Document:

Form of Proposed Amended and Restated Memorandum and Articles of Association

 Exhibit 4.3 
  

Form of Proposed Amended and Restated 
 Memorandum and Articles of Association of 
 ARM Holdings plc 
  
 The Companies Act 1985 
  
 Company Limited by Shares 
  
 MEMORANDUM 
 AND 
 ARTICLES OF ASSOCIATION 
  
 Adopted by Special Resolution passed on 26 April 2004 and amended by a Special
Resolution passed on · 2004 
  
 ARM Holdings plc 

 TABLE OF CONTENTS 
  

					
	 	  	Article No.

	  	Page No.

	 MEMORANDUM OF ASSOCIATION
	  	 	  	1
			
	 ARTICLES OF ASSOCIATION
	  	 	  	7
			
	 Preliminary
	  	 	  	 
			
	 Table A not to apply
	  	1	  	7
			
	 Interpretation
	  	2	  	7
			
	 Share Capital
	  	 	  	 
			
	 Amount of share capital
	  	3	  	9
			
	 Increase of share capital
	  	4	  	9
			
	 Consolidation, subdivision and cancellation
	  	5	  	9
			
	 Purchase of own shares
	  	6	  	10
			
	 Reduction of capital
	  	7	  	11
			
	 Shares
	  	 	  	 
			
	 Rights attaching to shares on issue
	  	8	  	11
			
	 Directors’ power to allot securities and to sell treasury shares
	  	9	  	11
			
	 Commissions on issue of shares
	  	10	  	12
			
	 Renunciation of allotment
	  	11	  	12
			
	 Trust etc. interests not recognised
	  	12	  	12
			
	 Share Certificates
	  	 	  	 
			
	 Issue of share certificates
	  	13	  	13
			
	 Form of share certificate
	  	14	  	13
			
	 Joint holders
	  	15	  	13
			
	 Replacement of share certificates
	  	16	  	13
			
	 Calls on Shares
	  	 	  	 
			
	 Power to make calls
	  	17	  	14
			
	 Liability for calls
	  	18	  	14
			
	 Interest on overdue amounts
	  	19	  	14
			
	 Other sums due on shares
	  	20	  	14

  

 - i - 

					
	 	  	Article No.

	  	Page No.

	 Power to differentiate between holders
	  	21	  	14
			
	 Payment of calls in advance
	  	22	  	14
			
	 Forfeiture and Lien
	  	 	  	 
			
	 Notice on failure to pay a call
	  	23	  	15
			
	 Forfeiture for non-compliance
	  	24	  	15
			
	 Disposal of forfeited shares
	  	25	  	15
			
	 Holder to remain liable despite forfeiture
	  	26	  	15
			
	 Lien on partly-paid shares
	  	27	  	15
			
	 Sale of shares subject to lien
	  	28	  	16
			
	 Proceeds of sale of shares subject to lien
	  	29	  	16
			
	 Evidence of forfeiture
	  	30	  	16
			
	 Variation of Rights
	  	 	  	 
			
	 Manner of variation of rights
	  	31	  	16
			
	 Matters not constituting variation of rights
	  	32	  	17
			
	 Transfer of Shares
	  	 	  	 
			
	 Form of transfer
	  	33	  	17
			
	 Balance certificate
	  	34	  	17
			
	 Right to refuse registration
	  	35	  	17
			
	 No fee on registration
	  	36	  	18
			
	 Closure of Register
	  	37	  	18
			
	 Branch Register
	  	38	  	18
			
	 Further provisions on shares in uncertificated form
	  	39	  	18
			
	 Transmission of Shares
	  	 	  	 
			
	 Persons entitled on death
	  	40	  	19
			
	 Election by persons entitled by transmission
	  	41	  	19
			
	 Rights of persons entitled by transmission
	  	42	  	19
			
	 Untraced Shareholders
	  	43	  	19

  

 - ii - 

					
	 	  	Article No.

	  	Page No.

	 General Meetings
	  	 	  	 
			
	 Annual and Extraordinary General Meetings
	  	44	  	20
			
	 Convening of General Meetings
	  	45	  	20
			
	 Notice of General Meetings
	  	 	  	 
			
	 Length of notice for General Meetings
	  	46	  	20
			
	 Contents of notice of General Meetings
	  	47	  	21
			
	 Proceedings at General Meetings
	  	 	  	 
			
	 Chairman
	  	48	  	21
			
	 Quorum
	  	49	  	21
			
	 Lack of quorum
	  	50	  	22
			
	 Adjournment
	  	51	  	22
			
	 Notice of adjourned meeting
	  	52	  	22
			
	 Amendments to resolutions
	  	53	  	22
			
	 Polls
	  	 	  	 
			
	 Demands for a poll
	  	54	  	22
			
	 Procedure on a poll
	  	55	  	23
			
	 Voting on a poll
	  	56	  	23
			
	 Timing of poll
	  	57	  	23
			
	 Votes of Members
	  	 	  	 
			
	 Votes attaching to shares
	  	58	  	23
			
	 Votes of joint holders
	  	59	  	23
			
	 Chairman’s casting vote
	  	60	  	24
			
	 Restriction on voting in particular circumstances
	  	61	  	24
			
	 Voting by guardian
	  	62	  	26
			
	 Validity and result of vote
	  	63	  	26
			
	 Proxies and Corporate Representatives
	  	 	  	 
			
	 Proxy need not be a member
	  	64	  	26
			
	 Form of proxy
	  	65	  	26

  

 - iii - 

					
	 	  	Article No.

	  	Page No.

	 Deposit of form of proxy
	  	66	  	26
			
	 Rights of proxy
	  	67	  	27
			
	 Revocation of proxy
	  	68	  	27
			
	 Corporations acting by representatives
	  	69	  	27
			
	 Directors
	  	 	  	 
			
	 Number of Directors
	  	70	  	28
			
	 Share qualification
	  	71	  	28
			
	 Directors’ fees
	  	72	  	28
			
	 Other remuneration of Directors
	  	73	  	28
			
	 Directors’ expenses
	  	74	  	28
			
	 Directors’ pensions and other benefits
	  	75	  	28
			
	 Appointment of executive Directors
	  	76	  	29
			
	 Powers of executive Directors
	  	77	  	29
			
	 Appointment and Retirement of Directors
	  	 	  	 
			
	 Age limit
	  	78	  	29
			
	 Retirement at Annual General Meetings
	  	79	  	29
			
	 Re-election of retiring Director
	  	80	  	29
			
	 Election of two or more Directors
	  	81	  	30
			
	 Nomination of Director for election
	  	82	  	30
			
	 Election or appointment of additional Director
	  	83	  	30
			
	 Vacation of office
	  	84	  	30
			
	 Removal of Director
	  	85	  	31
			
	 Meetings and Proceedings of Directors
	  	 	  	 
			
	 Convening of meetings of Directors
	  	86	  	31
			
	 Quorum
	  	87	  	32
			
	 Chairman
	  	88	  	32
			
	 Casting vote
	  	89	  	32

  

 - iv - 

					
	 	  	Article No.

	  	Page No.

	 Number of Directors below minimum
	  	90	  	32
			
	 Written resolutions
	  	91	  	32
			
	 Validity of proceedings
	  	92	  	32
			
	 Directors’ Interests
	  	 	  	 
			
	 Directors may have interests
	  	93	  	33
			
	 Restrictions on voting
	  	94	  	33
			
	 Directors’ interests - general
	  	95	  	34
			
	 Committees of the Directors
	  	 	  	 
			
	 Appointment and constitution of committees
	  	96	  	35
			
	 Proceedings of committee meetings
	  	97	  	35
			
	 Powers of Directors
	  	 	  	 
			
	 General powers
	  	98	  	35
			
	 Local boards
	  	99	  	35
			
	 Appointment of attorney
	  	100	  	36
			
	 President
	  	101	  	36
			
	 Signature on cheques etc.
	  	102	  	36
			
	 Borrowing powers
	  	103	  	36
			
	 Alternate Directors
	  	104	  	40
			
	 Secretary
	  	105	  	41
			
	 The Seal
	  	106	  	41
			
	 Authentication of Documents
	  	107	  	42
			
	 Reserves
	  	 	  	 
			
	 Establishment of reserves
	  	108	  	42
			
	 Business bought as from past date
	  	109	  	42

  

 - v - 

					
	 	  	Article No.

	  	Page No.

	 Dividends
	  	 	  	 
			
	 Final dividends
	  	110	  	43
			
	 Fixed and interim dividends
	  	111	  	43
			
	 Distribution in specie
	  	112	  	43
			
	 No dividend except out of profits
	  	113	  	43
			
	 Ranking of shares for dividend
	  	114	  	43
			
	 Manner of payment of dividends
	  	115	  	44
			
	 Joint holders
	  	116	  	44
			
	 Record date for dividends
	  	117	  	44
			
	 No interest on dividends
	  	118	  	44
			
	 Retention of dividends
	  	119	  	45
			
	 Unclaimed dividend
	  	120	  	45
			
	 Waiver of dividend
	  	121	  	45
			
	 Capitalisation of Profits and Reserves
	  	122	  	45
			
	 Scrip Dividends
	  	123	  	46
			
	 Accounts
	  	 	  	 
			
	 Accounting records
	  	124	  	47
			
	 Copies of accounts for members
	  	125	  	47
			
	 Auditors
	  	 	  	 
			
	 Validity of Auditor’s acts
	  	126	  	48
			
	 Auditor’s right to attend General Meetings
	  	127	  	48
			
	 Notices
	  	 	  	 
			
	 Service of notices
	  	128	  	48
			
	 Joint holders
	  	129	  	48
			
	 Deceased and bankrupt members
	  	130	  	49
			
	 Overseas members
	  	131	  	49
			
	 Suspension of postal services
	  	132	  	49
			
	 Electronic communication
	  	133	  	49

  

 - vi - 

					
	 	  	Article No.

	  	Page No.

	 Electronic communication: signature of documents
	  	134	  	50
			
	 Statutory requirements as to notices
	  	135	  	50
			
	 Winding-Up
	  	 	  	 
			
	 Directors’ power to petition
	  	136	  	50
			
	 Distribution of assets in specie
	  	137	  	50
			
	 Destruction of Documents
	  	138	  	51
			
	 Indemnity
	  	139	  	51
			
	 Approved Depositaries
	  	140	  	52

  

 - vii - 

 The Companies Act 1985 
  
 Company Limited by Shares 
  
 Memorandum of Association 
 of

 ARM Holdings plc 
  
 (amended by Special Resolution passed on 6 March 1998) 
  

	1	The Company’s name is “ARM Holdings plc”.1 

  

	2	The Company is to be a public company. 

  

	3	The Company’s registered office is to be situated in England and Wales. 

  

	4	The Company’s objects are: 

  

	 	(a)	to act as a holding company in all its branches; 

  

	 	(b)	to acquire and hold controlling and other interests in the share or loan capital of any company or companies and in particular (but without limitation) in companies having objects
similar to those in paragraph (c) below; 

  

	 	(c)	to design, modify, develop, manufacture, assemble and deal in computers and peripheral equipment including without limitation processors, software tools and cell designs; to provide
a technical advisory and design service for users and potential users of computers and other electronic or automatic equipment and to devise and supply programmes and other software for such users; to carry out research, investigations and
experimental work in relation to electronics and the application and use of electronic technology; to apply for, purchase or otherwise acquire any patents, patent rights, copyrights, trade marks, formulas, licences, concessions and the like,
conferring any exclusive, non-exclusive or limited right to use, or any secret or other information as to, any invention which may seem capable of being used for any purpose of the Company, or the acquisition of which may seem calculated to benefit
the Company; to use, exercise, develop or grant licences in respect of or otherwise turn to account, the property, right or information so acquired; to sell any patent rights or privileges belonging to the Company or any interest in them, to grant
licences for the use and practice of the same or any of them, to let and allow to be used or otherwise deal with any inventions, patents or privileges in which the Company may be interested, and to do all such acts and things as may be deemed
expedient for turning to account any such inventions, patents and privileges; 

  

	 	(d)	to carry on any other trade or business whatever which can in the opinion of the Board of Directors be advantageously carried on in connection with or ancillary to any of the
businesses of the Company; 

	1	The Company’s name on incorporation was Styletheme Limited. 

 On 22 November 1990, the Company’s name was changed to Advanced RISC Machines Holdings Limited. 
 On 10
March 1998, the Company was re-registered as a public company with the name ARM Holdings plc. 
  

 1 

	 	(e)	to purchase or by any other means acquire or take options over any property whatever, and any rights or privileges of any kind over or in respect of any property;

  

	 	(f)	to apply for, register, purchase, or by other means acquire and protect, prolong and renew, whether in the United Kingdom or elsewhere, any patents, patent rights, brevets
d’invention, licences, secret processes, trade marks, designs, protections and concessions and to disclaim, alter, modify, use and turn to account and to manufacture under or grant licences or privileges in respect of the same, and to expend
money in experimenting upon, testing and improving any patents, inventions or rights which the Company may acquire or propose to acquire; 

  

	 	(g)	to acquire or undertake the whole or any part of the business, goodwill and assets of any person, firm or company carrying on or proposing to carry on any of the businesses which
the Company is authorised to carry on and as part of the consideration for such acquisition to undertake all or any of the liabilities of such person, firm or company or to acquire an interest in, amalgamate with or enter into partnership or into
any arrangement for sharing profits, or for co-operation, or for mutual assistance with any such person, firm or company or for subsidising or otherwise assisting any such person, firm or company, and to give or accept, by way of consideration for
any of the acts or things aforesaid or property acquired, any shares, debentures, debenture stock or securities that may be agreed upon, and to hold and retain, or sell, mortgage and deal with any shares, debentures, debenture stock or securities so
received; 

  

	 	(h)	to improve, manage, construct, repair, develop, exchange, let on lease or otherwise mortgage, charge, sell, dispose of, turn to account, grant licences, options, rights and
privileges in respect of, or otherwise deal with all or any part of the property and rights of the Company; 

  

	 	(i)	to invest and deal with the moneys of the Company not immediately required in such manner as may from time to time be determined and to hold or otherwise deal with any investments
made; 

  

	 	(j)	to lend and advance money or give credit on any terms and with or without security to any person, firm or company (including without prejudice to the generality of the foregoing any
holding company, subsidiary or fellow subsidiary of, or any other company associated in any way with the Company), to enter into guarantees, contracts of indemnity and suretyships of all kinds, to receive money on deposit or loan upon any terms, and
to secure or guarantee in any manner and upon any terms the payment of any sum of money or the performance of any obligation by any person, firm or company (including without prejudice to the generality of the foregoing any such holding company,
subsidiary, fellow subsidiary or associated company as aforesaid); 

  

	 	(k)	to borrow and raise money in any manner and to secure the repayment of any money borrowed, raised or owing by mortgage, charge, standard security, lien or other security upon the
whole or any part of the Company’s property or assets (whether present or future) including its uncalled capital and also by a similar mortgage, charge, standard security, lien or security to secure and guarantee the performance by the Company
of any obligation or liability it may undertake or which may become binding on it; 

  

 2 

	 	(l)	to draw, make, accept, endorse, discount, negotiate, execute and issue cheques, bills of exchange, promissory notes, bills of lading, warrants, debentures and other negotiable or
transferable instruments; 

  

	 	(m)	to apply for, promote and obtain any Act of Parliament, order or licence of the Department of Trade or other authority for 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 calculated directly or indirectly to promote the Company’s interests and to oppose any proceedings or applications which may
seem calculated directly or indirectly to prejudice the Company’s interest; 

  

	 	(n)	to enter into any arrangements with any government or authority (supreme, municipal, local or otherwise) that may seem conducive to the attainment of the Company’s objects or
any of them and to obtain from any such government, or authority any charters, decrees, rights, privileges or concessions which the Company may think desirable and to carry out, exercise and comply with any such charters, decrees, rights, privileges
and concessions; 

  

	 	(o)	to subscribe for, take, purchase or otherwise acquire, hold, sell, deal with, dispose of, place or underwrite shares, stocks, debentures, debenture stock, bonds, obligations or
securities issued or guaranteed by any other company constituted or carrying on business in any part of the world and debentures, debenture stock, bonds, obligations or securities issued or guaranteed by any government or authority, municipal, local
or otherwise in any part of the world; 

  

	 	(p)	to control, manage, finance, subsidise, co-ordinate or otherwise assist any company or companies in which the Company has a direct or indirect financial interest, to provide
secretarial, administrative, technical, commercial and other services and facilities of all kinds for any such company or companies and to make payments by way of subvention or otherwise and any other arrangements which may seem desirable with
respect of any business or operations of or generally with respect to any such company or companies; 

  

	 	(q)	to promote any other company for the purpose of acquiring the whole or any part of the business or property or undertaking or any of the liabilities of the Company or of undertaking
any business or operations which may appear likely to assist or benefit the Company or to enhance the value of any property or business of the Company, and to place, underwrite, subscribe for, or guarantee the placing, underwriting or subscription
or otherwise acquire all or any part of, the shares or securities of any such company as aforesaid; 

  

	 	(r)	to sell or otherwise dispose of the whole or any part of the business or property of the Company either together or in portions for such consideration as the Company may think fit,
and in particular for shares, debentures or securities of any company purchasing the same; 

  

	 	(s)	to act as agents or brokers and as trustees for any person, firm or company and to undertake and perform sub-contracts; 

  

	 	(t)	to remunerate any person, firm or company rendering services to the Company either by cash payment or by the allotment to him or them of shares or other securities of the Company
credited as paid up in full or in part or otherwise as may be thought expedient; 

  

 3 

	 	(u)	to pay all or any expenses incurred in connection with the promotion, formation and incorporation of the Company, or to contract with any person, firm or company to pay the same,
and to pay commissions to brokers and others for underwriting, placing, selling or guaranteeing the subscription of any shares or other securities of the Company; 

  

	 	(v)	to support and subscribe to any charitable or public object and to support and subscribe to any institution, society or club which may be for the benefit of the Company or its
Directors or employees, or may be connected with any town or place where the Company carries on business, to give or award pensions, annuities, gratuities, and superannuation or other allowances or benefits or charitable aid and generally to provide
advantages, facilities and services for any persons who are or have been Directors of, or who are or have been employed by, or who are serving or have served the Company, or any company which is a subsidiary of the Company or the holding company of
the Company or a fellow subsidiary of the Company or the predecessors in business of the Company or of any such subsidiary, holding or fellow subsidiary company and to the wives, widows, children and other relatives and dependants of such persons;
to make payments towards insurances; and to set up, establish, support and maintain superannuation and other funds or schemes (whether contributory or non-contributory) for the benefit of any of such persons and of their wives, widows, children and
other relatives and dependants, and to set up, establish, support and maintain profit sharing or share purchase schemes for the benefit of any of the employees of the Company or of any such subsidiary, holding or fellow subsidiary company and to
lend money to any such employees or to trustees on their behalf to enable any such purchase schemes to be established or maintained; 

  

	 	(w)	to establish and maintain, and to contribute to, any scheme for encouraging or facilitating the holding of shares or debentures in the Company by or for the benefit of its employees
or former employees, or those of its subsidiary or holding company or subsidiary of its holding company, or by or for the benefit of any other persons as may for the time being be permitted by law, or any scheme for sharing profits with its
employees or those of its subsidiary and/or associated companies, and (so far as for the time being permitted by law) to lend money to employees of the Company or of any company which is its holding company or is a subsidiary of the Company or any
such holding company or otherwise is allied to or associated with the Company with a view to enabling them to acquire shares in the Company or its holding company; 

  

	 	(x)	(i) to purchase and maintain insurance for or for the benefit of any persons who are or were at any time directors, officers or employees or auditors of the Company, or of any other
company which is its holding company or in which the Company or such holding company or any of the predecessors of the Company or of such holding company has any interest whether direct or indirect or which is in any way allied to or associated with
the Company, or of any subsidiary undertaking of the Company or of any such other company, or who are or were at any time trustees of any pension fund in which any employees of the Company or of any such other company or subsidiary undertaking are
interested, including (without prejudice to the generality of the foregoing) insurance against any liability incurred by such persons in respect of any act or omission in the actual or purported execution and/or discharge of their duties and/or in
the exercise or purported exercise of their 

  

 4 

 powers and/or otherwise in relation to the Company or any such other company, subsidiary undertaking or
pension fund and (ii) to such extent as may be permitted by law otherwise to indemnify or to exempt any such person against or from any such liability; for the purposes of this clause “holding company” and “subsidiary
undertaking” shall have the same meanings as in the Companies Act 1985 as amended by the Companies Act 1989; 
  

	 	(y)	to distribute among the Members of the Company in kind any property of the Company of whatever nature; 

  

	 	(z)	to procure the Company to be registered or recognised in any part of the world; 

  

	 	(aa)	to do all or any of the things or matters aforesaid in any part of the world and either as principals, agents, contractors or otherwise and by or through agents, brokers,
sub-contractors or otherwise and either alone or in conjunction with others; and 

  

	 	(bb)	to do all such things as may be incidental or conducive to the attainment of the Company’s objects or any of them. 

  
 AND so that: 
  

	 	(1)	None of the objects set forth in any sub-clause of this Clause shall be restrictively construed but the widest interpretation shall be given to each such object, and none of such
objects shall, except where the context expressly so requires, be in any way limited or restricted by reference to or inference from any other object or objects set forth in such sub-clause, or by reference to or inference from the terms of any
other sub-clause of this Clause, or by reference to or inference from the name of the Company. 

  

	 	(2)	None of the sub-clauses of this Clause and none of the objects therein specified shall be deemed subsidiary or ancillary to any of the objects specified in any other such sub-clause
and the Company shall have as full a power to exercise each and every one of the objects specified in each sub-clause of this Clause as though each such sub-clause contained the objects of a separate company. 

  

	 	(3)	The word “company” in this Clause, except where used in reference to the Company, shall be deemed to include any partnership or other body of persons, whether incorporated
or unincorporated and whether domiciled in the United Kingdom or elsewhere. 

  

	 	(4)	In this Clause the expression “the Act” means the Companies Act 1985, but so that any reference in this Clause to any provision of the Act shall be deemed to include a
reference to any statutory modification or re-enactment of that provision for the time being in force. 

  

	5	The liability of the Members is limited. 

  

	6	The Company’s share capital is £1,000 divided into 1,000 shares of £1 each2. 

  
 We, the subscribers to this Memorandum of Association, wish to be formed into a company pursuant to this Memorandum and we agree to take the number of shares shown opposite our respective names. 

	2	As at · 2004, the authorised share capital was
£· divided into · Ordinary Shares of 0.05p each. 

  

 5 

			
	 Names and addresses of Subscribers

	  	 Number of shares taken by each Subscriber

	 (i)               Instant
Companies Limited
                   2 Baches Street
                   London N1 6UB
	  	One
		
	 (ii)             Swift Incorporations
Limited
                   2 Baches Street
                   London N1 6UB
	  	One
	 	  	

	 Total shares taken
	  	Two
	 	  	

  
 Dated the 30th day of July 1990

  
 Witness to the above Signatures: 
  
 Terry Jayne 
 2 Baches Street 
 London N1 6UB 
  

 6 

 The Companies Act 1985 
  
 Company Limited by Shares 
  
 Articles of Association 
  
 of 
  
 ARM Holdings plc 
  
 (adopted by Special Resolution passed on 26 April 2004) 
  
 Preliminary 
  

	1	Table A not to apply 

  
 The regulations in Table A in The Companies (Tables A to F) Regulations 1985 shall not apply to the Company. 
  

	2	Interpretation 

  
 In these Articles (if not inconsistent with the subject or context) the words and expressions set out in the first column below shall bear the meanings
set opposite to them respectively: 
  

			
	“Act”	  	The Companies Act 1985.
		
	“Approved Depositary”	  	A custodian or some other person appointed in writing by the Directors whereby such custodian or other person holds or is interested in Ordinary Shares of the Company and issues securities or
other documents of title or otherwise evidencing the entitlement of the holder thereof to receive such shares, provided and to the extent that the terms and conditions of the custodian or other person acting as such have been approved by the
Directors for the purpose of these Articles.
		
	“Nominee”	  	A member of the Company who holds Ordinary Shares in the Company as nominee for an Approved Depositary.
		
	“CREST Regulations”	  	The Uncertificated Securities Regulations 2001.
		
	“Statutes”	  	The Act, the CREST Regulations, and every other statute for the time being in force concerning companies and affecting the Company.
		
	“these Articles”	  	These Articles of Association as from time to time altered.
		
	“Auditors”	  	The auditors for the time being of the Company.
		
	“Office”	  	The registered office of the Company for the time being.
		
	“Register”	  	The register of members of the Company.
		
	“Transfer Office”	  	The place where the Register is situate for the time being.
		
	“Seal”	  	The Common Seal of the Company.

  

 7 

			
	“Securities Seal”	  	An official seal kept by the Company by virtue of Section 40 of the Act.
		
	“London Stock Exchange”	  	London Stock Exchange plc.
		
	“Operator”	  	CRESTCo Limited or such other person as may for the time being be approved by H.M. Treasury as Operator under the CREST Regulations.
		
	“Operator-instruction”	  	A properly authenticated dematerialised instruction attributable to the Operator.
		
	“relevant system”	  	A computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument pursuant to the CREST
Regulations.
		
	“participating security”	  	A security title to units of which is permitted by the Operator to be transferred by means of a relevant system.
		
	“United Kingdom”	  	Great Britain and Northern Ireland.
		
	“month”	  	Calendar month.
		
	“year”	  	Calendar year.
		
	“in writing”	  	Written or produced by any substitute for writing, including (but only to the extent that (a) the Directors so resolve, either generally or in relation to particular categories of document,
and (b) the recipient (if not the Company) has requested or agreed) any electronic communication, or partly one and partly another.
		
	“paid”	  	Paid or credited as paid.
		
	“UK Listing Authority”	  	The Financial Services Authority in its capacity as competent authority under the Financial Services and Markets Act 2000.

  
 The expression
“address” shall include, in relation to electronic communication, any number or address (including, in the case of any Uncertificated Proxy Instruction permitted under Article 66, an identification number of a participant in the
relevant system) used for the purposes of such communication. 
  
 The expressions “communication” and “electronic communication” shall have the same respective meanings as in the Electronic Communications Act 2000, the latter including, without limitation, e-mail,
facsimile, CD-Rom, audio tape and telephone transmission and (in the case of electronic communication by the Company in accordance with paragraph 133.1) publication on a web site. 
  
 The expressions “debenture” and “debenture holder” shall respectively include debenture
stock and debenture stockholder. 
  
 The expression
“holder” in relation to a share in the capital of the Company means the member whose name is entered in the Register as the holder of that share. 
  

 8 

 The expression “officer” shall include a Director, manager or the Secretary but shall
not include the Auditors. 
  
 The expressions “recognised
clearing house” and “recognised investment exchange” shall mean any clearing house or investment exchange (as the case may be) granted recognition under the Financial Services and Markets Act 2000. 
  
 The expression “Secretary” shall include any person
appointed by the Directors to perform any of the duties of the Secretary including, but not limited to, a joint, assistant or deputy Secretary. 
  
 The expression “shareholders’ meeting” shall include both a General Meeting and a meeting of the holders of any class of shares of
the Company. 
  
 All such of the provisions of these Articles as
are applicable to paid-up shares shall apply to stock, and the words “share” and “shareholder” shall be construed accordingly. 
  
 Words denoting the singular shall include the plural and vice versa. Words denoting the masculine shall include the
feminine. Words denoting persons shall include bodies corporate and unincorporated associations. 
  
 References to any statute or statutory provision shall be construed as relating to any statutory modification or re-enactment thereof for the time being
in force (whether coming into force before or after the adoption of these Articles). 
  
 Subject as aforesaid any words or expressions defined in the Act or the CREST Regulations shall (if not inconsistent with the subject or context) bear the same meanings in these Articles. 
  
 A Special or Extraordinary Resolution shall be effective for any purpose for
which an Ordinary Resolution is expressed to be required under any provision of these Articles. 
  
 References to a share (or a holding of shares) being in certificated or uncertificated form are references, respectively, to that share being a
certificated or an uncertificated unit of a security for the purposes of the CREST Regulations. 
  
 SHARE CAPITAL 
  

	3	Amount of share capital 

  
 The share capital of the Company consists of ·
Ordinary Shares of 0.05p each. 
  

	4	Increase of share capital 

  
 The Company may from time to time by Ordinary Resolution increase its capital by such sum to be divided into shares of such amounts as the resolution
shall prescribe. All new shares shall be subject to the provisions of the Statutes and of these Articles with reference to allotment, payment of calls, lien, transfer, transmission, forfeiture and otherwise. 
  

	5	Consolidation, subdivision and cancellation 

  

	5.1	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; 

  

 9 

	 	(b)	cancel any shares which, at the date of the passing of the resolution, have not been taken, or agreed to be taken, by any person and diminish the amount of its capital by the amount
of the shares so cancelled; 

  

	 	(c)	subdivide its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum of Association (subject, nevertheless, to the provisions of the Statutes), and so
that the resolution whereby any share is subdivided may determine that, as between the holders of the shares resulting from such subdivision, one or more of the shares may, as compared with the others, have any such preferred, deferred or other
special rights, or be subject to any such restrictions, as the Company has power to attach to unissued or new shares. 

  

	5.2	Whenever as a result of a consolidation or subdivision of shares any members would become entitled to fractions of a share, the Directors may, on behalf of those members,
sell the shares representing the fractions for the best price reasonably obtainable to any person (including, subject to the provisions of the Act, the Company) and distribute the net proceeds of sale in due proportion among those members, and the
Directors may authorise some person to transfer the shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by
any irregularity in or invalidity of the proceedings in reference to the sale. So far as the Statutes allow, the Directors may treat shares of a member in certificated form and in uncertificated form as separate holdings in giving effect to
subdivisions and/or consolidations and may cause any shares arising on consolidation or subdivision and representing fractional entitlements to be entered in the Register as shares in certificated form where this is desirable to facilitate the sale
thereof. 

  

	6	Purchase of own shares 

  

	6.1	Subject to the provisions of the Statutes, the Company may purchase, or may enter into a contract under which it will or may purchase, any of its own shares of any class
(including any redeemable shares) but so that if there shall be in issue any shares which are convertible into equity share capital of the Company of the class proposed to be purchased, then the Company shall not purchase, or enter into a contract
under which it will or may purchase, such equity shares unless either: 

  

	 	(a)	the terms of issue of such convertible shares include provisions permitting the Company to purchase its own equity shares or providing for adjustment to the conversion terms upon
such a purchase; or 

  

	 	(b)	the purchase, or the contract, has first been approved by an Extraordinary Resolution passed at a separate meeting of the holders of such convertible shares.

  

	6.2	The Company may not exercise any right in respect of treasury shares held by it, including any right to attend or vote at meetings, to participate in any offer by the Company
to shareholders or to receive any distribution (including in a winding-up), but without prejudice to its right to sell the treasury shares, to receive an allotment of shares as fully-paid bonus shares in respect of the treasury shares or to receive
any amount payable on redemption of any redeemable treasury shares. 

  

 10 

	7	Reduction of capital 

  
 Subject to the provisions of the Act, the Company may by Special Resolution reduce its share capital or any capital redemption reserve, share premium
account or other undistributable reserve in any way. 
  
 SHARES

  

	8	Rights attaching to shares on issue 

  
 Without prejudice to any special rights previously conferred on the holders of any shares or class of shares for the time being issued, any share in the
Company may be issued with such preferred, deferred or other special rights, or subject to such restrictions, whether as regards dividend, return of capital, voting or otherwise, as the Company may from time to time by Ordinary Resolution determine
(or, in the absence of any such determination, as the Directors may determine) and subject to the provisions of the Statutes the Company may issue any shares which are, or at the option of the Company or the holder are liable, to be redeemed.

  

	9	Directors’ power to allot securities and to sell treasury shares 

  

	9.1	Subject to the provisions of the Statutes relating to authority, pre-emption rights and otherwise and of any resolution of the Company in General Meeting passed pursuant
thereto, all unissued shares shall be at the disposal of the Directors and they may allot (with or without conferring a right of renunciation), grant options over or otherwise dispose of them to such persons, at such times and on such terms as they
think proper. 

  

	9.2	The Directors shall be generally and unconditionally authorised pursuant to and in accordance with Section 80 of the Act to exercise for each Allotment Period all the powers
of the Company to allot relevant securities up to an aggregate nominal amount equal to the Section 80 Amount. 

  

	9.3	During each Allotment Period the Directors shall be empowered to allot equity securities wholly for cash pursuant to and within the terms of the authority in paragraph 9.2
above and to sell treasury shares wholly for cash: 

  

	 	(a)	in connection with a Rights Issue; and 

  

	 	(b)	otherwise than in connection with a Rights Issue, up to an aggregate nominal amount equal to the Section 89 Amount, 

  
 as if Section 89(1) of the Act did not apply to any such allotment or sale.

  

	9.4	By such authority and power the Directors may, during the Allotment Period, make offers or agreements which would or might require securities to be allotted or sold after the
expiry of such period. 

  

	9.5	For the purposes of this Article: 

  

	 	(a)	“Rights Issue” means an offer of equity securities open for acceptance for a period fixed by the Directors to (i) holders (other than the Company) on the Register
on a record date fixed by the Directors of Ordinary Shares in proportion to their respective holdings (for which purpose holdings in certificated and uncertificated form may be treated as separate holdings) and (ii) other persons so entitled by

  

 11 

 virtue of the rights attaching to any other securities held by them, but subject in both cases to such
exclusions or other arrangements as the Directors may deem necessary or expedient in relation to fractional entitlements or legal or practical problems under the laws of, or the requirements of any recognised regulatory body or any stock exchange
in, any territory; 
  

	 	(b)	“Allotment Period” means the period ending on the date of the Annual General Meeting in 2009 or on 25 April 2009, whichever is the earlier, or any other period (not
exceeding five years on any occasion) for which the authority conferred by paragraph 9.2 above is renewed by Resolution of the Company in General Meeting stating the Section 80 Amount for such period; 

  

	 	(c)	the “Section 80 Amount” shall for the first Allotment Period be £170,500 and for any other Allotment Period shall be that stated in the relevant Resolution
renewing the authority conferred by paragraph 9.2 above for such period or, in either case, any increased amount fixed by Resolution of the Company in General Meeting; 

  

	 	(d)	the “Section 89 Amount” shall for the first Allotment Period be £25,500 and for any other Allotment Period shall be that stated in the relevant Special
Resolution renewing the power conferred by paragraph 9.3 above for such period or, in either case, any increased amount fixed by Special Resolution; and 

  

	 	(e)	the nominal amount of any securities shall be taken to be, in the case of rights to subscribe for or to convert any securities into shares of the Company, the nominal amount of such
shares which may be allotted pursuant to such rights. 

  

	10	Commissions on issue of shares 

  
 The Company may exercise the powers of paying commissions conferred by the Statutes to the full extent thereby permitted. The Company may also on any
issue of shares pay such brokerage as may be lawful. 
  

	11	Renunciation of allotment 

  
 The Directors may at any time after the allotment of any share but before any person has been entered in the Register as the holder: 
  

	 	(a)	recognise a renunciation thereof by the allottee in favour of some other person and may accord to any allottee of a share a right to effect such renunciation and/or

  

	 	(b)	allow the rights represented thereby to be one or more participating securities 

  
 in each case upon and subject to such terms and conditions as the Directors may think fit to impose. 
  

	12	Trust etc. interests not recognised 

  
 Except as required by law, no person shall be recognised by the Company as holding any share upon any trust, and the Company shall not be bound by or
compelled in any way to recognise any equitable, contingent, future or partial interest in any share, or any interest in any fractional part of a share, or (except only as by these Articles or by law otherwise provided) any other right in respect of
any share, except an absolute right to the entirety thereof in the holder. 
  

 12 

 SHARE CERTIFICATES 
  

	13	Issue of share certificates 

  
 Every person (except a person to whom the Company is not required by law to issue a certificate) whose name is entered in the Register in respect of
shares in certificated form shall upon the issue or transfer to him of shares be entitled without payment to a certificate therefor (in the case of issue) within one month (or such longer period as the terms of issue shall provide) after allotment
or (in the case of a transfer of fully-paid shares) within five business days after lodgement of the transfer or (in the case of a transfer of partly-paid shares) within two months after lodgement of the transfer. 
  

	14	Form of share certificate 

  
 Every share certificate shall be executed by the Company in such manner as the Directors may decide (which may include use of the Seal or the Securities
Seal (or, in the case of shares on a branch register, an official seal for use in the relevant territory) and/or manual or facsimile signatures by one or more Directors) and shall specify the number and class of shares to which it relates and the
amount paid up thereon. No certificate shall be issued representing shares of more than one class. 
  

	15	Joint holders 

  
 In the case of a share held jointly by several persons in certificated form the Company shall not be bound to issue more than one certificate therefor and
delivery of a certificate to one of the joint holders shall be sufficient delivery to all. 
  

	16	Replacement of share certificates 

  

	16.1	Any two or more certificates representing shares of any one class held by any member may at his request be cancelled and a single new certificate for such shares issued in
lieu without charge. 

  

	16.2	If any member shall surrender for cancellation a share certificate representing shares held by him and request the Company to issue in lieu two or more share certificates
representing such shares in such proportions as he may specify, the Directors may, if they think fit, comply with such request. 

  

	16.3	If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed, a new certificate representing the same shares may be issued to the
holder upon request subject to delivery up of the old certificate or (if alleged to have been lost, stolen or destroyed) compliance with such conditions as to evidence and indemnity and the payment of any exceptional out-of-pocket expenses of the
Company in connection with the request as the Directors may think fit but otherwise free of charge. 

  

	16.4	In the case of shares held jointly by several persons any such request may be made by any one of the joint holders. 

  

 13 

 CALLS ON SHARES 
  

	17	Power to make calls 

  
 The Directors may from time to time make calls upon the members in respect of any moneys unpaid on their shares (whether on account of the nominal value
of the shares or, when permitted, by way of premium) but subject always to the terms of allotment of such shares. A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call was passed and may be
made payable by instalments. 
  

	18	Liability for calls 

  
 Each member shall (subject to receiving at least 14 days’ notice specifying the time or times and place of payment) pay to the Company at the time or
times and place so specified the amount called on his shares. The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof. A call may be wholly or partly revoked or postponed as the Directors may determine.

  

	19	Interest on overdue amounts 

  
 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 15 per cent per annum) as the Directors determine but the Directors shall be at liberty in any case or cases to waive payment of
such interest wholly or in part. 
  

	20	Other sums due on shares 

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

	21	Power to differentiate between holders 

  
 The Directors may on the allotment of shares differentiate between the holders as to the amount of calls to be paid and the times of payment. 

 

	22	Payment of calls in advance 

  
 The Directors may if they think fit receive from any member willing to advance the same all or any part of the moneys (whether on account of the nominal
value of the shares or by way of premium) uncalled and unpaid upon the shares held by him and such payment in advance of calls shall extinguish pro tanto the liability upon the shares in respect of which it is made and upon the money so
received (until and to the extent that the same would but for such advance become payable) the Company may pay interest at such rate as the member paying such sum and the Directors may agree. 
  

 14 

 FORFEITURE AND LIEN 
  

	23	Notice on failure to pay a call 

  

	23.1	If a member fails to pay in full any call or instalment of a call on or before the due date for payment thereof, the Directors may at any time thereafter serve a notice on
him requiring payment of so much of the call or instalment as is unpaid together with any interest which may have accrued thereon and any expenses incurred by the Company by reason of such non-payment. 

  

	23.2	The notice shall name a further day (not being less than seven days from the date of service of the notice) on or before which and the place where the payment required by the
notice is to be made, and shall state that in the event of non-payment in accordance therewith the shares on which the call has been made will be liable to be forfeited. 

  

	24	Forfeiture for non-compliance 

  
 If the requirements of any such notice as aforesaid are not complied with, any share in respect of which such notice has been given may at any time
thereafter, before payment of all calls and interest and expenses due in respect thereof has been made, be forfeited by a resolution of the Directors to that effect. Such forfeiture shall include all dividends declared in respect of the forfeited
share and not actually paid before forfeiture. The Directors may accept a surrender of any share liable to be forfeited hereunder. 
  

	25	Disposal of forfeited shares 

  
 A share so forfeited or surrendered shall become the property of the Company and may be sold, re-allotted or otherwise disposed of either to the person
who was before such forfeiture or surrender the holder thereof or entitled thereto or to any other person upon such terms and in such manner as the Directors shall think fit and at any time before a sale, re-allotment or disposal the forfeiture or
surrender may be cancelled on such terms as the Directors think fit. The Directors may, if necessary, authorise some person to transfer a forfeited or surrendered share to any such other person as aforesaid. 
  

	26	Holder to remain liable despite forfeiture 

  
 A member whose shares have been forfeited or surrendered shall cease to be a member in respect of the shares (and shall, in the case of shares held in
certificated form, surrender to the Company for cancellation the certificate for such shares) but shall notwithstanding the forfeiture or surrender remain liable to pay to the Company all moneys which at the date of forfeiture or surrender were
presently payable by him to the Company in respect of the shares with interest thereon at 15 per cent per annum (or such lower rate as the Directors may determine) from the date of forfeiture or surrender until payment and the Directors may at their
absolute discretion enforce payment without any allowance for the value of the shares at the time of forfeiture or surrender or for any consideration received on their disposal or waive payment in whole or in part. 
  

	27	Lien on partly-paid shares 

  
 The Company shall have a first and paramount lien on every share (not being a fully-paid share) for all moneys (whether presently payable or not) called
or payable at a fixed time in respect of such share and the Directors may waive any lien which has arisen and may resolve that any share shall for some limited period be exempt wholly or partially from the provisions of this Article. 
  

 15 

	28	Sale of shares subject to lien 

  
 The Company may sell in such manner as the Directors think fit any share on which the Company has a lien, but no sale shall be made unless some sum in
respect of which the lien exists is presently payable nor until the expiration of 14 days after a notice in writing demanding payment of the sum presently payable and giving notice of intention to sell the share in default of payment shall have been
given to the holder for the time being of the share or the person entitled thereto by reason of his death or bankruptcy or otherwise by operation of law. 
  

	29	Proceeds of sale of shares subject to lien 

  
 The net proceeds of such sale after payment of the costs of such sale shall be applied in or towards payment or satisfaction of the amount in respect
whereof the lien exists so far as the same is then payable and any residue shall, upon surrender, in the case of shares held in certificated form, to the Company for cancellation of the certificate for the shares sold and subject to a like lien for
sums not presently payable as existed upon the shares prior to the sale, be paid to the person entitled to the shares at the time of the sale. For the purpose of giving effect to any such sale the Directors may authorise some person to transfer the
shares sold to, or in accordance with the directions of, the purchaser. 
  

	30	Evidence of forfeiture 

  
 A statutory declaration in writing that the declarant is a Director or the Secretary and that a share has been duly forfeited or surrendered or sold to
satisfy a lien of the Company on a date stated in the declaration shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share. Such declaration shall (subject to the relevant share transfer
being made, if the same be required) constitute a good title to the share and the person to whom the share is sold, re-allotted or disposed of shall not be bound to see to the application of the consideration (if any) nor shall his title to the
share be affected by any irregularity or invalidity in the proceedings relating to the forfeiture, surrender, sale, re-allotment or disposal of the share. 
  
 VARIATION OF RIGHTS 
  

	31	Manner of variation of rights 

  

	31.1	Whenever the share capital of the Company is divided into different classes of shares, the special rights attached to any class may, subject to the provisions of the
Statutes, be varied or abrogated either with the consent in writing of the holders of three-quarters in nominal value of the issued shares of the class or with the sanction of an Extraordinary Resolution passed at a separate meeting of the holders
of the shares of the class (but not otherwise) and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a winding-up. 

  

	31.2	To every such separate meeting all the provisions of these Articles relating to General Meetings and to the proceedings thereat shall mutatis mutandis apply, except
that the necessary quorum shall be two persons at least holding or representing by proxy at least 

  

 16 

 one-third in nominal value of the issued shares of the class (but so that at any adjourned meeting any
holder of shares of the class present in person or by proxy shall be a quorum) and that any holder of shares of the class present in person or by proxy may demand a poll and that every such holder shall on a poll have one vote for every share of the
class held by him. 
  

	31.3	The foregoing provisions of this Article shall apply to the variation or abrogation of the special rights attached to some only of the shares of any class as if each group of
shares of the class differently treated formed a separate class the special rights whereof are to be varied. 

  

	32	Matters not constituting variation of rights 

  
 The special rights attached to any class of shares having preferential rights shall not unless otherwise expressly provided by the terms of issue thereof
be deemed to be varied by (a) the creation or issue of further shares ranking as regards participation in the profits or assets of the Company in some or all respects pari passu therewith but in no respect in priority thereto or (b) the
purchase by the Company of any of its own shares. 
  
 TRANSFER
OF SHARES 
  

	33	Form of transfer 

  

	33.1	All transfers of shares which are in certificated form may be effected by transfer in writing in any usual or common form or in any other form acceptable to the Directors and
may be under hand only. The instrument of transfer shall be signed by or on behalf of the transferor and (except in the case of fully-paid shares) by or on behalf of the transferee. The transferor shall remain the holder of the shares concerned
until the name of the transferee is entered in the Register in respect thereof. All instruments of transfer which are registered may be retained by the Company. 

  

	33.2	All transfers of shares which are in uncertificated form shall, unless the CREST Regulations otherwise provide, be effected by means of a relevant system.

  

	34	Balance certificate 

  
 Where some only of the shares comprised in a share certificate are transferred the old certificate shall be cancelled and, to the extent that the balance
is to be held in certificated form, a new certificate for the balance of such shares issued in lieu without charge. 
  

	35	Right to refuse registration 

  

	35.1	The Directors may decline to recognise any instrument of transfer relating to shares in certificated form unless it is in respect of only one class of share and is lodged
(duly stamped if required) at the Transfer Office accompanied by the relevant share certificate(s) and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of
transfer is executed by some other person on his behalf, the authority of that person so to do). In the case of a transfer of shares in certificated form by a recognised clearing house or a nominee of a recognised clearing house or of a recognised
investment exchange the lodgement of share certificates will only be necessary if and to the extent that certificates have been issued in respect of the shares in question. 

  

 17 

	35.2	The Directors may, in the case of shares in certificated form, in their absolute discretion and without assigning any reason therefor refuse to register any transfer of
shares (not being fully-paid shares) provided that, where any such shares are admitted to the official list maintained by the UK Listing Authority, such discretion may not be exercised in such a way as to prevent dealings in the shares of that class
from taking place on an open and proper basis. 

  

	35.3	The Directors may also refuse to register an allotment or transfer of shares (whether fully-paid or not) in favour of more than four persons jointly.

  

	35.4	If the Directors refuse to register an allotment or transfer they shall within two months after the date on which: 

  

	 	(a)	the letter of allotment or transfer was lodged with the Company (in the case of shares held in certificated form); or 

  

	 	(b)	the Operator-instruction was received by the Company (in the case of shares held in uncertificated form); 

  
 send to the allottee or transferee notice of the refusal. 
  

	36	No fee on registration 

  
 No fee will be charged by the Company in respect of the registration of any transfer or other document relating to or affecting the title to any shares or
otherwise for making any entry in the Register affecting the title to any shares. 
  

	37	Closure of Register 

  
 The registration of transfers may be suspended at such times and for such periods (not exceeding 30 days in any year) as the Directors may from time to
time determine and either generally or in respect of any class of shares, except that, in respect of any shares which are participating securities, the Register shall not be closed without the consent of the Operator. 
  

	38	Branch Register 

  
 Subject to and to the extent permitted by the Statutes, the Company, or the Directors on behalf of the Company, may cause to be kept in any territory a
branch register of members resident in such territory, and the Directors may make and vary such regulations as they may think fit respecting the keeping of any such register. 
  

	39	Further provisions on shares in uncertificated form 

  

	39.1	Subject to the Statutes and the rules (as defined in the CREST Regulations), the Directors may determine that any class of shares may be held in uncertificated form and that
title to such shares may be transferred by means of a relevant system or that shares of any class should cease to be held and transferred as aforesaid. 

  

	39.2	The provisions of these Articles shall not apply to shares of any class which are in uncertificated form to the extent that such Articles are inconsistent with:

  

	 	(a)	the holding of shares of that class in uncertificated form; 

  

	 	(b)	the transfer of title to shares of that class by means of a relevant system; or 

  

 18 

	 	(c)	any provision of the CREST Regulations. 

  
 TRANSMISSION OF SHARES 
  

	40	Persons entitled on death 

  
 In case of the death of a member, the survivors or survivor where the deceased was a joint holder, and the executors or administrators of the deceased
where he was a sole or only surviving holder, shall be the only persons recognised by the Company as having any title to his interest in the shares, but nothing in this Article shall release the estate of a deceased member (whether sole or joint)
from any liability in respect of any share held by him. 
  

	41	Election by persons entitled by transmission 

  
 A person becoming entitled to a share in consequence of the death or bankruptcy of a member or otherwise by operation of law may (subject as hereinafter
provided) upon supplying to the Company such evidence as the Directors may reasonably require to show his title to the share either be registered himself as holder of the share upon giving to the Company notice in writing to that effect or transfer
such share to some other person. All the limitations, restrictions and provisions of these Articles relating to the right to transfer and the registration of transfers of shares shall be applicable to any such notice or transfer as aforesaid as if
the notice or transfer were a transfer made by the member registered as the holder of any such share. 
  

	42	Rights of persons entitled by transmission 

  
 Save as otherwise provided by or in accordance with these Articles, a person becoming entitled to a share in consequence of the death or bankruptcy of a
member or otherwise by operation of law (upon supplying to the Company such evidence as the Directors may reasonably require to show his title to the share) shall be entitled to the same dividends and other advantages as those to which he would be
entitled if he were the registered holder of the share except that he shall not be entitled in respect thereof (except with the authority of the Directors) to exercise any right conferred by membership in relation to shareholders’ meetings
until he shall have been registered as a member in respect of the share. 
  
 UNTRACED SHAREHOLDERS 
  

	43	Untraced Shareholders 

  

	43.1	The Company shall be entitled to sell at the best price reasonably obtainable at the time of sale the shares of a member or the shares to which a person is entitled by virtue
of transmission on death or bankruptcy or otherwise by operation of law if and provided that: 

  

	 	(a)	during the period of 12 years prior to the date of the publication of the advertisements referred to in paragraph 43.1(b) below (or, if published on different dates, the first
thereof) at least three dividends in respect of the shares have become payable and no dividend in respect of those shares has been claimed; and 

  

	 	(b)	the Company shall on expiry of such period of 12 years have inserted advertisements in both a national newspaper and in a newspaper circulating in the 

  

 19 

 area in which the last known address of the member or the address at which service of notices may be
effected under these Articles is located giving notice of its intention to sell the said shares; and 
  

	 	(c)	during the period of three months following the publication of such advertisements the Company shall have received no communication from such member or person.

  

	43.2	To give effect to any such sale the Company may appoint any person to transfer, as transferor, the said shares and such transfer shall be as effective as if it had been
carried out by the registered holder of or person entitled by transmission to such shares and the title of the transferee shall not be affected by any irregularity or invalidity in the proceedings relating thereto. The net proceeds of sale shall
belong to the Company which shall be obliged to account to the former member or other person previously entitled as aforesaid for an amount equal to such proceeds and shall enter the name of such former member or other person in the books of the
Company as a creditor for such amount which shall be a permanent debt of the Company. No trust shall be created in respect of the debt, no interest shall be payable in respect of the same and the Company shall not be required to account for any
money earned on the net proceeds, which may be employed in the business of the Company or invested in such investments (other than shares of the Company or its holding company if any) as the Directors may from time to time think fit.

  

	43.3	In the case of shares in uncertificated form, the foregoing provisions of this Article are subject to any restrictions applicable under the CREST Regulations.

  
 GENERAL MEETINGS 
  

	44	Annual and Extraordinary General Meetings 

  
 An Annual General Meeting shall be held once in every year, at such time (within a period of not more than 15 months after the holding of the last
preceding Annual General Meeting) and place as may be determined by the Directors. All other General Meetings shall be called Extraordinary General Meetings. 
  

	45	Convening of General Meetings 

  
 The Directors may whenever they think fit, and shall on requisition in accordance with either the Statutes or any agreement in writing with an Approved
Depositary, proceed with proper expedition to convene an Extraordinary General Meeting. 
  
 NOTICE OF GENERAL MEETINGS 
  

	46	Length of notice for General Meetings 

  
 An Annual General Meeting and any Extraordinary General Meeting at which it is proposed to pass a Special Resolution or (save as provided by the Statutes)
a resolution of which special notice has been given to the Company, shall be called by 21 days’ notice in writing at the least and any other Extraordinary General Meeting by 14 days’ notice in writing at the least. The period of notice
shall in each case be exclusive of the day on which it is served or deemed to be served and of the day on which the meeting is to be held and shall be given in manner hereinafter mentioned to all members other than such as are not under the
provisions of these Articles entitled to receive such notices from the Company Provided that the Company may determine that only those persons entered on the Register at the 
  

 20 

 close of business on a day determined by the Company, such day being no more than 21 days before the day
that notice of the meeting is sent, shall be entitled to receive such a notice and Provided also that a General Meeting notwithstanding that it has been called by a shorter notice than that specified above shall be deemed to have been duly called if
it is so agreed: 
  

	 	(a)	in the case of an Annual General Meeting by all the members entitled to attend and vote thereat; and 

  

	 	(b)	in the case of an Extraordinary General Meeting by a majority in number of the members having a right to attend and vote thereat, being a majority together holding not less than 95
per cent in nominal value of the shares giving that right. 

  

	47	Contents of notice of General Meetings 

  

	47.1	Every notice calling a General Meeting shall specify the place and the day and hour of the meeting, and there shall appear with reasonable prominence in every such notice a
statement that a member entitled to attend and vote is entitled to appoint a proxy or proxies to attend, speak and vote instead of him and that a proxy need not be a member of the Company. 

  

	47.2	The notice shall specify the general nature of the business to be transacted at the meeting; and if any resolution is to be proposed as an Extraordinary Resolution or as a
Special Resolution, the notice shall contain a statement to that effect. 

  

	47.3	In the case of an Annual General Meeting, the notice shall also specify the meeting as such. 

  

	47.4	For the purposes of determining which persons are entitled to attend or vote at a meeting and how many votes such person may cast, the Company may specify in the notice of
the meeting a time, not more than 48 hours before the time fixed for the meeting, by which a person must be entered on the Register in order to have the right to attend or vote at the meeting or to appoint a proxy to do so. 

 
 PROCEEDINGS AT GENERAL MEETINGS 
  

	48	Chairman 

  
 The Chairman of the Directors, failing whom a Deputy Chairman, shall preside as chairman at a General Meeting. If there is no such Chairman or Deputy
Chairman, or if at any meeting neither is present within five minutes after the time appointed for holding the meeting and willing to act, the Directors present shall choose one of their number (or, if no Director is present or if all the Directors
present decline to take the chair, the members present and entitled to vote shall choose one of their number) to be chairman of the meeting. 
  

	49	Quorum 

  
 No business other than the appointment of a chairman shall be transacted at any General Meeting unless a quorum is present at the time when the meeting
proceeds to business. Three members present in person or by proxy and entitled to vote shall be a quorum for all purposes. 
  

 21 

	50	Lack of quorum 

  
 If within five minutes from the time appointed for a General Meeting (or such longer interval as the chairman of the meeting may think fit to allow) a
quorum is not present, or if during the meeting a quorum ceases to be present, the meeting, if convened on the requisition of members, shall be dissolved. In any other case it shall stand adjourned to such other day and such time and place as may
have been specified for the purpose in the notice convening the meeting or (if not so specified) as the chairman of the meeting may determine. 
  

	51	Adjournment 

  
 The chairman of any General Meeting at which a quorum is present may with the consent of the meeting (and shall if so directed by the meeting) adjourn the
meeting from time to time (or sine die) and from place to place, but no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place.
Where a meeting is adjourned sine die, the time and place for the adjourned meeting shall be fixed by the Directors. When a meeting is adjourned for 30 days or more or sine die, not less than seven days’ notice of the adjourned
meeting shall be given in like manner as in the case of the original meeting. 
  

	52	Notice of adjourned meeting 

  
 Save as hereinbefore expressly provided, it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an
adjourned meeting. 
  

	53	Amendments to resolutions 

  
 If an amendment shall be proposed to any resolution under consideration but shall in good faith be ruled out of order by the chairman of the meeting the
proceedings on the substantive resolution shall not be invalidated by any error in such ruling. In the case of a resolution duly proposed as a Special or Extraordinary Resolution, no amendment thereto (other than a mere clerical amendment to correct
a patent error) may in any event be considered or voted upon. 
  
 POLLS 
  

	54	Demands for a poll 

  

	54.1	At any General Meeting a resolution (other than a Special Resolution or an Extraordinary 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 by: 

  

	 	(a)	the chairman of the meeting; or 

  

	 	(b)	not less than five members present in person or by proxy and entitled to vote; or 

  

	 	(c)	a member or members present in person or by proxy and representing not less than one-tenth of the total voting rights of all the members having the right to vote at the meeting; or

  

	 	(d)	a member or members present in person or by proxy and holding shares in the Company conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up
equal to not less than one-tenth of the total sum paid up on all the shares conferring that right. 

  

 22 

	54.2	A demand for a poll made under paragraph 54.1 may, before the poll is taken, be withdrawn but only with the consent of the chairman. A demand so withdrawn shall not be taken
to have invalidated the result of a show of hands declared before the demand was made. 

  

	54.3	All Special Resolutions and Extraordinary Resolutions shall only be decided on a poll. 

  

	55	Procedure on a poll 

  
 A poll shall be taken in such manner (including the use of ballot or voting papers or tickets) as the chairman of the meeting may direct, and the result
of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. The chairman of the meeting may (and if so directed by the meeting shall) appoint scrutineers (who need not be members) and may adjourn the meeting to
some place and time fixed by him for the purpose of declaring the result of the poll. 
  

	56	Voting on a poll 

  
 On a poll votes may be given either personally or by proxy and a person or proxy entitled to more than one vote need not use all his votes or cast all the
votes he uses in the same way. Unless his appointment otherwise provides, the proxy may vote or abstain at his discretion on any matter coming before the meeting on which proxies are entitled to vote. 
  

	57	Timing of poll 

  
 A poll demanded on the choice of a chairman or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken
either immediately or at such subsequent time (not being more than 30 days from the date of the meeting) and place as the chairman may direct. No notice need be given of a poll not taken immediately so long as the time and place at which it is to be
taken are announced at the meeting. If they are not so announced, at least seven clear days’ notice shall be given specifying the time and place at which the poll is to be taken. The demand for a poll shall not prevent the continuance of the
meeting for the transaction of any business other than the question on which the poll has been demanded. 
  
 VOTES OF MEMBERS 
  

	58	Votes attaching to shares 

  

	58.1	Subject to paragraph 47.4 and to any special rights or restrictions as to voting attached by or in accordance with these Articles to any class of shares, on a show of hands
every member or person who has been duly appointed as a proxy who is present in person shall have one vote and on a poll every member who is present in person or by proxy shall have one vote for every share of which he is the holder.

  

	59	Votes of joint holders 

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

 23 

	60	Chairman’s casting vote 

  
 In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting at which the show of hands takes place or at
which the poll is demanded shall be entitled to a casting vote in addition to any other vote he may have. 
  

	61	Restriction on voting in particular circumstances 

  

	61.1	No member shall, unless the Directors otherwise determine, be entitled in respect of any share held by him to vote either personally or by proxy at a shareholders’
meeting or to exercise any other right conferred by membership in relation to shareholders’ meetings if any call or other sum presently payable by him to the Company in respect of that share remains unpaid. 

  

	61.2	If any member, or any other person appearing to be interested in shares held by such member, has been duly served with a notice under Section 212 of the Act and is in default
for a period of 14 days in supplying to the Company the information thereby required, then (unless the Directors otherwise determine) in respect of: 

  

	 	(a)	the shares comprising the shareholding account in the Register which comprises or includes the shares in relation to which the default occurred (all or the relevant number as
appropriate of such shares being the “default shares”, which expression shall include any further shares which are issued in respect of such shares after the date of the notice under Section 212); and 

  

	 	(b)	any other shares held by the member; 

  
 the member shall not (for so long as the default continues) nor shall any transferee to whom any of such shares are transferred other than pursuant to an
approved transfer or pursuant to paragraph 61.3(b) below be entitled to attend or vote either personally or by proxy at a shareholders’ meeting or to exercise any other right conferred by membership in relation to shareholders’ meetings.

  

	61.3	Where the default shares represent 0.25 per cent or more of the issued shares of the class in question (excluding any shares in the Company held as treasury shares), the
Directors may in their absolute discretion by notice (a “direction notice”) to such member direct that: 

  

	 	(a)	any dividend or part thereof or other money which would otherwise be payable in respect of the default shares shall be retained by the Company without any liability to pay interest
thereon when such money is finally paid to the member and the member shall not be entitled to elect to receive shares in lieu of dividend; and/or 

  

	 	(b)	no transfer of any of the shares held by such member shall be registered unless the transfer is an approved transfer or: 

  

	 	(i)	the member is not himself in default as regards supplying the information required; and 

  

	 	(ii)	the transfer is of part only of the member’s holding and, when presented for registration, is accompanied by a certificate by the member in a form satisfactory to the Directors
to the effect that after due and careful enquiry the member is satisfied that none of the shares the subject of the transfer are default shares, 

  

 24 

 provided that, in the case of shares in uncertificated form, the Directors may only exercise their
discretion not to register a transfer if permitted to do so by the CREST Regulations. 
  
 Any direction notice may treat shares of a member in certificated and uncertificated form as separate holdings and either apply only to the former or to the latter or make different provision for the former and the
latter. 
  
 Upon the giving of a direction notice its terms shall
apply accordingly. 
  

	61.4	The Company shall send to each other person appearing to be interested in the shares the subject of any direction notice a copy of the notice, but the failure or omission by
the Company to do so shall not invalidate such notice. 

  

	61.5	Save as herein provided any direction notice shall have effect in accordance with its terms for so long as the default in respect of which the direction notice was issued
continues and shall cease to have effect thereafter upon the Directors so determining (such determination to be made within a period of one week of the default being duly remedied to the satisfaction of the Directors with written notice thereof
being given forthwith to the member). 

  

	61.6	Any direction notice shall cease to have effect in relation to any shares which are transferred by such member by means of an approved transfer or in accordance with
paragraph 61.3(b) above. 

  

	61.7	For the purposes of this Article: 

  

	 	(a)	a person shall be treated as appearing to be interested in any shares if the member holding such shares has been served with a notice under the said Section 212 and either (i) the
member has named such person as being so interested or (ii) (after taking into account the response of the member to the said notice and any other relevant information) the Company knows or has reasonable cause to believe that the person in question
is or may be interested in the shares; and 

  

	 	(b)	a transfer of shares is an approved transfer if: 

  

	 	(i)	it is a transfer of shares to an offeror by way or in pursuance of acceptance of a takeover offer (as defined in Section 428 of the Act); or 

  

	 	(ii)	the Directors are satisfied that the transfer is made pursuant to a bona fide sale of the whole of the beneficial ownership of the shares to a party unconnected with the member or
with any person appearing to be interested in such shares including any such sale made through the London Stock Exchange or any other stock exchange outside the United Kingdom on which the Company’s shares are normally traded. For the purposes
of this sub-paragraph any associate (as that term is defined in Section 435 of the Insolvency Act 1986) shall be included amongst the persons who are connected with the member or any person appearing to be interested in such shares.

  

	61.8	The provisions of this Article are in addition and without prejudice to the provisions of the Act. 

  

 25 

	62	Voting by guardian 

  
 Where in England or elsewhere a guardian, receiver or other person (by whatever name called) has been appointed by any court claiming jurisdiction in that
behalf to exercise powers with respect to the property or affairs of any member on the ground (however formulated) of mental disorder, the Directors may in their absolute discretion, upon or subject to production of such evidence of the appointment
as the Directors may require, permit such guardian, receiver or other person on behalf of such member to vote in person or by proxy at any shareholders’ meeting or to exercise any other right conferred by membership in relation to
shareholders’ meetings. 
  

	63	Validity and result of vote 

  

	63.1	No objection shall be raised as to the admissibility of any vote except at the meeting or adjourned meeting at which the vote objected to is or may be given or tendered and
every vote not disallowed at such meeting shall be valid for all purposes. Any such objection shall be referred to the chairman of the meeting whose decision shall be final and conclusive. 

  

	63.2	Unless a poll is taken a declaration by the chairman of the meeting that a resolution has been carried, or carried unanimously, or by a particular majority, or lost, and an
entry to that effect in the minute book, shall be conclusive evidence of that fact without proof of the number or proportion of the votes recorded for or against such resolution. 

  
 PROXIES AND CORPORATE REPRESENTATIVES 
  

	64	Proxy need not be a member 

  
 A proxy need not be a member of the Company. 
  

	65	Form of proxy 

  

	65.1	Subject to paragraph 65.2, the appointment of a proxy must be in writing in any usual or common form or in any other form which the Directors may approve and:

  

	 	(a)	in the case of an individual must either be signed by the appointor or his attorney or comply with Article 134; and 

  

	 	(b)	in the case of a corporation must be either given under its common seal or be signed on its behalf by an attorney or a duly authorised officer of the corporation or comply with
Article 134. 

  
 The signature on such appointment
need not be witnessed. Where appointment of a proxy is signed on behalf of the appointor by an attorney, the power of attorney or a copy thereof certified notarially or in some other way approved by the Directors must (failing previous registration
with the Company) be submitted to the Company, failing which the appointment may be treated as invalid. 
  

	65.2	A proxy may also be appointed in accordance with Articles 140.2, 140.3 and 140.6. 

  

	66	Deposit of form of proxy 

  

	66.1	The appointment of a proxy pursuant to Article 65.1 or Article 140.3.2 must be received at such address or one of such addresses (if any) as may be specified for that purpose
in or by way of note to or in any document accompanying the notice convening the meeting (or, 

  

 26 

 if no address is so specified, must be left at the Transfer Office) not less than 48 hours (or such
shorter time as the Directors may determine) before the time appointed for the holding of the meeting or adjourned meeting or (in the case of a poll taken otherwise than at or on the same day as the meeting or adjourned meeting) for the taking of
the poll at which it is to be used, and in default shall not be treated as valid. The appointment shall, unless the contrary is stated thereon, be valid as well for any adjournment of the meeting as for the meeting to which it relates. An
appointment relating to more than one meeting (including any adjournment thereof) having once been so delivered for the purposes of any meeting shall not require again to be delivered for the purposes of any subsequent meeting to which it relates.

  

	66.2	Without limiting the foregoing, in relation to any shares in uncertificated form the Directors may permit a proxy to be appointed pursuant to Article 65.1 by means of an
electronic communication in the form of an Uncertificated Proxy Instruction (that is, a properly authenticated dematerialised instruction, and/or other instruction or notification, sent by means of a relevant system to such participant in that
system acting on behalf of the Company as the Directors may prescribe, in such form and subject to such terms and conditions as may from time to time be prescribed by the Directors (subject always to the facilities and requirements of the relevant
system)); and may permit any supplement to, or amendment or revocation of, any such Uncertificated Proxy Instruction to be made by a further Uncertificated Proxy Instruction. The Directors may in addition prescribe the method of determining the time
at which any such instruction or notification is to be treated as received by the Company. The Directors may treat any such instruction or notification purporting or expressed to be sent on behalf of a holder of a share as sufficient evidence of the
authority of the person sending the instruction to send it on behalf of that holder. 

  

	67	Rights of proxy 

  
 A proxy (including, without limitation, an Appointed Proxy (as defined in Article 140.2)) shall have the right to demand or join in demanding a poll and
shall be entitled to attend and speak at a General Meeting. 
  

	68	Revocation of proxy 

  
 A vote cast or demand for a poll made by proxy shall not be invalidated by the previous death or insanity of the member or by the revocation of the
appointment of the proxy or of the authority under which the appointment was made unless written notice of such death, insanity or revocation shall have been received by the Company at the Transfer Office at least one hour before the commencement of
the meeting or adjourned meeting or (in the case of a poll taken otherwise than at or on the same day as the meeting or adjourned meeting) the time appointed for the taking of the poll at which the vote is cast. 
  

	69	Corporations acting by representatives 

  
 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 shareholders’ meeting. The person so authorised shall be entitled to exercise the same powers on behalf of such corporation as the corporation could exercise if it were an individual member of the Company and such
corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present thereat. 
  

 27 

 DIRECTORS 
  

	70	Number of Directors 

  
 Subject as hereinafter provided the Directors shall not be less than two nor more than sixteen in number. The Company may by Ordinary Resolution from time
to time vary the minimum number and/or maximum number of Directors. 
  

	71	Share qualification 

  
 A Director shall not be required to hold any shares of the Company by way of qualification. A Director who is not a member of the Company shall
nevertheless be entitled to attend and speak at shareholders’ meetings. 
  

	72	Directors’ fees 

  
 The ordinary remuneration of the Directors (which may take the form of cash, securities issued by the Company or such other form as the Directors shall
decide) shall from time to time be determined by the Directors except that such remuneration (or the value thereof) shall not exceed £250,000 per annum in aggregate or such higher amount as may from time to time be determined by Ordinary
Resolution of the Company and shall (unless such resolution otherwise provides) be divisible among the Directors as they may agree, or, failing agreement, equally, except that any Director who shall hold office for part only of the period in respect
of which such remuneration is payable shall be entitled only to rank in such division for a proportion of remuneration related to the period during which he has held office. 
  

	73	Other remuneration of Directors 

  
 Any Director who holds any executive office (including for this purpose the office of Chairman or Deputy Chairman whether or not such office is held in an
executive capacity), or who serves on any committee of the Directors, or who otherwise performs services which in the opinion of the Directors are outside the scope of the ordinary duties of a Director, may be paid such extra remuneration by way of
salary, commission or otherwise or may receive such other benefits as the Directors may determine. 
  

	74	Directors’ expenses 

  
 The Directors may repay to any Director all such reasonable expenses as he may incur in attending and returning from meetings of the Directors or of any
committee of the Directors or shareholders’ meetings or otherwise in connection with the business of the Company. 
  

	75	Directors’ pensions and other benefits 

  
 The Directors shall have power to pay and agree to pay gratuities, pensions or other retirement, superannuation, death or disability benefits to (or to
any person in respect of) any Director or ex-Director and for the purpose of providing any such gratuities, pensions or other benefits to contribute to any scheme or fund or to pay premiums. 
  

 28 

	76	Appointment of executive Directors 

  

	76.1	The Directors may from time to time appoint one or more of their body to be the holder of any executive office (including, where considered appropriate, the office of
Chairman or Deputy Chairman) on such terms and for such period as they may (subject to the provisions of the Statutes) determine and, without prejudice to the terms of any contract entered into in any particular case, may at any time revoke or vary
the terms of any such appointment. 

  

	76.2	The appointment of any Director to the office of Chairman or Deputy Chairman or Managing or Joint Managing or Deputy or Assistant Managing Director shall automatically
determine if he ceases to be a Director but without prejudice to any claim for damages for breach of any contract of service between him and the Company. 

  

	76.3	The appointment of any Director to any other executive office shall not automatically determine if he ceases from any cause to be a Director, unless the contract or
resolution under which he holds office shall expressly state otherwise, in which event such determination shall be without prejudice to any claim for damages for breach of any contract of service between him and the Company.

  

	77	Powers of executive Directors 

  
 The Directors may entrust to and confer upon any Director holding any executive office any of the powers exercisable by them as Directors upon such terms
and conditions and with such restrictions as they think fit, and either collaterally with or to the exclusion of their own powers, and may from time to time revoke, withdraw, alter or vary all or any of such powers. 
  
 APPOINTMENT AND RETIREMENT OF DIRECTORS 
  

	78	Age limit 

  
 Any provision of the Statutes which, subject to the provisions of these Articles, would have the effect of rendering any person ineligible for appointment
or election as a Director or liable to vacate office as a Director on account of his having reached any specified age or of requiring special notice or any other special formality in connection with the appointment or election of any Director over a
specified age, shall not apply to the Company. 
  

	79	Retirement at Annual General Meetings 

  

	79.1	Each Director shall retire at the Annual General Meeting held in the third calendar year following the year in which he was elected or last re-elected but, unless he falls
within paragraph 79.2 below, he shall be eligible for re-election. 

  

	79.2	A Director shall also retire at any Annual General Meeting if he has agreed to do so (whether in accordance with the terms of his appointment or otherwise) and, unless the
Directors have agreed otherwise, he shall not be eligible for re-election. 

  

	80	Re-election of retiring Director 

  
 The Company at the meeting at which a Director retires under any provision of these Articles may by Ordinary Resolution fill the office being vacated by
electing thereto the retiring Director (if eligible for re-election) or some other person eligible for election. In the absence of such a resolution the retiring Director shall be deemed to have been re-elected except in any of the following cases:

  

	 	(a)	where at such meeting it is expressly resolved not to fill such office or a resolution for the re-election of such Director is put to the meeting and lost; 

 

 29 

	 	(b)	where such Director is ineligible for re-election or has given notice in writing to the Company that he is unwilling to be re-elected; or 

  

	 	(c)	where the default is due to the moving of a resolution in contravention of the next following Article. 

  
 The retirement shall not have effect until the conclusion of the meeting except where a resolution is passed to elect some
other person in the place of the retiring Director or a resolution for his re-election is put to the meeting and lost and accordingly a retiring Director who is re-elected or deemed to have been re-elected will continue in office without a break.

  

	81	Election of two or more Directors 

  
 A resolution for the election of two or more persons as Directors by a single resolution shall not be moved at any General Meeting unless a resolution
that it shall be so moved has first been agreed to by the meeting without any vote being given against it; and any resolution moved in contravention of this provision shall be void. 
  

	82	Nomination of Director for election 

  
 No person other than a Director retiring at the meeting shall, unless recommended by the Directors for election, be eligible for election as a Director at
any General Meeting unless not less than seven nor more than 42 days (inclusive of the date on which the notice is given) before the date appointed for the meeting there shall have been lodged at the Office notice in writing signed by some member
(other than the person to be proposed) duly qualified to attend and vote at the meeting for which such notice is given of his intention to propose such person for election and also notice in writing signed by the person to be proposed of his
willingness to be elected. 
  

	83	Election or appointment of additional Director 

  
 The Company may by Ordinary Resolution elect, and without prejudice thereto the Directors shall have power at any time to appoint, any person to be a
Director either to fill a casual vacancy or as an additional Director, but so that the total number of Directors shall not thereby exceed the maximum number (if any) fixed by or in accordance with these Articles. Any person so appointed by the
Directors shall hold office only until the next Annual General Meeting and shall then be eligible for election. 
  

	84	Vacation of office 

  
 The office of a Director shall be vacated in any of the following events, namely: 
  

	 	(a)	if he shall become prohibited by law from acting as a Director; 

  

	 	(b)	if he shall resign by writing under his hand left at the Office or if he shall in writing offer to resign and the Directors shall resolve to accept such offer;

  

 30 

	 	(c)	if he shall have a bankruptcy order made against him or shall compound with his creditors generally or shall apply to the court for an interim order under Section 253 of the
Insolvency Act 1986 in connection with a voluntary arrangement under that Act; 

  

	 	(d)	if in England or elsewhere he is admitted to hospital pursuant to an application for treatment under the Mental Health Act 1983 or an order shall be made by any court claiming
jurisdiction in that behalf on the ground (however formulated) of mental disorder for his detention or for the appointment of a guardian or for the appointment of a receiver or other person (by whatever name called) to exercise powers with respect
to his property or affairs; 

  

	 	(e)	if he shall be absent from meetings of the Directors for six months without leave and the Directors shall resolve that his office be vacated; or 

  

	 	(f)	if a notice in writing is served upon him, signed by all his co-Directors for the time being, to the effect that his office as Director shall on receipt of such notice ipso
facto be vacated, but so that if he holds an appointment to an executive office which thereby automatically determines such removal shall be deemed an act of the Company and shall have effect without prejudice to any claim for damages for breach
of any contract of service between him and the Company. 

  

	85	Removal of Director 

  
 The Company may in accordance with and subject to the provisions of the Statutes by Ordinary Resolution of which special notice has been given remove any
Director from office (notwithstanding any provision of these Articles or of any agreement between the Company and such Director, but without prejudice to any claim he may have for damages for breach of any such agreement) and elect another person in
place of a Director so removed from office. In default of such election the vacancy arising upon the removal of a Director from office may be filled as a casual vacancy. 
  
 MEETINGS AND PROCEEDINGS OF DIRECTORS 
  

	86	Convening of meetings of Directors 

  

	86.1	Subject to the provisions of these Articles the Directors may meet together for the despatch of business, adjourn and otherwise regulate their proceedings as they think fit.
At any time any Director may, and the Secretary at the request of a Director shall, summon a meeting of the Directors by giving notice of such meeting to all the Directors. Any such notice may be given to a Director personally, by word of mouth, by
notice in writing or by electronic communication (in the case of a written notice or an electronic communication, sent to him at his last known address, or such other address, if any, as may for the time being be notified by him or on his behalf to
the Company for that purpose). Any Director may waive in writing, notice of any meeting and any such waiver may be retroactive. 

  

	86.2	The Directors, and any committee of the Directors, shall be deemed to meet together if, being in separate locations, they are nonetheless linked by conference telephone or
other communication equipment which allows those participating to hear and speak to each other, and a quorum in that event, unless so fixed at any other number, shall be two persons so linked. Such a meeting shall be deemed to take place where the
largest group of those participating is assembled or, if there is no such group, where the chairman of the meeting then is. 

  

 31 

	87	Quorum 

  
 The quorum necessary for the transaction of business of the Directors may be fixed from time to time by the Directors and unless so fixed at any other
number shall be two. A meeting of the Directors at which a quorum is present shall be competent to exercise all powers and discretions for the time being exercisable by the Directors. 
  

	88	Chairman 

  

	88.1	The Directors may elect from their number a Chairman and a Deputy Chairman (or two or more Deputy Chairmen) and determine the period for which each is to hold office. If no
Chairman or Deputy Chairman shall have been appointed or if at any meeting of the Directors no Chairman or Deputy Chairman shall be present within five minutes after the time appointed for holding the meeting, the Directors present may choose one of
their number to be chairman of the meeting. 

  

	88.2	If at any time there is more than one Deputy Chairman the right in the absence of the Chairman to preside at a meeting of the Directors or of the Company shall be determined
as between the Deputy Chairmen present (if more than one) by seniority in length of appointment or otherwise as resolved by the Directors. 

  

	89	Casting vote 

  
 Questions arising at any meeting of the Directors shall be determined by a majority of votes. In the case of an equality of votes, the chairman of the
meeting shall have a second or casting vote. 
  

	90	Number of Directors below minimum 

  
 The continuing Directors may act notwithstanding any vacancies, but if and so long as the number of Directors is reduced below the minimum number fixed by
or in accordance with these Articles the continuing Directors or Director may act for the purpose of filling such vacancies or of summoning General Meetings, but not for any other purpose. If there be no Directors or Director able or willing to act,
then any two members may summon a General Meeting for the purpose of appointing Directors. 
  

	91	Written resolutions 

  
 A resolution in writing signed by all the Directors entitled to vote thereon shall be as valid and effectual as a resolution duly passed at a meeting of
the Directors and may consist of several documents in the like form each signed by one or more Directors. For the purpose of this Article, a resolution signed by an alternate need not also be signed by his appointor and a resolution signed by a
Director who has appointed an alternate need not also be signed by the alternate in that capacity. 
  

	92	Validity of proceedings 

  
 All acts done by any meeting of Directors, or of any committee or sub-committee of the Directors, or by any person acting as a Director or as a member of
any such committee or 
  

 32 

 sub-committee, shall as regards all persons dealing in good faith with the Company, notwithstanding that
there was some defect in the appointment of any of the persons acting as aforesaid, or that any such persons were disqualified or had vacated office, or were not entitled to vote, be as valid as if every such person had been duly appointed and was
qualified and had continued to be a Director or member of the committee or sub-committee and had been entitled to vote. 
  
 DIRECTORS’ INTERESTS 
  

	93	Directors may have interests 

  
 Subject to the provisions of the Statutes, and provided that he has disclosed to the Directors the nature and extent of any interest of his, a Director
notwithstanding his office: 
  

	 	(a)	may be a party to, or otherwise interested in, any contract, transaction or arrangement with the Company or in which the Company is otherwise interested; 

 

	 	(b)	may be a director or other officer of, or employed by, or a party to any contract, transaction or arrangement with, or otherwise interested in, any body corporate promoted by the
Company or in which the Company is otherwise interested; 

  

	 	(c)	may (or any firm of which he is a partner, employee or member may) act in a professional capacity for the Company (other than as Auditor) and be remunerated therefor; and

  

	 	(d)	shall not, save as otherwise agreed by him, be accountable to the Company for any benefit which he derives from any such contract, transaction or arrangement or from any such office
or employment or from any interest in any such body corporate or for such remuneration and no such contract, transaction or arrangement shall be liable to be avoided on the grounds of any such interest or benefit. 

  

	94	Restrictions on voting 

  

	94.1	Save as herein provided, a Director shall not vote in respect of any contract or arrangement or any other proposal whatsoever in which he has any material interest otherwise
than by virtue of interests in shares or debentures or other securities of, or otherwise in or through, the Company. A Director shall not be counted in the quorum at a meeting in relation to any resolution on which he is not entitled to vote.

  

	94.2	Subject to the provisions of the Statutes, a Director shall (in the absence of some other material interest than is indicated below) be entitled to vote (and be counted in
the quorum) in respect of any resolution concerning any of the following matters, namely: 

  

	 	(a)	the giving of any security, guarantee or indemnity in respect of (i) money lent or obligations incurred by him or by any other person at the request of or for the benefit of the
Company or any of its subsidiary undertakings or (ii) a debt or other obligation of the Company or any of its subsidiary undertakings for which he himself has assumed responsibility in whole or in part under a guarantee or indemnity or by the giving
of security; 

  

	 	(b)	any proposal concerning an offer of shares or debentures or other securities of or by the Company or any of its subsidiary undertakings in which offer he is or may be entitled to
participate as a holder of securities or in the underwriting or sub-underwriting of which he is to participate; 

  

 33 

	 	(c)	any proposal concerning any other body corporate in which he is interested, directly or indirectly and whether as an officer or shareholder or otherwise, provided that he (together
with persons connected with him within the meaning of Section 346 of the Act) does not have an interest (as that term is used in Sections 198 to 211 of the Act) in one per cent or more of the issued equity share capital of any class of such body
corporate (or of any third company through which his interest is derived) or of the voting rights available to members of the relevant body corporate (any such interest being deemed for the purpose of this Article to be a material interest in all
circumstances); 

  

	 	(d)	any proposal relating to an arrangement for the benefit of the employees of the Company or any of its subsidiary undertakings which does not award him any privilege or benefit not
generally awarded to the employees to whom such arrangement relates; and 

  

	 	(e)	any proposal concerning insurance which the Company proposes to maintain or purchase for the benefit of Directors or for the benefit of persons who include Directors.

  

	94.3	Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to offices or employments
with the Company or any body corporate in which the Company is interested, the proposals may be divided and considered in relation to each Director separately and in such case each of the Directors concerned (if not debarred from voting under
paragraph 94.2(c) of this Article) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning his own appointment. 

  

	94.4	If a question arises at any time as to the materiality of a Director’s interest or as to his entitlement to vote and such question is not resolved by his voluntarily
agreeing to abstain from voting, such question shall be referred to the chairman of the meeting and his ruling in relation to any Director other than himself shall be final and conclusive except in a case where the nature or extent of the interest
of such Director has not been fairly disclosed. 

  

	95	Directors’ interests - general 

  
 For the purposes of the two preceding Articles: 
  

	 	(a)	a general notice given to the Directors that a Director is to be regarded as having an interest of the nature and extent specified in the notice in any contract, transaction or
arrangement in which a specified person or class of persons is interested shall be deemed to be a disclosure that the Director has an interest in any such contract, transaction or arrangement of the nature and extent so specified;

  

	 	(b)	an interest of a person who is connected (within the meaning of Section 346 of the Act) with a Director shall be treated as an interest of the Director; and

  

	 	(c)	an interest (whether of his or of such a connected person) of which a Director has no knowledge and of which it is unreasonable to expect him to have knowledge shall not be treated
as an interest of his. 

  

 34 

 COMMITTEES OF THE DIRECTORS 
  

	96	Appointment and constitution of committees 

  
 The Directors may delegate any of their powers or discretions (including without prejudice to the generality of the foregoing all powers and discretions
whose exercise involves or may involve the payment of remuneration to or the conferring of any other benefit on all or any of the Directors) to committees. Any such committee shall, unless the Directors otherwise resolve, have power to sub-delegate
to sub-committees any of the powers or discretions delegated to it. Any such committee or sub-committee shall consist of one or more Directors and (if thought fit) one or more other named person or persons to be co-opted as hereinafter provided.
Insofar as any such power or discretion is delegated to a committee or sub-committee, any reference in these Articles to the exercise by the Directors of the power or discretion so delegated shall be read and construed as if it were a reference to
the exercise thereof by such committee or sub-committee. Any committee or sub-committee so formed shall in the exercise of the powers so delegated conform to any regulations which may from time to time be imposed by the Directors. Any such
regulations may provide for or authorise the co-option to the committee or sub-committee of persons other than Directors and may provide for members who are not Directors to have voting rights as members of the committee or sub-committee but so that
(a) the number of members who are not Directors shall be less than one-half of the total number of members of the committee or sub-committee and (b) no resolution of the committee or sub-committee shall be effective unless a majority of the members
of the committee or sub-committee present throughout the meeting are Directors. 
  

	97	Proceedings of committee meetings 

  
 The meetings and proceedings of any such committee or sub-committee consisting of two or more persons shall be governed mutatis mutandis by the
provisions of these Articles regulating the meetings and proceedings of the Directors, so far as the same are not superseded by any regulations made by the Directors under the last preceding Article. 
  
 POWERS OF DIRECTORS 
  

	98	General powers 

  
 The business and affairs of the Company shall be managed by the Directors, who may exercise all such powers of the Company as are not by the Statutes or
by these Articles required to be exercised by the Company in General Meeting subject nevertheless to any regulations of these Articles, to the provisions of the Statutes and to such regulations as may be prescribed by Special Resolution of the
Company, but no regulation so made by the Company shall invalidate any prior act of the Directors which would have been valid if such regulation had not been made. The general powers given by this Article shall not be limited or restricted by any
special authority or power given to the Directors by any other Article. 
  

	99	Local boards 

  
 The Directors may establish any local boards or agencies for managing any of the affairs of the Company, either in the United Kingdom or elsewhere, and
may appoint any persons to be members of such local boards, or any managers or agents, and may fix their 
  

 35 

 remuneration, and may delegate to any local board, manager or agent any of the powers, authorities and
discretions vested in the Directors, with power to sub-delegate, and may authorise the members of any local boards, or any of them, to fill any vacancies therein, and to act notwithstanding vacancies, and any such appointment or delegation may be
made upon such terms and subject to such conditions as the Directors may think fit, and the Directors may remove any person so appointed, and may annul or vary any such delegation, but no person dealing in good faith and without notice of any such
annulment or variation shall be affected thereby. 
  

	100	Appointment of attorney 

  
 The Directors may from time to time and at any time by power of attorney or otherwise appoint any company, firm or person or any fluctuating body of
persons, whether nominated directly or indirectly by the Directors, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors
under these Articles) and for such period and subject to such conditions as they may think fit, and any such appointment may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Directors may
think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. 
  

	101	President 

  
 The Directors may from time to time elect a President of the Company and may determine the period for which he shall hold office. Such President may be
either honorary or paid such remuneration as the Directors in their discretion shall think fit, and need not be a Director but shall, if not a Director, be entitled to receive notice of and attend and speak, but not to vote, at all meetings of the
Board of Directors. 
  

	102	Signature on cheques etc. 

  
 All cheques, promissory notes, drafts, bills of exchange, and other negotiable or transferable instruments, and all receipts for moneys paid to the
Company, shall be signed, drawn, accepted, endorsed, or otherwise executed, as the case may be, in such manner as the Directors shall from time to time by resolution determine. 
  

	103	Borrowing powers 

  

	103.1	Subject as hereinafter provided and to the provisions of the Statutes, the Directors may exercise all the powers of the Company to borrow money, and to mortgage or charge its
undertaking, property and uncalled capital or any part or parts thereof and to issue debentures and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

  

	103.2	The Directors shall restrict the borrowings of the Company and exercise all voting and other rights, powers of control or rights of influence exercisable by the Company in
relation to its subsidiary undertakings (if any) so as to secure (so far, as regards subsidiary undertakings, as by such exercise they can secure) that the aggregate amount for the time being remaining outstanding of all moneys borrowed by the Group
and for the time being owing to persons outside the Group less the aggregate amount of Current Asset Investments shall not at any time without the previous sanction of an Ordinary Resolution of the Company exceed an amount equal to two times the
Adjusted Capital and Reserves. 

  

 36 

	103.3	For the purpose of this Article: 

  

	 	103.3.1	“Group” means the Company and its subsidiary undertakings for the time being; 

  

	 	103.3.2	“relevant balance sheet” means at any time the latest audited consolidated balance sheet dealing with the state of affairs of the Company and (with or
without exceptions) its subsidiary undertakings; 

  

	 	103.3.3	“Adjusted Capital and Reserves” shall mean at any material time a sum equal to the aggregate, as shown by the relevant balance sheet, of the amount paid up
on the issued or allotted share capital of the Company and the amount standing to the credit of the reserves (including the profit and loss account and any share premium account or capital redemption reserve) of the Company and its subsidiary
undertakings included in the consolidation in the relevant balance sheet but after: 

  

	 	(i)	deducting therefrom any debit balance on profit and loss account or on any other reserve; 

  

	 	(ii)	excluding any amount included in such reserves but set aside for taxation (including deferred taxation) less any sums properly added back in respect of any such amount;

  

	 	(iii)	making such adjustments as may be appropriate in respect of any variation in the amount of such paid up share capital and/or any such reserves (other than profit and loss account)
subsequent to the date of the relevant balance sheet and so that for this purpose if any issue or proposed issue of shares by the Company for cash has been underwritten then such shares shall be deemed to have been issued and the amount (including
any premium) of the subscription moneys payable in respect thereof (not being moneys payable later than six months after the date of allotment) shall to the extent so underwritten be deemed to have been paid up on the date when the issue of such
shares was underwritten (or, if such underwriting was conditional, on the date when it became unconditional); 

  

	 	(iv)	making such adjustments as may be appropriate in respect of any distribution declared, recommended or made by the Company or its subsidiary undertakings (to the extent not
attributable directly or indirectly to the Company) out of profits earned up to and including the date of the relevant balance sheet to the extent that such distribution is not provided for in such balance sheet; 

  

	 	(v)	making such adjustments as may be appropriate in respect of any variation in the interests of the Company in its subsidiary undertakings (including a variation whereby an
undertaking becomes or ceases to be a subsidiary undertaking) since the date of the relevant balance sheet; 

  

	 	(vi)	if the calculation is required for the purposes of or in connection with a transaction under or in connection with which any undertaking is to become or cease to be a subsidiary
undertaking of the Company, making all such adjustments as would be appropriate if such transaction had been carried into effect; 

  

 37 

	 	(vii)	excluding minority interests in subsidiary undertakings to the extent not already excluded; 

  

	 	(viii)	deducting sums equivalent to the book values of goodwill and any other intangible assets shown as such in the relevant balance sheet (adjusted as aforesaid) but adding back a sum
equal to the goodwill arising on acquisitions of companies and businesses remaining within the Group including any which has been written off against reserves in accordance with United Kingdom generally accepted accounting principles;

  

	 	103.3.4	“moneys borrowed” shall be deemed to include (to the extent that the same would not otherwise fall to be taken into account): 

  

	 	(i)	the amount of all debentures allotted or issued (whether or not for cash) by any member of the Group which are not for the time being beneficially owned by a company within the
Group; 

  

	 	(ii)	the outstanding amount of acceptances (not being acceptances of trade bills in respect of the purchase or sale of goods in the ordinary course of trading) by any member of the Group
or by any bank or accepting house under any acceptance credit opened on behalf of and in favour of any member of the Group; 

  

	 	(iii)	the nominal amount of any allotted or issued and paid up share capital (other than equity share capital) of any subsidiary undertaking which is a body corporate of the Company not
for the time being beneficially owned by other members of the Group; 

  

	 	(iv)	the amount of any other allotted or issued and paid up share capital and of any other debentures or other borrowed moneys (not being shares or debentures which or borrowed moneys
the indebtedness in respect of which is for the time being beneficially owned within the Group) the redemption or repayment whereof is guaranteed (or is the subject of an indemnity granted) by any member of the Group or which any member of the Group
may be required to purchase; 

  

	 	(v)	the minority proportion of moneys borrowed and owing to a partly-owned subsidiary undertaking by another member of the Group; 

  

	 	(vi)	the aggregate amount owing by any member of the Group under finance leases (as determined in accordance with any then current Statement of Standard Accounting Practice or otherwise
in accordance with United Kingdom generally accepted accounting principles); 

  

	 	(vii)	the principal amount of any book debts of any member of the Group which have been sold or agreed to be sold, to the extent that any member of the Group is for the time being liable
to indemnify or reimburse the purchaser in respect of any non-payment in respect of such book debts; 

  

	 	(viii)	any part of the purchase price of any movable or immovable assets acquired by any member of the Group, the payment of which is deferred beyond the date of completion of the
conveyance, assignment or transfer of the legal estate to such assets or, if no such conveyance, assignment or transfer is to take place within six months after the date on which the contract for such purchase is entered into or (if later) becomes
unconditional, beyond that date; 

  

 38 

 but shall be deemed not to include: 
  

	 	(ix)	moneys borrowed by any member of the Group for the purpose of repaying, redeeming or purchasing (with or without premium) in whole or in part any other borrowed moneys falling to be
taken into account and intended to be applied for such purpose within six months after the borrowing thereof pending the application for such purpose or, if earlier, the end of such period; 

  

	 	(x)	any amounts borrowed by any member of the Group from bankers or others for the purpose of financing any contract up to an amount not exceeding that part of the price receivable
under such contract which is guaranteed or insured by the Export Credits Guarantee Department or other like institution carrying on a similar business; 

  

	 	(xi)	the minority proportion of moneys borrowed by a partly-owned subsidiary undertaking and not owing to another member of the Group; 

  
 and so that: 
  

	 	(xii)	no amount shall be taken into account more than once in the same calculation but subject thereto (i) to (xi) above shall be read cumulatively; and 

  

	 	(xiii)	in determining the amount of any debentures or other moneys borrowed or of any share capital for the purpose of this paragraph 103.3.4 there shall be taken into account the nominal
or principal amount thereof (or, in the case of partly-paid debentures or shares, the amount for the time being paid up thereon) together with any fixed or minimum premium payable on final redemption or repayment Provided that if moneys are borrowed
or shares are issued on terms that they may be repayable or redeemable (or that any member of the Group may be required to purchase them) earlier than their final maturity date (whether by exercise of an option on the part of the issuer or the
creditor (or a trustee for the creditor) or the shareholder, by reason of a default or for any other reason) at a premium or discount to their nominal or principal amount then there shall be taken into account the amount (or the greater or greatest
of two or more alternative amounts) which would, if those circumstances occurred, be payable on such repayment, redemption or purchase at the date as at which the calculation is being made; 

  

	 	103.3.5	in relation to a partly-owned subsidiary undertaking the “minority proportion” is a proportion equal to the proportion of its issued equity share capital
which is not attributable to the Company; 

  

	 	103.3.6	“Current Asset Investments” means the aggregate of: 

  

	 	(i)	cash in hand of the Group; 

  

	 	(ii)	sums standing to the credit of any current or other account of any member of the Group with banks in the United Kingdom or elsewhere to the extent that remittance of the same to the
United Kingdom is not prohibited by any 

  

 39 

 law, regulation, treaty or official directive or, where remittance of the same to the United Kingdom is
so prohibited, to the extent that the same may be set off against or act as security for any moneys borrowed by such member; 
  

	 	(iii)	the amount of such assets as would be included in “Current Assets - Investments” in a consolidated balance sheet of the Group prepared as at the date of the relevant
calculation in accordance with the principles used in the preparation of the relevant balance sheet; 

  
 less: 
  

	 	(iv)	in the case of a partly-owned subsidiary undertaking, a proportion thereof equal to the minority proportion; and 

  

	 	(v)	an amount equal to any amount excluded from paragraph 103.3.4 by virtue of sub-paragraph 103.3.4(ix). 

  

	103.4	For the purposes of the foregoing paragraphs, borrowed moneys expressed in or calculated by reference to a currency other than sterling shall be converted into sterling at
the relevant rate of exchange used for the purposes of the relevant balance sheet save that moneys borrowed (or first brought into account for the purposes of this Article) since the date of such balance sheet shall be converted at the rate of
exchange or approximate rate of exchange (determined on such basis as the Auditors may determine or approve) ruling on the date on which such moneys are borrowed (or first taken into account as aforesaid). 

  

	103.5	The determination of the Auditors as to the amount of the Adjusted Capital and Reserves at any time shall be conclusive and binding on all concerned and for the purposes of
their computation the Auditors may at their discretion make such further or other adjustments (if any) as they think fit. Nevertheless the Directors may act in reliance on a bona fide estimate of the amount of the Adjusted Capital and Reserves at
any time and if in consequence the limit hereinbefore contained is inadvertently exceeded an amount of borrowed moneys equal to the excess may be disregarded until the expiration of three months after the date on which by reason of a determination
of the Auditors or otherwise the Directors became aware that such a situation has or may have arisen. 

  

	103.6	No person dealing with the Company or any of its subsidiary undertakings shall be concerned to see or enquire whether the said limit is observed and no debt incurred or
security given in excess of such limit shall be invalid or ineffectual unless the lender or the recipient of the security had, at the time when the debt was incurred or security given, express notice that the said limit had been or would thereby be
exceeded. 

  
 ALTERNATE DIRECTORS 

 

	104	Alternate Directors 

  

	104.1	Any Director may at any time by writing under his hand and deposited at the Office, or delivered at a meeting of the Directors, appoint any person (including another
Director) to be his alternate Director and may in like manner at any time terminate such appointment. Such appointment, unless previously approved by the Directors or unless the appointee is another Director, shall have effect only upon and subject
to being so approved. 

  

 40 

	104.2	The appointment of an alternate Director shall determine on the happening of any event which if he were a Director would cause him to vacate such office or if his appointor
ceases to be a Director, otherwise than by retirement at a General Meeting at which he is re-elected. 

  

	104.3	An alternate Director shall be entitled to receive notices of meetings of the Directors and shall be entitled to attend and vote as a Director at any such meeting at which
the Director appointing him is not personally present and generally at such meeting to perform all functions of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions of these Articles shall apply as if he
(instead of his appointor) were a Director. If he shall be himself a Director or shall attend any such meeting as an alternate for more than one Director, his voting rights shall be cumulative but he shall not be counted more than once for the
purposes of the quorum. If his appointor is for the time being temporarily unable to act through ill health or disability his signature to any resolution in writing of the Directors shall be as effective as the signature of his appointor. To such
extent as the Directors may from time to time determine in relation to any committees of the Directors the foregoing provisions of this paragraph shall also apply mutatis mutandis to any meeting of any such committee of which his appointor is
a member. An alternate Director shall not (save as aforesaid) have power to act as a Director, nor shall he be deemed to be a Director for the purposes of these Articles, nor shall he be deemed to be the agent of his appointor.

  

	104.4	An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be
indemnified to the same extent mutatis mutandis as if he were a Director but he shall not be entitled to receive from the Company in respect of his appointment as alternate Director any remuneration except only such part (if any) of the
remuneration otherwise payable to his appointor as such appointor may by notice in writing to the Company from time to time direct. 

  
 SECRETARY 
  

	105	Secretary 

  
 The Secretary shall be appointed by the Directors on such terms and for such period as they may think fit. Any Secretary so appointed may at any time be
removed from office by the Directors, but without prejudice to any claim for damages for breach of any contract of service between him and the Company. If thought fit two or more persons may be appointed as Joint Secretaries. The Directors may also
appoint from time to time on such terms as they may think fit one or more Deputy and/or Assistant Secretaries. 
  
 THE SEAL 
  

	106	The Seal 

  

	106.1	The Directors shall provide for the safe custody of the Seal and any Securities Seal and neither shall be used without the authority of the Directors or of a committee
authorised by the Directors in that behalf. The Securities Seal shall be used only for sealing securities issued by the Company and documents creating or evidencing securities so issued. 

  

 41 

	106.2	Every instrument to which the Seal or the Securities Seal shall be affixed (other than a certificate for or evidencing shares, debentures or other securities (including
options) issued by the Company) shall be signed autographically by one Director and the Secretary or by two Directors. 

  

	106.3	The Company may exercise the powers conferred by the Statutes with regard to having an official seal for use abroad and such powers shall be vested in the Directors.

  

	106.4	Any instrument signed by one Director and the Secretary or by two Directors and expressed to be executed by the Company shall have the same effect as if executed under the
Seal, provided that no instrument which makes it clear on its face that it is intended to have effect as a deed shall be so signed without the authority of the Directors or of a committee authorised by the Directors in that behalf.

  
 AUTHENTICATION OF DOCUMENTS 
  

	107	Authentication of documents 

  
 Any Director or the Secretary or any person appointed by the Directors for the purpose shall have power to authenticate any document affecting the
constitution of the Company and any resolution passed at a shareholders’ meeting or at a meeting of the Directors or any committee, and any book, record, document or account relating to the business of the Company, and to certify copies thereof
or extracts therefrom as true copies or extracts; and where any book, record, document or account is elsewhere than at the Office the local manager or other officer of the Company having the custody thereof shall be deemed to be a person appointed
by the Directors as aforesaid. A document purporting to be a copy of any such resolution, or an extract from the minutes of any such meeting, which is certified as aforesaid shall be conclusive evidence in favour of all persons dealing with the
Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that any minute so extracted is a true and accurate record of proceedings at a duly constituted meeting. 
  
 RESERVES 
  

	108	Establishment of reserves 

  
 The Directors may from time to time set aside out of the profits of the Company and carry to reserve such sums as they think proper which, at the
discretion of the Directors, shall be applicable for any purpose to which the profits of the Company may properly be applied and pending such application may either be employed in the business of the Company or be invested. The Directors may divide
the reserve into such special funds as they think fit and may consolidate into one fund any special funds or any parts of any special funds into which the reserve may have been divided. The Directors may also without placing the same to reserve
carry forward any profits. In carrying sums to reserve and in applying the same the Directors shall comply with the provisions of the Statutes. 
  

	109	Business bought as from past date 

  
 Subject to the provisions of the Statutes, where any asset, business or property is bought by the Company as from a past date the profits and losses
thereof as from such date may at the discretion of the Directors in whole or in part be carried to revenue account and 
  

 42 

 treated for all purposes as profits or losses of the Company. Subject as aforesaid, if any shares or
securities are purchased cum dividend or interest, such dividend or interest may at the discretion of the Directors be treated as revenue, and it shall not be obligatory to capitalise the same or any part thereof. 
  
 DIVIDENDS 
  

	110	Final dividends 

  
 The Company may by Ordinary Resolution declare dividends but no such dividend shall exceed the amount recommended by the Directors. 
  

	111	Fixed and interim dividends 

  
 If and so far as in the opinion of the Directors the profits of the Company justify such payments, the Directors may pay the fixed dividends on any class
of shares carrying a fixed dividend expressed to be payable on fixed dates on the half-yearly or other dates prescribed for the payment thereof and may also from time to time pay interim dividends on shares of any class of such amounts and on such
dates and in respect of such periods as they think fit. Provided the Directors act in good faith they shall not incur any liability to the holders of any shares for any loss they may suffer by the lawful payment, on any other class of shares having
rights ranking after or pari passu with those shares, of any such fixed or interim dividend as aforesaid. 
  

	112	Distribution in specie 

  
 The Company may upon the recommendation of the Directors by Ordinary Resolution direct payment of a dividend in whole or in part by the distribution of
specific assets (and in particular of paid-up shares or debentures of any other company) and the Directors shall give effect to such resolution. Where any difficulty arises in regard to such distribution, the Directors may settle the same as they
think expedient and in particular may issue fractional certificates, may fix the value for distribution of such specific assets or any part thereof, may determine that cash shall be paid to any member upon the footing of the value so fixed in order
to adjust the rights of members and may vest any assets in trustees. 
  

	113	No dividend except out of profits 

  
 No dividend shall be paid otherwise than out of profits available for distribution under the provisions of the Statutes. 
  

	114	Ranking of shares for dividend 

  
 Unless and to the extent that the rights attached to any shares or the terms of issue thereof otherwise provide, all dividends shall (as regards any
shares not fully paid throughout the period in respect of which the dividend is paid) be apportioned and paid pro rata according to the amounts paid on the shares during any portion or portions of the period in respect of which the dividend is paid.
For the purposes of this Article no amount paid on a share in advance of calls shall be treated as paid on the share. 
  

 43 

	115	Manner of payment of dividends 

  

	115.1	Any dividend or other moneys payable on or in respect of a share shall be paid to the member or to such other person as the member (or, in the case of joint holders of a
share, all of them) may in writing direct. Such dividend or other moneys may be paid (i) by cheque sent by post to the payee or, where there is more than one payee, to any one of them, or (ii) by inter-bank transfer to such account as the payee or
payees shall in writing direct, or (iii) using the facilities of a relevant system, or (iv) by such other method of payment as the member (or in the case of joint holders of a share, all of them) may agree to. Every such cheque shall be sent at the
risk of the person or persons entitled to the money represented thereby, and payment of a cheque by the banker upon whom it is drawn, or any transfer or payment within (ii) or (iii) above, shall be a good discharge to the Company.

  

	115.2	Subject to the provisions of these Articles and to the rights attaching to any shares, any dividend or other moneys payable on or in respect of a share may be paid in such
currency as the Directors may determine using such exchange rate for currency conversions as the Directors may select. 

  

	115.3	The Company may cease to send any cheque, warrant or order by post for any dividend on any shares which is normally paid in that manner if in respect of at least two
consecutive dividends payable on those shares the cheque, warrant or order has been returned undelivered or remains uncashed or if, following one such occasion, reasonable enquiries have failed to established any new addresses for the relevant
member(s) but, subject to the provisions of these Articles, shall recommence sending cheques, warrants or orders in respect of the dividends payable on those shares if the holder or person entitled by transmission claims the arrears of dividend and
does not instruct the Company to pay future dividends in some other way. 

  

	116	Joint holders 

  
 If two or more persons are registered as joint holders of any share, or are entitled jointly to a share in consequence of the death or bankruptcy of the
holder or otherwise by operation of law, any one of them may give effectual receipts for any dividend or other moneys payable or property distributable on or in respect of the share. 
  

	117	Record date for dividends 

  
 Any resolution for the declaration or payment of a dividend on shares of any class, whether a resolution of the Company in General Meeting or a resolution
of the Directors, may specify that the same shall be payable to the persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is
passed, and thereupon the dividend shall be payable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares.

  

	118	No interest on dividends 

  
 No dividend or other moneys payable on or in respect of a share shall bear interest as against the Company. 
  

 44 

	119	Retention of dividends 

  

	119.1	The Directors may retain any dividend or other moneys payable on or in respect of a share on which the Company has a lien and may apply the same in or towards satisfaction of
the moneys payable to the Company in respect of that share. 

  

	119.2	The Directors may retain the dividends payable upon shares in respect of which any person is under the provisions as to the transmission of shares hereinbefore contained
entitled to become a member, or which any person is under those provisions entitled to transfer, until such person shall become a member in respect of such shares or shall transfer the same. 

  

	120	Unclaimed dividend 

  
 The payment by the Directors of any unclaimed dividend or other moneys payable on or in respect of a share into a separate account shall not constitute
the Company a trustee in respect thereof and any dividend unclaimed after a period of 12 years from the date on which such dividend was declared or became due for payment shall be forfeited and shall revert to the Company. 
  

	121	Waiver of dividend 

  
 The waiver in whole or in part of any dividend on any share by any document (whether or not executed as a deed) shall be effective only if such document
is signed by the shareholder (or the person entitled to the share in consequence of the death or bankruptcy of the holder or otherwise by operation of law) and delivered to the Company and if or to the extent that the same is accepted as such or
acted upon by the Company. 
  
 CAPITALISATION OF PROFITS AND
RESERVES 
  

	122	Capitalisation of profits and reserves 

  

	122.1	The Directors may, with the sanction of an Ordinary Resolution of the Company, capitalise any sum standing to the credit of any of the Company’s reserve accounts
(including any share premium account, capital redemption reserve or other undistributable reserve) or any sum standing to the credit of profit and loss account. 

  

	122.2	Such capitalisation shall be effected by appropriating such sum to the holders of Ordinary Shares on the Register at the close of business on the date of the resolution (or
such other date as may be specified therein or determined as therein provided) in proportion to their then holdings of Ordinary Shares and applying such sum on their behalf in paying up in full unissued Ordinary Shares (or, subject to any special
rights previously conferred on any shares or class of shares for the time being issued, unissued shares of any other class) for allotment and distribution credited as fully paid up to and amongst them as bonus shares in the proportion aforesaid.

  

	122.3	The Directors may do all acts and things considered necessary or expedient to give effect to any such capitalisation, with full power to the Directors to make such provisions
as they think fit for any fractional entitlements which would arise on the basis aforesaid (including provisions whereby fractional entitlements are disregarded or the benefit thereof accrues to the Company rather than to the members concerned). The
Directors may authorise any person to enter on behalf of all the members interested into an agreement with the Company providing for any such capitalisation and matters incidental thereto and any agreement made under such authority shall be
effective and binding on all concerned. 

  

 45 

 SCRIP DIVIDENDS 
  

	123	Scrip dividends 

  

	123.1	Subject as hereinafter provided, the Directors may offer to ordinary shareholders the right to receive, in lieu of dividend (or part thereof), an allotment of new Ordinary
Shares credited as fully paid. 

  

	123.2	The Directors shall not make such an offer unless so authorised by an Ordinary Resolution passed at any General Meeting, which authority may extend to dividends declared or
paid prior to the fifth Annual General Meeting of the Company occurring thereafter, but no further. 

  

	123.3	The Directors may either offer such rights of election in respect of the next dividend (or part thereof) proposed to be paid; or may offer such rights of election in respect
of that dividend and all subsequent dividends, until such time as the election is revoked; or may allow shareholders to make an election in either form. 

  

	123.4	The basis of allotment on each occasion shall be determined by the Directors so that, as nearly as may be considered convenient, the value of the Ordinary Shares to be
allotted in lieu of any amount of dividend shall equal such amount. For such purpose the value of an Ordinary Share shall be the average of the middle market quotations of an Ordinary Share on the London Stock Exchange, as derived from the Daily
Official List, on each of the first five business days on which the Ordinary Shares are quoted “ex” the relevant dividend. 

  

	123.5	If the Directors determine to offer such right of election on any occasion they shall give notice in writing to the ordinary shareholders of such right and shall issue forms
of election and shall specify the procedures to be followed in order to exercise such right Provided that they need not give such notice to a shareholder who has previously made, and has not revoked, an earlier election to receive Ordinary Shares in
lieu of all future dividends, but instead shall send him a reminder that he has made such an election, indicating how that election may be revoked in time for the next dividend proposed to be paid. 

  

	123.6	On each occasion the dividend (or that part of the dividend in respect of which a right of election has been accorded) shall not be payable on Ordinary Shares in respect
whereof the share election has been duly exercised and has not been revoked (the “elected Ordinary Shares”), and in lieu thereof additional shares (but not any fraction of a share) shall be allotted to the holders of the elected
Ordinary Shares on the basis of allotment determined as aforesaid. For such purpose the Directors shall capitalise, out of such of the sums standing to the credit of reserves (including any share premium account or capital redemption reserve) or
profit and loss account as the Directors may determine, a sum equal to the aggregate nominal amount of additional Ordinary Shares to be allotted on that occasion on such basis and shall apply the same in paying up in full the appropriate number of
unissued Ordinary Shares for allotment and distribution to and amongst the holders of the elected Ordinary Shares on such basis. 

  

	123.7	The additional Ordinary Shares so allotted on any occasion shall rank pari passu in all respects with the fully-paid Ordinary Shares then in issue save only as regards
participation in the relevant dividend. 

  

 46 

	123.8	Article 122 shall apply (mutatis mutandis) to any capitalisation made pursuant to this Article. 

  

	123.9	No fraction of an Ordinary Share shall be allotted. The Directors may make such provision as they think fit for any fractional entitlements including, without limitation,
provision whereby, in whole or in part, the benefit thereof accrues to the Company and/or fractional entitlements are accrued and/or retained and in either case accumulated on behalf of any ordinary shareholder. 

  

	123.10	The Directors may on any occasion determine that rights of election shall not be made available to any ordinary shareholders with registered addresses in any territory where
in the absence of a registration statement or other special formalities the circulation of an offer of rights of election would or might be unlawful, and in such event the provisions aforesaid shall be read and construed subject to such
determination. 

  

	123.11	In relation to any particular proposed dividend the Directors may in their absolute discretion decide (i) that shareholders shall not be entitled to make any election in
respect thereof and that any election previously made shall not extend to such dividend or (ii) at any time prior to the allotment of the Ordinary Shares which would otherwise be allotted in lieu thereof, that all elections to take shares in lieu of
such dividend shall be treated as not applying to that dividend, and if so the dividend shall be paid in cash as if no elections had been made in respect of it. 

  
 ACCOUNTS 
  

	124	Accounting records 

  
 Accounting records sufficient to show and explain the Company’s transactions and otherwise complying with the Statutes shall be kept at the Office,
or at such other place as the Directors think fit, and shall always be open to inspection by the officers of the Company. Subject as aforesaid no member of the Company or other person shall have any right of inspecting any account or book or
document of the Company except as conferred by statute or ordered by a court of competent jurisdiction or authorised by the Directors. 
  

	125	Copies of accounts for members 

  
 A copy of every balance sheet and profit and loss account which is to be laid before a General Meeting of the Company (including every document required
by law to be comprised therein or attached or annexed thereto) shall not less than 21 days before the date of the meeting be sent to every member of, and every holder of debentures of, the Company and to every other person who is entitled to receive
notices of meetings from the Company under the provisions of the Statutes or of these Articles. Provided that this Article shall not require a copy of these documents to be sent to any member to whom a summary financial statement is sent in
accordance with the Statutes nor to more than one of joint holders nor to any person of whose address the Company is not aware, but any member or holder of debentures to whom a copy of these documents has not been sent shall be entitled to receive a
copy free of charge on application at the Office. To the extent permitted by the Statutes and agreed by the member, the documents referred to in this Article may be sent by electronic communication. 
  

 47 

 AUDITORS 
  

	126	Validity of Auditor’s acts 

  
 Subject to the provisions of the Statutes, all acts done by any person acting as an Auditor shall, as regards all persons dealing in good faith with the
Company, be valid, notwithstanding that there was some defect in his appointment or that he was at the time of his appointment not qualified for appointment or subsequently became disqualified. 
  

	127	Auditor’s right to attend General Meetings 

  
 An Auditor shall be entitled to attend any General Meeting and to receive all notices of and other communications relating to any General Meeting which
any member is entitled to receive and to be heard at any General Meeting on any part of the business of the meeting which concerns him as Auditor. 
  
 NOTICES 
  

	128	Service of notices 

  

	128.1	Any notice or document (including a share certificate) may be served on or delivered to any member by the Company either personally or by sending it by post in a pre-paid
cover addressed to such member at his registered address, or (if he has no registered address within the United Kingdom) to the address, if any, within the United Kingdom supplied by him to the Company as his address for the service of notices, or
by delivering it to such address addressed as aforesaid. In the case of a member registered on a branch register any such notice or document may be posted either in the United Kingdom or in the territory in which such branch register is maintained.

  

	128.2	Where a notice or other document is served or sent by post, service or delivery shall be deemed to be effected at the expiration of 24 hours (or, where second-class mail is
employed, 48 hours) after the time when the cover containing the same is posted and in proving such service or delivery it shall be sufficient to prove that such cover was properly addressed, stamped and posted. 

  

	128.3	Any document or notice which, in accordance with these Articles, may be sent by the Company by electronic mail shall, if so sent, be deemed to be received at 9 a.m. on the
day following that on which it was transmitted. Proof (in accordance with the formal recommendations of best practice contained in the guidance issued by the Institute of Chartered Secretaries and Administrators) that an electronic communication was
sent shall be conclusive evidence of such sending. 

  

	128.4	The accidental failure to send, or the non-receipt by any person entitled to, any notice of or other document relating to any meeting or other proceeding shall not invalidate
the relevant meeting or other proceeding. 

  

	129	Joint holders 

  
 Any notice given to that one of the joint holders of a share whose name stands first in the Register in respect of the share shall be sufficient notice to
all the joint holders in their capacity as such. For such purpose a joint holder having no registered address in the United Kingdom and not having supplied an address within the United Kingdom for the service of notices shall be disregarded.

  

 48 

	130	Deceased and bankrupt members 

  
 A person entitled to a share in consequence of the death or bankruptcy of a member or otherwise by operation of law upon supplying to the Company such
evidence as the Directors may reasonably require to show his title to the share, and upon supplying also an address within the United Kingdom for the service of notices, shall be entitled to have served upon or delivered to him at such address any
notice or document to which the said member would have been entitled, and such service or delivery shall for all purposes be deemed a sufficient service or delivery of such notice or document on all persons interested (whether jointly with or as
claiming through or under him) in the share. Save as aforesaid any notice or document delivered or sent by post to or left at the address of any member in pursuance of these Articles shall, notwithstanding that such member be then dead or bankrupt
or in liquidation, and whether or not the Company has notice of his death or bankruptcy or liquidation, be deemed to have been duly served or delivered in respect of any share registered in the name of such member as sole or first-named joint
holder. 
  

	131	Overseas members 

  
 A member who (having no registered address within the United Kingdom) has not supplied to the Company an address within the United Kingdom for the service
of notices shall not be entitled to receive notices from the Company. 
  

	132	Suspension of postal services 

  
 If at any time by reason of the suspension or curtailment of postal services within the United Kingdom the Company is unable effectively to convene a
shareholders’ meeting by notices sent through the post, such meeting may be convened by a notice advertised on the same date in at least one national newspaper and such notice shall be deemed to have been duly served on all members entitled
thereto on the day when the advertisement appears. In any such case the Company shall send confirmatory copies of the notice by post if at least seven days prior to the meeting the posting of notices to addresses throughout the United Kingdom again
becomes practicable. 
  

	133	Electronic communication 

  

	133.1	Any member may notify the Company of an address for the purpose of his receiving electronic communications from the Company, and having done so shall be deemed to have agreed
to receive by electronic communication notices and other documents from the Company of the kind to which the address relates. In addition, if a member notifies the Company of his e-mail address, the Company may satisfy its obligation to send him any
notice or other document by: 

  

	 	(a)	publishing such notice or other document on a web site; and 

  

	 	(b)	notifying him by e-mail to that e-mail address that such notice or document has been so published, specifying the address of the web site on which it has been published, the place
on the web site where the notice may be accessed, how it may be accessed and (if the notice relates to a shareholders’ meeting) stating (i) that the notice concerns a notice of a company meeting served in accordance with

  

 49 

 the Act, (ii) the place, date and time of the meeting, (iii) whether the meeting is to be an annual or
extraordinary general meeting and (iv) such other information as the Statutes may prescribe. 
  

	133.2	Any amendment or revocation of a notification given to the Company under this Article shall only take effect if in writing, signed by the member and on actual receipt by the
Company thereof. 

  

	133.3	An electronic communication shall not be treated as received by the Company if it is rejected by computer virus protection arrangements. 

  

	134	Electronic communication: signature of documents 

  
 Where under these Articles a document requires to be signed by a member or other person then, if in the form of an electronic communication, it must to be
valid incorporate the electronic signature or personal identification details (which may be details previously allocated by the Company) of that member or other person, in such form as the Directors may approve, or be accompanied by such other
evidence (including evidence in accordance with the last sentence of paragraph 66.2) as the Directors may require to satisfy themselves that the document is genuine. The Company may designate mechanisms for validating any such document, and any such
document not so validated by use of such mechanisms shall be deemed not to have been received by the Company. 
  

	135	Statutory requirements as to notices 

  
 Nothing in any of the preceding five Articles shall affect any requirement of the Statutes that any particular offer, notice or other document be served
in any particular manner. 
  
 WINDING-UP 
  

	136	Directors’ power to petition 

  
 The Directors shall have power in the name and on behalf of the Company to present a petition to the Court for the Company to be wound up. 
  

	137	Distribution of assets in specie 

  
 If the Company shall be wound up (whether the liquidation is voluntary, under supervision, or by the Court) the Liquidator may, with the authority of an
Extraordinary Resolution, divide among the members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist of property of one kind or shall consist of properties of different kinds, and
may for such purpose set such value as he deems fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the members or different classes of members. The Liquidator may, with the like
authority, vest any part of the assets in trustees upon such trusts for the benefit of members as the Liquidator with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no
contributory shall be compelled to accept any shares or other property in respect of which there is a liability. 
  

 50 

 DESTRUCTION OF DOCUMENTS 
  

	138	Destruction of documents 

  
 Subject to compliance with the rules (as defined in the CREST Regulations) applicable to shares of the Company in uncertificated form, the Company shall
be entitled to destroy all instruments of transfer or other documents which have been registered or on the basis of which registration was made at any time after the expiration of six years from the date of registration thereof and all dividend
mandates and notifications of change of address at any time after the expiration of two years from the date of recording thereof and all share certificates which have been cancelled at any time after the expiration of one year from the date of the
cancellation thereof and all instruments of proxy at any time after the expiry of one year from the date of the relevant meeting (or, where the instrument relates to more than one meeting, the date of the last such meeting). It shall conclusively be
presumed in favour of the Company that every entry in the Register purporting to have been made on the basis of an instrument of transfer or other document so destroyed was duly and properly made and every instrument of transfer so destroyed was a
valid and effective instrument duly and properly registered and every share certificate so destroyed was a valid and effective certificate duly and properly cancelled and every other document hereinbefore mentioned so destroyed was a valid and
effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that: 
  

	 	(a)	the provisions aforesaid shall apply only to the destruction of a document in good faith and without notice of any claim (regardless of the parties thereto) to which the document
might be relevant; 

  

	 	(b)	nothing herein contained shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any other
circumstances which would not attach to the Company in the absence of this Article; 

  

	 	(c)	references herein to the destruction of any document include references to the disposal thereof in any manner. 

  
 INDEMNITY 
  

	139	Indemnity 

  

	139.1	Subject to the provisions of and so far as may be consistent with the Statutes, every Director, Secretary or other officer of the Company shall be indemnified by the Company
out of its own funds against and/or exempted by the Company from all costs, charges, losses, expenses and liabilities incurred by him in the actual or purported execution and/or discharge of his duties and/or the exercise or purported exercise of
his powers and/or otherwise in relation to or in connection with his duties, powers or office including (without prejudice to the generality of the foregoing) any liability incurred by him in defending any proceedings, civil or criminal, which
relate to anything done or omitted or alleged to have been done or omitted by him as an officer or employee of the Company and in which judgment is given in his favour (or the proceedings are otherwise disposed of without any finding or admission of
any material breach of duty on his part) or in which he is acquitted or in connection with any application under any statute for relief from liability in respect of any such act or omission in which relief is granted to him by the Court.

  

 51 

	139.2	Without prejudice to paragraph 139.1 the Directors shall the have power to purchase and maintain insurance for or for the benefit of any person who is or was at any time a
Director or officer of any Relevant Company (as defined in paragraph 139.3 of this Article) or who is or was at any time a trustee of any pension fund or employees’ share scheme in which employees of any Relevant Company are interested,
including (without prejudice to the generality of the foregoing) insurance against any liability incurred by any such person in respect of any act or omission in the actual or purported execution and/or discharge of his duties and/or in the exercise
or purported exercise of his powers and/or otherwise in relation to his duties, powers or offices in relation to any Relevant Company, or any such pension fund or employees’ share scheme. 

  

	139.3	For the purpose of paragraph 139.2 “Relevant Company” shall mean the Company, any holding company of the Company or any other body, whether or not
incorporated, in which the Company or such holding company or any of the predecessors of the Company or of such holding company has or had any interest whether direct or indirect or which is in any way allied to or associated with the Company, or
any subsidiary undertaking of the Company or of such other body. 

  
 APPROVED DEPOSITARIES 
  

	140	Approved Depositaries 

  

	140.1	An Approved Depositary shall maintain a register or system(s) (the “Proxy Register”) in which shall be recorded the aggregate number of Ordinary Shares which
for the time being are registered in the name of the Approved Depositary or its Nominee (the “Depositary Shares”) as well as the name and address of each person who is for the time being appointed as an Appointed Proxy pursuant to
paragraph 140.2 below and, against his name and address, the number of Depositary Shares in respect of which that Appointed Proxy’s appointment for the time being subsists (his “Appointed Number”). The Proxy Register shall be
open to inspection by any person authorised by the Company during usual business hours and the Approved Depositary shall furnish to the Company or its agents upon demand all such information as to the contents of the Proxy Register, or any part of
it, as may be requested. 

  

	140.2	Without prejudice to the right of an Approved Depositary or its Nominee to exercise any rights conferred in these Articles, an Approved Depositary or its Nominee may appoint
as its proxy or proxies such person or persons as it thinks fit (each such person being an “Appointed Proxy”) and may determine the method by which and the terms upon which, such appointments are made, save that each such
appointment shall specify the Appointed Number in respect of which that appointment is made and the aggregate Appointed Numbers of all the Appointed Proxies subsisting at any one time shall not exceed the aggregate number of Depositary Shares.

  

	140.3	Subject to the Statutes and subject to the provisions of these paragraphs, and so long as the Depositary Shares shall be of a sufficient number so as to include his Appointed
Number, an Appointed Proxy: 

  

	 	140.3.1	shall upon production to the Company at a General Meeting of written evidence of his appointment (which shall be in such form as the Company and the Approved

  

 52 

 Depositary shall determine from time to time) be entitled to the same rights (including, without
limitation, those rights contained in Articles 58.1 and 67), and subject to the same restrictions, in relation to his Appointed Number as though the Ordinary Shares represented by the Appointed Number were registered in the name of the Approved
Depositary (or its Nominee) and the Appointed Proxy was a person validly appointed as proxy by the Approved Depositary (or its Nominee) in accordance with Articles 65 and 66; and 
  

	 	140.3.2	shall himself be entitled, by an instrument of proxy duly signed by him pursuant to Article 65.1 and deposited with the Company in accordance with Article 66.1, to appoint
another person as his proxy in relation to his Appointed Number so that the provisions of these paragraphs shall apply (mutatis mutandis) in relation to such an appointment as though the Ordinary Shares represented by the Appointed Number were
registered in the name of the Appointed Proxy and the appointment by the Appointed Proxy was made in accordance with Articles 65 and 66. 

  

	140.4	The Company may send an Appointed Proxy at his address as is shown in the Proxy Register all notices and other documents which are sent to the holders of Ordinary Shares.

  

	140.5	The Company may pay to an Appointed Proxy at his address as shown in the Proxy Register all dividends payable on the Ordinary Shares in respect of which he has been appointed
as Appointed Proxy, and payment of any such dividend shall be a good discharge to the Company of its obligation to make payment to the Approved Depositary or its Nominee in respect of the Ordinary Shares concerned. 

  

	140.6	 

  

	 	140.6.1	For the purposes of determining which persons are entitled as Appointed Proxies: 

  

	 	(i)	to exercise the rights conferred by paragraph 140.3; 

  

	 	(ii)	to receive documents sent pursuant to paragraph 140.4; and 

  

	 	(iii)	to be paid dividends pursuant to paragraph 140.5, 

  
 and each Appointed Proxy’s Appointed Number, the Approved Depositary may determine that the Appointed Proxies who are so entitled shall be the
persons entered in the Proxy Register at the close of business on a date (a “Record Date”) determined by the Approved Depositary in consultation with the Company. 
  

	 	140.6.2	When a Record Date is determined for a particular purpose: 

  

	 	(i)	the number of Depositary Shares in respect of which a person entered in the Proxy Register as an Appointed Proxy is to be treated as having been appointed for that purpose shall be
the number appearing against his name in the Proxy Register as at the close of business on the Record Date; and 

  

	 	(ii)	changes to entries in the Proxy Register after the close of business on the Record Date shall be disregarded in determining the entitlement of any person for the purpose concerned.

  

	140.7	Except as required by law, no Appointed Proxy shall be recognised by the Company as holding any interest in shares upon any trust and subject to the recognition of the rights
conferred in relation to General Meetings by appointments made by Appointed Proxies pursuant to paragraph 140.3.2 the Company shall be entitled to treat any person entered in the Proxy Register as an Appointed Proxy as the only person (other than
the Approved Depositary) who has any interest in the Ordinary Shares in respect of which the Appointed Proxy has been appointed. 

  

 53 

	140.8	If any question shall arise as to whether any particular person or persons has or have been validly appointed to vote (or exercise any other right) in respect of any
Depositary Shares (whether by reason of the aggregate number of shares in respect of which appointments are recorded in the Proxy Register exceeding the aggregate number of Depositary Shares or for any other reason) such question shall if arising at
or in relation to a General Meeting be determined by the chairman of the meeting (and if arising in any other circumstances shall be determined by the Directors) whose determination (which may include declining to recognise a particular appointment
or appointments as valid) shall if made in good faith be conclusive and binding on all persons interested. 

  

 54Form of Proposed Amended and Restated Deposit Agreement

 Exhibit 4.4 
  

Form of Proposed Amended and Restated Deposit Agreement 
  

ARM HOLDINGS PLC 
  
 AND 
  
 THE BANK OF NEW YORK 
  
 As Depositary 
  
 AND

  
 OWNERS AND BENEFICIAL OWNERS OF AMERICAN DEPOSITARY

 RECEIPTS 
  
 Deposit Agreement 
  
 Dated as of April 24, 1998 
  
 as amended and restated as of April 17, 2000 
  
 and as further amended and restated as of
                     , 2004 

					
	 ARTICLE 1.         DEFINITIONS.
	 	- 2 -
			
	 SECTION 1.1
	  	 AMERICAN DEPOSITARY SHARES.
	 	- 2 -
	 SECTION 1.2
	  	 ARTICLE; SECTION.
	 	- 2 -
	 SECTION 1.3
	  	 BENEFICIAL OWNER.
	 	- 2 -
	 SECTION 1.4
	  	 COMMISSION.
	 	- 2 -
	 SECTION 1.5
	  	 CUSTODIAN.
	 	- 2 -
	 SECTION 1.6
	  	 DELIVERY; DEPOSIT; SURRENDER; TRANSFER;
WITHDRAW.
	 	- 3 -
	 SECTION 1.7
	  	 DEPOSIT AGREEMENT.
	 	- 3 -
	 SECTION 1.8
	  	 DEPOSITARY; CORPORATE TRUST OFFICE.
	 	- 3 -
	 SECTION 1.9
	  	 DEPOSITED SECURITIES.
	 	- 4 -
	 SECTION 1.10
	  	 DOLLARS; POUNDS; PENCE.
	 	- 4 -
	 SECTION 1.11
	  	 FOREIGN CURRENCY.
	 	- 4 -
	 SECTION 1.12
	  	 FOREIGN REGISTRAR.
	 	- 4 -
	 SECTION 1.13
	  	 ISSUER.
	 	- 4 -
	 SECTION 1.14
	  	 OWNER.
	 	- 4 -
	 SECTION 1.15
	  	 RECEIPTS.
	 	- 5 -
	 SECTION 1.16
	  	 REGISTRAR.
	 	- 5 -
	 SECTION 1.17
	  	 SECURITIES ACT OF 1933.
	 	- 5 -
	 SECTION 1.18
	  	 SHARES.
	 	- 5 -
		
	 ARTICLE 2.         FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY,
TRANSFER AND SURRENDER OF RECEIPTS.
	 	- 6 -
			
	 SECTION 2.1
	  	 FORM AND TRANSFERABILITY OF
RECEIPTS.
	 	- 6 -
	 SECTION 2.2
	  	 DEPOSIT OF SHARES.
	 	- 7 -
	 SECTION 2.3
	  	 EXECUTION AND DELIVERY OF RECEIPTS.
	 	- 8 -
	 SECTION 2.4
	  	 TRANSFER OF RECEIPTS; COMBINATION AND
SPLIT-UP OF RECEIPTS.
	 	- 9 -
	 SECTION 2.5
	  	 SURRENDER OF RECEIPTS AND WITHDRAWAL OF
SHARES.
	 	- 10 -
	 SECTION 2.6
	  	 LIMITATIONS ON EXECUTION AND DELIVERY,
TRANSFER AND SURRENDER OF RECEIPTS.
	 	- 11 -
	 SECTION 2.7
	  	 LOST RECEIPTS, ETC.
	 	- 13 -
	 SECTION 2.8
	  	 CANCELLATION AND DESTRUCTION OF SURRENDERED
RECEIPTS.
	 	- 13 -
	 SECTION 2.9
	  	 PRE-RELEASE OF RECEIPTS.
	 	- 13 -
		
	 ARTICLE 3.         CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.
	 	- 15 -
			
	 SECTION 3.1
	  	FILING PROOFS, CERTIFICATES AND OTHER INFORMATION.	 	- 15 -
	 SECTION 3.2
	  	LIABILITY OF OWNER OR BENEFICIAL OWNER FOR TAXES.	 	- 15 -
	 SECTION 3.3
	  	WARRANTIES ON DEPOSIT OF SHARES.	 	- 16 -
	 SECTION 3.4
	  	DISCLOSURE OF INTERESTS.	 	- 16 -
		
	 ARTICLE 4.         THE DEPOSITED SECURITIES.
	 	- 17 -
			
	 SECTION 4.1
	  	CASH DISTRIBUTIONS.	 	- 17 -
	 SECTION 4.2
	  	DISTRIBUTIONS OTHER THAN CASH, SHARES OR RIGHTS.	 	- 18 -
	 SECTION 4.3
	  	DISTRIBUTIONS IN SHARES.	 	- 19 -
	 SECTION 4.4
	  	RIGHTS.	 	- 20 -
	 SECTION 4.5
	  	CONVERSION OF FOREIGN CURRENCY.	 	- 22 -
	 SECTION 4.6
	  	FIXING OF RECORD DATE.	 	- 23 -
	 SECTION 4.7
	  	VOTING OF DEPOSITED SECURITIES.	 	- 24 -
	 SECTION 4.8
	  	REQUISITIONS OF MEETINGS BY OWNERS.	 	- 26 -
	 SECTION 4.9
	  	REQUISITIONS OF RESOLUTIONS AT MEETINGS OF SHAREHOLDERS.	 	- 27 -
	 SECTION 4.10
	  	CHANGES AFFECTING DEPOSITED SECURITIES.	 	- 29 -
	 SECTION 4.11
	  	REPORTS.	 	- 29 -
	 SECTION 4.12
	  	LISTS OF OWNERS.	 	- 30 -

  

 1 

					
	 SECTION 4.13
	  	 WITHHOLDING.
	 	- 30 -
		
	 ARTICLE 5.         THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER.
	 	- 30 -
			
	 SECTION 5.1
	  	 MAINTENANCE OF OFFICE AND TRANSFER BOOKS
BY THE DEPOSITARY.
	 	- 30 -
	 SECTION 5.2
	  	 PREVENTION OR DELAY IN PERFORMANCE BY
THE DEPOSITARY OR THE ISSUER.
	 	- 31 -
	 SECTION 5.3
	  	 OBLIGATIONS OF THE DEPOSITARY, THE CUSTODIAN
AND THE ISSUER.
	 	- 32 -
	 SECTION 5.4
	  	 RESIGNATION AND REMOVAL OF THE
DEPOSITARY.
	 	- 34 -
	 SECTION 5.5
	  	 THE CUSTODIANS.
	 	- 35 -
	 SECTION 5.6
	  	 NOTICES AND REPORTS.
	 	- 36 -
	 SECTION 5.7
	  	 DISTRIBUTION OF ADDITIONAL SHARES, RIGHTS,
ETC.
	 	- 36 -
	 SECTION 5.8
	  	 INDEMNIFICATION.
	 	- 37 -
	 SECTION 5.9
	  	 CHARGES OF DEPOSITARY.
	 	- 38 -
	 SECTION 5.10
	  	 RETENTION OF DEPOSITARY DOCUMENTS.
	 	- 39 -
	 SECTION 5.11
	  	 EXCLUSIVITY.
	 	- 40 -
	 SECTION 5.12
	  	 APPROVED DEPOSITARY
	 	- 40 -
		
	 ARTICLE 6.        AMENDMENT AND TERMINATION.
	 	- 40 -
			
	 SECTION 6.1
	  	 AMENDMENT.
	 	- 40 -
	 SECTION 6.2
	  	 TERMINATION.
	 	- 41 -
		
	 ARTICLE 7.        MISCELLANEOUS.
	 	- 42 -
			
	 SECTION 7.1
	  	 COUNTERPARTS.
	 	- 42 -
	 SECTION 7.2
	  	 NO THIRD PARTY BENEFICIARIES.
	 	- 42 -
	 SECTION 7.3
	  	 SEVERABILITY.
	 	- 43 -
	 SECTION 7.4
	  	 HOLDERS AND OWNERS AS PARTIES; BINDING
EFFECT.
	 	- 43 -
	 SECTION 7.5
	  	 NOTICES.
	 	- 43 -
	 SECTION 7.6
	  	 GOVERNING LAW.
	 	- 44 -
	 SECTION 7.7
	  	 COMPLIANCE WITH U.S. SECURITIES LAWS.
	 	- 44 -

  

 2 

 DEPOSIT AGREEMENT 
  
 DEPOSIT AGREEMENT dated as of April 24, 1998, as amended and restated as of April 17, 2000, and as further amended
and restated as of                     , 2004, among ARM HOLDINGS PLC, incorporated under the laws of England and Wales (herein called the Issuer),
THE BANK OF NEW YORK, a New York banking corporation (herein called the Depositary), and all Owners and Beneficial Owners from time to time of American Depositary Receipts issued hereunder. 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Issuer desires to provide, as hereinafter set forth in
this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Issuer from time to time with the Depositary or with the Custodian (as hereinafter defined) as agent of the Depositary for the purposes set forth in this Deposit
Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares; and 
  
 WHEREAS, the American Depositary Receipts are to be substantially in
the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
  

 - 1 - 

 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto
as follows: 
  
 ARTICLE 1. DEFINITIONS. 
  
 The following definitions shall for all purposes, unless otherwise clearly
indicated, apply to the respective terms used in this Deposit Agreement: 
  
 Section 1.1 American Depositary Shares. 
  
 The term “American Depositary Shares” shall mean the securities representing the interests in the Deposited Securities and evidenced by the Receipts issued hereunder. Each American Depositary Share shall
represent three (3) Shares, until there shall occur a distribution upon Deposited Securities covered by Section 4.3 or a change in Deposited Securities covered by Section 4.10 with respect to which additional Receipts are not executed and delivered,
and thereafter American Depositary Shares shall evidence the amount of Shares or Deposited Securities specified in such Sections. 
  
 Section 1.2 Article; Section. 
  
 Wherever references are made in this Deposit Agreement to an “Article” or “Articles” or to a “Section” or
“Sections”, such references shall mean an article or articles or a section or sections of this Deposit Agreement, unless otherwise required by the context. 
  
 Section 1.3 Beneficial Owner. 
  
 The term “Beneficial Owner” shall mean any person owning from time to time any beneficial interest in the American
Depositary Shares evidenced by any Receipt, and who may or may not be the Owner of such Receipt. 
  
 Section 1.4 Commission. 
  
 The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United
States. 
  
 Section 1.5 Custodian. 
  
 The term “Custodian” shall mean the London office of The Bank of
New York, as agent of the Depositary for the purposes of this Deposit Agreement, and any 
  

 - 2 - 

 other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of Section 5.5, as
substitute or additional custodian or custodians hereunder, as the context shall require and shall also mean all of them collectively. 
  
 Section 1.6 Delivery; Deposit; Surrender; Transfer; Withdraw. 
  
 The terms “deliver”, “deposit”, “surrender”, “transfer” or “withdraw”,
when used (i) with respect to Shares: (a) in the case of book-entry Shares, shall refer to an entry or entries in an account or accounts maintained by institutions authorized under applicable law to effect transfers of securities, or (b) in the case
of certificated Shares, to the physical delivery, deposit, withdrawal or transfer of certificates representing the Shares and (ii) with respect to American Depositary Shares evidenced by Receipts, (a) in the case of American Depositary Shares
available in book-entry form, shall refer to appropriate adjustments in the records maintained by (1) the Depositary, (2) DTC or its nominee, or (3) institutions that have accounts with DTC, as applicable, or (b) otherwise, shall refer to the
physical delivery, deposit, surrender, transfer or withdrawal of such American Depositary Shares evidenced by Receipts. 
  
 Section 1.7 Deposit Agreement. 
  
 The term “Deposit Agreement” shall mean this Agreement, as the same may be amended from time to time in accordance with the provisions hereof.

  
 Section 1.8 Depositary; Corporate Trust Office.

  
 The term “Depositary” shall mean The Bank of New
York, a New York banking corporation and any successor as depositary hereunder. The term “Corporate Trust Office”, when used with respect to the Depositary, shall mean the corporate trust office of the Depositary which at the date of this
Agreement is 101 Barclay Street, New York, New York, 10286. 
  

 - 3 - 

 Section 1.9 Deposited Securities. 
  
 The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited
under this Deposit Agreement and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such time held hereunder, subject as to cash to the provisions of Section 4.5. 
  
 Section 1.10 Dollars; Pounds; Pence. 
  
 The term “Dollars” shall mean United States dollars. The term
“£” shall mean English Pounds and the term “p” shall mean English pence. 
  
 Section 1.11 Foreign Currency. 
  
 The term “Foreign Currency” shall mean any currency other than Dollars. 
  
 Section 1.12 Foreign Registrar. 
  
 The term “Foreign Registrar” shall mean the entity that presently carries out the duties of registrar for the
Shares or any successor as registrar for the Shares and any other appointed agent of the Issuer for the transfer and registration of Shares. 
  
 Section 1.13 Issuer. 
  
 The term “Issuer” shall mean ARM Holdings plc, incorporated under the laws of England and Wales, and its successors. 
  
 Section 1.14 Owner. 
  
 The term “Owner” shall mean the person in whose name a Receipt is
registered on the books of the Depositary maintained for such purpose. 
  

 - 4 - 

 Section 1.15 Receipts. 
  
 The term “Receipts” shall mean the American Depositary Receipts, substantially in the form of Exhibit
“A” annexed hereto, issued hereunder evidencing American Depositary Shares as such receipts may be amended from time to time in accordance with the provisions hereof. 
  
 Section 1.16 Registrar. 
  
 The term “Registrar” shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be
appointed to register Receipts and transfers of Receipts as herein provided. 
  
 Section 1.17 Securities Act of 1933. 
  
 The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended. 
  

Section 1.18 Shares. 
  
 The term “Shares” shall mean Ordinary Shares in registered form of the Issuer, par value of 0.05 GBP each, heretofore validly issued and
outstanding and fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares or hereafter validly issued and outstanding and fully paid, nonassessable and free of any pre-emptive rights of the holders of
outstanding Shares or interim certificates representing such Shares provided, however, that if there shall occur any change in par value, a split-up or consolidation or any other reclassification or, upon the occurrence of an event described in
Section 4.10, an exchange or conversion in respect of the Shares, the term “Shares” shall thereafter mean the successor securities resulting from such change in par value, split-up or consolidation or such other reclassification or such
exchange or conversion. 
  

 - 5 - 

 ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.

  
 Section 2.1 Form and Transferability of Receipts.

  
 Receipts shall be substantially in the form set forth in
Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose,
unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary and, if a Registrar for the Receipts shall have been appointed, countersigned by the manual or
facsimile signature of a duly authorized officer of the Registrar. The Depositary shall maintain books on which each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be registered. Receipts
bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior
to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 
  
 The Receipts with the consent of the Issuer (which consent shall not be unreasonably withheld) may be endorsed with or have incorporated in the text
thereof such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and
regulations of any securities exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by
reason of the date of issuance of the underlying Deposited Securities or otherwise. 
  
 Title to a Receipt (and to the American Depositary Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, shall 
  

 - 6 - 

 be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the
Issuer and the Depositary, notwithstanding any notice to the contrary, may treat the Owner thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice
provided for in this Deposit Agreement and for all other purposes. 
  
 Section 2.2 Deposit of Shares. 
  
 Subject to the
terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof to any Custodian hereunder, accompanied by any appropriate instrument or instruments of transfer, or endorsement, in
form satisfactory to the Custodian, together with all such certifications as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if the Depositary requires, together with a written
order directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order, a Receipt or Receipts for the number of American Depositary Shares representing such deposit. No Share shall be
accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary exemption is in force or approval has been granted by or there has been compliance with the rules and regulations of any governmental body in the
United Kingdom which is then performing the function of the regulation of currency exchange. If required by the Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Issuer or the Foreign Registrar, if
applicable, are closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional
Shares or to receive other property which any person in whose name the Shares are or have been recorded may thereafter receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall
be satisfactory to the Depositary. 
  

 - 7 - 

 At the request and risk and expense of any person proposing to deposit Shares, and for the account of
such person, the Depositary may receive certificates for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such Share certificates to the Custodian for deposit hereunder. 
  
 Upon each delivery to a Custodian of a certificate or certificates for Shares
to be deposited hereunder, together with the other documents above specified, such Custodian shall, as soon as practicable, present such certificate or certificates to the Issuer or the Foreign Registrar, if applicable, for transfer and recordation
of the Shares being deposited in the name of the Depositary or its nominee or such Custodian or its nominee. 
  
 Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or places
as the Depositary shall determine. 
  
 Section 2.3 Execution
and Delivery of Receipts. 
  
 Upon receipt by any Custodian
of any deposit pursuant to Section 2.2 hereunder (and in addition, if the transfer books of the Issuer or the Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence
from the Issuer that any Deposited Securities have been recorded upon the books of the Issuer or the Foreign Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee), together with the other documents
required as above specified, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are deliverable in respect thereof and the number of American Depositary
Shares to be evidenced thereby. Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission. Upon receiving such notice from such Custodian, or upon the
receipt of Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver as promptly as practicable at its 
  

 - 8 - 

 Corporate Trust Office, to or upon the order of the person or persons entitled thereto, a Receipt or Receipts, registered
in the name or names and evidencing any authorized number of American Depositary Shares requested by such person or persons, but only upon payment to the Depositary of the fees of the Depositary for the execution and delivery of such Receipt or
Receipts as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Deposited Securities. 
  
 Section 2.4 Transfer of Receipts; Combination and Split-up of Receipts. 
  
 The Depositary, subject to the terms and conditions of this Deposit
Agreement, shall register transfers of Receipts on its transfer books from time to time, upon any surrender of a Receipt, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer,
and duly stamped as may be required by the laws of the State of New York and of the United States of America. Thereupon the Depositary shall as promptly as practicable execute a new Receipt or Receipts and deliver the same to or upon the order of
the person entitled thereto. 
  
 The Depositary, subject to the
terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts as promptly as
practicable for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
  
 The Depositary, upon the written request or with the written approval of the Issuer, may appoint one or more co-transfer
agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. Such co-transfer agents may be removed by the Depositary upon the 
  

 - 9 - 

 request or with the written approval of the Issuer and substitutes appointed by the Depositary upon the request or with
the written approval of the Issuer. Each co-transfer agent appointed under this Section 2.4 shall give notice in writing to the Issuer and the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit
Agreement. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to Receipts, but only to the extent that the Depositary would in
similar circumstances be entitled to so require, and will be entitled to protection and indemnity to the same extent as the Depositary. 
  
 Section 2.5 Surrender of Receipts and Withdrawal of Shares. 
  
 Upon surrender at the Corporate Trust Office of the Depositary of a Receipt for the purpose of withdrawal of the Deposited
Securities represented by the American Depositary Shares evidenced by such Receipt, and upon payment of the fee of the Depositary for the surrender of Receipts as provided in Section 5.9 and payment of all taxes and governmental charges payable in
connection with such surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of such Receipt shall be entitled to delivery, to him or upon his order, of the amount of
Deposited Securities at the time represented by the American Depositary Shares evidenced by such Receipt. Delivery of such Deposited Securities may be made by the delivery of (a) certificates in the name of such Owner or as ordered by him or by
certificates properly endorsed or accompanied by proper instruments of transfer to such Owner or as ordered by him and (b) any other securities, property and cash to which such Owner is then entitled in respect of such Receipts to such Owner or as
ordered by him. Such delivery shall be made, as hereinafter provided as promptly as practicable. 
  
 A Receipt surrendered for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of
transfer in blank, and if the Depositary so requires, the Owner thereof shall execute and 
  

 - 10 - 

 deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to
be delivered to or upon the written order of a person or persons designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the London office of such Custodian, subject to Sections 2.6, 3.1 and 3.2 and to the other
terms and conditions of this Deposit Agreement, to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the American Depositary
Shares evidenced by such Receipt, except that the Depositary may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by the
American Depositary Shares evidenced by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 
  
 At the request, risk and expense of any Owner so surrendering a Receipt, and for the account of such Owner, the Depositary
shall direct the Custodian to forward any cash or other property (other than rights) comprising, and forward a certificate or certificates and other proper documents of title for, the Deposited Securities represented by the American Depositary
Shares evidenced by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Owner, by cable, telex or facsimile transmission.

  
 Section 2.6 Limitations on Execution and Delivery, Transfer
and Surrender of Receipts. 
  
 As a condition precedent to the
execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presentor
of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being 
  

 - 11 - 

 deposited or withdrawn) and payment of any applicable fees as herein provided, may require the production of proof
satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any laws or governmental regulations relating to Receipts or American Depositary Shares or to the withdrawal of Deposited Securities and any
such reasonable regulations, if any, the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6. 
  
 The delivery of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or
the transfer of Receipts in particular instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is
deemed necessary or advisable by the Depositary or the Issuer at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or any securities exchange on which such Receipts or Shares are
listed or under any provision of this Deposit Agreement, or for any other reason, subject to the provisions of Section 7.7 hereof. Notwithstanding any other provision of this Deposit Agreement or the Receipts, the surrender of outstanding Receipts
and withdrawal of Deposited Securities may not be suspended, except as permitted in General Instruction IA(i) and in Form F-6 (as such instruction may be amended from time to time) under the Securities Act in connection with respect to (i) temporary
delays caused by closing the transfer books of the Depositary or the Issuer or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and
(iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under
this Deposit Agreement any Shares required to be registered under the provisions of the Securities Act of 1933, unless a registration statement is in effect as to such Shares, or, to the extent the Depository has received instructions with respect
thereto from the Issuer any Shares the deposit of which would violate any provision of the Articles of Association of the Issuer. 
  

 - 12 - 

 Section 2.7 Lost Receipts, etc. 
  
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a new Receipt of
like tenor in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution
for a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a
sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 
  
 Section 2.8 Cancellation and Destruction of Surrendered Receipts. 
  
 All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy
Receipts so cancelled. 
  
 Section 2.9 Pre-Release of
Receipts. 
  
 The Depositary may issue Receipts against the
delivery by the Issuer (or any agent of the Issuer recording Share ownership) of rights to receive Shares from the Issuer (or any such agent). No such issue of Receipts will be deemed a “Pre-Release” that is subject to the restrictions of
the following paragraph. 
  
 Unless requested in writing by the
Issuer to cease doing so, the Depositary may, notwithstanding Section 2.3 hereof, execute and deliver Receipts prior to the receipt of Shares pursuant to Section 2.2 (“Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver
Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation is prior to the termination of such 
  

 - 13 - 

 Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu
of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation and agreement from the person to whom Receipts are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or
its customer, (i) owns the Shares or Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of
the Owners, and (iii) will not take any action with respect to such Shares or Receipts, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or
Receipts, as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide
substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of
Shares not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves
the right to disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Issuer, change such limit for purposes of general application. The Depositary will also set Dollar limits with
respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the
Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the
Pre-Releasee’s obligation to deliver Shares or Receipts upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). 
  

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 The Depositary may retain for its own account any compensation received by it in connection with the
foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Owners. 
  
 ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS. 
  
 Section 3.1 Filing Proofs, Certificates and Other Information. 
  
 Any person presenting Shares for deposit or any Owner or Beneficial Owner of a Receipt may be required from time to time to
file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Issuer or the Foreign Registrar, if applicable, to execute such
certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any Receipt or the distribution of any dividend or sale or
distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed or such representations and warranties made. 
  
 Section 3.2 Liability of Owner or Beneficial Owner for Taxes.

  
 If any tax or other governmental charge shall become payable
with respect to any Receipt or any Deposited Securities represented by any Receipt, such tax or other governmental charge shall be payable by the Owner or Beneficial Owner of such Receipt to the Depositary. The Depositary may refuse to effect any
transfer of such Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares evidenced by such Receipt until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of
the Owner or Beneficial Owner thereof any part or all of the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in
payment of such tax or other governmental charge and the Owner or Beneficial Owner of such Receipt shall remain liable for any deficiency. 
  

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 Section 3.3 Warranties on Deposit of Shares. 
  
 Every person depositing Shares under this Deposit Agreement shall be deemed
thereby to represent and warrant that such Shares and each certificate therefor are validly issued, fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares and that the person making such deposit is duly
authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of Receipts evidencing American Depositary Shares representing such Shares by that person are not restricted under the Securities
Act of 1933. Such representations and warranties shall survive the deposit of Shares and issuance of Receipts. 
  
 Section 3.4 Disclosure of Interests. 
  
 Notwithstanding any other provision of this Deposit Agreement, each Owner and Beneficial Owner agrees to be bound by and subject to the Memorandum and
Articles of Association of the Issuer (to the same extent as if such American Depositary Shares evidenced by such Receipt were the Shares represented by such American Depositary Shares evidenced by such Receipt, provided, however, that such
provisions shall apply to such persons only to the extent feasible), and to provide such information as the Issuer may request in a disclosure notice (a “Disclosure Notice”) given pursuant to statutory provisions of English law or the
Memorandum and Articles of Association. Failure of an Owner or Beneficial Owner to provide in a timely fashion information requested in any Disclosure Notice may, in the Issuer’s sole discretion, result in the withholding of certain rights in
respect of such Owner or Beneficial Owner’s American Depositary Shares (including voting rights and certain rights as to dividends in respect of the Shares represented by such American Depositary Shares). The Depositary agrees to use its
reasonable efforts to comply with any instructions received from the Issuer requesting that the Depositary take the actions specified therein to obtain such information. 
  

 - 16 - 

 In addition, any Owner or Beneficial Owner who is or becomes directly or indirectly interested (within
the meaning of Section 208 and 209 of the United Kingdom Companies Act 1985, as amended from time to time (the “Companies Act”)), in the issued ordinary share capital of the Issuer equal to or in excess of the then “notifiable
interest” (at the date hereof, three percent (3%)) or such other amount as may be required by the Companies Act, or is aware that another person for whom it holds such Receipts is so interested, must within two (2) business days (or such other
period as may be required by the Companies Act) after becoming so interested or so aware, and thereafter upon any changes of at least one percent (1%) of the outstanding Shares, notify the Issuer as required by the Companies Act. 
  
 If the Issuer requests information from the Depositary or the Custodian, as
the registered owners of Shares, pursuant to the Memorandum and Articles of Association of the Issuer or the Companies Act, the obligations of the Depositary or the Custodian, as the case may be, shall be limited to disclosing to the Issuer such
information relating to the Shares in question as has in each case been recorded by it pursuant to the terms of this Deposit Agreement. 
  
 ARTICLE 4. THE DEPOSITED SECURITIES. 
  
 Section 4.1 Cash Distributions. 
  
 Whenever the Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, subject to the
provisions of Section 4.5, convert such dividend or distribution as promptly as practicable into Dollars and shall distribute as promptly as practicable the amount thus received (net of the fees of the Depositary as provided in Section 5.9 hereof,
if applicable) to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively; provided, however, that in the event that 
  

 - 17 - 

 the Issuer or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash
distribution an amount on account of taxes, the amount distributed to the Owner of the Receipts evidencing American Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such
amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. The Issuer or its agent will remit
to the appropriate governmental agency in the United Kingdom all amounts withheld and owing to such agency. The Depositary will forward to the Issuer or its agent such information from its records as the Issuer may reasonably request to enable the
Issuer or its agent to file necessary reports with governmental agencies, and the Depositary or the Issuer or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. 

 
 Section 4.2 Distributions Other Than Cash, Shares or Rights.

  
 Subject to the provisions of Section 4.13 and Section 5.9,
whenever the Depositary shall receive any distribution other than a distribution described in Sections 4.1, 4.3 or 4.4, the Depositary shall, after consultation with the Issuer, cause the securities or property received by it to be distributed to
the Owners entitled thereto, as promptly as practicable in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary, after consultation with the
Issuer, may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other
reason (including, but not limited to, any requirement that the Issuer or the Depositary withhold an amount on account of taxes or other governmental charges or that such securities must be registered under the Securities Act of 1933 in order to be
distributed to Owners or Beneficial Owners) the Depositary, after consultation with the Issuer, deems such distribution not to be feasible, the Depositary after consultation with the Issuer may 
  

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 adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but
not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.9) shall be distributed by the Depositary
to the Owners entitled thereto as in the case of a distribution received in cash provided, however, that no such distribution to Owners pursuant to this Section 4.2 shall be unreasonably delayed by any action of the Depositary or any of its agents.
To the extent that such securities or property or the net proceeds thereof are not effectively distributed to Owners as provided in this paragraph, each American Depositary Share shall thereafter also represent the additional securities or property
distributed in respect of the Shares represented by such American Depositary Share prior to such distribution. 
  
 Section 4.3 Distributions in Shares. 
  
 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may with the approval of the
Issuer, and shall if the Issuer shall so request, distribute to the Owners of outstanding Receipts entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively,
additional Receipts evidencing an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the
deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.13 and the payment of fees of the Depositary as provided in Section
5.9; provided, however, that no such distribution to Owners shall be unreasonably delayed by any action of the Depositary or any of its agents. In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary
shall sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If additional Receipts are not so distributed, each American
Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 
  

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 Section 4.4 Rights. 
  
 In the event that the Issuer shall offer or cause to be offered to the holders of any Deposited Securities any rights to
subscribe for additional Shares or any rights of any other nature, the Depositary, after consultation with the Issuer, shall have discretion as to the procedure to be followed in making such rights available to any Owners or in disposing of such
rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the terms of such rights offering by reason of applicable law, the Depositary may not either make such rights available to any Owners or dispose of such
rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible to make such
rights available to all Owners or to certain Owners but not to other Owners, the Depositary after consultation with the Issuer may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number
of American Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. 
  
 In circumstances in which rights would otherwise not be distributed, if an Owner requests the distribution of warrants or other instruments in order to
exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Issuer to the Depositary that (a) the Issuer has elected in its sole
discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Issuer has determined in its sole discretion are reasonably required under applicable law. 
  
 After consultation with the Issuer, if the Depositary has distributed
warrants or other instruments for rights to all or certain Owners, then upon instruction 
  

 - 20 - 

 from such an Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such
rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees of the Depositary and any other
charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Issuer shall cause the Shares so purchased to be delivered to the Depositary on behalf of
such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.2 of this Deposit Agreement, and shall, pursuant to Section 2.3 of this Deposit Agreement, execute and deliver Receipts to
such Owner. In the case of a distribution pursuant to the second paragraph of this section, such Receipts shall be legended in accordance with applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit, cancellation,
and transfer under such laws. 
  
 If the Depositary determines in
its reasonable discretion that it is not lawful and feasible to make such rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners
to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees of the Depositary as provided in Section 5.9 and all taxes and governmental charges payable in
connection with such rights and subject to the terms and conditions of this Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard
to any distinctions among such Owners because of exchange restrictions or the date of delivery of any Receipt or otherwise. No distributions of rights or the net proceeds of any sale of rights to Owners shall be unreasonably delayed by any action of
the Depositary or any of its agents. 
  

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 The Depositary will not offer rights to Owners unless both the rights and the securities to which such
rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to Owners or are registered under the provisions of such Act, provided that nothing in the Deposit Agreement will create or be
construed to create, any obligation on the part of the Issuer to file a registration statement with respect to such rights or securities or to endeavor to have such a registration statement declared effective. If an Owner of Receipts requests
distribution of warrants or other instruments, notwithstanding that there has been no such registration under such Act, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the United States
for the Issuer upon which the Depositary may rely that such distribution to such Owner is exempt from such registration. 
  
 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular. 
  
 Section 4.5 Conversion of
Foreign Currency. 
  
 Whenever the Depositary shall receive
Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the Foreign Currency so received can in the judgment of the Depositary be
converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted as promptly as practicable, by sale or in any other manner that it may determine, such
foreign currency into Dollars, and such Dollars shall be distributed as promptly as practicable to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such
Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of
exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9. 
  

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 If such conversion or distribution can be effected only with the approval or license of any government or
agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
  
 If at any time the Depositary shall determine that any Foreign Currency received by the Depositary is not pursuant to applicable law convertible in whole
or in part into Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is required for such conversion is denied or in the reasonable opinion of the Depositary is not obtainable, or if any
such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) received by
the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 
  
 If any such conversion of Foreign Currency, in whole or in part, cannot be
effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the
Foreign Currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 
  
 Section 4.6 Fixing of Record Date. 
  
 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be
made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each 
  

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 American Depositary Share, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other
Deposited Securities, the Depositary, after consultation with the Issuer to the extent practicable, shall fix a record date (which will be as close as reasonably practicable to the date corresponding to the record date, if any, fixed by the Issuer
in respect of Shares) (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled as proxy to vote or give instructions for the exercise
of voting rights at any such meeting, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit
Agreement, the Owners on such record date shall be entitled, as the case may be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of sale thereof in
proportion to the number of American Depositary Shares held by them respectively and as proxy to vote or give voting instructions and to act in respect of any other such matter. 
  
 Section 4.7 Voting of Deposited Securities. 
  
 The Depositary hereby irrevocably appoints (or, if the Deposited Securities are registered in the name of or held by its
Custodian or a nominee, the Depositary hereby agrees to procure that the Custodian or its nominee shall appoint), in each case subject to the Articles of Association of the Issuer, each Owner as of the record date (the “Voting Record
Date”) fixed by the Depositary in accordance with Section 4.6 in respect of any meeting (including any adjourned meeting) at which holders of Deposited Securities are entitled to vote as its proxy to attend, vote, call for a poll and speak at
the relevant meeting (or any adjournment thereof) in respect of the Deposited Securities represented by the American Depositary Shares evidenced by the Receipts held by such Owners on the Voting Record Date. In respect of any such meeting each such
Owner may appoint either a person nominated by the Depositary or any other person as its substitute proxy to attend, vote, call for a poll and speak on behalf of the Owner 
  

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 subject to and in accordance with the provisions of this Section 4.7 and the Articles of Association of the Issuer. Upon
receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Issuer the Depositary shall, as soon as practicable thereafter, mail to the Owners of record as of the Voting Record Date a notice,
the form of which notice shall be approved of by the Issuer which shall contain (a) such information as is contained in such notice of meeting, (b) a Receipt proxy card in the form prepared by the Depositary after consultation with the Issuer, (c) a
statement that the Owners of record as of the close of business on the Voting Record Date will be entitled, subject to any applicable provision of English law and of the Memorandum and Articles of Association of the Issuer and the provisions of or
governing the Deposited Securities, either (i) to use such Receipt proxy card in order to attend, vote, call for a poll or speak at such meeting as the proxy of the Depositary or its nominee solely with respect to the Shares or other Deposited
Securities represented by American Depositary Shares evidenced by such Owner’s Receipts or (ii) to appoint any other person as the substitute proxy of such Owner to attend, vote, speak or call for a poll at such meeting as the proxy of the
Depositary or its nominee, solely with respect to the Shares or other Deposited Securities represented by American Depositary Shares evidenced by such Owner’s Receipts or (iii) to appoint the person nominated by the Depositary as the substitute
proxy of such Owner and to instruct such person nominated by the Depositary as to the exercise of the voting rights pertaining to the amount of Shares or other Deposited Securities represented by the American Depositary Shares evidenced by such
Owner’s Receipts, and (d) a brief statement as to the manner in which voting instructions may be given to the person nominated by the Depositary, if that person is to be appointed by such Owner as its substitute proxy. Upon the written request
of an Owner of record of a Receipt on the Voting Record Date, received on or before the date established by the Depositary for such purpose, (the “Instruction Date”) the Depositary shall endeavor, in so far as practicable, to vote or cause
to be voted the amount of Shares or other Deposited Securities represented by the American Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. Neither the Depositary, nor the 
  

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 Custodian nor the nominee of either of them shall vote or attempt to exercise the right to vote that attaches to the
Shares or other Deposited Securities, other than in accordance with such written instructions from Owners given in accordance with this Section 4.7. If no valid written instructions are received by the Depositary from an Owner with respect to any of
the amount of Deposited Securities represented by the American Depositary Shares evidenced by such Owner’s Receipts on or before the Instruction Date, that amount of Deposited Securities shall not be voted by the Depositary or its nominee but
may be directly voted by the Owners, as proxy for the Depositary, in attendance at meetings of shareholders or by substitute proxy, subject to and in accordance with the provisions of this Section 4.7 and the Issuer’s Articles of Association.

  
 There can be no assurance that Owners generally or any Owner
in particular will receive the notice described in the preceding paragraph sufficiently prior to the Instruction Date to ensure that the Depositary will vote the Shares or other Deposited Securities in accordance with the provisions set forth in the
preceding paragraph. 
  
 Section 4.8 Requisitions of Meetings
by Owners. 
  
 The Issuer agrees with the Owners as follows:

  
 Owners in whose names are registered Receipts evidencing
American Depositary Shares which represent Shares amounting to not less than one-tenth in number of the Shares in aggregate and carrying the right to vote at general meetings of the Issuer (at the date of the deposit of the requisition) may
requisition a general meeting of the shareholders of the Issuer by depositing a requisition (which states the objects of the proposed general meeting, is signed by such Owners and may consist of several documents in like form signed by one or more
Owner requisitionists) at the registered office of the Issuer and, on receipt of a valid requisition, the directors of the Issuer shall take all such steps as are necessary to convene a general meeting as soon as reasonably practicable. 

 

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 Where the directors of the Issuer fail to duly convene a general meeting of shareholders (and they shall
be deemed not to have duly convened a meeting where they convene a meeting for a date more than 28 days after the date of notice convening the meeting) within 21 days from the date of the deposit of the requisition, the Owner requisitionists, or any
of them representing more than one half of the total American Depositary Shares of all of them, may themselves convene a meeting, but any general meeting of shareholders so convened shall not be held after the expiration of 3 months from that date.

  
 A meeting convened by Owner requisitionists must be convened
in the same manner, as nearly as possible, as that in which meetings are convened by directors of the Issuer (pursuant to the Articles of Association of the Issuer and applicable law) and any reasonable expenses incurred by Owner requisitionists by
reason of the failure of the directors of the Issuer to duly convene a meeting shall be repaid to the Owner requisitionists by the Issuer. A sum equivalent to that repaid or reimbursed to Owner requisitionists shall be retained by the Issuer out of
any sums due or to become due from the Issuer by way of fees or other remuneration in respect of their services to such of the directors of the Issuer as were in default. 
  
 The Depositary is not a party to the covenants set forth in this Section 4.8, and the Depositary will have no responsibility
for the validity or enforceability of those covenants, for any action taken or not taken by any person pursuant to them or for the effect of any action or inaction of that kind. 
  
 Section 4.9 Requisitions of Resolutions at Meetings of Shareholders. 
  
 The Issuer agrees with the Owners as follows: 
  
 Owners (a) in whose names at the date of the requisition are registered
Receipts evidencing American Depositary Shares which represent Shares having not less than one-twentieth of the total voting rights of all the members who have the right to vote 
  

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 at the general meeting to which the requisition relates, or (b) being not less than 100 in number and holding Receipts
evidencing American Depositary Shares which represent Shares upon which there has been paid up, an average sum, per Owner, of not less than £100, may oblige the Issuer (at the expense of the relevant Owners) by requisition (a) to give members
of the Issuer entitled to receive notice of the next annual general meeting notice of any resolution which the relevant Owners intend to be moved at that annual general meeting and (b) to circulate to members entitled to have notice of any general
meeting sent to them any statement of not more than 1,000 words with respect to the matter referred to in any proposed resolution or the business to be dealt with at that meeting. The Issuer shall only be bound to give notice of any such resolution
or circulate any such statement proposed by the relevant Owners where the relevant requisition is (i) signed by the requisitionist Owners (or consists of two or more copies of the requisition which between them include all the signatures of the
relevant Owners), (ii) deposited at the registered office of the Issuer not less than 6 weeks before the relevant meeting (unless the general meeting is called for a date 6 weeks or less after the relevant requisition has been deposited, in which
case it will be deemed to have been properly deposited in the appropriate time period) and (iii) is deposited or tendered with a sum reasonably sufficient to meet the Issuer’s expenses in giving effect to it. Notwithstanding any of the
foregoing, the Issuer shall not be bound under this Section 4.9 to circulate any statement upon receipt of a valid requisition, if its directors, in their absolute discretion, either upon application to the Issuer in writing by any other member or
Owner who claims to be aggrieved or otherwise, are satisfied that the right to circulate a statement conferred by this Section 4.9 is being abused to secure needless publicity for a defamatory matter. 
  
 The Depositary is not a party to the covenants set forth in this Section 4.9,
and the Depositary will have no responsibility for the validity or enforceability of those covenants, for any action taken or not taken by any person pursuant to them or for the effect of any action or inaction of that kind. 
  

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 Section 4.10 Changes Affecting Deposited Securities. 
  
 In circumstances where the provisions of Section 4.3 do not apply, upon any
change in nominal value, change in par value, split-up, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Issuer or to which it
is a party, any securities which shall be received by the Depositary or a Custodian in exchange for or in conversion of or in respect of Deposited Securities, shall be treated as new Deposited Securities under this Deposit Agreement, and American
Depositary Shares shall thenceforth represent the new Deposited Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may with the Issuer’s
approval, and shall if the Issuer shall so request, execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new
Deposited Securities. 
  
 Immediately upon the occurrence of any
such change, conversion or exchange covered by this Section 4.10 in respect of the Deposited Securities, the Depositary shall give notice thereof in writing to all Owners. 
  
 Section 4.11 Reports. 
  
 The Depositary shall make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy soliciting
material, received from the Issuer which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Issuer. The Depositary shall also, upon
written request of the Issuer, send to the Owners copies of such reports when furnished by the Issuer pursuant to Section 5.6. 
  

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 Section 4.12 Lists of Owners. 
  
 Promptly upon request by the Issuer at any time from time to time, the Depositary shall furnish to it a list, as of a recent
date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the books of the Depositary. 
  

Section 4.13 Withholding. 
  
 In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or
other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner
as the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion to the
number of American Depositary Shares held by them respectively. 
  
 ARTICLE
5. THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER. 
  
 Section 5.1 Maintenance of Office and Transfer Books by the Depositary. 
  
 Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New York, facilities for the execution and delivery, registration,
registration of transfers and surrender of Receipts in accordance with the provisions of this Deposit Agreement. 
  
 The Depositary shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by
the Owners, provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the Issuer or a matter related to this Deposit Agreement or the Receipts.

  

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 The Depositary may close the transfer books, at any time or from time to time, when deemed expedient by
it in connection with the performance of its duties hereunder, provided that any such closing of the transfer books shall be subject to the provisions of Section 7.7 which limit the suspensions of withdrawals of Shares. 
  
 If any Receipts or the American Depositary Shares evidenced thereby are
listed on one or more stock exchanges in the United States, the Depositary shall act as Registrar or appoint a Registrar upon the written request or with the written approval of the Issuer or one or more co-registrars for registry of such Receipts
in accordance with any requirements of such exchange or exchanges. 
  
 Any such co-registrar shall, upon the Issuer’s request, and may, with the approval of the Issuer, be removed and a substitute or substitutes appointed by the Depositary. 
  
 The Issuer will have the right to inspect the transfer and registration records of the Depositary, take copies thereof and
to require the Depositary, the Registrar and any co-registrars, to supply copies of such portions of such records as the Issuer may reasonably request. 
  
 Section 5.2 Prevention or Delay in Performance by the Depositary or the Issuer. 
  
 Neither the Depositary nor the Issuer nor any of their respective directors, employees, agents or affiliates shall incur any
liability to any Owner or Beneficial Owner or other person, if by reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by
reason of any provision, present or future, of the Memorandum and Articles of Association of the Issuer, or by reason of any provisions of any securities issued or distributed by the Issuer, or any offering or distribution thereof, or by reason of

  

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 any act of God or war or other circumstances beyond its control, the Depositary or the Issuer or any of their respective
directors, employees, agents or affiliates shall be prevented or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement or the Deposited
Securities it is provided shall be done or performed; nor shall the Depositary or the Issuer incur any liability to any Owner or Beneficial Owner or other person by reason of any non-performance or delay, caused as aforesaid, in the performance of
any act or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement. Where, by the terms of a
distribution pursuant to Sections 4.1, 4.2, or 4.3 of the Deposit Agreement, or an offering or distribution pursuant to Section 4.4 of the Deposit Agreement, or for any other reason, such distribution or offering may not be made available to Owners,
and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if
applicable, to lapse. 
  
 Section 5.3 Obligations of the
Depositary, the Custodian and the Issuer. 
  
 Save in
accordance with Sections 4.8, 4.9 and the second paragraph of 5.6, the Issuer assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Beneficial Owner or other person except that it agrees to
perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
  
 The Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Beneficial Owner or other
person (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that it agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

  

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 Neither the Depositary nor the Issuer shall be under any obligation to appear in, prosecute or defend any
action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability shall be
furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary. 
  
 Neither the Depositary nor the Issuer shall be liable for any action or
nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or holder of a Receipt, or any other person believed by it in good faith to be competent to give such
advice or information. 
  
 The Depositary shall not be liable for
any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in
connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 
  
 The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 
  
 No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement. 
  

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 Section 5.4 Resignation and Removal of the Depositary. 
  
 The Depositary may at any time resign as Depositary hereunder by written
notice of its election so to do delivered to the Issuer, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
  
 The Depositary may at any time be removed by the Issuer by written notice of
such removal effective upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
  
 In case at any time the Depositary acting hereunder shall resign or be removed, the Issuer shall use its best efforts to appoint a successor depositary,
which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Issuer an instrument in writing accepting its appointment
hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due
it and on the written request of the Issuer shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the
Deposited Securities to such successor, and shall deliver to such successor a list of the Owners of all outstanding Receipts. Any such successor depositary shall promptly mail notice of its appointment to the Owners. 
  
 Any corporation into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
  

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 Section 5.5 The Custodians. 
  
 The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible
solely to it. Any Custodian may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become effective. If upon such
resignation there shall be no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian hereunder. Whenever the Depositary in
its discretion determines that it is in the best interest of the Owners to do so, it may appoint substitute or additional custodian or custodians, which shall thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian
shall deliver such of the Deposited Securities held by it as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Each such substitute or additional custodian shall deliver to the Depositary, forthwith
upon its appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary. Immediately upon any change in Custodian the Depositary shall give notice thereof in writing to all Owners, each of the Custodians and the
Issuer. 
  
 Upon the appointment of any successor depositary
hereunder, each Custodian then acting hereunder shall forthwith become, without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority of
each Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete
power and authority as agent hereunder of such successor depositary. 
  

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 Section 5.6 Notices and Reports. 
  
 On or before the first date on which the Issuer gives notice, by publication or otherwise, of any meeting of holders of
Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions or the offering of any rights, the Issuer agrees to transmit to the Depositary and the
Custodian a copy of the notice thereof in the form given or to be given to holders of Shares or other Deposited Securities. The Issuer shall furnish to the Custodian and the Depositary a summary, in English, of any applicable provision or proposed
provisions of the Articles of Association of the Issuer that may be relevant or pertaining to such notice of meeting or either subject of a vote thereat. 
  
 The Issuer will arrange for the prompt transmittal by the Issuer to the Depositary and the Custodian of such notices and any other reports and
communications which are made generally available by the Issuer to holders of its Shares. If requested in writing by the Issuer (and the Issuer hereby undertakes, for the benefit of the Owners and Beneficial Owners, to make such a request in respect
of every such notice, report or other communication sent to the Depositary), the Depositary will arrange for the mailing as promptly as practicable of copies of such notices, reports and communications to all Owners. The Issuer will provide the
Depositary in a timely manner with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. 
  
 Section 5.7 Distribution of Additional Shares, Rights, etc.

  
 The Issuer agrees that in the event of any issuance or
distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities, (each a “Distribution”) the Issuer will promptly furnish to the Depositary a
written opinion from U.S. counsel for the Issuer, which counsel shall be satisfactory to the Depositary, stating whether or not the Distribution requires a Registration Statement under the Securities Act of 1933 to be in 
  

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 effect prior to making such Distribution available to Owners entitled thereto. If in the opinion of such counsel a
Registration Statement is required, such counsel shall furnish to the Depositary a written opinion as to whether or not there is a Registration Statement in effect which will cover such Distribution. 
  
 The Issuer agrees with the Depositary that neither the Issuer nor any company
controlled by, controlling or under common control with the Issuer will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Issuer or any such affiliate, unless a Registration Statement is in effect as
to such Shares under the Securities Act of 1933. 
  
 Section 5.8
Indemnification. 
  
 The Issuer agrees to indemnify the
Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of
acts performed or omitted, in accordance with the provisions of this Deposit Agreement and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective
directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Issuer or any of its directors, employees, agents and affiliates. 
  
 The indemnities contained in the preceding paragraph shall not extend to any
liability or expense which may arise out of any “Pre-release Transaction”. For purposes of this provision, the term “Pre-release Transaction” means any transaction entered into by the Depositary (other than any such transaction
to which the Issuer is a party) to implement or carry out any one or more Pre-releases (including without limitation any transaction pursuant to Section 2.9), but does not include the execution and delivery, transfer or exchange, or surrender and
cancellation of any Pre-released Receipts or any other act performed or omitted in accordance with the provisions of this Deposit 
  

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 Agreement or the Receipts. In addition, for the avoidance of doubt, it is understood that the first sentence of this
subparagraph shall not apply to any liability or expense which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum) or
preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of American Depositary Shares, except to the extent any such liability or expense arises out of (i) information relating to the Depositary or any Custodian
(other than the Issuer), as applicable, furnished in writing and not materially changed or altered by the Issuer expressly for use in any of the foregoing documents, or, (ii) if such information is provided, the failure to state a material fact
necessary to make the information provided not misleading. 
  
 The
Depositary agrees to indemnify the Issuer, its directors, employees, agents and affiliates and hold each of them harmless from any liability or expense (including, but not limited to, the fees and expenses of counsel) which may arise out of acts
performed or omitted by the Depositary, the Registrar or any Custodian or their respective directors, employees, agents and affiliates arising out of their negligence or bad faith. 
  
 The obligations set forth in this Section 5.8 shall survive the termination of this Deposit Agreement and any succession or
substitution of any person indemnified hereby. 
  
 Section 5.9
Charges of Depositary. 
  
 The Issuer agrees to pay the
fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with agreements in writing entered into between the Depositary and the Issuer from time to time. The Depositary shall present its
statement for such charges and expenses to the Issuer once every three months or at such other intervals as the Issuer and the Depositary may agree. The charges and expenses of the Custodian are for the sole account of the Depositary. 
  

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 The following charges shall be incurred by any party depositing or withdrawing Shares or by any party
surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Issuer or an exchange regarding the Receipts or Deposited Securities or a distribution of
Receipts pursuant to Section 4.3), whichever applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers, if any, of Shares generally on the Share register
of the Issuer or Foreign Registrar and applicable to transfers of Shares to the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex and facsimile
transmission expenses as are expressly provided in this Deposit Agreement, (4) such reasonable expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5 (5) a fee of $5.00 or less per 100 American
Depositary Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4, and the surrender of Receipts pursuant to Section 2.5 or 6.2, (6) a fee of $.02 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to the Deposit Agreement including, but not limited to, Sections 4.1 through 4.4 hereof and (7) a fee for the distribution of securities pursuant to Section 4.2, such fee being in an amount equal to
the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause (7) treating all such securities as if they were Shares),
but which securities are instead distributed by the Depositary to Owners. 
  
 The Depositary, subject to Section 2.9 hereof, may own and deal in any class of securities of the Issuer and its affiliates and in Receipts. 
  
 Section 5.10 Retention of Depositary Documents. 
  
 The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this
Deposit Agreement at the times permitted by the laws or regulations governing the Depositary unless the Issuer requests that such papers be retained for a longer period or turned over to the Issuer or to a successor depositary. 
  

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 Section 5.11 Exclusivity. 
  
 The Issuer agrees not to appoint any other depositary for issuance of American Depositary Receipts so long as The Bank of
New York is acting as Depositary hereunder. 
  
 Section 5.12
Approved Depositary 
  
 The parties agree and recognise
that the Depositary is hereby designated for so long as this Deposit Agreement is in effect, as an Approved Depositary by the Issuer in accordance with and for the purposes of the Articles of Association of the Issuer and the Issuer undertakes not
to revoke this designation unless this Deposit Agreement is validly terminated in accordance with its terms. 
  
 ARTICLE 6. AMENDMENT AND TERMINATION. 
  
 Section 6.1 Amendment. 
  
 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Issuer and the Depositary in any respect which they may deem necessary or desirable without the
consent of the Owners. Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or
which shall otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding Receipts until the expiration of thirty days after notice of such amendment shall have been given to the Owners of
outstanding Receipts. Every Owner at the time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event
shall any amendment impair the right of the 
  

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 Owner of any Receipt to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except
in order to comply with mandatory provisions of applicable law. 
  
 Section 6.2 Termination. 
  
 The Depositary shall
at any time at the direction of the Issuer terminate this Deposit Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination. The
Depositary may likewise terminate this Deposit Agreement by mailing notice of such termination to the Issuer and the Owners of all Receipts then outstanding if at any time 90 days shall have expired after the Depositary shall have delivered to the
Issuer a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4. On and after the date of termination, the Owner of a Receipt will, upon (a) surrender
of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.5, and (c) payment of any applicable taxes or governmental charges, be entitled to
delivery, to him or upon his order, of the amount of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter
shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the
Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or
other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for the surrender of
a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of this 
  

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 Deposit Agreement, and any applicable taxes or governmental charges). At any time after the expiration of one year from
the date of termination, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without
liability for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the
Depositary shall be discharged from all obligations under this Deposit Agreement, except for its obligations to the Issuer under Section 5.8 hereof and to account for such net proceeds and other cash (after deducting, in each case, the fee of the
Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of
this Deposit Agreement, the Issuer shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 hereof. 
  
 ARTICLE 7. MISCELLANEOUS. 
  
 Section 7.1 Counterparts. 
  
 This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall
constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Beneficial Owner during business hours. 
  
 Section 7.2 No Third Party Beneficiaries. 
  
 This Deposit Agreement is for the exclusive benefit of the parties hereto
and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. 
  

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 Section 7.3 Severability. 
  
 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
  
 Section 7.4 Holders and Owners as Parties; Binding Effect. 

 
 The Owners and Beneficial Owners from time to time shall be parties to
this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance thereof and shall be entitled to, without limitation, the benefit of and the right to enforce the terms of Sections 4.8, 4.9, 5.3
and 5.6 of this Deposit Agreement against the Issuer. 
  
 Section
7.5 Notices. 
  
 Any and all notices to be given to the
Issuer shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to ARM Holdings plc, 90 Fulbourn Road, Cherry Hinton, Cambridge CB1 4JN, United Kingdom,
or any other place to which the Issuer may have transferred its principal office. 
  
 Any and all notices to be given to the Depositary shall be deemed to have been duly given if in English and personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed
to The Bank of New York, 101 Barclay Street, New York, New York 10286, Attention: American Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Corporate Trust Office. 
  
 Any and all notices to be given to any Owner shall be deemed to have been
duly given if personally delivered or sent by mail or cable, telex or facsimile 
  

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 transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer
books for Receipts of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended for such Owner be mailed to some other address, at the address designated in such request. 
  
 Delivery of a notice sent by mail or cable, telex or facsimile transmission
shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box. The
Depositary or the Issuer may, however, act upon any cable, telex or facsimile transmission received by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid. 
  
 Section 7.6 Governing Law. 
  
 This Deposit Agreement and the Receipts shall be interpreted and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed by the laws of the State of New York. 
  
 Section 7.7 Compliance with U.S. Securities Laws. 
  
 Notwithstanding anything in this Deposit Agreement to the contrary, the Issuer and the Depositary each agrees that it will not exercise any rights it has
under this Deposit Agreement to permit the withdrawal or delivery of Deposited Securities in a manner which would violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the Form F-6
Registration Statement, as amended from time to time, under the Securities Act of 1933. 
  

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 IN WITNESS WHEREOF, ARM HOLDINGS PLC and THE BANK OF NEW YORK have duly executed this agreement as of the
day and year first set forth above and all Owners shall become parties hereto upon acceptance by them of Receipts issued in accordance with the terms hereof. 
  

			
	ARM HOLDINGS PLC
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	THE BANK OF NEW YORK,
	 as Depositary

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 - 45 -

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