Document:

Exhibit
10.02

     

    Dated 15 April
2008

     

     

    

     

    SHIRE
PLC

     

    and

     

    SHIRE
LIMITED

     

    and

     

    BNY
CORPORATE TRUSTEE SERVICES LIMITED

    

 

     

    SUPPLEMENTAL
TRUST DEED

     

    relating to a Trust
Deed constituting

     

    U.S.$1,100,000,000

     

    2.75 per cent.
Convertible Bonds due 2014

     

     

     

     

    

     

    Slaughter
and May

    One Bunhill
Row

    London EC1Y
8YY

    (REL/RMYJ)

     

    CF080630012

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS SUPPLEMENTAL TRUST DEED
is made on 15 April 2008 between:

     

    
      	
              (1)

            	
              SHIRE PLC, a
      company incorporated in
      England and Wales under the Companies Act 1985 with registered number
      05492592 (the “Original
      Issuer”);

            

    

     

    
      	
              (2)

            	
              SHIRE LIMITED, a
      company incorporated in
      Jersey under the Companies (Jersey) Law 1991 with registered number 99854
      (the “New
      Issuer”); and

            

    

     

    
      	
              (3)

            	
              BNY CORPORATE TRUSTEE SERVICES
      LIMITED (the “Trustee”, which
      expression, where the context so admits, includes any other trustee for
      the time being under the Trust
Deed).

            

    

     

    BACKGROUND:

     

    
      	
              (A)

            	
              The Original
      Issuer issued U.S.$1,100,000,000 2.75 per cent. Convertible Bonds due 2014
      which are constituted under the Trust
Deed.

            

    

     

    
      	
              (B)

            	
              The New Issuer
      is currently a wholly owned Subsidiary of the Original Issuer, but will,
      pursuant to the 2008 Newco Scheme, be interposed between the Original
      Issuer and its then shareholders so as to become the new ultimate holding
      company of the Shire group.

            

    

     

    
      	
              (C)

            	
              Immediately
      prior to the 2008 Newco Scheme becoming effective, it is proposed that the
      New Issuer will, with the consent of the Trustee and pursuant to Clause
      14.2 (Substitution) of the
      Trust Deed and the Conditions of the Bonds, be substituted in place of the
      Original Issuer as principal obligor under the Bonds, on the terms, and
      subject to the conditions, of this
Deed.

            

    

     

    THIS DEED WITNESSES AND IT IS
DECLARED as follows:

     

    
      	
              1

            	
              INTERPRETATION

            

    

     

    
      	
              1.1

            	
              Definitions:  Capitalised
      terms defined in the Trust Deed or the Conditions but not herein shall,
      when used herein (including in the paragraphs above), have the meaning
      given to them in the Trust Deed or the Conditions.  In addition,
      the following expressions shall have the following
    meanings:

            

    

     

    “2008 Newco Scheme” means the
scheme of arrangement under Sections 895 to 899 of the Companies Act 2006
between the Original Issuer and its shareholders which will effect the
interposition of the New Issuer between the Original Issuer and its
shareholders, including any modification, addition or condition approved by the
High Court, details of which will be set out in a circular from the Original
Issuer to its shareholders;

     

    “Bonds” means the bearer bonds
substantially in the form set out in Schedule 1 (Form of Definitive Bond) to
the Trust Deed comprising the U.S.$1,100,000,000 2.75 per cent. Convertible
Bonds due 2014, in each case having attached thereto Coupons, constituted by the
Trust Deed and for the time being outstanding or, as the context may require, a
specific number of them and includes any replacement Bonds issued pursuant to
the Conditions and includes the Global Bond;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    “Effective Time“ means
immediately prior to the time at which the 2008 Newco Scheme becomes effective;
and

     

    “Trust Deed” means the Trust
Deed dated 9 May 2007 between the Original Issuer and the Trustee (as from time
to time altered in accordance with its provisions) and any other document
(including, where the context so requires, this Deed) executed in accordance
with the Trust Deed (as from time to time so altered) and expressed to be
supplemental to the Trust Deed.

     

    
      	
              1.2

            	
              Construction:  Clauses
      1.2 (Construction of
      certain references), 1.3 (Illegality etc.), 1.4
      (Headings), 1.5
      (Schedules), 1.6
      (Contracts (Rights of
      Third Parties) Act 1999) and 1.7 (Modification etc. of
      statutes) of the Trust Deed shall have effect, mutatis mutandis, as
      if set out in full in this Deed.

            

    

     

    
      	
              1.3

            	
              Effect of this
      Deed:  This Deed is supplemental to the Trust Deed and
      this Deed and the Trust Deed (as amended and restated pursuant to this
      Deed) shall be read and construed
together.

            

    

     

    
      	
              2

            	
              SUBSTITUTION

            

    

     

    
      	
              2.1

            	
              Substitution:  On
      and from the Effective Time, and provided that the New Issuer shall have
      complied with its obligations under Clause 5.1 (Conditions
      precedent):

            

    

     

    
      	
               
      

            	
              (A)

            	
              the New Issuer
      shall be substituted in place of the Original Issuer as principal obligor
      under the Bonds;

            

    

     

    
      	
               
      

            	
              (B)

            	
              the Trust Deed
      shall be amended and restated in the form set out in Schedule 2 (Form of Amended and Restated
      Trust Deed) hereto;

            

    

     

    
      	
               
      

            	
              (C)

            	
              the Conditions
      shall be deemed to be amended and restated in the form set out in Schedule
      1 (Form of Definitive
      Bond) to the Trust Deed, as amended and restated pursuant to this
      Deed; and

            

    

     

    
      	
               
      

            	
              (D)

            	
              the New Issuer
      shall be deemed to be named in place of the Original Issuer in the Global
      Bond, which shall be deemed to be amended and restated in the form set out
      in Part 2 of Schedule 2 (Form of Global Bond) to
      the Trust Deed, as amended and restated pursuant to this Deed (subject to
      any prior endorsements made by or on behalf of the Principal Paying and
      Conversion Agent thereon).

            

    

     

    
      	
              2.2

            	
              Release:  On
      and from the Effective Time, the Original Issuer shall be released from
      all its obligations under the Trust Deed, the Bonds and the
      Coupons.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              2.3

            	
              Notice:  The
      New Issuer shall ensure that notice of the substitution to be effected by
      this Clause 2 shall be given to Bondholders, in accordance with the Trust
      Deed, within 14 days of the date of this Deed.  Such notice
      shall be given substantially in the form set out in Schedule 3 (Form of Notice to
      Bondholders) hereto, subject to such amendments as the Trustee may
      agree.

            

    

     

    
      	
              3

            	
              COVENANTS

            

    

     

    The New Issuer
hereby covenants with the Trustee that, on and from the Effective Time, it will
comply with and perform and observe all the provisions of the Trust Deed
(including, without limitation, the covenants set out in Clauses 6 (Covenant to comply with
provisions), 7 (Covenants relating to Conversion
Rights) and 8 (Covenants) thereof) and the
Conditions, in each case as amended and restated pursuant to this Deed, which
are expressed to be binding on it as if it had been originally named as
principal obligor therein.

     

    
      	
              4

            	
              EFFECTIVE
      TIME, 2008 NEWCO SCHEME AND RELATED
MATTERS

            

    

     

    
      	
              4.1

            	
              Effective
      Time:  The New Issuer shall promptly inform the Trustee
      of the occurrence of the Effective
Time.

            

    

     

    
      	
              4.2

            	
              2008 Newco Scheme and related
      matters:  The Trustee hereby agrees to provide such
      reasonable co-operation as the Original Issuer and the New Issuer may
      request in relation to the implementation of the 2008 Newco Scheme and
      related matters, including, without limitation, providing its consent (on
      behalf of Bondholders) to any capital reduction to be undertaken by the
      New Issuer (so long as such capital reduction complies with paragraph (e)
      of Condition 10 (Undertakings), as
      amended and restated pursuant to this Deed), provided that nothing in this
      Clause 4.2 shall require the Trustee to act in a way that is in breach of
      any duty which it owes to
Bondholders.

            

    

     

    
      	
              5

            	
              CONDITIONS
      PRECEDENT

            

    

     

    
      	
              5.1

            	
              Conditions
      precedent:  On or prior to the Effective Time, the New
      Issuer shall deliver to the
Trustee:

            

    

     

    
      	
               
      

            	
              (A)

            	
              a certificate,
      signed by two Directors of the New Issuer, substantially in the form set
      out in Schedule 1 (Form
      of Directors’ Certificate)
hereto;

            

    

     

    
      	
               
      

            	
              (B)

            	
              a counterpart
      or counterparts, signed by or on behalf of the New Issuer and the Original
      Issuer, of an agreement providing for the New Issuer’s accession to the
      Agency Agreement;

            

    

     

    
      	
               
      

            	
              (C)

            	
              a legal
      opinion from English counsel, in form and substance satisfactory to the
      Trustee, covering (inter alia) the valid, binding and enforceable nature
      of this Deed and the Trust Deed, as amended and restated by this
      Deed;

            

    

     

    
      	
               
      

            	
              (D)

            	
              a legal
      opinion from Jersey counsel, in form and substance satisfactory to the
      Trustee, covering the incorporation and due capacity of the New Issuer;
      and

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (E)

            	
              a legal
      opinion from Irish counsel, in form and substance satisfactory to the
      Trustee, covering the ability of the New Issuer to fulfil all payment
      obligations arising from or in connection with the Trust Deed, the Bonds
      and the Coupons without the necessity for any Irish taxes or duties to be
      withheld at source.

            

    

     

    
      	
              5.2

            	
              Satisfaction of conditions
      precedent:  The Trustee shall notify the New Issuer in
      writing promptly upon receipt of the documents referred to in Clause 5.1
      (Conditions
      precedent).

            

    

     

    
      	
              6

            	
              FURTHER
      ASSURANCE

            

    

     

    The New Issuer and
the Original Issuer shall, at their own cost, take such action and execute such
documentation as the Trustee shall reasonably request in order to effect the
substitution of the New Issuer in place of the Original Issuer as principal
obligor under the Bonds in the manner contemplated by this Deed.

     

    
      	
              7

            	
              COMMUNICATIONS

            

    

     

    Any
communication shall be by letter or fax and sent:

     

    
      	
               
      

            	
              (A)

            	
              in the case of
      the Original Issuer, to it at:

            

    

     

    Shire
plc

    Hampshire
International Business Park

    Chineham

    Basingstoke

    Hampshire RG24
8EP

    United
Kingdom

    
       

      
        	
                 
      

              	
                Fax
      no. 

              	
                +44 (0)1256
      894713

              
	 	 	 
	 	Attention	Group
      Treasurer (copy to Legal
Department)

      

    

     

    
      	
               
      

            	
              (B)

            	
              in the case of
      the New Issuer, to it at:

            

    

     

    Shire
Limited

    5
Riverwalk

    City West Business
Campus

    Dublin
24

    Republic of
Ireland

    
      
         

        
          	
                   
      

                	
                  Fax
      no. 

                	
                  +353 1 429
      7701

                
	 	 	 
	 	Attention	Group
      Treasurer (copy to Legal
Department)

        

      

                                     

    

    and

     

    
      	
               
      

            	
              (C)

            	
              in the case of
      the Trustee, to it at:

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    BNY
Corporate Trustee Services Limited

    40th
Floor

    One
Canada Square

    London E14
5AL

    United
Kingdom

     

    
      
        
          	
                   
      

                	
                  Fax
      no. 

                	
                  +44 (0)20 7964
      2536

                
	 	 	 
	 	Attention	Manager, Trust
      Administration

        

      

                                                           

    

    or any other address
of which written notice has been given to the parties in accordance with this
Clause 7.  Communications will take effect, in the case of delivery,
when delivered or, in the case of fax, when
despatched.  Communications not by letter shall be confirmed by letter
but failure to send or receive that letter shall not invalidate the original
communication.

     

    
      	
              8

            	
              COUNTERPARTS

            

    

     

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

     

    
      	
              9

            	
              GOVERNING
      LAW AND JURISDICTION

            

    

     

    
      	
              9.1 

            	
              Governing
      law:  This Deed shall be governed by and construed in
      accordance with English law.

            

    

     

    
      	
              9.2

            	
              Jurisdiction:  The
      courts of England are to have jurisdiction to settle any dispute arising
      out of or in connection with this Deed.  Accordingly, any
      proceeding, suit or action arising out of or in connection with this Deed
      (“Proceedings”)
      may be brought in the courts of England.  Each party to this
      Deed hereby:

            

    

     

    
      	
               
      

            	
              (A)

            	
              waives (and
      agrees not to raise) any objection, on the ground of forum non conveniens or
      on any other ground, to the taking of proceedings in the courts of
      England;

            

    

     

    
      	
               
      

            	
              (B)

            	
              agrees that a
      judgment against it in Proceedings brought in England shall be conclusive
      and binding upon it and may be enforced in any other jurisdiction;
      and

            

    

     

    
      	
               
      

            	
              (C)

            	
              irrevocably
      submits and agrees to submit to the jurisdiction of the courts of
      England.

            

    

     

    Neither the Original
Issuer nor the New Issuer may bring Proceedings in the courts of any other
jurisdiction (other than to enforce a judgment obtained in the courts of
England).  However, the Trustee may bring Proceedings in the courts of
any other competent jurisdiction and, to the extent permitted by applicable law,
may bring Proceedings in the courts of more than one jurisdiction at the same
time.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    SUPPLEMENTAL
DEED EXECUTION PAGE

     

    This Deed is
executed and delivered on the date stated at the beginning.

     

    
      
        	
                EXECUTED as a DEED by

              	 	
                )

              	 	 
    
	
                SHIRE
      PLC

              	 	
                )

              	 
      ....................................  Attorney
	
                acting by its
      duly authorised attorney

              	 	
                )

              	 	 
    
	
                in the
      presence of:

              	 	 
    	 	 
    
	
                Witness’s
      signature:                 

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

              	 
    
	
                Name
      (print):                            

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

              	 
    
	
                Occupation:                             

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

              	 
    
	
                Address:                                 

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

              	 
    
	 
    	 	 
    	 	 
    
	
                EXECUTED as a DEED by

              	 	
                )

              	 	 
    
	
                SHIRE
      LIMITED

              	 	
                )

              	 
      ....................................  Attorney
	
                acting by its
      duly authorised attorney

              	 	
                )

              	 	 
    
	
                in the
      presence of:

              	 	 
    	 	 
    
	
                Witness’s
      signature:                 

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

              	 
    
	
                Name
      (print):                            

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

              	 
    
	
                Occupation:                             

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

              	 
    
	
                Address:                                 

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

              	 
    
	 
    	 	 
    	 	 
    
	
                EXECUTED as a DEED by

              	 	
                )

              	 
      ....................................  Attorney
	
                BNY
      CORPORATE TRUSTEE SERVICES LIMITED

              	 	
                )

              	 	 
    
	
                acting by two
      of its lawful attorneys

              	 	
                )

              	  ....................................  Attorney
	
                in each case
      in the presence of:

              	 	 
    	 	 
    
	
                Witness’s
      signature:                 

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

              	 
    
	
                Name
      (print):                            

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

              	 
    
	
                Occupation:                             

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

              	 
    
	
                Address:                                 

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

              	 
    

      

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
1

    FORM
OF DIRECTORS’ CERTIFICATE

    

    
      
        	
                To:

              	
                BNY
      Corporate Trustee Services Limited

              
	 
    	
                40th
      Floor

              
	 
    	
                One Canada
      Square

              
	 
    	
                London E14
      5AL

              
	 
    	
                United
      Kingdom

              
	 	 
	
                From:

              	
                Shire
      Limited

              
	 
    	
                5
      Riverwalk

              
	 
    	
                City West
      Business Campus

              
	 
    	
                Dublin
      24

              
	 
    	
                Republic of
      Ireland

              

      

    

     

    [date]

     

    Dear
Sirs

     

    U.S.$1,100,000,000
CONVERTIBLE BONDS – SUBSTITUTION OF ISSUER

     

    
      	
              1.

            	
              We refer to
      the U.S.$1,100,000,000 2.75 per cent. Convertible Bonds due 2014 (the
      “Bonds”) issued by
      Shire plc, which are constituted under a trust deed dated 9 May 2007 (the
      “Trust
      Deed”).  This certificate is delivered to you, in your
      capacity as Trustee of the Bonds, in connection with the substitution of
      Shire Limited (the “New
      Issuer”) in place of Shire plc as the principal obligor under the
      Bonds.

            

    

     

    
      	
              2.

            	
              In accordance
      with paragraph (iii) of Clause 14.2.1 (Substitution) of the
      Trust Deed, we hereby confirm that, immediately after the substitution
      referred to above:

            

    

     

    
      	
               
      

            	
              (A)

            	
              the New Issuer
      will not be insolvent (within the meaning of Article 1(1) of the Companies
      (Jersey) Law 1991); and

            

    

     

    
      	
               
      

            	
              (B)

            	
              no resolution
      will have been passed, or final order of a court in Jersey made, that the
      New Issuer be wound up or dissolved or that its property be declared en
      désastre.

            

    

     

    
      	
              3.

            	
              We also hereby
      confirm that, as at the date of this certificate, to the best of our
      knowledge and belief (having made all due enquiries), no Event of Default
      (as defined in the Trust Deed) has occurred and is continuing and no Event
      of Default (as so defined) will occur as a result of the substitution of
      the New Issuer in place of Shire plc as the principal obligor under the
      Bonds.

            

    

     

    
      	
              4.

            	
              This
      certificate is delivered for and on behalf of the New Issuer and is given
      without personal liability on the part of the persons signing
      it.

            

    

     

    
      
        	
                Signed:

              	
                 

              	 
    	
                Signed:

              	
                 

              	 
	 
    	
                Director

              	 
    	 
    	
                Director

              	 

      

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
2

    FORM
OF AMENDED AND RESTATED TRUST DEED

     

     

    
 

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
3

    FORM
OF NOTICE TO BONDHOLDERS

    

    NOTICE
OF SUBSTITUTION

     

    This
notice is important and requires your immediate attention.  If you are
in any doubt about the action you should take, you should immediately consult
your broker, commercial bank, custodian or other professional adviser authorised
under the Financial Services and Markets Act 2000 (if you are in the United
Kingdom) or other appropriately authorised financial adviser.

     

    SHIRE
LIMITED

    

    U.S.$1,100,000,000
2.75 PER CENT. CONVERTIBLE BONDS DUE 2014

    (ISIN:
XS0299687482)

    ORIGINALLY
ISSUED BY SHIRE PLC

     

    THIS NOTICE is addressed to
the holders (the “Bondholders”) of all of the
above-mentioned convertible bonds (the “Bonds”) originally issued by
Shire plc (the “Original
Issuer”), and is issued
pursuant to the terms and conditions of the Bonds and the trust deed
constituting the Bonds (the “Trust Deed”).

     

    Bondholders are
hereby informed that, pursuant to the terms of a scheme of arrangement between
the Original Issuer and its shareholders, on 23 May 2008 (or such other date on
which the scheme of arrangement becomes effective in accordance with its terms),
Shire Limited (the “New
Issuer”) will be inserted above Shire plc as the new ultimate holding
company of the Shire group.

     

    Immediately prior to
the scheme of arrangement becoming effective, pursuant to a supplemental trust
deed dated 15 April 2008 (the “Supplemental Trust Deed”)
between the Original Issuer, the New Issuer and BNY Corporate Trustee Services
Limited as trustee of the Bonds (the “Trustee”), the New Issuer will
be substituted in place of the Original Issuer as principal obligor under the
Bonds (and the Trust Deed and the terms and conditions of the Bonds will be
amended).

     

    Details of the terms
of the substitution described above are set out in the Supplemental Trust Deed
and the amended terms and conditions of the Bonds are set out in the amended and
restated Trust Deed.  Copies of the Supplemental Trust Deed and the
amended and restated Trust Deed can be obtained from The Bank of New York, as
principal paying and conversion agent in respect of the Bonds (the “Principal Paying and Conversion
Agent”), whose address is set out below.  Information relating
to New Shire can be found in the prospectus relating to New Shire’s ordinary
shares, which will be available from Shire’s web site
(www.shire.com).

     

    This notice is
issued by Shire Limited, a company incorporated in Jersey
under the Companies (Jersey) Law 1991 with registered number 99854, whose
registered office is at 22 Grenville Street, St Helier, Jersey JE4 8PX and whose
head office is at 5 Riverwalk, City West Business Campus, Dublin 24, Republic of
Ireland.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    For further
information regarding the matters set out in this notice, Bondholders should
contact the Principal Paying and Conversion Agent at 40th Floor,
One Canada Square, London E14 5AL, United Kingdom.

     

    This
notice does not constitute or form part of an offer to sell or the solicitation
of an offer to subscribe for or otherwise acquire any securities.

     

    Dated 16 April
2008

     

    CF080630012

     

    10Exhibit
10.03

     

    
      Dated 15 April
2008

       

       

      

       

      SHIRE
PLC

       

      and

       

      SHIRE
LIMITED

       

      and

       

      THE
BANK OF NEW YORK

       

      and

       

      BNY
CORPORATE TRUSTEE SERVICES LIMITED

       

       

      

       

       

      ACCESSION
AND AMENDMENT AGREEMENT

       

      relating to a Paying
and Conversion Agency Agreement relating to

       

      U.S.$1,100,000,000

       

      2.75 per cent.
Convertible Bonds due 2014

       

      

       

       

       

      Slaughter
and May

      One Bunhill
Row

      London EC1Y
8YY

      (REL/RMYJ)

      CF080660133

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      THIS AGREEMENT is made on 15
April 2008 between:

       

      
        	
                (1)

              	
                SHIRE PLC, a
      company incorporated in
      England and Wales under the Companies Act 1985 with registered number
      05492592 (the “Original
      Issuer”);

              

      

       

      
        	
                (2)

              	
                SHIRE LIMITED, a
      company incorporated in
      Jersey under the Companies (Jersey) Law 1991 with registered number 99854
      (the “New
      Issuer”);

              

      

       

      
        	
                (3)

              	
                THE BANK OF NEW YORK
      (the “Principal
      Paying and Conversion Agent” and, together with any other paying
      and conversion agents appointed from time to time in accordance with the
      Agency Agreement, the “Paying and Conversion
      Agents”); and

              

      

       

      
        	
                (4)

              	
                BNY CORPORATE TRUSTEE SERVICES
      LIMITED (the “Trustee”, which
      expression, where the context so admits, includes any other trustee for
      the time being under the Trust
Deed).

              

      

       

      BACKGROUND:

       

      
        	
                (A)

              	
                The Original
      Issuer issued U.S.$1,100,000,000 2.75 per cent. Convertible Bonds due 2014
      which are constituted under the Trust Deed.  The terms of the
      appointment of the Principal Paying and Conversion Agent (and any other
      Paying and Conversion Agents from time to time) in respect of the Bonds
      are set out in the Agency
Agreement.

              

      

       

      
        	
                (B)

              	
                The New Issuer
      is currently a wholly owned Subsidiary of the Original Issuer, but will,
      pursuant to the 2008 Newco Scheme, be interposed between the Original
      Issuer and its then shareholders so as to become the new ultimate holding
      company of the Shire group.

              

      

       

      
        	
                (C)

              	
                Immediately
      prior to the 2008 Newco Scheme becoming effective, it is proposed that the
      New Issuer will, with the consent of the Trustee and pursuant to Clause
      14.2 (Substitution) of the
      Trust Deed and the Conditions of the Bonds, be substituted in place of the
      Original Issuer as principal obligor under the Bonds, on the terms, and
      subject to the conditions, of the Supplemental Trust
  Deed.

              

      

       

      
        	
                (D)

              	
                On and from
      the substitution of the New Issuer in place of the Original Issuer as
      principal obligor under the Bonds, it is proposed that the New Issuer will
      accede to the Agency Agreement, the Original Issuer will cease to be party
      to the Agency Agreement and the Agency Agreement will be amended and
      restated, on the terms, and subject to the conditions, of this
      Agreement.

              

      

       

      IT IS AGREED as
follows:

       

      
        	
                1 

              	
                INTERPRETATION

              

      

       

      
        	
                1.1

              	
                Definitions:  Capitalised
      terms defined in the Trust Deed, the Conditions or the Agency Agreement
      but not herein shall, when used herein (including in the paragraphs
      above), have the meaning given to them in the Trust Deed, the Conditions
      or the Agency Agreement.  In addition, the following expressions
      shall have the following meanings:

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      “2008 Newco Scheme” means the
scheme of arrangement under Sections 895 to 899 of the Companies Act 2006
between the Original Issuer and its shareholders which will effect the
interposition of the New Issuer between the Original Issuer and its
shareholders, including any modification, addition or condition approved by the
High Court, details of which will be set out in a circular from the Original
Issuer to its shareholders;

       

      “Agency Agreement” means the
Paying and Conversion Agency Agreement dated 9 May 2007 between the Original
Issuer, the Principal Paying and Conversion Agent and the Trustee (as from time
to time altered in accordance with its provisions);

       

      “Bonds” means the bearer bonds
substantially in the form set out in Schedule 1 (Form of Definitive Bond) to
the Trust Deed comprising the U.S.$1,100,000,000 2.75 per cent. Convertible
Bonds due 2014, in each case having attached thereto Coupons, constituted by the
Trust Deed and for the time being outstanding or, as the context may require, a
specific number of them and includes any replacement Bonds issued pursuant to
the Conditions and includes the Global Bond;

       

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

       

      “Effective Time“ means
immediately prior to the time at which the 2008 Newco Scheme becomes
effective;

       

      “Supplemental Trust Deed” means
the Supplemental Trust Deed dated 15 April 2008 between the Original Issuer, the
New Issuer and the Trustee which is supplemental to the Trust Deed;
and

       

      “Trust Deed” means the Trust
Deed dated 9 May 2007 between the Original Issuer and the Trustee (as from time
to time altered in accordance with its provisions) and any other document
executed in accordance with the Trust Deed (as from time to time so altered) and
expressed to be supplemental to the Trust Deed.

       

      
        	
                1.2

              	
                Construction:  Clause
      1.2 (Contracts (Rights
      of Third Parties) Act 1999) of the Agency Agreement shall have
      effect, mutatis mutandis, as if set out in full in this
      Agreement.

              

      

       

      
        	
                2

              	
                ACCESSION
      AND RELEASE

              

      

       

      
        	
                2.1

              	
                Accession:  On
      and from the Effective Time, and provided that the New Issuer shall have
      complied with its obligations under Clause 5.1 (Conditions precedent)
      of the Supplemental Trust Deed:

              

      

       

      
        	
                 
      

              	
                (A)

              	
                the New Issuer
      shall accede to the Agency Agreement in its capacity as issuer of the
      Bonds; and

              

      

       

      
        	
                 
      

              	
                (B)

              	
                the Agency
      Agreement shall be amended and restated in the form set out in Schedule 1
      (Form of Amended and
      Restated Agency Agreement)
hereto.

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	
                2.2

              	
                Release:  On
      and from the Effective Time, the Original Issuer shall cease to be a party
      to, and shall be released from all its obligations under, the Agency
      Agreement.

              

      

       

      
        	
                3

              	
                COVENANTS

              

      

       

      The New Issuer
hereby covenants with the Principal Paying Agent and the Trustee that, on and
from the Effective Time, it will comply with and perform and observe all the
provisions of the Agency Agreement, as amended and restated pursuant to this
Agreement, which are expressed to be binding on it as if it had been originally
named as a party thereto.

       

      
        	
                4

              	
                EFFECTIVE
      TIME, 2008 NEWCO SCHEME AND RELATED
MATTERS

              

      

       

      
        	
                4.1

              	
                Effective
      Time:  The New Issuer shall promptly inform the Trustee
      and the Principal Paying and Conversion Agent of the occurrence of the
      Effective Time.

              

      

       

      
        	
                4.2

              	
                2008 Newco Scheme and related
      matters:  The Principal Paying and Conversion Agent
      hereby agrees to provide such reasonable co-operation as the Original
      Issuer and the New Issuer may request in relation to the implementation of
      the 2008 Newco Scheme and related matters, including, without limitation,
      providing its consent to any capital reduction to be undertaken by the New
      Issuer (so long as such capital reduction complies with paragraph (e) of
      Condition 10 (Undertakings), as
      amended and restated pursuant to the Supplemental Trust Deed), provided
      that nothing in this Clause 4.2 shall require the Principal Paying and
      Conversion Agent to act in a way that is in breach of any duty which it
      owes under the Agency Agreement.

              

      

       

      
        	
                5

              	
                COMMUNICATIONS

              

      

       

      Any
communication shall be by letter or fax and sent:

       

      
        	
                 
      

              	
                (A)

              	
                in the case of
      the Original Issuer, to it at:

              

      

       

      Shire
plc

      Hampshire
International Business Park

      Chineham

      Basingstoke

      Hampshire RG24
8EP

      United
Kingdom

      
         

        
          	
                   
      

                	
                  Fax
      no.

                	
                  +44 (0)1256
      894713

                
	 	 	 
	 	Attention	Group
      Treasurer (copy to Legal
Department)

        

      

                                       

      
        	
                 
      

              	
                (B)

              	
                in the case of
      the New Issuer, to it at:

              

      

       

      Shire
Limited

      5
Riverwalk

      City West Business
Campus

      Dublin
24

      Republic of
Ireland

      
        
           

          
            
              
              

            

            
              3

              
                

              

            

            
              
              

            

          

           

          
            	
                     
      

                  	
                    Fax
      no.

                  	
                    +353 1 429
      7701 (with a copy to +44 (0)1256 894713)

                  
	 	 	 
	 	Attention	Group
      Treasurer (copy to Legal
Department)

          

        

                                                                    

      

      
        	
                 
      

              	
                (C)

              	
                in the case of
      the Principal Paying and Conversion Agent, to it
  at:

              

      

       

      The
Bank of New York

      40th
Floor

      One
Canada Square

      London E14
5AL

      United
Kingdom

      
        
           

          
            	
                     
      

                  	
                    Fax
      no.

                  	
                    +44 (0)20 7964
      2536

                  
	 	 	 
	 	Attention	Corporate
      Trust Administration

          

        

                                         

      

      and

       

      
        	
                 
      

              	
                (D)

              	
                in the case of
      the Trustee, to it at:

              

      

       

      BNY
Corporate Trustee Services Limited

      40th
Floor

      One
Canada Square

      London E14
5AL

      United
Kingdom

      
        
           

          
            	
                     
      

                  	
                    Fax
      no.

                  	
                    +44 (0)20 7964
      2536

                  
	 	 	 
	 	Attention	Manager, Trust
      Administration

          

        

                                                      

      

      or any other address
of which written notice has been given to the parties in accordance with this
Clause 5.  Communications will take effect, in the case of delivery,
when delivered or, in the case of fax, when
despatched.  Communications not by letter shall be confirmed by letter
but failure to send or receive that letter shall not invalidate the original
communication.

       

      
        	
                6

              	
                COUNTERPARTS

              

      

       

      This Agreement may
be executed in any number of counterparts, all of which, taken together, shall
constitute one and the same agreement and any party to this Agreement may enter
into the same by executing a counterpart.

       

      
        	
                7

              	
                GOVERNING
      LAW AND JURISDICTION

              

      

       

      
        	
                7.1

              	
                Governing
      law:  This Agreement shall be governed by and construed
      in accordance with English law.

              

      

       

      
        	
                7.2

              	
                Jurisdiction:  The
      courts of England are to have jurisdiction to settle any dispute arising
      out of or in connection with this Agreement.  Accordingly, any
      proceeding, suit or action arising out of or in connection with this
      Agreement (“Proceedings”) may be
      brought in the courts of England.  Each party to this Agreement
      hereby:

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                (A)

              	
                waives (and
      agrees not to raise) any objection, on the ground of forum non conveniens or
      on any other ground, to the taking of proceedings in the courts of
      England;

              

      

       

      
        	
                 
      

              	
                (B)

              	
                agrees that a
      judgment against it in Proceedings brought in England shall be conclusive
      and binding upon it and may be enforced in any other jurisdiction;
      and

              

      

       

      
        	
                 
      

              	
                (C)

              	
                irrevocably
      submits and agrees to submit to the jurisdiction of the courts of
      England.

              

      

       

      Neither the Original
Issuer nor the New Issuer may bring Proceedings in the courts of any other
jurisdiction (other than to enforce a judgment obtained in the courts of
England).  However, the Trustee and the Principal Paying and
Conversion Agent may bring Proceedings in the courts of any other competent
jurisdiction and, to the extent permitted by applicable law, may bring
Proceedings in the courts of more than one jurisdiction at the same
time.

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      ACCESSION
AND AMENDMENT AGREEMENT EXECUTION PAGE

       

      This Agreement is
executed on the date stated at the beginning.

       

      
        
          	
                  EXECUTED
    by

                	 	
                  )

                	 
    
	
                  SHIRE
      PLC

                	 	
                  )

                	
                  ............................................Attorney

                
	
                  acting by its
      duly authorised attorney

                	 	
                  )

                	 
    
	 
    	 	 
    	 
    
	
                  EXECUTED
    by

                	 	
                  )

                	 
    
	
                  SHIRE
      LIMITED

                	 	
                  )

                	
                  ............................................Attorney

                
	
                  acting by its
      duly authorised attorney

                	 	
                  )

                	 
    
	 
    	 	 
    	 
    
	
                  EXECUTED
    by

                	 	
                  )

                	
                  ............................................Attorney

                
	
                  THE
      BANK OF NEW YORK

                	 	
                  )

                	 
    
	
                  acting by its
      lawful attorney

                	 	
                  )

                	 
    
	 
    	 	 
    	 
    
	
                  EXECUTED
    by

                	 	
                  )

                	
                  ............................................Attorney

                
	
                  BNY
      CORPORATE TRUSTEE SERVICES LIMITED

                	 	
                  )

                	 
    
	
                  acting by two
      of its lawful attorneys

                	 	
                  )

                	
                  ............................................Attorney

                
	 
    	 	 
    	 
    

        

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      
 

      SCHEDULE
1

      FORM
OF AMENDED AND RESTATED AGENCY AGREEMENT

      

      

      

      

      
 

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      CF080660133

       

      7

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