

  

	 	(a)	Notwithstanding Clause 11.2, if CEDC or any of its Affiliates is deemed a Seller for the purposes of Clause 11.2 (the “Tag Along Seller”) elects to
transfer the Sale Shares (the “Sale Interest”) in accordance with Clause 11.2(i) (a “Tag Along Sale”), then White Horse and each of its permitted transferees holding Shares (the “Tag Along
Shareholder”) shall have the right to participate in such Tag Along Sale on the terms set out in this Clause 11.3. 

  

	 	(b)	The Tag Along Seller shall give the Tag Along Shareholder not less than 30 days’ written notice (a “Sale Notice”) of its intention, describing the
price offered, all other material terms and conditions of the Tag Along Sale and, if the consideration payable pursuant to the Tag Along Sale consists in whole or in part of consideration other than cash, such information relating to such other
consideration as the Tag Along Shareholder may reasonably request and which is available to the Tag Along Seller. 

  
 25 

	 	(c)	In connection with any Tag Along Sale, the Tag Along Shareholder shall have the right, in its sole discretion, to sell some or all of its Shares at the same price per
Share and otherwise on the same terms and at the same time as set out in the Sale Notice; PROVIDED, HOWEVER, THAT the number of Shares sold by the Tag Along Shareholder shall not be less than the total number of Shares held by the Tag Along
Shareholder on the date of the Sale Notice multiplied by a fraction, the numerator of which is the number of Shares being sold by the Tag Along Seller in the Tag Along Sale and the denominator of which is the total number of Shares held by the Tag
Along Seller on the date of the Sale Notice. 

  

	11.4	Transfer of Rights and Obligations  

 If a transfer of Shares is made in accordance with the terms of this Agreement or otherwise, the transferring Shareholder shall procure that the transferee enters into and delivers to the Company a Deed
of Adherence in the form attached in Schedule 6, and unless and until such transferee so enters into and delivers such Deed of Adherence, such transfer shall be void and of no effect. 

 

	11.5	Release of Shareholder Guarantees  

 In the event that a Shareholder (the “Disposing Shareholder”) disposes of all of its Shares, otherwise than to one of its Affiliates, the Shareholder acquiring those Shares (the
“Acquiring Shareholder”) will use all reasonable endeavours to obtain the release of the Disposing Shareholder from any Shareholder Guarantee. Until that release is obtained, the Acquiring Shareholder shall keep the Disposing
Shareholder indemnified against all Losses in connection with any Shareholder Guarantee. 
  

	11.6	Endorsement of Share Certificates  

 The share certificate for each Share shall have endorsed upon it a memorandum to the following effect: 
 “The Shares represented by this Certificate are subject to the terms and conditions of an Agreement made on [•], 2008 a copy of which is available for inspection to Shareholders and (at the
invitation of the Shareholders and subject to delivery of an appropriate undertaking regarding confidentiality) to a bona fide potential transferee of Shares, at the registered office of the Company.” 

 

	12.	DEADLOCK  

 Each
Shareholder shall use all reasonable endeavours to resolve any disagreement they may have on any matter requiring their joint approval under the terms hereof. If the Shareholders cannot agree (a “Deadlock”), each Shareholder shall
refer the matter to, in the case of CEDC and each of its Affiliates as are Shareholders, the chief executive officer of CEDC, and in the case of White Horse and each of its Affiliates as are Shareholders, to a nominee (the “White Horse
Nominee”), who shall endeavour in good faith to settle the Deadlock as soon as practicable. 
  

	13.	DEFAULT  

  

	13.1	Default Notice  

  

	 	(a)	 If an Event of Default occurs due to the acts or omissions of a Shareholder (the “Defaulting Shareholder”), then the other
Shareholder(s) (the “Non-defaulting  

  
 26 

	 	Shareholders”) shall be entitled (but not obligated) to serve a notice (a “Default Notice”) on the Defaulting Shareholder. Upon service of
the Default Notice (or, in the case of a Default Notice being served on the basis of the Event of Default set out in Clause 13.3(e) (and not on any other basis), following the expiry of 15 Business Days following the date of the relevant Default
Notice specifying the relevant breach PROVIDED THAT the material breach giving rise to the Event of Default has not at such time been remedied (at no cost to the Non-defaulting Shareholders or, if there shall have been a cost of the non-defaulting
shareholders, if such cost has been fully reimbursed)), the Non-defaulting Shareholders shall be entitled (but not obliged) to serve a further notice (an “Exit Notice”) and thereafter promptly appoint the Independent Expert who
shall determine the Default Price and provide written notice to the Shareholders of such determination within 30 Business Days of the Default Notice (the “Default Price Notice”). 

 

	 	(b)	If the Defaulting Shareholder is a CEDC Shareholder (or as the case may be their permitted assignees to whom their respective rights under this Agreement have been
assigned pursuant to Clause 11.1) or an Affiliate thereof, from the date of delivery of such Exit Notice, CEDC shall be bound to purchase, and White Horse and each of its relevant Affiliates shall be bound to sell, all of the Shares held by White
Horse and each such Affiliate (the “Default Shares”) on the terms substantially the same as those set out in the Term Sheet. The purchase will be completed as soon as reasonably practicable at the registered office of the Company or
such other location as the parties may agree. CEDC shall forthwith pay the Default Price directly to White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to
Clause 11.1) (on behalf of itself and each relevant Affiliate) by deposit of immediately available funds to such bank and account as it may designate in writing for that purpose or, if White Horse or such transferee fails to designate such a bank
and/or account, then to such bank and account that CEDC shall designate in writing for the deposit of such funds to be held for the account or on behalf of White Horse (or as the case may be its permitted assignee to whom White Horse’s rights
under this Agreement have been assigned pursuant to Clause 11.1) (on behalf of itself and each relevant Affiliate). 

  

	 	(c)	 If the Defaulting Shareholder is White Horse or as the case may be any permitted assignee to whom White Horse’s rights under this Agreement have
been assigned pursuant to Clause 11.1, from the date of delivery of such Exit Notice, White Horse and each of its relevant Affiliates shall be bound to sell, and CEDC shall be bound to purchase, the Default Shares on the terms substantially the same
as those set out in the Term Sheet. The purchase will be completed as soon as reasonably practicable at the registered office of the Company or such other location as the parties may agree. If White Horse or any such Affiliate, after having become
bound to transfer the Default Shares to CEDC, defaults in so doing, the Board shall authorise the execution of any necessary transfers of the Shares in favour of CEDC and a duly appointed representative of the Board will be deemed to have been
appointed White Horse’s or such Affiliate’s attorney with full power to execute, complete and deliver, in the name of and on behalf of White Horse or as the case may be such Affiliate, a transfer of the Default Shares, and shall cause CEDC
to be entered in the register of the Company as the holder of the Default Shares. CEDC shall forthwith pay the Default Price directly to White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement
have been assigned pursuant to Clause 11.1) (on behalf of itself and each relevant Affiliate) by deposit of immediately available funds to such bank and account as it may designate in writing for that purpose or, if White Horse or such transferee
fails to designate such a bank and/or account, then to such bank and account that CEDC shall designate in writing for the 

  
 27 

	 	 
deposit of such funds to be held for the account or on behalf of White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been
assigned pursuant to Clause 11.1) (on behalf of itself and each relevant Affiliate). 

  

	 	(d)	In any other case, not covered by (a) and (b) above, the Defaulting Shareholder shall sell its or their Shares to White Horse and CEDC in proportion to their respective
shareholdings in the Company (in each case together with their Affiliates). 

  

	 	(e)	Any costs incurred by the Company or any Shareholder in determining the Default Price shall be borne by the Defaulting Shareholder. 

 

	 	(f)	In the event that CEDC fails to comply with its obligation to purchase the Default Shares where required by this Clause 13.1, White Horse shall have the right to call
CEDC’s shares in the Company on terms mutatis mutandis to the above, at a price equal to the Specified Proportion of CEDC together with each of its Affiliates (taken together) of the Base Valuation for the relevant year (but for such
purpose disregarding the $300,000,000 floor), multiplied by 80 per cent. 

  

	13.2	Other Rights of Non-Defaulting Shareholders  

 The right of the Non-defaulting Shareholders to serve a Default Notice or an Exit Notice is without prejudice to any other rights or remedies which any Non-Defaulting Shareholders may have against the
Defaulting Shareholder. 
  

	13.3	Meaning of “Event of Default”  

 An “Event of Default” in relation to a Shareholder means the occurrence of any of the following: 
  

	 	(a)	that Shareholder transferring any Shares or any interest in any Shares otherwise than as permitted under the terms of this Agreement; 

 

	 	(b)	save as permitted by this Agreement, that Shareholder assigning any of its rights under this Agreement; 

 

	 	(c)	(i) (in respect of CEDC and each Affiliate of CEDC) the Consolidated Company failing to satisfy a Proposal made in accordance with Clause 8.7 in full by the Final Date,
PROVIDED THAT such satisfaction in full does not require the consent, approval or other action of White Horse of any of its Affiliates which has not been timely given and (ii) the passing of the date on which a Proposal may be made pursuant to
Clause 8.7, PROVIDED THAT no such Proposal has then been made with respect to the relevant Shortfall Situation or an Overspend Situation; 

  

	 	(d)	that Shareholder breaching its obligations under Clauses 5.2(a), 5.2(b), or 8.1; 

 

	 	(e)	any breach by the parties to the SPA of their obligations under Clause 8 of the SPA; 

 

	 	(f)	any material breach by that Shareholder of its obligations under this Agreement; 

 

	 	(g)	the making of an order or the passing of a resolution for the administration, liquidation or winding-up of that Shareholder or any Person that Controls such
Shareholder, otherwise than for the purpose of a solvent reconstruction or amalgamation; 

  
 28 

	 	(h)	in the circumstances for the occurrence of an Event of Default set out in Clause 11.1(b); or 

 

	 	(i)	any event occurring in an applicable jurisdiction which is analogous to any of the events referred to in Clause 13.3(g). 

 

	14.	TRANSFERS OF SHARES UPON DEFAULT  

  

	14.1	Place and Timing of Completion  

 If a Shareholder (the “Purchasing Shareholder”) exercises its right under the provisions of Clause 13 to purchase the Shares of another Shareholder (the “Selling
Shareholder”), then completion of the Purchase (“Default Completion”) shall take place: 
  

	 	(a)	at the registered office of the Company or at such other location as agreed between the Shareholders; and 

 

	 	(b)	subject to an earlier date being specified by this Agreement, 15 Business Days after the date on which Default Price Notice is served. 

 

	14.2	Default Completion  

 At
the Default Completion 
  

	 	(a)	the Selling Shareholder shall deliver (or procure that there are delivered) to the Purchasing Shareholder: 

 

	 	(i)	a duly completed share transfer form transferring the legal and beneficial ownership of the relevant Shares to the Purchasing Shareholder (or as it may direct);

  

	 	(ii)	the share certificates relating to the Shares; and 

  

	 	(iii)	such other documents as the Purchasing Shareholder may reasonably require to show good title to the Shares or to enable the Purchasing Shareholder to be registered as
the holder of the Shares subject to the payment of any applicable transfer taxes, stamp duties or similar amounts due to be paid as a consequence of the transfer (which shall be the sole responsibility of the Selling Shareholder);

  

	 	(b)	the Purchasing Shareholder shall pay (or shall procure that there is paid) to the Selling Shareholder the purchase price of such Shares as provided for herein; and

  

	 	(c)	the Selling Shareholder shall deliver to the Purchasing Shareholder such resignations and other documents as required by Clause 5.5. 

 

	14.3	Default by Selling Shareholder  

 If a Selling Shareholder which has become bound to sell its Shares defaults in transferring any Shares, then the Purchasing Shareholder may execute a transfer of those Shares in favour of the Purchasing
Shareholder. Each Shareholder irrevocably appoints each other Shareholder as its attorney for such purpose and to secure the performance of the Selling Shareholder’s obligation to transfer the Shares to the Purchasing Shareholder hereunder.

  
 29 

	14.4	Registration of Transfers  

The Shareholders shall procure that the Directors shall not be obliged to register any transfer of any Share: 

 

	 	(a)	if the transfer is, in the reasonable opinion of each of the Directors who are Cypriot Residents (but excluding for such purpose any such Director who is appointed by
the proposed transferor or the proposed transferee of the Share), not permitted under the terms of this Agreement; or 

  

	 	(b)	in any event, unless the transferee (unless it is already a Shareholder) shall have entered into a Deed of Adherence pursuant to Clause 11.4. 

The Directors shall otherwise be obliged to register any transfer subject only to any requirements of applicable law. 

 

	15.	GUARANTEE OF CEDC  

  

	15.1	Guarantee  

 CEDC
unconditionally and irrevocably guarantees to White Horse (or as the case may be its permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1), the due and punctual performance of all of
the obligations of Bols under this Agreement. 
  

	15.2	Continuance of Guarantee  

The guarantee set out in Clause 15.1 is a continuing guarantee. No payment or other settlement will discharge CEDC’s obligations
under Clause 15.1 unless and until all of Bols’ obligations subject to the guarantee have been discharged in full. 
  

	15.3	Independence of Guarantee  

The guarantee set out in Clause 15.1 is in addition to, and independent of, any other guarantee or security which White Horse (or as the
case may be its permitted assignee to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1) may have. 
  

	15.4	Primary Obligor  

 As an
original and independent obligation, CEDC agrees to perform every payment obligation expressed to be undertaken by Bols under this Agreement which is not performed by Bols, notwithstanding that such obligations may not be enforceable against Bols,
whether by reason of any legal limitation, disability or incapacity affecting Bols or any other fact or circumstance (other than any limitation imposed by this Agreement), as though those payment obligations had been undertaken by Bols as the sole
or principal obligor in respect of them, and those obligations shall be performed by CEDC on demand. 
  

	16.	TERMINATION  

  

	16.1	Reasons for Termination  

This Agreement shall continue in full force and effect from the date hereof until the earliest of the following: 

  
 30 

	 	(a)	the date on which all the Shareholders agree in writing to its termination; 

 

	 	(b)	the date on which all the Shares become legally and beneficially owned by one Person; and 

 

	 	(c)	the date of dissolution of the Company following its liquidation whether voluntary or compulsory (other than for the purpose of an amalgamation or reconstruction
approved by all the Shareholders). 

  

	16.2	Continuing Obligations after Termination  

 If this Agreement terminates, all obligations of the parties under this Agreement shall end (except for any provision expressly stated to survive termination), but (for the avoidance of doubt) all rights
and liabilities of the parties which have accrued before termination shall continue to exist. 
  

	17.	ANNOUNCEMENTS  

  

	 	(a)	Subject to Clause 17(b), no announcement concerning this Agreement or any ancillary matter shall be made by any party (and each party shall procure that no member of
their respective Groups, and that the Company and no member of the Group, shall make any such announcement) without the prior written approval of CEDC (in the case of announcements by White Horse or the Company) and/or White Horse (in the case of
announcements by the Company and/or Bols and/or CEDC), such approval not to be unreasonably withheld or delayed. 

  

	 	(b)	Any party may make an announcement, or permit or allow any other member of its Group to make an announcement, concerning this Agreement or any ancillary matter if and
to the extent required by: 

  

	 	(i)	the law of any relevant jurisdiction; 

  

	 	(ii)	any securities exchange or regulatory or governmental body to which such party or Group member is subject or submits, wherever situated, whether or not the requirement
for information has the force of law; 

 in which case the party concerned (except where such party is CEDC) shall
take all such steps as may be reasonable and practicable in the circumstances to agree the contents of such announcement with the other before making (or as the case may be permitting or allowing) such announcement. 

 

	 	(c)	The restrictions contained in this Clause 17 shall continue to apply after the rescission or termination of this Agreement for a period of three years.

  

	18.	CONFIDENTIALITY  

  

	 	(a)	Subject to Clause 18(b), each party shall treat as strictly confidential all information received or obtained as a result of entering into or performing this Agreement
which relates to: 

  

	 	(i)	the provisions of this Agreement; 

  

	 	(ii)	the negotiations relating to this Agreement or the transaction documents; 

  
 31 

	 	(iii)	the subject matter of this Agreement, the Business or the transaction documents; or 

 

	 	(iv)	the other party. 

  

	 	(b)	Notwithstanding Clause 18(a), a party may disclose Confidential Information if and to the extent that: 

 

	 	(i)	it is required by the law of any relevant jurisdiction; 

  

	 	(ii)	it is required by any securities exchange or regulatory or governmental body to which it is subject or submits, wherever situated, whether or not the requirement for
information has the force of law; 

  

	 	(iii)	it is disclosed on a strictly confidential basis to the professional advisers, auditors and bankers of that party; 

 

	 	(iv)	it is disclosed on a strictly confidential basis to directors and employees of that party or to directors and employees of its Affiliates in each case strictly on a
need to know basis; 

  

	 	(v)	the information has come into the public domain through no fault of that party or any of its Affiliates; 

 

	 	(vi)	CEDC (in the case of disclosure by White Horse) or White Horse (in the case of disclosure by Bols and/or CEDC) have given its prior written approval to the disclosure;
or 

  

	 	(vii)	such disclosure is required to enable that party to enforce its rights under this Agreement. 

 

	 	(c)	Each of the parties hereby agrees that they shall not use Confidential Information for any purpose other than the performance of their obligations under this Agreement
(and the transactions contemplated hereby) or in connection with the Business, or in connection with the enforcement of their rights hereunder. 

  

	 	(d)	The restrictions contained in this Clause 18 shall continue to apply after the rescission or termination of this Agreement for a period of three years.

  

	19.	NOTICES  

  

	19.1	General  

  

	 	(a)	Any notice or other communication given or made under or in connection with the matters contemplated by this Agreement shall be in writing. 

 

	 	(b)	Any such notice or other communication shall be addressed as provided in Clause 19.2 and, if so addressed, shall be deemed to have been duly given or made as follows:

  

	 	(i)	if sent by personal delivery, upon delivery at the address of the relevant party; 

  
 32 

	 	(ii)	if sent by international courier, upon receipt of a confirmation of delivery; and 

 

	 	(iii)	if sent by facsimile, upon receipt of a confirmation of transmission, 

 PROVIDED THAT if, in accordance with the above provisions, any such notice or other communication would otherwise be deemed to be given or made outside Working Hours, such notice or other communication
shall be deemed to be given or made at the start of Working Hours on the next Business Day. 
  

	19.2	Contact Information  

 The
relevant addressee and facsimile number of each party for the purposes of this Agreement, subject to Clause 19.3, are: 
  

					
	 Name of party:
	  	 For the attention of:
	  	 Facsimile No.:

	White Horse	  	Sergei Kupriyanov	  	+7 495 702 62 15
	Bols	  	William V. Carey	  	+48 22 488 43 10
	CEDC	  	William V. Carey	  	+48 22 488 43 10
	Company	  	William V. Carey and	  	+48 22 488 43 10
		  	Sergei Kupriyanov	  	+7 495 702 62 15

 The addresses of White
Horse, Bols, CEDC and the Company are as set forth at the commencement of this Agreement. 
 Any notice or other communication to
White Horse shall be addressed as above, with a copy to: 
 Akin Gump Strauss Hauer & Feld LLP 

Ducat Place II 

7 Gasheka Street 

Moscow 123056 Russia 
 Attn: Andrei Danilov 
 Facsimile No.: +7-495-783-7701 

Any notice or other communication to Bols or CEDC shall be addressed as above, with a copy to: 

Dewey & LeBoeuf 
 One Minster Court 
 Mincing Lane 

London EC3R 7YL 

United Kingdom 

Attn: Stephen J. Horvath III 
 Facsimile No.: +44-20-7459-5099 

  
 33 

 Any notice or other communication to the Company shall be addressed as above, with a copy to
each of: 
 Akin Gump Strauss Hauer & Feld LLP 
 Ducat Place II 
 7 Gasheka Street 

Moscow 123056 Russia 
 Attn: Andrei Danilov 
 Facsimile No.: +7-495-783-7701 

Dewey & LeBoeuf 
 One Minster Court 
 Mincing Lane 

London EC3R 7YL 

United Kingdom 

Attn: Stephen J. Horvath III 
 Facsimile No.: +44-20-7459-5099 
  

	19.3	Changes to Contact Information  

 A party may notify the other parties to this Agreement of a change to its name, relevant addressee, address or fax number for the purposes of Clause 19.2 PROVIDED THAT such notification shall only be
effective on: 
  

	 	(a)	the date specified in the notification as the date on which the change is to take place; or 

 

	 	(b)	if no date is specified or the date specified is less than five clear Business Days after the date on which notice is given, the date falling five clear Business Days
after notice of any such change has been given. 

  

	20.	COSTS  

 Each party shall
pay its own costs and expenses in relation to the preparation, negotiation and execution of this Agreement and the negotiations leading up to the same and each party shall be responsible for the costs and expenses of its own advisors. 

 

	21.	GENERAL  

  

	21.1	No prejudice to Other Rights  

 Any rights conferred upon any Shareholder by this Agreement shall be without prejudice to the rights conferred on a Shareholder under general law by virtue of its shareholding in the Company. 

 

	21.2	Cessation  

 Subject to
the terms of this Agreement, a party shall cease to be a party to this Agreement for the purpose of receiving benefits and enforcing its rights with effect from the date such party ceases to legally own any shares in the capital of the Company (but
without prejudice to any benefits and rights accrued prior to such cessation and any provisions expressed to survive termination of this Agreement). 

  
 34 

	21.3	Interaction of the Articles and this Agreement  

  

	 	(a)	In the event of any conflict between this Agreement and the Articles, this Agreement shall override those conflicting provisions. 

 

	 	(b)	The Shareholders shall vote their Shares in favour of any amendments to the Articles that may be necessary or desirable to give effect to this Agreement and the
transactions contemplated by the SPA, including the reclassification of the Shares. 

  

	21.4	No Assignment  

 Save as
provided in Clause 11, no party may assign any of its rights under this Agreement without the prior written consent of the other parties. 
  

	21.5	Entire Agreement  

 This
Agreement (and all other documents which are entered into by the parties or any of them in connection with this Agreement) contain the whole agreement between the parties relating to the subject matter of this Agreement and such other documents at
the date hereof. Each party acknowledges that it has not been induced to enter this Agreement by, and in agreeing to enter into this Agreement it has not relied on, any representation or warranty except as expressly stated or referred to in this
Agreement and/or any such other document and, so far as permitted by law (and except in the case of fraud) each of the parties hereby waives any remedy in respect of (and acknowledges that the other parties nor any of their respective agents,
directors, officers or employees have given) any such representations or warranties which are not expressly stated or referred to in this Agreement and/or any such other document. 

 

	21.6	Amendments  

 This
Agreement may only be varied in writing signed by each of the parties. 
  

	21.7	Remedies and Waivers  

  

	 	(a)	No delay or omission on the part of either party to this Agreement in exercising any right, power or remedy provided under this Agreement or any other documents
referred to herein shall impair such right, power or remedy, or operate as a waiver thereof. 

  

	 	(b)	The single or partial exercise of any right, power or remedy provided under this Agreement shall not preclude any other or further exercise thereof or the exercise of
any other right, power or remedy. 

  

	21.8	Invalidity  

 If at any
time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any competent jurisdiction such provision shall not affect or impair: 

 

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or 

 

	 	(b)	the legality, validity or enforceability under the law of any other jurisdiction of such provision or any other provision of this Agreement. 

  
 35 

	21.9	No Partnership  

 Nothing
in this Agreement shall constitute or be deemed to constitute a partnership between the Shareholders and/or between any of them and the Company. Save as provided herein or in the Articles or as required or implied by applicable law, no Shareholder
shall have or owe any duty or obligation to any other Shareholder or to the Company. 
  

	21.10 	Counterparts  

 This
Agreement may be executed in counterparts, and by the parties on separate counterparts, but shall not be effective until each party has executed at least one counterpart. Each counterpart shall constitute an original of this Agreement, but the
counterparts shall together constitute but one and the same instrument. 
  

	21.11 	Choice of Governing Law and Arbitration  

  

	 	(a)	This Agreement shall be governed by and construed in accordance with the laws of England without giving effect to applicable conflict of laws provisions.

  

	 	(b)	All Shareholders shall give reasonable support, if requested by the Company, in Litigation other than litigation against that Shareholder or its Affiliates or which
otherwise is or may be materially detrimental to that Shareholder. 

  

	 	(c)	Any dispute, controversy or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity, or termination, shall
be referred to and finally resolved by arbitration under the Rules of Arbitration of the London Court of International Arbitration (the “LCIA Rules”), which rules are deemed to be incorporated by reference into this Agreement. There
shall be three arbitrators, and the parties agree that one arbitrator shall be nominated by each party in dispute (save as set out in Clause 21.11(d)). The third arbitrator, who shall act as the chairman of the tribunal, shall be nominated by
agreement of the two party-nominated arbitrators within fourteen days of the confirmation of the appointment of the second arbitrator, or in default of such agreement, appointed by the LCIA Court. The seat or place of arbitration shall be London,
England. The language to be used in the arbitral proceedings shall be English. The award shall be final and binding on the parties and may be entered and enforced in any court having jurisdiction. 

 

	 	(d)	Where there are more than two parties to any reference for arbitration in accordance with Clause 21.11(c), and except where otherwise agreed by the parties, for the
purposes of Article 8.1 of the LCIA Rules the parties agree that White Horse, on the one hand, and CEDC, on the other hand, represent two separate sides for the formation of the arbitral tribunal as claimant and respondent respectively (or vice
versa). Accordingly, White Horse shall nominate one arbitrator and CEDC shall nominate one arbitrator, respectively. The third arbitrator, who shall act as the chairman of the tribunal, shall be nominated by agreement of the two party-nominated
arbitrators within 14 days of the confirmation of the appointment of the second arbitrator, or in default of such agreement, appointed by the LCIA Court. 

  

	 	(e)	 Nothing in this Agreement shall prevent the parties seeking interim relief or conservatory measures in aid of the arbitration proceedings or for the
enforcement of any arbitral award, PROVIDED THAT the parties agree that they may seek, and shall only be entitled to, such relief as is consistent with Clauses 21.11(c) and 21.11(d). Without prejudice to such provisional remedies that may be granted
by a national court in aid of arbitration, the arbitral tribunal shall have full authority to grant 

  
 36 

	 	 
interim or conservatory measures, to order a party to seek modification or vacation of interim or conservatory measures issued by a national court, and to award damages or give other appropriate
relief for the failure of any party to respect the arbitral tribunal’s orders to that effect. 

  

	 	(f)	The parties hereby waive their rights to apply or appeal under Sections 45 and 69 of the Arbitration Act 1996. 

  
 37 

 SCHEDULE 1 
 DEFINITIONS 
 “100% Affiliate” means, with respect to a Shareholder, an
Affiliate (i) that directly or indirectly owns one hundred per cent. of the equity securities of such Shareholder, (ii) one hundred per cent. of whose equity securities are directly or indirectly owned by such Shareholder, or (iii) one hundred per
cent. of whose equity securities are directly or indirectly owned by an Affiliate that directly or indirectly owns one hundred per cent. of the equity securities of such Shareholder; 
 “1C” has the meaning ascribed to such term in the SPA; 
 “1C
Amount” has the meaning ascribed to such term in the SPA; 
 “Acceptance Period” has the meaning given in Clause
11.2(c); 
 “Acceptance Notice” has the meaning given in Clause 11.2(e); 

“Accepting Shareholders” has the meaning given in Clause 11.2(e); 
 “Acquiring Shareholder” has the meaning given in Clause 11.5; 

“Affiliate” means in respect of any Person, another Person that is a Parent of, Controls, is Controlled by or is under common Control
with the first-mentioned Person, PROVIDED THAT no member of the Group shall be an Affiliate of White Horse or either CEDC Shareholder; 

“Annual Budget” means, in relation to each Financial Year, the business plan of the Company for that Financial Year prepared and
delivered in accordance with Clause 7 comprising a forecast balance sheet and forecast of income and expenditure for the Company and its Subsidiaries including, amongst other things, projections of revenues, costs and fixed and working capital
expenditure requirements; 
 “Applicable EBITDA” means, with respect to the date of determination, the Company’s
Consolidated audited net profit for the prior financial year, before the deduction of interest, taxation, depreciation, amortization and non-recurring revenues and costs as derived from the accounts for such financial period or financial year and as
determined in accordance with GAAP and specifically: 
  

	(a)	excluding any deduction of tax on profits; 

  

	(b)	excluding interest expense and similar charges and interest receivable or received and similar income (together with net monetary gain/loss from currency exchange rates
adjustments); 

  

	(c)	excluding costs and income arising from transactions of a capital nature (and in particular without limitation profits or losses on the sale of land, buildings or other
fixed or intangible assets, profits or losses on the sale of investments, profits or losses on the sale of businesses, brands or companies and profits or losses caused by fluctuation in foreign currency exchange); 

	(d)	excluding amortisation of any goodwill or any intangible assets; 

  

	(e)	excluding depreciation or write down of fixed assets; 

  

	(f)	excluding costs and expenses incurred in connection with the group’s acquisition activities and the compensation and reimbursement of related expenses for those
employees who are engaged in such activities where one of the acquisitions was consummated in the respective period; 

  

	(g)	including earnings derived from or generated in connection with sale of inventory; 

 

	(h)	including earnings attributable to third party minority interests in any Subsidiary of the Company; 

 

	(i)	excluding costs related to stock options awarded to senior management; 

  

	(j)	excluding all audit related expenses; 

  

	(k)	excluding expenses related to compensation of members of the board of directors; and 

 

	(l)	excluding one-off non-recurrent revenues and expenses. 

 “Applicable Multiple” means with respect to the year 2010 and previous years 12, with respect to the year 2011, 11, and with respect to the year 2012 and thereafter, 10. 

“Articles” means the Amended and Restated Memorandum of Association and the Amended and Restated Articles of Association of the Company
to be adopted pursuant to clause 4.9 of the SPA; 
 “Base Strategic Plan” has the meaning given in Clause 8.2(c); 

“Base Valuation” means the greater of the Applicable Multiple for the relevant year multiplied by the Applicable EBITDA for the previous
year, or, if greater, $300,000,000; 
 “Binding Obligation” shall mean making, entering into or amending a contract,
arrangement or commitment involving any agreement, transaction or payment (whether by a single transaction or payment or a series of related transactions or payments) whereby any member of the Group will pay (or, with respect to any guaranty or
other indemnity or similar liability, contingently obligating any member of the Group to pay) to any person (other than a member of the Group), or whereby any person (other than a member of the Group) will pay (or, with respect to any guaranty or
other indemnity or similar liability, contingently obligating any such person to pay) to any member of the Group (whether by a single transaction or payment or a series of related transactions or payments), more than $100,000 (or the equivalent
thereof in any other currency); 
 “Board” means the board of directors of the Company from time to time; 

“Business” means the business of the Company as described in Clause 3.1; 
 “Business Day” means any day except a Saturday or Sunday or statutory holiday in any of Moscow, New York, Warsaw, or the Republic of Cyprus; 

 “Call Option” has the meaning given in Clause 10.2(a); 

“Call Option Exercise Notice” has the meaning given in Clause 10.2(b); 
 “Call Shares” has the meaning given in Clause 10.2(a); 
 “CEDC
Directors” means the directors appointed by the CEDC Shareholders in accordance with Clause 5.2(b) or as the case may be their alternates; 
 “CEDC Group” means CEDC and its Affiliates (other than the Group); 

“Chairman” means the person appointed to that title pursuant to Clause 5.2 for so long as such person holds such title; 

“Change of Control” means, in relation to any Person, any Person or group of Persons becomes the beneficial owner or owner of an
interest, directly or indirectly, or ceases to be the beneficial owner or owner of an interest, directly or indirectly, representing fifty per cent. or more of the voting power of the total outstanding interests of such Shareholder; 

“Company Value” means, at any date of determination, the Applicable Multiple for such year multiplied by the Applicable EBITDA for the
previous year; 
 “Consolidated” means the consolidation of any Person, in accordance with GAAP, with its properly consolidated
Subsidiaries; 
 “Control,” “Controls,” or “Controlled” means: 

 

	(a)	with respect to control of a company by a Person, the holding (other than by way of security) by or for the benefit of that Person of securities of that company to
which are attached more than fifty per cent. of the votes that may be cast to elect directors of the company; or 

  

	(b)	with respect to control of any other Person other than a company by a Person, the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of that other Person, whether through the ownership of voting securities, by contract or otherwise; 

“Cypriot Resident” means a resident of the Republic of Cyprus pursuant to the applicable laws of the Republic of Cyprus; 

“Deadlock” has the meaning given in Clause 12; 
 “Debt to Equity Ratio” means with respect to any Subsidiary of the Company formed under the laws of the Russian Federation, as of any date of determination, the ratio of (a) outstanding
debt of such Subsidiary to (b) the difference between the sum of assets and the amount of liabilities of such Subsidiary, at such date, which such ratio is in violation of Article 269 of the Russian Tax Code; 

“Default Completion” has the meaning given in Clause 14.1; 
 “Default Notice” has the meaning given in Clause 13.1; 
 “Default
Price” means: 

	(a)	if the Defaulting Shareholder is CEDC or an Affiliate of CEDC, with respect to the year in which the relevant Event of Default occurs, the greater of (i) an amount
equal to the Specified Proportion of White Horse together with each of its Affiliates (taken together) of the Base Valuation for the relevant year (but for such purpose disregarding the $300,000,000 floor), multiplied by 120 per cent. (or, where
applicable, multiplied by the relevant Uplift Percentage), and (ii) $300,000,000; or 

  

	(b)	if the Defaulting Shareholder is White Horse or an Affiliate of White Horse, with respect to the year in which the relevant Event of Default occurs, the greater of (i)
an amount equal to the Specified Proportion of White Horse together with each of its Affiliates (taken together) of the Base Valuation for the relevant year (but for such purpose disregarding the $300,000,000 floor), multiplied by 90 per cent., and
(ii) $300,000,000; 

 “Default Price Notice” has the meaning given in Clause 13.1 

“Defaulting Shareholder” has the meaning given in Clause 13.1; 
 “Default Shares” has the meaning given in Clause 13.1; 

“Director” means a director of the Company for the time being; 
 “Disposing Shareholder” has the meaning given in Clause 11.5; 

“Distribution Amount” means, with respect to the date of determination, a person’s Consolidated audited net profit for the prior
financial year, before the deduction of interest amounts payable to any member of the CEDC Group in respect of financing arrangements made with any such member for such financial year and as determined in accordance with GAAP; 

“Encumbrance” means any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, option, assignment, security interest
or other encumbrance of any kind exercisable by a third party securing or any right conferring a priority of payment in respect of any obligation of any person; 
 “Equity Interest” means: 
  

	(a)	with respect to a company, any and all shares of capital stock; 

  

	(b)	with respect to a partnership, limited liability company, trust, or similar Person, any and all units, interests or other partnership or limited liability company
interests; and 

  

	(c)	any other direct equity ownership or participation in a Person; 

 “Event of Default” has the meaning given in Clause 13.3; 
 “Exit
Notice” has the meaning given in Clause 13.1; 
 “Final Closing” shall have the meaning given thereto in the SPA;

 “Final Date” has the meaning given in Clause 8.7; 

 “Financial Indebtedness” means indebtedness for moneys borrowed, debit balances at banks
and other financial institutions, indebtedness under bonds, notes, debentures, loan stock or other debt security, and indebtedness under any guarantee or indemnity and any other transaction or indebtedness which would, in accordance with GAAP, be
treated as a borrowing; 
 “Financial Year” means an accounting reference period of the Company which shall begin 1 January and
end 31 December; 
 “Funding Notice” means a notice in writing from the Board to the Shareholders which shall specify:

  

	(a)	that further funds are required by the Company; 

  

	(b)	the amount of the further funds required in the opinion of the Board; 

  

	(c)	to the extent practicable, the period for which such funds are required in the opinion of the Board; and 

 

	(d)	in reasonable detail, the reasons and/or calculations supporting these opinions; 

 “GAAP” means those generally accepted accounting principles and practices in the United States recognized as such by the Financial Accounting Standards Board (or any generally recognised
successor); 
 “Group” means the Company and its Subsidiaries; 
 “IFRS” means the standards and interpretations adopted by the International Accounting Standards Board and known as the International Financial Reporting Standards; 

“Independent Expert” means a member firm of the network of independent firms known as PricewaterhouseCoopers, KPMG, Ernst & Young,
or Deloitte as agreed between the Defaulting Shareholder and (a) CEDC (if the Defaulting Shareholder is White Horse or an Affiliate of White Horse) or (b) White Horse (if the Defaulting Shareholder is CEDC or an Affiliate of CEDC) or otherwise (c)
the Non-defaulting Shareholders (but excluding for such purpose any Affiliates of the Defaulting Shareholder), each acting reasonably and in good faith, or if such member firm is not so agreed upon within ten Business Days after service of an Exit
Notice, such member as is thereafter engaged by the Non-defaulting Shareholders serving the relevant Exit Notice; 
 “Interim
Period” means the period beginning with the closing date under the SPA and ending upon the Final Closing (as defined under the SPA); 

“Licenses” means the licenses described on Schedule 3; 
 “Losses” means, in respect of any matter, event or circumstance, all losses, claims, demands, actions, proceedings, damages, and other payments, costs, expenses or other liabilities of
any kind arising out of such matter, event or circumstance; 
 “Minimum Holding Condition” means, in respect to a given
Shareholder, the Specified Proportion of that Shareholder together with the Specified Proportions of each of its Affiliates being in excess of five per cent.; 
 “New Production Facilities” means the facilities described on Schedule 4; 

 “Non-defaulting Shareholders” has the meaning given in Clause 13.1; 

“Offer Notice” has the meaning given in Clause 11.2(c); 
 “Operational Financial Requirements” means: (a) the minimum financial obligations required to operate the Company and its Subsidiaries in the ordinary course of business and obtain and
maintain the Licenses, in each case during the Interim Period, and (b) the financial obligations described in a Russian Venture Offer Notice, the offer pertaining to which has been accepted pursuant to Clause 10.3(d); 

“Option Purchase Price” means, with respect to the exercise of a Call Option or as the case may be the Put Option, an amount equal to
the product of: (a) a fraction, the numerator of which is the number of Call Shares or Put Shares, as applicable, in such exercise, the denominator of which is all outstanding Shares, and (b) the Base Valuation as of such exercise; 

“Original Ultimate Parent” means the Ultimate Parent of the Transferor at the time the Transferor acquired the Relevant Shares;

 “Other Shareholders” has the meaning given in Clause 11.2(c); 
 “Overspend Situation” has the meaning given in Clause 8.6; 

“Parent” means, with respect to any Person, any such other Person that owns, directly or indirectly, fifty per cent. or more of the
outstanding capital stock or other Equity Interests of such Person, and in the case of White Horse, any of the direct or indirect ultimate beneficial holders of shares of White Horse and any immediate family member thereof; 

“Permitted Overspend” means, to the extent actually spent, any expenditure specifically approved by a White Horse Director (whether
pursuant to Clause 8.1(a) or otherwise) or White Horse (or a simple majority of its permitted assignees to whom White Horse’s rights under this Agreement have been assigned pursuant to Clause 11.1) (whether pursuant to Clause 8.1(b) or
otherwise); 
 “Proposal” has the meaning given in Clause 8.7; 
 “Put Option” has the meaning given in Clause 10.3(a); 
 “Put Option
Exercise Notice” has the meaning given in Clause 10.3(b); 
 “Put Shares” has the meaning given in Clause 10.3(a);

 “Purchasing Shareholder” has the meaning given in Clause 14.1; 
 “Qualifying External Circumstance” means: 
  

	(a)	 with respect to a possible Shortfall Situation, an event or circumstance outside of the reasonable control of the CEDC Shareholders or their Affiliates
that (i) constitutes a breach by (x) the Seller, (y) a third-party provider of a service to a member of the Company Group, or (z) a third-party seller of an asset to a member of the Company Group, in respect of the purchase of an asset or service
from a person other than the CEDC Shareholders or their Affiliates, (ii) is required under the terms of the licences or approvals under which the Business operates, (iii) arises due to a newly enacted or amended law or regulation of the Russian
Federation, or (iv) is an incident of 

	 	 
terrorism, fire, explosion, flood, or other calamity, or is a labour dispute, which in the case of subparagraph (i), (ii), (iii), or (iv), as applicable, has reduced an item of Relevant
Expenditure, or affected the date on which such Relevant Expenditure was incurred, such that a Shortfall Situation has arisen, and 

  

	(b)	with respect to a possible Overspend Situation, an event or circumstance outside of the reasonable control of the CEDC Shareholders or their Affiliates that (i) arises
due to a newly enacted or amended law or regulation of the Russian Federation, or (ii) is an incident of terrorism, fire, explosion, flood, or other calamity, or is a labour dispute, which in the case of subparagraph (i) or (ii), as applicable, has
increased an item of Relevant Expenditure, or affected the date on which such Relevant Expenditure was incurred, such that an Overspend Situation has arisen; 

 “Relevant Expenditure” means such expenditure of the Consolidated Company as is classified or treated as “Employee Expenses”, “Marketing Spend”, “Selling, General
and Administrative Expenses” or “Capital Expenditures” for the purposes of the Annual Budget; 
 “Relevant
Shares” has the meaning given in Clause 11.1(a); 
 “Relevant Overspend Percentage” means (i) with respect to the
financial year ending 31 December 2008, 120 per cent., and (ii) with respect to the financial year ending 31 December 2009, 110 per cent. and (iii) with respect to the financial year ending 31 December 2010 and thereafter, 110 per cent.; 

“Relevant Underspend Percentage” means (i) with respect to the financial year ending 31 December 2008, 80 per cent., and (ii) with
respect to the financial year ending 31 December 2009, and thereafter, 90 per cent.; 
 “Russian Business Venture” means any
business venture whose the primary income originates from products or services manufactured, distributed, or supplied in the Russian Federation, the consideration paid for which does not exceed $50,000,000; 

“Russian Tax Code” means the Tax Code of the Russian Federation, part 1 No. 146-FZ dated 31 July 1998 and part 2 No. 117-FZ, dated 5
August 2000, as amended; 
 “Russian Venture Offer Notice” has the meaning given in Clause 10.4(a); 

“Russian Venture Acceptance Notice” has the meaning given in Clause 10.4(b); 
 “Russian Venture Acceptance Period” has the meaning given in Clause 10.4(a); 

“Russian Venture Sale Price” has the meaning given in Clause 10.4(b); 
 “Sale Interest” has the meaning given in Clause 11.3(a); 
 “Sale
Notice” has the meaning given in Clause 11.3(b); 
 “Sale Price” has the meaning given in Clause 11.2(d)(i);

 “Sale Shares” has the meaning given in Clause 11.2(d)(i); 
 “Sales Ceiling Percentage” means (i) with respect to the financial year ending 31 December 2008, 110 per cent., (ii) with respect to the financial year ending 31 December 2009, 107.5 per
cent. and (iii) with respect to the financial year ending 31 December 2010 and thereafter, 105 per cent.; 

 “Sales Floor Percentage” means (i) with respect to the financial year ending 31 December
2008, 90 per cent., (ii) with respect to the financial year ending 31 December 2009, 92.5 per cent. and (iii) with respect to the financial year ending 31 December 2010 and thereafter, 95 per cent.; 

“SAP” has the meaning ascribed to such term in the SPA; 
 “Secretary” means the corporate secretary of the Company from time to time; 

“Seller” has the meaning given in Clause 11.2(c); 
 “Selling Shareholder” has the meaning given in Clause 14.1; 

“Share” means a share in the capital of the Company from time to time in issue; 

“Shareholder Guarantee” means any guarantee of liabilities of any member of the Group by a Shareholder or any Affiliate of a
Shareholder; 
 “Shareholders” means the holders of Shares from time to time; 

“Shortfall Situation” has the meaning given in Clause 8.5; 
 “Shortfall Quarter” means a quarter in which there are one or more Shortfall Situations; 
 “Shortfall Uplift Percentage” means with respect to the calculation Default Price following the Event of Default described at Clause 13.3(c), (i) 130 per cent. in the event of there being
one Shortfall Quarter, (ii) 140 per cent. in the event of there being two Shortfall Quarters, (iii) 150 per cent. in the event of there being three Shortfall Quarters, (iv) 160 per cent. in the event of there being four Shortfall Quarters and (v)
170 per cent. in the event of there being five or more Shortfall Quarters; 
 “SPA” means the sale and purchase agreement for
Shares in the Company entered into between White Horse, William V. Carey and the CEDC Shareholders, dated 11 March, 2008; 
 “Specified
Proportion” means, in relation to a Shareholder at any time, the proportion of the total number of outstanding Shares that it holds at that time; 
 “Subsidiary” means any Person of which at least five per cent. of the Equity Interest (however designated) entitled (without regard to the occurrence of any contingency) to vote in the
election of the governing body, partners, managers, directors or others that will control the management of such entity is owned by such Person directly or indirectly; 
 “Tag Along Sale” has the meaning given in Clause 11.3(a); 
 “Tag Along
Seller” has the meaning given in Clause 11.3(a); 
 “Tag Along Shareholder” has the meaning given in Clause 11.3(a);

 “Term Sheet” means the terms set forth in Schedule 5 hereto; 
 “Transferor” has the meaning given in Clause 11.1(a); 

 “Ultimate Parent” means, in relation to any Person, any Parent of such Person who is not a
Subsidiary of another Person; 
 “Uplift Percentage” means with respect to the calculation of the Default Price following the
Event of Default described at Clause 13.3(c), (i) 130 per cent. in the event of there being one Shortfall Quarter, (ii) 140 per cent. in the event of there being two Shortfall Quarters, (iii) 150 per cent. in the event of there being three Shortfall
Quarters, (iv) 160 per cent. in the event of there being four Shortfall Quarters and (v) 170 per cent. in the event of there being five or more Shortfall Quarters; 
 “Urozhay Brand” means the rights to the trademarks of ZAO Firm Urozhay categorized as class 33 under the International (Nice) Classification of Goods and Services for the Purposes of the
Registration of Marks (8th Edition); 

“White Horse Directors” means the directors appointed by White Horse in accordance with Clause 5.2(a) or as the case may be their
alternates; 
 “White Horse Group” means the White Horse and its Affiliates (other than the Group); 

“White Horse Nominee” has the meaning given in Clause 12; and 
 “Working hours” means 9.30 a.m. to 5.00 p.m. on a Business Day. 

 SCHEDULE 2 
 PART A 
 KEY BOARD DECISIONS 

 

	1.	CONSTITUTION OF THE COMPANY  

 Change its registered name, its registered office, or its business name. 
  

	2.	THE BUSINESS  

  

	 	(a)	Enter into a Binding Obligation if, at the moment when such Binding Obligation is proposed to be entered into, with respect to the then existing quarter of the
Consolidated Company, such Binding Obligation will cause or is reasonably likely to cause a Relevant Expenditure being more than the Relevant Overspend Percentage of the corresponding projected expenditure for each relevant category as set forth for
the relevant quarter in the Annual Budget, as multiplied by a fraction of which the numerator is the amount of Sales reasonably estimated for such quarter taking into account the facts and circumstances as of such moment (which for purposes of this
paragraph 2(a) will be deemed to be no more than the Sales Ceiling Percentage of the amount of Sales as set forth for the relevant quarter in the Annual Budget) and the denominator is the amount of Sales as set forth for the relevant quarter in the
Annual Budget. 

  

	 	(b)	Enter into a partnership, joint venture, or profit sharing agreement. 

  

	 	(c)	Make or permit any substantial alteration (including cessation) to the general nature of the Business or add any material new activity. 

 

	 	(d)	Enter into voluntary liquidation. 

  

	3.	SHARE CAPITAL  

  

	 	(a)	Subscribe for or otherwise acquire, whether by formation or otherwise, any interest in the share capital of any other company or body corporate other than in a member
of the Group and other than interests in trade associations or similar bodies. 

  

	 	(b)	Permit the disposal or dilution of its interest directly or indirectly in any company or body corporate other than to a member of the Group and other than interests in
trade associations or similar bodies. 

  

	4.	FINANCIAL POLICY  

  

	 	(a)	Exceed a Group Debt Ratio of 3.5 to 1, where “Group Debt Ratio” means with respect to the Company on a Consolidated basis, as of any date of determination,
the ratio of (a) outstanding Financial Indebtedness to (b) the Applicable EBITDA. 

  

	 	(b)	Chose to default under any existing Financial Indebtedness. 

	5.	RELATED PARTY TRANSACTIONS, BINDING OBLIGATIONS  

  

	 	(a)	Making, entering into or amending any Binding Obligation with a Shareholder or an Affiliate of a Shareholder, other than on an arms length basis and under market
conditions. 

  

	 	(b)	Enter into a Binding Obligation if, with respect to any quarter of the Consolidated Company, if such Binding Obligation will cause or is reasonably likely to cause the
Relevant Expenditure being more than the Relevant Overspend Percentage of the corresponding projected expenditure for each relevant category as set forth for the relevant quarter in the Annual Budget, as multiplied by the fraction of which the
numerator is the amount of Sales in such quarter (which for purposes of this paragraph 5(b) will be deemed to be no more than the Sales Ceiling Percentage of the amount of Sales as set forth for the relevant quarter in the Annual Budget) and the
denominator is the amount of Sales as set forth for the relevant quarter in the Annual Budget. 

 SCHEDULE 2 
 PART B 
 KEY SHAREHOLDER DECISIONS 

1. CONSTITUTION OF THE COMPANY  
 Alter or amend its Articles. 
  

	2.	THE BUSINESS  

  

	 	(a)	Sell, transfer, lease, licence or in any way dispose of all or a material part of the Business whether by a single transaction or a series of transactions related or
not. 

  

	 	(b)	Absorb or merge with or be absorbed by or merge with any other company. 

  

	3.	CONTRACTING  

 Except as
otherwise required pursuant to Clause 3.2, amend an agreement with a Shareholder or an Affiliate of a Shareholder in a manner otherwise than on an arm’s length basis and to the material detriment of the Company or the Group. 

 

	4.	SHARE CAPITAL  

  

	 	(a)	Carry out any form of capital restructuring. 

  

	 	(b)	Create any shares or securities. 

  

	 	(c)	Increase, reduce, repay, subdivide, consolidate or otherwise vary its share capital or the rights attaching to any shares in its share capital.

  

	 	(d)	Offer or grant or agree to offer or grant any option to subscribe or other right to call for shares of the Company. 

 

	 	(e)	Issue or agree to issue any shares in the Company or any securities convertible into shares of the Company. 

 

	5.	FINANCIAL POLICY  

  

	 	(a)	Permit any member of the Group to guarantee any obligations of any person other than a member of the Group. 

 

	 	(b)	Permit any member of the Group to grant or (to the extent it can lawfully do so) permit any Encumbrance over the assets of the Company or any other member of the Group
(including, for the avoidance of doubt, any share in any Subsidiary held by the Company or any other member of the Group), other than in respect of any obligation of another member of the Group. 

	6.	MANAGEMENT  

  

	 	(a)	Increase the number of Directors or alter the permitted number of Directors that may be appointed hereunder. 

 

	 	(b)	Appoint or dismiss a Director except in accordance with Clause 5.2. 

 SCHEDULE 3 
 LICENSES 
 Any licenses for, with respect to OOO Parliament Distribution, the purchase,
storage and/or supply of alcoholic products, and, with respect to OOO Parliament Production, the manufacture, purchase, storage and/or supply of alcoholic beverages or products, in each case duly issued by the Federal Tax Service of the Russian
Federation (or any successor organization) or by any other competent authority of the Russian Federation and held in favour of OOO Parliament Distribution and/or OOO Parliament Production as the case may be. 

 SCHEDULE 4 
 NEW PRODUCTIONS FACILITIES 
 New Production Facilities shall include equipment acquired
from KHS AG (including pursuant to agreement No. UR-08/07 dated October 22, 2007, as subsequently amended and/or modified), and (without duplication) a new bottling production line for the bottling of vodka (including bottling of vodka,
affixing labels, tags and excise duty stamps and packing of bottles). New Production Facilities shall also include the assembling services, start-up and set-up activities, commissioning and personnel education services provided by KHS AG pursuant to
the above agreement, as well as any other materials, equipment, and/or services that may be necessary to enable the carrying out of the actions set out above. 
 New Production Facilities shall further include the bringing of unfinished construction objects into service, construction of an alcohol storage tank and other buildings and constructions reasonably
prudent for the operation of the Group business, creation of an independent production facility (including entering into supply contracts, manufacturing, supply and installation of equipment and any other actions reasonably necessary for this
purpose), development of a logistics system, connection to infrastructure and bringing the new industrial objects and/or constructions into service, as well as any engineering, logistical, technological and infrastructure design works, reasonably
necessary to carry out the above. 

 SCHEDULE 5 
 TERM SHEET 
 Set forth below is a summary of the material terms and conditions to be
included in the sale and purchase agreement pertaining to the option to acquire shares (the “Transaction”) of an interest in the Company. 
  

			
	Parties:	  	(i) White Horse Intervest Ltd. and each of its relevant Affiliates (the “Seller”) and (ii) Central European Distribution Corporation (the
“Buyer”).
		
	Purchase Price:	  	As described in the Shareholders’ Agreement.
		
	Warranties:	  	The agreement will include only the following customary warranties by each party on its own behalf: (i) organization and qualification; (ii) authorization and enforceability;
(iii) capitalization; (iv) good and unencumbered title to ownership interest (in the case of Seller only); (v) absence of liabilities; (vi) compliance with laws; and (vii) tax matters.
		
	Indemnities:	  	None.
		
	Conditions to Completion:	  	Completion of the Transaction contemplated under the agreement will be conditioned upon receipt of any required third party, governmental and regulatory approvals (including with
respect to antimonopoly approvals) and no actions to enjoin such completion.
		
	Liability Limitations:	  	The whole amount of the purchase price.
		
	Governing Law:	  	The agreement will be governed by the laws of England.
		
	Dispute Resolution:	  	Any disputes between the parties arising out of their respective obligations under the agreement shall be settled by arbitration under Rules of Arbitration of the London Court of
International Arbitration (the “LCIA Rules”). Three arbitrators shall be used, with each party selecting one and the two arbitrators so selected selecting the third arbitrator. The place of arbitration shall be London, England and
the language shall be English.

 SCHEDULE 6 
 DEED OF ADHERENCE 
 DEED OF ADHERENCE 

THIS DEED is dated [—] day of [—] 200[—] and made 
 BETWEEN 

 

	(1)	[—] of [—] (the “New Shareholder”) and

  

	(2)	THE PERSONS whose names and addresses appear in the Schedule hereto (the “Existing Shareholders”) 

BACKGROUND: 
  

	(A)	WHITE HORSE INTERVEST LIMITED, a company incorporated under the laws of the British Virgin Islands whose registered office is at P.O. Box 3321, Drake Chambers, Road
Town, Tortola, British Virgin Islands, BOLS SP. ZO.O., a limited liability company incorporated under the laws of the republic of Poland whose registered office is at [—],CENTRAL EUROPEAN
DISTRIBUTION CORPORATION, a company incorporated under the laws of the State of Delaware whose registered office is at [—], and COPECRESTO ENTERPRISES LIMITED, a company incorporated under the laws
of the Republic of Cyprus whose registered office is at Arch Makariou III, 2-4 Capital Center, 9th floor P.C. 1065, Nicosia, Cyprus (hereinafter the “Company”) have entered into a Shareholders’ Agreement dated [—], 2008 (the “Shareholders’ Agreement”). 

  

	(B)	[recite any previous deeds of adherence and any releases from the joint venture/shareholders agreement]. 

 

	(C)	The New Shareholder has become entitled to a [transfer of/an Encumbrance (as defined in the Shareholders’ Agreement) over]
[—] ordinary shares of $ [—] each in the capital of the Company. 

 

	(D)	It is a term of the Shareholders’ Agreement that no [transfer of/ Encumbrance over] shares in the Company shall be effected unless the [transferee/charge] shall
have first entered into a deed in the form of this deed. 

 WITNESSETH that the New Shareholder hereby covenants with each of the
Existing Shareholders that with effect from the date of this deed the New Shareholder will be bound by and will observe and perform every provision of the Shareholders’ Agreement by which [outgoing party] was bound in every way as if the
New Shareholder was a party thereto. 

 IN WITNESS whereof the New Shareholder has executed this Deed the day and year first above written.

 Schedule: [names and addresses of existing shareholders 

 

					
	 EXECUTED as a deed by the
	  	)	  	
	 said
[                    ]
	  	)	  	
	 [in the presence of/acting by]
	  	)	  	
			
	SIGNED by	  		  	
	 [duly authorized for and on behalf
	  	)	  	
	 of [                    
]]
	  	)	  	
	 in the presence of
	  	)	  	
			
	 SIGNED by
	  	)	  	
	 [duly authorized for and on behalf
	  	)	  	
	 of [                    
]]
	  	)	  	
	 in the presence of
	  	)	  	
			
	 SIGNED by
	  	)	  	
	 [duly authorized for and on behalf
	  	)	  	
	 of
[                    ]]
	  	)	  	
	 in the presence of
	  	)	  	

 SCHEDULE 7 
 COMPANY ARTICLES 
 THE COMPANIES LAW, CAP. 113 

PRIVATE COMPANY LIMITED 
 BY SHARES 
 MEMORANDUM 

AND 
 ARTICLES OF
ASSOCIATION 
 OF 
 COPECRESTO ENTERPRISES LIMITED 
 Incorporated on the      day of
             2007 
 Certificate No
             
  

	
	ANTIS TRIANTAFYLLIDES AND SONS
	Advocates
	2-4 Makarios III Av.
	CAPITAL CENTER
	 9th Floor

Nicosia

 THE COMPANIES LAW (CAP. 113) 

PRIVATE COMPANY LIMITED BY SHARES 
 MEMORANDUM OF ASSOCIATION 
 OF 

COPECRESTO ENTERPRISES LIMITED 
  

	1.	The name of the Company is: 

 COPECRESTO
ENTERPRISES LIMITED 
  

	2.	The registered office of the Company will be situated in Cyprus. 

  

	3.	The objects for which the Company is established are: 

 (1) To carry on either alone or jointly with others anywhere in the world, any trade, business, work, operation or activity whatsoever relating to, connected with or involving equity, debt, stock, shares,
bonds, securities, warrants, options, derivatives, commodities and any other equity, debt or commodity related instrument, commodities of all kinds, real estate in general, developing, buying, selling and financing real estate or other businesses,
sinking of wells, pumping, diving, surveying, mineral oil or gas exploration extraction or exploitation, installation or building of any structures, and, in connection with or in relation to any of the above, to act as contractors, subcontractors,
suppliers of power, designers, surveyors, managers, tenderers, agents, consultants, advisers, insurers, engineers, machinists and brokers of all other merchandise and commodities. 

(2) To purchase, sell, exchange, rent and otherwise trade any kind of movable or immovable property and goods of any kind, and any
commercial and financial business and to participate in other companies and businesses and/or acquire by purchase or otherwise the whole or part of the share or other capital of other companies. 

(3) To carry on either alone or jointly with others anywhere in the world (and whether in a “free zone area,” bonded area or
elsewhere), the business of manufactures, processors, dealers, wholesalers, retailers, importers, exporters, suppliers, distributors, buyers, sellers of any kind of goods, materials, merchandise or things of any nature, as well as the business of
merchants in general, carriers by any means of transportation, travel or insurance agents, agents on commission or otherwise, forwarding agents, estate agents and agents in general, and to carry on hotel and/or tourist businesses and/or to manage
tourist offices, hotels, motels, restaurants, amusement centers and to rent and exploit same. 

 (4) To engage, hire and train professional, clerical, manual, technical and other staff and
workers or the services of all or any of them and in any way and manner acquire, possess, manufacture or assemble any property of any kind or description whatsoever (including any rights over or in connection with such property) and to allocate and
make available the aforesaid personnel or services or make the use of such property available on hire, purchase, sale, exchange or in any other manner whatsoever, to those requiring or requesting same or who have need of the same or their use and
otherwise to utilise same for the benefit or advantage of the Company; to provide or procure the provision by others of every and any service, need, want or requirement of any business nature required by any person, firm or company in or in
connection with any business carried on by them. 
 (5) To carry on any other business or activity which may seem to the
Directors capable of being conveniently or advantageously carried on or done in connection with any of the above objects or calculated directly or indirectly to enhance the value of or render more profitable any of the Company’s business
property or rights. 
 (6) To purchase, obtain by way of gift, take on lease or sub-lease or in exchange, or otherwise acquire or
possess and hold for any estate or interest any lands, buildings, easements, rights, privileges, concessions, permits, licences, stock-in-trade, and movable and immovable property of any kind and description (whether mortgaged, charged or not)
necessary or convenient for the purposes of or in connection with the Company’s business or any branch or department thereof or which may enhance the value of any other property of the Company. 

(7) To erect, maintain, work, manage, construct, reconstruct, alter, enlarge, repair, improve, adapt, furnish, decorate, control, pull
down, replace any shops, offices, flats, electric or water works, workshops, mills, plants, machinery, warehouses and any other works, buildings, plants, conveniences or structures whatsoever, which the Company may consider desirable for the
purposes of its business and to contribute to, subsidize or otherwise assist or take part in the construction, improvement, maintenance, working, management, carrying out or control thereof. 

(8) To improve, manage, control, cultivate, develop, exploit, exchange, let on lease or otherwise, mortgage, charge, sell, dispose of,
grant as gift, turn to account, grant rights and privileges in respect of, or otherwise deal with all or any part of the property, assets and rights of the Company, or in which the Company is interested and to adopt such means of making known and
advertising the business and products of the Company as may seem expedient. 

 (9) To manufacture, repair, import, buy, sell, export, let on hire and generally trade or
deal in, any kind of accessories, articles apparatus, plant, machinery, tools, goods, properties, rights or things of any description capable of being used or dealt with by the Company in connection with any of its objects. 

(10) To deal in, utilise for building or other purposes, let on lease or sublease or on hire, to assign or grant licence over, charge or
mortgage, the whole or any parts of the immovable property belonging to the Company or any rights thereon or in which the Company is interested on such terms as the Company shall determine. 

(11) To purchase or otherwise acquire all or any part of the business, assets, property and liabilities of any company, society,
partnership or person, formed for all or any part of the purposes within the objects of the Company, or carrying on any business or intending to carry on business which the Company is authorised to carry on, or possessing property suitable for the
purposes of the Company and to undertake, conduct and carry on, or liquidate and wind up, any such business and, in consideration for such acquisition, to pay in cash, issue shares, undertake any liabilities or acquire any interest in the
vendor’s business. 
 (12) To apply for and take out, purchase or otherwise acquire any designs, trade marks, patents,
patent rights or inventions, brevets d’invention, copyright or secret processes, which may be useful for the Company’s objects, and to grant licences to use the same. 
 (13) To pay all costs, charges and expenses incurred or sustained in or about the promotion, formation and establishment of the Company or which the Company shall consider to be in the nature of
preliminary expenses or expenses incurred prior to incorporation and with a view to incorporation, including therein professional fees, the cost of advertising, taxes, commissions for underwriting, brokerage, printing and stationery, salaries to
employees and other similar expenses and expenses attendant upon the formation and functioning of agencies, local boards or local administration or other bodies, or expenses relating to any business or work carried on or performed prior to
incorporation, which the Company decides to take over or continue. 
 (14) Upon any issue of shares, debentures or any other
securities of the Company, to employ brokers, commission agents and underwriters, and to provide for the remuneration of such persons for their services by payment in cash or by the issue of shares, debentures or other securities of the Company, or
by the granting of options to take the same, or in any other manner allowed by law. 

 (15) To borrow, raise money or secure obligations (whether of the Company or any other
person) in such manner or such terms as may seem expedient, including the issue of debentures, debenture stock (perpetual or terminable), bonds, mortgages or any other securities, founded or based upon all or any of the property and rights of the
Company, including its uncalled capital, or without any such security and upon such terms as to priority or otherwise, as may be thought fit. 
 (16) To lend and advance money or give credit to any person, firm or company; to guarantee, give guarantees or indemnities for, undertake or otherwise support or secure, either with or without the Company
receiving any consideration or advantage and whether by personal covenant or by mortgaging, charging, pledging, assigning or creating of any rights or priorities in favour of any person or in any other manner whatsoever all or part of the
undertaking, property, assets, book, debts, rights, choses in action, receivables and revenues present and future and uncalled capital of the Company or by any such methods or by any other means whatsoever, the liabilities, the performance of
contracts and obligations of and the payment of any moneys whatsoever (including but not limited to principal, interest and other liabilities or any borrowing or acceptance of credits and capital, and premiums, dividends, costs and expenses on any
stocks, shares or securities) by any person, firm or company including, but not limited, to any company which is for the time being the holding company or a subsidiary of or associated or affiliated with the Company or with which the Company has any
contractual relations or in which the Company holds any interest or which holds any share or interest in the Company; and otherwise to assist any person or company as may be thought fit. 

(17) To draw, execute, issue, accept, make endorse, discount and negotiate bills of exchange, promissory notes, bills of lading, and other
negotiable or transferable instruments or securities. 
 (18) To receive money on deposit, with or without allowances or interest
thereon. 
 (19) To advance and lend money upon such security as may be thought proper, or without any security therefor.

 (20) To invest the moneys of the Company not immediately required in such manner, other than in the shares of the Company, as
from time to time may be determined by the Directors. 
 (21) To issue, or guarantee the issue or the payment of interest on, the
shares, debentures, debenture stock, or other securities or obligations of any company or association, and to pay or provide for brokerage, commission, and underwriting in respect of any such issue. 

 (22) To acquire by subscription, purchase or otherwise, and to accept, take, hold, deal in,
convert and sell, any kind of shares, stock, debentures or other securities or interests in any other company, society or undertaking whatsoever. 
 (23) To issue and allot fully or partly paid shares in the capital of the Company or issue debentures or securities in payment or part payment of any movable property purchased or otherwise acquired by
the Company or any services rendered to the Company and to remunerate in cash or otherwise any person, firm or company rendering services or grant donations to such persons. 
 (24) To establish anywhere in the world, branch offices, regional offices, agencies and local boards and to regulate and to discontinue the same. 

(25) To provide for the welfare of officers or of persons in the employment of the Company, or former officers or formerly in the
employment of the Company or its predecessors in business or officers or employees of any subsidiary or associated or allied company, of the Company and the wives, widows, dependants and families of such persons, by grants of money, pensions or
other payments (including payments of insurance premia), and to form, subscribe to, or otherwise aid, any trust, fund or scheme for the benefit of such persons, and any benevolent, religious, scientific, national or other institution or object of
any kind, which shall have any moral or other claims to support or aid, by the Company by reason of the nature or the locality of its operations or otherwise. 
 (26) From time to time, to subscribe or contribute to any charitable, benevolent, or useful object of a public character the support of which will, in the opinion of the Company, tend, to increase its
repute or popularity among its employees, its customers, or the public. 
 (27) To enter into and carry into effect any
arrangement for joint working in business, union of interests, limiting competition, partnership or for sharing of profits, or for amalgamation, with any other company, partnership or person, carrying on business within the objects of the Company.

 (28) To establish, promote and otherwise assist, any company or companies for the purpose of acquiring any of the property or
furthering any of the objects of the Company or for any other purpose which may seem directly or indirectly calculated to benefit the Company. 
 (29) To apply for, promote and obtain by Law, Order, Regulation, By-Law, or otherwise, concessions, rights, privileges, licences or permits enabling the Company to carry any of its objects into effect, or
for effecting 

 
any modification of the Company’s constitution, or for any other purpose which may seem expedient, and to oppose any proceedings or applications which may, calculated directly or indirectly,
to prejudice the Company’s interest and to enter into and execute any arrangement with any Government or Authority, supreme, municipal, local or otherwise that may seem conducive to the Company’s objects or any of them. 

(30) To sell, dispose of, mortgage, charge, grant rights or options or transfer the business, property and undertakings of the Company or
any part thereof for any consideration the Company may see fit to accept. 
 (31) To accept stock or shares in, or the
debentures, mortgage debentures or other securities of any other company in payment or part payment for any services rendered or for any sale made to or debt owing from any such company. 

(32) To distribute in specie or otherwise as may be resolved any assets of the Company among its Members and, particularly, the shares,
debentures or other securities of any other company belonging to the Company or which the Company may have the power of disposing. 
 (33) To do all or any of the matters hereby authorised in any part of the world either alone or in conjunction with, or as factors, trustees, principals, sub-contractors or agents for, any other company,
firm or person, or by or through any factors, trustees, sub-contractors or agents. 
 (34) To procure the registration or
recognition of the Company in any country or place and to act as secretary, manager, director or treasurer of any other company. 

(35) Generally to do all such other things as may appear to the Company to be incidental or conducive to the attainment of the above
objects or any of them. 
 The objects set forth in any sub-clause of this clause shall not be restrictively construed but the
widest interpretation shall be given thereto, and they shall not, except when the context expressly so requires, be in any way limited to or restricted by reference to or inference from any other object or objects set forth in such sub-clause or
from the terms of any other sub-clause or marginal title or by the name of the Company. None of such sub-clauses or object or objects therein specified or the powers thereby conferred shall be deemed subsidiary or ancillary to the objects or powers
mentioned in any other sub-clause, but the Company shall have full power to exercise all or any of the powers and to achieve or to endeavour to achieve all or any of the objects conferred by and provided in any one or more of the said sub-clauses.

 Notwithstanding the above objects, powers and other provisions the Company (a) will not provide financial services to
any third parties except to the shareholders of the Company or to any other company that belongs to the same group of companies. (For the 

 
purposes hereof the term “financial services” means dealing in investments, managing investments, giving investment advice or establishing and operating collective investment schemes.
The term “investments” means shares, debentures, government and public securities, warrants, certificates representing securities, units in collective investment schemes, options to purchase or dispose, futures, contracts for differences
and long-term insurance schemes), (b) shall not assume, directly or indirectly, any obligations to the public, whether in the form of deposits, securities or other evidence of debt and (c) shall not act as a professional trustee. For the
purposes hereof the term “professional trustee” means a company which offers its trustee services to the public at large or which makes or intends to make representations in soliciting trust business, i.e., establishing, undertaking,
executing and administering of trusts, or which advertises or intends to advertise the fact that it is qualified and/or authorised by law or practice to offer trustee services to the public. (For the purposes hereof the term “public” does
not include banking or credit institutions, the Company’s shareholders or any other company that belongs to the same group of companies. The term “deposits’ does not include sums of money received after an agreement relating either to
the provision of goods or services not including “financial services” as defined hereinabove. The term “debt” does not include credit obtained in relation to the provision of goods or services). 

Provided always that, as long as any of the shares of the Company are beneficially owned by any person (legal or natural) who is not a
resident of the Republic of Cyprus, the Company will not do any business within the Republic except, if required, with the permission of the Central Bank of Cyprus and subject to the conditions of such permission. 

 

	4.	The liability of the members is limited. 

  

	5.	The share capital of the Company is US$ 10.000 (Ten thousand U.S.A. dollars) divided into 10.000 shares of US$ l.- (one U.S.A. dollar) each with power to issue any of
the shares in the capital, original or increased, with or subject to any preferential, special or qualified rights or conditions as regards dividends, repayment of capital, voting or otherwise. 

WE, 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

DESCRIPTION OF SUBSCRIBERS
	  	 Number of shares taken by each

subscriber

		
	 1.      A.T.S. NOMINEES LIMITED Limited Liability Company Registration No. 52415 Arch. Makarios
Ave. 2-4 Capital Center, 9th Floor Nicosia.
	  	3.000 Shares

 Dated this the      day of
             2007 
 Witness to the above signatures: 

 

			
	  
	 	
	 ELSIE PRAXITELOUS
	 	
	 Secretary
	 	
	 2-4 Makarios III Ave.
	 	
	 CAPITAL CENTER
	 	
	 9th Floor
	 	
	 Nicosia
	 	

 THE COMPANIES LAW, CAP. 113 

PRIVATE COMPANY LIMITED BY SHARES 
 ARTICLES OF ASSOCIATION 
 OF 

COPECRESTO ENTERPRISES LIMITED 
 INTERPRETATION 
  

	1.	In these Regulations 

“Cyprus” means the Republic of Cyprus. 
 “the Law” means the Companies Law, Cap. 113 or any Law substituting or amending same. 
 “the seal” means the common seal of the Company. 
 “the
secretary” means any person appointed to perform the duties of the secretary of the Company. 
 Expressions referring to
writing shall, unless the contrary intention appears, be construed as including references to printing, lithography, photography, and other modes of representing or reproducing words in a visible form. 

Unless the context otherwise requires, words or expressions contained in these Regulations shall bear the same meaning as in the Law or
any statutory modification thereof in force at the date at which these Regulations become binding on the Company. 

 TABLE “A” EXCLUDED 
 2. The Regulations contained in Table “A” in the First Schedule to the Law shall not apply except so far as the same are repeated or contained in these Regulations. 

PRELIMINARY 
  

	3.	The Company is a private Company and accordingly: 

 (a) The right to transfer shares is restricted in the manner hereinafter prescribed. 
 (b) The number of Members of the Company (exclusive of persons who are in the employment of the Company and of persons who, having been formerly in the employment of the Company, were, while in such
employment, and have continued after the termination of such employment, to be Members of the Company) is limited to fifty. Provided that where two or more persons hold one or more shares in the Company jointly they shall for the purpose of this
Regulation be treated as a single Member. 
 (c) Any invitation to the public to subscribe for any shares or debentures of the
Company is prohibited. 
 (d) The Company shall not have power to issue share warrants to bearer. 

(e) At all times where the Company shall have only one Member the following provisions shall apply: 

 

	 	(i)	The sole Member exercises all the powers of the General Meeting provided, always, that any decisions taken by the said Member in General Meeting are minuted or taken in
writing. 

  

	 	(ii)	Agreements concluded between the sole Member and the Company, are minuted or reduced in writing, unless they relate to day to day transactions of the Company concluded
in the ordinary course of business. 

 BUSINESS 
 4. The Company shall pay all preliminary and other expenses and enter into, adopt or carry into effect and take over or continue (with such modifications, if any, as the contracting parties shall agree
and the Directors shall approve), any agreement or business or work reached or carried on (as the case might be) prior to incorporation, as the Company may decide. 

 SHARE CAPITAL AND VARIATION OF RIGHTS 

5. The shares shall be at the disposal of the Directors which may allot or otherwise dispose of them, subject to Regulation 3, and to the provisions of
the next following Regulation, to such persons at such times and generally on such terms and conditions as they think proper, and provided that no shares shall be issued at a discount, except as provided by section 56 of the Law. 

6. Unless otherwise determined by the Company in General Meeting, any original shares for the time being unissued and not allotted and any new shares
from time to time to be created shall, before they are issued, be offered to the Members in proportion, as nearly as may be, to the number of shares held by them. Such offer shall be made by notice specifying the number of shares offered, and
limiting a time within which the offer, if not accepted, will be deemed to be declined, and after the expiration of such time, or on the receipt of an intimation from the person to whom the offer is made that he declines to accept the shares
offered, the Company may, subject to these Regulations, dispose of the same in such manner as it thinks most beneficial to the Company. The Company may, in like manner, dispose of any such new or original shares as aforesaid, which, by reason of the
proportion borne by them to the number of persons entitled to such offer as aforesaid or by reason of any other difficulty in apportioning the same, cannot in the opinion of the Company be conveniently offered in manner hereinbefore provided.

 7. Without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, any shares in the
Company may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital or otherwise, as the Company may from time to time by ordinary resolution determine.

 8. Subject to the provisions of section 57 of the Law, any preference shares may, with the sanction of an ordinary resolution, be issued on
the terms that they are, or at the option of the Company are liable, to be redeemed on such terms and in such manner as the Company before the issue of the shares may by special resolution determine. 

9. If at any time the share capital is divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms
of issue of shares of that class) may, whether or not the Company is being wound up, be varied with the consent in writing of the holders of three-fourths of the issued shares of that class, or with the sanction of an extraordinary resolution passed
at a separate general meeting of the holders of the shares of the class. To every such separate general meeting the provisions of these Regulations relating to General Meetings shall apply; but so that the necessary quorum shall be two persons at
least holding or representing by proxy one-third of the issued shares of the class and that any holder of shares of the class present in person or by proxy may demand a poll. 
 10. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of

 
issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith. 
 11. The Company may exercise the powers of paying commissions conferred by section 52 of the Law, provided that the rate per cent or the amount of the commission paid or agreed to be paid shall be
disclosed in the manner required by the said section and the rate of the commission shall not exceed the rate of 10 per cent of the price at which the shares in respect whereof the same is paid are issued or an amount equal to 10 per cent
of such price (as the case may be). Such commission may be satisfied by the payment of cash or the allotment of fully or partly paid shares or partly in one way and partly in the other. The Company may also on any issue of shares pay such brokerage
as may be lawful. 
 12. Except as required by law, no person shall be recognized by the Company as holding any shares upon any trust, and the
Company shall not be bound by or be compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any interest in any fractional part of a share or (except only as by these
Regulations or by law otherwise provided) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder. 
 13. Every person whose name is entered as a Member in the register of Members shall be entitled without payment to receive within two months after allotment or lodgment of transfer (or within such other
period as the conditions of issue shall provide) one certificate for all his shares or several certificates each for one or more of his shares upon payment of 12.5 cents for every certificate after the first or such lesser sum as the Directors shall
from time to time determine. Every certificate shall be under the seal and shall specify the shares to which it relates and the amount paid up thereon. Provided that in respect of a share or shares held jointly by several persons, the Company shall
not be bound to issue more than one certificate, and delivery of a certificate for a share to one of several joint holders shall be sufficient delivery to all such holders. 
 14. If a share certificate be defaced, lost or destroyed, it may be substituted on payment of a fee of 12.5 cents, or such less sum and on such terms (if any) as to evidence and indemnity and the payment
of out-of-pocket expenses of the Company for investigating the evidence adduced as the Directors think fit. 
 15. The Company shall not give,
whether directly or indirectly, and whether by means of a loan, guarantee, the provision of security or otherwise, any financial assistance for the purpose of or in connection with a purchase or subscription made or to be made by any person of or
for any shares in the Company or in its holding company nor shall the Company make a loan for any purpose whatsoever on the security of its shares or those of its holding company, but nothing in this Regulation shall prohibit transactions mentioned
in the proviso to section 53(1) of the Law. 

 LIEN 
 16. The Company shall have a first and paramount lien on every share for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share, and the Company shall
also have a first and paramount lien on all shares standing registered in the name of a single person for all moneys presently payable by him or his estate to the Company; but the Directors may at any time declare any share to be wholly or in part
exempt from the provisions of this Regulation. The Company’s lien, if any, on a share shall extend to all dividends payable thereon as well as to any other rights or benefits attached thereto. 

17. The Company may sell, in such manner as the Directors think fit, any shares on which the Company has a lien, but no sale shall be made unless a sum
in respect of which the lien exists is presently payable, nor until the expiration of fourteen days after a notice in writing, stating and demanding payment of such part of the amount in respect of which the lien exists as is presently payable, has
been given to the registered holder for the time being of the share, or the person entitled thereto by reason of his death or bankruptcy. 
 18.
To give effect to any such sale, the Directors may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares comprised in any such transfer, and he 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 or invalidity in the proceedings in reference to the sale. 
 19. The proceeds of the sale shall be received by the Company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable, and the residue, if any, shall
(subject to a like lien for sums not presently payable as existed upon the shares before the sale) be paid to the person entitled to the shares at the date of the sale. 
 CALLS ON SHARES 
 20. 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 by way of premium) and not by the conditions of allotment thereof made payable at fixed times, and 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. A call may be revoked or postponed as the Directors may determine
and the Members shall be accordingly notified. 
 21. 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 required to be paid by installments. 
 22. The joint holders of a share shall be jointly and
severally liable to pay all calls in respect thereof. 

 23. 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 8 per cent per annum as the Directors may determine, but the Directors shall
be at liberty to waive payment of such interest wholly or in part. 
 24. Any sum which by the terms of issue of a share becomes payable on
allotment or at any fixed date, whether on account of the nominal value of the share or by way of premium, shall for the purposes of these Regulations be deemed to be a call duly made and payable on the date on which by the terms of issue the same
becomes payable, and in case of non-payment all relevant provisions of these Regulations 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. The
Directors may on the issue of shares, differentiate between the holders as to the number of calls, the amount of calls to be paid and the times of payment. 
 25. The Directors may, if they think fit, receive from any Member willing to advance the same, all or any part of the moneys uncalled and unpaid upon any shares held by him and upon all or any of the
moneys so advanced may (until the same would, but for such advance, become payable) pay interest at such rate not exceeding (unless the Company in General Meeting shall otherwise direct) 5 per cent per annum, as may be agreed upon between the
Directors and the Member paying such sum in advance. 
 TRANSFER OF SHARES 

26. The instrument of transfer of any share shall be executed by or on behalf of the transferor and transferee, and the transferor shall be deemed to
remain a holder of the share until the name of the transferee is entered in the register of Members in respect thereof. 
 27. Subject to such
of the restrictions of these Regulations as may be applicable, any Member may transfer all or any of his shares by instrument in writing in any usual or common form or any other form which the Directors may approve. 

28. The Directors may, in their absolute discretion and without assigning any reason therefor, decline to register the transfer of a share to a person of
whom they shall not approve, and they may also decline to register the transfer of a share on which the Company has a lien. 
  

	29.	The Directors may also decline to recognize any instrument of transfer unless: 

 (a) a fee of 12.5 cents, or such lesser sum as the Directors may from time to time require, is paid to the Company in respect thereof; 

(b) the instrument of transfer is accompanied by the certificate of the shares to which it relates, and such other evidence as the
Directors may reasonably require to show the right of the transferor to make the transfer; and 

 (c) the instrument of transfer is in respect of only one class of shares. 

30. If the Directors refuse to register a transfer they shall, within two months after the date on which the transfer was lodged with the Company, send
to the transferee notice of the refusal. 
 31. The registration of transfers may be suspended at such times and for such periods as the
Directors may from time to time determine, provided always that such registration shall not be suspended for more than thirty days in any year. 

32. The Company shall be entitled to charge a fee not exceeding 12.5 cents on the registration of every probate, letters of administration, certificate
of death or marriage, power of attorney, or other instrument. 
 33. Regulations 26 and 27 shall be read subject to the provisions of Regulation
34. 
  

	34.	(a) For the purposes of this Regulation, where any person becomes unconditionally entitled to be registered as the holder of a share he and not the registered holder of
such share shall be deemed to be a Member of the Company in respect of that share. 

 (b) Except as hereinafter
provided, no shares in the Company shall be transferred unless and until the rights of pre-emption hereinafter conferred shall have been exhausted. 
 (c) Every Member who desires to transfer any share or shares (hereinafter called “the Vendor”) shall give to the Company notice in writing of such desire (hereinafter called “transfer
notice”) specifying the number of shares desired to be transferred (the “said shares”). Subject as hereinafter mentioned, a transfer notice shall constitute the Company the Vendor’s agent for the sale of the said shares in one or
more lots at the discretion of the Directors to the Members other than the Vendor at the price to be agreed upon by the Vendor and the remaining Members of the Company, or, in case of difference or no such agreement within fourteen days from the
date of the transfer notice, at the price which the auditor of the Company for the time being shall, by writing under his hand, certify to be in his opinion the fair value thereof as between a willing seller and a willing buyer, A transfer notice
may contain a provision that unless all the shares comprised therein are sold by the Company pursuant to this Regulation, none shall be so sold and any such provision shall be binding on the Company. 

(d) If the auditor is asked to certify the fair price as aforesaid, the Company shall, as soon as it receives the auditor’s
certificate, furnish a certified copy thereof to the Vendor and the Vendor shall be entitled, by notice in writing given to the Company within ten days of the service upon him of the said certified copy, to cancel the Company’s authority to
sell the said shares. The cost of obtaining the certificate shall be borne by the Company unless the Vendor shall give notice of cancellation as aforesaid in which case he shall bear the said cost. 

 (e) Upon the price being fixed as aforesaid and provided the Vendor shall not give notice of
cancellation as aforesaid the Company shall forthwith by notice in writing inform each Member other than the Vendor and other than Members holding employees’ shares only of the number and price of the said shares and invite each such Member to
apply in writing to the Company within twenty-one days of the date of dispatch of the notice (which date shall be specified therein) for such maximum number of the said shares (being all or any thereof) as he shall specify in such application.

 (f) If the said Members shall within the said period of twenty-one days apply for all or (except where the transfer notice
provides otherwise) any of the said shares, the Directors shall allocate the said shares (or so many of them as shall be applied for as aforesaid) to or amongst the applicants and in case of competition pro rata (as nearly as possible) according to
the number of shares in the Company (other than employees’ shares) of which they are registered or unconditionally entitled to be registered as holders, provided that no applicant shall be obliged to take more than the maximum number of shares
specified by him as aforesaid; and the Company shall forthwith give notice of such allocations (hereinafter called “an allocation notice”) to the Vendor and to the persons to whom the shares have been allocated and shall specify in such
notice the place and time (being no earlier than fourteen and not later than twenty-eight days after the date of the notice) at which the sale of the shares so allocated shall be completed. 

(g) The Vendor shall be bound to transfer the shares comprised in an allocation notice to the purchasers named therein at the time and
place therein specified; and if he shall fail to do so, the chairman of the Company or some other person appointed by the Directors shall be deemed to have been appointed attorney of the Vendor with full power to execute complete and deliver, in the
name and on behalf of the Vendor, transfers of the shares to the purchasers thereof against payment of the price to the Company. On payment of the price to the Company the purchaser shall be deemed to have obtained a good quittance for such payment
and on execution and delivery of the transfer the purchaser shall be entitled to insist upon his name being entered in the register of Members as the holder by transfer of the shares. The Company shall forthwith pay the price into a separate bank
account in the Company’s name and shall hold such price in trust for the Vendor. 
 (h) During the six months following the
expiry of the said period of twenty-one days referred to in paragraph (e) of this Regulation, the Vendor shall be at liberty, (subject nevertheless to the provisions of Regulation 28) to transfer to any person and at any price (not being less
than the price fixed under paragraph (c) of this Regulation) any share not allocated by the Directors in an allocation notice. Provided that, if the Vendor stipulated in his transfer notice that unless all the shares comprised therein were sold
pursuant to this Regulation, none should be sold, the Vendor shall not be entitled, save with the written consent of all the other Members of the Company, to sell hereunder only some of the shares comprised in his transfer notice. 

 (i) Any share may be transferred by a Member to the spouse, child or remote issue or parent,
brother or sister of that Member or to a company beneficially owned or controlled by such Member and any share of a deceased Member may be transferred by his personal representatives to any widow, widower, child or remote issue or parent, brother or
sister of such deceased Member and shares standing in the name of the trustees of any deceased Member may be transferred upon any change of trustees to the trustees for the time being of such will; and where the Member is a body corporate any share
may be transferred by such Member to its subsidiary or holding company or to a company controlled by such holding company. The rights of pre-emption hereinbefore conferred in this Regulation shall not arise on the occasion of any such transfer or
transfers as aforesaid and Regulation 28 shall be read subject to this paragraph. 
 TRANSMISSION OF SHARES 

35. In case of the death of a Member, the survivor or survivors where the deceased was a joint holder, and the legal personal representatives of the
deceased where he was a sole holder, shall be the only persons recognized by the Company as having any title to his interest in the shares; but nothing herein contained shall release the estate of a deceased joint holder from any liability in
respect of any share which had been jointly held by him with other persons. 
 36. Any person becoming entitled to a share in consequence of the
death or bankruptcy of a Member may upon such evidence being produced as may from time to time properly be required by the Directors and subject as hereinafter provided, elect either to be registered himself as holder of the share or to have some
person nominated by him registered as the transferee thereof, but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the share by that Member before his
death or bankruptcy, as the case may be. 
 37. If the person so becoming entitled shall elect to be registered himself, he shall deliver or
send to the Company a notice in writing signed by him stating that he so elects. If he shall elect to have another person registered, he shall testify his election by executing to that person a transfer of the share. All the limitations,
restrictions and provisions of these Regulations 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 was a transfer signed by that Member. 
 38. A person becoming entitled to a share by reason of the death or
bankruptcy of the holder shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share, except that he shall not, before being registered as a Member in respect of the share,
be entitled in respect of it to exercise any right conferred by Membership in relation to meetings of the Company. 
 Provided
always that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the share, and if the notice is 

 
not complied with within ninety days, the Directors may thereafter withhold payment of all dividends, bonuses or other moneys payable in respect of the share until the requirements of the notice
have been complied with. 
 FORFEITURE OF SHARES 
 39. If a Member fails to pay any call or installment of a call on the day appointed for payment thereof, the Directors may, at any time thereafter during such time as any part of the call or installment
remains unpaid, serve a notice on him requiring payment of so much of the call or installment as is unpaid, together with any interest which may have accrued. 
 40. The notice shall name a further day (not earlier than the expiration of fourteen days from the date of service of the notice) on or before which the payment required by the notice is to be made, and
shall state that in the event of non-payment at or before the time appointed, the shares in respect of which the call was made will be liable to be forfeited. 
 41. If the requirements of any such notice as aforesaid are not complied with, any share in respect of which the notice has been given may at any time thereafter, before the payment required by the notice
has been made, be forfeited by a resolution of the Directors to that effect. 
 42. A forfeited share may be sold or otherwise disposed of on
such terms and in such manner as the Directors think fit, and at any time before a sale or disposition the forfeiture may be canceled on such terms as the Directors think fit. 
 43. A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which, at the date
of forfeiture, were payable by him to the Company in respect of the shares, but his liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares. 

44. A statutory declaration in writing that the declarant is a Director or the secretary of the Company, and that a share in the Company has been duly
forfeited 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. The Company may receive the consideration, if any given for the share on any sale or
disposition thereof and may execute a transfer of the share in favour of the person to whom the share is sold or disposed of and he shall thereupon 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 in reference to the forfeiture, sale or disposal of the share. 
 45. The provisions of these Regulations as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of
the nominal value of the shares or by way of premium, as if the same had been payable by virtue of a call duly made and notified. 

 CONVERSION OF SHARES INTO STOCK 
 46. The Company may by ordinary Resolution convert any paid-up shares into stock, and reconvert any stock into paid-up shares of any denomination. 
 47. The holders of stock may transfer the same, or any part thereof, in the same manner, and subject to the same Regulations, as and subject to which the shares from which the stock arose might previously
to conversion have been transferred, or as near thereto as circumstance admit; and the Directors may from time to time fix the minimum amount of stock transferable but so that such minimum shall not exceed the nominal amount of the shares from which
the stock arose. 
 48. The holders of stock shall, according to the amount of stock held by them, have the same rights, privileges and
advantages as regards dividends, voting at meetings of the Company and other matters as if they held the shares from which the stock arose, but no such privilege or advantage (except participation in the dividends and profits of the Company and in
the assets on winding up) shall be conferred by an amount of stock which would not, if existing in shares, have conferred that privilege or advantage. 
 49. Such of the Regulations of the Company as are applicable to paid-up shares shall apply to stock, and the words “share” and “shareholder” therein shall include “stock” and
“stockholder”. 
 ALTERATION OF CAPITAL 
 50. The Company may from time to time by ordinary resolution increase the share capital by such sum, to be divided into shares of such amount, as the Resolution shall prescribe. 

 

	51.	The Company may by ordinary resolution: 

 (a) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares; 
 (b) subdivide its existing shares, or any of them, into shares of smaller amount than is fixed by the memorandum of association subject, nevertheless, to the provisions of section 60 (1) (d) of
the Law; 
 (c) 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. 
 52. The Company may by special resolution reduce its share capital, any capital redemption reserve fund or any share premium
account in any manner and with, and subject to, any incident authorised, and consent required, by law. 

 GENERAL MEETINGS 
 53. The Company shall in each year hold a General Meeting as its Annual General Meeting in addition to any other Meetings in that year, and shall specify the Meeting as such in the notices calling it, and
not more than fifteen months shall elapse between the date of one Annual General Meeting of the Company and that of the next. 
 Provided that
so long as the Company holds its first Annual General Meeting within eighteen months of its incorporation, it need not hold it in the year of its incorporation or in the following year. The Annual General Meeting shall he held at such time and place
as the Directors shall appoint. 
 54. All General Meetings other than Annual General Meetings shall be called Extraordinary General Meetings.

 55. The Directors may, whenever they think fit, convene an Extraordinary General Meeting, and Extraordinary General Meetings shall also be
convened on such requisition, or, in default, may be convened by such requisitionists, as provided by section 126 of the Law. If at any time there are not within Cyprus sufficient Directors capable of acting to form a quorum; any Director or any two
Members of the Company may convene an Extraordinary General Meeting in the same manner as nearly as possible as that in which meetings may be convened by the Directors. 
 NOTICE OF GENERAL MEETINGS 
 56. An Annual General Meeting and a Meeting called for the passing of
a special resolution shall be called by twenty-one days’ notice in writing at the least, and a Meeting of the Company other than an Annual General Meeting or a Meeting for the passing of a special resolution shall be called by fourteen
days’ notice in writing at the least. The notice shall be exclusive of the day on which it is served or deemed to be served and of the day for which it is given, and shall specify the place, the date and the hour of the meeting and, in case of
special business, the general nature of that business and shall be given in manner hereinafter mentioned or in such other manner, if any, as may be prescribed by the Company in general meetings to such persons as are, under the Regulations of the
Company, entitled to receive such notices from the Company. 
 Provided that a Meeting of the Company shall, notwithstanding
that it is called by shorter notice than that specified in this Regulation, be deemed to have been duly called if it is so agreed: 
 (a) in the case of a Meeting called as the Annual General Meeting, by the Members entitled to attend and vote thereat; and 
 (b) in the case of any other Meeting, by majority in number of the Members having a right to attend and vote at the Meeting, being a majority together holding not less than 95 per cent in nominal
value of the shares giving that right. 

 57. The accidental omission to give notice of a Meeting to, or the non-receipt of notice of a Meeting by,
any person entitled to receive notice, shall not invalidate the proceedings at that Meeting. 
 PROCEEDINGS AT GENERAL MEETINGS

 58. All business shall be deemed special that is transacted at an Extraordinary General Meeting, and also all that is transacted at an Annual
General Meeting, with the exception of declaring a dividend, the consideration of the accounts, balance sheets and the reports of the Directors and auditors, the election of Directors in the place of those retiring and the appointment of, and the
fixing of the remuneration of, the auditors. 
 59. No business shall be transacted at any General Meeting unless a quorum of Members is present
at the time when the Meeting proceeds to business; save as herein otherwise provided two Members present in person or by proxy shall be a quorum. At all times when the Company has one and only Member, one Member present in person or by proxy shall
be a quorum. 
 60. If within half an hour from the time appointed for the Meeting a quorum is not present, the Meeting, if convened upon the
requisition of Members, shall be dissolved; in any other case it shall stand adjourned to the same day in the next week, at the same time and place or to such other day and at such other time and place as the Directors may determine, and if at the
adjourned Meeting a quorum is not present within half an hour from the time appointed for the Meeting, the Members present shall be a quorum. 

61. The chairman, if any, of the Board of Directors shall preside as chairman at every General Meeting of the Company, or if there is no such chairman,
or if he shall not be present within fifteen minutes after the time appointed for the holding of the Meeting or is unwilling to act, the Directors present shall elect one of their number to be chairman of the Meeting. 

62. If at any Meeting no Director is willing to act as chairman or if no Director is present within fifteen minutes after the time appointed for holding
the Meeting, the Members present shall choose one of their number to be chairman of the Meeting. 
 63. The chairman may, with the consent of
any Meeting at which a quorum is present (and shall if so directed by the Meeting), adjourn the Meeting from time to time and from place to place, but no business shall be transacted at any adjourned Meeting other than the business left unfinished
at the Meeting from which the adjournment took place. When a Meeting is adjourned for thirty days or more, notice of the adjourned Meeting shall be given as in the case of an original Meeting. Save as aforesaid it shall not be necessary to give any
notice of an adjournment or of the business to be transacted at an adjourned Meeting. 
 64. At any General Meeting any resolution 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: 

 (a) by the chairman; or 

(b) by at least two Members present in person or by proxy; or 
 (c) by any 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 

(d) by a Member or Members 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. 
 Unless a
poll be so demanded, a declaration, by the chairman that a resolution has on a show of hands been carried or carved unanimously, or by a particular majority, or lost and an entry to that effect in the book containing the minutes of the proceedings
of the Company shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. 
 The demand for a poll may be withdrawn. 
 65. Except as provided in Regulation 67 if a poll is
duly demanded, it shall be taken in such manner as the chairman directs, and the result of the poll shall be deemed to be the resolution of the Meeting at which the poll was demanded. 
 66. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the Meeting shall not have a casting vote. 
 67. A poll demanded on the election of a chairman or on a question of adjournment of the Meeting shall be taken forthwith. A poll demanded on any other question shall be taken at such time as the chairman
of the Meeting directs, and any business other than upon which a poll has been demanded may be proceeded with, pending the taking of the poll. 
 VOTES OF MEMBERS 
 68. Subject to any rights or restrictions for the time being attached to any
class or classes of shares, on a show of hands every Member present in person shall have one vote, and on a poll every Member shall have one vote for each share of which he is the holder. 
 69. In the case of joint holders 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. 
 70. A Member of unsound mind, or in respect
of whom an order has been made by any Court having jurisdiction in lunacy, may vote, whether on a show of hands or on a 

 
poll, by the administrator of his property, his committee, receiver, curator bonis, or other person in the nature of an administrator, committee, receiver or curator bonis appointed by that
Court, and any such administrator, committee, receiver, curator bonis or other person may, on a poll, vote by proxy. 
 71. No Member shall be
entitled to vote at any General Meeting unless all calls or other sums presently payable by him in respect of shares in the Company have been paid. 
 72. No objection shall be raised to the qualification of any voter except at the Meeting or adjourned Meeting at which the vote objected to is given or tendered and every vote not disallowed at such
Meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the chairman of the Meeting whose decision shall be final and conclusive. 
 73. On a poll votes may be given either personally or by proxy. 
 74. The instrument appointing a
proxy shall be in writing under the hand of the appointer or of his attorney duly authorised in writing, or, if the appointer is a corporation, either under seal or under the hand of an officer or attorney duly authorised. A proxy need not be a
Member of the Company. 
 75. The instrument appointing a proxy and the power of attorney or other authority, if any, under which it is signed
or a notarially certified copy of that power or authority shall be deposited at the registered office of the Company or at such other place within Cyprus as is specified for that purpose in the notice convening the Meeting, at any time before the
time for holding the Meeting or adjourned Meeting, at which the person named in the instrument proposes to vote, or, in the case of a poll, at any time before the time appointed for the taking of the poll, and in default the instrument of proxy
shall not be treated as valid. 
 76. An instrument appointing a proxy shall be in the following form or a form as near thereto as circumstances
admit- 

“                    
(Name of the Company)                      Limited 
 I/We,                     , of
                     being a Member/Members of the above-named Company, hereby appoint,
                    ,
                    , of
                     or failing him
                     of
                    , as my/our proxy to vote for me/us or on my/our behalf at the (Annual or Extraordinary, as the case may be) General
Meeting of the Company, to be held on the      day of             , 20    , and at any adjournment thereof. 

Signed this      day of             ,
20    ” 
 77. Where it is desired to afford Members an opportunity of voting for or against a
resolution the instrument appointing a proxy shall be in the following form or a form as near thereto as circumstances admit- 

“                    
(Name of the Company)                      Limited 

 I/We,
                    , of
                    , being a Member/Members of the above-named Company, hereby appoint,
                    ,
                    , of
                    or failing him
                     of
                    , as my/our proxy to vote for me/us or on my/our behalf at the (Annual or Extraordinary, as the case may be) General
Meeting of the Company, to be held on the     day of             , 20    , and at any adjournment thereof. 

Signed this day of             ,
20    ” 
 This form is to be used in favour of/* against the resolution. Unless otherwise
instructed, the proxy will vote as he thinks fit. 
  

	*	Strike out whichever is not desired.” 

 78.
The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll. 
 79. A vote given in accordance
with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was executed or the transfer of the share in respect of
which the proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer as aforesaid shall have been received by the Company at its office before the commencement of the Meeting or adjourned Meeting at which
the proxy is used. 
 80. Subject to the provisions of the Law, a resolution in writing signed or approved by letter, email or facsimile by each
Member for the time being entitled to receive notice of and to attend and vote at General Meetings (or being corporations by their duly authorised representatives) shall be as valid and effective as if the same had been passed at a General Meeting
of the Company duly convened and held. Any such resolution may consist of several documents in the like form each signed by one or more of the Members or their attorneys, and signature in the case of a corporate body which is a Member shall be
sufficient if made by a director or other authorised officer thereof or its duly appointed attorney. 
 CORPORATIONS ACTING BY
REPRESENTATIVES AT MEETINGS 
 81. Any corporation which is a Member of the Company may by resolution of its directors or other governing body
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, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation
which he represents, as that corporation could exercise if it were an individual Member of the Company. 
 DIRECTORS 

82. Unless and until otherwise determined by the Company in General Meeting there shall be no minimum or maximum number of Directors. The first Directors
of the 

 
Company shall be appointed in writing by the subscribers to the memorandum of association or a majority of them and it shall not be necessary to hold any meeting for that purpose. 

83. The remuneration of the Directors shall from time to time be determined by the Company in General Meeting. Such remuneration shall be deemed to
accrue from day to day. The Directors may also be paid all traveling, hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or General Meetings of the Company
or in connection with the business of the Company. 
 84. The shareholding qualification for Directors may be fixed by the Company in General
Meeting, and unless and until so fixed no qualification shall be required. 
 85. A Director of the Company may be or become a director or other
officer of, or otherwise interested in, any company promoted by the Company or in which the Company may be interested as a shareholder or otherwise, and no such Director shall be accountable to the Company for any remuneration or other benefits
received by him as a director or officer of, or from his interest in, such other company unless the Company otherwise directs. 

BORROWING POWERS 
 86. The
Directors may exercise all the powers of the Company to borrow or raise money without limitation or to guarantee and to mortgage, pledge, assign or otherwise charge its undertaking, property, assets, rights, choses in action and book debts,
receivables, revenues and uncalled capital or any part thereof and to issue and create debentures, debenture stock, mortgages, pledges, charges and other securities as security for any debt, liability or obligation of the Company or of any third
party. 
 POWERS AND DUTIES OF DIRECTORS 
 87. The business of the Company shall be managed by the Directors, who may pay all expenses incurred in promoting and registering the Company, and may exercise all such powers of the Company as are not,
by the Law or by these Regulations, required to be exercised by the Company in General Meeting, subject, nevertheless to any of these Regulations, to the provisions of the Law and to such Regulations, being not inconsistent with the aforesaid
Regulations or provisions as may be prescribed by the Company in General Meeting. But no Regulation made by the Company in General Meeting shall invalidate any prior act of the Directors which would have been valid if that Regulation had not been
made. 
 88. The Directors may from time to time and at any time appoint any company, firm or person or body or persons, whether nominated
directly or indirectly by the Directors, to be the authorised representative or attorney 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
Regulations) and for such period and subject to such conditions as they may think fit, and any such authorisation or power of attorney 

 
may, contain such provisions for the protection and convenience of persons dealing with any such authorised representative or attorney as the Directors may think fit and may also authorise any
such authorised representative or attorney to delegate all or any of the powers, authorities and discretions vested in him. 
 89. The Company
may exercise the powers conferred by section 36 of the Law with regard to having an official seal for use abroad, and such powers shall be vested in the Directors. 
 90. The Company may exercise the powers conferred upon the Company by sections 114 to 117 (both inclusive) of the Law with regard to the keeping of a dominion register, and the Directors may (subject to
the provisions of those sections) make and vary such Regulations as they may think fit respecting the keeping of any such register. 
  

	91.	(1) A Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract or employment with the Company shall declare the nature
of his interest at a meeting of the Directors in accordance with section 191 of the Law. 

 (2) A Director may vote
in respect of any contract or proposed contract or arrangement notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the Directors at which any such
contract or proposed contract or arrangement shall come before the meeting for consideration. 
 (3) A Director may hold any
other office or place of profit under the Company (other than the office of auditor) in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine and no Director or
intending Director shall be disqualified by his office from contracting with the Company either with regard to his tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract, or any contract
or arrangement entered into by or on behalf of the Company in which any Director is in any way interested, be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit
realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relation thereby established. 
 (4) Any Director may act by himself or his firm in a professional capacity for the Company, and he or his firm shall be entitled to remuneration for professional services as if he were not a Director;
provided that nothing herein contained shall authorise a Director or his firm to act as auditor of the Company. 
 92. All cheques, promissory
notes, drafts, bills of exchange, and other negotiable 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. 

	93.	The Directors shall cause minutes to be made in books provided for the purpose: 

 (a) of all appointments of officers made by the Directors; 
 (b) of the names of
the Directors present at each meeting of the Directors and of any committee of the Directors; 
 (c) of all resolutions and
proceedings at all meetings of the Company, and of the Directors, and of committees of Directors. 

 PENSIONS 
 94. The Directors may grant retirement pensions or annuities or other gratuities or allowances, including allowances on death, to any person or persons in respect of services rendered by him or them to
the Company whether as managing Directors or in any other office or employment under the Company or indirectly as officers or employees of any subsidiary, associated or allied company of the Company, notwithstanding that he or they may be or may
have been Directors of the Company and the Company may make payments towards insurance, trusts, schemes or funds for such purposes in respect of such person or persons and may include rights in respect of such pensions, annuities and allowances in
the terms of engagement of any such person or persons. 
 DISQUALIFICATION OF DIRECTORS 

 

	95.	The office of Director shall be vacated if the Director: 

 (a) ceases to be a Director by virtue of section 176 of the Law; or 
 (b) becomes
bankrupt or makes any arrangement or composition with his creditors generally; or 
 (c) becomes prohibited from being a director
by reason of any order made under section 180 of the Law; or 
 (d) becomes of unsound mind; or 

(e) resigns his office by notice in writing to the Company. 
 APPOINTMENT OF ADDITIONAL DIRECTORS 
 AND REMOVAL OF DIRECTORS 

96. The Directors shall have power at any time and from time to time, to appoint any person to be a Director, either to fill a casual vacancy or as an
addition to the existing Directors, but so that the total number of Directors shall not at any time exceed the number fixed in accordance with these Regulations. Any Director so appointed shall hold office only until the next following Annual
General Meeting, and shall then be eligible for re-election. 
 97. The Company may by ordinary resolution, of which special notice has been
given in accordance with section 136 of the Law, remove any Director before the expiration of his period of office notwithstanding anything in these Regulations or in any agreement between the Company and such Director. Such removal shall be without
prejudice to any claim such Director may have for damages for breach of any contract of service between him and the Company. 
 98. At any time,
and from time to time, the Company may (without prejudice to the powers of the Directors under Regulation 96) by ordinary resolution appoint any person as Director and determine the period for which such person is to hold office. 

 PROCEEDINGS OF DIRECTORS 
 99. The Directors may meet together for the despatch of business, adjourn, and otherwise regulate their meetings as they think fit and questions arising at any meeting shall be decided by a simple
majority of votes. In case of equality of votes the chairman shall not have a second or casting vote. A Director may, and the secretary on the requisition of a Director shall, at any time summon a meeting of the Directors. It shall be necessary to
give at least a 96 hour notice of a meeting of Directors to any Director for the time being absent from Cyprus who has supplied to the Company a registered address situated outside Cyprus. A meeting may be held by telephone or other means whereby
all persons present may at the same time hear and be heard by everybody else present and persons who participate in this way shall be considered present at the meeting. In such case the meeting shall be deemed to be held where the secretary of the
meeting, is located. All board and committee meetings shall take place in Cyprus were the management and control of the company shall rest. 

100. The quorum necessary for the transaction of the business of the Directors may be fixed by the Directors, and unless so fixed shall be one Director
or his alternate. 
 101. The continuing Directors may act notwithstanding any vacancy in their body, but, if and so long as their number is
reduced below the number fixed by or pursuant to the Regulations of the Company as the necessary quorum of Directors, the continuing Directors or Director may act for the purpose of increasing the number of Directors to that number, or of summoning
a General Meeting of the Company, but for no other purpose. 
 102. The Directors may elect a chairman of their meeting and determine the period
for which he is to hold office; but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for holding the same, the Directors present may choose one of their number to be
chairman of the meeting. 
 103. The Directors may delegate any of their powers to a committee or committees consisting of such Member or
Members of their body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any Regulations that may be imposed on it by the Directors, as to its powers, constitution, proceedings, quorum or
otherwise. 
 104. A committee may elect a chairman of its meetings; if no such chairman is elected, or if at any meeting the chairman is not
present within five minutes after the time appointed for holding the same, the Members present may choose one of their number to be chairman of the meeting. 
 105. Subject to any Regulations imposed on it by the Directors, a committee may meet and adjourn as it thinks proper and questions arising at any meeting shall be determined by a majority of votes of the
Members present. 
 106. All acts done by any meeting of the Directors or of a committee of Directors or by any person acting as a Director
shall, notwithstanding that it be afterwards discovered 

 
that there was some defect in the appointment of any such Director or person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such person had been duly
appointed and was qualified to be a Director. 
 107. A resolution in writing signed or approved by letter, email or facsimile by each Director
or his alternate shall be as valid and effectual as if it had been passed at a meeting of the Directors or a committee duly convened and held and when signed may consist of several documents each signed by one or more of the persons aforesaid.

 ALTERNATE DIRECTORS 
  

	108.	(a) Each Director shall have power from time to time to nominate another Director or any person, not being a Director, to act as his alternate Director and at his
discretion to remove such alternate Director. 

 (b) An alternate Director shall (except as regards power to
appoint an alternate Director and remuneration) be subject in all respects to the terms and conditions existing with reference to the other Directors, and shall be entitled to receive notices of all meetings of the Directors and to attend, speak and
vote at any such meeting at which his appointor is not present. 
 (c) One person may act as alternate Director to more than one
Director and while he is so acting shall be entitled to a separate vote for each Director he is representing and, if he is himself a Director, his vote or votes as an alternate Director shall be in addition to his own vote. 

(d) Any appointment or removal of an alternate Director may be made by letter, email or facsimile or in any other manner approved by the
Directors. Any email or facsimile shall be confirmed as soon as possible by letter but may be acted upon by the Company meanwhile. 
 (e) If a Director making any such appointment as aforesaid shall cease to be a Director otherwise than by reason of vacating his office at a meeting of the Company at which he is re-elected, the person
appointed by him shall thereupon cease to have any power or authority to act as an alternate Director. 
 (f) An alternate
Director shall not be taken into account in reckoning the minimum or maximum number of Directors allowed for the time being but he shall be counted for the purpose of reckoning whether a quorum is present at any meeting of the Directors attended by
him at which he is entitled to vote. 
 MANAGING DIRECTOR 
 109. The Directors may from time to time appoint one or more of their body to the office of managing Director for such period and on such terms as they think fit, and, subject to the terms of any
agreement entered into in any particular case, may revoke such appointment. A Director so appointed shall not, whilst holding that office, be subject to retirement by rotation or be taken into account in determining the rotation of

 
retirement of Directors, but his appointment shall be automatically determined if he ceases from any cause to be a Director. 
 110. A managing Director shall receive such remuneration (whether by way of salary, commission or participation in profits, or partly in one way and partly in another) as the Directors may determine.

 111. The Directors may entrust to and confer upon a managing Director any of the powers exercisable by them upon such terms and conditions
and with such restrictions as they may 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. 

SECRETARY 
 112. The secretary
shall be appointed by the Directors for such term, at such remuneration and upon such conditions as they may think fit; and any secretary so appointed may be removed by them. 

 

	113.	No person shall be appointed or hold office as secretary who is:- 

 (a) the sole Director of the Company; or 
 (b) a corporation the sole director of
which is the sole Director of the Company; or 
 (c) the sole director of a corporation which is the sole Director of the
Company. 
 These restrictions shall not apply at all times when the Company has one and only Member. 

114. A provision of the Law or these Regulations requiring or authorizing a thing to be done by or to a Director and the secretary shall not be satisfied
by its being done by or to the same person acting both as Director and as, or in place of, the secretary. The present Regulation shall not apply at all times when the Company has one and only Member. 

THE SEAL 
 115. The Directors
shall provide for the safe custody of the seal, which shall only be used by the authority of the Directors or of a committee of the Directors authorised by the Directors in that behalf, and every instrument to which the seal shall be affixed shall
be signed by a Director or his alternate and shall be countersigned by the Secretary or by a second Director or his alternate or by some other person appointed by the Directors for the purpose. 

 DIVIDENDS AND RESERVE 
 116. The Company in General Meeting may declare dividends, but no dividend shall exceed the amount recommended by the Directors. 
 117. The Directors may from time to time pay to the Members such interim dividends as appear to the Directors to be justified by the profits of the Company. 

118. No dividend shall be paid otherwise than out of profits. 
 119. The Directors may, before recommending any dividend, set aside out of the profits of the Company such sums as they think proper as a reserve or reserves which shall, at the discretion of the
Directors, be applicable for any purpose to which the profits of the Company may be properly applied, and pending such application may, at the like discretion, either be employed in the business of the Company or be invested in such investments
(other than shares of the Company) as the Directors may from time to time think fit. The Directors may also without placing the same to the reserve carry forward any profits which they may think prudent not to divide. 

120. Subject to the rights of persons, if any, entitled to shares with special rights as to dividends, all dividends shall be declared and paid according
to the amounts paid or credited as paid on the shares in respect whereof the dividend is paid, but not amount paid or credited as paid on a share in advance of calls shall be treated for the purposes of this Regulation as paid on the share. All
dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on the shares during any portion or portions of the period in respect of which the dividend is paid; but if any share is issued on terms providing that
it shall rank for dividend as from a particular date such share shall rank for dividend accordingly. 
 121. The Directors may deduct from any
dividend payable to any Member all sums of money (if any) presently payable by him to the Company on account of calls or otherwise in relation to the shares of the Company. 
 122. Any General Meeting declaring a dividend or bonus may direct payment of such dividend or bonus wholly or partly by the distribution of specific assets and in particular of paid up shares, debentures
or debenture stock of any other Company or in any one or more of such ways, and the Directors shall give effect to such resolution, and 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 and fix the value for distribution of such specific assets or any part thereof and may determine that cash payments shall be made to any Members upon the footing of the 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. 
 123. Any
dividend, interest or other moneys payable in cash in respect of shares may be paid by cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders, to the registered address of that one
of the joint holders who is first named in the register of Members or to such person and to such 

 
address as the holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. Any one of two or more joint
holders may give effectual receipts for any dividends, bonuses or other moneys payable in respect of the shares held by them as joint holders. 

124. No dividend shall bear interest against the Company. 
 ACCOUNTS 
  

	125.	The Directors shall cause proper books of account to be kept with respect to: 

 (a) all sums of money received and expended by the Company and the matters in respect of which the receipt and expenditure takes place; 

(b) all sales and purchases of goods by the Company; and 
 (c) the assets and liabilities of the Company. 
 Proper books shall not be deemed to be kept if
there are not kept such books of account as are necessary to give a true and fair view of the state of the Company’s affairs and to explain its transactions. 
 126. The books of account shall be kept at the registered office of the Company, or, subject to section 141(3) of the Law, at such other place or places as the Directors think fit, and shall always be
open to the inspection of the Directors. 
 127. The Directors shall from time to time determine whether and to what extent and at what times
and places and under what conditions or Regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any
account or book or document of the Company except as conferred by statute or authorised by the Directors or by the Company in General Meeting. 

128. The Directors shall from time to time, in accordance with sections 142, 144 and 151 of the Law, cause to be prepared and to be laid before the
Company in General Meeting such profit and loss accounts, balance sheets, group accounts (if any) and reports as are referred to in those sections. 
 129. A copy of every balance sheet (including every document required by law to be annexed thereto) which is to be laid before the Company in General Meeting, together with a copy of the auditors’
report 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 person registered under Regulation 37. Provided that this Regulation shall not require
a copy of those documents to be sent to any person of whose address the Company is not aware or to more than one of the joint holders of any shares or debentures. 

 CAPITALISATION OF PROFITS 
 130. The Company in General Meeting may upon the recommendation of the Directors resolve that it is desirable to capitalise any part of the amount for the time being standing to the credit of any of the
Company’s reserve accounts or to the credit of the profit and loss account or otherwise available for distribution, and accordingly that such sum be set free for distribution, amongst the Members who would have been entitled thereto if
distributed by way of dividend and in the same proportions on condition that the same be not paid in cash but be applied either in or towards paying up any amounts for the time being unpaid on any shares held by such Members respectively or paying
up in full unissued shares or debentures of the Company to be allotted, distributed and credited as fully paid up to and amongst such Members in the proportions aforesaid, or partly in the one way and partly in the other, and the Directors shall
give effect to such resolution: 
 Provided that a share premium account and a capital redemption reserve fund may, for the
purposes of this Regulation, only be applied in the paying up of unissued shares to be issued to Members of the Company as fully paid bonus shares. 
 131. Whenever such a resolution as aforesaid shall have been passed, the Directors shall make all appropriations and applications of the undivided profits resolved to be capitalised thereby, and all
allotments and issues of fully paid up shares or debentures, if any, and generally shall do all acts and things required to give effect thereto, with full power to the Directors to make such provisions by the issue of fractional certificates or by
payment in cash or otherwise as they think fit for the case of shares or debentures becoming distributable in fractions and also to authorise any person to enter on behalf of all the Members entitled thereto into an agreement with the Company
providing for the allotment to them respectively, credited as fully paid up, of any further shares or debentures to which they may be entitled upon such capitalisation, or (as the case may require) for the payment up by the Company on their behalf,
by the application thereto of their respective proportions of the profits resolved to be capitalised, of the amounts or any part of the amounts remaining unpaid on their existing shares, and any agreement made under such authority shall be effective
and binding on all such Members. 
 AUDIT 
 132. Auditors shall be appointed and their duties regulated in accordance with sections 153 to 156 (both inclusive) of the Law. 
 NOTICES 
 133. A notice may be given by the Company to any Member either personally or by sending
it by post, email or facsimile to him or to his registered address. Where a notice is sent by post, service of the notice shall be deemed to be effected, provided that it has been properly mailed, addressed, and posted, at the expiration of 24 hours
after same is posted. Where a notice is sent by email or facsimile it shall be deemed to be effected as soon as it is sent, provided there will be the relevant transmission confirmation. 

 134. A notice may be given by the Company to the joint holders of a share by giving the notice to the joint
holder first named in the register of Members in respect of the share. 
 135. A notice may be given by the Company to the persons entitled to a
share in consequence of the death or bankruptcy of a Member by sending it through the post in a prepaid letter addressed to them by name, or by the title of representative of the deceased, or trustee of the bankrupt, or by any like descriptions, at
the address, if any, supplied for the purpose by the persons claiming to be so entitled, or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not
occurred. 
 136. Notice of every General Meeting shall be given in any manner hereinbefore authorised to: 

(a) every Member except those Members who have not supplied to the Company a registered address for the giving of notices to them;

 (b) every person upon whom the ownership of a share devolves by reason of his being a legal personal representative or a
trustee in bankruptcy of a Member where the Member but for his death or bankruptcy would be entitled to receive notice of the meeting; and 
 (c) the auditor for the time being of the Company. 
 No other person shall be entitled to receive
notices of General Meetings. 
 WINDING UP 
 137. If the Company shall be wound up the liquidator may, with the sanction of an extraordinary resolution of the Company and any other sanction required by the Law, divide amongst the Members in specie
or kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for such purpose set such value as he deems fair upon any property to be divided as aforesaid and may determine how
such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the contributories as
the liquidator, with the like sanction, shall think fit, but so that no Member shall be compelled to accept any shares or other securities whereon there is any liability. 
 INDEMNITY 
 138. Every Director or other officer for the time being of the Company shall be
indemnified out of the assets of the Company against any losses or liabilities which he may sustain or incur in or about the execution of his duties including liability incurred by him in defending any proceedings whether civil or criminal in which
judgment is given in his favour or in which he is acquitted or in connection with any application under section 383 of the Law in which relief is granted to him by the Court and no Director or officer

 
of the Company shall be liable for any loss, damage or misfortune which may happen to or be incurred by the Company in the execution of the duties of his office or in relation thereto. But this
clause shall only have effect insofar as its provisions are not avoided by section 197 of the Law. 

  

			
	 NAMES, ADDRESSES AND DESCRIPTION OF
SUBSCRIBERS

  

			
		  	 1.      A.T.S. NOMINEES LIMITED

		  	          Limited Liability Company

		  	          Registration No. 52415

		  	          Arch. Makarios Ave. 2-4,

		  	          Capital Center, 9th floor,

		  	          Nicosia

 
  
 Dated this day of 2007 
 Witness to the above signatures: 

 

			
	  
	 	
	ELSIE PRAXITELOUS	 	
	 Secretary
 2-4 Makarios III
Ave.
 CAPITAL CENTER
	 	
	 9th Floor

Nicosia
	 	

  

			
	I confirm that I settled the above Memorandum and Articles of Association of the Company
		
	Sgd	 	  

	STELIOS TRIANTAFYLLIDES
	 Advocate
 2-4
Makarios III Ave.
 CAPITAL CENTER

	 9th Floor

Nicosia

 SCHEDULE 8 
 BASE STRATEGIC PLAN 
  

							
	 (‘000’s RUR)
	  	 2008
	  	 2009
	  	 2010

				
	 Volume (in dl.)
	  	2 735 105	  	3 699 657	  	4 440 034
				
	 Sales
	  	7 352 324	  	7 452 699	  	8 262 165
				
	 Turnover Rebates
	  	194 468	  	289 252	  	361 632
				
	 Net Sales
	  	7 157 856	  	7 163 447	  	7 900 533
				
	 COGS
	  	5 092 475	  	3 192 389	  	2 717 754
				
	 Margin on Sales
	  	2 065 381	  	3 971 058	  	5 182 780
				
	 Employee Expenses
	  	484 176	  	806 885	  	1 096 106
				
	 Marketing Spend
	  	631 390	  	938 275	  	1 160 I83
				
	 Selling, General and Administrative Expenses
	  	253 964	  	424 118	  	561 700
				
	 Capital Expenditure
	  	245 224 — 344 452	  	55 905 — 154 840	  	19 238 — 106 503
				
	 EBITDA
	  	945 026	  	1 928 124	  	2 364 790

 For information only  

USD/RUR Exchange Rate: [—] 

 

							
	 (`OOO’s USD)
	  	 2008
	  	 2009
	  	 2010

				
	 Volume (in dl.)
	  	2 735 105	  	3 699 657	  	4 440 034
				
	 Sales
	  	294 093	  	298 108	  	330 487
				
	 Turnover Rebates
	  	7 779	  	11 570	  	14 465
				
	 Net Sales
	  	286 314	  	286 538	  	316 021
				
	 COGS
	  	203 699	  	127 696	  	108 710

							
				
	 Margin on Sales
	  	82 615	  	158 842	  	207 311
				
	 Employee Expenses
	  	19 367	  	32 275	  	43 844
				
	 Marketing Spend
	  	25 256	  	37 531	  	46 407
				
	 Selling, General and Administrative Expenses
	  	10 159	  	16 965	  	22 468
				
	 Capital Expenditure
	  	9 809 — 13 778	  	2 236 — 6 194	  	770 — 4 260
				
	 EBITDA
	  	37 801	  	77 125	  	94 592

 SCHEDULE 9 
 CERTAIN EMPLOYEES 
  

							
	  	 	 Position
	  	Salary Range, ‘000’ USD	  	Minimum Fixed
Salary, ‘000’ USD
	 1
	 	CEO	  	500 -1 000	  	500
	 2
	 	Deputy CEO (COO)	  	300 - 480	  	300
	 3
	 	Deputy CEO	  	300 - 480	  	300
	 4
	 	Deputy CEO	  	300 - 480	  	300
	 5
	 	CFO	  	300 - 480	  	300
	 6
	 	Development Department Director	  	180 - 300	  	180
	 7
	 	Sales Director	  	180 - 300	  	180
	 8
	 	Logistic Director	  	170 - 300	  	170
	 9
	 	Marketing Director	  	120 - 240	  	120
	 10
	 	Finance Director	  	180 - 300	  	180
	 11
	 	Legal Department Director	  	120 - 240	  	120
	 12
	 	Production Department Director	  	156 - 240	  	156
	 13
	 	IT Director	  	156 - 240	  	156
	 14
	 	HR Director	  	156 - 240	  	156
	 15
	 	Engineering/Technical Department Director	  	120 - 240	  	120
	 16
	 	Quality Control Director	  	156 - 240	  	156
	 17
	 	Procurement Department Director	  	156 - 240	  	156

 IN WITNESS whereof the parties have EXECUTED and DELIVERED this Agreement as a
DEED the day and year first before written 
  

									
	 EXECUTED as a DEED
	  	 	)	  	  		  	
	 for and on behalf of
	  	 	)	  	  		  	
	 WHITE HORSE INTERVEST
	  	 	)	  	  		  	
	 LIMITED
	  	 	)	  	  		  	
	 Acting by     /s/ Sergey Kupriyanov        
	  	 	)	  	  	/s/ Sergey Kupriyanov	  	
				
	 Attorney-in-fact
	  				  		  	
	 Witness         /s/ Oleg
Isaev                    
	  				  		  	
				
	 EXECUTED as a DEED
	  	 	)	  	  		  	
	 for and on behalf of
	  	 	)	  	  		  	
	 BOLS SP. Z O.O.
	  	 	)	  	  		  	
	 acting by     /s/ Christopher Biedermann    
	  	 	)	  	  	/s/ Christopher Biedermann	  	
				
	 Attorney-in-fact
	  				  		  	
	 Witness         /s/ Siawomir
Koumiah        
	  				  		  	
				
	 EXECUTED as a DEED
	  	 	)	  	  		  	
	 for and on behalf of
	  	 	)	  	  		  	
	 CENTRAL EUROPEAN
	  	 	)	  	  		  	
	 DISTRIBUTION CORPORATION
	  	 	)	  	  		  	
	 acting by         /s/ William
Carey            
	  	 	)	  	  	/s/ William Carey	  	
				
	 Chairman, President and CEO
	  				  		  	
				
	 EXECUTED as a DEED
	  	 	)	  	  		  	
	 for and on behalf of
	  	 	)	  	  		  	
	 COPECRESTO ENTERPRISES
	  	 	)	  	  		  	
	 LIMITED
	  	 	)	  	  		  	
	 acting by         /s/ William
Carey            
	  	 	)	  	  	/s/ William Carey	  	
				
	 Attorney-in-fact
	  				  		  	
	 Witness         /s/ Siawomir KoumiahShareholders' Agreement

 Exhibit 10.52 
 Agreed Form 
 8 July 2008 

SHAREHOLDERS’ AGREEMENT 
 between 
 LION/RALLY CAYMAN 1 L.P. 

and 

CAREY AGRI INTERNATIONAL – POLAND SP. Z O.O 
 and 
 LION/RALLY CARRY ENG 1 L.P. 

and 

LION/RALLY CAYMAN 2 
 and 
 CENTRAL EUROPEAN DISTRIBUTION CORPORATION 

WEIL, GOTSHAL & MANGES 

One South Place London EC2M 2WG 
 Tel: +44 (0) 20 7903 1000 Fax: +44 (0) 20 7903 0990 
 www.weil.com

 TABLE OF CONTENTS 

 

							
	 	  	  	  	 Page
	 
	1	  	DEFINITIONS	  	 	4	  
			
	2	  	AGREEMENT TO SUBSCRIBE	  	 	16	  
			
	3	  	NEW ISSUES	  	 	16	  
			
	4	  	RESTRICTIONS ON DEALINGS WITH SECURITIES	  	 	18	  
			
	5	  	COMPLETION OF TRANSFERS	  	 	25	  
			
	6	  	EXIT	  	 	26	  
			
	7	  	IPO OF LUXCO1	  	 	27	  
			
	8	  	CALL OPTION	  	 	28	  
			
	9	  	PUT OPTION	  	 	32	  
			
	10	  	CONDUCT OF THE COMPANY	  	 	36	  
			
	11	  	ACQUISITIONS AND DISPOSALS	  	 	36	  
			
	12	  	PARENT GUARANTEE	  	 	37	  
			
	13	  	DIRECTORS	  	 	38	  
			
	14	  	ACCESS TO INFORMATION AND ACCOUNTS	  	 	40	  
			
	15	  	ADVISORY AGREEMENTS	  	 	41	  
			
	16	  	NON-SOLICITATION	  	 	42	  
			
	17	  	WARRANTIES	  	 	42	  
			
	18	  	CONFIDENTIALITY AND CONTACT RESTRICTIONS	  	 	42	  
			
	19	  	DEEDS OF ADHERENCE	  	 	44	  
			
	20	  	TERMINATION	  	 	44	  
			
	21	  	ANNOUNCEMENTS	  	 	45	  
			
	22	  	TAX AND VCOC	  	 	45	  
			
	23	  	ASSIGNMENT AND SUB-CONTRACTING	  	 	47	  
			
	24	  	EXCLUSION OF AGENCY, PARTNERSHIP OR JOINT VENTURE	  	 	47	  
			
	25	  	CAPACITY	  	 	48	  
			
	26	  	FURTHER ASSURANCE, CONFLICT AND COMPLIANCE WITH ARTICLES, MODIFICATIONS TO ACCOMMODATE THE PARTIES’ TAX EFFICIENCY	  	 	48	  
			
	27	  	ENTIRE AGREEMENT	  	 	49	  
			
	28	  	VARIATION	  	 	49	  
			
	29	  	WAIVER	  	 	49	  
			
	30	  	ILLEGALITY AND SEVERANCE	  	 	50	  
			
	31	  	RIGHTS OF THIRD PARTIES AND NO RECOURSE	  	 	50	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	  	  	 Page
	 
	32	  	COUNTERPARTS	  	 	50	  
			
	33	  	NOTICES	  	 	51	  
			
	34	  	EFFECT OF COMPLETION	  	 	52	  
			
	35	  	JURISDICTION	  	 	52	  
			
	36	  	GOVERNING LAW	  	 	52	  
		
	SCHEDULE 1 SHARE SUBSCRIPTION AMOUNTS	  	 	53	  
		
	SCHEDULE 2 DEED OF ADHERENCE	  	 	54	  
		
	SCHEDULE 3 LUXCO1 SHAREHOLDERS’ AGREEMENT	  	 	56	  
		
	SCHEDULE 4 PLEDGE AGREEMENT	  	 	105	  

  
 ii 

 THIS AGREEMENT is made on 8 July 2008 between the following parties 

 

	(1)	LION/RALLY CAYMAN 1 L.P., a Cayman Exempted Limited Partnership, whose address is Stuarts Corporate Services Ltd, P O Box 2510, George Town, Grand Cayman,
KY1-1104, Cayman Islands (the “Initial Lion Party”); 

  

	(2)	CAREY AGRI INTERNATIONAL – POLAND SP. Z O.O, a limited liability company organised in Poland, with its registered seat at 66 A Bokserska Street, 02-690,
Warsaw, Poland (the “Initial Bison Party”); 

  

	(3)	LION/RALLY CARRY ENG 1 L.P., an English limited partnership (with registered number LP 12992), whose address is 21 Grosvenor Place, London SW1X 7HF
(“Lion CLP”); 

  

	(4)	LION/RALLY CAYMAN 2, a company incorporated in the Cayman Islands having its registered office at c/o Stuarts Corporate Services Ltd, P O Box 2510, George Town,
Grand Cayman, KY1-1104, Cayman Islands (the “Company”); and 

  

	(5)	CENTRAL EUROPEAN DISTRIBUTION CORPORATION, a Delaware Corporation, the common stock of which is listed on the Nasdaq Global Select Market under the symbol
“CEDC” and the principal executive office of which is located in Warsaw, Poland at ul. Bobrowiecka 6, 02-728 Warszawa (the “Parent”). 

 WHEREAS 
  

	(A)	The Company was incorporated on 27 May 2008 under the laws of the Cayman Islands as a private limited liability company specifically for the purpose of the
Acquisition. 

  

	(B)	Since its incorporation, the Company has not traded or undertaken any business activities of any sort, has not given any security or incurred any indebtedness,
and no Shareholder nor Board resolutions of the Company have been passed, save as required pursuant to the Transaction Documents. 

  

	(C)	On or by the Closing Date, the Initial Lion Party, the Initial Bison Party & Lion CLP have agreed to subscribe for shares in the Company to finance the
Acquisition. 

  

	(D)	The Initial Lion Party, the Initial Bison Party, Lion CLP and the Company have agreed to make provision for the management and administration of the affairs of
the Company on the terms and conditions set out in this Agreement. 

 NOW IT IS HEREBY AGREED as follows 

 

	1	DEFINITIONS 

  

	1.1	In this Agreement (including the Recitals), except where the context otherwise requires, the following words and expressions shall have the following meanings:

  

			
	“A Ordinary Shares”	  	the A Ordinary Shares with a nominal value of $1 each in the capital of the Company;
		
	“Acquisition”	  	the acquisition by Pasalba Limited of the Sale Shares under the SPA;
		
	“Advisory Agreements”	  	(i) the Monitoring and Oversight Agreement and (ii) the Corporate Finance Advisory Agreement, each to be entered into on or prior to the Closing Date between a Group Company and
a Lion Party (or any one or more of its designated Affiliates or any one or more of the Affiliates of any shareholder (or partner) in a Lion Party) as each may be amended from time to time;

  
 4 

			
	“Affiliate”	  	with respect to any person, another person Controlled directly or indirectly by such first person, Controlling directly or indirectly such first person or directly or indirectly
under the same Control as such first person, and “Affiliated” shall have a meaning correlative to the foregoing;
		
	“Anti-Trust Approval”	  	Has the meaning given to it in Clause 8.9;
		
	“Articles”	  	the articles of association of the Company, as the same may be amended or replaced by any successor articles of association from time to time;
		
	“Auditors”	  	the external auditors for the time being of any Group Company;
		
	“B Ordinary Shareholder”	  	a holder of B Ordinary Shares;
		
	“B Ordinary Shares”	  	the B Ordinary Shares with a nominal value of $1 each in the capital of the Company;
		
	“Bison Party” or “Bison Parties”	  	the Initial Bison Party and, upon completion of any Transfer by the Initial Bison Party or by any Permitted Transferee thereof to a Permitted Transferee thereof in accordance
with the terms of this Agreement, such Permitted Transferee;
		
	“Bison Share”	  	the number of Ordinary Shares held by the Bison Parties at the relevant time as a percentage of all Ordinary Shares then in issue;
		
	“Bison Share of Luxco”	  	the Bison Share multiplied by the CayCo Share;
		
	“Board”	  	the board of directors of the Company as constituted from time to time;
		
	“Business Day”	  	a day (other than a Saturday, a Sunday or a public holiday) on which banks in London, Luxembourg, New York, Warsaw, and the Cayman Islands are normally open for the conduct of
general banking business;
		
	“C Ordinary Shares”	  	the C Ordinary Shares with a nominal value of $1 each in the capital of the Company;
		
	“Call Option Closing Date”	  	the date of completion of the sale and purchase of the shares which are the subject of the Call Option;

  
 5 

			
	“Call Option Equity Value”	  	 In respect of each Call Option Period:
  

(i) the aggregate of:
  

(a)    the applicable multiple, multiplied by the Operating Group EBITDA for the twelve month
period ended on the Option Valuation Date;
  
 (b)    Cash on the Option Valuation Date; and
  

(c)    Working Capital on the Option Valuation Date;

 
 minus:

 
 (ii) the aggregate of:

 
 (a)    Financial Debt on
the Option Valuation Date;
  

(b)    the Management Incentive Adjustment; and

 
 (c)    Normalised
Working Capital on the Option Valuation Date.
  
 In
respect of the 2010 Call Option Period the applicable multiple shall be 14.05, for the 2011 Call Option Period 13.14 and for the 2012 Call Option Period 12.80;

		
	“Call Option”	  	the call option granted by the Company pursuant to this Agreement in favour of the Bison Parties as set out in Clause 8 of this Agreement;
		
	“Call Option Exercise Date”	  	means the date of delivery of the Call Option Notice;
		
	“Call Option Expiry Date”	  	Has the meaning given to it in Clause 8.3;
		
	“Call Option Notice”	  	Has the meaning given to it in Clause 8.2;
		
	“Call Option Period”	  	the 2010 Call Option Period, or the 2011 Call Option Period, or the 2012 Call Option Period (as the case may be);
		
	“Call Option Price”	  	the consideration payable by the Bison Parties to the Company upon the exercise of the Call Option as set out in Clause 8.5 of this Agreement;
		
	“Cash”	  	all cash and cash equivalents of the LuxCo1 Group as shown in the books and records of the LuxCo1 Group as at the relevant date;
		
	“CayCo Share”	  	the number of shares from time to time held by the Company in LuxCo1 as a percentage of all shares of LuxCo 1 then in issue;
		
	“Closing”	  	Has the meaning given to it in the SPA;
		
	“Closing Date”	  	Has the meaning given to it in the SPA;
		
	“Confidential Information”	  	all and any information (written, oral or electronic): (a) concerning the business, finances, assets or affairs of the Group; (b) relating to the Group’s processes, plans,
intentions, product information, know-how, designs, trade secrets, software, market opportunities and customers, or in relation to any third party for which any member of the Group is responsible or in respect of which any member of the Group has an
obligation not to disclose; (c) relating to any Shareholder or Permitted Transferee or any shareholder in any such person or any of their respective Affiliates; and (d) relating to the contents of this Agreement or any other Transaction Document (or
any agreement or arrangement entered into pursuant to or any transaction contemplated by this Agreement or any other Transaction Document);

  
 6 

			
	“Control”	  	with respect to a person (other than an individual): (a) ownership of more than 50% of the voting securities of such person; (b) the right to appoint or remove, or cause the
appointment or removal of, more than 50% of the members of the board of directors (or similar governing body) of such person; or (c) the right to manage, or direct the management of, on a discretionary basis the business, affairs and/or assets of
such person, and for the avoidance of doubt, a general partner is deemed to Control a limited partnership (and the terms “Controlling” and “Controlled” shall have meanings correlative to all of the
foregoing);
		
	“Corporate Finance Advisory Agreement”	  	The corporate finance advisory agreement concerning the Russian Alcohol Group to be entered into between (1) Pasalba Limited and (2) Lion Bridging Party;;
		
	“Cyprus1”	  	Lion/Rally Cyprus 1;
		
	“Deed of Adherence”	  	a deed of adherence to this Agreement in the same or substantially similar form to the agreed form attached as Schedule 2;
		
	“Director”	  	Any director of the Company from time to time;
		
	“D Ordinary Shares”	  	the D Ordinary Shares with a nominal value of $1 each in the capital of the Company;
		
	“Encumbrance”	  	Any mortgage, charge, pledge, lien, option, restriction, third party right or interest, other interest or security interest of any kind;
		
	“Exit”	  	a Sale or an IPO;
		
	“Fair Market Value”	  	the value that would be paid by a willing buyer to a willing seller that is not an Affiliate of the buyer in a transaction not involving distress or necessity of either party,
determined in good faith by the Board;
		
	“Financial Debt”	  	all outstanding obligations of the LuxCo1 Group for money borrowed (including for the avoidance of doubt, accrued but unpaid interest), outstanding obligations evidenced by
notes, debentures, bonds or similar instruments, the payment for which the LuxCo1 Group is liable and the net present value of all obligations as lessees under all finance leases including sale and leaseback programs but Financial Debt shall exclude
any liability for amounts owed by LuxCo1 to any direct shareholders thereof and shall also exclude any liability for amounts owed between members of the LuxCo1 Group and, for the purposes of the 2010 Call Option Period shall include 50 per cent. of
any Prepayment Penalties and, for the purposes of the 2010 Put Option Period, the 2011 Call Option Period, the 2011 Put Option Period, the 2012 Call Option Period, and the 2012 Put Option Period, shall include 100 per cent. of any Prepayment
Penalties;
		
	“Financial Year”	  	a twelve month financial period of the Company ending on 31 December, or such other date as may be adopted by a resolution of the Shareholders at a general meeting of
Shareholders to be the end of the financial year of the Company;

  
 7 

			
	“Group”	  	the Company and its Subsidiaries from time to time and “member of the Group” and “Group Company” shall be construed accordingly; for the
avoidance of doubt, no Shareholder nor any of their respective Affiliates (other than the Company and the Subsidiaries of the Company) shall be a member of the Group for the purposes of this Agreement;
		
	“Holding Company”	  	has the meaning given in the definition of “Subsidiary”;
		
	“Hurdle Return”	  	a compound eight per cent. (8%) return per annum on the aggregate equity and shareholder debt invested in LuxCo1 at Closing and thereafter and compounded annually on a pro
rata basis, including, in each case, the principal value of all amounts invested or paid at Closing and thereafter;
		
	“Individual”	  	a natural person;
		
	“IPO”	  	an initial Public Offering;
		
	“LIBOR”	  	in relation to any amount the applicable screen rate as at 11.00 a.m. on the relevant calculation date for the offering of deposits of that amount in US dollars for a three-month
period and the “screen rate” means The British Bankers’ Association Interest Settlement Rate for US dollars for the period displayed on the appropriate page of the Telerate Screen;
		
	“Lion Capital Management Entity”	  	Lion Capital LLP, Lion Capital General Partner LLP, Lion Capital General Partner II LLP, Lion Capital Carry LP, Lion Capital Carry II LP and Lion/Latimer GP II (Guernsey)
Limited;
		
	“Lion Party”	  	the Initial Lion Party and, upon completion of any Transfer by the Initial Lion Party or a Permitted Transferee thereof to a Permitted Transferee thereof in accordance with the
terms of this Agreement, such Permitted Transferee;
		
	“Lion Share”	  	the number of Ordinary Shares from time to time held by the Lion Parties as a percentage of all Ordinary Shares then in issue;
		
	“Listed Shares”	  	means the (class of) shares to be listed in an IPO or any other Public Offering;
		
	“LuxCo1”	  	Lion/Rally Lux 1 S.A., a company incorporated in Luxembourg, whose registered address is at 9, Rue Sainte Zithe, 3rd Floor, L-2763, Luxembourg;
		
	“LuxCo1 Group”	  	LuxCo1 and its Subsidiaries from time to time;
		
	“LuxCo1 Shareholders’ Agreement”	  	the shareholders’ agreement entered into on or about the date of this Agreement between the Company, [Sellers’ Investment Vehicles] and LuxCo1 and attached
hereto as Schedule 3;

  
 8 

			
	“Management Incentive Adjustment”	  	an amount equal to (i) the aggregate value of amounts accrued but unpaid as at the Call Option Exercise Date or the Put Option Exercise Date (as the case may be) pursuant to any
Management Incentive Scheme plus (ii) the aggregate value of amounts paid by any member of the LuxCo1 Group to any manager of the LuxCo1 Group by way of a bonus or other non-recurring payment where such bonus or non-recurring payment is directly
linked and conditional upon (x) a change of Control of the LuxCo 1 Group or (y) an acquisition by a member of the LuxCo 1 Group after Closing, (iii) the Management Securities Floor Adjustment where the sum of (i), (ii), and (iii) exceeds 3.5% of the
amount of the total appreciation in value over the Hurdle Return on any equity and shareholder debt invested in LuxCo1 from time to time, and then only to the extent of the amount of the excess over 3.5%;
		
	“Management Incentive Scheme”	  	means a contractual obligation of any member of the LuxCo1 Group to pay compensation to any manager of the LuxCo1 Group where the compensation payable is calculated by reference
to the appreciation in value of the equity and shareholder debt invested in the LuxCo1 Group. For the avoidance of doubt, any securities issued to, or any rights to acquire securities held by, any manager and consultancy or other analogous fees
payable to any manager do not fall within the scope of this term;
		
	“Management Securities Floor Adjustment”	  	means, for the purposes of calculating the Call Option Equity Value only, the amount, if any, by which the Call Option Price would (but for the Management Securities Floor
Adjustment) be higher than it would be had no securities been issued pursuant to Clause 3.1.3 and, for the avoidance of doubt, in the case of the Put Option Price, this amount shall always be zero;
		
	“Minority Investment”	  	any entity in which any member of the Group owns a minority interest;
		
	“Minority Investment EBITDA”	  	EBITDA of any Minority Investment, calculated on the same basis as Operating Group EBITDA, multiplied by the Group’s percentage shareholding in the Minority
Investment;
		
	“Monitoring and Oversight Agreement”	  	the monitoring and oversight agreement concerning the Russian Alcohol Group to be entered into between (1) Pasalba Limited and (2) Lion Capital LLP;
		
	“Net Senior Debt”	  	Gross Senior Debt (as defined in the Senior Facilities Agreement) minus Cash as at the relevant date;
		
	“Net Senior Leverage”	  	Net Senior Debt at the relevant date, divided by Operating Group EBITDA for the most recently completed period of 12 months;
		
	“Normalised Level of Working Capital”	  	the average level of Working Capital of the Operating Group calculated by taking the average of the last twelve month ends’ or the last four quarter ends’ (as the
Company may determine) Working Capital immediately prior to the relevant date, having first excluded any one off or exceptional items from the such Working Capital;
		
	“Notes”	  	the US$103,500,000 Unsecured Exchangeable Loan Notes constituted by an instrument made by the Company, LuxCo1, and Lion/Rally Lux 3 S.à r.l. dated 8 July
2008;

  
 9 

			
	“Operating Board”	  	the main operating board of the Group from time to time;
		
	“Operating Group EBITDA”	  	the consolidated earnings before interest, taxation, depreciation and amortisation of the Operating Group as extracted from the consolidated audited accounts of the Operating
Group for the relevant period, (except where Operating Group EBITDA is calculated by reference to a period for which audited accounts are not available, in which case consolidated management accounts may be used) prepared by one of Deloitte, Ernst
& Young, KPMG or PricewaterhouseCoopers (each a “Recognised Accountancy Firm”), before bringing into account any of the following items and without double counting (and so that, to the extent any of the following have been
charged, expensed or deducted in computing such earnings they shall be added back and to the extent any of the following have been taken into account therein they shall be deducted):
		
		  	 (a)    any accrued interest paid or payable by the Operating Group
(including fees or penalties incurred in connection with third party borrowings or the issue of guarantees and letter of credit) and including any amounts payable under any interest rate hedging agreement shall be added back and any interest owing
to or received by the Operating Group and including any amounts receivable under any interest rate hedging agreement shall be deducted;
  

(b)    any tax paid or payable by the Operating Group in respect of the operating profit or
any deferred tax charges arising for such period shall be added back and any amount received or receivable by the Operating Group in respect of a rebate or refund of tax shall be deducted;

 
 (c)    any extraordinary
items and any exceptional items (in each case being extraordinary or exceptional due to their size, nature or type or items being outside the ordinary course of trading or costs related to restructuring) shall be added back;

 
 (d)    any loss against
book value incurred by the Operating Group on the sale, lease or other disposal of any capital asset shall be added back and any gain against book value incurred by the Operating Group on the sale, lease or other disposal of any capital asset shall
be deducted;
  

(e)    any loss arising on any revaluation of any asset shall be added back and any gain
arising on any revaluation of any asset shall be deducted;
  
 (f)     any realised or unrealised foreign exchange losses shall be added back and any realised or unrealised foreign exchange gains shall be deducted;

 
 (g)    depreciation
shall be added back;
  

(h)    any amortisation or impairment of tangible or intangible assets shall be added
back;
  

(i)     the costs paid or payable in relation to any acquisition or disposal of any
company or business or brand shall be added back;

  
 10 

			
		  	 (j)     any dividends or distributions paid or payable shall be
added back and any dividends received or receivable shall be deducted (each only to the extent a corresponding entry has been made to net income);
  

(k)    any loss on revaluation of any fixed or current asset shall be added back;

 
 (l)     any charge
in respect of the accounting for share based payments under IFRS shall be added back;
  

(m)   in the event that the Operating Group makes any acquisition of any company or business or
brand during the course of a year the Operating Group EBITDA in that year of acquisition shall be adjusted such that the Operating Group EBITDA shall include a full year’s EBITDA in respect of such acquisition (based on an EBITDA for the
acquired company, business or brand that is determined on the same basis as Operating Group EBITDA) and verified by a Recognised Accountancy Firm on the same basis as Operating Group EBITDA; and

 
 (n)    in the event that
the Operating Group makes a disposal of any company or business or brand during the course of a year the Operating Group EBITDA in that year of disposal shall be adjusted such that the Operating Group EBITDA shall not include any EBITDA in respect
of such disposal;

		
	“Operating Group”	  	Cyprus1 and its Subsidiaries from time to time or, at the discretion of the Lion Party, the Operating Group may also include any holding company of Cyprus1, up to the level of
LuxCo1;
		
	“Option Valuation Date”	  	in respect of the 2010 Call Option Period or the 2010 Put Option Period, 31 December 2009; in respect of the 2011 Call Option Period or the 2011 Put Option Period, 31 December
2010; and, in respect of the 2012 Call Option Period or the 2012 Put Option Period, 31 December 2011;
		
	“Ordinary Shareholder”	  	a holder of Ordinary Shares;
		
	“Ordinary Shares”	  	the A Ordinary Shares, the B Ordinary Shares, the C Ordinary Shares, and the D Ordinary Shares;
		
	“Parties”	  	the parties to this Agreement from time to time including successors in title, permitted assignees and permitted transferees, provided that any such person first executes a Deed
of Adherence;
		
	“Permitted Transferee”	  	 (i)     in respect of a Bison Party, any wholly-owned and
Controlled Subsidiary of a Bison Party or of any person who Controls a Bison Party;
  
 (ii)    in respect of a Lion Party or Lion CLP:
  

(A)   any Lion Capital Management Entity; or

 
 (B)   any person directly or
indirectly Controlled by or Controlling any Lion Capital Management Entity;

  
 11 

			
	“Pledge Agreement”	  	means the agreement to be entered into as of the date hereof between the Bison Parties and Lion/Rally/Cayman 1 LP, as provided in Clause 8.19, and attached hereto as Schedule
4;
		
	“Preference Shares”	  	the Preference Shares with a nominal value of $1 each in the capital of the Company;
		
	“Preferred Shareholder”	  	a holder of Preference Shares;
		
	“Prepayment Penalties”	  	any charge or fee actually paid or payable to the provider of Financial Debt, calculated in accordance with the underlying contract, and arising solely as a result of the
mandatory prepayment of such Financial Debt before its contractual date for payment but (for the avoidance of doubt) such charges or fees shall not include any unpaid interest then due nor other charge or fee already taken into account in the
calculation of Financial Debt;
		
	“Prohibited Person”	  	 means:
  

(i)     any person appearing on the Specially Designated Nationals and Blocked Persons
List of the Office of Foreign Assets Control in the United States Department of the Treasury as set out on the US Department of Treasury’s Office of Foreign Assets Control at the following URL:

 

         http:/www.treasury.gov/offices/enforcement/ofac/Index.html;
or
  

(ii)    any other person with whom a transaction is prohibited by Executive Order 13224, the
USA PATRIOT Act, the Trading with the Enemy Act or the foreign asset control regulations of the United States Treasury Department, in each case as amended from time to time; or

 
 (iii)   any other person whom
the Company (acting reasonably) considers would create a material reputational risk for the Company or any of its Affiliates or any co-investors in the Company or its respective Affiliates.

		
	“Public Offering”	  	any sale of shares of any member of the Group to the public in an offering under the laws, rules and regulations of any jurisdiction, pursuant to which the sold shares will be
admitted to trading on a stock exchange;
		
	“Put Option”	  	the put option granted by the Initial Bison Party pursuant to this Agreement in favour of the Company as set out in Clause 9 of this Agreement;
		
	“Put Option Closing Date”	  	the date of completion of the sale and purchase of the shares which are the subject of the Put Option;

  
 12 

			
	“Put Option Equity Value”	  	 in respect of each Put Option Period:
  

(i)     the aggregate of:

 
 (a)     the
applicable multiple, multiplied by the Operating Group EBITDA for the twelve month period ended on the Option Valuation Date;
  

(b)    Cash on the Option Valuation Date; and

 
 (c)    Working Capital
on the Option Valuation Date;
  
 minus:

 
 (ii)    the aggregate
of:
  

(a)    Financial Debt on the Option Valuation Date;

 
 (b)    the Management
Incentive Adjustment; and
  

(c)    Normalised Working Capital on the Option Valuation Date.

 
 In respect of the 2010 Put Option Period the applicable multiple shall be 14.05, for
the 2011 Put Option Period 13.14 and for the 2012 Put Option Period 12.80;

		
	“Put Option Period”	  	the 2010 Put Option Period, or the 2011 Put Option Period or the 2012 Put Option Period (as the case may be);
		
	“Put Option Price”	  	the consideration payable by the Bison Parties upon the exercise of the Put Option as set out in Clause 9.5;
		
	“Requirements”	  	has the meaning given to it in Clause 8.10
		
	“Sale”	  	the sale of all or substantially all of (i) the issued equity share capital of the Company (including all Shares held by the Shareholders) or (ii) the business or assets of the
Group to a single buyer or to one or more buyers as part of a single transaction or a series of related transactions;
		
	“Sale Shares”	  	has the meaning given in the SPA;
		
	“Seller Party”	  	has the meaning given in the LuxCo1 Shareholders’ Agreement;
		
	“Senior Facilities Agreement”	  	means the Senior Facilities Agreement dated on or around the date of this Agreement made between, amongst others, Pasalba Ltd and Goldman Sachs International;
		
	“Shareholders”	  	collectively, the Lion Parties, the Bison Parties and Lion CLP, and each other person to which Shares are Transferred or issued in accordance with the terms of this Agreement and
which becomes a party to this Agreement by executing a Deed of Adherence, and “Shareholder” means any of them;
		
	“Shares”	  	the Ordinary Shares and the Preference Shares and any and all shares and interests into which these shares may be exchanged or converted by change of legal form, merger or
otherwise, or which may be issued by capital increase of the Company;

  
 13 

			
	“SPA”	  	the sale and purchase agreement entered into on 22 May 2008 by and between Cirey Holdings, Inc., and Pasalba Limited;
		
	“Subsidiary”	  	in relation to any person (a “Holding Company”), any other person directly or indirectly Controlled by that Holding Company;
		
	“Total Leverage”	  	total third party debt less cash and cash equivalents of Lion/Rally Lux 3 S.à r.l. and its subsidiaries, adjusted to reflect a normalised level of net working
capital minus any principal amounts and accrued but unpaid interest outstanding under the Notes, divided by Operating Group EBITDA for the most recently completed period of 12 months, pro forma as if the Proposed Acquisition (as defined in
Clause 11.1) had occurred on the first day of the 12 month period;
		
	“Transaction Documents”	  	the SPA, the LuxCo1 Shareholders’ Agreement, the Pledge Agreement, this Agreement, and the Advisory Agreements, and “Transaction Document” means any of
them; and
		
	“Transfer”	  	has the meaning given in Clause 4;
		
	“Working Capital”	  	 the aggregate value of:
  

(a)    the consolidated inventory of the Operating Group;

 
 (b)    the consolidated
trade receivables of the Operating Group; and
  
 (c)    all consolidated other current assets of a working capital nature of the Operating Group,
  

less the aggregate value of:
  

(a)    the consolidated trade payables of the Operating Group; and

 
 (b)    the consolidated
other payables of a working capital nature of the Operating Group (but excluding interest accruals),
  
 as at the relevant date. Working Capital shall be calculated using consistent accounting policies, practices and bases of preparation as those used in the preparation of the audited financial statements
of the Operating Group (“Audited Accounts Policies”) and to the extent not covered by such Audited Accounts Policies then in accordance with IFRS.

 

	1.2	In this Agreement, save where the context otherwise requires: 

  

	 	1.2.1 	references to a “person” include an individual, body corporate (wherever incorporated), unincorporated association, trust or partnership
(whether or not having separate legal personality), government, state or agency of a state, or any two or more of the foregoing; 

  

	 	1.2.2 	references to an individual or individuals shall include his or their respective personal representatives; 

  
 14 

	 	1.2.3 	references to a document in the “agreed form” are to that document in the form agreed to and initialled for the purposes of identification by or
on behalf of the Parties; 

  

	 	1.2.4 	references to a Clause, Schedule or Appendix are to a Clause, Schedule or Appendix of this Agreement, and, unless otherwise specified, references to sub-clauses
are to sub-clauses of the Clause in which such reference appears, and references to this Agreement include the Schedules and Appendices; 

  

	 	1.2.5 	the headings in this Agreement are used for convenience only and do not affect its construction or interpretation; 

 

	 	1.2.6 	references to a statute or a statutory provision include references to such statute or statutory provision as amended or re-enacted whether before or after the
date of this Agreement and include all subordinate legislation made under the relevant statute whether before or after the date of this Agreement save where that amendment, or re-enactment or subordinate legislation would extend or increase the
liability of any Party under this Agreement; 

  

	 	1.2.7 	a reference to a document is a reference to that document as amended; 

 

	 	1.2.8 	the singular includes the plural and vice versa and any gender includes any other gender; 

 

	 	1.2.9 	a reference to a specific Transaction Document is a reference to that document as amended, varied, novated, supplemented or replaced from time to time (other
than in breach of the provisions of this Agreement); 

  

	 	1.2.10 	references to “$” or “USD” are references to the lawful currency of the time being of the United States of America; and

  

	 	1.2.11 	references to “€” or “Euro” are references to the single currency and the legal means of payment in the territory of the
Economic and Monetary Union. 

  

	1.3	Unless expressly provided to the contrary, covenants and undertakings in this Agreement which are given by more than one Party are deemed to have been given
severally and not jointly or jointly and severally. 

  

	1.4	Any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall
in respect of any jurisdiction other than England be deemed to include what most nearly approximates in that jurisdiction to the English legal term and a reference to any English statute shall be construed so as to include equivalent or analogous
laws of any other jurisdiction. 

  

	1.5	Save where otherwise expressly provided in this Agreement, references to any approval or consent to be given, or any action to be taken, by the Lion Parties or
by the Bison Parties shall mean the approval or consent given, or action taken, by or on behalf of members of the Lion Parties, or the Bison Parties, as the case may be, holding shares representing more than 50 per cent. of the aggregate voting
rights held by all of the Lion Parties or the Bison Parties, as the case may be. 

  

	1.6	A procuring obligation, where used in the context of the Shareholders (or any one or more of them) means that the Shareholder undertakes to exercise any and all
powers and rights vested in him from time to time in his capacity as a Shareholder and any influence over any Shareholder Director which was appointed following nomination by that Shareholder, or otherwise in or of the Company or any other member of
the Group or other entity (as relevant), to ensure compliance with that obligation so far as he is (legally) able to do so. 

  
 15 

	2	AGREEMENT TO SUBSCRIBE 

  

	2.1	Subject to the provisions of this Agreement: 

  

	 	2.1.1 	the Initial Lion Party will subscribe in cash for the number of A Ordinary Shares set opposite its name in column 2 of Schedule 1 at the subscription price per A
Ordinary Share set out in Schedule 1; 

  

	 	2.1.2 	the Initial Bison Party will subscribe in cash for the number of B Ordinary Shares set opposite its name in column 3 of Schedule 1 at the subscription price per
B Ordinary Share set out in Schedule 1; and 

  

	 	2.1.3 	Lion CLP will subscribe in cash for the number of Preference Shares set opposite its name in column 4 of Schedule 1 at the subscription price per Preference
Share set out in Schedule 1. 

  

	2.2	Full payment of the subscription monies for the Shares described in Clause 2.1 must be made on or before Closing to the Company in cleared or immediately
available funds. 

  

	2.3	Notwithstanding the provisions of Clause 2.2, subscription of the Shares and the other obligations of the Parties pursuant to the terms of this Agreement, shall
be conditional upon Closing. 

  

	2.4	Upon receipt of the subscription monies referred to in Clause 2.2 the Company will immediately register each respective Shareholder as the fully paid holder of
the Shares subscribed for under Clause 2.1 and issue appropriate share certificates. 

  

	3	NEW ISSUES 

  

	3.1	The Company shall be free to issue, free from any pre-emption rights, any Shares of any class or grant any rights to subscribe for or convert or exchange
securities into shares of any class (“New Shares”) to any person (and the Shareholders shall do all acts and things in their capacity as Shareholders as are reasonably required or appropriate to ensure that the Company may issue
such securities): 

  

	 	3.1.1 	in connection with the payment in shares of all or part of the consideration for the acquisition of any business or assets by the Company or any Group Company (a
“New Acquisition”), but for the avoidance of doubt not in connection with the payment in cash for all or part of the consideration for a New Acquisition; 

 

	 	3.1.2 	in order to permit any sellers under a New Acquisition to invest in the Company; 

 

	 	3.1.3 	in connection with any investment or incentive scheme in which managers and/or employees of the Group are entitled to participate; 

 

	 	3.1.4 	 to existing or new lenders to the Group in connection with the raising of debt finance (a “Relevant Transaction”) by any member
of the Group from such lender in proportions no greater than USD1 of subscription price of such securities to USD4 of principal amount of such debt finance (the “Agreed Proportion”) and, in the case of a Relevant Transaction,
amounts of capital (meaning the aggregate of debt provided by lenders and cash subscribed for equity in accordance with the provisions of this Clause) shall be raised as follows: (a) the Shareholders shall be

  
 16 

	 	 
entitled to subscribe for their proportionate share of the lower of x) 40 per cent of the capital raised; and y) the principal amount of equity proposed to be raised in relation to the Relevant
Transaction, in each case in accordance with the other provisions of this Clause 3; (b) any shares offered under (a) but not subscribed by any Shareholders other than the Bison Parties may be offered to new or existing lenders to the Group in
relation to the Relevant Transaction; and (c) thereafter, any remaining amounts of capital raised may be in equity or debt, in amounts no greater than the Agreed Proportion; 

 

	 	3.1.5 	in accordance with any exchange rights under the Notes; or 

  

	 	3.1.6 	in accordance with the provisions of Clause 4.4.10. 

  

	3.2	In the event of an issue of New Shares not falling within paragraphs 3.1.1 to 3.1.6 above the Company shall offer for subscription New Shares (at the same cash
price per New Share) first to the Shareholders, in the same class, pro rata to the Shares held by them in order that they be afforded the opportunity to maintain their respective percentage ownership interest in the Company and in the same
class of shares held by them. If funds advised or managed by Lion Capital LLP (the “Lion Funds”) propose to subscribe for New Shares in an issue of New Shares pursuant to paragraphs 3.1.1 to 3.1.4 above, the Company shall first
offer for subscription New Shares (at the same cash price per New Share) to all Shareholders holding the same class of shares as the Lion Funds, pro rata to the Shares held by them (the pre-emptive offers contemplated by this sentence and the
preceding sentence each being known as a “New Offer”). 

  

	3.3	The New Offer shall be made by notice stating the number or amount of New Shares being offered, the price at which they are being offered (the “New Offer
Price”) and any other terms of the New Offer which the Company may apply. 

  

	3.4	The New Offer shall remain open for the period (being not less than 30 Business Days) specified in the notice. This period may be shorter if the Shareholders
provide their consent to the shorter period of notice. 

  

	3.5	The Company shall issue the New Shares to those Shareholders who apply for them and in the case of oversubscription for such New Shares as far as practicable in
proportion to the number of Shares held by them respectively, but so that an applicant shall not be allotted or granted a number of New Shares greater than the number for which he or it applied. 

 

	3.6	Any New Shares not taken up under the New Offer may, at any time up to six months after the expiry of the New Offer, be issued or granted by the Company at such
price (not being less than the New Offer Price), on such terms (being no less favourable to the Company than the terms of the New Offer), in such manner and to such persons as the Board determines with the consent of the Lion Party.

  

	3.7	The Shareholders shall do all acts and things in their capacity as Shareholders as are reasonably required or appropriate to ensure that the Company may issue
New Shares in accordance with the above provisions. 

  

	3.8	The Company undertakes that it will not, and the Lion Parties agree that they shall not cause the Company, pursuant to Clauses 3.1.1, 3.1.2, 3.1.3, or 3.1.4, to
issue such number of New Shares that causes, and the Company will procure that LuxCo1 does not pursuant to Clauses 4.1 to 4.9 of the LuxCo1 Shareholders Agreement issue such shares that causes: 

  
 17 

	 	3.8.1 	the Bison Share of LuxCo to be less than 29%, ignoring any dilutive effect upon the Bison Share of LuxCo as a result of the Bison Parties not exercising fully
any pre-emption rights under Clause 3.2; or 

  

	 	3.8.2 	until the Call Option Expiry Date, the Lion Parties to lose Control of the Company or the Company to lose Control of LuxCo1; or 

 

	 	3.8.3 	the Bison Parties to lose the benefit of the rights contained in Clause 14 of this Agreement, 

in each case without the consent of the Bison Parties (such consent not to be unreasonably withheld or delayed). 

 

	3.9	Notwithstanding any other provision of this Agreement, if B Ordinary Shares are to be issued to the Bison Parties, and such issue would take the Bison
Parties’ percentage holding in the Company to an amount exceeding 47.5%, such B Ordinary Shares may, in the discretion of the Bison Parties, be issued as D Ordinary Shares instead. 

 

	4	RESTRICTIONS ON DEALINGS WITH SECURITIES 

  

	4.1	Restrictions on Transfer 

No Shareholder may, directly or indirectly, sell, assign, transfer, offer, grant a participation in, mortgage, pledge, hypothecate, create
a security interest in or lien upon, encumber, donate, contribute, place in trust, enter into any voting agreement (other than as specifically set out in this Agreement) in respect of, or otherwise dispose of (collectively,
“Transfer”) any of its Shares or the legal or beneficial interest therein, except as permitted under this Agreement. No Shareholder may Transfer its Shares to a Prohibited Person. 

 

	4.2	Exceptions to Prohibition on Transfer 

 Any Shareholder may Transfer any of its Shares in the following circumstances: 
  

	 	4.2.1 	in connection with an Exit carried out in accordance with Clause 6; 

 

	 	4.2.2 	to Permitted Transferees in accordance with the provisions set out in Clause 4.3; and 

 

	 	4.2.3 	in accordance with the rights of first refusal set out in Clause 4.4; 

 

	 	4.2.4 	in the case of a Lion Party at any time on or after the Closing Date, subject always to the provisions of Clauses 4.4, 4.5 and 4.6; and 

 

	 	4.2.5 	in accordance with the provisions of Clause 8.19. 

 In the event of any Transfer in accordance with this Clause 4.2, each of the Shareholders undertakes to take such actions and do such things as may be necessary to complete such Transfer in accordance
with applicable Cayman Island legal requirements. 
  

	4.3	Permitted Transfers 

  

	 	4.3.1 	 Any Shareholder may at any time Transfer any or all of its Shares, including all rights and obligations attached to such Shares pursuant to this
Agreement to one or more of its Permitted Transferees (and each such Permitted Transferee may in turn only effect any such Transfer to a Permitted Transferee of the initial transferring Party upon the same terms and conditions specified herein)
without the consent of the Board or the consent of any other 

  
 18 

	 	 
Shareholder so long as (i) such Permitted Transferee shall have executed and delivered to the Company a Deed of Adherence, provided that, if such Transfer relates to part only of the
Shares owned by such selling Shareholder, such selling Shareholder shall remain liable for the performance of its obligations under this Agreement in relation to the Shares it continues to hold, and (ii) the Transfer to such Permitted Transferee is
not in violation of any securities laws applicable to such Transfer. 

  

	 	4.3.2 	To the extent that any Transfer contemplated or permitted in this Clause 4.3 requires the approval of the Shareholders pursuant to any law, or any provisions of
the Articles or other constitutional documents, the Shareholders shall, forthwith upon request, provide the necessary consent and shall sign or vote in favour of any Shareholder resolutions in connection therewith. 

 

	 	4.3.3 	If, while a Permitted Transferee holds any Shares, a Permitted Transferee ceases to qualify as a Permitted Transferee in relation to the initial transferring
Shareholder from whom or which such Permitted Transferee or any previous Permitted Transferee of such initial transferring Shareholder received such Shares (an “Unwinding Event”), then: 

 

	 	(a)	the relevant initial transferor Shareholder shall forthwith notify the other Shareholders and the Company, as applicable, of the pending occurrence of such Unwinding
Event; and 

  

	 	(b)	prior to such Unwinding Event, such initial transferor Shareholder shall take all actions necessary to effect a Transfer of all the Shares held by the relevant
Permitted Transferee either back to such Shareholder or, pursuant to this Clause 4.3.3, to another person that qualifies as a Permitted Transferee of such initial transferring Shareholder and, until such Transfer has occurred, such relevant
Permitted Transferee shall not be entitled to vote or otherwise Transfer any of its Shares and all other rights with respect to its Shares shall be suspended. 

 

	 	4.3.4 	The Parent undertakes to procure that no Shares held by a Bison Party will directly or indirectly be transferred to a non Bison Party (other than a Lion Party)
except as otherwise permitted herein, and the Parent further undertakes to procure that any Affiliate of Bison who is a Bison Party shall, prior to its no longer being an Affiliate of Bison, transfer all its Shares to another, continuing, Affiliate
of Bison. 

  

	4.4	Right of First Refusal 

Transfer of Shares by non-Lion party 
  

	 	4.4.1 	In the event that an Ordinary Shareholder other than a Lion Party (the “Offeror”) proposes to make a Transfer pursuant to Clause 4.2.3 of any of
its Shares (an “Offer”), it shall, prior to effecting any such Transfer, provide prior written notice (an “Offer Notice”) to the Company and to the Lion Parties (and the Lion Parties shall be the
“Offerees”). The Offer Notice shall set out: 

  

	 	(a)	the number of Shares subject to the Offer (the “Offered Securities”); 

 

	 	(b)	the price per Share at which such Transfer is proposed to be made (the “Offer Price”); and 

 

	 	(c)	all other material terms and conditions of the Offer, 

  

	 	    	(collectively, the “Offer Terms”). 

  
 19 

 The Offer Notice shall be revocable at any time prior to acceptance by the Offerees and, if
it is revoked, the Offeror may not give a further Offer Notice within six months after the date on which the Offer Notice is revoked, and the remaining provisions of this Clause 4.4 shall cease to apply in relation to the revoked Offer Notice, and
such Offered Securities shall become subject once again to the provisions and restrictions of this Agreement. 
  

	 	4.4.2 	The Offerees shall be entitled to purchase some or all of the Offered Securities, provided that the allocation of the Offered Securities among the Offerees shall
be on a pro rata basis or on such other basis as the Offerees may determine, and the Offerees shall notify the Offeror of the allocation among the Offerees. 

 

	 	4.4.3 	The receipt of an Offer Notice by the Offerees shall constitute an offer by the Offeror to sell to the Offerees, for cash, the Offered Securities on the Offer
Terms (“Pre-emption Offer”). For a period of thirty days after receipt of the Offer Notice, the Offerees shall have the right, but not the obligation, to accept the Pre-emption Offer in relation to the Offered Securities by giving a
written notice of acceptance (which shall be deemed irrevocable) (an “Acceptance Notice”) to the Offeror. 

  

	 	4.4.4 	Failure by the Offerees to deliver an Acceptance Notice before the expiration of the thirty-day period shall be deemed a rejection of the Pre-emption Offer by
the Offerees. The tender by the Offerees of an Acceptance Notice to the Offeror shall constitute agreement by the Offerees to purchase, and by the Offeror to sell to the Offerees, the Offered Securities on the Offer Terms. 

 

	 	4.4.5 	In respect of each Offer Notice which is accepted as to some or all of the Offered Securities within the thirty day period prescribed by Clause 4.4.3, the
Offerees shall purchase and pay the Offer Price in cash equivalent terms for such Offered Securities within a further thirty day period of their delivery of an Acceptance Notice, provided that, if the purchase and sale of such Offered
Securities is subject to any prior regulatory approval, the time period during which such purchase and sale may be completed shall be extended until the expiration of five Business Days after all such approvals shall have been received, but only to
the extent that such application(s) for regulatory approval were promptly made and in any event within the thirty day period from delivery of the Acceptance Notice. 

 

	 	4.4.6 	The Offeror shall have the right for a period of ninety days following the date of an Offer Notice to sell any Offered Securities to which such Offer Notice
relates and in respect of which an Acceptance Notice has not been delivered pursuant to the provisions of this Clause to any third party (a “Third Party Purchaser”) at a price in cash not less than the Offer Price and otherwise on
such terms and conditions no more favourable to the third party than the Offer Terms, provided that, if the purchase and sale of such Offered Securities is subject to any prior regulatory approval, the time period during which such purchase
and sale may be consummated shall be extended until the expiration of fifteen Business Days after all such approvals shall have been received but only to the extent that such application(s) for regulatory approval were promptly made and in any event
within the sixty days following the date of the Offer Notice. If any Offered Securities are not sold pursuant to the provisions of this Clause 4.4.6 prior to the expiration of the time period prescribed by this Clause 4.4.5, such Offered Securities
shall become subject once again to the provisions and restrictions of this Agreement. 

  
 20 

 Transfer of shares by a Lion Party or the Company 

 

	 	4.4.7 	The Lion Parties and the Company hereby agree with the Bison Parties: 

 

	 	(a)	that, prior to the commencement of any formal sale process (including a formal auction process or other analogous situation involving the appointment of a third party
financial adviser) (a “Formal Sale Process”) in relation to the sale of (i) all or substantially all of the shares of LuxCo1 held by the Company; (ii) all or substantially all of the assets of the Group; or (iii) the interest held
by the Lion Parties in the Company (together with (i) and (ii), the “First Look Assets”), the Lion Parties or the Company, as the case may be, will engage with the Bison Parties for a period of 90 days to ascertain whether an
agreement can be reached between the Lion Parties or the Company and the Bison Parties for the sale to the Bison Parties of any or all of the First Look Assets; or 

 

	 	(b)	that, in the event of a possible sale of any of the First Look Assets outside of a Formal Sale Process, prior to (i) granting access to information which constitutes
the undertaking of a material due diligence process by a third party or (ii) signing either (a) exclusivity with a third party or (b) a sale and purchase agreement with a third party, the Lion Parties or the Company will engage with the Bison
Parties for a period of 90 days to ascertain whether an agreement can be reached between the Lion Parties or the Company and the Bison Parties for the sale to the Bison Parties of any or all of the First Look Assets. 

 

	 	4.4.8 	If, following the expiry of the 90 day period under Clause 4.4.7(a) or (b) above the Lion Parties or the Company and the Bison Parties fail to agree upon the
price or terms of a Sale of the First Look Assets, the Lion Parties or the Company shall, subject to Clauses 4.5, 4.6, and the obligation to maintain Control contained in Clause 8.21, be permitted to dispose of the First Look Assets to such Person
and on such terms as the Lion Parties, in their absolute discretion, may determine. 

 Seller Party Offer

  

	 	4.4.9 	If the Seller Party makes an Offer (as defined under Clause 5.4.1 of the LuxCo1 Shareholders’ Agreement) (a “LuxCo Offer”) and the Company
receives an Offer Notice (as defined in the LuxCo Shareholders’ Agreement), the Company shall, prior to accepting or rejecting the LuxCo Offer, provide prior written notice (a “LuxCo Offer Notice”) to the Ordinary Shareholders.
The LuxCo Offer Notice shall set out: 

  

	 	(a)	the number of LuxCo shares subject to the LuxCo Offer (the “LuxCo Offered Securities”); 

 

	 	(b)	the price per share at which such sale is proposed to be made; and 

  

	 	(c)	all other material terms and conditions of the LuxCo Offer, 

  

	 	    	(collectively, the “LuxCo Offer Terms”). 

  

	 	4.4.10	   Each Ordinary Shareholder (the “Accepting Shareholder”) may direct the Company to accept the LuxCo Offer (on the LuxCo
Offer Terms) and purchase all the LuxCo Offered Securities (the “LuxCo Share Acquisition”). To fund the LuxCo Share Acquisition, the Accepting Shareholder(s) will subscribe for such

  
 21 

	 	 
new Ordinary Shares in the Company, in the same class as is held by that Accepting Shareholder, as are equal in value to the LuxCo Share Acquisition and, in the case of there being more than one
Accepting Shareholder, each Accepting Shareholder shall subscribe for such Ordinary Shares as are in proportion to the number of, and of the same class as, Ordinary Shares held by them, but so that no Accepting Shareholder shall be issued a number
of New Shares greater than the number for which he applied. 

  

	 	4.4.11 	Upon receipt of a LuxCo Offer Notice, each of the Shareholders will promptly, but in any event within thirty (30) Business Days, inform the Company in writing if
they wish the Company to acquire the LuxCo Offered Securities on the LuxCo Offer Terms. If any Shareholder so informs the Company that it wishes the Company to accept the LuxCo Offer, the Company undertakes it will promptly exercise its rights of
first refusal under Clause 5.4 the LuxCo1 Shareholders’ Agreement to acquire the LuxCo Offered Securities. 

  

	 	4.4.12 	Any issues of New Shares by the Company pursuant to Clause 4.4.10 above shall be free from any Pre-emption Rights. 

 

	4.5	Tag-Along Rights 

  

	 	4.5.1 	If the Lion Parties (the “Tag Along Seller”) propose to make a Transfer of any Ordinary Shares to any person or persons (other than any person
who would be a Permitted Transferee of any such Lion Party), (the “Tag-Along Purchaser”) by way of a sale (a “Tag-Along Sale”) which Ordinary Shares: 

 

	 	(a)	carry; or 

  

	 	(b)	together in the aggregate with any Ordinary Shares Transferred by the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the 12 month period
ending on the date of such sale, carry 

  

	 	    	10% or more of the voting rights in the Company, the Bison Parties shall have the opportunity (“Tag Along Right”) for the same consideration and on the
same terms pursuant to the provisions of this Clause 4.5, to sell (subject to Clause 4.5.5) to the Tag-Along Purchaser a number of Ordinary Shares (the “Tag-Along Securities”) determined as follows. The number of Ordinary Shares
which the Bison Parties shall be entitled to sell pursuant to their Tag-Along Right shall be: 

 (A/B)×C

 where: 
 A = the aggregate of the number of Ordinary Shares being proposed to be sold by the Lion Parties to the Tag-Along Purchaser and the number of Ordinary Shares Transferred by the Lion Parties to the same
Tag-Along Purchaser or any of its Affiliates in the 12 month period ending on the date of such proposed Tag-Along Sale; 
 B =
the aggregate number of Ordinary Shares held by the Lion Parties at the time of such proposed Tag-Along Sale (including the Ordinary Shares proposed to be sold pursuant to such Tag-Along Sale) plus the aggregate number of Ordinary Shares Transferred
by any of the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the 12 month period ending on the date of such proposed Tag-Along Sale; and 

  
 22 

 C = the number of Ordinary Shares held by the Bison Parties at the time of such proposed
Tag-Along Sale. 
  

	 	4.5.2 	Not less than twenty days prior to any proposed Tag Along Sale pursuant to this Clause 4.5, the Tag Along Seller shall deliver to the Bison Parties written
notice (a “Tag Along Notice”) thereof, which notice shall set out: 

  

	 	(a)	the total number of Ordinary Shares proposed to be sold to the Tag-Along Purchaser and the aggregate number of Tag-Along Securities which the Bison Parties are entitled
to sell pursuant to the Tag-Along Right; 

  

	 	(b)	the type and amount of consideration to be paid by the Tag Along Purchaser for each Ordinary Share; and 

 

	 	(c)	all other material terms and conditions, if any, of such proposed transaction. 

If a Bison Party elects (in such event, a “Participating Shareholder”) to exercise its Tag Along Right and sell some or
all of the Tag Along Securities pursuant to this Clause 4.5, then the Participating Shareholder shall so notify the Tag Along Seller by notice in writing within fifteen days after the date of the Tag Along Notice and, at the Tag-Along Seller’s
request, not less than two Business Days prior to the proposed Transfer, the Participating Shareholder shall deliver to the Tag-Along Seller all documents (if any) required to be executed in connection with such transaction. 

 

	 	4.5.3 	If the Tag-Along Sale shall not have been completed within 60 days after the date of the Tag-Along Notice (subject to Clause 4.5.5), the Tag Along Seller shall
promptly return to the Participating Shareholder all documents (if any) previously delivered by the Participating Shareholder to the Tag Along Seller in relation to the contemplated Tag-Along Sale, and all the restrictions on Transfer contained in
this Agreement with respect to Shares held or owned by the Tag-Along Seller and such Participating Shareholder shall again be in effect. 

  

	 	4.5.4 	If a Participating Shareholder properly exercises its Tag-Along Right: 

 

	 	(a)	the sale of its Tag-Along Securities shall occur concurrently with the sale by the Tag-Along Seller of its Shares; 

 

	 	(b)	such Participating Shareholder shall receive for its Tag-Along Securities the same consideration per Share that the Tag-Along Seller receives for its Shares from
the Tag-Along Purchaser as set out in the Tag-Along Notice; and 

  

	 	(c)	the sale by the Participating Shareholder shall otherwise be on the same terms and conditions upon which the Tag-Along Seller is selling its Shares.

  

	 	4.5.5	If the Tag-Along Sale is subject to any prior regulatory approval, the 60 day period during which the Tag-Along Sale may be completed as set out in Clause 4.5.2
shall be extended until the expiration of five Business Days after all such approval shall have been received. 

  
 23 

	 	4.5.6	For the avoidance of doubt, the Tag Along rights contained in this Clause 4.5 shall not apply to any Transfer by the Lion Parties of the economic interest in,
but not the voting rights attaching to, any Ordinary Shares. 

  

	4.6	Drag-Along Rights 

  

	 	4.6.1 	If the Lion Parties propose, at any time, (directly or indirectly) to make a Transfer of Ordinary Shares to any person or persons (other than any person who
would be a Permitted Transferee of any Lion Party) (the “Drag-Along Purchaser”), whether for a cash consideration or otherwise, where such Transfer (a “Drag-Along Sale”) would give rise to a Tag-Along Right pursuant
to Clause 4.5.1 then the Lion Parties (the “Drag-Along Sellers”) may, at their option, require (“Drag-Along Rights”) each of the other Shareholders (each a “Drag-Along Shareholder”) to make a
Transfer pursuant to the provisions of this Clause 4.6 of such number of Shares (the “Drag-Along Securities”) as determined in accordance with the provisions of Clause 4.5.1; 

 

	 	4.6.2 	The Drag-Along Sellers shall deliver to each Drag-Along Shareholder written notice (the “Drag-Along Notice”) of any Transfer proposed to be made
pursuant to Clause 4.6.1 not later than the twentieth day prior to the proposed Drag-Along Sale, which notice shall set out: 

  

	 	(a)	the type and amount of consideration to be paid by the Purchaser for each Share; 

 

	 	(b)	the person who has expressed an interest in acquiring the Shares; 

  

	 	(c)	the number of Drag-Along Securities that each such Drag-Along Shareholder may be required to Transfer (as determined pursuant to Clause 4.5.1); and

  

	 	(d)	all other material terms and conditions, if any, of such transaction. 

  

	 	4.6.3 	If, within 60 days after the date of the Drag-Along Notice (unless such period is extended pursuant to Clause 4.6.6), the Drag-Along Sellers complete the
Drag-Along Sale in accordance with the terms and conditions set out in the Drag-Along Notice, each Drag-Along Shareholder will sell its Drag-Along Securities to the Drag-Along Purchaser at the same time and on the same terms and conditions upon
which the Drag-Along Sellers sell their Shares pursuant to the Drag-Along Sale. 

  

	 	4.6.4 	Within fifteen days after the date of the Drag-Along Notice, the Drag-Along Shareholders shall promptly deliver to the Drag-Along Sellers all documents in their
possession reasonably requested in writing by the Drag-Along Sellers and/or the Company and reasonably required to be executed in connection with such Drag-Along Sale. In the event that any of such Drag-Along Shareholders shall fail to deliver such
documents to the Drag-Along Sellers, the Company shall cause the books and records of the Company to show that such Drag-Along Securities are bound by the provisions of this Clause 4.6.4 and such Drag-Along Securities shall be transferred to the
Purchaser promptly upon surrender of such Drag-Along Securities for sale by the holder thereof. 

  

	 	4.6.5 	 If no Transfer of the Drag-Along Securities in accordance with the provisions of this Clause 4.6 shall have been completed within 60 days after
the date of the Drag-Along Notice (unless such period is extended pursuant to Clause 4.6.6), the 

  
 24 

	 	 
Drag-Along Sellers shall return to the Drag-Along Shareholders all documents (if any) previously delivered to the Drag-Along Sellers in relation to the contemplated Drag-Along Sale, and all the
restrictions on Transfer contained in this Agreement with respect to Shares owned or held by such Drag-Along Shareholder shall again be in effect. 

  

	 	4.6.6 	If the Transfer of Shares pursuant to a Drag-Along Sale is subject to any prior regulatory approval, the time period during which such Transfer may be
consummated shall be extended until the expiration of five (5) Business Days after all such approvals shall have been received. 

  

	 	4.6.7 	No Transfer of Shares pursuant to a Drag Along Sale shall take place unless: 

 

	 	(a)	the consideration payable on the Drag Along Sale for the Shares being sold is at least equal to the Fair Market Value; 

 

	 	(b)	at least seventy-five percent of such consideration is in the form of cash or cash equivalents. 

 

	 	    	For the purposes of this clause (and without limitation), any of the following are deemed to be cash: 

 

	 	(a)	any liabilities, as shown on the most recent consolidated balance sheet, of the Company that are assumed by the transferee of any such Shares pursuant to a customary
novation agreement that releases the Company from liability in respect of those liabilities; and 

  

	 	(b)	any securities, notes or other obligation received by the Drag-Along Sellers from the Drag Along Purchaser that are converted by the Drag Along Sellers into cash or
cash equivalents within 60 days, to the extent of the cash or cash equivalents received in that conversion. 

  

	4.7	Effect of Void Transfers 

In the event of any purported Transfer in violation of the provisions of this Agreement, such purported Transfer shall be void and of no
effect, the purported transferee shall have no rights or privileges in or with respect to such Shares or this Agreement, and no effect will be given to any such purported Transfer or entry related thereto made in the records of the Company, to the
extent permitted by applicable law. 
  

	5	COMPLETION OF TRANSFERS 

  

	5.1	General 

 In connection with the
completion of any Transfer of Shares under this Agreement, the transferee (unless an existing Party to this Agreement) shall deliver to the Company and the Shareholders notice of such Transfer, including a fully executed copy of all documentation
and agreements relating to the Transfer and any agreements or other documents required by this Agreement, including a duly executed Deed of Adherence. 
  

	5.2	Encumbrances 

 Where this Clause 5 applies
to the Transfer of any Share each shall be transferred free of Encumbrances and with all rights attaching thereto (other than any restrictions on Transfer arising under this Agreement). 

  
 25 

	5.3	Power of Attorney 

  

	 	5.3.1 	Each of the Shareholders hereby irrevocably and unconditionally (and by way of security for the performance of its obligations under this Agreement) appoints any
Director nominated for that purpose by the Lion Parties as its attorney to execute and do in its name or otherwise and on its behalf all documents, acts and things which the attorney shall in its absolute discretion consider necessary or desirable
in order to implement the obligations of that Shareholder (if not satisfied) under Clauses 4.3, 4.4, 4.5, 4.6, 8 and 9 to the extent that the Shareholder is in default of its obligations under any of such Clauses. 

 

	 	5.3.2 	Each Shareholder undertakes to ratify whatever any Director as its attorney shall lawfully do or cause to be done in accordance with the power of attorney set
out in Clause 5.3.1 and to indemnify and keep indemnified such attorney from all claims, costs, expenses, damages and losses which the attorney may suffer as a result of the lawful exercise by him of the powers conferred on him under such power of
attorney. 

  

	 	5.3.3 	If a Transfer of Shares is executed on behalf of an Shareholder under the power of attorney set out in Clause 5.3.1: 

 

	 	(a)	the Company may receive the purchase money in trust for that Shareholder and the receipt of the Company for the purchase money shall be a good discharge for the
purchaser, who shall not be bound to see to the application of the purchase money; 

  

	 	(b)	the Company shall cause the purchaser to be registered as a holder of the relevant Shares; and 

 

	 	(c)	once registration has taken place in purported exercise of the power of attorney set out in Clause 5.3.1, the validity of the proceedings shall not be questioned by any
person; and the relevant Shareholder shall be bound to deliver up any documentation required by the Company in connection with the Transfer and on its delivery shall be entitled to receive the purchase money in respect thereof.

  

	6	EXIT 

  

	6.1	Sale 

  

	 	6.1.1 	Upon a Sale: 

  

	 	(a)	each Ordinary Shareholder shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Board and on any committee
thereof (as appropriate) to take, any and all action within its power as may be necessary, appropriate or desirable to effect and to cause the Company and each other member of the Group (as appropriate) to take such action as may be necessary,
appropriate or desirable to effect such Sale; and 

  

	 	(b)	the Company shall take any and all action as may be necessary, appropriate or desirable to effect and shall cause each other member of the Group (as appropriate) to
take such action as may be necessary, appropriate or desirable to effect such Sale. 

  
 26 

	 	6.1.2 	In the event of a Sale involving a merger (including a demerger) or consolidation with any other entity, reconstitution, reorganisation, recapitalisation, debt
and/or equity refinancing, sale of all or substantially all of the assets of the Company, or any similar transaction, each Ordinary Shareholder shall receive the same form of consideration, and the aggregate consideration to be distributed to the
Ordinary Shareholders with respect to the Shares held by them shall be based on the relative equity ownership interest of each of the Ordinary Shareholders in the Company as at the date of such merger (including a demerger) or consolidation with any
other entity, reconstitution, reorganisation, recapitalization, debt and/or equity refinancing, sale of all or substantially all of the assets of the Company, or any similar transaction. 

 

	7	IPO OF LUXCO1 

  

	7.1	The Lion Parties and the Bison Parties acknowledge the rights and obligations of the Company under Clause 8.2 of the LuxCo1 Shareholders’ Agreement.

  

	7.2	Following the Call Option Expiry Date and the subsequent giving of 60 Business Days’ written notice by the Bison Parties to the Company requiring the
Company to do so, the Company undertakes that it will enforce its rights under the LuxCo1 Shareholders’ Agreement to cause LuxCo1 (or, in the discretion of the Company, a Subsidiary thereof) to conduct an IPO. The Company and the Lion Parties
will further use their best efforts to take all such actions as may be reasonably necessary to give effect to such IPO, including procuring that LuxCo1 take any such necessary actions. 

 

	7.3	Prior to the Call Option Expiry Date the Company undertakes not to enforce its rights under Clause 8.2 of the LuxCo1 Shareholders’ Agreement to cause LuxCo1
(or any Subsidiary thereof) to conduct an IPO, unless it has first received the written consent of the Bison Parties and, further, shall, following the Call Option Expiry Date, only exercise such rights having first given 60 Business Days’
written notice to the Bison Parties. 

  

	7.4	If, following the Call Option Expiry Date, or prior to the Call Option Expiry Date but having received the written consent of the Bison Parties to do so under
Clause 7.3 above, the Company exercises its rights under the LuxCo1 Shareholders’ Agreement to cause LuxCo1 (or any Subsidiary thereof) to conduct an IPO, then the Bison Parties shall use their reasonable efforts to assist the Company, the Lion
Parties and LuxCo1 in giving effect to such IPO. 

  

	7.5	If the Company exercises any of its rights to cause LuxCo1 to conduct an IPO, the Company undertakes to use its best efforts to follow, and to cause LuxCo1 to
follow, the reasonable advice given by any managing underwriter of the IPO (where such advice is given in good faith) in relation to forming the appropriate capital structure for such IPO. 

 

	7.6	The Shareholders acknowledge that the initial proceeds of any IPO received by LuxCo1 may be required to reduce the indebtedness of LuxCo1 or other members of the
Group and accordingly may not be available for distribution to the Company. 

  

	7.7	The Lion Parties and the Bison Parties agree that, subject always to the reasonable good faith advice of any managing underwriter, each of them shall have the
right to participate in sales of their Shares (or, in the case of the Lion Parties, in sales of both Shares and any interest in any member of the Group) pursuant to, or in connection with, an IPO pro rata to the number of Shares held by them.

  
 27 

	8	CALL OPTION 

  

	8.1	The Company hereby grants to the Bison Parties the right to acquire all, but not some only, of the shares and CPECs in LuxCo1 held by the Company at the Call
Option Price (the “Call Option”). 

  

	8.2	The Call Option shall only be exercisable by the Bison Parties giving notice (a “Call Option Notice”) in writing to the Company:

  

	 	8.2.1 	during the period commencing on the later of (i) the date that the audited 2009 Operating Group accounts are approved by the board of directors of Cyprus1 and
(ii) the date on which all amounts payable under the SPA in respect of the earnout arrangements contemplated by Clause 2.2.2 of the SPA have been paid or determined to be zero and ending in either case 45 days thereafter (the “2010 Call
Option Period”); and 

  

	 	8.2.2 	during the period commencing on the date that the audited 2010 Operating Group accounts are approved by the board of directors of Cyprus1 and ending 45 days
thereafter (the “2011 Call Option Period”). 

  

	8.3	If a Put Option Notice has been served pursuant to Clause 9.2, the Bison Parties shall not be entitled to serve a Call Option Notice on a later day in the same
exercise period; provided that if a Put Option Notice and a Call Option Notice are served on the same day, the parties agree that the Call Option Notice shall take precedence over, and apply in place of, the Put Option Notice. For the purposes of
this Clause 8.3, a day shall mean a period from midnight to midnight in London. 

  

	8.4	The Call Option shall expire one day after the end of the 2011 Call Option Period, unless otherwise extended pursuant to Clause 8.7 below (the “Call
Option Expiry Date”). 

  

	8.5	The Call Option Price payable by the Bison Parties to the Company shall be an amount payable in USD and shall be equal to: 

 

	 	(a)	if the Bison Parties exercise the Call Option during the 2010 Call Option Period, an amount equal to the 2010 Call Option Equity Value multiplied by the prevailing
CayCo Share; or 

  

	 	(b)	if the Bison Parties exercise the Call Option during the 2011 Call Option Period, an amount equal to the 2011 Call Option Equity Value, multiplied by the
prevailing CayCo Share, 

  

	 	    	in each case, such Call Option Price to be allocated between the shares in LuxCo1 owned by the Company, together with their corresponding CPEC(s) (each such share,
together with its corresponding CPEC(s) a “Strip”) equally between each such Strip, PROVIDED THAT the price payable for each Strip shall be subject to a floor (the “Floor Amount”) equal to the amount paid for the
subscription of such Strip (including any premium paid), multiplied by: 

  

	 	(i)	in the case of a Strip subscribed in the three calendar month period ending on the relevant Call Option Exercise Date, 1.20; 

 

	 	(ii)	in the case of a Strip subscribed in the six calendar month period ending on the date falling three calendar months prior to the relevant Call Option Exercise Date,
1.52; 

  
 28 

	 	(iii)	in the case of a Strip subscribed in the three calendar month period ending on the date falling nine calendar months prior to the relevant Call Option Exercise
Date, 1.85; 

  

	 	(iv)	in the case of a Strip subscribed prior to the date falling twelve calendar months prior to the relevant Call Option Exercise Date, 2.20 if the Call Option is
exercised during the 2010 Call Option Period, and 2.05 if the Call Option is exercised during the 2011 Call Option Period or the 2012 Call Option Period; 

  

	 	(v)	in the case of a Strip subscribed after the relevant Call Option Exercise Date, 1.0; 

 

	 	(vi)	 in the case of Strip issued by LuxCo1 where the entire proceeds of such subscription were applied to effect an Equity Investment as defined in
the Senior Facilities Agreement1, 1.0; and

  

	 	(vii)	in the case of a Strip issued by LuxCo1 where the entire proceeds of such subscription were applied to cause Net Senior Leverage to fall below 2.25 at the date
of such subscription, and where such Net Senior Leverage remains below 2.25 at the next two successive Quarter Dates (as defined in the Senior Facilities Agreement), 1.0. For the avoidance of doubt, only that portion of the Strip which causes Net
Senior Leverage to fall and to remain below 2.25 shall be subject to this multiplier. If two successive Quarter Dates have not passed in the period between the date of subscription (the “Subscription Date”) and the Call Option
Exercise Date, the Call Option Exercise Date shall if the Subscription Date is more than three months before the Call Option Exercise Date be deemed to constitute a Quarter Date or if the Subscription Date is less than three months before the Call
Option Exercise Date be deemed to constitute two Quarter Dates, in each case so that two successive Quarter Dates shall be deemed to have passed, 

  

	 	    	in each case, minus the aggregate of dividends or other distributions actually received by the holder(s) of such Strip. For each Strip, the amount payable for such
Strip shall be decreased by the amount by which the application of the Management Incentive Adjustment in the calculation of the Call Option Equity Value causes the Call Option Price in respect of such Strip to be lower than the Floor Amount for
such Strip. If circumstances arise which fall within the provisions of any of paragraphs (i) to (iv) above and also fall within the provisions of any of paragraphs (v) to (vii) above, the applicable provisions of paragraphs (v) to (vii), as the case
may be, shall prevail. 

  

	8.6	For the purposes of calculating each Floor Amount pursuant to Clause 8.5, 

 

	 	(a)	amounts which are not subscribed in Euros shall be converted into Euros at the prevailing spot rate of exchange, being the closing mid point as quoted on Bloomberg, at
the time of subscription; and 

  

	 	(b)	amounts of dividends or other distributions which are not paid in Euros shall be converted into Euros at the prevailing spot rate of exchange, being the closing
mid point as quoted on Bloomberg, at the time of receipt, 

  

	1	 Definition to be updated once SFA is signed, but in any event to refer to equity cure events only. 

  
 29 

	    	and shall then be converted into US dollars by multiplying by the Exchange Rate. The Exchange Rate shall be the lower of (i) the EUR/USD exchange rate prevailing on the
Call Option Exercise Date and (ii) 1.6712. 

  

	8.7	If during the 2011 Call Option Period, the Bison Parties were to exercise the Call Option, and the Call Option Price were to be the Floor Amount, the Call Option
may, at the election of the Bison Parties, be extended, (such election to be made within 90 days of the end of the 2011 Call Option Period) and will be exercisable for a period of 45 days commencing on the date that the audited 2011 Operating Group
accounts are approved by the board of Cyprus1 (the “2012 Call Option Period”) except that in such instance the Call Option Price shall be calculated in accordance with the provisions of Clause 8.4 and based upon the 2011 Operating
Group EBITDA, as extracted from the 2011 Operating Group accounts. For the avoidance of doubt, if the Bison Parties do not elect to extend the Call Option, there shall be no 2012 Call Option Period. 

 

	8.8	The Parties agree that, in the calculation of Call Option Equity Value, the Operating Group EBITDA shall be increased by the addition of Minority Investment
EBITDA for any Minority Investments of the Group at the Option Valuation Date. If, having made reasonable endeavours to obtain sufficient information to calculate any Minority Investment EBITDA, the Company or the relevant member of the Group has
been unable to do so, the Parties hereby agree that Financial Debt shall be reduced by the amount of any cash investment (including, without limitation, consideration paid for the Minority Investment, costs of investment or capital contributions of
any kind, and any further costs relating to the acquisition of the Minority Investment, whether capitalised or charged to the profit and loss account) made by the Group in the Minority Investment after Closing. 

 

	8.9	If the transfer of the shares which are the subject of the Call Option Notice under Clause 8.2 (a “Call Transfer”) requires the approval or
clearance of any state or national competition authority or regulator (“Anti-Trust Approval”), the Bison Parties undertake to the Company that they shall use their best efforts to obtain the Anti-Trust Approval as quickly as
possible. The Lion Parties shall use all reasonable efforts to assist the Bison Parties in obtaining the Anti-Trust Approval and the Bison Parties shall provide the Lion Parties with all information relating to obtaining Anti-Trust Approval which
the Lion Parties, acting reasonably, may request. The Bison Parties shall inform the Lion Parties within 24 hours of receipt of Anti-Trust Approval or being informed that Anti-Trust Approval has not been granted. 

 

	8.10 	Without prejudice to the provisions of Clause 8.9, if Anti-Trust Approval will only be granted subject to conditions, obligations, measures, undertakings, and/or
modifications (collectively, “Requirements”), the Bison Parties undertake to the Company that they shall comply with those Requirements necessary to obtain Anti-Trust Approval (including, without limitation and for the avoidance of
doubt, offering and agreeing any necessary Requirements) and promptly offer and agree with any relevant state or national competition authority or regulator the terms of any Requirement as will enable the Anti-Trust Approval to be granted without
delay. Without prejudice to the obligation of the Bison Parties contained in Clause 8.9 to use best efforts to obtain Anti-Trust Approval and to the other provisions of this Clause 8.10, if within 60 days of the Call Option Exercise Date Anti-Trust
Approval has not been granted, the Bison Parties undertake to the Company that, subject to the Bison Parties’ rights under Clause 8.11, they shall immediately offer and agree any Requirements necessary to obtain Anti-Trust Approval within a
period of 120 days from the Call Option Exercise Date. 

  

	8.11 	 Without prejudice to the obligation of the Bison Parties contained in Clause 8.9 to use best efforts to obtain Anti-Trust Approval, if following
service of a Call Option Notice, it becomes apparent to the Bison Parties, acting reasonably, that the terms of the Requirements they are required to accept would have an effect that is detrimental to the business and operations of the Parent and
its subsidiary undertakings, the Bison Parties shall be entitled, upon giving to 

  
 30 

	 	 
the Lion Parties five Business Days’ notice, to elect not to proceed with the exercise of the Call Option in that Call Option Period. In such a case, all rights under the Call Option in
respect of that Call Option Period shall lapse and be of no further effect and the Bison Parties shall pay to the Lion Parties (for themselves and as trustees for each other member of the Group) an amount equal to all costs incurred by the Lion
Parties and each other member of the Group in connection with the purported exercise of the Call Option in that Call Option Period. 

  

	8.12	In relation to the exercise of a Call Option within a Call Option Period, if Anti-Trust Approval is not obtained within 120 days from the Call Option Exercise
Date, unless the Lion Parties and the Bison Parties have agreed otherwise, the Call Option (in relation to that Call Option Period) shall lapse and any obligations of the Lion Parties and the Bison Parties in relation to that exercise of the Call
Option shall terminate provided, however, that this is without prejudice to any rights which have accrued to the Company under Clauses 8.9 and 8.10 prior to such lapse. 

 

	8.13	If Anti-Trust Approval is not required, completion of the Call Transfer shall take place before the end of the relevant Call Option Period and upon the Bison
Parties having given to the Lion Parties 10 Business Day’s Notice, (for the avoidance of doubt, if the Bison Parties give notice to the Lion Parties on a date falling less than 10 Business Days prior to the end of the relevant Call Option
Period, completion shall take place within 10 Business Days of the date such notice is given. 

  

	8.14	If Anti-Trust Approval is required, completion of the Call Transfer shall take place within 10 Business Days of receipt of Anti-Trust Approval.

  

	8.15	At completion of the Call Transfer: 

  

	 	8.15.1 	against delivery in accordance with Clause 8.15.2, the Bison Parties shall pay to the Company, in immediately available funds on the date of completion (or in
such other manner as may be agreed by the Company and the relevant Bison Parties), a sum equal to the Call Option Price; 

  

	 	8.15.2 	upon receipt of the sums due, the Company shall deliver to the relevant Bison Party a duly executed transfer in favour of that Bison Party in respect of the
relevant shares together with a share certificate(s) evidencing its title to such shares; and 

  

	 	8.15.3 	the Company shall procure that the relevant Bison Party is registered as the holder of the relevant shares. 

 

	8.16	The Company shall do all such acts and/or execute all such deeds and documents in a form satisfactory to the relevant Bison Party as it may reasonably require to
give effect to the Call Transfer pursuant to this clause. 

  

	8.17	If the Bison Parties exercise the Call Option in accordance with its terms, the Company undertakes to exercise its Drag-Along Rights under the LuxCo1
Shareholders’ Agreement and to use its best efforts to ensure that any Drag-Along Securities (as defined in the LuxCo1 Shareholders’ Agreement) are transferred to and registered in the name of the Bison Parties, on the terms of the LuxCo1
Shareholders’ Agreement at the same time and on the same terms as the Company’s Shares in LuxCo1 are transferred to the Bison Parties and the Bison Parties undertake to purchase all the Drag-Along Securities (as defined in the LuxCo1
Shareholders’ Agreement). 

  
 31 

	8.18	If the Bison Parties exercise the Call Option in accordance with its terms and the Company breaches its obligations under this Agreement to sell to the Bison
Parties the shares in LuxCo1 by failing to deliver its shares in LuxCo1 to the Bison Parties, the Company shall pay to the Bison Parties an amount equal to 2.5 times Operating Group EBITDA for the Financial Year last ended prior to the exercise by
the Bison Parties of the Call Option. Such amount is agreed between the Company and the Bison Parties to be a genuine pre-estimate of the loss suffered by the Bison Parties of the breach by the Company of its obligations under this Clause 8.

  

	8.19	As security for the obligations of the Company under Clause 8.17, [Lion/Rally Cayman 1 LP] shall enter into the Pledge Agreement, pursuant to the terms of which
[Lion/Rally Cayman 1 LP] shall pledge its Shares in the Company to the Bison Parties, in the form attached hereto as Schedule 4 (the “Pledge Agreement”). The Parties agree that, save for the provisions of Clause 4.2 (Exceptions to
Prohibitions on Transfer), the restrictions upon, and other provisions relating to, Transfers of Shares contained in Clause 4 of this Agreement shall not apply to any Transfer of Shares to the Chargee (as such term is described in the Pledge
Agreement), in accordance with the terms of the Pledge Agreement. 

  

	8.20	The Company shall not be concerned as to the allocation between the Bison Parties of the shares in LuxCo1 upon the exercise by the Bison Parties of the Call
Option. 

  

	8.21	The Company undertakes that until the Call Option Expiry Date, and without the prior written approval of the Bison Parties, it will at all times maintain Control
of LuxCo1. The Lion Parties undertake to the Bison Parties that until the Call Option Expiry Date, they will at all times maintain Control of the Company. 

  

	8.22	Notwithstanding any other provision of this Clause 8, completion of the sale and purchase of the shares which are the subject of the Call Option (or the Put
Option pursuant to Clause 9) shall not take place until all amounts payable under the SPA in respect of the earn-out arrangements contemplated by clause 2.2.2 of the SPA have been paid or reduced to zero. 

 

	9	PUT OPTION 

  

	9.1	The Initial Bison Party hereby grants to the Company the right for the Company to require any Bison Parties to purchase all, but not some only, of the shares in
LuxCo1 held by the Company at the Put Option Price (the “Put Option”). For the avoidance of doubt, the Put Option is personal to the Company. No other person shall have any rights pursuant to the Put Option and the Put Option may
not be transferred to any person under any circumstances. 

  

	9.2	The Put Option shall only be exercisable by the Company giving notice (a “Put Option Notice”) in writing to the Bison Parties:

  

	 	9.2.1	during the period commencing on the later of (i) the date that the audited 2009 Operating Group accounts are approved by the board of Cyprus1 and
(ii) the date on which all amounts payable under the SPA in respect of the earnout arrangements contemplated by Clause 2.2.2 of the SPA have been repaid or determined to be zero and ending in either case 45 days thereafter (the “2010
Put Option Period”); provided, however, that the Company may not exercise the Put Option during the 2010 Put Option Period unless the 2009 Operating Group EBITDA is equal to or exceeds USD 55 million; 

 

	 	9.2.2	during the period commencing on the date that the audited 2010 Operating Group accounts are approved by the board of Cyprus1 and ending 45 days thereafter (the
“2011 Put Option Period”); provided, however, that the Company may not exercise the Put Option during the 2011 Put Option Period unless the 2010 Operating Group EBITDA is equal to or exceeds USD 65 million. 

  
 32 

	9.3	If a Call Option Notice has been served pursuant to Clause 8.2, the Lion Parties shall not be entitled to serve a Put Option Notice on a later day in the same
exercise period; provided that if a Put Option Notice and a Call Option Notice are served on the same day, the parties agree that the Call Option Notice shall take precedence over, and apply in place of, the Put Option Notice. For the purposes of
this Clause 9.3, a day shall mean a period from midnight to midnight in London. 

  

	9.4	The Put Option shall expire one day after the end of the 2011 Put Option Period, unless otherwise extended pursuant to Clause 9.6 below (the “Put Option
Expiry Date”). 

  

	9.5	The Put Option Price payable by the Bison Parties to the Company shall be an amount payable in USD, and: 

 

	 	9.5.1 	if the Company exercises the Put Option during the 2010 Put Option Period, shall be an amount equal to the 2010 Put Option Equity Value, multiplied by the
prevailing Cayco Share; or 

  

	 	9.5.2 	if the Company exercises the Put Option during the 2011 Put Option Period, shall be an amount equal to the 2011 Put Option Equity Value multiplied by the
Prevailing Cayco Share. 

  

	9.6	If during the 2010 Put Option Period the Bison Parties exercise their rights to extend the Call Option under Clause 8.7 above, the Put Option will expire on the
date of the expiry of the 2012 Call Option Period, and the Company may exercise the Put Option for a period of 45 days commencing on the date that the audited 2011 Operating Group accounts are approved by the board of Cyprus1, except that in such
instance the Put Option Price shall be an amount equal to the 2012 Put Option Equity Value, multiplied by the prevailing CayCo Share; provided, however, that the Company may not exercise the Put Option during such additional Put Option Period unless
the 2011 Operating Group EBITDA is equal to or exceeds USD 75 million. 

  

	9.7	If the transfer of the shares which are the subject of the Put Option Notice under Clause 9.2 (the “Put Transfer”) requires Anti-Trust Approval,
the Bison Parties undertake to the Lion Parties and the Company that they shall use their best efforts to obtain the Anti-Trust Approval as quickly as possible. The Lion Parties shall use all reasonable efforts to assist the Bison Parties in
obtaining the Anti-Trust Approval and the Bison Parties shall provide the Lion Parties with all information relating to obtaining Anti-Trust Approval which the Lion Parties, acting reasonably, may request. In connection with obtaining Anti Trust
Approval, the Bison Parties shall: 

  

	 	9.7.1	 promptly notify the Lion Parties upon becoming aware of any matter or issue which may threaten, prevent, or delay the timely acquisition of the Anti-Trust
Approval; 

  

	 	9.7.2 	promptly provide the Lion Parties with copies of any correspondence or other communications to or from any competition authority relating to any Requirements, or
details in the case of oral communications, and with copies of any written statement, order or decision of any competition authority, in each case to the extent allowed by applicable law; 

 

	 	9.7.3	 without limitation to the provisions of Clause 9.7.2, provide the Lion Parties with a final draft of all submissions, notifications, filings, and other
communications to any competition authority, at such time as will allow the Lion Parties a reasonable opportunity to review and provide comments prior to their submission and shall take into account all reasonable comments made by the Lion Parties;

  
 33 

	 	9.7.4 	allow the Lion Parties to participate in any discussions and/or negotiations with any competition authority, providing that the Lion Parties and the Bison
Parties, together with their legal advisers, shall be able to attend any meetings, hearings or telephone conferences with the competition authority (provided that in the case of meetings where information that is commercially sensitive to the Bison
Parties is likely to be discussed, the Bison Parties shall be entitled to exclude the Lion Parties from such meeting, but shall not unreasonably refuse to allow the Lion Parties’ legal advisers to be present); and 

 

	 	9.7.5 	regularly review with the Lion Parties the progress of all notifications or filings. 

 

	9.8	The Bison Parties shall inform the Lion Parties within 24 hours of receipt of Anti-Trust Approval or being informed that Anti-Trust Approval has not been
granted. 

  

	9.9	Without prejudice to the provisions of Clause 9.7, if Anti-Trust Approval will only be granted subject to Requirements, the Bison Parties undertake to the
Company that they shall comply with those Requirements necessary to obtain Anti-Trust Approval (including, without limitation and for the avoidance of doubt, offering and agreeing any necessary Requirements) and promptly offer and agree with any
relevant state or national competition authority or regulator the terms of any Requirements as will enable the Anti-Trust Approval to be granted without delay. Without prejudice to the obligations of the Bison Parties contained in Clause 9.7 to use
best efforts to obtain Anti-Trust Approval and to the other provisions of this Clause 9.9, if within 60 Days of the Put Option Exercise Date Anti-Trust Approval has not been granted, the Bison Parties undertake to the Company that they shall
immediately offer and agree any Requirements necessary to obtain Anti-Trust Approval within a period of 120 days from the Put Option Exercise Date; provided that, subject to Clause 9.10 and following consultation with the Lion Parties, if it becomes
apparent to the Bison Parties, acting reasonably, that the terms of the Requirements they would be required to accept would have an effect that it is detrimental to the business and operations of the Parent and its subsidiary undertakings, the Bison
Parties shall not be required as part of their obligations under Clauses 9.7 and this Clause 9.9 to agree such Requirements. In such a case, all rights under the Put Option in respect of that Put Option Period shall lapse and be of no further effect
and the Bison Parties shall pay to the Lion Parties (for themselves and as trustees for each other member of the Group) an amount equal to all costs incurred by the Lion Parties and each other member of the Group in connection with the purported
exercise of the Put Option in that Put Option Period. 

  

	9.10	If it becomes apparent to the Lion Parties, acting reasonably, during the course of seeking Anti-Trust Approval, that Anti-Trust Approval will be granted if the
Group makes disposals or restructures any of its assets or business, the Company may, in its sole discretion, make such disposals (subject always to the provisions of Clauses 11.2 and 11.4), or enact any necessary restructuring of the Group, to
allow Anti-Trust Approval to be granted. If the Company makes such disposals or enacts such restructuring the 120 day period for obtaining Anti-Trust Approval provided for in Clauses 9.9 and 9.11 shall be extended until 90 days from the date on
which such disposal or restructuring is completed. 

  

	9.11	 In relation to the exercise of the Put Option within a Put Option Exercise Period, if Anti-Trust Approval is not obtained within 120 days from
the Put Option Exercise Date, or such longer period as determined pursuant to Clause 9.10, unless the Lion Parties and the Bison Parties have agreed otherwise, the Put Option (in relation to that Put Option Period) shall lapse and any obligations of
the Lion Parties and the Bison Parties in relation to that exercise of the Put 

  
 34 

	 	 
Option shall terminate provided, however, that this is without prejudice to any rights which have accrued to the Company under Clauses 9.7, 9.9, and 9.15 prior to such lapse.

  

	9.12	The Parties agree that, in the calculation of Put Option Equity Value, the Operating Group EBITDA shall be increased by the addition of Minority Investment
EBITDA for any Minority Investments of the Group at the Option Valuation Date. If, having made reasonable endeavours to obtain sufficient information to calculate any Minority Investment EBITDA, the Company or the relevant member of the Group has
been unable to do so, the Parties hereby agree that Financial Debt shall be reduced by the amount of any cash investment (including, without limitation, consideration paid for the Minority Investment, costs of investment or capital contributions of
any kind, and any further costs relating to the acquisition of the Minority Investment, whether capitalised or charged to the profit and loss account) made by the Group in the Minority Investment after Closing. 

 

	9.13	Completion of the sale and purchase of the shares which are the subject of the Put Option Notice under Clause 9.2 will, subject to the provisions of Clause 8.22,
occur upon the later of (i) the end of the relevant Put Option Period and (ii) ten Business Days following receipt of Anti-Trust Approval, and on such completion: 

 

	 	9.13.1 	against delivery in accordance with Clause 9.13.2, the Bison Parties shall pay to the Company, in immediately available funds on the date of completion (or in
such other manner as may be agreed by the Company and the relevant Bison Party), a sum equal to the Put Option Price; 

  

	 	9.13.2 	the Company shall deliver to the relevant Bison Party a duly executed transfer in favour of that Bison Party in respect of the relevant shares together with a
share certificate(s) evidencing its title to such shares; 

  

	 	9.13.3 	the Company shall procure that the relevant Bison Party is registered as the holder of the relevant shares; and 

 

	 	9.13.4 	the Company shall do all such acts and/or execute all such deeds and documents in a form satisfactory to the relevant Bison Party as it may reasonably require to
give effect to the transfer of the relevant shares pursuant to this clause. 

  

	9.14	If the Company exercises the Put Option in accordance with its terms, the Company undertakes to exercise its Drag-Along Rights under the LuxCo1
Shareholders’ Agreement and to use its best efforts to ensure that any Drag-Along Securities (as defined in the LuxCo1 Shareholders’ Agreement) are transferred to and registered in the name of the Bison Parties, on the terms of the LuxCo1
Shareholders’ Agreement and the Bison Parties undertake to purchase all the Drag-Along Securities (as defined in the LuxCo1 shareholders Agreement). 

  

	9.15	If the Company exercises the Put Option in accordance with its terms and the Bison Parties (i) breach their obligations under this Agreement to purchase
from the Company the shares in LuxCo1; and/or (ii) fail to comply with either their “best efforts” obligation under Clause 9.7 or any obligation under Clause 9.9 and, in either case, Anti-Trust Approval is not obtained within a
period of 120 days from the Put Option Exercise Date (or such longer period as determined pursuant to Clause 9.10), the Bison Parties shall pay to the Company an amount equal to 2.5 times Operating Group EBITDA for the Financial Year ending prior to
the exercise by the Company of the Put Option. Such amount is agreed between the Company and the Bison Parties to be a genuine pre-estimate of the loss suffered by the Company of the breach by the Bison Parties of their obligations under this Clause
9. 

  
 35 

	9.16	The Company shall be entitled to set off any amounts payable to it by the Bison Parties under Clause 9.15 against any amounts which might otherwise be
distributed to the Bison Parties upon a distribution made by the Company to the Shareholders. 

  

	9.17	If for any reason Clause 9.15 or Clause 8.18 is held to be illegal, invalid or unenforceable, whether in whole or in part, such illegality, invalidity or
unenforceability will be without prejudice to any other Clause of this Agreement and shall not invalidate or render illegal or unenforceable any other Clause of this Agreement. 

 

	9.18	The Company and the Bison Parties agree that, without the consent of the other (such consent not to be unreasonably withheld or delayed), neither they nor any of
their Affiliates shall make or permit to be made any acquisition of any interest in any company or business which, so far as they are aware at the time of such acquisition, takes the combined market share, in the relevant market whether by volume or
value, of the Parent, any undertakings in which the Parent controls, directly or indirectly, 20 per cent or more of the voting rights, and the Group to an amount exceeding 35 per cent in the Russian Federation or an amount exceeding
30 per cent in the Ukraine. 

 For the purposes only of this Clause, “relevant markets” are
categories of alcoholic beverages. For example, each of (a) vodka, (b) brandy, (c) long drinks, and (d) table wine is a separate relevant market. 
  

	10	CONDUCT OF THE COMPANY 

The Company has been formed as a holding company in relation to the Acquisition and the Parties warrant the facts set out in Recital B
above. The Company undertakes, and the Lion Parties shall procure that the Company undertakes, to act only as a holding company and not to undertake any trading activity, and further not to incur any indebtedness. 

 

	11	ACQUISITIONS AND DISPOSALS 

  

	11.1	The Company shall not, and shall procure that each member of the Group shall not, acquire an interest in any entity (a “Proposed Acquisition”)
where the consideration payable in respect of the Proposed Acquisition is greater than US$50 million on a debt-free, cash-free basis, with a normalised level of working capital unless the Company has: 

 

	 	11.1.1 	received the prior written consent of the Bison Parties; or 

  

	 	11.1.2 	prior to, or within 60 Business Days following the closing of the Proposed Acquisition, delivered to the Bison Parties a written opinion from an investment bank
or accounting firm of international repute showing that, on a pro forma basis, the Total Leverage (giving effect to the Proposed Acquisition) will not be greater than 5.25. Any dispute concerning the consideration payable in respect of the
Proposed Acquisition shall be finally resolved by obtaining a written opinion from an investment bank or accounting firm of international repute. 

  

	11.2	The Company undertakes that, prior to the expiry of the Call Option (including any extension thereof), and without the prior written consent of the Bison Parties
(in accordance with Clause 11.4), it will not, and it will procure that any Subsidiary of the Company will not, dispose of: 

  

	 	11.2.1 	materially all the intellectual property assets owned by the Group which constitute the “Green Mark”, “Zhuravli” or “Marusya”
brands, whether by way of a single transaction or through a series of related or unrelated transactions; or 

  

	 	11.2.2 	 materially all of the intellectual property assets which constitute the Group’s long drinks business for a total enterprise value (in each
case calculated on a debt-free, 

  
 36 

	 	 
cash-free basis, with a normalised level of net working capital) equivalent to less than 12.80 x prior calendar year EBITDA between Closing and the end of the 2010 Put Option Period; 11.94 x
prior calendar year EBITDA between the end of the 2010 Put Option Period and the end of the 2011 Put Option Period; and 11.60 x prior calendar year EBITDA thereafter. 

 

	11.3	If, during the 2010 Call Option Period, the 2011 Call Option Period, and any additional Call Option Period, the Call Option Price were to equal the Floor Amount
then, following expiry of the Call Option Period, the Bison Parties shall continue to have the benefit of the covenant contained in Clause 11.2, for so long as the Bison Share of LuxCo1 is equal to (or greater than) 20%. 

 

	11.4	The Company shall not, and shall procure that any member of the Group shall not, dispose of any material tangible or intangible asset owned by the Company or any
member of the Group on terms other than arm’s length, unless the Company or a member of the Group has first obtained: (i) the prior written consent of the Bison Parties; or (ii) a fairness opinion from an investment bank or accounting
firm of international repute addressed to a member of the Group and delivered to the Bison Parties. 

  

	11.5	The consent of the Bison Parties shall not be unreasonably withheld and shall be given for a period of six months from the date upon which consent is given. In
the event that the consent of the Bison Parties is sought, the Company shall deliver a notice (a “Consent Notice”) to the Bison Parties requesting consent. The Bison Parties shall have fifteen days from the date of a Consent Notice
(the “Consideration Period”) to decide whether to give consent. If upon the expiry of the Consideration Period the Bison Parties have failed to respond to the Company, they shall have been deemed to have given their consent, for a
period of six months beginning upon the expiry of the Consideration Period, to the contemplated disposal. 

  

	12	PARENT GUARANTEE 

  

	12.1	The Parent, as primary obligor, unconditionally and irrevocably guarantees, by way of continuing guarantee to the Lion Parties, the payment and performance by
the Bison Parties, when due, of all amounts and obligations under this Agreement. This guarantee shall remain in full force and effect until all such amounts and obligations have been irrevocably paid and discharged in full.

  

	12.2	The Parent’s obligations under this clause: 

  

	 	12.2.1 	constitute direct, primary and unconditional obligations to pay on demand by the Lion Parties or the Company any sum which the Bison Parties are liable to pay
under this Agreement and to perform on demand any obligation of the Bison Parties under this Agreement without requiring the Lion Parties or the Company first to take any steps against the Bison Parties or any other person; and

  

	 	12.2.2 	shall not be affected by any matter or thing which but for this provision might operate to affect or prejudice those obligations, including:

  

	 	(a)	any time or indulgence granted to, or composition with, the Bison Parties or any other person; or 

 

	 	(b)	any amendment of this Agreement; or 

  

	 	(c)	the taking, variation, renewal or release of, or refusal or neglect to perfect or enforce, any right, remedy or security against the Bison Parties or any other
person; or 

  
 37 

	 	(d)	any legal limitation, disability or other circumstance relating to the Bison Parties or any unenforceability or invalidity of any obligation of the Bison Parties
under this agreement. 

  

	13	DIRECTORS 

  

	13.1	The Company or a member of the Group shall reimburse and pay to each Director, and the Bison Representative, any reasonable travelling, hotel or other
out-of-pocket expenses which the Director (or Bison Representative) may incur in the performance of his duties (inclusive/exclusive of VAT if applicable) which shall be payable monthly in arrears. 

 

	13.2	The Company or a member of the Group shall take out and maintain in force a policy of insurance covering such matters and on such terms and conditions as the
Lion Parties shall agree for each Director to serve on the board of directors or other similar governing body of any other member of the Group (each, a “Satellite Board”) for the duration of their appointment, on which each Director
and each such individual shall be noted as a beneficiary. 

  

	13.3	Each Director shall be entitled to appoint any other Director to be his proxy in accordance with applicable provisions of the law of the Cayman Islands and a
Director or any such proxy shall not be required to hold any share qualification, shall not be subject to retirement by rotation and shall not be removed except by the Shareholder appointing them. 

 

	13.4	Each Director and any proxy appointed pursuant to Clause 13.3 shall be entitled to disclose to any Shareholder appointing him such information concerning the
Company and its business as he thinks fit without violating any contractual, fiduciary or other obligation. The provisions of Clause 18 shall apply to any such information that is Confidential Information. 

 

	13.5	The initial composition of the Board shall be as Hayley Tanguey and Rob Jones. 

From the date of the initial composition of the Board: 
  

	 	13.5.1 	For so long as the Bison Parties collectively own not less than ten per cent. (10%) of the total number of Ordinary Shares issued and outstanding (excluding
for such purpose any dilution in such ownership resulting from issuances of New Shares) the Bison Parties between them shall be entitled to appoint one (1) Director (the “Bison Director”) and cause the removal and replacement
of the Bison Director, provided that the Lion Parties may require (acting reasonably and in good faith) the Bison Parties to replace the Bison Director (or the Bison Representative as defined in Clause 13.5.4) with a person of whom the Lion Parties
shall first approve, save that the Lion Parties shall not be entitled to require the removal of either William Carey or Christopher Biedermann as the Bison Director or the Bison Representative. At any time when the Bison Parties own less than ten
per cent. (10%) of the total number of Ordinary Shares issued and outstanding (excluding for such purpose any dilution in such ownership resulting from issuances of New Shares pursuant to Clauses 3.1.1 to 3.1.6) they shall, at the request of
the Lion Party, cause the Bison Director to resign. 

  

	 	13.5.2 	 For so long as the Bison Parties shall be entitled to appoint a Director to the Board of the Company, at the request of the Bison Director, the
Lion Party and the Company will procure that the Bison Director, or such person as the Bison Director shall nominate, is in addition, appointed (and subsequently removed or replaced) to the Operating Board and to any committee of the Operating Board
provided that the Lion Parties may require (acting reasonably and in good faith) the Bison Parties to replace the Bison Director (or Bison Representative) on the Operating Board with a person of whom the Lion Parties shall first approve save

  
 38 

	 	 
that the Lion Parties shall not be entitled to require the removal of either William Carey or Christopher Biederman as the Bison Parties’ appointee to the Operating Board. At any time when
the Bison Parties own less than ten per cent. (10%) of the total number of Ordinary Shares issued and outstanding (excluding for such purpose any dilution in such ownership resulting from issuances of New Shares) they shall, at the request of
the Lion Party, cause the Bison Director on the Operating Board to resign. 

  

	 	13.5.3 	Subject to Clause 13.5.1 the Bison Director shall be entitled to appoint any person to be his alternate director, and such Bison Director or any such alternate
director shall not be required to hold any share qualification, shall not be subject to retirement by rotation and shall not be removed except by the Bison Parties. 

 

	 	13.5.4 	In addition to the rights provided in Clauses 13.5.1, 13.5.2 and 13.5.3, the Bison Parties shall be entitled to send a representative (the “Bison
Representative”) to attend and speak at, but not to vote at, meetings of the Board of the Company and the Company will procure that such person as the Bison Parties shall nominate shall be entitled to attend and speak at, but not vote at,
meetings of the Operating Board. 

  

	 	13.5.5 	The Bison Director, his alternate director and any Bison Representative shall be entitled to disclose to any Shareholder such information concerning the Group as
he thinks fit. 

  

	13.6	The Company agrees that: 

  

	 	13.6.1 	a meeting of the Board shall be convened and held at least once every 12 months; 

 

	 	13.6.2 	it will procure that a meeting of the Operating Board shall be convened and held at least once every three months; and 

 

	 	13.6.3 	unless otherwise agreed between all the Directors, there shall be given to each of the Directors of the Company and the members of the Operating Board not less
than five Business Days’ prior written notice of any meeting of the Board of the Company and of the Operating Board, as the case may be, and every such notice shall be accompanied by a written agenda specifying the business of such meeting and
copies of all papers that shall be relevant for such meeting. 

  

	13.7	All matters to be determined at meetings of the Board and any committees thereof shall be determined by a majority of votes cast. 

 

	13.8	Each Director of the Company and any committee thereof shall be entitled to one vote and, in the case of an equality of votes, no person, including without
limitation the Chairman of the Board, shall have a second or casting vote. A Director shall not be entitled to vote at any meeting of the Board, any Satellite Board or any committee thereof on any resolution concerning a matter in relation to which
he has a conflict and he shall not be counted in the quorum in respect of any such meeting unless he first declares such conflict prior to the start of the meeting. 

 

	13.9	Any meeting of the Board or any committee thereof may consist of a conference call between Directors, some or all of whom are in different places provided that
each Director who participates in the meeting is able: 

  

	 	13.9.1 	to hear each of the other participating Directors addressing the meeting; and 

  
 39 

	 	13.9.2 	if he so wishes, to address each of the other participating Directors simultaneously; 

whether directly, by conference telephone or by any other form of communication equipment or by a combination of such methods. A meeting
held in this way shall be deemed to take place at the place where the largest group of Directors is assembled or, if no such group is readily identifiable, at the place from where the Chairman of the meeting participates at the start of the meeting.

  

	13.10 	A resolution or other consent executed or approved in writing by all of the Directors who would have been entitled to vote thereon had the same been proposed at
a meeting of the relevant Board which such Directors had attended shall be as valid and effective for all purposes as a resolution passed at a meeting of a Board duly convened and held and may consist of several documents in the like form, each
signed by one or more of the Directors. 

  

	13.11 	The Company will procure that Clauses 13.7 to 13.10 shall apply, mutatis mutandis, to any meetings of the Operating Board. 

 

	13.12 	No Bison Director (or their alternate) or any Bison Representative shall participate in any Board discussion or meeting or receive any information in relation
to: 

  

	 	13.12.1 	any acquisition by the Company unless the Company is seeking the consent of the Bison Parties prior to an acquisition pursuant to Clause 11.1, in which case all
information necessary for them to give consent shall be supplied to the Bison Parties and the Bison Director (or their alternate) or any Bison Representative shall be entitled to participate in, or receive any information in relation to, any Board
meeting relating to the acquisition by the Company; or 

  

	 	13.12.2 	any material disposal by the Company if a Bison Party is participating as a purchaser in the transaction, unless the consent of the Bison Parties is required for
the disposal, in which case the participation of, and information supplied to, the Bison Parties shall be the minimum necessary to enable the Bison Parties to give consent and no Bison Director (or their alternate) or Bison Representative shall
participate in any Board decision relating to the disposal. 

  

	14	ACCESS TO INFORMATION AND ACCOUNTS 

  

	14.1	The Company shall provide or shall procure are provided to the Shareholders, at their request, the following information with respect to the Operating Group, but
in the case of the Bison Parties only if the Bison Parties own not less than either ten percent (10%) of the total number of Ordinary Shares issued and outstanding (excluding for such purpose any dilution in such ownership resulting from
issuances of New Shares) or $51,750,000 of the Notes: 

  

	 	14.1.1 	monthly management accounts, if and when provided to the Operating Board, in the form provided to the Operating Board, as soon as practicable, and in any event
no later than 10 Business Days after their receipt by the Lion Parties; 

  

	 	14.1.2 	quarterly unaudited consolidated financial statements, as soon as practicable, and in any event not later than 10 days after their receipt by the Lion Parties;

  

	 	14.1.3 	yearly, audited IFRS compliant information (including, without limitation, audited annual accounts) 10 days after its receipt by the Lion Parties, and in any
event within 150 days of the financial year end; 

  

	 	14.1.4 	within 30 days of the calendar year end, the Company’s good faith estimate of the full year’s consolidated profit and loss statement or, in the event
that consolidated estimated results are not available, results for material subsidiaries of the Operating Group; 

  
 40 

	 	14.1.5 	the opportunity, at or around each quarter end, for the auditors of the Parent to meet with the chief financial officer of the Operating Group and gain such
access to the financial records of the Operating Group as may be reasonably required for the Parent to fulfil its statutory financial reporting obligations, it being understood that any costs associated with such access shall be paid by the Parent
and that such access shall only be granted to the extent it does not materially interfere with the day to day operations of the Operating Group; 

  

	 	14.1.6 	within 20 days of each quarter-end which is not also a calendar year, the Company’s good faith estimate of the quarter’s consolidated profit and loss
statement or, in the event that consolidated estimated results are not available, results for material subsidiaries of the Operating Group; 

  

	 	14.1.7 	written materials provided to the Operating Board (including committees appointed by the Operating Board) for any regular or special meetings or for purposes of
obtaining written consent in lieu of a meeting; and 

  

	 	14.1.8 	the annual budget and business plan (no later than the earlier to occur of (a) three months following the start of each Financial Year and (b) 10 days
after their receipt by the Lion Parties) and any material amendments thereto, 

  

	 	  	(collectively the “Investor Information”). 

  

	14.2	The delivery of Investor Information to the Bison Director (or any proxy thereof) or to the Bison Representative shall be deemed to satisfy the obligations of
the Company under Clause 13.1 above. 

  

	14.3	The Company shall provide or shall procure is provided to the Bison Parties, and to the other Shareholders, at their request, the unaudited consolidated opening
balance sheet for the Operating Group (as of the date of the Closing) as soon as available but not later than 120 days after the Closing. 

  

	14.4	Notwithstanding the satisfaction by the Bison Parties of the requirements of Clause 14.1 above, the Bison Parties shall: (i) not be entitled to receive any
Investor Information (except to the minimum extent required by law, and pursuant to Clauses 14.1.2 and 14.1.3 above); and (ii) resign from the board of directors of any Group member to which a Bison Party nominee has been appointed, if a Bison
Party or any of its Affiliates directly or indirectly acquires Control of any entities, assets or businesses in Russia or the Ukraine which, cumulatively from the date of Closing, have an enterprise value of more than US$ 50 million and are, in
the reasonable opinion of the Lion Parties, direct competitors of the Group in the production and/or distribution of vodka, brandy or long drinks, save in respect of those transactions of which the Lion Parties are aware which, at Closing, have
signed but not closed. 

  

	15	ADVISORY AGREEMENTS 

 The
Advisory Agreements will provide for a Group Company to pay to Lion Capital LLP, Lion Capital (Guernsey) Limited, or any of their Affiliates a transaction fee in relation to the acquisition of the Group and any subsequent acquisitions of 1.5% of the
enterprise value (or equivalent) of the assets acquired, and to pay monitoring and oversight fees capped at 1.25% of budgeted EBITDA in relation to the relevant financial period (plus, in each case, its out-of-pocket costs and expenses and any
applicable VAT). For the avoidance of doubt, the fees payable under the Advisory Agreement shall not apply to the transfers of shares contemplated by the Put Option, the Call Option, or the exchange of securities contemplated by the provisions of
the Loan Note Instrument. 

  
 41 

	16	NON-SOLICITATION 

  

	16.1	For so long as any Lion Party is a Party to this Agreement and for a period of two years from the date that no Lion Party is a Party to this Agreement (the
“Cessation Date”), no Lion Party will, on its own account or on account of another Lion Party, entice or attempt to entice away from a Group member or employ or attempt to employ any person who, in the period between the date of
this Agreement and the Cessation Date, was an officer or an employee of a Group member, or an employee of a Bison Party, and was engaged in managerial work. 

 

	16.2	For so long as any Bison Party is a Party to this Agreement and for a period of two years from the date that no Bison Party is a Party to this Agreement (the
“Cessation Date”), no Bison Party will, on its own account or on account of another Bison Party, entice or attempt to entice away from a Group member or employ or attempt to employ any person who, in the period between the date of
this Agreement and the Cessation Date, was an officer or an employee of a Group member, or an employee of a Lion Party, and in the case of the Group, was engaged in managerial work. 

 

	17	WARRANTIES 

 Each of the
Parties warrants as of the date of this Agreement and as at Closing to the other Parties that it is properly incorporated or formed under the relevant law of its jurisdiction and has full power and authority without requiring the consent of any
other person, and has taken all necessary actions, to enter into and exercise its rights and perform its obligations under this Agreement and all other documents to be executed by them at Closing in connection with the Agreement. This Agreement and
all other documents to be executed by the Parties will, when executed, constitute lawful, valid and binding obligations of the Parties (as the case may be) in accordance with their respective terms. 

 

	18	CONFIDENTIALITY AND CONTACT RESTRICTIONS 

  

	18.1	Subject to Clauses 18.2, 18.3 and 18.5 below, each Shareholder undertakes and covenants with the Company that: 

 

	 	18.1.1 	it shall use any Confidential Information acquired by it solely in accordance with its performance of this Agreement and in particular, but without prejudice to
the generality of the foregoing, not make any commercial use thereof or use the same for the benefit of itself or of any third party other than pursuant to this Agreement; 

 

	 	18.1.2 	it shall not disclose the Confidential Information to any person other than those of its employees, directors or advisers who need to know the Confidential
Information for the purposes of the Agreement or the business (a “Recipient”) and shall procure that each Recipient is made aware of and complies with its obligations of confidentiality under this Agreement as if the Recipient was a
Party to this Agreement. 

  

	18.2	The provisions of Clause 18.1 shall not apply to the disclosure of any Confidential Information by any Party: 

 

	 	18.2.1 	in the course of consultations with the Auditors, other professional advisers, lenders and proposed lenders and with any other Shareholder;

  
 42 

	 	18.2.2 	for the purposes of facilitating an Exit to any proposed purchaser, underwriter, sponsor or broker; and/or 

 

	 	18.2.3 	in respect of any Shareholder to a third party in relation to a potential Transfer of their Shares provided such third party is not in any way connected with
(whether as investor, owner, employee, director, officer, consultant or otherwise) the business of manufacturing and/or wholesaling distribution of vodka and/or long drinks beverages; 

in each case so long as the disclosing Party (i) uses reasonable endeavours to procure that any such recipient enters into an
appropriate legally-binding confidentiality undertaking (such confidentiality undertaking expressly stating that the Company and the other Shareholders shall be entitled to enforce it) and (ii) keeps the Board informed of any disclosures made
pursuant to this Clause 18.2 and provides reasonable advance notice of the matters and information to be disclosed in order to provide the Board with an opportunity to voice its reasonable objections to any such disclosure. 

 

	18.3	The provisions of this Clause 18 shall not apply to the disclosure of any Confidential Information by any Party: 

 

	 	18.3.1 	which now or hereafter comes into the public domain otherwise than as a result of a breach of such undertaking of confidentiality; 

 

	 	18.3.2 	which is required by law to be disclosed to any person who is authorised by law to receive the same; 

 

	 	18.3.3 	which is required to be disclosed in accordance with the terms of the principal finance documents relating to the Group; 

 

	 	18.3.4 	which is required to be disclosed by the regulations of any recognised investment exchange upon which the share capital of the disclosing Party is or is proposed
to be from time to time listed or dealt in; 

  

	 	18.3.5 	to a court, arbitrator or administrative tribunal in the course of proceedings before it to which the disclosing Party is a party in a case where such disclosure
is required by such proceedings; 

  

	 	18.3.6 	to any professional advisers to the disclosing Party who are bound to the disclosing Party by a duty of confidence which applies to any information disclosed;

  

	 	18.3.7 	to any third party in connection with negotiations for an Exit, where, prior to any such disclosure, such Party is bound to any member of the Group or the
relevant Party (in a form reasonably satisfactory to the Principal Shareholders) by a confidentiality agreement to maintain confidentiality of such information; 

 

	 	18.3.8 	to the other Parties to this Agreement; or 

  

	 	18.3.9 	pursuant to the terms of this Agreement. 

  

	18.4	Notwithstanding the foregoing provisions, the Lion Parties shall be entitled to make such disclosure to their partners, trustees, shareholders, unit holders and
other participants in relation to the business affairs and financial position of the Company as they may in their reasonable discretion see fit. 

  
 43 

	18.5	In the case of disclosure pursuant to Clauses 18.3.2 to 18.3.9 (inclusive) such disclosing Party shall, save where giving notice to other Parties is prohibited
by law, give as much notice to the Company and the principal Shareholders of such disclosure as is practicable and shall take into account the reasonable requests of the principal Shareholders in relation to the contents of such disclosures.

  

	19	DEEDS OF ADHERENCE 

  

	19.1	Subject to the provisions of Clause 19.2, no Transfer or allotment of any Shares shall be made unless the transferee or allottee shall have first executed a Deed
of Adherence and such Deed shall have been delivered to the Company at its registered office and to the Shareholders. 

  

	19.2	No Deed of Adherence need be executed: 

  

	 	19.2.1 	if the transferee or allottee, as the case may be, is already a Party to this Agreement (in the same capacity as that in which the transferor is a Party in
respect of the Shares in question); or 

  

	 	19.2.2 	if the Board obtains the consent of the Lion Party to the waiver of the need for a Deed of Adherence. 

 

	19.3	Each Party acknowledges and agrees that, upon the transferee or allottee duly executing the Deed of Adherence, such person shall become a Party to this Agreement
in accordance with the terms of the Deed of Adherence. 

  

	20	TERMINATION 

  

	20.1	Save as provided for in Clause 20.2 below, this Agreement shall terminate (as between the Parties hereto) and be of no further force or effect upon the earlier
of the following: 

  

	 	20.1.1 	the Bison Parties ceasing to hold any Ordinary Shares; 

  

	 	20.1.2 	an IPO or a Sale; 

  

	 	20.1.3 	the written agreement of the Parties; or 

  

	 	20.1.4 	the Company going into liquidation whether voluntary or compulsory (other than for the purpose of an amalgamation or reconstruction approved by all the
Shareholders). 

  

	20.2	On termination of this Agreement, Clauses 14, 17 to 20, and 31 to 33 shall survive and continue in full force and effect but all other rights and obligations of
the Shareholders shall cease immediately. Termination does not affect the Shareholders’ accrued rights and obligations as at termination. 

  

	20.3	If this Agreement is terminated under Clause 20.1.1 above, Clauses 8, 9 and 12 shall survive and continue in full force and effect save that the obligations
under Clause 12 shall survive and continue in only relation to the obligations of the Bison Parties under Clauses 8 and 9, in addition to those other Clauses surviving termination under Clause 20.2. 

 

	20.4	If any one Shareholder ceases to hold any Shares in accordance with the terms of this Agreement, this Agreement shall cease to apply to such Shareholder from the
date it ceases to hold such securities but without prejudice to any rights, obligations or liabilities which may have accrued prior to the date on which such Shareholder ceased to hold any such securities. 

  
 44 

	20.5	Termination of this Agreement shall not affect the terms of any agreement entered into between the Shareholders, or any successor of either of them holding
Shares which replaces this Agreement. 

  

	21	ANNOUNCEMENTS 

  

	21.1	Subject to Clause 21.2 no Party shall, save with the consent of the Lion Parties, make any public announcement or press release concerning or otherwise disclose
or divulge any information concerning the Shareholders’ involvement with or interest in the Group nor regarding (without limitation) the existence, subject matter or any of the terms set out in this Agreement or any ancillary agreement, nor
regarding any matter ancillary thereto, including the Acquisition and any related transactions. 

  

	21.2	This Clause 21 shall not apply to any announcement, public statement or circular required by law, a recognised investment exchange or a regulatory or
governmental body to which the Company or any such Party is subject, including the rules of a recognised investment exchange, in which case the Party concerned shall, subject to the requirements of applicable law, use reasonable efforts to consult
with the Lion Parties and the Company concerning the timing and content of such announcement before making the announcement or statement and shall give a copy thereof to the other Parties at the same time as, or as soon as reasonably practicable
after, the making of such announcement or statement. 

  

	22	TAX AND VCOC 

  

	22.1	For the purposes of this Clause 22.1, “Code” means the United States Internal Revenue Code of 1986, as amended, and any statute successor
thereto. 

 Certain Tax Matters 

 

	 	22.1.1 	Tax Elections The Lion Parties shall have the sole authority to cause the Company and its direct and indirect subsidiaries to make, or to refrain from
making, all tax (and accounting) elections, including, without limitation, elections to “check the box” as to tax characterization of an entity for U.S. tax purposes, and elections under section 338 of the Code. 

 

	 	22.1.2 	The Company, if it is an association taxable as a corporation under the Code shall use its commercially reasonable efforts to maintain such information as shall
be necessary to determine whether the Company or any of its Subsidiaries is a “passive foreign investment company,” a “controlled foreign corporation” or a corporation having a similar status under the Code, and, if
the Company determines that it is in such a foregoing category, to furnish to any Shareholders as reasonable requested from time to time such information as shall be necessary to enable such Shareholder (or any of its owners) to comply with its tax
reporting obligations in connection with its investment in the Company. Any costs incurred by the Company as a result of compliance with this clause 22.1.2 shall be borne by the Shareholder making such requests for such information, as determined by
the Company in its sole discretion, and by any other Shareholders that may be resident for tax purposes in the US in proportion to their Shares owned (where the calculation shall not take into account any Shares owned by the Shareholders to which
this clause 22.1.2 has no effect.) 

  

	 	22.1.3 	The Lion Parties intend that the Company shall be treated as a corporation for US tax purposes. 

  
 45 

	 	22.1.4 	If the Company is an association taxable as a corporation under the Code, the Shareholders shall, if requested by the Lion Parties, cause an election under
section 338(g) of the Code to be made to the extent permitted by law to treat the purchase of the business under the SPA or any other business (if such purchase is eligible for an election under section 338(g) of the Code) as a purchase of the
target group’s assets in accordance with section 338 of the Code. The Tax Matters Person shall prepare an allocation of the Purchase Price in accordance with the rules under section 338 of the Code and the Treasury Regulations promulgated
thereunder. The US Shareholders agree to use the agreed-upon allocations for purposes of all relevant US tax returns or filings, including any forms or reports required to be filed pursuant to section 338 of the Code, the Treasury Regulations
promulgated thereunder or any provisions of US federal, state or local law (“338 Forms”), and to cooperate in the preparation of any 338 Forms and to file such 338 Forms in the manner required by applicable law.

  

	 	22.1.5 	To the extent the Company is required by law to withhold or to make tax payments on behalf of or with respect to any Shareholder (“Tax
Advances”), the Company may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of any Shareholder shall be repaid by reducing the amount of the current or next succeeding distribution or
distributions which would otherwise have been made to such Shareholder or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Shareholder. If a distribution to a
Shareholder is actually reduced as a result of a Tax Advance, for all other purposes of this Agreement such Shareholder shall be treated as having received the amount of the distribution that is reduced by the Tax Advance. Except as otherwise
provided in the last sentence of Clause 22.1.2, each Shareholder hereby agrees to indemnify and hold harmless the Company and the other Shareholders from and against any liability (including, without limitation, any liability for taxes, penalties,
additions to tax or interest) with respect to income attributable to or distributions or other payments to such other Shareholder. 

  

	22.2	Certain VCOC Matters 

  

	 	22.2.1 	For so long as any Lion Party seeks to qualify as a VCOC Shareholder (as the term is defined in Clause 22.2.2 below), such Party shall be entitled individually
to nominate at least one of the persons to the Board to be nominated by that Lion Party. The Parties acknowledge that, on the date hereof, the Initial Lion Party is a VCOC Shareholder. 

 

	 	22.2.2 	The Company hereby agrees that for so long as any Shareholder or one of its Affiliates is a “venture capital operating company” (such Shareholder or
Affiliate, a “VCOC Shareholder”), as defined in the regulations promulgated under the United States Employee Retirement Income Security Act of 1974, as amended, by the United States Department of Labor (the “Plan Asset
Regulations”), and such VCOC Shareholder continues to hold, directly or indirectly, any Shares (or other securities of the Company into which such Shares may be converted or for which such Shares may be exchanged), without limitation on, or
prejudice to, any of the other rights provided to the VCOC Shareholder under this Agreement or applicable law, the Company shall provide to such VCOC Shareholder or its designated representative: 

 

	 	(a)	 such information and consultation rights and other assistance as such VCOC Shareholder may require to preserve its direct or indirect interest
in the Company qualifying as a “Venture Capital Investment” (within the meaning of the Plan Asset Regulations) and, in connection with an Exit, such 

  
 46 

	 	 
distribution of securities held directly or indirectly by the VCOC Shareholder or such other reasonable assistance such as to enable such Shareholder, in its discretion, to elect to commence its
“distribution period” (within the meaning of the Plan Asset Regulations) or otherwise preserve its qualification as a “venture capital operating company” within the meaning of the Plan Asset Regulations, and the Parties
will agree to such amendments to this Agreement as may be required by a VCOC Shareholder to preserve such qualification or permit such election or otherwise, provided that no such amendment would result in a material adverse effect on the
operations or business of the Group, taken as a whole, or on the financial, legal or tax position of any other Shareholder; 

  

	 	(b)	prior notice of all material corporate actions (unless any such action is required to be disclosed to the general public, in which case, such VCOC Shareholder shall be
deemed to have received notice pursuant to such disclosure) and the right to consult with the Company and members of the Group with respect to such actions; provided that the Company may provide such notice to the applicable designated
representative of such VCOC Shareholder, which in turn shall be responsible forwarding such notice to the VCOC Shareholder the right to visit and inspect any of the offices and properties of the Group and inspect and copy the books and records of
the members of the Group, at such times as the VCOC Shareholder or its designated representative shall reasonably request; 

  

	 	(c)	copies of the information provided to each Shareholder under Clause 14; and 

 

	 	(d)	the right to consult with appropriate officers and directors of the Company and each member of the Group periodically and at such times as reasonably requested by the
VCOC Shareholder with respect to matters relating to the business, finances, accounts and affairs of the Company and the members of the Group. Any costs incurred by the Company as a result of compliance with this Clause 22.2 shall be borne by the
Shareholder making such requests for such information. 

  

	 	22.2.3 	The Company agrees to consider, in good faith, the recommendations of the VCOC Shareholder or its designated representative in connection with the matters on
which it is consulted as described above, recognising that the ultimate discretion with respect to all such matters shall be retained by the Company. 

  

	23	ASSIGNMENT AND SUB-CONTRACTING 

 No Party shall be entitled to assign or transfer all or any of its rights, benefits or obligations under this Agreement in whole or in part without the prior written consent of the Lion Parties otherwise
than pursuant to a Transfer in accordance in all respects with the provisions and requirements of this Agreement and the Articles. 
  

	24	EXCLUSION OF AGENCY, PARTNERSHIP OR JOINT VENTURE 

 Nothing in this Agreement or any arrangement contemplated by it shall be construed as establishing or implying any partnership between the Parties, and nothing in this Agreement shall be deemed to
constitute either of the Parties as the agent of any other or to authorise any Party to hold itself out as agent or to bind, contract in the name of or to create a liability for any other in any way or for any purpose. 

  
 47 

	25	CAPACITY 

 Each Party
represents to each other Party that it has full power and authority and has obtained all necessary consents to enter into and perform the obligations expressed to be assumed by it under this Agreement (and any other agreement or arrangement to be
entered into by it in connection with this Agreement), that the obligations expressed to be assumed by it under this Agreement and each such other agreement are legal, valid and binding and enforceable against it in accordance with their terms and
that the execution, delivery and performance by it of this Agreement and each such other agreement and arrangement will not: 
  

	 	25.1.1 	result in a breach of, or constitute a default under, any agreement or arrangement to which it is a party or by which it is bound or under its constitutive
documents; or 

  

	 	25.1.2 	result in a breach of any law or order, judgment or decree of any court, governmental agency or regulatory body to which it is a party or by which it is bound.

  

	26	FURTHER ASSURANCE, CONFLICT AND COMPLIANCE WITH ARTICLES, MODIFICATIONS TO ACCOMMODATE THE PARTIES’ TAX EFFICIENCY 

 

	26.1	Each Party shall, now or as required at any time in the future, do, or procure the doing by a third party of, so far as may be reasonably within its power and as
may be reasonably requested of it, all acts and/or execute or procure the execution of all documents in a form satisfactory to the other Parties as is or are required to give full effect to this Agreement and the other Transaction Documents and the
transactions intended to be effected hereby and thereby and shall further (if necessary), so far as may be within its power, procure any required amendment to the Articles. 

 

	26.2	If there is any conflict or inconsistency between the provisions of this Agreement and the Articles, (i) this Agreement shall prevail, although nothing in
this Agreement shall constitute an amendment of the Articles and (ii) the Shareholders shall take all lawful actions necessary to amend the Articles in order to implement the terms of this Agreement, and in any event, shall act in accordance
with this Agreement. 

  

	26.3	The Company undertakes to each of the Shareholders that it shall, and shall procure that each Group Company and their respective directors, officers and
employees shall, comply with all applicable anti-bribery and anti-corruption laws and regulations. Without prejudice to the generality of the foregoing, the Company shall, and shall procure that each Group Company and their respective directors,
officers and employees shall, refrain from taking any action that would result in a violation by any direct or indirect investor in the Company of the U.S. Foreign Corrupt Practices Act or any other applicable anti-bribery or anti-corruption laws
which apply to it by virtue of such investor’s direct or indirect investment in the Company. 

  

	26.4	 Without limiting the generality of the preceding clause, the Company undertakes to each of the Shareholders that it shall, and shall procure
that each Group Company and their respective directors, officers and employees shall, refrain from offering, promising to pay, or authorising the payment of any money, or offering, giving, promising to give, or authorising the giving of anything of
value, to any officer, employee or any other person acting in an official capacity for any government or any department, agency or instrumentality thereof, including any entity or enterprise owned or controlled by a government, or for any public
international organisation, to any political party or official thereof or to any candidate for political office (individually and collectively, a “Government Official”) or to any person knowing or being aware of a high probability
that all or a portion of such money or thing of value will be 

  
 48 

	 	 
offered, given or promised, directly or indirectly, to any Government Official, for the purpose of: 

 

	 	26.4.1 	influencing any act or decision of such Government Official in his official capacity; 

 

	 	26.4.2	 inducing such Government Official to do or omit to do any act in violation of his lawful duty; 

 

	 	26.4.3 	securing any improper advantage; 

  

	 	26.4.4 	inducing such Government Official to influence or affect any act or decision of any entity or enterprise owned or controlled by a government; or

  

	 	26.4.5 	assisting the Company or any Group Company in obtaining or retaining business for or with, or directing business to the Company or any Group Company.

  

	27	ENTIRE AGREEMENT 

 This
Agreement, and the documents referred to in it in agreed form together constitute the entire agreement and understanding of the Parties in relation to the matters the subject thereto and supersede any previous agreement between the Parties (whether
written or oral) in relation to all or any of such matters and without prejudice to the generality of the foregoing, excludes any representation, warranty, condition or other undertaking implied at law or by custom other than where expressly
contained in this Agreement, provided that nothing in this Clause shall exclude a Party from liability for fraudulent misrepresentation. 
  

	28	VARIATION 

  

	28.1	Subject to Clause 28.2, any variation of this Agreement must be in a written document and signed by each of the Shareholders or a duly authorised officer or
representative of each of the Shareholders and where any such document exists and is so signed such Party shall not allege that the same is not binding by virtue of an absence of consideration. 

 

	28.2	If any Party ceases to hold Shares then, as from the date of such cessation and irrespective of whether the consent of such party would have been required
pursuant to Clause 28.1, this Agreement may be varied without reference to or the need for signature of any relevant document by that Party, provided that (for the avoidance of doubt) such variation shall not give rise to any new or increased
liability of that Party. 

  

	29	WAIVER 

  

	29.1	A delay in exercising, or failure to exercise, any right or remedy under this Agreement does not constitute a waiver of such or other rights or remedies nor
shall operate so as to bar the exercise or enforcement thereof. No single or partial exercise of any right or remedy under this Agreement shall prevent further or other exercise of such or other rights or remedies. 

 

	29.2	No waiver by any Party of any requirement of this Agreement, or of any remedy or right under this Agreement, shall have effect unless given in writing and signed
by such Party. 

  

	29.3	The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights and remedies provided by law. 

  
 49 

	30	ILLEGALITY AND SEVERANCE 

  

	30.1	The provisions contained in each Clause of this Agreement shall be enforceable independently of the others and the invalidity of any one provision shall not
affect the validity of the others. 

  

	30.2	If a provision of this Agreement is, or but for this Clause would be, held to be illegal, invalid or unenforceable, in whole or in part, in the jurisdiction to
which it pertains but would be legal, valid and enforceable if part of the provision was deleted, the provision shall apply with the minimum modification necessary to make it legal, valid and enforceable in that jurisdiction, and any such
illegality, invalidity or unenforceability in any jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

 

	30.3	If a provision of this Agreement is held to be illegal, invalid or unenforceable, in whole or in part and Clause 30.2 cannot be used to make it legal, valid and
enforceable, a Shareholder may require the other Shareholders to enter into a new agreement or deed under which that Shareholders undertakes in the terms of the original provision, but subject to such amendments as the first Shareholders specifies
in order to make the provision legal, valid and enforceable. No Shareholders will be obliged to enter into a new agreement or deed that would increase its liability beyond that contained in this Agreement, had all its provisions been legal, valid
and enforceable. 

  

	31	RIGHTS OF THIRD PARTIES AND NO RECOURSE 

  

	31.1	A Party who is not a Party to this Agreement or who does not execute a Deed of Adherence in accordance with this Agreement has no rights under the Contracts
(Rights of Third Parties) Act 1999 or otherwise to enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from such Act. 

 

	31.2	Accordingly, this Agreement shall be binding upon and enure solely for the benefit of the Parties hereto and any person who executes a Deed of Adherence in
accordance with this Agreement and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement.

  

	31.3	Only the Parties that are signatories hereto shall have any obligation or liability under this Agreement. Notwithstanding anything that may be expressed or
implied in this Agreement, no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future representative of any Shareholder or any current or future direct or
indirect shareholder, member, general or limited partner or other beneficial owner of any Shareholder or any of their respective representatives, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of
any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any such person for any obligation of any Shareholder under
this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

 

	32	COUNTERPARTS 

 This
Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original of this Agreement, but all the counterparts shall together constitute one and the same agreement. No counterpart shall be
effective until each Party has executed at least one part or counterpart. 

  
 50 

	33	NOTICES 

  

	33.1	Any notice or other communication given under this Agreement shall be in writing and shall be served by delivering it to the Party due to receive it at the
address or fax numbers set out in Clause 33.2 and shall be deemed to have been delivered in accordance with Clause 33.3. 

  

	33.2	The Parties’ addresses and fax numbers for the purposes of this Agreement are: 

 

	 	33.2.1 	In the case of the Lion Parties: 

 Lion Capital LLP 
 21 Grosvenor Place 

London SW1X 7HF 

United Kingdom 

For the attention of: Javier Ferrán/James Cocker 
 Fax number: +44 20 7201 2222 
 with a courtesy copy to: 

Weil, Gotshal & Manges 
 One South Place 
 London EC2M 2WG 

United Kingdom 

For the attention of Michael Francies 
 Fax number: +44 20 7903 0990 
  

	 	33.2.2 	In the case of Bison or any Bison Party: 

 CEDC Warsaw, 
 ul. Bobrowiecka 6 

02-728 Warszawa 

Poland 
 For
the attention of: Bill Carey 
 Fax number: +48 22 455 1810/ 

  +1 941 330 9617 
 with a copy to: 
 Dewey & Le Boeuf 

No.1 Minster Court 
 Mincing Lane 
 London 

EC3R 7YL 
 For
the attention of: Steve Horvath 
 Fax number: +44 20 7444 7498 

 

	 	33.2.3 	In the case of the Company: 

 Lion/Rally Cayman 2 
 c/o Lion Capital LLP 

21 Grosvenor Place 
 London SW1X 7HF 
 United England 

For the attention of: Javier Ferrán/James Cocker 
 Fax number: +44 20 7201 2222 

  
 51 

 with a courtesy copy to: 

Weil, Gotshal & Manges 
 One South Place 
 London EC2M 2WG 

United Kingdom 

For the attention of Michael Francies 
 Fax number: +44 20 7903 0990 
 or such other address or fax number as the relevant
Party notifies to the other Parties, which change of address shall only take effect if delivered and received in accordance Clause 30.3. 
  

	33.3 	A notice so addressed shall be deemed to have been received: 

  

	 	33.3.1 	if personally delivered, at the time of delivery; 

  

	 	33.3.2 	if sent by pre-paid, recorded delivery or registered post, two Business Days after the date of posting to the relevant address; 

 

	 	33.3.3 	if sent by registered air-mail, five Business Days after the date of posting to the relevant address; or 

 

	 	33.3.4 	if sent by fax, on successful completion of its transmission as per a transmission report from the machine from which the fax was sent, save that if such notice
or communication is received after the end of normal working hours (and “normal working hours” shall be deemed to be 8.30 am and 5.30 pm on any Business Day in the country of the recipient), such notice or communication shall be
deemed to have been received on the next Business Day. 

  

	34	EFFECT OF COMPLETION 

  

	34.1	Except to the extent that they have been performed and except where this Agreement provides otherwise, the warranties, representations, indemnities and
obligations contained in this Agreement remain in force after Closing and Closing shall not in any way constitute a waiver of any Shareholders’ rights hereunder. 

 

	35	JURISDICTION 

 The Courts
of England have non-exclusive jurisdiction to settle any claim, dispute or matter or difference which may arise out of or in connection with this Agreement (including, without limitation, claims for set-off or counterclaim) or the legal
relationships established by this Agreement. 
  

	36	GOVERNING LAW 

 This
Agreement is governed by, and shall be construed in accordance with, English law. 

  
 52 

 SCHEDULE 1 
 SHARE SUBSCRIPTION AMOUNTS 
  

																	
	 Name, address, fax number of

authorised recipient of shareholder
	  	Number of A
Ordinary
Shares to be
issued on
completion	 	  	Number of B
Ordinary
Shares to be
issued on
completion	 	  	Number of
Preference Shares
to be issued on
completion	 	  	Total
Investment ($)	 
	 Lion/Rally Cayman 1 L.P.
	  	 	201,000,000	  	  	 	—  	  	  	 	—  	  	  	 	201,000,000	  
	 Carey Agri International – Poland SP. Z O.O
	  	 	—  	  	  	 	181,500,000	  	  	 	—  	  	  	 	181,500,000	  
	 Lion/Rally Carry Eng 1 L.P.
	  	 	—  	  	  	 	—  	  	  	 	100	  	  	 	100	  
	 Total
	  	 	201,000,000	  	  	 	181,500,000	  	  	 	100	  	  	 	382,500,100	  

  
 53 

 SCHEDULE 2 
 DEED OF ADHERENCE 
 DEED OF ADHERENCE dated
— made by — (the “Adhering Party”) in favour of the persons whose names are set out in the schedule to this deed. 

RECITALS 
  

	(A)	This deed is supplemental to the Shareholders’ Agreement dated [—] made between LION/RALLY CAYMAN 1 L.P.,
CAREY AGRI INTERNATIONAL – POLAND SP. Z O.O, LION/RALLY CARRY ENG 1 L.P., LION/RALLY CAYMAN 2 and CENTRAL EUROPEAN DISTRIBUTION CORPORATION (the “Shareholders Agreement”). 

 

	(B)	[Name of transferring Shareholder] has agreed to transfer [a portion] [all] of its Shares to the Adhering Party and this deed
is entered into pursuant to Clause 19 of the Shareholders’ Agreement. 

  

	1	REPRESENTATIONS AND WARRANTIES 

 The Adhering Party represents to each Existing Party that it has full power and authority and has obtained all necessary consents to enter into and perform the obligations expressed to be assumed by it
under this Deed of Adherence and the Shareholders’ Agreement (and any other agreement or arrangement to be entered into by it in connection thereto), that the obligations expressed to be assumed by it under this Deed of Adherence and the
Shareholders’ Agreement and each such other agreement are legal, valid and binding and enforceable against it in accordance with their terms and that the execution, delivery and performance by it of this Deed of Adherence and each such other
agreement and arrangement, including but not limited to the Shareholders’ Agreement, will not: 
  

	 	(a)	result in a breach of, or constitute a default under, any agreement or arrangement to which it is a party or by which it is bound or under its constitutive documents;
or 

  

	 	(b)	result in a breach of any law or order, judgment or decree of any court, governmental agency or regulatory body to which it is a party or by which it is bound.

  

	2	OPERATIVE PROVISIONS: 

The Adhering Party confirms that it has been given and read a copy of the Shareholders’ Agreement and covenants with each person
named in the schedule to this deed (and any persons to whom the persons named in Schedule 1 of the Shareholders’ Agreement may have transferred shares in the Company in accordance with the terms of the Shareholders’ Agreement prior to the
date of this deed) to perform and be bound by all the terms of the Shareholders’ Agreement as if the Adhering Party were [capacity in which the party is to adhere to be inserted] for the purposes of the Shareholders Agreement;

  

	3	Unless the context requires otherwise, words and expressions defined in the Shareholders’ Agreement shall have the same meaning when used in this deed.

  

	4	This deed is governed by English law. 

  
 54 

			
	 DULY EXECUTED AND DELIVERED
 AS A DEED ON THE DATE STATED ABOVE
  
 [ADHERING PARTY] 
  
 [Appropriate deed execution clause] 

		
	by:	 	 
	Acknowledged and Accepted:
	
	[COMPANY] 
		
	by:	 	 

  
 55 

 SCHEDULE 3 
 LUXCO1 SHAREHOLDERS’ AGREEMENT 
 DATED
[            ] 2008 
 SHAREHOLDERS’ AGREEMENT

 between 
 [LION/RALLY CAYMAN 2] 
 and 

[SELLER’S INVESTMENT VEHICLES 1, 2, 3, 4 and 5] 

and 

[LION/RALLY LUX 1 S.A.] 

and 

[LION CAPITAL (GUERNSEY) II LIMITED] 

  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	1	  	DEFINITIONS	  	 	59	  
			
	2	  	SALE AND PURCHASE OF SECURITIES	  	 	66	  
			
	3	  	ADVISORY AGREEMENTS	  	 	67	  
			
	4	  	NEW ISSUES	  	 	68	  
			
	5	  	RESTRICTIONS ON DEALINGS WITH SECURITIES	  	 	69	  
			
	6	  	PUT OPTION	  	 	77	  
			
	7	  	COMPLETION OF TRANSFERS	  	 	78	  
			
	8	  	EXIT	  	 	79	  
			
	9	  	DIRECTORS	  	 	83	  
			
	10	  	ACCESS TO INFORMATION AND ACCOUNTS	  	 	85	  
			
	11	  	WARRANTIES	  	 	85	  
			
	12	  	CONFIDENTIALITY AND CONTACT RESTRICTIONS	  	 	86	  
			
	13	  	DEEDS OF ADHERENCE	  	 	87	  
			
	14	  	TERMINATION	  	 	88	  
			
	15	  	ANNOUNCEMENTS	  	 	88	  
			
	16	  	TAX AND VCOC	  	 	88	  
			
	17	  	COMPLIANCE	  	 	91	  
			
	18	  	ASSIGNMENT AND SUB-CONTRACTING	  	 	92	  
			
	19	  	EXCLUSION OF AGENCY, PARTNERSHIP OR JOINT VENTURE	  	 	92	  
			
	20	  	FURTHER ASSURANCE, CONFLICT AND COMPLIANCE WITH ARTICLES, MODIFICATIONS TO ACCOMMODATE THE PARTIES’ TAX EFFICIENCY	  	 	92	  
			
	21	  	ENTIRE AGREEMENT	  	 	93	  
			
	22	  	VARIATION	  	 	93	  
			
	23	  	WAIVER	  	 	93	  
			
	24	  	ILLEGALITY AND SEVERANCE	  	 	94	  
			
	25	  	RIGHTS OF THIRD PARTIES AND NO RECOURSE	  	 	94	  
			
	26	  	COUNTERPARTS	  	 	94	  
			
	27	  	NOTICES	  	 	95	  
			
	28	  	SELLER PARTIES’ REPRESENTATIVE	  	 	96	  
			
	29	  	EFFECT OF COMPLETION	  	 	96	  
			
	30	  	ARBITRATION	  	 	96	  
			
	31	  	GOVERNING LAW	  	 	97	  

  
 i 

					
	SCHEDULE 1 FORM OF CPEC INSTRUMENT	  	98	 
		
	SCHEDULE 2 DEED OF ADHERENCE	  	 	99	  
		
	SCHEDULE 3 FORM OF ARTICLES OF ASSOCIATION OF THE COMPANY	  	 	101	  
		
	SCHEDULE 4 ALLOCATION BETWEEN A REDEEMABLE SHARES AND CPECS	  	 	102	  
		
	SCHEDULE 5 INITIAL SELLER PARTIES	  	 	103	  

  
 ii 

 THIS AGREEMENT is made on [            ]
between the following Parties: 
  

	(1)	[LION/RALLY CAYMAN 2] [details] (the “Initial Lion Party”); 

 

	(2)	[SELLER’S INVESTMENT VEHICLE 1] [details]; 

  

	(3)	[SELLER’S INVESTMENT VEHICLE 2] [details]; 

  

	(4)	[SELLER’S INVESTMENT VEHICLE 3] [details]; 

  

	(5)	[SELLER’S INVESTMENT VEHICLE 4] [details]; 

  

	(6)	[SELLER’S INVESTMENT VEHICLE 5] [details] and 

 [Parties (2), (3), (4), (5) and (6) each being an “Initial Seller Party” and together being the “Initial Seller Parties”).] 

 

	(7)	[LION/RALLY LUX 1 S.A. ] [details] (the “Company”); and 

 

	(8)	[LION CAPITAL (GUERNSEY) II LIMITED] [details] (the “Lion Bridging Party”). 

RECITALS 
  

	(A)	The Company was incorporated on [—] under the laws of Luxembourg as a société anonyme
(public limited liability company) specifically for the purpose of the acquisition of 100% of the Russian Alcohol group pursuant to the SPA. 

  

	(B)	Since its incorporation, the Company has not traded or undertaken any business activities of any sort and no Shareholder nor Board resolutions of the Company
have been passed save as required pursuant to the Transaction Documents. 

  

	(C)	The Initial Lion Party and the Lion Bridging Party will, immediately prior to completion of the Sale and Purchase Agreement, have subscribed for A Redeemable
Shares and CPECs in the Company and these will comprise the only issued or agreed to be issued securities of the Company. 

  

	(D)	At Closing, the Lion Bridging Party will sell to the Initial Seller Parties and the Initial Seller Parties will so purchase from the Lion Bridging Party the
Initial Seller Party Securities then held by the Lion Bridging Party for the price paid for such securities by the Lion Bridging Party. 

  

	(E)	The Initial Lion Party, the Initial Seller Parties and the Company have agreed to make provision for the management and administration of the affairs of the
Company on the terms and conditions set out in this Agreement. 

 NOW IT IS HEREBY AGREED as follows: 

 

	1	DEFINITIONS 

  

	1.1	In this Agreement (including the Recitals), except where the context otherwise requires, the following words and expressions shall have the following meanings:

  
 59 

			
	“A Redeemable Shares”	  	means the A Redeemable Shares with a nominal value of US$[•] each in the capital of the Company;
		
	“Advisory Agreements”	  	means (i) the Monitoring and Oversight Agreement and (ii) the Corporate Finance Advisory Agreement, each to be entered into on or prior to Closing between a Group Company and a
Lion Party (or any one or more of its designated Affiliates or any one or more of the Affiliates of any shareholder in a Lion Party), as each may be amended from time to time;
		
	“Affiliate”	  	means, with respect to any person, another person Controlled directly or indirectly by such first person, Controlling directly or indirectly such first person or directly or
indirectly under the same Control as such first person, and “Affiliated” shall have a meaning correlative to the foregoing;
		
	“Articles”	  	means the articles of association of the Company, as the same may be amended or replaced by any successor articles of association from time to time;
		
	“Auditors”	  	means the external, independent auditors from time to time of the Company;
		
	“Board”	  	means the board of Directors of the Company as constituted from time to time;
		
	“Business Day”	  	means a day (other than a Saturday, a Sunday or a public holiday) on which banks in London, New York, Luxembourg, Cyprus and Moscow are normally open for the conduct of general
banking business;
		
	“Competing Business”	  	has the meaning given to it in the SPA;
		
	“Closing”	  	has the meaning given to it in the SPA;
		
	“Confidential Information”	  	means all and any information (written, oral or electronic) (a) concerning the business, finances, assets or affairs of the Group; (b) relating to the Group’s processes,
plans, intentions, product information, know-how, designs, trade secrets, software, market opportunities and customers, or in relation to any third party for which any member of the Group is responsible or in respect of which any member of the Group
has an obligation not to disclose; (c) relating to any Shareholder or Permitted Transferee or any shareholder in any such person or any of their respective Affiliates; and (d) relating to the contents of this Agreement or any other Transaction
Document (or any agreement or arrangement entered into pursuant to or any transaction contemplated by this Agreement or any other Transaction Document);

  
 60 

			
	“Consideration”	  	has the meaning given in Clause 2.1 of this Agreement;
		
	“Control”	  	means with respect to a person (other than an individual) (a) ownership of more than 50% of the voting securities of such person, (b) the right to appoint, or cause the appointment
of, more than 50% of the members of the board of directors (or similar governing body) of such person or (c) the right to manage, or direct the management of, on a discretionary basis the business, affairs and/or assets of such person, and for the
avoidance of doubt, a general partner is deemed to Control a limited partnership (and the terms “Controlling” and “Controlled” shall have meanings correlative to all of the foregoing);
		
	“CPEC Instrument”	  	means the instrument to be entered into by the Company constituting the CPECs substantially in the form attached hereto as Schedule 1;
		
	“CPECs”	  	means (i) the convertible preferred equity certificates of the Company with a nominal value of US$ [•] each, constituted by the CPEC Instrument; and (ii) any new convertible
preferred equity certificates of the Company issued from time to time on the same, or substantially the same terms as those issued pursuant to the CPEC Instrument;
		
	“Corporate Finance Advisory Agreement”	  	[•];
		
	“Deed of Adherence”	  	means a deed of adherence to this Agreement in the same or substantially similar form to the agreed form attached as Schedule 2;
		
	“Encumbrance”	  	means any mortgage, charge, pledge, lien, option, restriction, third party right or interest, other interest or security interest of any kind;
		
	“Exit”	  	means a Sale or an IPO;
		
	“Finance Documents”	  	 (a)     [a senior term and multicurrency revolving credit
facilities agreement of up to US$ [•] million made between, inter alios, the Borrower (as defined therein) [•] and [•] as mandated lead arrangers and [•] and [•] as underwriters and various lenders listed therein;
and
  

(b)     a mezzanine facility agreement of up to US$ [•] million made
between, inter alios, the Borrowers (as defined therein) [•] as mandated lead arranger and [•] as underwriter and various lenders listed therein;]

		
	“Financial Year”	  	means a twelve month financial period of the Company ending on 31 December, or such other
date as may be adopted by a resolution of the Shareholders at a general meeting of
Shareholders
to be the end of the financial year of the Company;

  
 61 

			
		
	“Group”	  	means the Company and its Subsidiaries from time to time and any Holding Company of the Company which is incorporated for the purposes of planning for an Exit and in which the share
capital structure of the Company is replicated in all material respects (and for so long as such Holding Company is a Holding Company of the Company, any Subsidiary of such Holding Company from time to time) and “member of the
Group” and “Group Company” shall be construed accordingly; for the avoidance of doubt, no Shareholder nor any of their respective Affiliates (other than the Company and the Subsidiaries of the Company) shall be a member of
the Group for the purposes of this Agreement;
		
	“Holding Company”	  	has the meaning given in the definition of “Subsidiary”;
		
	“Individual”	  	means a natural person;
		
	“Initial Seller Party Securities”	  	means the [500,000 A Redeemable Shares] and [49,500,000 CPECs] in the Company to be transferred from the Lion Bridging Party to the Initial Seller Parties;
		
	“IPO”	  	means an initial Public Offering;
		
	“LIBOR”	  	means, in relation to any amount, the applicable screen rate as at 11.00 a.m. on the relevant calculation date for the offering of deposits of that amount in US dollars for a
three-month period and the “screen rate” means The British Bankers’ Association Interest Settlement Rate for US dollars for the period displayed on the appropriate page of the Telerate Screen;
		
	“Lion Capital Funds”	  	Lion Capital Fund I and Lion Capital Fund II and their respective parallel partnerships;
		
	“Lion Capital Management Entity”	  	Lion Capital LLP, Lion Capital General Partner LLP, Lion Capital General Partner II LLP, Lion Capital Carry LP, Lion Capital Carry II LP and Lion/Latimer GP II (Guernsey)
Limited;
		
	“Lion Parties”	  	means the Initial Lion Party and, upon completion of any Transfer of Shares and CPECs by the Initial Lion Party or a Permitted Transferee thereof to a Permitted Transferee thereof
in accordance with the terms of this Agreement, such Permitted Transferee, and “a Lion Party” means any of the foregoing;
		
	“Listed Shares”	  	means the (class of) shares to be listed in an IPO or any other Public Offering;

  
 62 

			
		
	“Director”	  	means any director of the Company from time to time;
		
	“Monitoring & Oversight Agreement”	  	[l];
		
	“New Acquisition”	  	 means:
  

(i)      the acquisition of any business or assets by the Company or any Group
Company, the entering into of any strategic joint venture (however established) and/or the entering into of any strategic long term relationship, in each case in the area of alcoholic beverages; or

 
 (ii)     the
acquisition of any business or assets (in any sector) by the Company or any Group Company for a total consideration below US$ 50 million;

		
	“Parties”	  	means the parties to this Agreement from time to time including successors in title and Permitted Transferees, provided that any such person first executes a Deed of
Adherence;
		
	“Permitted Transferee”	  	 means:
  

(i)      in respect of a Seller Party, any other Seller Party, any wholly-owned
Subsidiary of that Seller Party or of any person who Controls that Seller Party or is under common Control with that Seller Party, other than, in each case, any such person which is, or which is in any way connected with, a Competing Business;
and
  

(ii)     in respect of a Lion Party:

 
 (A)    any Lion Capital
Management Entity; or
  

(B)    any person directly or indirectly Controlled by or Controlling any Lion Capital
Management Entity;

		
	“Prohibited Person”	  	means:
		
		  	 (i)      any person appearing on the Specially Designated
Nationals and Blocked Persons List of the Office of Foreign Assets Control in the United States Department of the Treasury as set out on the US Department of Treasury’s Office of Foreign Assets Control at the following URL:

 

http:/www.treasury.gov/offices/enforcement/ofac/Index.html;

		
		  	 (ii)     any other person with whom a transaction is prohibited by Executive Order 13224, the USA
PATRIOT Act, the Trading with the Enemy Act or the foreign asset control regulations of the United States Treasury Department, in each case as amended from time to time;

  
 63 

			
		
		  	 (iii)   any other person whom the Lion Parties (acting reasonably) consider
would create a material reputational risk for the Goldman Sachs Group, Inc. group of companies, or any of its Affiliates; or
  

(iv)    any person who is unable to comply with reasonable know your client anti-money
laundering requirements imposed upon any of the Lion Parties or any of their Affiliates under applicable law;

		
	“Public Offering”	  	means any sale of shares of any member of the Group to the public in an offering under the laws, rules and regulations of any jurisdiction, pursuant to which the sold shares will be
admitted to trading on a stock exchange;
		
	“Purchase Price”	  	means the aggregate amount paid by the Initial Seller Parties to the Lion Bridging Party for the Initial Seller Party Securities acquired pursuant to Clause 2;
		
	“Put Option”	  	has the meaning given to that term in Clause 6;
		
	“Reporting Group”	  	means [•] and its Subsidiaries;
		
	“Sale”	  	means the sale of all or substantially all of (i) the issued equity share capital of the Company (including all Shares held by the Shareholders), or (ii), directly or indirectly,
the business or assets of the Group, in each case to a single buyer or to one or more buyers as part of a single transaction or a series of related transactions;
		
	“Securities Act”	  	means the U.S. Securities Act of 1933;
		
	“Seller Director”	  	has the meaning given in Clause 9.2;
		
	“Seller Parties”	  	means each Initial Seller Party and, upon completion of any Transfer of Shares and CPECs by any Initial Seller Party or by any Permitted Transferee thereof to a Permitted Transferee
thereof in accordance with the terms of this Agreement, such Permitted Transferee, and “a Seller Party” means any of the foregoing;
		
	“Seller Parties’ Representative”	  	means a person appointed under or in accordance with Clause 28;
		
	“Share/CPEC Ratio”	  	shall mean the ratio of Shares to CPECs to be held by a Shareholder and shall be a ratio of [1 Share: 99 CPECs];

  
 64 

			
	“Shareholders”	  	means, collectively, the Lion Parties, the Seller Parties and each other person to which Shares
and CPECs are Transferred or issued in accordance with the terms of this Agreement
and which
becomes a party to this Agreement by executing a Deed of Adherence, and “Shareholder”
means any of them;
		
	“Shares”	  	means the A Redeemable Shares and any and all shares and interests into which these shares may be exchanged or converted by change of legal form, merger or otherwise, or which may
be issued by capital increase of the Company;
		
	“SPA”	  	means the Share Purchase Agreement dated [ ] 2008 entered into by and between Cirey Holdings, Inc. as the seller and Pasalba Limited as the purchaser;
		
	“Subsidiary”	  	means, in relation to any person (a “Holding Company”), any other person directly or indirectly controlled by that Holding Company;
		
	“Transaction Documents”	  	means the SPA, this Agreement, and the Advisory Agreements, and “Transaction Document” means any of them; and
		
	“Transfer”	  	has the meaning given in Clause 5.1.

  

	1.2	In this Agreement, save where the context otherwise requires: 

  

	 	1.2.1	 references to a “person” include an individual, body corporate (wherever incorporated), unincorporated association, trust or partnership (whether
or not having separate legal personality), government, state or agency of a state, or any two or more of the foregoing; 

  

	 	1.2.2	 references to an individual or individuals shall include his or their respective personal representatives; 

 

	 	1.2.3	 references to a document in the “agreed form” are to that document in the form agreed to and initialled for the purposes of identification
by or on behalf of the Parties; 

  

	 	1.2.4	 references to a Clause, Schedule or Appendix are to a Clause, Schedule or Appendix of this Agreement, and, unless otherwise specified, references to
sub-clauses are to sub-clauses of the Clause in which such reference appears, and references to this Agreement include the Schedules and Appendices; 

  

	 	1.2.5 	the headings in this Agreement are used for convenience only and do not affect its construction or interpretation; 

 

	 	1.2.6 	references to a statute or a statutory provision include references to such statute or statutory provision as amended or re-enacted, whether before or after the
date of this Agreement, and include all subordinate legislation made under the relevant statute, whether before or after the date of this Agreement, save where that amendment, or re-enactment or subordinate legislation would extend or increase the
liability of any Party under this Agreement; 

  
 65 

	 	1.2.7	 a reference to a document is a reference to that document as amended; 

 

	 	1.2.8 	the singular includes the plural and vice versa and any gender includes any other gender; 

 

	 	1.2.9 	a reference to a specific Transaction Document is a reference to that document as amended, varied, novated, supplemented or replaced from time to time (other
than in breach of the provisions of this Agreement); and 

  

	 	1.2.10 	references to “$” or “US$” are references to the lawful currency of the time being of the United States of America.

  

	1.3	Unless expressly provided to the contrary, covenants and undertakings in this Agreement which are given by more than one Party are deemed to have been given
severally and not jointly or jointly and severally. 

  

	1.4	Any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall
in respect of any jurisdiction other than England be deemed to include what most nearly approximates in that jurisdiction to the English legal term and a reference to any English statute shall be construed so as to include equivalent or analogous
laws of any other jurisdiction. 

  

	1.5	A procuring obligation, where used in the context of the Shareholders (or any one or more of them) means that the Shareholder undertakes to exercise any and all
powers and rights vested in him from time to time in its capacity as a Shareholder and any influence over any Director which was appointed following nomination by that Shareholder, or otherwise in or of the Company or any other member of the Group
or other entity (as relevant), to ensure compliance with that obligation so far as he is (legally) able to do so. 

  

	1.6	Unless otherwise specified in this Agreement, any consent or approval to be given by or to, or any determination or election to be made by, or any discretion or
other right to be exercised by, the Lion Parties shall be given by or to, or made by, or exercised by, the Initial Lion Party (or such other person as all of the Lion Parties from time to time may nominate), and any such consent, approval,
determination or discretion shall be deemed to be given by or to, or made by, or exercised by, such person on behalf of all the other Lion Parties. 

  

	1.7	Unless otherwise specified in this Agreement and subject to Clause 28.3, any consent or approval to be given by or to, or any determination or election to be
made by, or any discretion or other right to be exercised by, the Seller Parties’ shall be given by or to, or made by, or exercised by the Seller Parties’ Representative (or such other person as all of the Seller Parties from time to time
may nominate), and any such consent, approval, determination or discretion shall be deemed to be given by or to, or made by, or exercised by, such person on behalf of all the other Seller Parties. 

 

	2	SALE AND PURCHASE OF SECURITIES 

  

	2.1	Conditional upon Closing, the Initial Seller Parties shall purchase from the Lion Bridging Party, against payment of cleared funds tendered to an account
specified by the Lion Bridging Party, the Initial Seller Party Securities at Closing for an aggregate amount of US$50 million (the “Consideration”), allocated between the A Redeemable Shares and CPECs as set forth in Schedule
4 hereto, the Consideration being equal to the amount the Lion Bridging Party subscribed for the securities being so transferred, upon the terms and conditions of this Agreement and in accordance with the provisions of the Articles. The A
Redeemable Shares and CPECs and the Consideration will be apportioned between the Initial Seller Parties in the 

  
 66 

	 	proportions set out in Schedule 4, and each Initial Seller Party shall be liable under this Clause 2 only for its due proportion of the Consideration.

  

	2.2	At Closing, the Lion Bridging Party shall deliver to the Initial Seller Parties details of the Initial Seller Party Securities subscribed by them including the
amounts of each to be transferred pursuant to this Agreement together with evidence of the subscription price paid for such securities and a calculation of the amount to be paid by each Initial Seller Party to the Lion Bridging Party pursuant to
Clause 2.1. The terms of the CPECs shall be substantially the same as provided in Schedule 1 and the terms of the A Redeemable Shares shall be as provided by the articles of association of the Company and by Luxembourg corporate law. The
articles of association of the Company shall be substantially in the form attached hereto as Schedule 3. 

  

	2.3	Completion of the sale of the Initial Seller Party Securities pursuant to Clause 2.1 shall take place at Closing at such time and at such location as the
Closing under the SPA. 

  

	2.4	At such completion, the Initial Seller Parties shall pay to the Lion Bridging Party in cleared funds to an account nominated for that purpose by the Lion
Bridging Party the Consideration in the proportions set out against each Initial Seller Party’s name in Schedule 4, and, upon receipt of the Consideration, the Lion Bridging Party shall deliver to the Initial Seller Parties duly executed
transfer forms of the Initial Seller Party Securities being transferred pursuant to Clause 2.1 and in the proportions set out in Schedule 4. 

  

	2.5	Immediately following performance of the matters described in Clause 2.4, the Company shall insert the names of the relevant Initial Seller Parties to whom the
Initial Seller Party Securities have been transferred in the applicable register of the Company as the legal owner of the Initial Seller Party Securities so transferred and shall cause the appointment of the initial Seller Director to the Board,
with such appointment to take effect immediately. Such steps shall be carried out on behalf of the Company by the person(s) or organ(s) legally entitled to proceed to such steps in accordance with the Luxembourg law on commercial companies dated
10 August 1915, as amended, and any legal or contractual applicable provisions, as the case may be. 

  

	2.6	The Company shall, as soon as is reasonably practicable following the performance of the matters described in Clause 2.4 above, and in any event within the time
limits prescribed by statute, file all requisite forms and issue all requisite certificates in connection with such transfer. 

  

	2.7	Each Initial Seller Party consents to its name being entered in the Company’s register of shares and CPECs in respect of the Initial Seller Party Securities
transferred to it and agrees that it will hold such Initial Seller Party Securities with the benefit of the rights and subject to the restrictions contained in the Company’s Articles and the CPEC Instrument from time to time.

  

	2.8	Each of the Parties consents to all transfers of Shares and CPECs which are provided for in Clause 2 of this Agreement, and each of the Parties hereby waives, or
agrees to procure the waiver of, all and any pre-emption rights or other rights it may have (whether under any agreement, arrangement, the Articles or otherwise) which might prevent or invalidate any such transfer pursuant to this Agreement.

  

	3	ADVISORY AGREEMENTS 

 The
Company shall comply and shall cause each member of the Group which is a party thereto to comply with its obligations under the Advisory Agreements. The Advisory 

  
 67 

 
Agreements will provide for the Company or another Group Company to pay to a Lion Capital Management Entity, or an Affiliate thereof, a transaction fee in relation to the acquisition of the Group
and any subsequent acquisitions of 1% of the enterprise value (or equivalent) of the assets acquired, and to pay monitoring and oversight fees capped at 1.25% of budgeted EBITDA in relation to the relevant financial period (plus, in each case, its
out-of-pocket costs and expenses and any applicable VAT). 
  

	4	NEW ISSUES 

  

	4.1	Except where Lion Capital Management Entities would lose Control of the Company as a result of such issue, the Company may issue, free from any pre-emption
rights or similar rights enjoyed by any person, any Shares of any class or grant any rights to subscribe for or convert or exchange securities into Shares of any class (“New Shares”) to any person (excluding a Prohibited Person):

  

	 	4.1.1 	in connection with a New Acquisition; 

  

	 	4.1.2 	in order to permit any sellers under a New Acquisition or any of the management of the business that is the subject of a New Acquisition to invest in the Company as
part of the New Acquisition; or 

  

	 	4.1.3 	pursuant to any incentive scheme in which management, directors and/or employees of the Company or any of its Subsidiaries are entitled to participate; or

  

	 	4.1.4 	pursuant to the exercise of the conversion rights under any convertible debt securities issued by a Group Company; or 

 

	 	4.1.5 	in connection with the discharge of the Company’s obligations under the Put Option as defined in Clause 6.1; or 

 

	 	4.1.6 	in the event the Company or any Group Company suffers financial distress, such as, in the reasonable opinion of an internationally recognised investment bank or
accounting firm, to be unable to be funded by resources then available to the Company or the Group Companies, but only after consultation with the Seller Parties’ Representative. 

 

	4.2	In the event of an issue of New Shares not falling within Clause 4.1.1 to 4.1.6 above, then the Company shall offer, for the same cash price per New Share, for
subscription first to the Shareholders pro rata to the Shares held by them in order that they be afforded the opportunity to maintain their respective percentage ownership interest in the Company (the “New Offer”).

  

	4.3	The New Offer shall be made by notice stating the number or amount of New Shares being offered, the price at which they are being offered (the “New Offer
Price”) and any other terms of the New Offer which the Company may apply. 

  

	4.4	The New Offer shall remain open for the period (being not less than thirty (30) Business Days) specified in the notice. This period may be shorter if the
Shareholders provide their consent to the shorter period of notice. 

  

	4.5	 The Company shall issue the New Shares to those Shareholders who apply for them and in the case of oversubscription for such New Shares as far
as practicable in proportion to the 

  
 68 

	 	 
number of Shares held by them respectively, but so that an applicant shall not be allotted or granted a number of New Shares greater than the number for which he or it applied.

  

	4.6	Any New Shares not taken up under the New Offer may, at any time up to six months after the expiry of the New Offer, be issued or granted by the Company at such
price (not being less than the New Offer Price), on such terms (being no less favourable to the Company than the terms of the New Offer), in such manner and to such persons as the Board determines with the consent of the Lion Party.

  

	4.7	The Shareholders shall do all acts and things in their capacity as Shareholders, including without limitation waiving any pre-emption rights which they may have,
as are reasonably required or appropriate to ensure that the Company may issue New Shares in accordance with the above provisions. 

  

	4.8	Any person who subscribes for and is issued New Shares under this Clause 4 shall also simultaneously subscribe for and be issued with such number of CPECs in the
Share/CPEC Proportion. 

  

	4.9	Issuance of shares by subsidiaries of the Company shall be governed by the provisions of this Clause 4, applied mutatis mutandis.

  

	5	RESTRICTIONS ON DEALINGS WITH SECURITIES 

  

	5.1	Restrictions on Transfer 

  

	 	5.1.1 	No Shareholder may, directly or indirectly, sell, assign, transfer, offer, grant a participation in, mortgage, pledge, hypothecate, create a security interest in
or lien upon, encumber, donate, contribute, place in trust, enter into any voting agreement (other than as specifically set out in this Agreement) in respect of, or otherwise dispose of (collectively, “Transfer”) any of its Shares
or the legal or beneficial interest therein, except as permitted under this Agreement. 

  

	 	5.1.2 	The provisions of this Clause 5 shall apply mutatis mutandis to any Transfer of CPECs and no Transfer of Shares or CPECs may be completed unless such
Transfer is comprised of Shares and CPECs in proportion to the transferring Shareholder’s then current holding of Shares and CPECs. A reference to a price per Share in this Clause 5 when it relates to CPECs, shall be deemed to be a price per
corresponding CPEC. 

  

	 	5.1.3 	Save as stated in Clauses 5.4.8 and 5.5.6, the provisions of this Clause 5 shall not apply to any Transfer of shares or other interests in a Shareholder or an
Affiliate of a Shareholder. 

  

	5.2	Exceptions to Prohibition on Transfer 

 Any Shareholder may Transfer any of its Shares in the following circumstances: 
  

	 	5.2.1	 in connection with an Exit carried out in accordance with Clause 7; 

 

	 	5.2.2 	to Permitted Transferees in accordance with the provisions set out in Clause 5.3; 

 

	 	5.2.3 	in accordance with the tag along rights set out in Clause 5.5 and the drag along rights set out in Clause 5.6; 

  
 69 

	 	5.2.4 	(in the case of a Seller Party only) in connection with the exercise of the Put Option; 

 

	 	5.2.5 	(in the case of a Seller Party only) in accordance with the rights of first refusal set out in Clause 5.4; 

 

	 	5.2.6 	in the case of a Lion Party, at any time on or after Closing, subject always to the provisions of Clauses 5.5 and 5.6; 

 

	 	5.2.7 	pursuant to the terms of the [Seller Pledge] or the [Purchaser Pledge]. 

 in each case other than to a Prohibited Person. In the event of any Transfer of Shares in accordance with this Clause 5.2, each of the Shareholders undertakes to take such actions and do such things as
may be necessary to complete such Transfer in accordance with applicable Luxembourg legal requirements. 
  

	5.3	Permitted Transfers 

  

	 	5.3.1 	Any Shareholder may at any time Transfer any or all of its Shares, including all rights and obligations attached to such Shares pursuant to this Agreement to one
or more of its Permitted Transferees (and each such Permitted Transferee may in turn only effect any such Transfer to a Permitted Transferee of the initial transferring Shareholder upon the same terms and conditions specified herein) without the
consent of the Board or the consent of any other Shareholder so long as: (i) the transferring Shareholder gives prior written notice to the Company and to the other Shareholders of its intention to make such a Transfer; (ii) such Permitted
Transferee shall have executed and delivered to the Company a Deed of Adherence, provided that, if such Transfer relates to part only of the Shares owned by such selling Shareholder, such selling Shareholder shall remain liable for the
performance of its obligations under this Agreement in relation to the Shares it continues to hold; and (iii) the Transfer to such Permitted Transferee is not in violation of any securities laws applicable to such Transfer. The transferring
Shareholder shall be jointly and severally liable with the Permitted Transferee for the Permitted Transferee’s obligations (and the obligations of any direct or indirect Permitted Transferee of that Permitted Transferee) under this Agreement.

  

	 	5.3.2 	To the extent that any Transfer of Shares contemplated or permitted in this Clause 5.3 requires the approval of the Shareholders pursuant to any law, or any
provisions of the Articles or other constitutional documents, the Shareholders shall, forthwith upon request therefor, provide the necessary consent and shall sign or vote in favour of any Shareholder resolutions in connection therewith.

  

	 	5.3.3 	If, while a Permitted Transferee holds any Shares, a Permitted Transferee ceases to qualify as a Permitted Transferee in relation to the initial transferring
Shareholder from whom or which such Permitted Transferee or any previous Permitted Transferee of such initial transferring Shareholder received such Shares (an “Unwinding Event”), then: 

 

	 	(a)	the relevant initial transferring Shareholder shall forthwith notify the other Shareholders and the Company, as applicable, of the pending occurrence of such
Unwinding Event; and 

  

	 	(b)	 prior to such Unwinding Event, such initial transferring Shareholder and the relevant Permitted Transferee shall take all actions necessary to
effect 

  
 70 

	 	 
a Transfer of all the Shares held by the relevant Permitted Transferee either back to such Shareholder or, pursuant to this Clause 5.3.3, to another person that qualifies as a Permitted
Transferee of such initial transferring Shareholder and, until such Transfer has occurred, such relevant Permitted Transferee shall refrain from voting or otherwise Transfer any of its Shares and all other rights with respect to its Shares shall be
suspended. 

  

	 	5.3.4 	A Seller Party shall only be entitled to Transfer all (but not some) of its Shares pursuant to this Clause 5.3. 

 

	5.4	Right of First Refusal 

  

	 	5.4.1	 In the event that a Seller Party proposes to make a Transfer of any of its Shares (an “Offer”) other than a Transfer falling within
Clauses 5.2.1 to 5.2.4, it shall, prior to effecting any such Transfer, provide prior written notice (an “Offer Notice”) to the Company and to the Lion Parties. For the purposes of this Clause 5.4, save where the context
otherwise requires, the Lion Parties shall be deemed to be a single person and together are referred to as the “Lion Group”, and the provisions of Clause 1.6 shall apply accordingly. The Offer Notice shall set out:

  

	 	(a)	the number of Shares subject to the Offer (the “Offered Securities”); 

 

	 	(b)	the price per Share at which such sale is proposed to be made (the “Offer Price”); and 

 

	 	(c)	all other material terms and conditions of the Offer, 

 (collectively, the “Offer Terms”). 
 The Offer Notice shall be
revocable at any time prior to acceptance by the Lion Group and, if it is revoked, the relevant Seller Party may not give a further Offer Notice within six months after the date on which the Offer Notice is revoked, and the remaining provisions of
this Clause 5.4 shall cease to apply in relation to the revoked Offer Notice. 
  

	 	5.4.2	 The Lion Group shall be entitled to purchase all (but not some) of the Offered Securities. 

 

	 	5.4.3 	The receipt of an Offer Notice by the Lion Group shall constitute an offer by the relevant Seller Party to sell to the Lion Group, for cash, the Offered
Securities on the Offer Terms (“Pre-emption Offer”). For a period of forty-five (45) days after receipt of the Offer Notice, the Lion Group shall have the right, but not the obligation, to accept the Pre-emption Offer in
relation to all (but not some) of the Offered Securities by giving a written notice of acceptance (which shall be deemed irrevocable) (an “Acceptance Notice”) to the relevant Seller Party. 

 

	 	5.4.4 	Failure by the Lion Group to deliver an Acceptance Notice before the expiration of the forty-five (45) day period shall be deemed a rejection of the
Pre-emption Offer by the Lion Group. The tender by the Lion Group of an Acceptance Notice to the relevant Seller Party shall constitute agreement by the Lion Group to purchase, and by the relevant Seller Party to sell to the Lion Group, the Offered
Securities on the Offer Terms. 

  
 71 

	 	5.4.5 	If the Offer Notice is accepted within the forty-five (45) day period prescribed by Clause 5.4.3, the Lion Group shall purchase and pay the Offer Price in
cash for such Offered Securities within a further thirty (30) day period of its delivery of an Acceptance Notice, provided that, if the purchase and sale of such Offered Securities is subject to any prior regulatory approval, the time
period during which such purchase and sale may be completed shall be extended until the expiration of five (5) Business Days after all such approvals shall have been received, but only to the extent that such application(s) for regulatory
approval were promptly made and in any event within the thirty (30) day period from delivery of the Acceptance Notice. 

  

	 	5.4.6 	The allocation of the Offered Securities among the Lion Parties shall be on such basis as the Lion Group may determine, and the Lion Group shall notify the
relevant Seller Party of the allocation among the Lion Parties at least two (2) Business Days prior to the date on which the Offered Securities are to be purchased pursuant to Clause 5.4.5. 

 

	 	5.4.7 	If the Pre-emption Offer is not accepted within the forty-five (45) -day period prescribed by Clause 5.4.3, the relevant Seller Party shall have the
right for a period of sixty (60) days following the date of the expiry of the forty-five (45) day period mentioned in Clause 5.4.3 to sell the Offered Securities to which such Offer Notice relates to any third party other than a Prohibited
Person (a “Third Party Purchaser”) at a price in cash not less than the Offer Price and otherwise on such terms and conditions no more favourable to the third party than the Offer Terms, provided that, if the purchase and
sale of such Offered Securities is subject to any prior regulatory approval, the time period during which such purchase and sale may be consummated shall be extended until the expiration of five (5) Business Days after all such approvals shall
have been received, but only to the extent that such application(s) for regulatory approval were promptly made and in any event within the sixty (60) days following the date of expiry of the Offer Notice. If any Offered Securities are not sold
pursuant to the provisions of this Clause 5.4.7 prior to the expiration of the time period prescribed by this Clause 5.4.7, such Offered Securities shall become subject once again to the provisions and restrictions of this Agreement.

  

	 	5.4.8 	If the investors in the relevant Seller Party Transfer Control of the relevant Seller Party to a third party, the relevant Seller Party shall be deemed to have
proposed to Transfer all of its Shares and CPECs for the purposes of this Clause 5.4. For the purposes of this Clause 5.4.8, the Offer Price for all of the Shares and CPECs held by the relevant Seller Party shall be deemed to be the lowest
“look through” price paid by the new Controlling person of the relevant Seller Party for its interests in the relevant Seller Party on the assumption that the relevant Seller Party has no assets other than Shares and CPECs and no
liabilities. 

  

	5.5	Tag-Along Rights 

  

	 	5.5.1 	If any of the Lion Parties (the “Tag-Along Seller”) proposes to make a Transfer of any Shares to any person or persons (other than any person
who would be a Permitted Transferee of such Lion Party), (the “Tag-Along Purchaser”) by way of a sale (a “Tag-Along Sale”) which Shares: 

 

	 	(a)	carry; or 

  
 72 

	 	(b)	together in the aggregate with any Shares previously Transferred by the Lion Parties to any person or persons (other than any person who would be a Permitted
Transferee of any Lion Party), carry 

 10% or more of the voting rights in the Company (and for the avoidance of
doubt, the Tag-Along Right shall be triggered at the first sale which shall cause the 10% threshold to be crossed and shall be a continuing right in relation to any subsequent sale), the Seller Parties shall have the opportunity (“Tag-Along
Right”) to sell (subject to Clause 5.5.5) to the Tag-Along Purchaser a number of Shares (the “Tag-Along Securities”) determined as follows. The number of Shares which the Seller Parties 

shall be entitled to sell pursuant to its Tag-Along Right shall be: 

(A/B)×C 

where: 
  

	 	A =	the aggregate of the number of Shares being proposed to be sold by the Lion Parties to the Tag-Along Purchaser and, in the case only of the first sale which shall cause
the 10% threshold to be crossed, any Shares Transferred by any of the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the twelve-month period ending on the date of such proposed sale; 

 

	 	B =	the aggregate number of Shares held by the Lion Parties at the time of such proposed sale (including the Shares proposed to be sold pursuant to such sale) plus, in the
case only of the first sale which shall cause the 10% threshold to be crossed, the aggregate number of Shares Transferred by any of the Lion Parties to the same Tag-Along Purchaser or any of its Affiliates in the twelve-month period ending on the
date of such proposed sale; and 

  

	 	C =	the aggregate number of Shares held by the Seller Parties at the time of such proposed sale; 

it being specified, however, that in the event the Tag-Along Purchaser acquires Control of the Company, the Seller Parties shall have the
right to sell to the Tag-Along Purchaser the entire stake of the Seller Parties in the Company or put their Shares to the Company in accordance with the provisions of Clause 6 mutatis mutandis (a “Tag-Along Control Sale”).

  

	 	5.5.2 	Not less than twenty (20) days prior to any proposed Tag-Along Sale pursuant to this Clause 5.5, the Tag-Along Seller shall deliver to the Seller Parties
written notice (a “Tag-Along Notice”) thereof, which notice shall set out: 

  

	 	(a)	the total number of Shares proposed to be sold to the Tag-Along Purchaser and the number of Tag-Along Securities which each Seller Party is entitled to sell
pursuant to the Tag-Along Right; 

  

	 	(b)	the type and amount of consideration to be paid by the Tag-Along Purchaser for each Share; and 

 

	 	(c)	all other material terms and conditions, if any, of such proposed transaction. 

  
 73 

 The Seller Parties who (if any) elect (in such event, collectively a “Participating
Shareholder”) to exercise their Tag-Along Right and sell some or all of the Tag-Along Securities pursuant to this Clause 5.5, then the Participating Shareholder shall so notify the Tag-Along Seller by notice in writing within ten
(10) days after the date of the Tag-Along Notice and, at the Tag-Along Seller’s request, not less than two (2) Business Days prior to the proposed Transfer, the Participating Shareholder shall deliver to the Tag-Along Seller all
documents (if any) required to be executed in connection with such transaction. 
  

	 	5.5.3 	If the Tag-Along Sale shall not have been completed within sixty (60) days after the date of the Tag-Along Notice (subject to Clause 5.5.5), the Tag-Along
Seller shall promptly return to the Participating Shareholder all documents (if any) previously delivered by the Participating Shareholder to the Tag-Along Seller in relation to the contemplated Tag-Along Sale, and all the restrictions on Transfer
contained in this Agreement with respect to Shares held or owned by the Tag-Along Seller and such Participating Shareholder shall again be in effect. 

  

	 	5.5.4 	If a Participating Shareholder properly exercises its Tag-Along Right: 

 

	 	(a)	the sale of its Tag-Along Securities shall occur concurrently with the sale by the Tag-Along Seller of its Shares; 

 

	 	(b)	such Participating Shareholder shall receive for its Tag-Along Securities the same consideration per Share and CPEC that the Tag-Along Seller receives for its
Shares and CPECs from the Tag-Along Purchaser as set out in the Tag-Along Notice, unless such Tag-Along Sale is a Tag-Along Control Sale in which case the Participating Shareholder shall receive a price per Share and CPEC equal to the weighted
average of (i) the sale price per Share and CPEC in relation to the Tag-Along Control Sale, and (ii) the sale price per Share and CPEC in relation to any other previous sales of Shares and CPECs by the Lion Parties to that Tag-Along
Purchaser in respect of which the Seller Parties were either (i) not entitled to exercise a Tag-Along Right, or (ii) entitled to exercise a Tag-Along Right but did not exercise such right; and 

 

	 	(c)	the sale by the Participating Shareholder shall otherwise be on the same terms and conditions upon which the Tag-Along Seller is selling its Shares, provided,
however, that the liability of the Participating Shareholder shall be limited to the amount (if any) of any consideration due to that Participating Shareholder that: 

 

	 	(i)	is retained by the Tag-Along Purchaser under any retention arrangements as security for the obligations of the Tag-Along Seller; 

 

	 	(ii)	is held in any escrow account or similar arrangement; 

  

	 	(iii)	represents the principal amount (plus any interest accrued thereon) of any debt owed by the Tag-Along Purchaser (or any of its Affiliates) or by any member of
the Group to the Participating Shareholder which debt arises in relation to the sale of the Tag-Along Securities; and/or 

  
 74 

	 	(iv)	otherwise is retained by the Tag-Along Purchaser under any arrangements pursuant to which the Tag-Along Purchaser acquires security of any kind in relation to
the obligations of the Tag-Along Seller in relation to the sale of the Tag-Along Securities, 

 in each case in
relation to the sale of the Tag-Along Securities. 
  

	 	5.5.5 	If the Tag-Along Sale is subject to any prior regulatory approval, the sixty-(60) day period during which the Tag-Along Sale may be completed as set out in
Clause 5.5.2 shall be extended until the expiration of five (5) Business Days after all such approvals shall have been received. 

  

	 	5.5.6 	Except for equity syndication during a six-month period after Closing, the provisions of Clause 5.5 shall apply on a “look through” basis
mutatis mutandis to the Transfer of any rights in any Lion Party or in any person which Controls a Lion Party by the Lion Capital Funds to any person or persons (other than any person who would be a Permitted Transferee of any Lion Party) as
if the relevant Lion Party proposed to Transfer a number of Shares equal to the proportionate interest in the Company which that Transfer represents on a “look through” basis (taking into account any assets or liabilities of such person).

  

	5.6	Drag-Along Rights 

  

	 	5.6.1 	If the Lion Parties jointly or severally propose, at any time, (directly or indirectly) to make a Transfer of Shares to any person or persons (other than any
person who would be a Permitted Transferee of any Lion Party) (the “Purchaser”), whether for a cash consideration or otherwise, where such Transfer (a “Drag-Along Sale”) would result in the Purchaser acquiring
Control of the Company or in the Lion Parties losing Control of the Company, then the Lion Parties (the “Drag-Along Sellers”) may, at their option, require (“Drag-Along Rights”) each of the other Shareholders (each
a “Drag-Along Shareholder”) to make a Transfer pursuant to the provisions of this Clause 5.6 of all (but not some) of their Shares (the “Drag-Along Securities”). In addition to the above, if the Lion Parties jointly
or severally propose, at any time, (directly or indirectly) to make a Transfer of Shares to any person or persons (other than any person who would be a Permitted Transferee of any Lion Party) in connection with a New Acquisition where such Transfer
would give rise to a Tag-Along Right pursuant to Clause 5.5 then Lion Parties may, at their option, require each of the other Shareholders to make a Transfer pursuant to the provisions of this Clause 5.6 of such number of Shares as determined
in accordance with the provisions of Clause 5.5.1. 

  

	 	5.6.2 	The Drag-Along Sellers shall deliver to each Drag-Along Shareholder written notice (the “Drag-Along Notice”) of any Transfer proposed to be made
pursuant to Clause 5.6.1 not later than the tenth day prior to the proposed Drag-Along Sale, which notice shall set out: 

  

	 	(a)	the type and amount of consideration to be paid by the Purchaser for each Share and CPEC; 

 

	 	(b)	the person who has expressed an interest in acquiring the Shares; 

  

	 	(c)	if applicable, the number of the Drag-Along Securities that each such Drag-Along Shareholder may be required to Transfer (as determined pursuant to Clause
5.5.1); and 

  
 75 

	 	(d)	all other material terms and conditions, if any, of such transaction. 

 

	 	5.6.3 	If, within sixty (60) days after the date of the Drag-Along Notice (unless such period is extended pursuant to Clause 5.6.6), the Drag-Along Sellers
complete the Drag-Along Sale in accordance with the terms and conditions set out in the Drag-Along Notice, each Drag-Along Shareholder will sell its Drag-Along Securities to the Purchaser at the same time and on the same terms and conditions upon
which the Drag-Along Sellers sell their Shares pursuant to the Drag-Along Sale, provided, however, that: 

  

	 	(a)	the provisions of Clause 5.5.4(c) shall apply to the Drag-Along Sale mutatis mutandis; 

 

	 	(b)	the Drag-Along Sellers shall be entitled to require the Purchaser or, to the fullest extent permitted by law, the Company to pay all costs of the Drag-Along Sale
and, failing that, each Drag-Along Shareholder will be responsible for its proportionate share of the costs of the Drag-Along Sale but only to the extent not so paid or reimbursed by the Company, the Transferee or another person (other than the
Drag-Along Sellers). For these purposes, the costs of the Drag-Along Sale shall include the costs of the Drag-Along Shareholders necessarily incurred in relation to the Drag-Along Sale but no other costs; 

 

	 	(c)	the Lion Parties shall procure that, if the consideration paid by the Purchaser (the “Non-Cash Consideration”) is not: (i) cash payable in
immediately available funds; (ii) listed equity securities, provided that if such securities cannot be freely resold to the public, equity securities subject to a registration rights agreement; (iii) investment grade debt instruments for
which there is a public market; or (iv) a combination of the foregoing, the Drag-Along Shareholders receive a commitment from the Purchaser at the time of the Drag-Along Sale that, on or prior to the date falling thirty-six (36) months
after completion of the sale of the Drag-Along Securities to the Purchaser, a liquidity event such as an IPO or the maturity for the loan notes shall occur such that the Drag-Along Shareholders shall have the opportunity to realise the Non-Cash
Consideration in cash or cash equivalent as listed in (ii), (iii) and (iv) on such date. 

  

	 	5.6.4 	Within five (5) days after the date of the Drag-Along Notice, the Drag-Along Shareholders shall promptly deliver to the Drag-Along Sellers all documents in
their possession reasonably requested in writing by the Drag-Along Sellers and/or the Company and reasonably required to be executed in connection with such Drag-Along Sale. In the event that any of such Drag-Along Shareholders shall fail to deliver
such documents to the Drag-Along Sellers, the Company shall cause the books and records of the Company to show that such Drag-Along Securities are bound by the provisions of this Clause 5.6.4 and such Drag-Along Securities shall be transferred to
the Purchaser promptly upon surrender of such Drag-Along Securities for sale by the holder thereof. 

  

	 	5.6.5 	 If no Transfer in accordance with the provisions of this Clause 5.6 shall have been completed within sixty (60) days after the date of the
Drag-Along Notice (unless such period is extended pursuant to Clause 5.6.6), the Drag-Along Sellers shall return to the Drag-Along Shareholders all documents (if any) previously delivered to the Drag-Along Sellers in connection with the contemplated
Drag-Along Sale, 

  
 76 

	 	 
and all the restrictions on Transfer contained in this Agreement with respect to Shares owned or held by such Drag-Along Shareholder shall again be in effect. 

 

	 	5.6.6 	If the Transfer of Shares pursuant to a Drag-Along Sale is subject to any prior regulatory approval, the time period during which such Transfer may be
consummated shall be extended until the expiration of five (5) Business Days after all such approvals shall have been received. 

  

	5.7	Effect of Void Transfers 

In the event of any purported Transfer of Shares in violation of the provisions of this Agreement and/or any purported Transfer to a
Prohibited Person, such purported Transfer shall be void and of no effect, the purported transferee shall have no rights or privileges in or with respect to such Shares or this Agreement, and no effect will be given to any such purported Transfer or
entry related thereto made in the records of the Company, to the extent permitted by applicable law. 
  

	6	PUT OPTION 

  

	6.1	Subject to the requirements of law, the Company grants to the Seller Parties the right for the Seller Parties to require that the Company purchase or redeem for
cash from the Seller Parties all of the Shares and CPECs held by the Seller Parties (the “Put Option”). 

  

	6.2	The Put Option shall only be exercisable by the Seller Parties in the event that any member of the Group enters into an agreement for: (i) the Transfer of
the trademarks “Green Mark” and/or “Zhuravli” to a third party, but only if such trademarks contribute (at the closing of any such disposal) (i) individually to more than 35% of GCAM (as defined in the SPA) of the Group or,
(ii) if sold together, collectively to more than 45% of GCAM of the Group, or (ii) a Change of Control of [Lion/Rally Lux 2 S.à r.l], [Lion/Rally Lux 3 S.à r.l] or [Lion/Rally Cyprus 1], (each a “Put Option
Disposal”), and (in those circumstances only) shall be exercisable as follows. 

  

	6.3	The Company shall notify the Seller Parties in writing as soon as reasonably practicable after the entry into by any member of the Group of an agreement for a
Put Option Disposal. Within 10 Business Days after the date of such notice, the Seller Parties shall notify the Company and the Lion Parties in writing if they intend to exercise the Put Option (a “Put Option Intention Notice”).

  

	6.4	The price of the Shares and CPECs to be purchased or redeemed by the Company on completion of the Put Option shall be fair market value (based on a normalised
level of working capital) of those Shares and CPECs determined as follows. In the event that a Put Option Intention Notice is validly served by the Seller Parties, the Company shall instruct an investment bank or accounting firm of international
repute to carry out such valuation as soon as reasonably practicable after the service of the Put Option Intention Notice. 

  

	6.5	If, following receipt of such valuation, the Seller Parties intend to proceed with completion of the Put Option, the Seller Parties shall serve notice in writing
upon the Company and the Lion Parties within 10 Business Days after receipt of such valuation of their intention to do so (a “Put Option Exercise Notice”). In the event that a Put Option Exercise Notice is not validly served
following service of a Put Option Intention Notice, the Put Option shall lapse. 

  
 77 

	6.6	In the event that a Put Option Exercise Notice is validly served, the Company and the Seller Parties shall be obliged to complete the Put Option conditional
upon, but only upon, completion of the Put Option Disposal. 

  

	6.7	The Company shall purchase or redeem all Shares and CPECs held by the Seller Parties (the “Put Option Securities”). 

 

	6.8	Completion of the purchase or redemption by the Company of the Put Option Securities will occur within twenty (20) Business Days of the later of
(i) service of a Put Option Exercise Notice and (ii) completion of the Put Option Disposal and on such completion of the Put Option Disposal: 

  

	 	6.8.1 	the Seller Parties shall deliver to the Company duly executed transfers in favour of the Company in respect of the Shares and CPECs subject to the Put Option,
together with share certificate(s), if any, evidencing title to such Put Option Securities; and 

  

	 	6.8.2 	against delivery in accordance with Clause 6.8.1, the Company shall pay to the Seller Parties, in immediately available funds on the date of completion, the sum
equal to the fair market value of the Put Option Securities (as determined in accordance with Clause 6.3 above). 

  

	6.9	The Company and the Shareholders shall do all such acts and/or execute all such deeds and documents in a form satisfactory to the Seller Parties as it may
reasonably require to give effect to the transfer of the Put Option Securities pursuant to this clause. 

  

	6.10 	The fees of any investment bank or accounting firm appointed under this Clause 6 shall be shared 50% by the Company and 50% by the Seller Parties who are
exercising their Put Options, save in the event that a Put Option Exercise Notice is validly served by the Seller Parties but the Put Option Disposal does not complete, in which event such fees shall be payable by the Company. Under this Clause
6.10, any fees payable by the Company may be paid either by the Company or by one or more of its subsidiaries, as the Company shall direct. 

  

	7	COMPLETION OF TRANSFERS 

  

	7.1	General 

 In connection with the
completion of any Transfer of Shares and CPECs under this Agreement, the transferee shall deliver to the Company and the Shareholders notice of such Transfer, including a fully executed copy of all documentation and agreements relating to the
Transfer and any agreements or other documents required by this Agreement, including (unless an existing Party to this Agreement) a duly executed Deed of Adherence. 
  

	7.2	Encumbrances 

 Where this
Clause 7 applies to the Transfer of any Share and CPEC, each shall be transferred with full title guarantee and otherwise free of Encumbrances and with all rights attaching thereto (other than any restrictions on Transfer arising under this
Agreement and under the SPA). 
  

	7.3	Power of Attorney 

  

	 	7.3.1 	 Each of the Shareholders hereby irrevocably and unconditionally (and by way of security for the performance of its obligations under this
Agreement) appoints any 

  
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Director nominated for that purpose by the Lion Parties as its attorney to execute and do in its name or otherwise and on its behalf all documents, acts and things which the attorney shall in its
absolute discretion consider necessary or desirable in order to implement the obligations of that Shareholder (if not satisfied) under Clause 5.3 to Clause 5.6 to the extent, but only to the extent, that the Shareholder is in default of its
obligations under either such Clause. 

  

	 	7.3.2 	Each Shareholder undertakes to ratify whatever any Director as its attorney shall lawfully do or cause to be done in accordance with the power of attorney set
out in Clause 7.3.1 and to indemnify and keep indemnified such attorney from all claims, costs, expenses, damages and losses which the attorney may suffer as a result of the lawful exercise by him of the powers conferred on him under such power of
attorney. 

  

	 	7.3.3 	If a Transfer of Shares and CPECs is executed on behalf of a Shareholder under the power of attorney set out in Clause 7.3.1: 

 

	 	(a)	the purchase money for that Shareholder shall be placed in trust with an internationally reputable bank providing that such funds shall be released to such
Shareholder unconditionally at its demand and the receipt of the bank for the purchase money shall be a good discharge for the purchaser; 

  

	 	(b)	the Company shall cause the purchaser to be registered as a holder of the relevant Shares and CPECs; and 

 

	 	(c)	once registration has taken place in purported exercise of the power of attorney set out in Clause 7.3.1, the validity of the proceedings shall not be questioned
by any person; and the relevant Shareholder shall be bound to deliver up any documentation required by the Company in connection with the Transfer and on its delivery shall be entitled to receive the purchase money in respect thereof.

  

	 	7.3.4 	Each Seller Party undertakes, upon the request of the Company, to disclose to the Company the identity of its shareholders and to its knowledge their ultimate
beneficial owners. 

  

	8	EXIT 

  

	8.1	Sale 

 The Lion Parties
shall have the sole right to approve a Sale. Subject to the prior approval of a Sale in accordance with the foregoing sentence: 
  

	 	8.1.1 	each Shareholder shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Board and on any committee thereof
(as appropriate) to take, any and all action within its power as may be necessary, appropriate or desirable to effect and to cause the Company and each other member of the Group (as appropriate) to take such action as may be necessary, appropriate
or desirable to effect such Sale; and 

  

	 	8.1.2 	the Company shall take any and all action as may be necessary, appropriate or desirable to effect and shall cause each other member of the Group (as appropriate)
to take such action as may be necessary, appropriate or desirable to effect such Sale. 

  
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	8.2	Public Offering 

  

	 	8.2.1 	Determination to undertake a Public Offering (including an IPO): 

 While the Company remains in private ownership, it shall conduct an IPO if requested by the Lion Parties. 
  

	 	8.2.2 	Pro rata sale on an IPO 

 Shares shall be sold by the Shareholders pursuant to an IPO pro rata to their holdings of such Shares. 
  

	 	8.2.3 	IPO Structural Considerations 

At any time prior to an IPO or following an IPO, upon the approval of the Board, the Company may take, and may cause any member of the
Group to take, any actions necessary, appropriate or desirable: 
  

	 	(a)	to liquidate, dissolve or wind up; 

  

	 	(b)	to merge or de-merge; and/or 

  

	 	(c)	to reorganise, recapitalise or otherwise restructure the Company or any other member of the Group, 

(each, a “Reorganisation Transaction”) 
 in each case, so as to optimise the corporate structure as is appropriate in light of tax, legal or other professional advice received by the Lion Parties and/or the Group for the account of all
Shareholders, provided, that the Company shall not be obliged to take account of the interests of any Seller Party which is not a BVI entity in relation to such corporate structure. In connection with any Reorganisation Transaction, the
Shareholders (or any of them) may receive shares or other securities of any class issued by any member of the Group (including Listed Shares), by way of a dividend or distribution in kind or in exchange for or otherwise in replacement of Shares and
CPECs (collectively, “Replacement Securities”), as the case may be. For the avoidance of doubt, the term “Shares and CPECs”, whenever used in this Agreement (unless the context otherwise requires), shall be deemed
to include any such Replacement Securities when issued. The number of Replacement Securities held by any Shareholder as the result of any Reorganisation Transaction will, to the extent such Replacement Securities have not been sold or otherwise
disposed of by such Shareholder in any Public Offering or otherwise after such Reorganisation Transaction in accordance with this Agreement, reflect the amount of the investment prior to such Reorganisation Transaction of such Shareholder in any
Shares and CPECs that are exchanged as part of such Reorganisation Transaction. 
  

	 	8.2.4	  Indirect Holding Considerations 

 In the event that, following an IPO, the Company continues to exist as a direct or indirect parent of the issuer in that IPO, with the result that the Shareholders (or any of them) hold Listed Shares
indirectly through the Company, then, in order to permit the sale by such Shareholders of Listed Shares and receipt of the proceeds therefrom as and when permitted by this Clause 7.2, the Company shall take, and shall cause each other member of the
Group that directly or indirectly holds any shares of the 

  
 80 

 
same class as the Listed Shares to take, any actions necessary, appropriate or desirable to: 
  

	 	(a)	sell, or cause the sale of, Listed Shares in an amount which corresponds to the number of Listed Shares such Shareholder could have sold in accordance with the
relevant provisions of this Clause 7.2 had such Shareholder directly held Listed Shares; and 

  

	 	(b)	distribute to such Shareholder, or cause the distribution to such Shareholder of, the cash proceeds received from the sale of such Listed Shares in a reasonably
prompt and reasonably tax efficient manner. 

  

	 	8.2.5	  Execution of Underwriting Agreement and Lock-up Agreement by Shareholders 

In the event of an IPO or any other Public Offering that is underwritten (whether such offering includes a primary offering, secondary
offering or combination), each Shareholder agrees to execute an underwriting agreement and any reasonable lock-up agreement with the managing underwriters of such offering in the form approved by the Board. The Parties acknowledge and agree that, in
connection with any such lock-up agreement, the same terms and conditions (including, the duration of the lock-up period) shall apply to all Shareholders equally. 
  

	 	8.2.6 	Incidental Registrations 

  

	 	(a)	Right to Include Securities. If (x) the Company or any direct or indirect subsidiary of the Company at any time after the date hereof proposes to
make a listing or public offering under the laws of any non-U.S. jurisdiction of a class of securities or to register securities of any such class of securities for sale under the Securities Act (other than a registration on Form S-4, F-4 or S-8, or
any successor or other forms promulgated for similar purposes), whether or not for sale for its own account, or (y) the Lion Parties acting in accordance with Clause 8.2.1 cause the Company or any other direct or indirect subsidiary of the
Company to make a listing or IPO of its shares, the issuer of such securities (the “Issuer”) will, at each such time, give prompt written notice to all Shareholders of the Company of its intention to do so and of the
Shareholders’ rights under this Clause 8.2.6. Upon the written request of any such Shareholder made within fifteen (15) days after the receipt of any such notice (which request shall specify the number of securities intended to be disposed
of by such Shareholder), the Issuer will use its reasonable endeavours to take such steps as are necessary or appropriate to make a listing, Public Offering and/or to effect the registration under the Securities Act or under the laws, rules and
regulations of such non-U.S. jurisdiction (such actions collectively referred to as “registration” in this Clause 7.2.6) of all securities which it has been so requested to register by the Shareholders); provided that:

  

	 	(i)	 if, at any time after giving written notice of its intention to register any securities and prior to the effective date or approval date of the
applicable offering document, the Issuer shall determine for any reason not to proceed with the proposed registration of the securities, if any, to be issued by it, the Issuer may, at its election, give written notice of such determination to each
requesting 

  
 81 

	 	 
Shareholder and, thereupon, shall be relieved of its obligation to register any securities in connection with such registration (but not from its obligation to pay the expenses in connection
therewith); 

  

	 	(ii)	if such registration involves an underwritten offering by the Issuer, all Shareholders requesting to be included in such registration as provided herein must
sell their securities to or at the direction of the underwriters selected by the Issuer on the same terms and conditions as apply to the Issuer, except for such differences, including any with respect to indemnification and liability insurance, as
may be customary or appropriate in combined primary and secondary offerings; 

  

	 	(iii)	if a registration under the Securities Act requested pursuant to this Clause 8.2.6 involves an underwritten Public Offering, any Shareholder requesting to be
included in such registration may elect, in writing two (2) Business Days prior to the first date on which any applicable regulatory authority grants approval or effectiveness to a preliminary or final applicable offering document not to
register such securities in connection with such registration. 

 For purposes of this Clause 8.2.6,
“securities” shall include the class of securities of the Issuer received by the Shareholders as a result of any liquidation, dissolution, winding up, termination or other transactions or sold on their behalf prior to any such
liquidation, dissolution, winding up, termination or other transaction, in either case, as described in Clause 8.2.3. 
  

	 	(b)	Expenses. The Issuer will pay all registration expenses in connection with each registration of securities requested pursuant to this Clause 7.2.6.

  

	 	(c)	Priority in Incidental Registrations. If a registration pursuant to this Clause 7.2.6 involves an underwritten offering and the managing underwriter
advises the Issuer in writing that, in its opinion, the number of securities to be included in such registration exceeds the number which can be sold in such offering, so as to be reasonably likely to have an adverse effect on the price or
distribution of the securities offered in such offering or the timing of such offering, then the Issuer will include in such registration (i) first, 100% of such number of securities the Issuer proposes to sell on its own behalf and
(ii) second, the number of securities which the Shareholders have requested to be included in such registration which, in the opinion of such managing underwriter, can be sold without having the adverse effect referred to above, which number
shall be allocated pro rata among all requesting Shareholders, such pro rata amount to be determined by multiplying (x) the aggregate number of securities that may be included in such registration without the adverse effect
referred to above by (y) a fraction, the numerator of which is the number of securities requested by the Shareholder to be included in such registration and the denominator of which is the aggregate number of securities requested to be included
in such registration. 

  
 82 

	 	8.2.7 	Block Trades 

 At any time
after an initial listing or IPO by the Issuer of its equity securities and subject to any “lock-up” or similar arrangements entered into in relation to such listing and/or offering, if any Shareholder proposes to sell shares of the Issuer
to the public or on a stock exchange and reasonably expects to receive net proceeds in excess of US$50,000,000 (or the equivalent thereof in the relevant other currency) (a “Block Trade”, and such shares to be sold, the
“Block Trade Shares”), then such Shareholder (the “Initiating Seller”) shall give written notice of such intention to each other Shareholder, which may elect, within five (5) Business Days of the receipt of any
such notice, to participate in such Block Trade (each such other Investor that so elects, a “Joining Seller”) and, in any event, with a view to avoiding a disorderly market, for a period of twenty (20) Business Days after
receipt of such notice, no Shareholder shall sell any of its shares of the Issuer other than (x) as a Joining Seller in connection with such Block Trade or (y) pursuant to any pre-existing obligation to sell such shares. If there are no
Joining Sellers, the Initiating Seller shall be entitled to sell all of the Block Trade Shares. If there is one or more Joining Seller, the Initiating Seller and each Joining Seller shall be entitled to sell its pro rata portion of the Block
Trade Shares. For the foregoing purposes, the “pro rata” number of Block Trade Shares that may be sold by the Initiating Seller or any Joining Seller in connection with a Block Trade shall be determined by multiplying (x) the
total number of Block Trade Shares to be sold in such Block Trade by (y) a fraction, the numerator of which is the number of shares of the Issuer then held by the Initiating Seller or such Joining Seller, as the case may be, and the denominator
of which is the number of shares then held by the Initiating Seller and all Joining Sellers, provided that, if any Joining Seller wishes to sell less than its pro rata number pursuant to the foregoing then the excess not sold by such
Joining Seller (representing the number of Block Trade Shares such Joining Seller was entitled to sell less the number of Block Trade Shares it elects to sell) shall be divided among the Initiating Seller and the remaining Joining Sellers pro
rata, where pro rata is determined as set out above except such excess amount shall replace the amount in (x). The Initiating Seller and each Joining Seller shall agree to be responsible for its proportionate share (i.e., based on the
actual number of Block Trade Shares sold by such Person divided by the total number of Block Trade Shares sold) of the costs in connection with the Block Trade. Each Joining Seller agrees to enter into such brokerage agreements or other arrangements
as the Initiating Seller enters into with respect to such Block Trade. 
  

	9	DIRECTORS 

  

	9.1	The composition of the Board from time to time shall be as may be determined by the Lion Parties. 

 

	9.2	For so long as the Seller Parties collectively own not less than 5% of the total number of Shares issued and outstanding the Seller Parties collectively shall be
entitled to appoint one Director (the “Seller Director”) and cause the removal and replacement of the Seller Director, provided that the Seller Director shall at all times be either [•] or [•] (the “Seller
Approved Nominees”) unless the Lion Parties consent otherwise. Subject to the following sentence, at any time when the Seller Parties collectively own less than 5% of the total number of Shares issued and outstanding, the Seller Parties
shall cause the Seller Director to resign. Notwithstanding the previous sentence, the Seller Parties collectively shall until the third anniversary of the date of this Agreement continue to be entitled to appoint the Seller Director in the event
that they collectively hold less than 5% of the total number of Shares issued and outstanding if they would have collectively held not less than 5% of such Shares but for any issue(s) of Shares by the Company pursuant to Clause 4.1.

  
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	9.3	A meeting of the Board shall be convened by a ten (10) Business Day written notice, unless all Directors agree in writing otherwise, and held at least once
every three months. 

  

	9.4	All matters to be determined at meetings of the Board and any committees thereof shall be determined by a majority of votes cast. 

 

	9.5	Each Director of the Company shall be entitled to one vote at any Board meeting or any meeting of a committee of the Board and, in the case of an equality of
votes, no person shall have a second or casting vote. A meeting of the Board shall only be quorate for so long as a majority of the Directors present at that meeting are non-UK tax resident. 

 

	9.6	The Company (or another member of the Group at the direction of the Company) shall reimburse and pay to each Director any reasonable travelling, hotel or other
out-of-pocket expenses which the Director may incur in the performance of his duties (inclusive/exclusive of VAT if applicable) which shall be payable monthly in arrears. 

 

	9.7	The Company shall take out and maintain in force a policy of insurance covering such matters and on such terms and conditions as the Lion Parties shall agree for
each Director to serve on the Board and on the board of directors or other similar governing body of any other member of the Group (each, a “Satellite Board”) for the duration of their appointment, on which each Director and each
such individual shall be noted as a beneficiary. 

  

	9.8	Each Director shall be entitled to appoint any other Director to be his proxy in accordance with applicable provisions of Luxembourg law and a Director or any
such proxy shall not be required to hold any share qualification, shall not be subject to retirement by rotation and shall not be removed except by the Shareholder appointing them. 

 

	9.9	Each Director and any proxy appointed pursuant to Clause 9.8 shall be entitled to disclose to any Shareholder appointing him such information concerning the
Company and its business as he thinks fit without violating any contractual, fiduciary or other obligation. The provisions of Clause 11 shall apply to any such information that is Confidential Information. 

 

	9.10	Any meeting of the Board or any committee thereof may consist of a conference call between Directors, some or all of whom are in different places provided that
each Director who participates in the meeting is able: 

  

	 	9.10.1 	to hear each of the other participating Directors addressing the meeting; and 

 

	 	9.10.2 	if he so wishes, to address each of the other participating Directors simultaneously, 

whether directly, by conference telephone or by any other form of communication equipment or by a combination of such methods. A meeting
held in this way shall be deemed to take place at the place where the largest group of Directors is assembled or, if no such group is readily identifiable, at the registered office of the Company. 

 

	9.11	 A resolution or other consent executed or approved in writing by all of the Directors who would have been entitled to vote thereon had the same been
proposed at a meeting of the relevant Board which such Directors had attended shall be as valid and effective for all purposes as a resolution passed at a meeting of a Board duly convened and held and may consist of several documents in the like
form, each signed by one or more of the Directors. 

  

	9.12 	 In the event that it is proposed that the Company or any Group Company enter into any transaction, agreement or arrangement with a value during
any twelve-month period of over US$ 1 million with any shareholder, director or officer of a Lion Party or any of their 

  
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respective Affiliates (a “Related Party Transaction”) but excluding the Advisory Agreements referred to in Clause 3 hereof, and the underwriting and provision of financing for
the obligations under the SPA under the Series B Notes then the relevant Lion Party shall procure that such Related Party Transaction is not entered into until it has provided details thereof to the Seller Parties and consulted with the Seller
Parties as to the terms of such Related Party Transaction. If the Seller Parties, within ten (10) Business Days of being provided with such details notifies the relevant Lion Party in writing that the Seller Parties object to the terms of the
Related Party Transaction (which notice shall include the reasons for the objection), the relevant Lion Party and the Seller Parties shall in good faith attempt to agree the terms upon which the Related Party Transaction shall proceed. If they are
unable to agree on such terms within twenty (20) Business Days thereafter, the relevant Lion Party shall be entitled to appoint a partner of an internationally recognised accounting firm of good reputation or a reputable international
investment bank (the “Accounting Partner”) to determine (acting as an expert and not as an arbitrator) whether or not such Related Party Transaction is being entered into on an arm’s-length basis. If, but only if, the
Accounting Partner determines the Related Party Transaction is being entered into on an arm’s-length basis then the relevant Lion Party shall be entitled to procure that the Related Party Transaction be entered into. The costs of the Accounting
Partner shall be borne by the Company. This Clause 9.12 shall not apply to the provision by a Lion Party or any of their Affiliates of short term debt financing, on arms’ length terms, to refinance existing indebtedness of the Group and/or to
meet the short term working capital requirements of the Group 

  

	10	ACCESS TO INFORMATION AND ACCOUNTS 

  

	10.1	The Company shall provide (or procure that a member of the Group provides) to the Shareholders the following information with respect to the Group (or certain
Subsidiaries thereof) as soon as reasonably practicable following the same becoming available: 

  

	 	10.1.1 	quarterly management accounts, in the form and timing provided under the Finance Documents; 

 

	 	10.1.2 	annual audited financial statements of the Group prepared in accordance with IFRS and as provided under the Finance Documents; 

 

	 	10.1.3 	copies of written materials provided to the Board for any regular or special meetings of the Board or for purposes of obtaining written consent in lieu of a meeting;
and 

  

	 	10.1.4 	the annual budget and business plan as provided under the Finance Documents. 

 

	11	WARRANTIES 

  

	11.1 	Each Party warrants to the other Parties as of the date of this Agreement and as at Closing that (i) it is properly incorporated under the relevant law of
its jurisdiction and has full power and authority without requiring the consent of any other person, (ii) it has taken all necessary actions, to enter into and exercise its rights and perform its obligations under this Agreement and all other
documents to be executed by it at Closing in connection with this Agreement, and (iii) this Agreement and all other documents to be executed by it will, when executed, constitute lawful, valid and binding obligations of it in accordance with
their respective terms. 

  

	11.2 	The Parties warrant and commit that they shall vote their Shares to implement the conversion rights provided under any securities convertible into equity of the
Company or any Group member. 

  
 85 

	12	CONFIDENTIALITY AND CONTACT RESTRICTIONS 

  

	12.1	  Subject to Clauses 12.2, 12.3, and 12.4 below, each Shareholder covenants with the Company that: 

 

	 	12.1.1 	it shall use any Confidential Information acquired by it solely in accordance with its performance of this Agreement and in particular, but without prejudice to
the generality of the foregoing, not make any commercial use thereof or use the same for the benefit of itself or of any third party other than pursuant to this Agreement; 

 

	 	12.1.2 	it shall not disclose the Confidential Information to any person other than those of its employees, directors or advisers who reasonably need to know the
Confidential Information for the purposes of the Agreement or the business (a “Recipient”) and shall procure that each Recipient is made aware of and complies with its obligations of confidentiality under this Agreement as if the
Recipient was a Party to this Agreement, 

 and, without prejudice to the generality of the foregoing, each Seller
Party covenants with the Company and the other Shareholders that it shall not disclose Confidential Information to any person (including, without limitation, any of its shareholders, employees, directors or advisers) who is in any way connected with
(whether as an investor, owner, employee, director, officer, consultant or otherwise) a Competing Business. 
  

	12.2 	The provisions of Clause 12.1 shall not apply to the disclosure of any Confidential Information by any Party: 

 

	 	12.2.1 	in the course of consultations with the Auditors, other professional advisers, lenders and proposed lenders and with any other Shareholder;

  

	 	12.2.2 	for the purposes of facilitating an Exit, to any proposed purchaser, underwriter, sponsor or broker; and/or 

 

	 	12.2.3 	in respect of any Shareholder to a third party in relation to a potential Transfer of its Shares or CPECs, provided that such third party is not in any way
connected with (whether as investor, owner, employee, director, officer, consultant or otherwise) a Competing Business; 

 in each case so long as the disclosing Party (i) uses reasonable endeavours to procure (or in the case of a disclosure pursuant to Clause 12.2.3 the disclosing Party does in fact procure) that any
such recipient enters into an appropriate legally-binding confidentiality undertaking (such confidentiality undertaking expressly stating that the Company shall be entitled to enforce it) and (ii) keeps the Board informed of any disclosures
made pursuant to this Clause 12.2 and provides the Board with reasonable advance notice of the matters and information to be disclosed in order to provide the Board with an opportunity to voice its reasonable objections to any such disclosure.

  

	12.3	The provisions of this Clause 12 shall not apply to the disclosure of any Confidential Information by any Party: 

 

	 	12.3.1 	which now or hereafter comes into the public domain otherwise than as a result of a breach of such undertaking of confidentiality; 

  
 86 

	 	12.3.2 	which is required by law or regulation to be disclosed to any person who is authorised by law to receive the same; 

 

	 	12.3.3 	which is required to be disclosed in accordance with the terms of the Group’s financing documentation; 

 

	 	12.3.4 	to a court, arbitrator or administrative tribunal in the course of proceedings before it to which the disclosing Party is a party in a case where such disclosure
is required by such proceedings; 

  

	 	12.3.5 	to any professional advisers to the disclosing Party who are bound to the disclosing Party by a duty of confidence which applies to any information disclosed;

  

	 	12.3.6 	to any third party in connection with negotiations for an Exit, where, prior to any such disclosure, such third party is bound to any member of the Group or the
relevant Party (in a form reasonably satisfactory to the Lion Parties) by a confidentiality agreement to maintain confidentiality of such information; 

  

	 	12.3.7 	to the other Parties to this Agreement; or 

  

	 	12.3.8 	pursuant to the terms of this Agreement. 

  

	12.4	Notwithstanding the foregoing provisions, each Lion Party shall be entitled to make such disclosure to its partners, trustees, shareholders, unit holders and
other participants in relation to the business affairs and financial position of the Company as it may in its reasonable discretion see fit. 

  

	12.5	In the case of disclosure pursuant to Clauses 12.3.2 to 12.3.8 such disclosing Party shall, save where giving notice to other Parties is prohibited by law, give
as much notice to the Company of such disclosure as is practicable and shall take into account the reasonable requests of the Company in relation to the contents and terms of such disclosures. 

 

	13	DEEDS OF ADHERENCE 

  

	13.1 	Subject to the provisions of Clause 13.2, no Transfer or allotment of any Shares and CPECs shall be made unless the transferee or allottee shall have first
executed a Deed of Adherence and such Deed shall have been delivered to the Company at its registered office and to the Shareholders. 

  

	13.2 	No Deed of Adherence need be executed: 

  

	 	13.2.1 	if the transferee or allottee, as the case may be, is already a Party to this Agreement (in the same capacity as that in which the transferor is a Party in
respect of the Shares and CPECs in question); or 

  

	 	13.2.2 	if the Board obtains the consent of the Lion Parties to a waiver of the need for a Deed of Adherence. 

 

	13.3	 Each Party acknowledges and agrees that, upon the transferee or allottee duly executing the Deed of Adherence, such person shall become a Party to this
Agreement in accordance with the terms of the Deed of Adherence in the capacity stated in the Deed of Adherence in accordance with the provisions of Schedule 2. 

  
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	14	TERMINATION 

  

	14.1	Save as provided for in Clause 14.2 below, this Agreement shall terminate and be of no further force or effect upon the earlier of the following:

  

	 	14.1.1 	all of the Seller Parties ceasing to hold any Shares; 

  

	 	14.1.2 	an IPO or a Sale; 

  

	 	14.1.3 	the written agreement of the Parties; 

  

	 	14.1.4 	the Company going into compulsory liquidation under applicable bankruptcy laws; or 

 

	 	14.1.5 	the date falling 50 years after the date of this Agreement. 

  

	14.2	On termination of this Agreement, Clauses 12, 14 to 15 and 18 to 31 shall survive and continue in full force and effect but all other rights and obligations of
the Shareholders shall cease immediately, provided that in the case of a termination as a result of an IPO the provisions of Clauses 8.2.3, 8.2.4, 8.2.6 and 8.2.7 shall survive. Termination does not affect the Shareholders’ accrued
rights and obligations as at termination. 

  

	14.3	If any one Shareholder ceases to hold any Shares or CPECs in accordance with the terms of this Agreement, this Agreement (other than Clause 5.3.3) shall cease to
apply to such Shareholder from the date it ceases to hold such securities but without prejudice to any rights, obligations or liabilities which may have accrued prior to the date on which such Shareholder ceased to hold any such securities.

  

	14.4	Termination of this Agreement shall not affect the terms of any agreement entered into between the Shareholders, or any successor of either of them holding
Shares and CPECs which replaces this Agreement. 

  

	15	ANNOUNCEMENTS 

  

	15.1	Subject to Clause 15.2 no Party shall, save with the consent of the Lion Parties, make any public announcement or press release concerning or otherwise disclose
or divulge any information concerning the Shareholders’ involvement with or interest in the Group nor regarding (without limitation) the existence, subject matter or any of the terms set out in this Agreement or any ancillary agreement, nor
regarding any matter ancillary thereto. 

  

	15.2	This Clause 15 shall not apply to any announcement, public statement or circular required by law, regulation or a regulatory or governmental body to which the
Company or any such Party is subject in which case the Party concerned shall make all reasonable attempts to agree the contents of such announcement or statement with the Lion Parties and the Company concerning the timing and content of such
announcement before making the announcement or statement and shall give a copy thereof to the other Parties at the same time as, or as soon as reasonably practicable after, the making of such announcement or statement. 

 

	16	TAX AND VCOC 

  

	16.1	Certain Tax Matters 

 For the purposes of
this Clause 16.1, “Code” means the United States Internal Revenue Code of 1986, as amended, and any statute successor thereto. 

  
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	16.1.1 	Tax Elections. The Lion Parties shall have the sole authority to cause the Company and its direct and indirect subsidiaries to make, or to refrain from making,
all tax (and accounting) elections for U.S. tax purposes, including without limitation, elections to “check the box” as to tax characterization of an entity for U.S. tax purposes, and elections under section 338 of the Code. The Lion
Parties shall treat the Company as an association taxable as a corporation under the Code. 

  

	16.1.2 	The Company, being an association taxable as a corporation under the Code, shall use its commercially reasonable efforts to maintain such information as shall be
necessary to determine whether the Company or any of its Subsidiaries is a “passive foreign investment company,” a “controlled foreign corporation” or a corporation having a similar status under the Code, and, if
the Company determines that it is in such a foregoing category, to furnish to any Shareholders as reasonable requested from time to time such information as shall be necessary to enable such Shareholder (or any of its owners) to comply with its tax
reporting obligations in connection with its investment in the Company. Any costs incurred by the Company as a result of compliance with this clause 16.1.2 shall be borne by the Shareholder making such requests for such information, as determined by
the Company in its sole discretion, and by any other Shareholders that may be resident for tax purposes in the US in proportion to their Shares owned (where the calculation shall not take into account any Shares owned by the Shareholders to which
this clause 16.1.2 has no effect.) 

  

	16.1.3 	The CPECs will be treated and accounted for US income tax purposes as equity (rather than debt), and US income tax filings by any Shareholder will be consistent
with such treatment. 

  

	16.1.4 	As the Company is an association taxable as a corporation under the Code, the Shareholders shall, if requested by the Lion Parties, cause an election under
section 338(g) of the Code to be made to the extent permitted by law to treat the purchase of the business under the SPA or any other business (if such purchase is eligible for an election under section 338(g) of the Code) as a purchase of the
target group’s assets in accordance with section 338 of the Code. The Tax Matters Person shall prepare an allocation of the Purchase Price in accordance with the rules under section 338 of the Code and the Treasury Regulations promulgated
thereunder. The US Shareholders agree to use the agreed-upon allocations for purposes of all relevant US tax returns or filings, including any forms or reports required to be filed pursuant to section 338 of the Code, the Treasury Regulations
promulgated thereunder or any provisions of US federal, state or local law (“338 Forms”), and to cooperate in the preparation of any 338 Forms and to file such 338 Forms in the manner required by applicable law.

  

	16.1.5 	To the extent the Company is required by law to withhold or to make tax payments on behalf of or with respect to any Shareholder (“Tax
Advances”), the Company may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of any Shareholder shall be repaid by reducing the amount of the current or next succeeding distribution or
distributions which would otherwise have been made to such Shareholder or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Shareholder. If a distribution to a
Shareholder is actually reduced as a result of a Tax Advance, for all other purposes of this Agreement such Shareholder shall be treated as having received the amount of the distribution that is reduced by the Tax Advance. Except as otherwise
provided in the last sentence of Clause 16.1.3, each Shareholder hereby agrees to indemnify and hold harmless 

  
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 the Company and the other Shareholders from and against any liability (including, without
limitation, any liability for taxes, penalties, additions to tax or interest) with respect to income attributable to or distributions or other payments to such other Shareholder. 

 

	16.2	Certain VCOC Matters 

  

	 	16.2.1 	For so long as any Lion Party seeks to qualify as a VCOC Shareholder (as the term is defined in Clause 16.2.2 below), such Party shall be entitled individually
to nominate at least one of the persons to the Board to be nominated by that Lion Party. The Parties acknowledge that, on the date hereof, the Initial Lion Party is a VCOC Shareholders. 

 

	 	16.2.2 	The Company hereby agrees that for so long as any Shareholder or one of its Affiliates is a “venture capital operating company” (such
Shareholder or Affiliate, a “VCOC Shareholder”), as defined in the regulations promulgated under the United States Employee Retirement Income Security Act of 1974, as amended, by the United States Department of Labor (the
“Plan Asset Regulations”), and such VCOC Shareholder continues to hold, directly or indirectly, any Shares or CPECs (or other securities of the Company into which such Shares or CPECs may be converted or for which such Shares or
CPECs may be exchanged), without limitation on, or prejudice to, any of the other rights provided to the VCOC Shareholder under this Agreement or applicable law, the Company shall provide to such VCOC Shareholder or its designated representative:

  

	 	(a)	such information and consultation rights and other assistance as such VCOC Shareholder may require to preserve its direct or indirect interest in the Company
qualifying as a “Venture Capital Investment” (within the meaning of the Plan Asset Regulations) and, in connection with an Exit, such distribution of securities held directly or indirectly by the VCOC Shareholder or such other
reasonable assistance such as to enable such Shareholder, in its discretion, to elect to commence its “distribution period” (within the meaning of the Plan Asset Regulations) or otherwise preserve its qualification as a “venture
capital operating company” within the meaning of the Plan Asset Regulations, and the Parties will agree to such amendments to this Agreement as may be required by a VCOC Shareholder to preserve such qualification or permit such election or
otherwise, provided that no such amendment would result in a material adverse effect on the operations or business of the Group, taken as a whole, or on the financial, legal or tax position of any other Shareholder; 

 

	 	(b)	prior notice of all material corporate actions (unless any such action is required to be disclosed to the general public, in which case, such VCOC Shareholder
shall be deemed to have received notice pursuant to such disclosure) and the right to consult with the Company and members of the Group with respect to such actions; provided that the Company may provide such notice to the applicable designated
representative of such VCOC Shareholder, which in turn shall be responsible forwarding such notice to the VCOC Shareholder the right to visit and inspect any of the offices and properties of the Group and inspect and copy the books and records of
the members of the Group, at such times as the VCOC Shareholder or its designated representative shall reasonably request; 

  
 90 

	 	(c)	copies of the information provided to each Shareholder under Clause 9; and 

 

	 	(d)	the right to consult with appropriate directors of the Company and each member of the Group periodically and at such times as reasonably requested by the VCOC
Shareholder with respect to matters relating to the business, finances, accounts and affairs of the Company and the members of the Group. Any costs incurred by the Company as a result of compliance with this clause 16.2 shall be borne by the
Shareholder making such requests for such information. 

  

	 	16.2.3 	The Company agrees to consider, in good faith, the recommendations of the VCOC Shareholder or its designated representative in connection with the matters on
which it is consulted as described above, recognising that the ultimate discretion with respect to all such matters shall be retained by the Company. 

  

	17	COMPLIANCE 

  

	17.1	The Company undertakes to each of the Shareholders that it shall, and shall procure that each Group Company and their respective directors, officers and
employees shall, comply with all applicable anti-bribery and anti-corruption laws and regulations. Without prejudice to the generality of the foregoing, the Company shall, and shall procure that each Group Company and their respective directors,
officers and employees shall, refrain from taking any action that would result in a violation by any direct or indirect investor in the Company of the U.S. Foreign Corrupt Practices Act or any other applicable anti-bribery or anti-corruption laws
which apply to it by virtue of such investor’s direct or indirect investment in the Company. 

  

	17.2	Without limiting the generality of clause 17.1, the Company undertakes to each of the Shareholders that it shall, and shall procure that each Group Company and
their respective directors, officers and employees shall, refrain from offering, promising to pay, or authorising the payment of any money, or offering, giving, promising to give, or authorising the giving of anything of value, to any officer,
employee or any other person acting in an official capacity for any government or any department, agency or instrumentality thereof, including any entity or enterprise owned or controlled by a government, or for any public international
organisation, to any political party or official thereof or to any candidate for political office (individually and collectively, a “Government Official”) or to any person knowing or being aware of a high probability that all or a
portion of such money or thing of value will be offered, given or promised, directly or indirectly, to any Government Official, for the purpose of: 

  

	 	17.2.1 	influencing any act or decision of such Government Official in his official capacity; 

 

	 	17.2.2 	inducing such Government Official to do or omit to do any act in violation of his lawful duty; 

 

	 	17.2.3 	securing any improper advantage; 

  

	 	17.2.4 	inducing such Government Official to influence or affect any act or decision of any entity or enterprise owned or controlled by a government; or

  

	 	17.2.5 	assisting the Company or any Group Company in obtaining or retaining business for or with, or directing business to the Company or any Group Company.

  
 91 

	17.3	The Company undertakes to each of the Shareholders that it shall within 180 days from Closing: 

 

	 	17.3.1 	retain any of PricewaterhouseCoopers, KPMG, Deloitte & Touche, and Ernst & Young (the “Compliance Consultant”) to develop and
propose procedures and policies which are necessary and/or desirable to ensure full compliance with the undertakings and the laws referred to in clause 17.1 and clause 17.2; and 

 

	 	17.3.2 	implement the material procedures and policies proposed by the Compliance Consultant materially in accordance with the Compliance Consultant’s advice; and

  

	 	17.3.3 	designate one of the existing members of the senior management or recruit a suitably qualified and experienced person to act as a compliance officer whose
responsibilities shall include monitoring on a frequent basis the compliance by each Group Company and their respective directors, officers and employees with the undertakings set out, and the laws referred to, in clause 17.1 and clause 17.2, and
the implementation of and compliance with the procedures and policies proposed by the Compliance Consultant. 

  

	17.4	Each of the Shareholders undertakes not to transfer any of its Shares to a Prohibited Person. 

 

	17.5	The Company undertakes not to enter into any transactions with a Prohibited Person including (but not limited to) issuing or registering any securities in the
Company or any Group Company in the name of a Prohibited Person. 

  

	18	ASSIGNMENT AND SUB-CONTRACTING 

 No Party shall be entitled to assign or transfer all or any of its rights, benefits or obligations under this Agreement in whole or in part otherwise than pursuant to a Transfer in accordance in all
respects with the provisions and requirements of this Agreement and the Articles. 
  

	19	EXCLUSION OF AGENCY, PARTNERSHIP OR JOINT VENTURE 

 Nothing in this Agreement or any arrangement contemplated by it shall be construed as establishing or implying any partnership between the Parties, and nothing in this Agreement shall be deemed to
constitute any of the Parties as the agent of any other or to authorise any Party to hold itself out as agent or to bind, contract in the name of or to create a liability for any other in any way or for any purpose. 

 

	20	FURTHER ASSURANCE, CONFLICT AND COMPLIANCE WITH ARTICLES, MODIFICATIONS TO ACCOMMODATE THE PARTIES’ TAX EFFICIENCY 

 

	20.1	Each Party shall, now or as required at any time in the future, do, or procure the doing by a third party of, so far as may be reasonably within its power and as
may be reasonably requested of it, all acts and/or execute or procure the execution of all documents in a form satisfactory to the other Parties as is or are required to give full effect to this Agreement and the other Transaction Documents and the
transactions intended to be effected hereby and thereby and shall further (if necessary), so far as may be within its power, procure any required amendment to the Articles. 

 

	20.2	 If there is any conflict or inconsistency between the provisions of this Agreement and the Articles, (i) this Agreement shall prevail,
although nothing in this Agreement shall constitute an amendment of the Articles and (ii) the Shareholders shall take all lawful actions necessary 

  
 92 

	 	 
to amend the Articles in order to implement the terms of this Agreement, and in any event, shall act in accordance with this Agreement. 

 

	20.3	The Shareholders shall consult with each other in good faith regarding the corporate structure of the Company and the Group Companies, as well as the
capitalisation structure of the Company, and shall in good faith consider any requests by the Lion Parties and/or the Seller Parties to make modifications to such corporate structure or capitalisation structure of the Company so as to optimise the
corporate structure as is appropriate to accommodate the efficient and effective taxation planning of the requesting party and its ultimate beneficial owners provided that the efficient and effective taxation planning of the other Parties is not
adversely affected by any such request. If as a result of such consultation the Lion Parties and the Seller Parties agree to reorganise, recapitalise or otherwise restructure the Company or any other member of the Group resulting in the Shareholders
(or any of them) receiving shares or other securities of any class issued by any Group Company, by way of a dividend or distribution in kind or in exchange for or otherwise in replacement of Shares and CPECs, the term “Shares” and
“CPECs”, whenever used in this Agreement (unless the context otherwise requires), shall be deemed to include any such other securities when issued. 

 

	21	ENTIRE AGREEMENT 

 This
Agreement and the documents referred to in it in agreed form together constitute the entire agreement and understanding of the Parties in relation to the matters subject thereto and supersede any previous agreement between the Parties (whether
written or oral) in relation to all or any of such matters and without prejudice to the generality of the foregoing, exclude any representation, warranty, condition or other undertaking implied at law or by custom other than where expressly
contained in this Agreement, provided that nothing in this Clause shall exclude a Party from liability for fraudulent misrepresentation. 
  

	22	VARIATION 

  

	22.1	Subject to Clause 22.2, any variation of this Agreement must be in a written document and signed by each of the Shareholders. 

 

	22.2	If any Party ceases to hold Shares then, as from the date of such cessation, this Agreement may be varied without reference to or the need for signature of any
relevant document by that Party, provided that (for the avoidance of doubt) such variation shall not give rise to any new or increased liability of that Party. 

 

	23	WAIVER 

  

	23.1	A delay in exercising, or failure to exercise, any right or remedy under this Agreement does not constitute a waiver of such or other rights or remedies nor
shall operate so as to bar the exercise or enforcement thereof. No single or partial exercise of any right or remedy under this Agreement shall prevent further or other exercise of such or other rights or remedies. 

 

	23.2	No waiver by any Party of any requirement of this Agreement, or of any remedy or right under this Agreement, shall have effect unless given in writing and signed
by such Party. 

  

	23.3	The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights and remedies provided by law. 

  
 93 

	24	ILLEGALITY AND SEVERANCE 

  

	24.1	The provisions contained in each Clause of this Agreement shall be enforceable independently of the others and the invalidity of any one provision shall not
affect the validity of the others. 

  

	24.2	If a provision of this Agreement is, or but for this Clause would be, held to be illegal, invalid or unenforceable, in whole or in part, in the jurisdiction to
which it pertains but would be legal, valid and enforceable if part of the provision was deleted, the provision shall apply with the minimum modification necessary to make it legal, valid and enforceable in that jurisdiction, and any such
illegality, invalidity or unenforceability in any jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

 

	24.3	If a provision of this Agreement is held to be illegal, invalid or unenforceable, in whole or in part and Clause 24.2 cannot be used to make it legal, valid and
enforceable, a Shareholder may require the other Shareholders to enter into a new agreement or deed under which those Shareholders undertake in the terms of the original provision, but subject to such amendments as the Shareholder specifies in order
to make the provision legal, valid and enforceable. No Shareholder will be obliged to enter into a new agreement or deed that would increase its liability beyond that contained in this Agreement, had all its provisions been legal, valid and
enforceable. 

  

	25	RIGHTS OF THIRD PARTIES AND NO RECOURSE 

  

	25.1	A Party who is not a Party to this Agreement or who does not execute a Deed of Adherence in accordance with this Agreement has no rights under the Contracts
(Rights of Third Parties) Act 1999 or otherwise to enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from such Act. 

 

	25.2	Accordingly, this Agreement shall be binding upon and enure solely for the benefit of the Parties hereto and any person who executes a Deed of Adherence in
accordance with this Agreement and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement.

  

	25.3	Only the Parties that are signatories hereto shall have any obligation or liability under this Agreement. Notwithstanding anything that may be expressed or
implied in this Agreement, no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future representative of any Shareholder or any current or future direct or
indirect shareholder, member, general or limited partner or other beneficial owner of any Shareholder or any of their respective representatives, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of
any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any such person for any obligation of any Shareholder under
this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

 

	26	COUNTERPARTS 

 This
Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original of this Agreement, but all the counterparts shall together constitute one and the same agreement. No counterpart shall be
effective until each Party has executed at least one part or counterpart. 

  
 94 

	27	NOTICES 

  

	27.1	Any notice or other communication given under this Agreement shall be in writing and shall be served by delivering it to the Party due to receive it at the
address or fax number set out in Clause 27.2 and shall be deemed to have been delivered in accordance with Clause 27.3. 

  

	27.2	The Parties’ addresses and fax numbers for the purposes of this Agreement are: 

 

	 	27.2.1 	In the case of the Lion Parties: 

 Lion Capital LLP 
 21 Grosvenor Place 

London SW1X 7HF 

United Kingdom 

For the attention of: Javier Ferrán/James Cocker 
 Fax number: +44 20 7201 2222 
 with a courtesy copy to: 

Weil, Gotshal & Manges 
 One South Place 
 London EC2M 2WG 

United Kingdom For the attention of Michael Francies/Ian Hamilton 
 Fax number: +44 20 7903 0990 
  

	 	27.2.2 	In the case of the Seller Party [details to be inserted for all Initial Seller Parties]: 

[            ] 

 

	 	27.2.3 	In the case of the Company: 

 [            ] 
 or
such other address or fax number as the relevant Party notifies to the other Parties, which change of address shall only take effect if delivered and received in accordance Clause 25.3. 

 

	27.3	A notice so addressed shall be deemed to have been received: 

  

	 	27.3.1 	if personally delivered, at the time of delivery; 

  

	 	27.3.2 	if sent by pre-paid, recorded delivery or registered post, two (2) Business Days after the date of posting to the relevant address;

  

	 	27.3.3 	if sent by registered air-mail, five (5) Business Days after the date of posting to the relevant address; or 

 

	 	27.3.4 	 if sent by fax, on successful completion of its transmission as per a transmission report from the machine from which the fax was sent, save
that if such notice or communication is received after the end of normal working hours (and “normal working hours” shall be deemed to be 8.30 am to 5.30 pm on any Business Day

  
 95 

	 	 
in the country of the recipient), such notice or communication shall be deemed to have been received on the next Business Day. 

 

	28	SELLER PARTIES’ REPRESENTATIVE 

  

	28.1	Each of the Seller Parties appoints [[ • ] (acting alone)], [[ • ] and [ • ] (acting together), (who may each act
individually)] (the “Seller Parties’ Representative”) to be their representative in respect of any provisions of this Agreement where (whether individually or with others) the Seller Parties are required or entitled to give or
receive any notice, consent, application or election. 

  

	28.2	The following provisions shall apply in relation to any appointment under this Clause 28: 

 

	 	28.2.1 	subject to the other provisions of this Clause, each of the Seller Parties warrants that the Seller Parties’ Representative has and shall retain the
authority to bind it in all matters arising from, or in relation to any of the provisions of this Agreement referred to in Clause 1.7 and Clause 28.1 but it is acknowledged that the Seller Parties’ Representative shall have no such authority in
relation to any other provision of this Agreement or otherwise; 

  

	 	28.2.2 	the Lion Parties shall be entitled to rely on all and any communications provided by the Seller Parties’ Representative within the scope of his/their
authority (as described within this Clause) as binding on each of the Seller Parties; 

  

	 	28.2.3 	any communication in respect of any matter within the authority of the Seller Parties’ Representative described in this Clause shall be deemed (unless the
context otherwise requires) to be provided to the Seller Parties’ Representative as nominee for all of the Seller Parties. In any event (notwithstanding anything to the contrary in this Agreement), any notice served on the Seller Parties’
Representative shall be deemed to have been validly served at the same time on each of the Seller Parties on whom it is required to be served; 

  

	 	28.2.4 	the Seller Parties shall be entitled to appoint an alternative Seller Parties’ Representative in place of the Seller Parties’ Representative named in
this Clause. 

  

	28.3	The Parties acknowledge and agree that, unless the remaining Seller Parties notify the Lion Parties otherwise, the appointment of the Seller Parties’
Representative shall cease on the date on which all of the Seller Parties cease to be Shareholders. 

  

	29	EFFECT OF COMPLETION 

Except to the extent that they have been performed and except where this Agreement provides otherwise, the warranties, representations,
indemnities and obligations contained in this Agreement remain in force after Closing and Closing shall not in any way constitute a waiver of any Shareholders’ rights hereunder. 

 

	30	ARBITRATION 

 Any dispute,
controversy or claim of any kind or nature between the Parties arising out of, relating to, or in connection with this Agreement, or the breach, termination or validity thereof (each, a “Dispute”) shall be finally settled by binding
arbitration (“Arbitration”) under the Rules of Arbitration (the “Rules”) of the London Court of International Arbitration in force at the time of such Arbitration, by three arbitrators appointed in accordance with

  
 96 

 
the Rules. The seat of the arbitration shall be London, England. The language of the arbitration shall be English. The arbitral award shall be in writing, shall detail the disputed matters and
reasons on which the arbitral award is based, shall not include any punitive damages and shall be the sole and exclusive remedy between the Parties regarding any Dispute. The Parties expressly agree that leave to appeal under Section 69
(1) or an application for the determination of a preliminary point of law under Section 45 of the Arbitration Act 1956 may be sought with respect to any question of law arising from an award. The arbitral award shall be final and binding
upon the Parties and shall not be subject to appeal of any court or other authority. 
  

	31	GOVERNING LAW 

 This
Agreement is governed by, and shall be construed in accordance with English law. 

  
 97 

 SCHEDULE 1 
 FORM OF CPEC INSTRUMENT 

  
 98 

 SCHEDULE 
 DEED OF ADHERENCE 
 DEED OF ADHERENCE dated • made by • (the
“Adhering Party”) in favour of the persons whose names are set out in the schedule to this deed. 
 RECITALS 

 

	(A)	This deed is supplemental to the Shareholders’ Agreement dated [            ] made between the
Initial Lion Party, the Lion Bridging Party, the Initial Seller Parties and the Company (the “Shareholders Agreement”). 

  

	(B)	[Name of transferring Shareholder] has agreed to transfer [a portion] [all] of its Shares and CPECs to the Adhering Party and this deed is entered into
pursuant to Clause [            ] of the Shareholders’ Agreement. 

 REPRESENTATIONS AND WARRANTIES 
  

	32	The Adhering Party represents to each Existing Party that it has full power and authority and has obtained all necessary consents to enter into and perform the
obligations expressed to be assumed by it under this Deed of Adherence and the Shareholders’ Agreement (and any other agreement or arrangement to be entered into by it in connection thereto), that the obligations expressed to be assumed by it
under this Deed of Adherence and the Shareholders’ Agreement and each such other agreement are legal, valid and binding and enforceable against it in accordance with their terms and that the execution, delivery and performance by it of this
Deed of Adherence and each such other agreement and arrangement, including but not limited to the Shareholders’ Agreement, will not: 

  

	32.1	result in a breach of, or constitute a default under, any agreement or arrangement to which it is a party or by which it is bound or under its constitutive
documents; or 

  

	32.2	result in a breach of any law or order, judgment or decree of any court, governmental agency or regulatory body to which it is a party or by which it is bound.

 OPERATIVE PROVISIONS: 
  

	33	The Adhering Party confirms that it has been given and read a copy of the Shareholders’ Agreement and covenants with each person named in the schedule to this deed
(and any persons to whom the persons named in the schedule to this deed may have transferred shares in the Company in accordance with the terms of the Shareholders’ Agreement prior to the date of this deed) to perform and be bound by all the
terms of the Shareholders’ Agreement as if the Adhering Party were a Shareholder for the purposes of the Shareholders Agreement; 

  

	34	The Adhering Party is adhering to the Shareholders Agreement in the capacity of a [Lion Party][Seller Party][Shareholder]. [Note: The Adhering Party will adhere as a
“Lion Party” if a Permitted Transferee of a Lion Party, a “Seller Party” if a Permitted Transferee of the Seller Party and a “Shareholder” otherwise.] 

 

	35	Unless the context requires otherwise, words and expressions defined in the Shareholders’ Agreement shall have the same meaning when used in this deed.

  

	36	This deed is governed by English law. 

  
 99 

			
	DULY EXECUTED AND DELIVERED
	AS A DEED ON THE DATE STATED ABOVE
	
	[ADHERING PARTY]
	
	[Appropriate deed execution clause]
		
	by:	 	 
	
	Acknowledged and Accepted:
	
	[COMPANY]
		
	by:	 	 

  
 100

 SCHEDULE 
 FORM OF ARTICLES OF ASSOCIATION OF THE COMPANY 

  
 101

 SCHEDULE 
 ALLOCATION BETWEEN A REDEEMABLE SHARES AND CPECS 

  
 102

 SCHEDULE 
 INITIAL SELLER PARTIES 
  

							
	 1

Name and address
 of each Initial
 Seller Party
	 	 2

Number of A

Redeemable Shares
 and CPECs
 to be acquired
	 	 3

Share

of

Consideration
	 	 4

Due

Proportion

(%)

				
	 [ • ]
	 	 [ • ]
	 	 [ • ]
	 	 [ • ]

				
	 [ • ]
	 	 [ • ]
	 	 [ • ]
	 	 [ • ]

				
	 [ • ]
	 	 [ • ]
	 	 [ • ]
	 	 [ • ]

				
	 [ • ]
	 	 [ • ]
	 	 [ • ]
	 	 [ • ]

				
		 	Total [ • ] A Ordinary Shares and CPECs	 	 [ • ]
	 	100

  
 103

 IN WITNESS WHEREOF this Agreement has been executed as a DEED on the date that appears on the first
page of this Agreement by: 
 [Deed execution clauses] 

 SCHEDULE 4 
 PLEDGE AGREEMENT 
 Agreed Form 

[l] 2008 

EQUITABLE SHARE MORTGAGE 
 between 
 Lion/Rally Cayman 1 LP acting by and through its GP

 as Chargor 
 and 
 [BISON] 

as Chargee 

In relation to the shares in Lion / Rally Cayman 2 
 This Share Mortgage is subject to the terms of the Shareholders Agreement (as defined herein) 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 1
	  	INTERPRETATION	  	 	107	  
			
	 2
	  	COVENANT TO PAY	  	 	109	  
			
	 3
	  	CREATION OF SECURITY	  	 	109	  
			
	 4
	  	DEPOSIT OF SHARE CERTIFICATES	  	 	110	  
			
	 5
	  	[INTENTIONALLY LEFT BLANK]	  	 	111	  
			
	 6
	  	CONTINUING SECURITY	  	 	111	  
			
	 7
	  	REPRESENTATIONS AND WARRANTIES	  	 	112	  
			
	 8
	  	UNDERTAKINGS OF THE CHARGOR	  	 	113	  
			
	 9
	  	ENFORCEMENT OF SECURITY	  	 	113	  
			
	 10
	  	RECEIVER	  	 	114	  
			
	 11
	  	FURTHER ASSURANCES	  	 	115	  
			
	 12
	  	POWER OF ATTORNEY	  	 	116	  
			
	 13
	  	DELEGATION	  	 	116	  
			
	 14
	  	NO LIABILITY AS MORTGAGEE IN POSSESSION	  	 	117	  
			
	 15
	  	PROTECTION OF THIRD PARTIES	  	 	117	  
			
	 16
	  	STAMP DUTIES	  	 	117	  
			
	 17
	  	ADDITIONAL PROVISIONS	  	 	117	  
			
	 18
	  	REMEDIES AND WAIVERS	  	 	118	  
			
	 19
	  	NOTICES	  	 	118	  
			
	 20
	  	COSTS AND EXPENSES	  	 	119	  
			
	 21
	  	CURRENCY OF ACCOUNT	  	 	119	  
			
	 22
	  	ASSIGNMENTS, ETC.	  	 	119	  
			
	 23
	  	SET-OFF	  	 	120	  
			
	 24
	  	COVENANT TO RELEASE	  	 	120	  
			
	 25
	  	PREVAILING AGREEMENT	  	 	120	  
			
	 26
	  	GOVERNING LAW	  	 	120	  
			
	 27
	  	JURISDICTION OF ENGLISH COURTS	  	 	120	  
			
	 28
	  	COUNTERPARTS AND EFFECTIVENESS	  	 	120	  
		
	SIGNATORIES	  	 	122	  

 THIS SHARE MORTGAGE (this “Mortgage”) is made as a deed on the [l] day of [l] 2008 
 BETWEEN: 

 

	(1)	LION/RALLY CAYMAN 1 L.P., acting by and through its GP, a limited partnership incorporated in [l] with registered
number [l] (the “Chargor”); and 

  

	(2)	[BISON], a corporation organised under the laws of [l] (the “Chargee”). 

WHEREAS: 
  

	(A)	The Chargor and Chargee have entered into a Shareholders Agreement pursuant to which certain terms and conditions relating to the management and administration
of Lion/Rally Cayman 2 have been agreed between the parties thereto. 

  

	(B)	Pursuant to the terms of the Shareholders Agreement, the Chargor has agreed to certain undertakings, one of which that the Chargor shall have entered into this
Mortgage. 

  

	(C)	Each of the parties hereto intend this Mortgage to, and it shall, take effect as a deed. 

 

	1	INTERPRETATION 

  

	1.1	Definitions In this Mortgage the following terms have the meanings given to them in this Clause 1.1, except where the context otherwise requires.

 “Account Bank” means such bank or financial institution with which the Realisation Accounts are from time to
time maintained as selected by the Chargee. 
 “Enforcement Event” means at any time the Chargee gives notice in writing to the
Chargor that (i) an Event of Default has occurred and is continuing and has not been remedied for more that 15 Business Days since its occurrence nor waived by the Chargee and (ii) this Mortgage has therefore become enforceable.

 “Encumbrances” means any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, security
interest, or other encumbrance of any kind securing any obligation of any person or any right conferring a priority of payment in respect of any obligations of any person (including without limitation, title transfer and/ or retention arrangements
having similar effect). 
 “Event of Default” means a failure by the Chargee in respect of its payment obligations under Clause
8.10 of the Shareholders Agreement in accordance with the terms set out therein (including any applicable grace periods). 
 “Financial
Collateral Regulations” means the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226). 

“Issuer” means Lion/Rally Cayman 2. 
 “Receiver” means an administrative receiver, a receiver and manager or other receiver, in either 

  
 107

 case, appointed pursuant to this Mortgage. 
 “Related Rights” means: 
  

	(a)	any dividend or interest paid or payable in relation to any of the Shares; 

 

	(b)	any stock, shares, securities, rights, moneys or property accruing or offered at any time, (whether by way of redemption, substitution, exchange, bonus or
preference, under option rights or otherwise) to or in respect of any of the Shares or in substitution or exchange for or otherwise derived from any of the Shares; and 

 

	(c)	any dividend, interest or other income in respect of any asset referred to in paragraph (b) above. 

“Secured Parties” means: 
  

	(d)	the Chargee; 

  

	(e)	any successor, transferee, replacement or assignee of the Chargee. 

 “Security Assets” means the Shares and Related Rights. 
 “Secured
Obligations” means all payment obligations of the Chargor to the Chargee under clause 8.10 of the Shareholders Agreement provided that the total amount of Secured Obligations recoverable hereunder shall be capped to the same percentage of
shares held by the Chargor in the Company. For the avoidance of doubt, the Chargor shall only be liable for an amount equal to the Chargor’s proportionate shareholding in the Company. 
 “Security Period” means the period beginning on the date of this Mortgage and ending on the date upon which all the Secured Obligations have been unconditionally and irrevocably paid and
discharged in full and/or the security interests contemplated to be created hereby have been unconditionally and irrevocably released and discharged in full. 
 “Shares” means, subject to the proviso in paragraph (i) of Clause 3.1 (Charges”) the shares in the capital of the Company (as defined in the Shareholders’ Agreement)
owned by Chargor. 

 “Shareholders’ Agreement” means the shareholders’ agreement relating to the Company dated
[    ] 2008 and made between [

]. 

 1.2 Interpretation Unless expressly defined in this Mortgage, capitalised terms defined in the Shareholders
Agreement have the same meanings in this Mortgage and the construction rules set out in Section 1.2 of the Shareholders Agreement shall apply to this Mortgage, mutatis mutandis, as though they were set out in full in this Mortgage except
that references to “this Agreement” shall be construed as references to this Mortgage. 
 1.3 Certificates A certificate of the
Chargee setting forth the amount of any Secured Obligation due from the Chargor shall be prima facie evidence of such amount in the absence of manifest error. 
 1.4 Third Party Rights A person who is not a party to this Mortgage has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Mortgage. 

  
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 1.5 Effect as a Deed This Deed is intended to take effect as a deed notwithstanding the fact that a
party may only execute this Deed under hand. 
  

	2	COVENANT TO PAY 

 2.1 Covenant to
Pay The Chargor, as primary obligor and not merely as surety, hereby covenants with the Chargee that the Chargor will pay or discharge each of the Secured Obligations in the manner provided for in the Shareholders Agreement. 

2.2 Default Interest The Chargor agrees that any amount not paid when due under this Mortgage shall bear interest (after, as well as before,
judgement) payable on demand at the date specified in the Shareholders Agreement, from the due date until the date such amount is paid and in full. 
  

	3	CREATION OF SECURITY 

 3.1 Charges
The Chargor, in its capacity as registered owner of its shareholding in the Company and as continuing security for the payment, discharge and performance of all the Secured Obligations hereby, with full title guarantee: 

 

	(a)	mortgages and charges and agrees to mortgage and charge to the Chargee, all the Shares held now or in the future by it and/or any nominee on its behalf, the same
to be a security by way of first equitable mortgage; and 

  

	(b)	mortgages, charges and assigns and agrees to mortgage, charge and assign to the Chargee, all the Related Rights held now or in the future by it and/or any
nominee on its behalf, the same to be a security by way of first equitable mortgage; and 

  

	(c)	(to the extent they are not effectively mortgaged or charged pursuant to paragraph (a) or (b) above), charges, the Shares and the Related Rights held now or
in the future by it and/or any nominee on its behalf and all benefits accrued and to accrue to it thereunder, by way of first fixed charge, 

 PROVIDED THAT: 
  

	 	(i)	whilst no Enforcement Event has occurred, the Chargor shall be entitled (notwithstanding the security contemplated to be created hereby) to receive all
dividends, interest and income from and any property accruing or in respect of the Security Assets (and accordingly following an Enforcement Event, the Chargee shall be entitled to such things); and 

 

	 	(ii)	whilst no Enforcement Event has occurred, the Chargor shall be entitled (notwithstanding the security contemplated to be created hereby) to exercise, or direct
the Chargee to exercise any voting or other rights attached to any of the Security Assets, provided that it shall not exercise any voting rights in a manner which could reasonably be expected to prejudice the security created under this Mortgage in
any material respect (and accordingly following an Enforcement Event, the Chargee shall be entitled to such things). 

 3.2
Financial Collateral The parties agree and acknowledge that: 

  
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	(a)	the Security Assets constitute financial collateral; 

  

	(b)	this Mortgage and the obligations of the Chargor under this Mortgage are a security financial collateral arrangement in each case for the purposes of the
Financial Collateral Regulations. 

  

	4	DEPOSIT OF SHARE CERTIFICATES 

 4.1
Deposit of Certificates The Chargor shall: 
  

	(a)	simultaneously with execution of this Mortgage deposit with the Chargee (or as the Chargee may direct), share certificates and other documents of title or
evidence of ownership in relation to the Security Assets owned by it as at the date hereof, and as soon as practicable following it acquiring an interest in any Security Asset, share certificates and other documents of title of evidence of ownership
in relation to such Security Assets; 

  

	(b)	simultaneously with execution of this Mortgage execute and deliver to the Chargee all such stock transfer forms and other documents as may be reasonably
requested by the Chargee in order to enable the Chargee (or its nominee), in accordance with paragraph (c) below, to be registered as the owner or otherwise to obtain a legal title to the Security Assets and, without limiting the generality of
the foregoing, as soon as practicable shall deliver to the Chargee, executed stock transfer forms for all such Security Assets in favour of the Chargee (or its nominee) as transferees or, if the Chargee so directs, with the transferee left blank;
and 

  

	(c)	at any time following the occurrence of an Enforcement Event, if the Chargee so requests, procure that all such stock transfer forms are forthwith registered by
the relevant person and that share certificates in the name of the Chargee (or such nominee) in respect of the Security Assets are forthwith delivered to the Chargee; 

 4.2 Registration on Transfer At any time following an Enforcement Event, the Chargor hereby authorises the Chargee: 
  

	(a)	to arrange for any of the Security Assets to be registered in the name of the Chargee (or its nominee); or 

 

	(b)	(under its powers of realisation), to transfer or cause the Security Assets to be transferred to and registered in the name of the Chargee (or its nominee) or any
purchaser or transferee, 

 and upon enforcement of the security created hereby, the Chargor undertakes from time to time to
execute and sign all transfers, contract notes, powers of attorney and other documents (and to procure the registration of any such transfer of the Security Assets in the relevant shareholders’ or other register) that are required by the
Chargee in connection therewith. 
 4.3 Liability to Perform Notwithstanding anything to the contrary herein contained, the Chargor shall
remain liable to observe and perform all of the conditions and obligations assumed by it in respect of the Security Assets and, without limitation, to pay all calls or other payments that may become due in respect of any of the Security Assets.

  
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	5	[INTENTIONALLY LEFT BLANK] 

  

	6	CONTINUING SECURITY 

 6.1 Continuing
Security The security constituted by this Mortgage shall be continuing security which shall, subject to the proviso in paragraph (i) of Clause 3 (Creation of Security), extend to all the Secured Obligations and shall not be
considered as satisfied or discharged by any intermediate payment or settlement of all or any of the Secured Obligations. 
 6.2 Breaking of
Accounts If for any reason the security constituted hereby ceases to be a continuing security in respect of the Chargor (other than by way of discharge of such security in accordance with the terms of this Mortgage) or the Chargee receives, or
is deemed to be affected by, notice, whether actual or constructive of any Lien affecting the Security Assets, the Chargee may open a new account with or continue any existing account with the Chargor. If the Chargee does not open a new account, it
shall nevertheless be treated as if it had done so at the date of such cessation or the time when it received or was deemed to have received notice. As from that time all payments made to the Chargee will be deemed to be credited or treated as being
credited to the new account and the liability of the Chargor in respect of the Secured Obligations relating to it at the date of such cessation or the time when notice was received or deemed received shall remain and shall not be reduced regardless
of any payments into or out of any such account. 
 6.3 Avoided Payments Where any release or discharge or other arrangement in respect
of all or part of the Secured Obligations (or in respect of any security for those Secured Obligations including the security created under this Mortgage) is made in reliance on any payment, security or other disposition which is avoided or must be
restored in an insolvency, liquidation or otherwise and whether or not the Chargee has conceded or compromised any claim that any payment, security or other disposition will or should be avoided, the liability of the Chargor for the payment of the
Secured Obligations and the obligations of the Chargor under this Mortgage shall continue as if such release, discharge or other arrangement had not been made. 
 6.4 Appropriations Until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full, the Chargee may if in its discretion to do so would be reasonable in the
circumstances: 
  

	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by it in respect of the Secured Obligations or apply and enforce the
same in such manner and order as it sees fit (whether against the Secured Obligations or otherwise) and the Chargor shall not be entitled to the benefit of the same; and 

 

	(b)	hold in a suspense account any moneys received from the Chargor or any other person in respect of the Secured Obligations, such account to bear interest on
commercial terms. 

 6.5 Protection of the Chargee The Chargee shall not be liable in respect of any loss or damage which
arises out of the exercise, or the attempted or purported exercise of, or the failure to exercise any of its powers, unless such loss or damage is caused by fraud, gross negligence or wilful default. 

  
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	7	REPRESENTATIONS AND WARRANTIES 

 The
Chargor makes each of the representations and warranties set out in this Clause 7 on the date hereof and acknowledges that the Chargee has entered into the Shareholders’ Agreement in reliance on those representations and warranties. Where there
is a conflict between the representations and warranties set out in this Clause 7 and those appearing in Clause 17 (Warranties) of the Shareholders Agreement, the representations and warranties in the Shareholders Agreement shall prevail.

 7.1 Admissibility in Evidence All acts, conditions and things required to be done, fulfilled and performed in order to make this
Mortgage admissible in evidence in England and Wales or the Cayman Islands have been done, fulfilled and performed or will be done promptly after the date of this Mortgage. 
 7.2 No Filing or Stamp Taxes Under the laws of the Cayman Islands in force at the date hereof, it is not necessary that this Mortgage be filed, recorded or enrolled with any court or other
authority or that any stamp, registration or similar tax be paid on or in relation to this Mortgage. Cayman Islands stamp duty will be payable if this Mortgage is executed in, brought to, or produced before a court of the Cayman Islands. Such duty
will not exceed CI$500.00 (US$600.00). 
 7.3 Security Assets On the date of this Mortgage: 

 

	(a)	the Chargor has not received notice of any adverse claim in respect of the Security Assets; 

 

	(b)	the Chargor is (subject to the terms of its partnership agreement, the Shareholders Agreement and this Mortgage) the sole owner of the Security Assets and is
entitled to deal with the beneficial interest therein, the Shares are free from any Encumbrance of any kind (other than created hereby) and represent all the Shares legally owned by the Chargor and with full title guarantee, it is able to mortgage
and has so mortgaged the Security Assets; 

  

	(c)	the security created over the Security Assets under this Mortgage constitutes a first priority security interest over the Security Assets;

  

	(d)	the Security Assets are within the Chargor’s disposition and control and neither the terms of the Security Assets nor of the Memorandum and Articles of
Association of any Issuer restrict or otherwise limit the right to mortgage, charge or pledge the Security Assets in favour of the Chargee; 

  

	(e)	the Shares are duly authorised, validly issued, fully paid or credited as fully paid and no calls have been made in respect thereof which remain unpaid or can be
made in respect thereof in the future and they rank pari passu in all respects within their respective class and the shares have not been issued in violation of any provision of law or any rule or regulation whatsoever relating to the issue of
shares or capable of affecting the validity of such issue; 

  

	(f)	 except as stated in Clause 3 (Creation of Security), the Chargor has not sold or granted any rights of pre-emption or any Encumbrance
over or agreed to sell or grant any right of pre-emption or any Encumbrance over or otherwise disposed of or agreed 

  
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to dispose of the benefit of all or any of its rights, title and interest in and to all or any part of the Security Assets; and 

 

	7.4	Times of Making Representations and Warranties The representations and warranties set out in this Clause 7 are made on the date hereof. 

 

	8	UNDERTAKINGS OF THE CHARGOR 

 8.1
Duration The undertakings in this Clause 8 shall remain in force throughout the Security Period. 
 8.2 Maintenance of Legal Validity
The Chargor shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws and regulations of England to enable it lawfully to
enter into and perform its obligations under this Mortgage and to ensure the legality, validity, enforceability or admissibility in evidence of this Mortgage. 
 8.3 Restrictions on Dealing The Chargor undertakes that, except as permitted under the terms of this Mortgage or the Shareholders Agreement it will not: 

 

	(a)	create or permit to subsist any Encumbrances over any Security Asset other than (i) the Encumbrances created pursuant to this Mortgage or (ii) as permitted in
the Shareholders Agreement; 

  

	(b)	lease, sell, transfer, assign or otherwise dispose of or agree to lease, sell, transfer, assign or otherwise dispose of, all or any Security Asset or any
interest therein other than as permitted in the Shareholders Agreement; or 

  

	(c)	suffer or permit the Company to permit any person other than the Chargor to be registered as holders of the Shares or any part thereof. 

8.4 Security Assets The Chargor undertakes that: 
  

	(a)	it will (subject to the terms of the Shareholders Agreement and this Mortgage) remain the legal and beneficial owner of the Security Assets and it or its nominee
will remain the legal owner of the Security Assets; and 

  

	(b)	it will not take any action whereby the rights attaching to the Shares or the Related Rights are altered or diluted except to the extent permitted by the
Chargee. 

  

	9	ENFORCEMENT OF SECURITY 

  

	9.1	Powers 

  

	(a)	At any time after the occurrence of an Enforcement Event and without any further consent or authority on the part of the Chargor, the Chargee may exercise in its
sole discretion, any voting rights and any powers or rights in respect of the Security Assets under the terms thereof or otherwise which may be exercised by a registered holder of the Security Assets. 

 

	(b)	 If the Chargee takes any such action as is referred to in paragraph (a) above, it shall

  
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give notice to the Chargor as soon as reasonably practicable. 

  

	(c)	For the purposes of giving effect to this Clause 9.1 (Powers) and to the extent that the Security Assets remain registered in the name of the Chargor, the
Chargor hereby irrevocably appoints the Chargee (or its nominee) as its proxy to exercise all voting and other rights in respect thereof. 

 9.2 Enforcement After an Enforcement Event, the Chargee shall be entitled to exercise immediately or as and when it may see fit any and every power possessed by the Chargee by virtue of this
Mortgage or available to a secured creditor (so that Sections 93 and 103 of the Law of Property Act 1925 shall not apply to this security), including: 
  

	(a)	to sell all or any of the Security Assets in any manner permitted by law upon such terms as the Chargee shall in its absolute discretion determine;

  

	(b)	to collect, recover or compromise and give a good discharge for any moneys payable to the Chargor in respect of the Security Assets or in connection therewith;
and 

  

	(c)	to act generally in relation to the Security Assets in such manner as the Chargee acting reasonably shall determine. 

9.3 Statutory Powers The powers conferred on mortgagees or receivers by the Law of Property Act 1925, the Insolvency Act 1986 and the Financial
Collateral Regulations shall apply to this Mortgage except insofar as they are expressly or impliedly excluded and, where there is ambiguity or conflict between the powers contained in such Acts and those contained in this Mortgage, those contained
in this Mortgage shall prevail. For the purposes of all powers implied by statute, the Secured Obligations shall be deemed to have become due and payable on the date hereof. 
 Such powers and rights shall, for the avoidance of doubt, include the right to appropriate all or any part of the Security Assets in or towards the satisfaction of the Secured Obligations and, for this
purpose, the value of any Security Assets so appropriated shall be such amount as the Chargee so determines having taken into account advice obtained by it from an independent investment or accountancy firm of national standing selected by it.

  

	10	RECEIVER 

  

	10.1	Appointment of Receiver 

  

	(a)	At any time after the security constituted by this Mortgage becomes enforceable in accordance with its terms or if an application is made for the appointment of
or notice is given of intention to appoint an administrator in respect of the Chargor or if requested by the Chargor, the Chargee may without further notice appoint under seal or in writing under its hand any one or more qualified persons to be a
Receiver of all or any part of the Security Assets in like manner in every respect as if the Chargee had become entitled under the Law of Property Act 1925 to exercise the power of sale thereby conferred. 

 

	(b)	The Chargee is not entitled to appoint a Receiver solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium)
under the Insolvency Act 2000 except with leave of the court. 

  
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	(c)	The Chargee may not appoint an administrative receiver (as defined in section 29(2) of the Insolvency Act 1986) if the Chargee is prohibited from doing so by
section 72A of the Insolvency Act 1986 and none of the exceptions to the prohibition on appointing an administrative receiver apply. 

  

	(d)	As used in this clause “qualified person” means a person who, under the Insolvency Act 1986, is qualified to act as a receiver of the property
of the Chargor with respect to which he is appointed or (as the case may require) an administrative receiver of the Chargor. 

10.2 Powers of Receiver Every Receiver appointed in accordance with Clause 10.1 (Appointment of Receiver) shall have and be entitled to
exercise all of the powers and freedoms of the Chargee conferred by Clause 9 (Enforcement of Security) in addition to those powers conferred by the Law of Property Act 1925 on any receiver appointed thereunder. A Receiver who is an
administrative receiver of the Chargor shall have the powers of an administrative receiver under the Insolvency Act 1986. If at any time there is more than one Receiver of all or any part of the Security Assets, each such Receiver may (unless
otherwise stated in any document appointing him) exercise all of the powers conferred on a Receiver under this Mortgage individually and separately from each other Receiver. 
 10.3 Removal and Remuneration The Chargee may from time to time by writing under its hand (subject to any requirement for an order of the court in the case of an administrative receiver) remove any
Receiver appointed by it and may, whenever it may deem it expedient, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated and may from time to time fix the remuneration of any Receiver appointed by
it provided that such remuneration shall be on market terms. 
 10.4 Chargee May Exercise Powers of Receiver To the fullest extent
permitted by law, all or any of the powers, authorities and discretions which are conferred by this Mortgage (either expressly or implied) upon a Receiver may be exercised by the Chargee at any time after the security constituted by this Mortgage
has become enforceable in relation to the whole of such Security Assets or any part thereof without first appointing a Receiver of such property or any part thereof or notwithstanding the appointment of a Receiver of such property or any part
thereof. 
 10.5 Application of Proceeds Any moneys received by the Chargee or by any Receiver appointed by it pursuant to this Mortgage
and/or under the powers hereby conferred shall, after the security hereby constituted shall have become enforceable, but subject to the payment of any claims having priority to the security constituted by this Mortgage and to the Chargee’s and
such Receiver’s rights hereunder, be applied by the Chargee in or towards the discharge of the Secured Obligations in accordance with the provisions of the Shareholders’ Agreement. 

 

	11	FURTHER ASSURANCES 

 11.1 The
Chargor shall as soon as reasonably practicable execute and give all such assurances and do all acts and things as the Chargee from time to time may reasonably consider necessary under the laws of any jurisdiction governing the Security Assets to
enable the Chargee to perfect or protect the security intended to be created hereby over the Security Assets or any part thereof or after the security constituted by this deed has become 

  
 115

 
enforceable, to facilitate the sale of the Security Assets or any part thereof or the exercise by the Chargee of any of the rights, powers, authorities and discretions vested in it or any
Receiver of the Security Assets or any part thereof or any such delegate or sub-delegate as aforesaid, including to facilitate vesting all or part of such assets in the name of the Chargee or in the names of its nominee, agent or any purchaser.

 11.2 Without prejudice to the generality of Clause 11.1 but subject to the other terms and conditions of this Mortgage, the Chargor
will forthwith at the reasonable request of the Chargee execute a legal mortgage, charge or other security at any time over all or any of the Security Assets subject to or intended to be subject to the security constituted by this Mortgage in such
form as the Chargee may require but containing terms no more onerous than those in this Mortgage. 
  

	12	POWER OF ATTORNEY 

 12.1 Appointment
The Chargor hereby, by way of security and in order more fully to secure the performance of its obligations hereunder, irrevocably appoints the Chargee and every Receiver of the Security Assets (or any part thereof) appointed hereunder and any
person nominated for the purpose by the Chargee or any Receiver in writing under hand by an officer of the Chargee or any Receiver severally as its attorney and on its behalf and in its name or otherwise after an Enforcement Event, to execute and do
all such assurances, acts and things which the Chargor is required to do under the covenants and provisions contained in this Mortgage (including to make any demand upon or to give any notice or receipt to any person owing moneys to the Chargor and
to execute and deliver any charges, legal mortgages, assignments or other security and any transfers of securities) and generally in its name and on its behalf to exercise all or any of the powers, authorities and discretions conferred by or
pursuant to this Mortgage or by statute on the Chargee or any such Receiver, delegate or sub-delegate and (without prejudice to the generality of the foregoing) to seal and deliver and otherwise perfect any deed, assurance, agreement, instrument or
act which it may reasonably deem proper in or for the purpose of exercising any of such powers, authorities and discretions. 
 The power of
attorney in this Clause 12.1(Appointment) shall only be exercisable upon an Enforcement Event or if the Chargor has failed to comply with its obligations under Clause 11 (Further Assurances). 

12.2 Ratification The Chargor hereby ratifies and confirms and agrees to ratify and confirm whatever any such attorney as is mentioned in Clause
12.1 (Appointment) shall do in the exercise or purported exercise of all or any of the powers, authorities and discretions referred to in such Clause 12.1 (Appointment). 

 

	13	DELEGATION 

 The Chargee or any Receiver
appointed hereunder may at any time and from time to time delegate by power of attorney or in any other manner to any properly qualified person or persons all or any of the powers, authorities and discretions which are for the time being exercisable
by the Chargee or such Receiver under this Mortgage in relation to the Security Assets or any part thereof. Any such delegation may be made upon such terms (including power to sub-delegate) and subject to such regulations as the Chargee or such
Receiver may think fit. Subject to the above, neither the Chargee nor any Receiver shall be in way liable or responsible to the Chargor for any loss or damage arising 

  
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from any act, default, omission or misconduct on the part of any such delegate or sub-delegate. 
  

	14	NO LIABILITY AS MORTGAGEE IN POSSESSION 

Neither the Chargee nor its nominee nor any Receiver shall by reason of entering into possession of the Security Assets or any of them be liable to
account as mortgagee in possession or be liable for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable other than for their own gross negligence or wilful misconduct. Every Receiver duly
appointed by the Chargee under the powers set forth herein shall be deemed to be the agent of the Chargor for all purposes and shall as such agent for all purposes be deemed to be in the same position as a Receiver duly appointed by a mortgagee
under the Law of Property Act 1925. The Chargor alone shall be responsible for its contracts, engagements, acts, omissions, defaults and losses and for all liabilities incurred by it and neither the Chargee nor the Receiver shall incur any liability
therefor (either to the Chargor or to any other person whatsoever) or for any other reason whatsoever other than for their gross negligence or wilful misconduct. 
  

	15	PROTECTION OF THIRD PARTIES 

 No
purchaser, mortgagee or other Person dealing with the Chargee or the Receiver or its or their agents shall be concerned to enquire whether the Secured Obligations have become due and payable or whether any power which the Receiver is purporting to
exercise has become exercisable or whether any of the Secured Obligations remains outstanding or to see to the application of any money paid to the Chargee or to such Receiver. 

 

	16	STAMP DUTIES 

 The Chargor shall pay and,
forthwith on demand, indemnify the Chargee against any liability it incurs in respect of any stamp, registration and similar tax which is or becomes payable in connection with the entry into, performance or enforcement of this Mortgage. 

 

	17	ADDITIONAL PROVISIONS 

  

	17.1	Provisions Severable 

  

	(a)	If a provision of this Mortgage is, or but for this Clause 17.1 would be, held to be illegal, invalid or unenforceable, in whole or in part, in any jurisdiction
the provision shall be ineffective to the extent of such illegality, invalidity or unenforceability without rendering the remaining provisions of this Mortgage illegal, invalid or unenforceable, and any such illegality, invalidity or
unenforceability in any jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

  

	(b)	 If a provision of this Mortgage is held to be illegal, invalid or unenforceable, in whole or in part and paragraph (a) of this Clause 17.1
cannot be used to make it legal, valid and enforceable, either party to this Mortgage may require the other party to enter into a deed under which that other party undertakes in the terms of the original provision, but subject to such amendments as
are necessary or required in order to make the provision legal, valid and enforceable. No party will be obliged to enter into a deed that would increase its liability beyond that contained in this Mortgage had all its

  
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provisions been legal, valid and enforceable. 

 17.2 Variation
This Mortgage shall not be varied except by an agreement in writing between the parties of even date herewith or later. 
 17.3
Confidentiality The provisions of Clause 18 of the Shareholders’ Agreement (Confidentiality and Contact Restrictions) shall apply mutatis mutandis to this Mortgage and be deemed to be incorporated in and be deemed to be part of this
Mortgage. 
  

	18	REMEDIES AND WAIVERS 

 A delay in
exercising, or failure to exercise, any right or remedy under this Mortgage does not constitute a waiver of such or other rights or remedies and does not operate to prevent the exercise or enforcement of any such right or remedy. No single or
partial exercise of any right or remedy under this Mortgage prevents further exercise of such or other rights or remedies. The rights, powers and remedies provided in this Mortgage are cumulative and not exclusive of any rights and remedies provided
by law. The Chargee may, in connection with the exercise of its powers, join or concur with any person in any transaction scheme or arrangement whatsoever. A waiver given or consent granted by the Chargee under this Mortgage will be effective only
if given in writing and then only in the instance and for the purpose for which it is given. 
  

	19	NOTICES 

 19.1 Communications in
Writing A notice, other communication or document given under this Mortgage shall be in writing and signed and, unless otherwise stated, may be made or delivered personally, posted or faxed in accordance with Clause 19.3 (Delivery).

 19.2 Addresses The address and fax number (and the department or officer, if any, for whose attention the notice, other communication
or document is to be made or delivered) of each party for any notice, communication or document to be made or delivered under or in connection with this Mortgage is that identified with its name below, or any substitute address, fax number or
department or officer as the relevant party notifies to the other party by not less than five Business Days notice. 
 19.3 Delivery

  

	(a)	Any notice, other communication or document so addressed shall be deemed to have been received: 

 

	 	(i)	if personally delivered, at the time of delivery; 

  

	 	(ii)	if sent by pre-paid, recorded delivery or registered post, three Business Days (in the place where the notice was received) after the date of posting to the
relevant address; 

  

	 	(iii)	if sent by registered air-mail, three Business Days (in the place where notice was received) after the date of posting to the relevant address; and

  

	 	(iv)	 if sent by fax, on successful completion of transmission as evidenced by a transmission report from the machine from which the fax was sent and
if 

  
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notice to the Chargee or any Receiver, when actually received in legible form, save that if such notice, communication or document is received after normal working hours (which shall be deemed to
be 8.30 a.m. and 5.30 p.m. on any Business Day in the country of the recipient), such notice, communication or document shall be deemed to have been received on the next Business Day, 

and, if a particular department or officer is specified as part of its address details provided under Clause 19.2 (Addresses), if addressed to
that department or officer. 
  

	(b)	Any communication or document to be made or delivered to the Chargee, shall be effective only when delivered to the Chargee or in the case of telecopy notice,
when received and only if the same is expressly marked for the attention of the department or officer identified with the Chargee’s signature below or such other department or officer as the Chargee shall from time to time specify for this
purpose. 

  

	(c)	For the avoidance of doubt, notice given under this Mortgage shall not be validly served if given by e-mail. 

 

	20	COSTS AND EXPENSES 

 20.1 Indemnity
The Chargor shall indemnify the Chargee and any Receiver on written demand against all properly incurred and documented costs and expenses (including reasonable legal fees) and liabilities, and any VAT thereon (together, “Losses”),
which the Chargee or any Receiver may incur as a result of the occurrence of an Enforcement Event except to the extent such Losses are directly attributable to the fraud, gross negligence or wilful misconduct of the Chargee or any Receiver.

 20.2 Interest The amounts payable under Clause 20.1 (Indemnity) above shall bear interest (compounded daily) thereon in
accordance with the terms of Clause 2.2 (Default Interest) (payable after, as well as before judgment) from the dates on which they were paid or incurred by the Chargee or Receiver to the date of payment thereof by the Chargor. 

 

	21	CURRENCY OF ACCOUNT 

 21.1 Currency of
Account All payments hereunder shall be made in immediately available funds in the currency and to the account specified by the Chargee in the corresponding demand. 

 

	22	ASSIGNMENTS, ETC. 

 22.1 The Chargee
The Chargee may assign and transfer all of its respective rights and obligations hereunder to a replacement Chargee appointed in accordance with the terms of the Shareholders Agreement. Upon such assignment and transfer taking effect, the
replacement Chargee shall be and be deemed to be acting as Chargee for the Secured Parties for the purposes of this Mortgage in place of the old Chargee. 
 22.2 The Chargor The Chargor shall not be entitled to transfer or assign all or any of its rights or obligations in respect of this Mortgage otherwise than with the prior written consent of the
Chargee (not to be unreasonably withheld or delayed). 

  
 119

	23	SET-OFF 

 Where an Enforcement Event has
occurred, the Chargee may (but shall not be obliged to) set off any obligation which is due and payable by the Chargor and unpaid against any obligation (whether or not matured) owed by the Chargee to the Chargor, regardless of the place of payment,
booking branch or currency of either obligation. If the obligations are in different currencies, the Chargee may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either
obligation is unliquidated or unascertained, the Chargee may set off in an amount estimated by it in good faith to be the amount of that obligation; provided that once such obligation becomes liquidated or ascertained, the Chargee shall return any
excess amounts to the Chargor. 
  

	24	COVENANT TO RELEASE 

 Upon the expiry of
the Security Period or as otherwise required under the terms of the Shareholders Agreement, the Chargee shall (or procure that its nominees shall), in each case at the request of the Chargor, execute and do all such deeds, acts and things as may be
necessary to release the Security Assets from the security constituted hereby including the payment of any moneys standing to the credit of any Realisation Accounts to the Chargor. 

 

	25	PREVAILING AGREEMENT 

 The provisions of
this Mortgage are subject to the provisions of the Shareholders Agreement and in the event of any inconsistency the provisions of the Shareholders Agreement shall prevail over the provisions of this Mortgage, except to the extent necessary under
laws of the Cayman Islands to maintain the creation or perfection of security, or to preserve the Chargee’s and the Secured Parties’ rights and remedies under this Mortgage. 

 

	26	GOVERNING LAW 

 This Mortgage is governed
by, and shall be construed in accordance with, the laws of England. 
  

	27	JURISDICTION OF ENGLISH COURTS 

 27.1
The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Mortgage (including a dispute regarding the existence, validity or termination of this Mortgage). 

27.2 The parties to this Mortgage agree that the courts of England are the most appropriate and convenient courts to settle such disputes and
accordingly no party shall argue to the contrary. 
  

	28	COUNTERPARTS AND EFFECTIVENESS 

 28.1
Counterparts This Mortgage may be executed in any number of counterparts, each of which when executed and delivered constitutes an original of this Mortgage, but all the counterparts shall together constitute one and the same agreement.

 28.2 Effectiveness This Mortgage shall come into effect as a Deed on the date set forth above. 

  
 120

 IN WITNESS WHEREOF this Mortgage has been executed and delivered as a Deed by the parties hereto on
the date stated at the beginning of this Mortgage. 

  
 121

 SIGNATORIES 
 THE CHARGOR: 
 Executed as a deed by
                                         
                                         
  ) 
 LION/RALLY CAYMAN 1 L.P. acting through its general partner
(GP)                                         
       ) 
  

							
				
	  	 	Signature of director	 	  	 	Signature of director/secretary
				
	  	 	Name of director	 	  	 	Name of director/secretary

 in the presence of:

 Address: 
 Fax number: 

Attn: 

 Executed as a deed by 
 THE CHARGEE 
 [BISON] 

			
		
	By:	 	 

 Address: 

Fax No: 
 Attn: 

 

			
		
	By:	 	 

 Address: 

Fax No: 
 Attn: 

 IN WITNESS WHEREOF this Agreement has been executed as a DEED on the date that appears on the first
page of this Agreement by: 
  

							
	 Executed as a DEED by
	 	)	 		 	
	 LION/RALLY CAYMAN 2
	 	)	 		 	/s/ Rob Jones
	 acting by
	 	)	 		 	Authorised signatory
				
	 Executed as a DEED by
	 	)	 		 	
	 CAREY AGRI INTERNATIONAL
	 	)	 		 	
	 – POLAND SP. Z O.O
	 	)	 		 	/s/ William V. Carey
	 acting by
	 	)	 		 	Authorised signatory
				
	 Executed as a DEED by
	 	)	 		 	
	 LION CAPITAL GENERAL
	 	)	 		 	
	 PARTNER LLP as General Partner
	 	)	 		 	
	 of LION/RALLY CARRY ENG 1 LP 
	 	)	 		 	/s/ James Cocker
	 acting by
	 	)	 		 	Authorised signatory
				
	 Executed as a DEED by
	 	)	 		 	
	 LION/LATIMER GP II
	 	)	 		 	
	 (GUERNSEY) LIMITED as General
	 	)	 		 	
	 Partner of LION/RALLY CAYMAN
	 	)	 		 	/s/ Rob Jones
	 1 LP acting by
	 	)	 		 	Authorised signatory
				
	 Executed as a DEED by
	 	)	 		 	
	 CENTRAL EUROPEAN
	 	)	 		 	
	 DISTRIBUTION CORPORATION
	 	)	 		 	/s/ William V. Carey
	 acting by
	 	)	 		 	Authorised signatory

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