Document:

Agreement dated November 30, 2006

 Exhibit 10.2 
 AGREEMENT 
 DATED 30 November 2006 
 €17,000,000,000 
 CREDIT FACILITY 
 FOR 
 MITTAL STEEL COMPANY N.V. 
 ARRANGED BY 
 BANCO BILBAO VIZCAYA ARGENTARIA,
S.A. 
 BANCO SANTANDER CENTRAL HISPANO S.A., PARIS BRANCH 
 BNP PARIBAS 
 CALYON 
 CITIGROUP GLOBAL MARKETS LIMITED 
 COMMERZBANK AKTIENGESELLSCHAFT 
 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. 
 CREDIT MUTUEL – CIC ACTING THROUGH CREDIT INDUSTRIEL ET COMMERCIAL 
 DEUTSCHE BANK AG, LONDON BRANCH

 FORTIS BANK (NEDERLAND) N.V. 
 HSBC BANK PLC 
 ING BANK N.V. 
 J.P. MORGAN PLC 
 NATIXIS 
 THE ROYAL BANK OF SCOTLAND PLC 
 SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING 
 AND 
 UCI UNICREDIT GROUP, ACTING THROUGH BANK
AUSTRIA CREDITANSTALT AG 
 AND HVB BANQUE LUXEMBOURG SOCIÉTÉ ANONYME 
 WITH 
 THE ROYAL BANK OF SCOTLAND PLC 
 as Facility Agent 

 CONTENTS 
  

					
	  	  	 	  	Page
	 Clause
	  		  	
			
	 1.
	  	
INTERPRETATION	  	1
	 2.
	  	
FACILITY	  	21
	 3.
	  	
PURPOSE	  	23
	 4.
	  	
CONDITIONS PRECEDENT	  	23
	 5.
	  	
UTILISATION	  	24
	 6.
	  	
OPTIONAL CURRENCIES	  	25
	 7.
	  	
REPAYMENT	  	28
	 8.
	  	
PREPAYMENT AND CANCELLATION	  	28
	 9.
	  	
INTEREST	  	34
	 10.
	  	
TERMS	  	37
	 11.
	  	
EXTENSION OF REVOLVING CREDIT FACILITY	  	38
	 12.
	  	
MARKET DISRUPTION	  	41
	 13.
	  	
TAXES	  	42
	 14.
	  	
INCREASED COSTS	  	49
	 15.
	  	
MITIGATION	  	50
	 16.
	  	
PAYMENTS	  	51
	 17.
	  	
GUARANTEE AND INDEMNITY	  	54
	 18.
	  	
REPRESENTATIONS	  	57
	 19.
	  	
INFORMATION COVENANTS	  	61
	 20.
	  	
FINANCIAL COVENANT	  	65
	 21.
	  	
GENERAL COVENANTS	  	68
	 22.
	  	
DEFAULT	  	74
	 23.
	  	
THE ADMINISTRATIVE PARTIES	  	78
	 24.
	  	
EVIDENCE AND CALCULATIONS	  	84
	 25.
	  	
FEES	  	84
	 26.
	  	
INDEMNITIES AND BREAK COSTS	  	86
	 27.
	  	
EXPENSES	  	87
	 28.
	  	
AMENDMENTS AND WAIVERS	  	88
	 29.
	  	
CHANGES TO THE PARTIES	  	89
	 30.
	  	
DISCLOSURE OF INFORMATION	  	99
	 31.
	  	
SET-OFF	  	100
	 32.
	  	
PRO RATA SHARING	  	101
	 33.
	  	
AGREEMENT TO AMEND	  	102
	 34.
	  	
SEVERABILITY	  	102
	 35.
	  	
COUNTERPARTS	  	103
	 36.
	  	
NOTICES	  	103
	 37.
	  	
LANGUAGE	  	105
	 38.
	  	
GOVERNING LAW	  	105
	 39.
	  	
ENFORCEMENT	  	106
	 40.
	  	
WAIVER OF IMMUNITY	  	106
	 41.
	  	
COMPLETE AGREEMENT	  	107

  

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	  	  	 	  	Page
	 Schedules
	  		  	
			
	 1.
	  	
Original Lenders	  	108
	 2.
	  	
Conditions precedent documents	  	110
	 3.
	  	
Form of Request	  	116
	 4.
	  	
Calculation of the Mandatory Cost	  	117
	 5.
	  	
Form of Transfer Certificate	  	121
	 6.
	  	
Form of Compliance Certificate	  	124
	 7.
	  	
Form of Margin Certificate	  	125
	 8.
	  	
Form of Accession Agreement	  	126
	 9.
	  	
Form of Resignation Request	  	129
	 10.
	  	
Form of Affiliated Lender Accession Certificate	  	130
	 11.
	  	
Form Of Taux Effectif Global Letter	  	132
		
	 
Signatories
	  	134

  

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 THIS AGREEMENT is dated 30 November 2006 
 BETWEEN: 
  

	(1)	MITTAL STEEL COMPANY N.V., a company incorporated in The Netherlands with registered number 24275428 (the Company); 

  

	(2)	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., BANCO SANTANDER CENTRAL HISPANO S.A., PARIS BRANCH, BNP PARIBAS, CALYON, CITIGROUP GLOBAL MARKETS LIMITED, COMMERZBANK AKTIENGESELLSCHAFT,
COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., CREDIT MUTUEL – CIC ACTING THROUGH CREDIT INDUSTRIEL ET COMMERCIAL, DEUTSCHE BANK AG, LONDON BRANCH, FORTIS BANK (NEDERLAND) N.V., HSBC BANK PLC, ING BANK N.V., J.P. MORGAN PLC,
NATIXIS, THE ROYAL BANK OF SCOTLAND PLC, SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING AND UCI UNICREDIT GROUP, ACTING THROUGH BANK AUSTRIA CREDITANSTALT AG AND HVB BANQUE LUXEMBOURG SOCIÉTÉ
ANONYME as mandated lead arrangers (in this capacity the Arrangers); 

  

	(3)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 as original lenders (the Original Lenders); and 

  

	(4)	THE ROYAL BANK OF SCOTLAND PLC as facility agent (in this capacity the Facility Agent). 

 IT IS AGREED as follows: 
  

	
1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 
 Accession Agreement means a letter, substantially in the form of Schedule 8 (Form of Accession Agreement), with such amendments as the Facility
Agent and the Company may agree. 
 Additional Borrower means a member of the Group which becomes a Borrower after the date of this
Agreement in accordance with Clause 29.8 (Additional Borrowers). 
 Additional Guarantor means a member of the Group which becomes a
Guarantor after the date of this Agreement in accordance with Clause 29.11 (Additional Guarantors). 
 Administrative Party means an
Arranger or the Facility Agent. 
 Affiliate means a Subsidiary or a Holding Company of a person or any other Subsidiary of that
Holding Company. 
  

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 Affiliated Lender Accession Certificate means a certificate substantially in the form set out in
Schedule 10 (Form of Affiliated Lender Accession Certificate), or such other form (if any) as may be approved by the Facility Agent. 
 Affiliated Lender Participation has the meaning given to it in Clause 29.7(b) (Affiliates of Lenders). 
 Arcelor means
Arcelor, a société anonyme incorporated under Luxembourg law which has its registered office at 19, avenue de la Liberté, L-2930, Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and
Companies under the number B82.454. 
 Arcelor Finance means Arcelor Finance, a société en commandite par actions
incorporated under Luxembourg law which has its registered office at 19, avenue de la Liberté, L-2930, Grand Duchy of Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under the number B13.224. 
 Arcelor Finance Representations means each of the following representations and warranties, which shall only be made in the circumstances set out
in Clauses 29.8(f) (Additional Borrowers) and 29.9(c)(v) (Substitute Borrower): 
  

	 	(a)	the Company is acting as an actionnaire commandité of Arcelor Finance; and 

  

	 	(b)	Arcelor Finance is a société en commandite par actions. 

 Availability Period means the period from and including the date of this Agreement to and including: 
  

	 	(a)	in the case of the Term Loan Facility, the date falling one month after the date of this Agreement; or 

  

	 	(b)	in the case of the Revolving Credit Facility, the date falling one month before its Final Maturity Date. 

 Borrower means the Company (to the extent that Loans have been made to it which remain outstanding) or an Additional Borrower. 
 Break Costs means the amount (if any) which a Lender is entitled to receive under Clause 26.3 (Break Costs) as compensation if any part of a Loan
or overdue amount is repaid or prepaid. 
 Business Day means a day (other than a Saturday or a Sunday) on which banks are open for
general business in London, Amsterdam, Paris, Luxembourg and: 
  

	 	(a)	if on that day a payment in or a purchase of a currency (other than euro) is to be made, the principal financial centre of the country of that currency; or 

 

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	 	(b)	if on that day a payment in or a purchase of euro is to be made, which is also a TARGET Day. 

 Commitment means the Revolving Credit Commitment and the Term Loan Commitment of a Lender. 
 Compliance Certificate means a certificate substantially in the form of Schedule 6 (Form of Compliance Certificate) setting out, among other
things, calculation of the financial covenant, or otherwise in a form and substance satisfactory to the Facility Agent. 
 Default
means: 
  

	 	(a)	an Event of Default; or 

  

	 	(b)	an event which would be (with the expiry of a grace period, the giving of notice or the making of any determination under the Finance Documents or any combination of them) an Event
of Default. 

 dollars, US$ and $ denotes the lawful currency of the United States of America. 
 Dutch Banking Act means the Dutch Act on the Supervision of the Credit System 1992 (Wet toezicht Kredietwezen 1992), as the same may be
amended, restated, supplemented or otherwise modified from time to time (including, but not limited to, by the entry into force of the Dutch Act on Financial Supervision (Wet financieel toezicht)). 
 Dutch Civil Code means the Burgerlijk Wetboek. 
 Dutch Exemption Regulation means the Exemption Regulation of the Minister of Finance (Vrijstellingsregeling WtK 1992), as the same may be amended, restated, supplemented or otherwise modified from time
to time (including, but not limited to, by the entry into force of the Dutch Act on Financial Supervision (Wet financieel toezicht)). 
 Environmental Law means any applicable law in any jurisdiction in which any Obligor or any Material Subsidiary conducts business which relates to the pollution or protection of the environment or harm to or the protection of human
health or the health of animals or plants. 
 Environmental Permit means any permit, licence, consent, approval and other authorisation
and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of any Obligor or any Material Subsidiary conducted on or from the properties owned or used by the relevant Obligor or
Material Subsidiary. 
 EURIBOR means for a Term of any Loan or overdue amount in euro: 
  

	 	(a)	the applicable Screen Rate; or 

  

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	 	(b)	if no Screen Rate is available for that Term of that Loan or overdue amount, the arithmetic mean (rounded upward to four decimal places) of the rates as supplied to the Facility
Agent at its request quoted by the Reference Banks to leading banks in the European interbank market, 

 as of 11.00 a.m.
(Brussels time) on the Rate Fixing Day for the offering of deposits in euro for a period comparable to that Term. 
 EUR, euro and
€ means the single currency of the Participating Member States. 
 Event of Default means an event specified as such in
Clause 22 (Default). 
 Existing Facilities means: 
  

	 	(a)	the Borrower’s EUR2,800,000,000 Bridge Facility Agreement dated 23 May 2006 as finally amended and restated on 25 August 2006; 

  

	 	(b)	the Borrower’s EUR5,000,000,000 Facility Agreement dated 30 January 2006 as finally amended and restated on 7 June 2006; 

  

	 	(c)	the Borrower’s EUR3,000,000,000 Facility Agreement dated 30 January 2006 as finally amended and restated on 7 June 2006; 

  

	 	(d)	the Arcelor Finance EUR3,000,000,000 Facility Agreement dated 9 February 2005; and 

  

	 	(e)	the Arcelor Finance EUR4,000,000,000 Term Facility Agreement dated 30 March 2006 as amended on 25 April 2006. 

 Facility means the Revolving Credit Facility or the Term Loan Facility. 
 Facility Office means the office(s) notified by a Lender to the Facility Agent: 
  

	 	(a)	on or before the date it becomes a Lender; or 

  

	 	(b)	by not less than five Business Days’ notice, 

 as the
office(s) through which it will perform its obligations under this Agreement. 
 Fee Letter means any letter entered into by reference
to this Agreement between one or more Administrative Parties and the Company setting out the amount of certain fees referred to in this Agreement. 
  

 4 

 Final Maturity Date means: 
  

	 	(a)	in the case of the Term Loan Facility, the fifth anniversary of the date of this Agreement; and 

  

	 	(b)	in the case of the Revolving Credit Facility, the First Maturity Date, except as set out in Clause 11 (Extension of Revolving Credit Facility). 

 Finance Document means: 
  

	 	(a)	this Agreement; 

  

	 	(b)	a Fee Letter; 

  

	 	(c)	an Accession Agreement; 

  

	 	(d)	a Resignation Request; 

  

	 	(e)	the Mandate Letter; or 

  

	 	(f)	any other agreement in writing designated as such by the Facility Agent and the Company. 

 Finance Party means a Lender or an Administrative Party. 
 Financial Indebtedness means,
without double counting, any indebtedness for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any acceptance credit (including any dematerialised equivalent) other than any acceptance credit that would not constitute borrowed monies under IFRS; 

  

	 	(c)	any bond, note, debenture, loan stock or other similar instrument; 

  

	 	(d)	any redeemable preference share to the extent any such share is capable of being redeemed (in whole or part) on or before the Final Maturity Date in respect of the Revolving Credit
Facility; 

  

	 	(e)	the amount of any liability, being the capitalised portion of any loan, lease or hire purchase contract, which would be treated as a finance or capital lease in accordance with
generally accepted accounting principles in the jurisdiction of incorporation of the Company; 

  

	 	(f)	receivables sold or discounted (otherwise than on a non-recourse basis); 

  

	 	(g)	(other than trade credit from a supplier on customary terms in the ordinary course of trade) the acquisition cost of any asset to the extent payable more than six months after its
acquisition or possession by the party liable where the deferred payment is arranged primarily as a method of raising finance or financing the acquisition of that asset; 

  

 5 

	 	(h)	any derivative transaction protecting against or benefiting from fluctuations in any rate or price (and the then mark to market value of the derivative transaction will be used to
calculate its amount, except for the purposes of Clause 22.5 (Cross-acceleration), where the settlement amount for the relevant derivative transaction will be used to calculate its amount); 

  

	 	(i)	any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a borrowing (excluding any indebtedness expressly excluded under another
paragraph of this definition); 

  

	 	(j)	(other than in respect of letters of credit on customary terms issued in the ordinary course of trade) any counter-indemnity obligation in respect of any guarantee, indemnity, bond,
letter of credit or any other instrument issued by a bank or financial institution; or 

  

	 	(k)	any guarantee, indemnity or similar legally binding assurance against financial loss of any person in respect of any item referred to in the above paragraphs,

 but excluding (except for the purposes of Clause 22.5 (Cross acceleration)): 
  

	 	(i)	any convertible or exchangeable debt which must or, at the option of the issuer, may be converted or exchanged without condition (other than the availability of sufficient
authorised share capital of the issuer), prior to or upon the date any amount of principal would otherwise fall due in respect of that debt, into equity share capital or preference shares of the issuer of such debt, which in each case are not
redeemable (in whole or part) on or before the Final Maturity Date in respect of the Revolving Credit Facility; 

  

	 	(ii)	obligations of any member of the Group arising under any form of exchangeable, convertible, option or other similar instrument issued by that member of the Group in connection with
a transaction, the commercial effect of which is to effect the disposal by that member of the Group of shares or partnership or other ownership interests in any other person or entity (whether or not having a separate legal identity), provided that
any such instrument may not (other than at the option of the issuer), on or prior to the Final Maturity Date in respect of the Revolving Credit Facility, give rise to an obligation to pay cash or deliver any other assets (other than the assets into
which such instrument is convertible or exchangeable or deliverable on exercise of the option contained in that instrument) to the holders of such obligations (whether by acceleration on maturity or otherwise); and 

  

	 	(iii)	derivatives primarily entered into in the ordinary course of business to manage currency, credit or interest rate risks. 

 First Maturity Date means the fifth anniversary of the date of this Agreement. 
  

 6 

 Fitch means Fitch Ratings Limited. 
 Group means the Company and its Subsidiaries. 
 Group Prepayment Event means any of the circumstances described within Clauses 8.3 (Mandatory prepayment – change of control) to 8.5 (Mandatory prepayment – amalgamation, demerger or merger) inclusive. 
 Guaranteed Borrower means each Additional Borrower specified as being a Guaranteed Borrower in its Accession Agreement. 
 Guarantor means the Company or an Additional Guarantor. 
 Holding Company of any other person, means a company in respect of which that other person is a Subsidiary. 
 IBOR means LIBOR or EURIBOR. 
 IFRS means the International Financial Reporting Standards adopted by the International
Accounting Standards Board. 
 Increased Cost means: 
  

	 	(a)	an additional or increased cost; 

  

	 	(b)	a reduction in the rate of return from a Facility or on its overall capital; or 

  

	 	(c)	a reduction of an amount due and payable under any Finance Document, 

 which is incurred or suffered by a Finance Party or any of its Affiliates but only to the extent attributable to that Finance Party having entered into any Finance Document or funding or performing its obligations
under any Finance Document. 
 Lender means: 
  

	 	(a)	an Original Lender; or 

  

	 	(b)	any person which becomes a Lender after the date of this Agreement, 

 (including, in each case, an Affiliated Lender to the extent of its participation in, or of its rights or obligations in respect of a proportion of, an Affiliated Lender Participation pursuant to Clause 29.7
(Affiliates of Lenders)) which in each case has not ceased to be a Lender in accordance with the terms of this Agreement. 
 LIBOR
means for a Term of any Loan or overdue amount: 
  

	 	(a)	the applicable Screen Rate; or 

  

 7 

	 	(b)	if no Screen Rate is available for the relevant currency or Term of that Loan or overdue amount, the arithmetic mean (rounded upward to four decimal places) of the rates, as
supplied to the Facility Agent at its request, quoted by the Reference Banks to leading banks in the London interbank market, 

 as of 11.00 a.m. on the Rate Fixing Day for the offering of deposits in the currency of that Loan or overdue amount for a period comparable to that Term. 
 Loan means, unless otherwise stated in this Agreement, the principal amount of each borrowing under this Agreement or the principal amount outstanding of that borrowing. 
 Long Term Credit Rating means, at any time in respect of a Rating Agency: 
  

	 	(a)	the long term credit rating published at that time by that Rating Agency in respect of the Company’s unsubordinated unsecured debt; or 

  

	 	(b)	if such a rating has not at that time been given by that Rating Agency, the long term corporate credit rating given to the Company at that time by that Rating Agency.

 Luxembourg Obligor means an Obligor incorporated in Luxembourg. 
 Majority Lenders means, at any time, Lenders: 
  

	 	 (a)
	 whose share in the outstanding Loans and whose undrawn Commitments then aggregate 66 2/3 per cent. or more of the aggregate of all the outstanding Loans and the undrawn Commitments of all the
Lenders; 

  

	 	 (b)
	 if there is no Loan then outstanding, whose undrawn Commitments then aggregate 66 2/3 per cent. or more of the Total Commitments; or 

  

	 	 (c)
	 if there is no Loan then outstanding and the Total Commitments have been reduced to zero, whose Commitments aggregated
66 2/3 per cent. or more of the Total Commitments immediately before the reduction.

 Mandate Letter means the mandate letter relating to the Facility dated 9 November 2006. 
 Mandatory Cost means the percentage rate per annum calculated by the Facility Agent under Schedule 4 (Calculation of the Mandatory Cost).

 Margin means the rate per annum calculated in accordance with Clause 9.3 (Margin adjustments). 
 Margin Regulations means Regulations U and X issued by the Board of Governors of the United States Federal Reserve System. 
 Margin Stock has the meaning given to it in the Margin Regulations. 
  

 8 

 Material Adverse Effect means a material adverse effect on the ability of the Obligors taken as a
whole to perform their payment obligations under any Finance Document. 
 Material Subsidiary means, at any time, a Subsidiary of the
Company whose gross assets or pre-tax profits (excluding intra-Group items) then equals or exceeds 5 per cent. of the gross assets or pre-tax profits of the Group. 
 For this purpose: 
  

	 	(a)	the gross assets or pre-tax profits of a Subsidiary of the Company will be determined from its financial statements (unconsolidated if it has Subsidiaries) upon which the latest
audited financial statements of the Group have been based; 

  

	 	(b)	if a company becomes a member of the Group after the date on which the latest audited financial statements of the Group have been prepared, the gross assets or pre-tax profits of
that Subsidiary will be determined from its latest financial statements; 

  

	 	(c)	the gross assets or pre-tax profits of the Group will be determined from its latest audited financial statements, adjusted (where appropriate) to reflect the gross assets or pre-tax
profits of any company or business subsequently acquired or disposed of; and 

  

	 	(d)	if a Material Subsidiary disposes of all or substantially all of its assets to another Subsidiary of the Company, it will immediately cease to be a Material Subsidiary and the other
Subsidiary (if it is not already) will immediately become a Material Subsidiary; the subsequent financial statements of those Subsidiaries and the Group will be used to determine whether those Subsidiaries are Material Subsidiaries or not.

 If there is a dispute as to whether or not a company is a Material Subsidiary, a certificate of the auditors of the Company
will be, in the absence of manifest error, conclusive. 
 Maturity Date means the last day of the Term of a Revolving Credit Loan.

 Moody’s means Moody’s Investors Service Limited or any successor to its rating business. 
 Obligor means the Company, an Additional Borrower or an Additional Guarantor. 
 Original Financial Statements means, in relation to the Company, its audited consolidated financial statements for the year ended 31 December
2005. 
 Parent Guarantee means: 
  

	 	(a)	the guarantee by the Company set out in Clause 17 (Guarantee and indemnity) of this Agreement; or 

  

 9 

	 	(b)	only in respect of Arcelor Finance as an Additional Borrower, a guarantee, with a scope and effectiveness equivalent in all material respects to the scope and effectiveness of the
guarantee set out in Clause 17 of this Agreement, by the Company of the payment obligations of Arcelor Finance as an Additional Borrower by sole virtue of the Additional Borrower being a société en commandite par actions and the
Company being an actionnaire commandité of Arcelor Finance, and for these purposes under the law as it stands on the date of this Agreement, the Company being an actionnaire commandité of Arcelor Finance would be a
guarantee with a scope and effectiveness equivalent in all material respects to the scope and effectiveness of the guarantee set out in Clause 17 of this Agreement. 

 Participating Member State means a member state of the European Communities that adopts or has adopted the euro as its lawful currency under the
legislation of the European Community for Economic Monetary Union. 
 Party means a party to this Agreement. 
 Prepayment Event means any Group Prepayment Event or Subsidiary Prepayment Event. 
 Principal Lender has the meaning given to it in Clause 29.7(a) (Affiliates of Lenders). 
 Professional Market Party means a professional market party (professionele marktpartij) under the Dutch Exemption Regulation. 
 Project Finance Indebtedness means any indebtedness incurred by a debtor to finance the ownership, acquisition, construction, development and/or
operation of an asset or connected group of assets in respect of which the person or persons to whom such indebtedness is, or may be, owed have no recourse for the repayment of or payment of any sum relating to such indebtedness other than:

  

	 	(a)	recourse to such debtor or its Subsidiaries for amounts limited to the cash flow from such asset; and/or 

  

	 	(b)	recourse to such debtor generally, or to a member of the Group, which recourse is limited to a claim for damages (other than liquidated damages and damages required to be calculated
in a specified way) for breach of an obligation, representation or warranty (not being a payment obligation, representation or warranty or an obligation, representation or warranty to procure payment by another or an obligation, representation or
warranty to comply or to procure compliance by another with any financial ratios or other test of financial condition) by the person against whom such recourse is available; and/or 

  

	 	(c)	if: 

  

	 	(i)	such debtor has been established specifically for the purpose of constructing, developing, owning and/or operating the relevant asset or connected group of assets; and

  

 10 

	 	(ii)	such debtor owns no assets and carries on no business which is not related to the relevant asset or connected group of assets, 

 recourse to all of the material assets and undertaking of such debtor and the shares in the capital of such debtor and shareholder loans made to such
debtor. 
 Pro Rata Share means: 
  

	 	(a)	for the purpose of determining a Lender’s share in a utilisation of a Facility, the proportion which its Commitment under that Facility bears to all the Commitments under that
Facility; and 

  

	 	(b)	for any other purpose on a particular date: 

  

	 	(i)	the proportion which a Lender’s share of the Loans (if any) bears to all the Loans; 

  

	 	(ii)	if there is no Loan outstanding on that date, the proportion which its Commitment bears to the Total Commitments on that date; 

  

	 	(iii)	if the Total Commitments have been cancelled, the proportion which its Commitments bore to the Total Commitments immediately before being cancelled; or 

  

	 	(iv)	when the term is used in relation to a Facility, the above proportions but applied only to the Loans and Commitments for that Facility. 

 For the purpose of subparagraph (iv) above, the Facility Agent will determine, in the case of a dispute, whether the term in any case relates to a
particular Facility. 
 Qualifying Sub-Participation means a Sub-Participation which is entered into on terms that will not result in
any party to such Sub-Participation being treated as a non-Swiss Qualifying Lender. 
 Rate Fixing Day means: 
  

	 	(a)	the first day of a Term for a Loan denominated in Sterling; 

  

	 	(b)	the second Business Day before the first day of a Term for a Loan denominated in any other currency (other than euro); or 

  

	 	(c)	the second TARGET Day before the first day of a Term for a Loan denominated in euro, 

  

 11 

 or such other day as the Facility Agent determines is generally treated as the rate fixing day by market
practice in the relevant interbank market. 
 Rating Agency means Moody’s, S&P and Fitch or any other rating agency approved
by the Company and the Majority Lenders, provided that such rating agency is party to a rating agency agreement with the Company which is in full force and effect and has not been the subject of a termination notice by the Company. 
 Reference Banks means BNP Paribas, Deutsche Bank AG, HSBC Bank plc and The Royal Bank of Scotland plc and any other bank or financial institution
appointed as such by the Facility Agent under this Agreement with the consent of the Company (such consent not to be unreasonably withheld). 
 Repeating Representations means the representations set out in Clauses 18.2 (Status) to 18.5 (Non-conflict), 18.7 (Authorisations), 18.14 (Jurisdiction/governing law) and 18.15 (Dutch Banking Act). 
 Request means a request for a Loan, substantially in the form of Schedule 3 (Form of Request). 
 Resignation Request means a letter in the form of Schedule 9 (Form of Resignation Request), with such amendments as the Facility Agent and the
Company may agree. 
 Revolving Credit Commitment means: 
  

	 	(a)	for an Original Lender, the amount set opposite its name in Schedule 1 (Original Lenders) under the heading Revolving Credit Commitments and the amount of any other Revolving
Credit Commitment it acquires; and 

  

	 	(b)	for any other Lender, the amount of any Revolving Credit Commitment it acquires, 

 to the extent not cancelled, transferred or reduced under this Agreement. 
 Revolving Credit Facility
means the revolving credit facility made available under this Agreement. 
 Revolving Credit Loan means a Loan under the Revolving
Credit Facility and identified as such in its Request. 
 Rollover Loan means one or more Revolving Credit Loans: 
  

	 	(a)	to be made on the same day that a maturing Revolving Credit Loan is due to be repaid; 

  

	 	(b)	the aggregate amount of which is equal to or less than the maturing Revolving Credit Loan; 

  

 12 

	 	(c)	in the same currency as the maturing Revolving Credit Loan; and 

  

	 	(d)	to be made to the same Borrower for the purpose of refinancing the maturing Revolving Credit Loan. 

 S&P means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. or any successor to its rating
business. 
 Screen Rate means: 
  

	 	(a)	for LIBOR, the British Bankers Association Interest Settlement Rate (if any); and 

  

	 	(b)	for EURIBOR, the percentage rate per annum determined by the Banking Federation of the European Union, 

 for the relevant currency and Term displayed on the appropriate page of the Telerate screen selected by the Facility Agent. If the relevant page is
replaced or the service ceases to be available, the Facility Agent (after consultation with the Company and the Lenders) may specify another page or service displaying the appropriate rate. 
 Security Interest means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement
having a similar effect. 
 sterling and £ means the lawful currency of the U.K. 
 Sub-Participation means any sub-participation of or sub-contract or other similar arrangement howsoever described entered into in relation to the
rights and/or the obligations of a Lender under this Agreement but excluding derivatives transactions with another person under which the respective Lender’s risk exposure under a Loan is transferred to that person such as through a credit
default swap, total return swap or similar arrangement provided that such person does not have direct claims of any kind or nature under such derivatives transaction against the relevant Borrower (other than following an Event of Default).

 Subsidiary means: 
  

	 	(a)	an entity of which a person has direct or indirect control or owns directly or indirectly more than 50 per cent. of the voting capital or similar right of ownership (and
control for this purpose means the power to direct the management and the policies of the entity whether through the ownership of voting capital, by contract or otherwise); and 

  

	 	(b)	in relation to the Company, an entity which fulfils the definition in paragraph (a) above and which is included in the consolidated financial statements of the Company on a
fully integrated basis. 

 Subsidiary Prepayment Event means any of the circumstances described within Clauses 8.2
(Mandatory prepayment – illegality of a Borrower), 8.6 (Mandatory prepayment – cessation of Parent Guarantee) and 8.7 (Mandatory prepayment – ownership of the Additional Borrowers). 
  

 13 

 Substitute Borrower means any Additional Borrower to which all or any part of the rights and
obligations of the Company as a Borrower under this Agreement are transferred by novation pursuant to Clause 29.9 (Substitute Borrower). 
 Swiss Borrower means any Borrower incorporated or for tax purposes resident in Switzerland. 
 Swiss Qualifying Lender
means a financial institution which: 
  

	 	(a)	qualifies as a bank pursuant to the banking laws in force in its country of incorporation; 

  

	 	(b)	carries on a true banking activity in such jurisdiction as its main purpose; and 

  

	 	(c)	has personnel, premises, communication devices and decision-making authority of its own, 

 all as set out in explanatory notes of the Swiss Federal Tax Administration No. S-02-123(9.86) and S-02.128(1.2000) or legislation or explanatory notes addressing the same issues which are in force from time to time.

 Swiss Withholding Tax means the tax levied pursuant to the Swiss Federal Act on Swiss Withholding Tax (Bundesgesetz über die
Verrechnungssteuer of 13 October 1965, SR 642.21) (as amended from time to time). 
 TARGET Day means a day on which the
Trans-European Automated Real-time Gross Settlement Express Transfer payment system is open for the settlement of payments in euro. 
 Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including, without limitation, any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

 Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document. 
 Tax Payment means an increased payment made by an Obligor to a Finance Party or to a tax authority in any way relating to a Tax Deduction or under
any indemnity given by that Obligor in respect of Tax under any Finance Document. 
 Ten Non-Bank Regulations means, at any time, the
regulations pursuant to the explanatory notes of the Swiss Federal Tax Administration No. S-02.128 (1.2000) and S-02.122.1 (4.1999) or legislation or explanatory notes addressing the same issues which are in force at such time. 

 

 14 

 Term means each period determined under this Agreement by reference to which interest on a Loan or
an overdue amount is calculated. 
 Term Loan means a Loan under the Term Loan Facility and identified as such in its Request.

 Term Loan Commitment means: 
  

	 	(a)	for an Original Lender, the amount set opposite its name in Schedule 1 (Original Lenders) under the heading Term Loan Commitments and the amount of any other Term Loan
Commitment it acquires; and 

  

	 	(b)	for any other Lender, the amount of any other Term Loan Commitment it acquires, 

 to the extent not cancelled, transferred or reduced under this Agreement. 
 Term Loan Facility means
the term loan facility made available under this Agreement. 
 Total Commitments means the aggregate of the Commitments of all the
Lenders. 
 Total Revolving Credit Commitments means the aggregate of the Revolving Credit Commitments of all the Lenders, being the
total amount specified as such in Schedule 1 (Original Lenders) at the date of this Agreement. 
 Total Term Loan Commitments means the
aggregate of the Term Loan Commitments of all the Lenders, being the total amount specified as such in Schedule 1 (Original Lenders) at the date of this Agreement. 
 Transfer Certificate means a certificate, substantially in the form of Schedule 5 (Form of Transfer Certificate) with such amendments as the Facility Agent may approve or reasonably require or any other form
agreed between the Facility Agent and the Company. 
 Twenty Non-Bank Regulations means the regulations pursuant to the explanatory
note S-02.122.1(4.99) of the Swiss Federal Tax Administration (or legislation or explanatory notes addressing the same issues which are in force from time to time) pursuant to which the aggregate number of persons and legal entities, which are not
Swiss Qualifying Lenders and to which a Swiss Borrower directly or indirectly, including but not limited to through a Sub-Participation which is not a Qualifying Sub-Participation or other sub-participations under any other agreement, owes
interest-bearing borrowed money under all interest-bearing instruments including but not limited to this Agreement, taken together (other than bond issues which are subject to Swiss Withholding Tax), shall not exceed twenty at any time in order to
not trigger Swiss Withholding Tax. 
 U.K. means the United Kingdom. 
 Utilisation Date means each date on which the Facility is utilised. 
  

 15 

	1.2	Construction 

  

	 	(a)	In this Agreement, unless the contrary intention appears, a reference to: 

  

	 	(i)	an amendment includes a supplement, novation, restatement or re-enactment and amended will be construed accordingly; 

  

	 	(ii)	assets includes present and future properties, revenues and rights of every description; 

  

	 	(iii)	an authorisation includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration or notarisation; 

  

	 	(iv)	disposal means a sale, transfer, grant, lease or other disposal, whether voluntary or involuntary, and dispose will be construed accordingly; 

  

	 	(v)	indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;

  

	 	(vi)	know your customer requirements are the identification checks that a Finance Party requests in order to meet its obligations under any applicable law or regulation to identify a
person who is (or is to become) its customer; 

  

	 	(vii)	a person includes any individual, company, corporation, unincorporated association or body (including a partnership, trust, joint venture or consortium), government, state, agency,
organisation or other entity whether or not having separate legal personality; 

  

	 	(viii)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, being of a type
with which any person to which it applies is accustomed to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	 	(ix)	a currency is a reference to the lawful currency for the time being of the relevant country; 

  

	 	(x)	a Default being outstanding means that it has not been remedied or waived; 

  

	 	(xi)	a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation; 

  

	 	(xii)	a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this Agreement; 

  

 16 

	 	(xiii)	the Company includes any entity which results from an amalgamation or merger involving Mittal Steel Company N.V. and any other person; 

  

	 	(xiv)	a Party or any other person includes its successors in title, permitted assigns and permitted transferees; 

  

	 	(xv)	a Finance Document or another document is a reference to that Finance Document or other document as amended or novated; 

  

	 	(xvi)	a time of day is a reference to Paris time; 

  

	 	(xvii)	Société Générale Corporate & Investment Banking means the Corporate and Investment Banking division of Société
Générale. 

  

	 	(b)	Unless the contrary intention appears, a reference to a month or months is a reference to a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that: 

  

	 	(i)	if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is one) or the preceding Business Day (if there is
not); 

  

	 	(ii)	if there is no numerically corresponding day in that month, that period will end on the last Business Day in that month; and 

  

	 	(iii)	notwithstanding sub-paragraph (i) above, a period which commences on the last Business Day of a month will end on the last Business Day in the next month or the calendar month
in which it is to end, as appropriate. 

  

	 	(c)	Unless expressly provided to the contrary in a Finance Document, a person who is not a party to a Finance Document may not enforce any of its terms under the Contracts (Rights of
Third Parties) Act 1999 and notwithstanding any term of any Finance Document, no consent of any third party is required for any variation (including any release or compromise of any liability) or termination of any Finance Document.

  

	 	(d)	Unless the contrary intention appears: 

  

	 	(i)	a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement; 

  

	 	(ii)	a word or expression used in any other Finance Document or in any notice given in connection with any Finance Document has the same meaning in that Finance Document or notice as in
this Agreement; and 

  

 17 

	 	(iii)	any obligation of an Obligor under the Finance Documents which is not a payment obligation remains in force for so long as any payment obligation of an Obligor is or may be
outstanding under the Finance Documents. 

  

	 	(e)	The headings in this Agreement do not affect its interpretation. 

  

	1.3	Dutch terms 

 In this Agreement, where it relates to
a Dutch entity, a reference to: 
  

	 	(a)	a necessary action to authorise where applicable, includes without limitation any action required to comply with the Works Councils Act of the Netherlands (Wet op de
ondernemingsraden); 

  

	 	(b)	a security interest includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), privilege
(voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkt recht), created for the purpose of granting security
(goederenrechtelijk zekerheidsrecht); 

  

								
		 	(c	)	  	(i)	  	a winding-up, administration or dissolution (and any of those terms) includes a Dutch entity being declared bankrupt (failliet verklaard) or dissolved
(ontbonden);
				
		 			  	(ii)	  	a moratorium includes surseance van betaling and granted a moratorium includes surseance verleend;
				
		 			  	(iii)	  	any step or procedure taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under section 36 of the Tax Collection Act of the Netherlands
(Invorderingswet 1990) or Section 16d of the Social Insurance Co-ordination Act of the Netherlands (Coördinatiewet Sociale Verzekeringen);
				
		 			  	(iv)	  	a trustee in bankruptcy includes a curator;
				
		 			  	(v)	  	an administrator includes a bewindvoerder; and
				
		 			  	(vi)	  	an attachment includes a beslag.

  

	1.4	Luxembourg terms 

 In this Agreement a reference to:

  

	 	(a)	a composition, assignment or similar arrangement with any creditor includes a juge délégué appointed under the Luxembourg Act dated
14th April, 1886; 

  

	 	(b)	a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrator receiver, administrator or similar officer includes any:

  

	 	(i)	juge-commissaire and/or insolvency receiver (curateur) appointed under the Luxembourg Commercial Code; 

  

 18 

	 	(ii)	liquidateur appointed under Articles 141 to 151 of the Luxembourg Act dated 10th August, 1915; 

  

	 	(iii)	juge-commissaire and/or liquidateur appointed under Article 203 of the Luxembourg Act dated 10th August, 1915 on commercial companies; and

  

	 	(iv)	commissaire appointed under the Grand-Ducal Decree dated 24th May, 1935 or under Articles 593 to 614 of the Luxembourg Commercial Code; 

  

	 	(c)	where it relates to a Luxembourg entity, a necessary action to authorise where applicable, includes without limitation any action required to comply with Luxembourg law of
6 May 1974 on works councils in the private sector undertakings and on the representation of workers in limited liability companies, as modified (loi instituant des comités mixtes dans les entreprises du secteur privé et
organisant la représentation des salariés dans les sociétés anonymes); 

  

	 	(d)	where it relates to a Luxembourg entity, a security interest includes any mortgage (hypothèque), pledge (nantissement), pledge of business (gage sur fonds de
commerce), retention of title arrangement (transfert de propriété à titre de garantie), fiduciary security (fiducie sûreté), statutory lien (privilège), right of retention (droit
de rétention), and, in general, any right in rem (droit réel), created for the purpose of granting security; 

  

	 	(e)	where it relates to a Luxembourg entity: 

  

	 	(i)	a winding-up, administration or dissolution (and any of those terms) includes a Luxembourg entity being declared bankrupt (déclaration de faillite), dissolved
(dissolution) or subject to controlled management proceedings (gestion contrôlée); and 

  

	 	(ii)	a moratorium includes a suspension of payment (sursis de paiement) or a composition with creditors (concordat préventif de la faillite).

  

	1.5	French Terms 

 In this Agreement, a reference to:

  

	 	(a)	a security interest includes any type of security (sûreté réelle) and transfer by way of security such as an hypothèque, nantissement, gage,
droit de rétention, privilège, délégation or cession Dailly; 

  

	 	(b)	a liquidation, winding-up, administration, dissolution or reorganisation includes any procédure collective, procédure de sauvegarde, procédure de
redressement (including by way of a plan de cession or plan de continuation), procédure d’alerte or liquidation judiciaire; 

  

 19 

	 	(c)	a moratorium or a composition, assignment, relief or similar arrangement with creditors includes a procédure de réglement amiable or a procédure de
conciliation; and 

  

	 	(d)	a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, interim receiver, administrative receiver, administrator or similar officer includes a
mandataire ad hoc, conciliateur, administrateur judiciaire or liquidateur. 

  

	1.6	Belgian terms 

 In this Agreement a reference to:

  

	 	(a)	a Security Interest includes any mortgage (hypotheek/hypothèque), pledge (pand/nantissement), lien (voorrecht/privilège), retention of
title arrangement (eigendomsvoorbehoud/réserve de propriété), right of retention (recht van retentie/droit de retention), right to reclaim goods (terugvordering/droit de revendication), any transfer of title
or right in rem by way of security (overdracht ten title van zekerheid/transfert à titre de garantie) and, more generally, any security interest in rem (zakelijke zekerheid/sûreté réelle) as well as any
promise or mandate to create any of the security interests mentioned above; 

  

	

						
	(b	)	  	(i)	  	a winding-up, administration or dissolution (and any of those terms) includes any vereffening/liquidation, ontbinding/dissolution, faillissement/faillite and sluiting
van een onderneming/fermeture d’entreprise;
			
			  	(ii)	  	a moratorium or a composition includes gerechtelijk akkoord/concordat judiciaire and granted a moratorium includes toekent een voorlopige
opschorting/accordé un sursis provisoire;
			
			  	(iii)	  	a liquidator, a trustee in bankruptcy, a judicial custodian, a compulsory manager, a receiver, an interim receiver, an administrative receiver,
an administrator or a similar officer includes any curator/curateur, vereffenaar/liquidateur, voorlopig bewindvoerder/administrateur judiciaire, commissaris inzake opschorting/commissaire au sursis and
sekwester/sequester;
			
			  	(iv)	  	an attachment includes any uitvoerend beslag/saisie exécutoire and bewarend beslag/saisie conservatoire;

  

	 	(c)	a person being unable to pay its debts is that person being in a state of cessation of payments (staking van betaling/cessation de paiements).

  

	1.7	Affiliate Facility Offices 

  

	 	(a)	A Lender may designate an Affiliate of that Lender as its Facility Office for the purpose of participating in or making Loans to Borrowers in particular countries.

  

 20 

	 	(b)	An Affiliate of a Lender may be designated for the purposes of paragraph (a) above: 

  

	 	(i)	by appearing under the name of the Lender in Schedule 1 and executing this Agreement; or 

  

	 	(ii)	by being referred to in and executing a Transfer Certificate by which the Lender becomes a Party. 

  

	 	(c)	An Affiliate of a Lender referred to in this Clause 1.7 shall not have any Commitment, but shall be entitled to all rights and benefits under the Finance Documents relating to its
participation in Loans, and shall have the corresponding duties of a Lender in relation thereto, and is a Party to this Agreement and each other relevant Finance Document for those purposes. 

  

	 	(d)	A Lender which has an Affiliate appearing under its name in Schedule 1 or, as the case may be, in a Transfer Certificate, will procure, subject to the terms of this Agreement, that
the Affiliate participates in Loans to the relevant Borrower(s) in place of that Lender. 

  

	1.8	Several liability 

 Notwithstanding anything in this
Agreement, the obligations of each Additional Borrower (solely in its capacity as a Borrower) under the Finance Documents are several and an Additional Borrower shall not be liable for any Loan borrowed by any other Borrower. For the avoidance of
doubt, this does not affect the obligations under Clause 17 (Guarantee and Indemnity) of any Additional Borrower that is also a Guarantor. 
  

	
2.	FACILITY 

  

	2.1	Facilities 

 Subject to the terms of this Agreement,
the Lenders make available: 
  

	 	(a)	to the Borrowers, a term loan facility in an aggregate amount equal to the Total Term Loan Commitments; and 

  

	 	(b)	to the Borrowers, a revolving credit facility in an aggregate amount equal to the Total Revolving Credit Commitments. 

  

	2.2	Nature of a Finance Party’s rights and obligations 

 Unless all the Finance Parties agree otherwise: 
  

	 	(a)	the obligations of a Finance Party under the Finance Documents are several; 

  

 21 

	 	(b)	failure by a Finance Party to perform its obligations does not affect the obligations of any other Party under the Finance Documents; 

  

	 	(c)	no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents; 

  

	 	(d)	the rights of a Finance Party under the Finance Documents are separate and independent rights; 

  

	 	(e)	a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce those rights; and 

  

	 	(f)	a debt arising under the Finance Documents to a Finance Party is a separate and independent debt. 

  

	2.3	Professional Market Party 

 Each Original Lender
explicitly declares and represents that it is a Professional Market Party and that it is aware that: 
  

	 	(a)	it therefore does not benefit from the (creditor) protection under the Dutch Banking Act for non-Professional Market Parties; and 

  

	 	(b)	it has made its own credit appraisal of the Company. 

 This
declaration and representation is made by each Original Lender on the date of this Agreement. 
  

	2.4	Qualification as Swiss Qualifying Lenders 

 Each
Original Lender represents and warrants that it is a Swiss Qualifying Lender at the time it enters into this Agreement. 
 Any Lender which
ceases to be a Swiss Qualifying Lender shall, upon becoming aware of this, promptly notify the Company that it has ceased to be a Swiss Qualifying Lender. If such event results in a breach of the Ten Non-Bank Regulations, the Company shall have the
right to request that the respective Lender assigns or transfers by novation at par value all of its rights and obligations under this Agreement to a New Lender selected by the Company and approved by the Facility Agent (such approval not to be
unreasonably withheld) qualifying, in each case, as a Swiss Qualifying Lender or an existing Lender qualifying as a Swiss Qualifying Lender, all in accordance with Clause 29 (Changes to the Parties). 
  

 22 

	
3.	PURPOSE 

  

	3.1	Loans 

 Subject to the terms of this Agreement,
including Clause 21.3 (Repayment and Cancellation of Existing Facilities), each Loan may only be used: 
  

	 	(a)	for the general corporate purposes of the Group; or 

  

	 	(b)	for refinancing the Existing Facilities and other indebtedness of the Group. 

  

	3.2	No obligation to monitor 

 No Finance Party is bound
to monitor or verify the utilisation of a Facility. 
  

	
4.	CONDITIONS PRECEDENT 

  

	4.1	Conditions precedent documents 

 A Request may not
be given until the Facility Agent has notified the Company and the Lenders that it has received all of the documents and evidence set out in Part 1 of Schedule 2 (Conditions precedent documents) in form and substance reasonably satisfactory to the
Facility Agent. The Facility Agent must give this notification to the Company and the Lenders promptly upon being so satisfied. 
  

	4.2	Further conditions precedent 

 The obligations of
each Lender to participate in any Loan are subject to the further conditions precedent that on both the date of the Request and the Utilisation Date for that Loan: 
  

	 	(a)	the Repeating Representations are correct in all material respects; and 

  

	 	(b)	no Default, Group Prepayment Event or, in relation to the proposed Borrower of that Loan, Subsidiary Prepayment Event which requires prepayment of the entire Facility, is
outstanding or would result from the Loan, 

 provided that paragraphs (a) and (b) shall not apply to a Rollover Loan
unless the Facility Agent, acting on the instructions of the Majority Lenders, has given a notice to the Company pursuant to Clause 22.11(a)(ii) (Acceleration). 
  

	4.3	Maximum number 

 Unless the Facility Agent agrees, a
Request may not be given if, as a result, there would be more than 30 Loans outstanding. 
  

 23 

	
5.	UTILISATION 

  

	5.1	Giving of Requests 

  

	 	(a)	A Borrower may borrow a Loan by giving to the Facility Agent a duly completed Request. 

  

	 	(b)	Unless the Facility Agent otherwise agrees, the latest time for receipt by the Facility Agent of a duly completed Request is: 

  

	 	(i)	in the case of the first Request under each Facility only, 12.00 noon; or 

  

	 	(ii)	in all other cases, 4.00 p.m., 

 one Business Day before
the Rate Fixing Day for the proposed borrowing. 
  

	 	(c)	Each Request is irrevocable. 

  

	5.2	Completion of Requests 

 A Request for a Loan will
not be regarded as having been duly completed unless: 
  

	 	(a)	it identifies the Borrower; 

  

	 	(b)	it identifies the Facility the Loan applies to; 

  

	 	(c)	the Utilisation Date is a Business Day falling within the Availability Period; and 

  

	 	(d)	the amount of the Loan requested is: 

  

	 	(i)	in the case of a Term Loan, a minimum of €50,000,000 or its equivalent in any Optional Currency and, if required by the Facility Agent, an integral multiple of €5,000,000
or its equivalent in any Optional Currency; 

  

	 	(ii)	in the case of a Revolving Credit Loan, a minimum of €10,000,000 or its equivalent in any Optional Currency and, if required by the Facility Agent, an integral multiple of
€5,000,000 or its equivalent in any Optional Currency; 

  

	 	(iii)	the maximum undrawn amount available under this Agreement for Loans under the relevant Facility on the proposed Utilisation Date; or 

  

	 	(iv)	such other amount as the Facility Agent may agree; and 

  

	 	(e)	the proposed currency and Term complies with this Agreement. 

 Only one Loan may be requested in a Request. 
  

 24 

	5.3	Advance of Loan 

  

	 	(a)	The Facility Agent must promptly notify each Lender of the details of the requested Loan and the amount of its share in that Loan. 

  

	 	(b)	The amount of each Lender’s share of the Loan will be its Pro Rata Share on the proposed Utilisation Date. 

  

	 	(c)	No Lender is obliged to participate in a Loan if as a result: 

  

	 	(i)	its share in the Loans under a Facility would exceed its Commitment for that Facility; or 

  

	 	(ii)	the Loans would exceed the Total Commitments. 

  

	 	(d)	If the conditions set out in this Agreement have been met, each Lender must make its share in the Loan available to the Facility Agent for the relevant Borrower through its Facility
Office on the Utilisation Date. 

  

	
6.	OPTIONAL CURRENCIES 

  

	6.1	General 

 In this Clause: 
 European Central Bank’s Spot Rate of Exchange means the European Central Bank’s spot rate of exchange for the purchase of the relevant
currency with euro published at or about 14:15 on a particular day as displayed on Reuters page “ECB37”. 
 Euro Amount of a
Loan or part of a Loan means: 
  

	 	(a)	if the Loan is denominated in euro, its amount; or 

  

	 	(b)	in the case of a Loan denominated in an Optional Currency, its equivalent in euro calculated on the basis of the European Central Bank’s Spot Rate of Exchange one Business Day
before the Rate Fixing Day for that Term. 

 Optional Currency means any currency (other than euro) in which a Loan may
be denominated under this Agreement. 
  

	6.2	Selection 

  

	 	(a)	A Borrower must select the currency of a Loan in its Request. 

  

	 	(b)	Unless the Facility Agent otherwise agrees, the Loans may not be denominated at any one time in more than 5 currencies. 

  

 25 

	6.3	Conditions relating to Optional Currencies 

  

	 	(a)	A Loan may be denominated in an Optional Currency if: 

  

	 	(i)	that Optional Currency is readily available in the amount required and freely convertible into euro in the relevant interbank market on the Rate Fixing Day and the first day of the
Term of that Loan; and 

  

	 	(ii)	that Optional Currency is sterling, dollars, Swiss francs or Japanese yen or has been previously approved by the Facility Agent (acting on the instructions of all the Lenders).

  

	 	(b)	If the Facility Agent has received a request from the Company for a currency to be approved as an Optional Currency, the Facility Agent must, within five Business Days, confirm to
the Company: 

  

	 	(i)	whether or not the Lenders have given their approval; and 

  

	 	(ii)	if approval has been given, the minimum amount (and, if required, integral multiples) for any Loan in that currency. 

  

	6.4	Revocation of currency 

  

	 	(a)	Notwithstanding any other term of this Agreement, if before 9.30 a.m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: 

  

	 	(i)	the Optional Currency requested is not readily available to it in the relevant interbank market in the amount and for the period required; or 

  

	 	(ii)	participating in a Loan in the proposed Optional Currency would contravene any law or regulation applicable to it, 

 the Facility Agent must give notice to the Company to that effect promptly and in any event before 11.00 a.m. on that day. 
  

	 	(b)	In this event: 

  

	 	(i)	that Lender must participate in the Loan in euro; and 

  

	 	(ii)	the share of that Lender in the Loan and any other similarly affected Lender(s) will be treated as a separate Loan denominated in euro during that Term. 

  

	 	(c)	Any part of a Loan treated as a separate Loan under this Subclause will not be taken into account for the purposes of any limit on the number of Loans or currencies outstanding at
any one time. 

  

 26 

	 	(d)	A Revolving Credit Loan will still be treated as a Rollover Loan if it is not denominated in the same currency as the maturing Revolving Credit Loan by reason only of the operation
of this Subclause. 

  

	6.5	Rebasing of Term Loans in Optional Currencies 

  

	 	(a)	If a Term Loan is to be denominated in an Optional Currency, the Facility Agent shall, one Business Day before the Rate Fixing Day (the Rebasing Day) for each Term (other
than the first Term) of that Term Loan, calculate the amount of Optional Currency that, using the European Central Bank’s Spot Rate of Exchange as at the Rebasing Day, would be equal to the Euro Amount of the Term Loan for the Term (the
Expiring Term) immediately preceding that Term and (subject to paragraph (b) below): 

  

	 	(i)	if the amount calculated is less than the existing amount of that Term Loan in the Optional Currency, promptly notify the relevant Borrower and that Borrower shall pay, within three
Business Days after such notification, an amount equal to the difference; or 

  

	 	(ii)	if the amount calculated is more than the existing amount of that Term Loan in the Optional Currency, promptly notify each Lender and, if no Default is outstanding, each Lender
shall, on the last day of the Expiring Term, pay its participation in an amount equal to the difference. 

  

	 	(b)	If the amount calculated by the Facility Agent pursuant to paragraph (a) above is less than 5 per cent. greater or smaller than the existing amount of the relevant Term
Loan in the Optional Currency (taking into account any payments made pursuant to paragraph (a) above), no notification shall be made by the Facility Agent and no payment shall be required under paragraph (a) above.

  

	6.6	Optional Currency equivalents 

  

	 	The	equivalent in euro of a Loan or part of a Loan in an Optional Currency for the purposes of calculating: 

  

	 	(a)	whether any limit under this Agreement has been exceeded; 

  

	 	(b)	the amount of a Loan; 

  

	 	(c)	the share of a Lender in a Loan; 

  

	 	(d)	the amount of any repayment or prepayment of a Loan; or 

  

	 	(e)	the undrawn amount of a Lender’s Commitment, 

 is its
Euro Amount. 
  

 27 

	6.7	Notification 

 The Facility Agent must notify the
Lenders and the Company of the relevant Euro Amount (and the applicable European Central Bank’s Spot Rate of Exchange) promptly after they are ascertained. 
  

	
7.	REPAYMENT 

  

	 	(a)	The Borrowers must repay the Term Loans made to them according to the table below (to the extent such amounts remain outstanding): 

  

			
	 Dates after the date of this Agreement
	 	 Aggregate repayment (in
 € or its equivalent in
 other
currencies)

	 1 Year
	 	€2,400,000,000
	 1 Year + 6 months
	 	€1,200,000,000
	 2 Years
	 	€1,200,000,000
	 2 Years + 6 months
	 	€1,200,000,000
	 3 Years
	 	€1,200,000,000
	 3 Years + 6 months
	 	€1,200,000,000
	 4 Years
	 	€1,200,000,000
	 4 Years + 6 months
	 	€1,200,000,000
	 5 Years
	 	€1,200,000,000
	 Total
	 	€12,000,000,000

  

	 	(b)	Any prepayment of the Term Loans pursuant to Clauses 8.1 (Mandatory prepayment – illegality of a Lender) to 8.7 (Mandatory prepayment – ownership of the Additional
Borrowers) (inclusive) shall be applied in pro rata reduction of all of the relevant Borrowers’ obligations to repay the amounts set out in the table in paragraph (a) above. 

  

	 	(c)	Each Borrower must repay each Revolving Credit Loan made to it in full on its Maturity Date. 

  

	 	(d)	Subject to the other terms of this Agreement, any amounts repaid under paragraph (c) above may be re-borrowed. 

  

	
8.	PREPAYMENT AND CANCELLATION 

  

	8.1	Mandatory prepayment – illegality of a Lender 

  

	 	(a)	A Lender must promptly notify the Facility Agent if it becomes aware that it is unlawful in any jurisdiction for that Lender to perform any of its obligations under a Finance
Document or to fund or maintain its share in any Loan. The Facility Agent must notify the Borrowers promptly of receipt of any such notice. 

  

	 	(b)	After notification under paragraph (a) above: 

  

	 	(i)	each Borrower must repay or prepay the share of that Lender in each Loan made to it on the date specified in paragraph (c) below; and 

  

 28 

	 	(ii)	the Commitments of that Lender will be immediately cancelled. 

  

	 	(c)	The date for repayment or prepayment of a Lender’s share in a Loan will be: 

  

	 	(i)	the last day of the current Term of that Loan; or 

  

	 	(ii)	if earlier, the date specified by the Lender in the notification under paragraph (a) above and which must not be earlier than the last day of any applicable grace period
allowed by law. 

  

	8.2	Mandatory prepayment – illegality of a Borrower 

 If it becomes unlawful for a Borrower in its capacity as such to perform any of its obligations as contemplated by this Agreement: 
  

	 	(a)	that Borrower must immediately notify the Facility Agent upon becoming aware of that event; and 

  

	 	(b)	that Borrower must immediately repay all outstanding Loans made to it (including accrued interest and Break Costs but excluding future Margin, which, for the avoidance of doubt,
shall be payable until the date of prepayment) and all other amounts owed to the Lenders by it under the Finance Documents shall become immediately due and payable. 

  

	8.3	Mandatory prepayment – change of control 

  

	 	(a)	For the purposes of this Clause: 

 a change of
control occurs if: 
  

	 	(i)	Mr. and/or Mrs. L.N. Mittal and/or their family (directly or indirectly through trusts and/or other entities controlled by any of the foregoing) (the Mittal Family)
cease to be the beneficial owners of shares in the Company to which more than 35 per cent. of the voting rights attaching to the entire issued share capital of the Company attach; or 

  

	 	(ii)	a person (or a group of persons acting in concert) other than a member of the Mittal Family is the beneficial owner of shares in the Company to which more voting rights attach than
the voting rights attached to the shares in the Company that are, at such date, beneficially owned by the Mittal Family; or 

  

	 	(iii)	a person (or a group of persons acting in concert) other than a member of the Mittal Family controls the Company; 

  

 29 

 control means the power to direct the management and policies of an entity, whether through the
ownership of voting capital, by contract or otherwise. 
  

	 	(b)	The Company must promptly notify the Facility Agent if it becomes aware of any change of control. 

  

	 	(c)	After a change of control: 

  

	 	(i)	each Borrower must, within three Business Days of the notification in paragraph (b) above, by notice to the Facility Agent make an offer to all the Lenders to prepay all
outstanding Loans made to it; and 

  

	 	(ii)	if a Lender wishes to accept such an offer, that Lender may, by notice to the Company and the Facility Agent within 30 days after receipt by it of each Borrower’s offer
referred to in sub-paragraph (i) above: 

  

	 	(A)	cancel that Lender’s Commitments; and 

  

	 	(B)	declare that Lender’s participation in all outstanding Loans, together with accrued interest and all other amounts accrued under the Finance Documents and owed to that Lender,
to be immediately due and payable. 

 Any such notice will take effect in accordance with its terms. 

 

	8.4	Mandatory prepayment – breach of financial covenant 

  

	 	(a)	The Company must notify the Facility Agent promptly upon becoming aware that it does not comply with the terms of Clause 20 (Financial covenant). 

  

	 	(b)	In the event of such non-compliance, the Majority Lenders may instruct the Facility Agent to, by notice to the Borrowers, cancel the Total Commitments and declare that all of the
Loans, together with accrued interest and all other amounts accrued under the Finance Documents (including any Break Costs but excluding future Margin, which, for the avoidance of doubt, shall be payable until the date of prepayment) are immediately
due and payable. 

  

	8.5	Mandatory prepayment – amalgamation, demerger or merger 

  

	 	(a)	If any Obligor has taken an irrevocable decision to enter into any amalgamation, demerger or merger, that Obligor must notify, as soon as legally able to do so, the Facility Agent
of such proposed amalgamation, demerger or merger. 

  

	 	(b)	Upon receipt of such notice from the relevant Obligor, the Facility Agent must within five Business Days notify each of the Lenders of such proposed amalgamation, demerger or merger
who must within 20 days indicate whether or not it consents to continue to participate in this Agreement upon such amalgamation, demerger or merger. 

  

 30 

	 	(c)	If the Majority Lenders fail to give such consent, the Majority Lenders may, by instructions to the Facility Agent, at such time as the proposed amalgamation, demerger or merger
becomes unconditional, cancel the Total Commitments and declare that all the Loans, together with accrued interest and all other amounts accrued or outstanding under the Finance Documents (including any Break Costs but excluding future Margin,
which, for the avoidance of doubt, shall be payable until the date of the prepayment) be immediately due and payable, provided that in the case of a merger or amalgamation as a result of which the Obligor is the surviving entity, the Repeating
Representations are correct in all material respects by reference to the facts and circumstances then subsisting, and in respect of which at least two of the Rating Agencies provide an indication that such surviving entity is likely to be given at
least the same long term debt credit rating from that Rating Agency which the Obligor had immediately preceding such merger or amalgamation, such consent from the Majority Lenders shall not be required. 

  

	 	(d)	The preceding sub-clauses of this Clause 8.5 (Mandatory prepayment – amalgamation, demerger or merger) shall not apply in respect of any amalgamation, demerger or merger by an
Obligor: 

  

	 	(i)	with another member of the Group; and 

  

	 	(ii)	where the surviving entity is bound by the obligations of that Obligor under this Agreement and the Repeating Representations are correct in all material respects by reference to
the facts and circumstances then subsisting. 

  

	8.6	Mandatory prepayment – cessation of Parent Guarantee 

 If at any time the obligations of an Additional Borrower under this Agreement cease to be guaranteed pursuant to a Parent Guarantee: 
  

	 	(a)	that Additional Borrower must notify the Facility Agent promptly upon becoming aware of that event; 

  

	 	(b)	that Additional Borrower must immediately repay all outstanding Loans made to it (including accrued interest and Break Costs but excluding future Margin, which, for the avoidance of
doubt, shall be payable until the date of prepayment) and all other amounts owed to the Lenders by it under the Finance Documents shall become immediately due and payable; and 

  

	 	(c)	that Additional Borrower shall cease to be able to borrow any further Loans. 

  

	8.7	Mandatory prepayment – ownership of the Additional Borrowers 

 If at any time an Additional Borrower is not or ceases to be a Subsidiary of the Company: 
  

	 	(a)	that Additional Borrower must notify the Facility Agent and the Company promptly upon becoming aware of that event; 

  

 31 

	 	(b)	that Additional Borrower must immediately repay all outstanding Loans made to it (including accrued interest and Break Costs but excluding future Margin, which, for the avoidance of
doubt, shall be payable until the date of prepayment) and all other amounts owed to the Lenders by it under the Finance Documents shall become immediately due and payable; and 

  

	 	(c)	that Additional Borrower shall cease to be able to borrow any further Loans. 

  

	8.8	Voluntary prepayment 

  

	 	(a)	A Borrower may, by giving not less than 3 Business Days’ prior notice to the Facility Agent, prepay any Loan at any time in whole or in part. 

  

	 	(b)	A prepayment of part of a Loan must be in a minimum amount of €50,000,000 and an integral multiple of €5,000,000. 

  

	8.9	Automatic cancellation 

 The Revolving Credit
Commitments and Term Loan Commitments of each Lender will be automatically cancelled at the close of business on the last day of the relevant Availability Period. 
  

	8.10	Voluntary cancellation 

  

	 	(a)	A Borrower may, by giving not less than 3 Business Days’ prior notice to the Facility Agent, cancel the unutilised amount of the Total Commitments in whole or in part.

  

	 	(b)	Partial cancellation of the Total Commitments must be in a minimum amount of €50,000,000 and an integral multiple of €5,000,000. 

  

	 	(c)	Any cancellation in part will be applied against the relevant Commitment of each Lender pro rata. 

  

	8.11	Involuntary prepayment and cancellation 

  

	 	(a)	If a Borrower is, or will be, required to pay to a Lender or to a tax authority: 

  

	 	(i)	a Tax Payment; 

  

	 	(ii)	an Increased Cost; or 

  

	 	(iii)	any amount under paragraph 3 of Schedule 4 (Calculation of Mandatory Cost), 

  

 32 

 that Borrower may, while the requirement continues, give notice to the Facility Agent requesting
prepayment and cancellation in respect of that Lender. 
  

	 	(b)	After notification under paragraph (a) above: 

  

	 	(i)	each relevant Borrower must repay or prepay that Lender’s share in each Loan made to it on the date specified in paragraph (c) below; and 

  

	 	(ii)	the Commitments of that Lender will be immediately cancelled. 

  

	 	(c)	The date for repayment or prepayment of a Lender’s share in a Loan will be: 

  

	 	(i)	the last day of the current Term for that Loan; or 

  

	 	(ii)	if earlier, the date specified by the Borrower in its notification. 

  

	8.12	Re-borrowing of Loans 

  

	 	(a)	Any voluntary prepayment of a Revolving Credit Loan may be re-borrowed on the terms of this Agreement. Any mandatory or involuntary prepayment of a Revolving Credit Loan may not be
re-borrowed. 

  

	 	(b)	Any prepayment of a Term Loan may not be re-borrowed. 

  

	8.13	Miscellaneous provisions 

  

	 	(a)	Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must specify the relevant date(s) and the affected Loans and Commitments. The Facility Agent
must notify the Lenders promptly of receipt of any such notice. 

  

	 	(b)	All prepayments under this Agreement must be made with accrued interest on the amount prepaid. No premium or penalty is payable in respect of any prepayment except for Break Costs.

  

	 	(c)	The Majority Lenders may agree a shorter notice period for a voluntary prepayment or a voluntary cancellation. 

  

	 	(d)	No prepayment or cancellation is allowed except in accordance with the express terms of this Agreement. 

  

	 	(e)	No amount of the Total Commitments cancelled under this Agreement may subsequently be reinstated. 

  

	 	(f)	A reference in this Clause to the permanent cancellation of a Commitment shall mean that: 

  

	 	(i)	the Commitment for that Facility shall be reduced by that amount (but not below zero); and 

  

 33 

	 	(ii)	the Company must ensure that the Loans under that Facility do not exceed the Commitments under that Facility as so reduced. 

  

	
9.	INTEREST 

  

	9.1	Calculation of interest 

 The rate of interest on
each Loan for each Term is the percentage rate per annum equal to the aggregate of the applicable: 
  

	 	(a)	Margin; 

  

	 	(b)	EURIBOR (in the case of Loans denominated in euro) or LIBOR (in the case of Loans denominated in an Optional Currency); and 

  

	 	(c)	Mandatory Cost (if any). 

  

	9.2	Payment of interest 

 Except where it is provided to
the contrary in this Agreement, each Borrower must pay accrued interest on each Loan made to it on the last day of each Term and also, if the Term is longer than six months, on the dates falling at six-monthly intervals after the first day of that
Term. 
  

	9.3	Margin adjustments 

  

	 	(a)	In this Subclause: 

  

	 	(i)	Margin Certificate is a certificate, substantially in the form of Schedule 7 (Form of Margin Certificate), setting out the Long Term Credit Rating as at the relevant date.

  

	 	(ii)	The Margin shall be calculated and adjusted as required from time to time in accordance with the table below: 

  

					
	 Long Term Credit
Rating
	 	 Margin (per cent. per annum)

	 Moody’s
	 	 S&P/Fitch
	 	 
	 A3 or above
	 	A- or above	 	0.25
	 Baa1
	 	BBB+	 	0.30
	 Baa2
	 	BBB	 	0.35
	 Baa3
	 	BBB-	 	0.425
	 Below Baa3
	 	Below BBB-	 	0.60

  

	 	(b)	 The Company must give the Facility Agent a Margin Certificate within 5 Business Days after the earlier of (i) any notification to it by a Rating Agency of a
change in, or the withdrawal of, its Long Term Credit Rating and (ii) such change 

  

 34 

	 	 
or withdrawal being made public by the relevant Rating Agency. If the same Margin is not applicable to the Long Term Credit Ratings given by each Rating
Agency that at the relevant time has given a Long Term Credit Rating, the applicable Margin will be the average of the Margins applicable to the relevant Long Term Credit Ratings given to the Company by the Rating Agencies at the relevant time, as
set out in the table in sub-paragraph (a)(ii) above. 

  

	 	(c)	For the purpose of determining the Margin, the rating level shall be determined as of the first day of each Term, and shall be automatically adjusted, if required, in case of a
rating change, on the eighth Business Day after such change has been made public by the relevant Rating Agency. 

  

	 	(d)	For so long as an Event of Default is outstanding or the Company has no Long Term Credit Rating from any Rating Agency, the Margin will be the highest applicable rate, being
0.60 per cent. per annum. 

  

	 	(e)	In the event that all of the Rating Agencies cease to exist, the Parties shall negotiate in good faith in order to agree an alternative mechanism for calculating the Margin.

  

	9.4	Interest on overdue amounts 

  

	 	(a)	If an Obligor fails to pay any amount payable by it under the Finance Documents, it must immediately on demand by the Facility Agent pay interest on the overdue amount from its due
date up to the date of actual payment, both before, on and after judgment. 

  

	 	(b)	Interest on an overdue amount is payable at a rate determined by the Facility Agent to be one per cent. per annum above the rate which would have been payable if the overdue amount
had, during the period of non-payment, constituted a Loan in the currency of the overdue amount. For this purpose, the Facility Agent may (acting reasonably): 

  

	 	(i)	select successive Terms of any duration of up to three months; and 

  

	 	(ii)	determine the appropriate Rate Fixing Day for that Term. 

  

	 	(c)	Notwithstanding paragraph (b) above, if the overdue amount is a principal amount of a Loan and becomes due and payable before the last day of its current Term, then:

  

	 	(i)	the first Term for that overdue amount will be the unexpired portion of that Term; and 

  

	 	(ii)	the rate of interest on the overdue amount for that first Term will be one per cent. per annum above the rate then payable on that Loan. 

  

 35 

 After the expiry of the first Term for that overdue amount, the rate on the overdue amount will be
calculated in accordance with paragraph (b) above. 
  

	 	(d)	Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the end of each of its Terms but will remain immediately due and payable.

  

	 	(e)	For the avoidance of doubt, the Facility Agent shall also be entitled to compound any overdue interest with the principal overdue amount in accordance with article 1154 of the
Luxembourg Civil Code, in which case default interest will also be due on such compounded amount. 

  

	9.5	Notification of rates of interest 

 The Facility
Agent must promptly notify each relevant Party of the determination of a rate of interest under this Agreement. 
  

	9.6	Effective Global Rate 

 To comply with the
provisions of Articles L313-4 and L313-5 of the French Monetary and Financial Code, each French Borrower (if any) (as defined in Clause 13.1 (General)) and the Lenders acknowledge that the effective global rate for each Facility cannot be calculated
for the total duration of this Agreement, primarily because of the floating rate of interest and adjustable Margin applicable to the Facilities and the relevant French Borrower’s selection of the duration of each Term. However, each French
Borrower will acknowledge that it has received from the Facility Agent an example of the effective global rate calculation substantially in the form set out in Schedule 11 (Form of Taux Effectif Global Letter) on the date on which such French
Borrower accedes to this Agreement or, if later, immediately upon receipt of such example. 
  

	9.7	Minimum Interest 

  

	 	(a)	By entering into this Agreement, the Parties have assumed that the interest payable at the rate set out in this Clause 9 (Interest) is not and will not become subject to Swiss
Withholding Tax. 

  

	 	(b)	Each Borrower acknowledges and agrees that the interest rates set out in and which are calculated in accordance with this Clause 9 (Interest) shall constitute minimum interest
rates, which, if Swiss Withholding Tax should apply, shall be adjusted as follows: 

 Any payment of interest due by a Swiss
Borrower shall be increased to an amount which (after making any deduction of Swiss Withholding Tax) results in a payment to each Lender entitled to such payment of an amount equal to the payment which would have been due had no deduction of Swiss
Withholding Tax been required. For this purpose, the Swiss Withholding Tax shall be calculated on the full grossed-up interest amount. 
  

 36 

	 	(c)	Without prejudice to the other Lenders’ rights hereunder, a Swiss Borrower is not required to make an increased payment to a Lender under paragraph (b) if, on the date on
which the payment falls due, a Swiss Borrower has breached the Ten Non-Bank Regulations and/or Twenty Non-Bank Regulations directly as a result of that Lender breaching: 

  

	 	(i)	its obligations pursuant to Clause 2.4 (Qualification as a Swiss Qualifying Lender); or 

  

	 	(ii)	the requirements and limitations for transfers, assignments or sub-participations (including Sub-Participations) pursuant to Clause 29 (Changes to the Parties).

  

	 	(d)	If requested by a Lender, the relevant Borrower shall provide that Lender with those documents which are required by law and applicable double taxation treaties to be provided by
the payer of such tax, for the respective Lender to prepare a claim for refund of Swiss Withholding Tax. 

  

	
10.	TERMS 

  

	10.1	Selection – Term Loans 

  

	 	(a)	Each Term Loan has successive Terms. 

  

	 	(b)	A Borrower must select the first Term for a Term Loan in the relevant Request and each subsequent Term in an irrevocable notice received by the Facility Agent not later than 11.00
a.m. one Business Day before the Rate Fixing Day for that Term. Each Term for a Term Loan will start on its Utilisation Date or on the expiry of its preceding Term. 

  

	 	(c)	If a Borrower fails to select a Term for an outstanding Term Loan under paragraph (b) above, that Term will, subject to the other provisions of this Clause, be one month.

  

	 	(d)	Subject to the following provisions of this Clause, each Term for a Term Loan will be one, two, three or six months or any other period agreed by the relevant Borrower and the
Lenders. 

  

	10.2	Selection – Revolving Credit Loans 

  

	 	(a)	Each Revolving Credit Loan has one Term only. 

  

	 	(b)	The Company must select the Term for a Revolving Credit Loan in the relevant Request. 

  

	 	(c)	Subject to the following provisions of this Clause, each Term for a Revolving Credit Loan will be one, two, three or six months or any other period agreed by the relevant Borrower
and the Lenders. 

  

 37 

	10.3	Consolidation – Term Loans 

 If a Borrower so
requests, a Term for a Term Loan will end on the same day as the current Term for any other Term Loan borrowed by that Borrower. On the last day of those Terms, those Term Loans will be consolidated and treated as one Term Loan. 
  

	10.4	No overrunning the Final Maturity Date 

 If a Term
would otherwise overrun the Final Maturity Date, it will be shortened so that it ends on the Final Maturity Date. 
  

	10.5	Other adjustments 

 The Facility Agent and the
Borrowers may enter into such other arrangements as they may agree for the adjustment of Terms and the consolidation and/or splitting of Loans. 
  

	10.6	Notification 

 The Facility Agent must notify each
relevant Party of the duration of each Term promptly after ascertaining its duration. 
  

	
11.	EXTENSION OF REVOLVING CREDIT FACILITY 

  

	11.1	Definitions 

 In this Clause 11 (Extension of
Revolving Credit Facility): 
 First Extended Maturity Date means the sixth anniversary of the date of this Agreement. 
 First Optional Extension Date means the first anniversary of the date of this Agreement. 
 Optional Extension Date means either of the First Optional Extension Date or the Second Optional Extension Date. 
 Second Extended Maturity Date means the seventh anniversary of the date of this Agreement. 
 Second Optional Extension Date means the second anniversary of the date of this Agreement. 
  

	11.2	Extension Request 

  

	 	(a)	On any date which is no earlier than 90 days and not later than 60 days prior to each Optional Extension Date, the Company may, by giving written notice to the Facility Agent to
that effect (the Extension Request), request an extension of the Final Maturity Date of the Revolving Credit Facility. 

  

 38 

	 	(b)	The Final Maturity Date applicable to an extension proposed: 

  

	 	(i)	in relation to the First Optional Extension Date shall be the First Extended Maturity Date; and 

  

	 	(ii)	in relation to the Second Optional Extension Date shall be either the First Extended Maturity Date or the Second Extended Maturity Date. 

  

	11.3	Notification of Extension Request 

 The Facility
Agent shall forward a copy of the Extension Request to the Lenders promptly upon receipt. 
  

	11.4	Lenders’ response to Extension Request 

 Each
Lender shall be entitled but not obliged to agree to the Extension Request, and shall provide confirmation in writing of (i) its consent or refusal to the Extension Request, as the case may be, and (ii) in the case of its consent in
relation to the Second Optional Extension Date, whether it intends to extend the Final Maturity Date in relation to its Revolving Credit Commitment to the First Extended Maturity Date (if it has not already consented to an Extension Request
extending the Final Maturity Date to the First Extended Maturity Date) or to the Second Extended Maturity Date, to the Facility Agent not less than 35 days prior to the relevant Optional Extension Date (the Response Date). If a Lender does
not consent to the Extension Request in writing by such date, then that Lender shall be deemed not to agree to the Extension Request. 
  

	11.5	Extension of Final Maturity Date 

 Subject to Clause
11.7 (Withdrawal of Extension Request): 
  

	 	(a)	the Final Maturity Date shall be extended from the First Maturity Date to the First Extended Maturity Date or the Second Extended Maturity Date, as the case may be, in accordance
with the relevant Extension Request and, if applicable, the Lenders’ responses under Clause 11.4 (Lenders’ response to Extension Request) in respect of the entire Revolving Credit Facility if all the Lenders have confirmed in writing to
the Facility Agent that they consent to such a request or in respect of the Revolving Credit Commitments of those Lenders which consent to the relevant Extension Request; 

  

	 	(b)	 if one or more Lenders do not consent to the Extension Request delivered in relation to the First Optional Extension Date, then (i) the Revolving Credit
Commitments of any such Lender shall be cancelled on the First Maturity Date and the share of such Lender’s participation in any outstanding Loans shall be payable on the First Maturity Date, (ii) those Lenders shall cease with effect from
the First Maturity Date to be Lenders under this Agreement and (iii) the amount of the Revolving Credit Facility shall be reduced accordingly unless, in each case, an Extension Request is delivered in relation to the Second Optional Extension
Date and any such one or more Lenders confirm in writing on or before the Response Date that 

  

 39 

	 	 
they consent to such a request. In such case, the Final Maturity Date shall be extended from the First Maturity Date to the Second Extended Maturity Date,
or, as the case may be, at the option of the relevant Lender, the First Extended Maturity Date in respect of the amount of Revolving Credit Commitments of those Lenders which consent to the extension of the First Maturity Date to the First Extended
Maturity Date or the Second Extended Maturity Date; 

  

	 	(c)	if one or more Lenders which consented to the Extension Request delivered in relation to the First Optional Extension Date do not consent to the Extension Request delivered in
relation to the Second Optional Extension Date, then (i) the Revolving Credit Commitments of any such Lender shall be cancelled on the First Extended Maturity Date and the share of such Lender’s participation in any outstanding Loans shall
be payable on the First Extended Maturity Date, (ii) those Lenders shall cease with effect from the First Extended Maturity Date to be Lenders under this Agreement and (iii) the amount of the Revolving Credit Facility shall be reduced
accordingly; and 

  

	 	(d)	the Company may request an extension of the Final Maturity Date in relation to the Second Optional Extension Date irrespective of whether it has made a request in relation to the
First Optional Extension Date (in such case the Extension Request may be for an extension of the Final Maturity Date either to the First Extended Maturity Date or the Second Extended Maturity Date). If such a request is made and one or more Lenders
confirm in writing that they do not consent to such a request, then (i) the Revolving Credit Commitments of any such Lender shall be cancelled on the First Maturity Date and the share of such Lender’s participation in any outstanding Loans
shall be payable on the First Maturity Date, (ii) those Lenders shall cease with effect from the First Maturity Date to be Lenders under this Agreement and (iii) the amount of the Revolving Credit Facility shall be reduced accordingly.

 For the avoidance of doubt, any Lender which does not consent to an Extension Request in relation to the First Optional
Extension Date shall not be prevented from consenting to an Extension Request in relation to the Second Optional Extension Date either to the First Extended Maturity Date or to the Second Extended Maturity Date. 
  

	11.6	Notification of extension 

 The Facility Agent shall
within three Business Days of the earlier of (i) the Response Date and (ii) the date on which it has received each Lender’s response in accordance with Clause 11.4 (Lenders’ response to extension request) notify the Company and
the Lenders continuing to remain party to this Agreement of the aggregate amount of the Revolving Credit Commitments of the Lenders which do not consent to the Extension Request. 
  

 40 

	11.7	Withdrawal of Extension Request 

 Upon receiving a
notification pursuant to Clause 11.6 (Notification of extension), the Company shall be entitled to withdraw the Extension Request provided that the Company informs the Facility Agent of the withdrawal within three Business Days of receiving such
notification, in which case the Final Maturity Date of the Revolving Credit Facility will remain unchanged as if that Extension Request had not been delivered. 
  

	
12.	MARKET DISRUPTION 

  

	12.1	Failure of a Reference Bank to supply a rate 

 If
IBOR is to be calculated by reference to the Reference Banks but a Reference Bank does not supply a rate by 12.00 noon (local time) on a Rate Fixing Day, the applicable IBOR will, subject as provided below, be calculated on the basis of the rates of
the remaining Reference Banks. 
  

	12.2	Market disruption 

  

	 	(a)	In this Clause 12 (Market disruption), each of the following events is a market disruption event: 

  

	 	(i)	IBOR is to be calculated by reference to the Reference Banks but no, or only one, Reference Bank supplies a rate by 12.00 noon on the Rate Fixing Day; or 

 

	 	(ii)	the Facility Agent receives by close of business on the Rate Fixing Day notification from Lenders whose shares in the relevant Loan exceed 50 per cent. of that Loan that the
cost to them of obtaining matching deposits in the relevant interbank market is in excess of IBOR for the relevant Term. 

  

	 	(b)	The Facility Agent must promptly notify the Company and the Lenders of a market disruption event. 

  

	 	(c)	After notification under paragraph (b) above, the rate of interest on each Lender’s share in the affected Loan for the relevant Term will be the aggregate of the
applicable: 

  

	 	(i)	Margin; 

  

	 	(ii)	rate notified to the Facility Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Term, to be that which expresses as
a percentage rate per annum the cost to that Lender of funding its share in that Loan from whatever source it may reasonably select; and 

  

	 	(iii)	Mandatory Cost, if any, applicable to that Lender’s participation in the Loan. 

  

 41 

	12.3	Alternative basis of interest or funding 

  

	 	(a)	If a market disruption event occurs and the Facility Agent or the Company so requires, the Company and the Facility Agent must enter into negotiations for a period of not more than
30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding for the affected Loan. 

  

	 	(b)	Any alternative basis agreed pursuant to paragraph (a) above will be, with the prior consent of all the Lenders, binding on all the Parties. 

  

	
13.	TAXES 

  

	13.1	General 

 In this Clause 13 (Taxes): 
 Belgian Borrower means a Borrower that is resident in Belgium for tax purposes; 
 Belgian Qualifying Lender means a Lender that is a credit institution established in: 
  

	 	(a)	a country of the European Economic Area; or 

  

	 	(b)	a country with which the Kingdom of Belgium has concluded a double taxation agreement; 

 Dutch Borrower means a Borrower that is resident in the Netherlands for tax purposes or performs its obligations under this Agreement through an office in the Netherlands. 
 French Borrower means a Borrower that is resident in France for tax purposes. 
 French Qualifying Lender means in respect of a payment of interest due from a French Borrower, a Lender which: 
  

	 	(a)	has its Facility Office in France; or 

  

	 	(b)	is a Treaty Lender in relation to France; or 

  

	 	(c)	fulfils the conditions imposed by French law (subject to the completion of any necessary procedural formalities), in order for a payment not to be subject to (or as the case may be,
to be exempt from) any Tax Deduction. 

 Luxembourg Borrower means a Borrower that is resident in Luxembourg for
Corporate Income Tax (Impôt sur le revenu des collectivités) and Municipal Business Tax (Impôt commercial communal). 
 Protected Party means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for
the purposes of Tax to be received or receivable) under a Finance Document. 
  

 42 

 Qualifying Lender means a Lender which is: 
  

	 	(a)	in respect of a Belgian Borrower, a Belgian Qualifying Lender; 

  

	 	(b)	in respect of a French Borrower, a French Qualifying Lender; 

  

	 	(c)	in respect of a Swiss Borrower, a Swiss Qualifying Lender; 

  

	 	(d)	in respect of UK Borrower, a UK Qualifying Lender; and 

  

	 	(e)	in respect of a Luxembourg Borrower or a Dutch Borrower, any Lender. 

 Taxes Act means the United Kingdom Income and Corporation Taxes Act 1988. 
 Tax Credit means a
credit against any Tax or any relief or remission for, or repayment of, any Tax. 
 Treaty Lender means, in relation to Taxes imposed
by a state (the Borrower State) on a payment of interest made by a Borrower to a Lender in respect of a Loan, that Lender, if that Lender: 
  

	 	(a)	is treated as a qualified resident of another jurisdiction (a Treaty State) for the purposes of a double taxation agreement between the Borrower State and the Treaty State
which makes provision for full exemption from Tax imposed by the Borrower State on interest; 

  

	 	(b)	does not carry on a business in the Borrower State through a permanent establishment with which that Lender’s participation in the Loan is effectively connected; and

  

	 	(c)	fulfils any other conditions which must be fulfilled under the relevant double taxation agreement by residents of that Treaty State for such residents to obtain exemption from Tax
imposed on interest by the Borrower State, provided that where procedural formalities have not been completed, this shall not apply to prevent this paragraph (c) from being satisfied. 

 UK Borrower means a Borrower that is resident in the United Kingdom for Tax purposes. 
 UK Non-Bank Lender means a Lender which gives a UK Tax Confirmation in the Transfer Certificate which it executes on becoming a Party to this
Agreement. 
 UK Tax Confirmation means a confirmation by a Lender that the person beneficially entitled to interest payable to that
Lender in respect of an advance under a Finance Document is either: 
  

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

 43 

	 	(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its
chargeable profits (for the purposes of section 11(2) of the Taxes Act) the whole of any share of interest payable in respect of that advance that falls to it by reason of sections 114 and 115 of the Taxes Act; or 

  

	 	(iii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in
respect of that advance in computing the chargeable profits (within the meaning of section 11(2) of the Taxes Act) of that company. 

 UK Qualifying Lender means, in respect of a payment of interest due from a UK Borrower, a Lender which is beneficially entitled to such interest and is: 
  

	 	(a)	a Lender: 

  

	 	(i)	which is a bank (as defined for the purpose of section 349 of the Taxes Act) making an advance under a Finance Document; or 

  

	 	(ii)	in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose of section 349 of the Taxes Act) at the time that that advance was
made, 

 and which is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect
of that advance; 
  

	 	(b)	a Lender which is: 

  

	 	(i)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(ii)	a partnership each member of which is: 

  

	 	(A)	a company so resident in the United Kingdom; or 

  

	 	(B)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which is required to bring into account in
computing its chargeable profits (within the meaning of section 11(2) of the Taxes Act) the whole of any share of interest payable in respect of that advance that falls to it by reason of sections 114 and 115 of the Taxes Act; or

  

 44 

	 	(iii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account that interest payable
in respect of that advance in computing the chargeable profits (for the purposes of section 11(2) of the Taxes Act) of that company; 

  

	 	(c)	a Treaty Lender with respect to the United Kingdom; or 

  

	 	(d)	a building society (as defined for the purposes of section 477A of the Taxes Act). 

 Unless a contrary indication appears, in this Clause 13, a reference to “determines” or “determined” means a determination made in the absolute discretion of the person making the
determination. 
  

	13.2	Tax gross-up 

  

	 	(a)	Each Obligor must make all payments to be made by it under the Finance Documents without any Tax Deduction, unless a Tax Deduction is required by law. 

  

	 	(b)	If: 

  

	 	(i)	a Lender is not, or ceases to be, a Qualifying Lender; or 

  

	 	(ii)	an Obligor or a Lender is aware that an Obligor must make a Tax Deduction (or that there is a change in the rate or the basis of a Tax Deduction), 

 it must promptly notify the Facility Agent. The Facility Agent must then promptly notify the affected Parties. 
  

	 	(c)	Except as otherwise provided in paragraph (d) below, if a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from the Obligor will be
increased to an amount which (after making the Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	An Obligor is not required to make an increased payment to a Lender under paragraph (c) above for a Tax Deduction in respect of tax imposed from a payment of interest on a Loan
if, on the date on which the payment falls due: 

  

	 	(i)	the payment could have been made to the relevant Lender without a Tax Deduction if it was a Qualifying Lender (in respect of the relevant Borrower), but on that date that Lender is
not or has ceased to be a Qualifying Lender (in respect of the relevant Borrower) other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or
double taxation agreement, or any published practice or concession of any relevant taxing authority; or 

  

 45 

	 	(ii)	(A)      the relevant Lender is a UK Qualifying Lender solely under subparagraph (b) of the definition of UK 

    Qualifying Lender; 
  

	 	(B)	the Board of HM Revenue & Customs has given (and not revoked) a direction (a Direction) under section 349C of the Taxes Act (as that provision has effect on the date
on which the relevant Lender became a Party) which relates to that payment and that Lender has received from that Borrower a certified copy of that Direction; and 

  

	 	(C)	the payment could have been made to the Lender without any Tax Deduction in the absence of that Direction; or 

  

	 	(iii)	the relevant Lender is a UK Qualifying Lender solely under subparagraph (b) of the definition of UK Qualifying Lender and it has not, other than by reason of any change after
the date of this Agreement in (or in the interpretation, administration, or application of) any law, or any published practice or concession of any relevant taxing authority, given a UK Tax Confirmation to the relevant UK Borrower; or

  

	 	(iv)	the relevant Lender is a Treaty Lender and the relevant Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax
Deduction had that Lender complied with its obligations under paragraph (g) below; or 

  

	 	(v)	a Swiss Borrower has breached the Ten Non-Bank Regulations and/or Twenty Non-Bank Regulations directly as a result of that Lender breaching, without prejudice to the other
Lenders’ rights hereunder: 

  

	 	(A)	its obligations pursuant to Clause 2.4 (Qualification as a Swiss Qualifying Lender); or 

  

	 	(B)	the requirements and limitations for transfers, assignments or sub-participations (including Sub-Participations) pursuant to Clause 29 (Changes to the Parties).

  

	 	(e)	If an Obligor is required to make a Tax Deduction, that Obligor must make the minimum Tax Deduction allowed by law and must make any payment required in connection with that Tax
Deduction within the time allowed by law. 

  

	 	(f)	Within 30 days of making either a Tax Deduction or a payment required in connection with a Tax Deduction, the Obligor making that Tax Deduction or payment must deliver to the
Facility Agent for the relevant Finance Party evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) the appropriate payment has been paid to the relevant taxing authority.

  

 46 

	 	(g)	A Treaty Lender and each relevant Obligor which makes a payment to which that Treaty Lender is entitled shall as soon as reasonably practicable co-operate in completing any
procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. 

  

	 	(h)	A UK Non-Bank Lender which becomes a Lender on the day on which this Agreement is entered into gives a UK Tax Confirmation to the Borrower by entering into this Agreement.

  

	 	(i)	A UK Non-Bank Lender shall promptly notify the Borrower and the Facility Agent if there is any change in the position from that set out in the UK Tax Confirmation.

  

	 	(j)	Each Lender which becomes a Party to this Agreement after the date hereof shall state, in the Transfer Certificate which it executes on becoming a Party, which of the following
categories it falls in: 

  

	 	(i)	not a Qualifying Lender; 

  

	 	(ii)	a Qualifying Lender (other than a Treaty Lender); and 

  

	 	(iii)	a Treaty Lender. 

  

	 	(k)	Where a Dutch Borrower or a Luxembourg Borrower becomes required by law to make a Tax Deduction from a payment under a Finance Document, the relevant Lender shall as soon as
reasonably practicable complete any procedural formalities necessary to make a timely claim for relief under an applicable double taxation agreement between the jurisdiction in which the Lender is resident for tax purposes and, as the case may be,
the Netherlands or Luxembourg, such that the Borrower in question can obtain authorisation to make the payment either without, or with a reduced, Tax Deduction. 

  

	13.3	Tax indemnity 

  

	 	(a)	Except as provided in paragraph (b) and/or (c) below, each relevant Borrower shall (within five Business Days of written demand by the Facility Agent) pay to a Protected
Party an amount equal to the loss, liability or cost which that Protected Party determines it will suffer or has suffered (directly or indirectly) for or on account of Tax in relation to a payment received or receivable (or any payment deemed to be
received or receivable) under a Finance Document. 

  

	 	(b)	Paragraph (a) above does not apply to any Tax assessed on a Finance Party under the laws of the jurisdiction in which: 

  

	 	(i)	that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

 47 

	 	(ii)	that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

 if that Tax is imposed on or calculated by reference to the net income received or receivable by that Finance Party. However, any payment deemed to be
received or receivable, including any amount treated as income but not actually received by the Finance Party, such as a Tax Deduction, will not be treated as net income received or receivable for this purpose. 
  

	 	(c)	Paragraph (a) above does not apply to any loss or liability which is compensated under Clause 13.2 (Tax gross-up) or under Clause 9.7 (Minimum Interest) or would have been
compensated under either of those Clauses but for an exception to the requirement to make such increased payment. 

  

	 	(d)	A Finance Party making, or intending to make, a claim under paragraph (a) above must promptly notify (in writing) the relevant Borrower of the event which will give, or has
given, rise to the claim. 

  

	13.4	Tax Credit 

  

	 	(a)	If an Obligor makes a Tax Payment and the relevant Finance Party determines that: 

  

	 	(i)	a Tax Credit is attributable to that Tax Payment; and 

  

	 	(ii)	it has obtained, used and retained that Tax Credit, 

 the
Finance Party must pay an amount to the Obligor which that Finance Party determines (in its absolute discretion) will leave it (after that payment) in the same after-tax position as it would have been in if the Tax Payment had not been required to
be made by the Obligor. 
  

	 	(b)	If an Obligor makes a Tax Deduction in respect of tax imposed on a payment to a Treaty Lender, and Clause 13.2 (Tax gross-up) applies to increase the amount of the payment due to
that Treaty Lender from that Obligor, such Obligor shall provide the Treaty Lender with evidence of the Tax Deduction (such as a tax deduction certificate) giving all necessary details of the Tax Deduction. The Treaty Lender shall within a
reasonable period following receipt of such evidence, where possible, apply to the relevant tax authority for a refund of the amount of the Tax Deduction and, within five Business Days of receipt of such amount from the tax authority in question,
pay such amount to the relevant Obligor. 

  

	13.5	Stamp taxes 

 The Company must pay and, within five
Business Days of demand, indemnify each Finance Party against documented cost, loss or liability that Finance Party incurs in relation to any stamp duty, registration or other similar Tax payable in connection with the entry into, performance or
enforcement of any Finance Document, except for any such tax payable in connection with the entry into of a Transfer Certificate or an assignment arrangement in accordance with Clause 29 (Changes to Parties). 
  

 48 

	13.6	Value added taxes 

  

	 	(a)	All consideration expressed to be payable under a Finance Document by any Party to a Finance Party shall be deemed to be exclusive of any value added tax or any Tax of a similar
nature (VAT). Subject to paragraph (b) below, if VAT is properly chargeable on any supply made by any Finance Party to any Party in connection with a Finance Document, that Party shall pay to the Finance Party (in addition to and at the
same time as paying the consideration) an amount equal to the amount of the VAT (and any such Finance Party shall promptly provide an appropriate VAT invoice to such party). 

  

	 	(b)	If VAT is chargeable on any supply made by any Finance Party (the Supplier) to any other Finance Party (the Recipient) in connection with a Finance Document, and any
Party is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier, such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal
to the amount of such VAT. The Recipient will pay to that Party an amount equal to any credit or repayment due to it (or to any other member of any group of which it is a member for VAT purposes) from the relevant tax authorities which it determines
relates to the VAT chargeable on that supply. 

  

	 	(c)	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify the Finance Party
against all VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance Party (acting reasonably) determines that neither it nor any other member of any group of which it is a member for VAT purposes is
entitled to credit or repayment from the relevant tax authority in respect of the VAT. 

  

	
14.	INCREASED COSTS 

  

	14.1	Increased Costs 

 Except as provided below in this
Clause, the Company must pay to a Finance Party the amount of any Increased Cost incurred by that Finance Party or any of its Affiliates as a result of: 
  

	 	(a)	the introduction of, or any change in, or any change in the official and published interpretation, administration or application of, any law or regulation; or

  

	 	(b)	compliance with any law or regulation made after the date of this Agreement. 

  

 49 

	14.2	Exceptions 

 The Company need not make any payment
for an Increased Cost to the extent that the Increased Cost is: 
  

	 	(a)	compensated for under another Clause or would have been but for an exception to that Clause; 

  

	 	(b)	attributable to a breach by the relevant Finance Party or its Affiliate of any law or regulation; 

  

	 	(c)	is attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(d)	is compensated for by the payment of the Mandatory Cost; 

  

	 	(e)	in respect of which the Finance Party, having determined that the particular event would give rise to a claim, has failed to make a notification pursuant to Clause 14.3
(Claims) within 1 month of the making of such determination, such determination to be made as soon as practicable after the occurrence of the particular event; or 

  

	 	(f)	is not attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 

  

	14.3	Claims 

  

	 	(a)	A Finance Party intending to make a claim for an Increased Cost must notify the Facility Agent of the circumstances giving rise to and the amount of the claim, following which the
Facility Agent will promptly notify the Company. 

  

	 	(b)	Each Finance Party must, together with its claim, provide a certificate confirming the amount and basis of calculation of its Increased Cost. 

  

	
15.	MITIGATION 

  

	15.1	Mitigation 

  

	 	(a)	Each Finance Party must, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which result or would result in:

  

	 	(i)	any Tax Payment or Increased Cost being payable to that Finance Party; 

  

	 	(ii)	that Finance Party being able to exercise any right of prepayment and/or cancellation under this Agreement by reason of any illegality; or 

  

	 	(iii)	that Finance Party incurring any cost of complying with the minimum reserve requirements of the European Central Bank, 

  

 50 

 including changing its Facility Office or transferring its rights and obligations under the Finance
Documents to an Affiliate, to another Lender or its Affiliate or to another person selected by the Company which confirms its willingness to assume and does assume all the obligations of the transferring Finance Party (including, if applicable, the
assumption of a transferring Lender’s participations on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Finance Party’s participation
in the outstanding Loans and all accrued interest (and any breakage costs) and fees and other amounts payable hereunder. 
  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

  

	 	(c)	The Company must indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of any step taken by it under this Subclause. The
foregoing obligation shall be subject to receipt of a statement of account from that Finance Party setting out reasonable details of the amounts claimed together with, to the extent available, supporting invoices. 

  

	 	(d)	A Finance Party is not obliged to take any step under this Subclause if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

  

	15.2	Conduct of business by a Finance Party 

 No term of
this Agreement will: 
  

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (Tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it in respect of Tax or the extent, order and manner of any claim; or

  

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (Tax or otherwise) or any computation in respect of Tax. 

  

	
16.	PAYMENTS 

  

	16.1	Place 

 Unless a Finance Document specifies that
payments under it are to be made in another manner, all payments by a Party (other than the Facility Agent) under the Finance Documents must be made to the Facility Agent to its account at such office or bank: 
  

	 	(a)	in the principal financial centre of the country of the relevant currency; or 

  

 51 

	 	(b)	in the case of euro, in the principal financial centre of a Participating Member State or London, 

 as it may notify to that Party for this purpose by not less than five Business Days’ prior notice. 
  

	16.2	Funds 

 Payments under the Finance Documents to the
Facility Agent must be made for value on the due date at such times and in such funds as the Facility Agent may specify to the Party concerned as being customary at the time for the settlement of transactions in the relevant currency in the place
for payment. 
  

	16.3	Distribution 

  

	 	(a)	Each payment received by the Facility Agent under the Finance Documents for another Party must, except as provided below, be made available by the Facility Agent to that Party by
payment (as soon as practicable after receipt) to its account with such office or bank: 

  

	 	(i)	in the principal financial centre of the country of the relevant currency; or 

  

	 	(ii)	in the case of euro, in the principal financial centre of a Participating Member State or London, 

 as it may notify to the Facility Agent for this purpose by not less than five Business Days’ prior notice. 
  

	 	(b)	The Facility Agent may apply any amount received by it for an Obligor in or towards payment (as soon as practicable after receipt) of any amount due from that Obligor under the
Finance Documents or in or towards the purchase of any amount of any currency to be so applied. 

  

	 	(c)	Where a sum is paid to the Facility Agent under this Agreement for another Party, the Facility Agent is not obliged to pay that sum to that Party until it has established that it
has actually received it. However, the Facility Agent may assume that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a corresponding amount. If it transpires that the sum has not been received by the
Facility Agent, that Party must immediately on demand by the Facility Agent refund any corresponding amount made available to it together with interest on that amount from the date of payment to the date of receipt by the Facility Agent at a rate
calculated by the Facility Agent to reflect its cost of funds. 

  

 52 

	16.4	Currency 

  

	 	(a)	Unless a Finance Document specifies that payments under it are to be made in a different manner, the currency of each amount payable under the Finance Documents is determined under
this Clause. 

  

	 	(b)	Interest is payable in the currency in which the relevant amount in respect of which it is payable is denominated. 

  

	 	(c)	A repayment or prepayment of any principal amount is payable in the currency in which that principal amount is denominated on its due date. 

  

	 	(d)	Amounts payable in respect of Taxes, fees, costs and expenses are payable in the currency in which they are incurred. 

  

	 	(e)	Each other amount payable under the Finance Documents is payable in euro. 

  

	16.5	No set-off or counterclaim 

 All payments made by an
Obligor under the Finance Documents must be made without set-off or counterclaim. 
  

	16.6	Business Days 

  

	 	(a)	If a payment under the Finance Documents is due on a day which is not a Business Day, the due date for that payment will instead be the next Business Day in the same calendar month
(if there is one) or the preceding Business Day (if there is not). 

  

	 	(b)	During any extension of the due date for payment of any principal under this Agreement interest is payable on that principal at the rate payable on the original due date.

  

	16.7	Partial payments 

  

	 	(a)	If any Administrative Party receives a payment insufficient to discharge all the amounts then due and payable by the Obligors under the Finance Documents, the Administrative Party
must apply that payment towards the obligations of the Obligors under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Administrative Parties under the Finance Documents; 

  

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest or fee due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal amount due but unpaid under this Agreement; and 

  

 53 

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Facility Agent must, if so directed by the Majority Lenders, vary the order set out in sub-paragraphs (a)(ii) to (iv) above. 

  

	 	(c)	This Subclause will override any appropriation made by an Obligor. 

  

	16.8	Timing of payments 

 If a Finance Document does not
provide for when a particular payment is due, that payment will be due within three Business Days of demand by the relevant Finance Party. 
  

	16.9	Payments by Swiss Borrowers 

 All payment
obligations under this Agreement of any Swiss Borrower (if any) are several, and not joint with any other Obligor. Accordingly, all amounts paid or repaid by any Swiss Borrower under this Agreement for any purpose (including without limitation under
or in connection with indemnities) shall exclusively be applied to, and in respect of, the payment obligations of such Swiss Borrower (whether for principal, interest or other amounts directly attributable to the performance or non-performance by
such Swiss Borrower of its obligations under this Agreement), to the exclusion of any application of such amounts paid or repaid by such Swiss Borrower to the obligations of any other Obligor. 
  

	
17.	GUARANTEE AND INDEMNITY 

  

	17.1	Guarantee and indemnity 

 Each Guarantor irrevocably
and unconditionally, jointly and severally: 
  

	 	(a)	guarantees to each Finance Party punctual performance by each Guaranteed Borrower of all its obligations under the Finance Documents; 

  

	 	(b)	undertakes with each Finance Party that, whenever a Guaranteed Borrower does not pay any amount when due (including any grace period) under any Finance Document, that Guarantor must
within three Business Days following demand by the Facility Agent pay that amount as if it were the principal obligor; and 

  

	 	(c)	indemnifies each Finance Party within three Business Days following demand against any duly documented loss or liability suffered by that Finance Party if any payment obligation
guaranteed by it is or becomes unenforceable, invalid or illegal; the amount of the loss or liability under this indemnity will be equal to the amount the Finance Party would otherwise have been entitled to recover. 

 A demand under this Clause 17.1 shall set out: 
  

	 	(i)	the name of the relevant Guaranteed Borrower; and 

  

 54 

	 	(ii)	the amount claimed under the relevant demand. 

  

	17.2	Continuing guarantee 

 This guarantee is a
continuing guarantee and will extend to the ultimate balance of all sums payable by any Guaranteed Borrower under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	17.3	Reinstatement 

  

	 	(a)	If any discharge (whether in respect of the obligations of any Guaranteed Borrower or any security for those obligations or otherwise) or arrangement is made in whole or in part on
the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation or otherwise without limitation, the liability of each Guarantor under this Clause will continue as if the discharge or
arrangement had not occurred. 

  

	 	(b)	Each Finance Party may concede or compromise any claim that any payment or other disposition is liable to avoidance or restoration. 

  

	17.4	Waiver of defences 

 The obligations of each
Guarantor under this Clause will not be affected by any act, omission or thing which, but for this provision, would reduce, release or prejudice any of its obligations under this Clause (whether or not known to it or any Finance Party). This
includes (without limitation): 
  

	 	(a)	any time or waiver granted to, or composition with, any person; 

  

	 	(b)	any release of any person under the terms of any composition or arrangement; 

  

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person;

  

	 	(d)	any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 	(e)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person; 

  

	 	(f)	any amendment (however fundamental) of a Finance Document or any other document or security; or 

  

	 	(g)	any unenforceability, illegality, invalidity or non-provability of any obligation of any person under any Finance Document or any other document or security.

  

 55 

	17.5	Immediate recourse 

 Each Guarantor waives any right
it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from that Guarantor under this Clause. This waiver
applies irrespective of any law or any provision of a Finance Document to the contrary. 
  

	17.6	Appropriations 

 Until all amounts which may be or
become payable by the Guaranteed Borrower under the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may without affecting the liability of any Guarantor under this Clause: 

 

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts;
or 

  

	 	(b)	apply and enforce them in such manner and order as it sees fit (whether against those amounts or otherwise); and 

  

	 	(c)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor’s liability under this Clause. 

  

	17.7	Non-competition 

 Unless: 
  

	 	(a)	all amounts which may be or become payable by the Guaranteed Borrower under the Finance Documents have been irrevocably paid in full; or 

  

	 	(b)	the Facility Agent otherwise directs, 

 no Guarantor will,
after a claim has been made or by virtue of any payment or performance by it under this Clause: 
  

	 	(i)	be subrogated to (or exercise any rights of subrogation to which it may be entitled in respect of) any rights, security or moneys held, received or receivable by any Finance Party
(or any trustee or agent on its behalf); 

  

	 	(ii)	be entitled to any right of contribution or indemnity (or exercise any right of contribution or indemnity to which it may be entitled) in respect of any payment made or moneys
received on account of that Guarantor’s liability under this Clause; 

  

	 	(iii)	claim, rank, prove or vote as a creditor of any Guaranteed Borrower or its estate in competition with any Finance Party (or any trustee or agent on its behalf); or

  

 56 

	 	(iv)	receive, claim or have the benefit of any payment, distribution or security from or on account of the Guaranteed Borrower, or exercise any right of set-off as against the Guaranteed
Borrower. 

 Each Guarantor must hold in trust for (and, to the extent a trust is not enforceable in a relevant jurisdiction,
keep separate from its other assets in that jurisdiction) and immediately pay or transfer to the Facility Agent for the Finance Parties any payment or distribution or benefit of security received by it contrary to this Clause or in accordance with
any directions given by the Facility Agent under this Clause. 
 Nothing in this Clause 17 (Guarantee and indemnity) shall prevent any
Guarantor from claiming as a creditor of the Guaranteed Borrower or its estate solely to preserve the existence of such claim, provided that any payment or distribution received by it in connection with such claim must be held in trust for (and, to
the extent a trust is not enforceable in any relevant jurisdiction, kept separate from its other assets in that jurisdiction) and immediately paid or transferred to the Facility Agent for the Finance Parties. Notwithstanding the foregoing, any such
payment or distribution shall be deemed to remain due or owing as between that Guarantor and the Guaranteed Borrower. 
  

	17.8	Additional security 

 This guarantee is in addition
to and is not in any way prejudiced by any other security now or subsequently held by any Finance Party. 
  

	
18.	REPRESENTATIONS 

  

	18.1	Representations 

 The representations set out in
this Clause are made by each Obligor or (if it so states) the Company to each Finance Party. 
  

	18.2	Status 

  

	 	(a)	It is a corporation duly incorporated and validly existing under the laws of its jurisdiction of incorporation. 

  

	 	(b)	It and each of its Material Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

  

	18.3	Powers and authority 

 It has the power to enter
into and perform, and has taken all necessary action to authorise the entry into and performance of, the Finance Documents to which it is or will be a party and the transactions contemplated by those Finance Documents. 
  

 57 

	18.4	Legal validity 

  

	 	(a)	Subject to any general principles of law limiting its obligations and referred to in any legal opinion required under this Agreement, each Finance Document to which it is a party is
its legally binding, valid and enforceable obligation. 

  

	 	(b)	Each Finance Document to which it is a party is in the proper form for its enforcement in the jurisdiction of its incorporation. 

  

	18.5	Non-conflict 

 The entry into and performance by it
of, and the transactions contemplated by, the Finance Documents do not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any document which is binding upon it in any material respect. 

  

	18.6	No Default or Prepayment Event 

  

	 	(a)	No Default or Prepayment Event is outstanding or will result from the execution of, or the performance of any transaction contemplated by, any Finance Document.

  

	 	(b)	As at the date of this Agreement, no other event is outstanding which constitutes a default under any document which is binding on it or any of its Material Subsidiaries or any of
its or its Material Subsidiaries’ assets to an extent or in a manner which has or is reasonably likely to have a Material Adverse Effect. 

  

	18.7	Authorisations 

 All authorisations required by it
in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Finance Documents have been obtained or effected (as appropriate) and are in full force and effect. 
  

	18.8	Financial statements 

  

	 	(a)	As at the date of this Agreement, the Original Financial Statements fairly represent in all material respects its consolidated financial condition as at the end of, and for the year
ended, 31 December 2005, except as disclosed to the contrary in those financial statements. 

  

	 	(b)	There has been no change in the business or consolidated financial condition of the Group having a Material Adverse Effect since 31 December 2005, except as a result of any
circumstance that has been publicly announced prior to the date of this Agreement. 

  

 58 

	18.9	Litigation 

 As at the date of this Agreement, no
litigation, arbitration or administrative proceedings are current or, to its knowledge, pending or threatened, which have or are reasonably likely to have a Material Adverse Effect. 
  

	18.10	Taxes on payments 

 As at the date of this
Agreement, all amounts payable by it under the Finance Documents may be made without any Tax Deduction. 
  

	18.11	Stamp duties 

 As at the date of this Agreement, no
stamp or registration duty or similar Tax or charge is payable in its jurisdiction of incorporation in respect of any Finance Document. 
  

	18.12	Pari Passu 

 Its payment obligations under the
Finance Documents rank at least pari passu with all its other present and future unsecured and unsubordinated payment obligations, except for obligations mandatorily preferred by law applying to companies generally. 
  

	18.13	Compliance with law 

 As at the date of this
Agreement, it and its Subsidiaries are in compliance in all respects with all laws (including but not limited to all Environmental Laws and Environmental Permits) to which it or they are subject where failure to do so has or is reasonably likely to
have a Material Adverse Effect. 
  

	18.14	Jurisdiction/governing law 

  

	 	(a)	Its: 

  

	 	(i)	irrevocable submission under this Agreement to the jurisdiction of the courts of England; 

  

	 	(ii)	agreement that this Agreement is governed by English law; and 

  

	 	(iii)	agreement not to claim any immunity to which it or its assets may be entitled, 

 are legal, valid and binding under the laws of its jurisdiction of incorporation; and 
  

	 	(b)	any judgment in relation to the Finance Documents obtained in England will be recognised and be enforceable by the courts of its jurisdiction of incorporation, subject to any
applicable procedural requirements, general principles of law and limitations referred to in any legal opinion required under this Agreement. 

  

 59 

	18.15	Dutch Banking Act 

 If the Company is a credit
institution (kredietinstelling) under the Dutch Banking Act, it is in compliance with the applicable provisions of the Dutch Banking Act and any implementing regulation, including the Dutch Exemption Regulation, where failure to do so has or
is reasonably likely to have a Material Adverse Effect. 
  

	18.16	Swiss Borrowers 

  

	 	(a)	No Obligor is or shall qualify itself as a bank for the purposes of Swiss Withholding Tax. 

  

	 	(b)	The number of persons and legal entities which are not Swiss Qualifying Lenders to which a Swiss Borrower (if any) owes interest bearing borrowed money is not more than 20 in
aggregate at any time. 

  

	 	(c)	Each Obligor which is a Swiss Borrower is and will be in compliance with explanatory notes S-02.122.1 (4.99) and S-02.128 (1.2000) of the Swiss Federal Tax Administration
(as amended, supplemented or replaced from time to time) so as to exclude any adverse impact on its obligation in respect of Swiss Withholding Tax under this Agreement. 

 For the purpose of this Clause 18.16, a Swiss Borrower must assume that the number of Lenders and Sub-Participants (as defined in Clause 29.2(a)) under
this Agreement that are non-Swiss Qualifying Lenders will in aggregate not be less than (but will not exceed) 10 unless, to the satisfaction of the Company, such number can be exceeded without a breach of the Ten Non-Bank Regulations and the Twenty
Non-Bank Regulations. 
 The representations set out in this Clause 18.16 shall be continuing representations throughout the term of this
Agreement by the Company and: 
  

	 	(i)	in the case of paragraph (a), each other Obligor from time to time; and 

  

	 	(ii)	in the case of paragraphs (b) and (c), each Swiss Borrower from time to time. 

  

	18.17	Times for making representations 

  

	 	(a)	The representations set out in this Clause are made by the Company on the date of this Agreement. 

  

	 	(b)	Unless a representation is expressed to be given as at a specific date: 

  

	 	(i)	each representation is deemed to be made by each Additional Borrower and each Additional Guarantor on the date that Additional Borrower or Additional Guarantor becomes Borrower or
Guarantor, as the case may be; 

  

 60 

	 	(ii)	each Repeating Representation is deemed to be made by each Obligor (or if it so states, the Company) on the date of each Request and the first day of each Term and on the date of
each Extension Request; 

  

	 	(iii)	each Repeating Representation is deemed to be made by each Obligor subject to an amalgamation, demerger or merger at the time such amalgamation, merger or demerger occurs; and

  

	 	(iv)	each Repeating Representation is deemed to be made by the Company and each Substitute Borrower at the time specified in Clause 29.9 (Substitute Borrower). 

 

	 	(c)	When a representation is repeated, it is applied to the circumstances existing at the time of repetition. 

  

	
19.	INFORMATION COVENANTS 

  

	19.1	Financial statements 

  

	 	(a)	The Company must supply to the Facility Agent in sufficient copies for all the Lenders: 

  

	 	(i)	its audited consolidated financial statements for each of its financial years; and 

  

	 	(ii)	the audited financial statements of each Obligor for each of its financial years; and 

  

	 	(iii)	its interim unaudited consolidated financial statements for the first half-year of each of its financial years; and 

  

	 	(iv)	its quarterly unaudited consolidated financial statements for each of its financial quarters. 

  

	 	(b)	All financial statements must be supplied as soon as they are available and: 

  

	 	(i)	in the case of the Company’s audited consolidated financial statements, within 120 days; 

  

	 	(ii)	in the case of each Obligor’s audited financial statements, within 75 days; 

  

	 	(iii)	in the case of the Company’s interim financial statements, within 75 days; and 

  

	 	(iv)	in the case of the Company’s quarterly financial statements, within 75 days, 

 of the end of the relevant financial period. 
  

 61 

	19.2	Form of financial statements 

  

	 	(a)	The Company must ensure that each set of financial statements supplied under this Agreement: 

  

	 	(i)	gives (if audited) a true and fair view of, or (if unaudited) fairly represents, the financial condition (consolidated or otherwise) of the relevant person as at the date to which
those financial statements were drawn up; and 

  

	 	(ii)	is prepared in accordance with accounting principles and practices used in the Original Financial Statements or the audited consolidated financial statements of Arcelor for the year
ended 31 December 2005, consistently applied. 

  

	 	(b)	The Company must notify the Facility Agent of any material change to the accounting principles or practices used in the preparation of its audited consolidated financial statements
other than the adoption of the accounting principles and practices used in the preparation of the audited consolidated financial statements of Arcelor referred to in paragraph (a)(ii) above. 

  

	 	(c)	If requested by the Facility Agent, the Company must supply to the Facility Agent: 

  

	 	(i)	a full description of any change notified under paragraph (b) above; and 

  

	 	(ii)	sufficient information to enable the Finance Parties to make a proper comparison between the financial position shown by the set of financial statements prepared on the changed
basis and its most recent audited consolidated financial statements delivered to the Facility Agent under this Agreement. 

  

	 	(d)	If requested by the Facility Agent, the Company must enter into discussions for a period of not more than 30 days with a view to agreeing any amendments required to be made to this
Agreement to place the Company and the Lenders in the same position as they would have been in if the change had not happened. Any agreement between the Company and the Facility Agent will be, with the prior consent of the Majority Lenders, binding
on all the Parties. 

  

	 	(e)	If no agreement is reached under paragraph (d) above on the required amendments to this Agreement, the Company must supply with each set of its financial statements another set
of its financial statements prepared on the same basis as the Original Financial Statements or the audited consolidated financial statements of Arcelor referred to in paragraph (a)(ii) above. 

  

 62 

	19.3	Compliance Certificate 

  

	 	(a)	The Company must supply to the Facility Agent a Compliance Certificate with each set of its annual and interim financial statements sent to the Facility Agent under this Agreement.

  

	 	(b)	A Compliance Certificate must be signed by two authorised signatories of the Company but without personal liability for such authorised signatories. 

  

	19.4	Information – miscellaneous 

 The Company must
supply to the Facility Agent, in sufficient copies for all the Lenders if the Facility Agent so requests: 
  

	 	(a)	copies of all documents despatched by the Company to its shareholders (or any class of them) or its creditors generally or any class of them at the same time as they are despatched
or promptly thereafter; and 

  

	 	(b)	promptly on request, such further publicly available information regarding the financial condition and operations of the Group as any Finance Party through the Facility Agent may
reasonably request, provided that such disclosure is not prohibited by any law, regulation, the rules of any relevant stock exchange or a confidentiality obligation owed to a third party, and such information is not deemed to be price sensitive
information. 

  

	19.5	Notification of Prepayment Event or Default 

  

	 	(a)	The Company must notify the Facility Agent of any Prepayment Event, Default (and the steps, if any, being taken to remedy it) or other event or events falling within paragraphs
(a) to (c) of Clause 22.5 (Cross-acceleration) where the aggregate amount of Financial Indebtedness relating to such event or events is €100,000,000 or more (or its equivalent in other currencies) promptly upon becoming aware of its
occurrence. 

  

	 	(b)	Promptly on request by the Facility Agent, the Company must supply to the Facility Agent a certificate, signed by two of its authorised signatories on its behalf, certifying that no
Default is outstanding or, if a Default is outstanding, specifying the Default and the steps, if any, being taken to remedy it. 

  

	19.6	Use of websites 

  

	 	(a)	Except as provided below, the Company may deliver any information under this Agreement to a Lender by posting it on to an electronic website if: 

  

	 	(i)	the Facility Agent and the Lender agree; 

  

	 	(ii)	the Company and the Facility Agent designate an electronic website for this purpose; 

  

 63 

	 	(iii)	the Company notifies the Facility Agent of the address of and password for the website; and 

  

	 	(iv)	the information posted is in a format agreed between the Company and the Facility Agent. 

 The Facility Agent must supply each relevant Lender with the address of and password for the website. 
  

	 	(b)	Notwithstanding the above, the Company must supply to the Facility Agent in paper form a copy of any information posted on the website together with sufficient copies for:

  

	 	(i)	any Lender not agreeing to receive information via the website; and 

  

	 	(ii)	within ten Business Days of request by any other Lender, if that Lender so requests. 

  

	 	(c)	The Company must promptly upon becoming aware of its occurrence, notify the Facility Agent if: 

  

	 	(i)	the website cannot be accessed due to a technical failure; 

  

	 	(ii)	the website or any information on the website is infected by any electronic virus or similar software; 

  

	 	(iii)	the password for the website is changed; or 

  

	 	(iv)	any information to be supplied under this Agreement is posted on the website or amended after being posted. 

 If the circumstances in sub-paragraphs (i) or (ii) above occur, the Company must supply any information required under this Agreement in paper
form until the Facility Agent is satisfied that the circumstances giving rise to the notification are no longer continuing. 
  

	19.7	Know your customer requirements 

  

	 	(a)	Each Obligor must promptly on the request of any Finance Party supply to that Finance Party any documentation or other evidence which is reasonably requested by that Finance Party
(whether for itself, on behalf of any Finance Party or any prospective new Lender) to enable a Finance Party or prospective new Lender to carry out and be satisfied with the results of all applicable know your customer requirements.

  

	 	(b)	Each Lender must promptly on the request of the Facility Agent supply to the Facility Agent any documentation or other evidence which is reasonably required by the Facility Agent to
carry out and be satisfied with the results of all applicable know your customer requirements. 

  

 64 

	
20.	FINANCIAL COVENANT 

  

	20.1	Definitions 

 In this Clause: 
 Consolidated Cash and Cash Equivalents means, at any time: 
  

	 	(a)	cash in hand or on deposit with any acceptable bank; 

  

	 	(b)	certificates of deposit, maturing within one year after the relevant date of calculation, issued by an acceptable bank; 

  

	 	(c)	any investment in marketable obligations issued or guaranteed by the government of the United States of America, the U.K. or any Participating Member State or by an instrumentality
or agency of the government of the United States of America, the U.K. or any Participating Member State; 

  

	 	(d)	open market commercial paper: 

  

	 	(i)	for which a recognised trading market exists; 

  

	 	(ii)	issued in the United States of America, the U.K. or any Participating Member State; 

  

	 	(iii)	which matures within one year after the relevant date of calculation; and 

  

	 	(iv)	which has a credit rating of either A-1 by S&P or Fitch or P-1 by Moody’s, or, if no rating is available in respect of the commercial paper, the issuer of which has, in
respect of its long-term debt obligations, an equivalent rating; 

  

	 	(e)	Sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an acceptable bank (or any dematerialised equivalent); or 

  

	 	(f)	any other instrument, security or investment approved by the Majority Lenders, 

 in each case, to which any member of the Group is beneficially entitled at that time and which is capable of being applied against Consolidated Total Borrowings. For this purpose an acceptable bank is a
commercial bank or trust company which has a rating of A or higher by S&P or Fitch or A2 or higher by Moody’s or a comparable rating from a nationally recognised credit rating agency for its long-term debt obligations or has been approved
by the Majority Lenders. 
  

 65 

 Consolidated EBITDA means the consolidated net pre-taxation profits of the Group for a Measurement
Period: 
  

	 	(a)	including the net pre-taxation profits of a member of the Group or business or assets acquired during that Measurement Period for the part of that Measurement Period when it was not
a member of the Group and/or the business or assets were not owned by a member of the Group; but 

  

	 	(b)	excluding the net pre-taxation profits attributable to any member of the Group or to any business or assets sold during that Measurement Period, 

 and all as adjusted by: 
  

	 	(i)	adding back Consolidated Net Interest Payable; 

  

	 	(ii)	taking no account of any extraordinary item; 

  

	 	(iii)	excluding any amount attributable to minority interests; 

  

	 	(iv)	adding back depreciation and amortisation; and 

  

	 	(v)	taking no account of any revaluation of an asset or any loss or gain over book value arising on the disposal of an asset (otherwise than in the ordinary course of trading) by a
member of the Group during that Measurement Period. 

 Consolidated Interest Payable means all interest and other
financing charges (whether, in each case, paid, payable or capitalised) incurred by the Group during a Measurement Period. 
 Consolidated
Interest Receivable means all interest and other financing charges received or receivable by the Group during a Measurement Period. 
 Consolidated Net Interest Payable means Consolidated Interest Payable less Consolidated Interest Receivable during the relevant Measurement Period. 
 Consolidated Total Borrowings means, in respect of the Group, at any time the aggregate of the following (but without double counting): 
  

	 	(a)	the outstanding principal amount of any moneys borrowed; 

  

	 	(b)	the outstanding principal amount of any acceptance under any acceptance credit other than any acceptance credit that would not constitute borrowed monies under IFRS;

  

	 	(c)	the outstanding principal amount of any bond, note, debenture, loan stock or other similar instrument; 

  

	 	(d)	the amount of any liability, being the capitalised portion of any loan, lease or hire purchase contract, which would be treated as a finance or capital lease in accordance with
generally accepted accounting principles in the jurisdiction of incorporation of the Company; 

  

 66 

	 	(e)	the outstanding principal amount of all moneys owing in connection with the sale or discounting of receivables (otherwise than on a non-recourse basis); 

  

	 	(f)	the outstanding principal amount of any indebtedness (other than trade credit from a supplier on customary terms in the ordinary course of trade) arising from any deferred payment
agreements where payment is deferred by more than six months, arranged primarily as a method of raising finance or financing the acquisition of an asset; 

  

	 	(g)	any fixed or minimum premium payable on the repayment or redemption of any instrument referred to in paragraph (c) above; 

  

	 	(h)	the outstanding principal amount of any indebtedness arising in connection with any other transaction (including any forward sale or purchase agreement) which has the commercial
effect of a borrowing (excluding any indebtedness expressly excluded under another paragraph of this definition); and 

  

	 	(i)	the outstanding principal amount of any indebtedness of any person of a type referred to in the above paragraphs which is the subject of a guarantee, indemnity or similar legally
binding assurance against financial loss given by a member of the Group, 

 but excluding: 
  

	 	(i)	any convertible or exchangeable debt which must or, at the option of the issuer, may be converted or exchanged without condition (other than the availability of sufficient
authorised share capital of the issuer), prior to or upon the date any amount of principal would otherwise fall due in respect of that debt, into equity share capital or preference shares of the issuer of such debt, which in each case are not
redeemable (in whole or part) on or before the Final Maturity Date in respect of the Revolving Credit Facility; 

  

	 	(ii)	obligations of any member of the Group arising under any form of exchangeable, convertible, option or other similar instrument issued by that member of the Group in connection with
a transaction, the commercial effect of which is to effect the disposal by that member of the Group of shares or partnership or other ownership interests in any other person or entity (whether or not having a separate legal identity), provided that
any such instrument may not (other than at the option of the issuer), on or prior to the Final Maturity Date in respect of the Revolving Credit Facility, give rise to an obligation to pay cash or deliver any other assets (other than the assets into
which such instrument is convertible or exchangeable or deliverable on exercise of the option contained in that instrument) to the holders of such obligations (whether by acceleration on maturity or otherwise); and 

  

	 	(iii)	derivatives entered into in the ordinary course of business to manage currency, credit or interest rate risks. 

  

 67 

 Consolidated Total Net Borrowings means at any time Consolidated Total Borrowings less
Consolidated Cash and Cash Equivalents. 
 Measurement Period means each period of 12 months ending on the last day of a financial
half-year or a financial year of the Company. 
  

	20.2	Interpretation 

  

	 	(a)	Except as provided to the contrary in this Agreement, an accounting term used in this Clause is to be construed in accordance with IFRS. 

  

	 	(b)	Any amount in a currency other than dollars is to be taken into account at its dollars equivalent calculated on the basis of: 

  

	 	(i)	the European Central Bank’s spot rate of exchange for the purchase of the relevant currency with dollars published at or about 14.15 on the day the relevant amount falls to be
calculated as displayed on Reuters page “ECB37”; or 

  

	 	(ii)	if the amount is to be calculated on the last day of a financial period of the Company, the relevant rates of exchange used by the Company in, or in connection with, its financial
statements for that period. 

  

	 	(c)	No item must be credited or deducted more than once in any calculation under this Clause. 

  

	20.3	Financial covenant 

 The Company must ensure that
the ratio of Consolidated Total Net Borrowings (including all Loans disbursed and outstanding) to Consolidated EBITDA is not, at the end of each Measurement Period, greater than 3.5 to 1. 
  

	
21.	GENERAL COVENANTS 

  

	21.1	General 

 Each Obligor agrees to be bound by the
covenants set out in this Clause relating to it and, where the covenant is expressed to apply to Material Subsidiaries, the Company must ensure that each of its Material Subsidiaries performs that covenant. 
  

	21.2	Authorisations 

 Each Obligor must promptly obtain,
maintain and comply with the terms of any authorisation required under any law or regulation to enable it to perform its obligations under, or for the validity or enforceability of, any Finance Document. 
  

 68 

	21.3	Repayment and cancellation of Existing Facilities 

 The Company must use the proceeds of the first Request under each Facility to repay and cancel in full the Existing Facilities. 
  

	21.4	Compliance with laws 

 Each Obligor and each
Material Subsidiary must comply in all respects with all laws (including but not limited to all Environmental Laws and Environmental Permits) to which it is subject where failure to do so would have a Material Adverse Effect. 
  

	21.5	Pari passu ranking 

 Each Obligor must ensure that,
under the laws of its jurisdiction of incorporation, its payment obligations under the Finance Documents rank at least pari passu with all its other present and future unsecured and unsubordinated payment obligations, except for obligations
mandatorily preferred by law applying to companies generally. 
  

	21.6	Negative pledge 

  

	 	(a)	Except as provided below, no Obligor or Material Subsidiary may create or allow to exist any Security Interest on any of its assets. 

  

	 	(b)	Paragraph (a) does not apply to: 

  

	 	(i)	any Security Interest existing over any asset of any Obligor or any Material Subsidiary as at the date of this Agreement, but only to the extent that: 

  

	 	(A)	the principal amount secured by any such Security Interest is not increased; 

  

	 	(B)	the maturity of any Financial Indebtedness secured by any such Security Interest is not extended; and 

  

	 	(C)	any Financial Indebtedness secured by any such Security Interest is not refinanced, 

 in each case after the date of this Agreement; 
  

	 	(ii)	any Security Interest comprising a netting or set-off arrangement entered into by any Obligor or any Material Subsidiary in the ordinary course of its banking arrangements for the
purpose of netting debit and credit balances; 

  

	 	(iii)	any Security Interest arising out of retention of title provisions in a supplier’s standard conditions of supply of goods where the goods in question are supplied on credit and
acquired in the ordinary course of business; 

  

 69 

	 	(iv)	any Security Interest arising by operation of law; 

  

	 	(v)	any Security Interest created by or pursuant to any decision, order or injunction of any court, arbitrator or other judicial authority; 

  

	 	(vi)	any Security Interest on an asset, or an asset of any person, acquired by any Obligor or any Material Subsidiary after the date of this Agreement but only for the period of 12
months after the date of the acquisition and to the extent that the principal amount secured by that Security Interest has not been incurred or increased in contemplation of, or since, the acquisition; 

  

	 	(vii)	any Security Interest on the assets of any entity existing at the time such entity becomes an Obligor or Material Subsidiary but only for the period of 12 months after the date such
entity becomes an Obligor or Material Subsidiary (as applicable) and provided that the principal amount secured by that Security Interest is not incurred in contemplation of such entity becoming an Obligor or Material Subsidiary (as applicable);

  

	 	(viii)	any Security Interest on any assets of any entity existing at the time such entity is merged into or consolidated with any Obligor or any Material Subsidiary but only for the period
of 12 months after the date of such merger or consolidation and provided that the principal amount secured by that Security Interest is not incurred in contemplation of such merger or consolidation; 

  

	 	(ix)	any Security Interest on a rental deposit given on leasehold premises in the ordinary course of trading; 

  

	 	(x)	any Security Interest entered into pursuant to a Finance Document; 

  

	 	(xi)	any Security Interest securing Project Finance Indebtedness, but only to the extent that the Security Interest is created on an asset of the project being financed by the relevant
Project Finance Indebtedness (and/or the shares in, and/or shareholder loans to, the company conducting such project where such company has no assets other than those relating to such project); 

  

	 	(xii)	any hire purchase, lease or conditional sale agreement other than one which would, under the applicable generally accepted accounting principles for any Obligor or any Material
Subsidiary, be treated as a finance or capital lease; 

  

	 	(xiii)	any Security Interest arising as a result of any sale and lease back transaction; 

  

 70 

	 	(xiv)	any Security Interest on receivables arising pursuant to a securitisation, factoring or like arrangement (provided that such securitisation, factoring or like arrangement is
expressed to be by way of sale or subrogation on a limited or non-recourse basis); 

  

	 	(xv)	any Security Interest arising under clause 18 of the general terms and conditions (Algemene Voorwaarden) of any member of the Dutch Bankers’ Association (Nederlandse Vereniging
van Banken) or any similar term applied by a financial institution in the Netherlands pursuant to its general terms and conditions; 

  

	 	(xvi)	any Security Interest or right of set-off which may be imposed by an account bank under the terms of its standard account documentation; 

  

	 	(xvii)	any Security Interest on goods, the related documents of title and/or other related documents as security for any obligation to any bank or financial institution under any letter of
credit opened in connection with the purchase of such goods, provided that such Security Interest is for a term (including renewals or extensions thereof at the option of any Obligor or any Material Subsidiary) not exceeding one year;

  

	 	(xviii)	any Security Interest on an asset held in Clearstream Banking, société anonyme or Euroclear Bank S.A./N.V. as operator of the Euroclear System, or any other securities
depository or any clearing house pursuant to its standard terms and procedures applicable in the ordinary course of trading; 

  

	 	(xix)	any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom such action is brought as pre-judgment security for costs or
expenses where an Obligor or a Material Subsidiary is prosecuting or defending such action in the bona fide interest of such Obligor, such Material Subsidiary or the Group; 

  

	 	(xx)	any Security Interest created pursuant to any order of attachment, distraint, garnishee order, arrestment, adjudication or injunction or interdict restraining disposal of assets or
similar legal process arising in connection with pre-judgment court proceedings where an Obligor or a Material Subsidiary is prosecuting or defending such action in the bona fide interest of such Obligor, such Material Subsidiary or the Group;

  

	 	(xxi)	any Security Interest on the assets of any Obligor or any Material Subsidiary securing an amount of Financial Indebtedness of that Obligor or Material Subsidiary owed to any Obligor
or Material Subsidiary (other than that Obligor or Material Subsidiary); 

  

	 	(xxii)	any Security Interest on any Margin Stock that exceeds 25 per cent. of the value of the total assets subject to paragraph (a) above at such time; and

  

 71 

	 	(xxiii)	any Security Interest securing indebtedness the amount of which (when aggregated with the amount of any other indebtedness which has the benefit of a Security Interest not allowed
under the preceding sub-paragraphs) does not exceed 5 per cent. of the book value of the consolidated assets of the Group or its equivalent at any time. 

  

	21.7	Disposal of assets 

  

	 	(a)	Except as provided below, no Obligor or Material Subsidiary may, either in a single transaction or in a series of transactions and whether related or not, sell, lease, transfer or
otherwise dispose of all or any part of its assets. 

  

	 	(b)	Paragraph (a) does not apply to any sale, lease, transfer or other disposal: 

  

	 	(i)	made in the ordinary course of trading of the disposing entity; 

  

	 	(ii)	of assets in exchange for other assets (other than cash or cash equivalents) comparable or superior as to type, value and quality; 

  

	 	(iii)	for cash of obsolete or redundant vehicles, plant and equipment; 

  

	 	(iv)	of cash or Cash Equivalents (as defined in Clause 20 (Financial covenant)); 

  

	 	(v)	which involves the discounting of bills or notes (on recourse terms) in the ordinary course of business); 

  

	 	(vi)	of receivables arising pursuant to a securitisation, factoring or like arrangement on non-recourse basis; 

  

	 	(vii)	made to any member of the Group; 

  

	 	(viii)	made on an arm’s length basis provided that any asset received in exchange (in the case of non-cash proceeds) supports, and (in the case of cash proceeds) any proceeds are
invested in, the Group’s core business and/or the Group’s related activities including, without limitation, sale of receivables by way of securitisation, factoring or like arrangements whether on recourse or non-recourse terms and sale and
leaseback transactions, in each case within one year (or committed to be invested and then actually invested within 18 months) after the relevant sale, lease, transfer or other disposal; 

  

	 	(ix)	made with the prior written consent of the Facility Agent, acting on the instructions of the Majority Lenders; 

  

	 	(x)	required by the European Commission or any other relevant competition authority; 

  

 72 

	 	(xi)	made in the course of selling the Dofasco group; or 

  

	 	(xii)	of assets not falling within subparagraphs (i) to (xi) above, where the aggregate value of the assets disposed of does not exceed 7.5 per cent. of the book value of
the consolidated assets of the Group in any financial year of the Company. 

  

	21.8	Financial Indebtedness 

  

	 	(a)	Except as provided below, no member of the Group (other than the Company) may have outstanding or incur any Financial Indebtedness. 

  

	 	(b)	Paragraph (a) does not apply to: 

  

	 	(i)	Financial Indebtedness incurred under the Finance Documents; 

  

	 	(ii)	any Financial Indebtedness of any person acquired by a member of the Group which is incurred under arrangements in existence at the date of the acquisition, but only for a period of
12 months from the date of the acquisition and only to the extent that the principal amount of the Financial Indebtedness has not been incurred or increased in contemplation of, or since, the acquisition; 

  

	 	(iii)	Financial Indebtedness owed by one member of the Group to another; 

  

	 	(iv)	amounts borrowed by a finance company which is a member of the Group and which are on-lent, and remain on-lent, to the Company, provided that such finance company has no material
assets (including any shares in Subsidiaries or any loans to members of the Group or third parties) other than loans made to the Company; 

  

	 	(v)	amounts borrowed from a bank to which cash collateral (in a substantially equivalent amount) has been granted by a member of the Group in respect of the obligation of such member of
the Group to repay such amounts; 

  

	 	(vi)	Financial Indebtedness under any forward or spot delivery foreign exchange contracts or other derivative instruments relating to currency or interest rate hedging, in each case
entered into for the sole purpose of hedging in the ordinary course of trading; 

  

	 	(vii)	Project Finance Indebtedness; 

  

	 	(viii)	any Financial Indebtedness of any member of the Group that becomes an Additional Guarantor; 

  

	 	(ix)	any Financial Indebtedness of Arcelor Finance if it is the only Borrower in respect of all outstanding Loans at the time; or 

  

 73 

	 	(x)	other Financial Indebtedness, provided that the aggregate principal amount of all Financial Indebtedness covered by this subparagraph does not exceed 15 per cent. of the
consolidated assets of the Group or its equivalent at any time. 

  

	21.9	Change of business 

 The Company must ensure that no
material change is made to the general nature of the business of the Company or the Group from that carried on at the date of this Agreement. 
  

	21.10	Payment of Taxes 

 Each Obligor and each Material
Subsidiary must pay all taxes due and payable by it, unless: 
  

	 	(a)	(i) payment of those Taxes is being contested in good faith; and 

 (ii) adequate reserves are being maintained for those Taxes; 
  

	 	(b)	payment of those Taxes has been specifically deferred or submitted to an alternative means of settlement or discharge by the appropriate authorities; or 

  

	 	(c)	failure to pay those Taxes is not reasonably likely to have a Material Adverse Effect. 

  

	21.11	Insurance 

 Each Obligor and each Material
Subsidiary must maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies (including, for the avoidance of doubt, any of the Group’s captive insurers) against those risks and to the
extent as is usual for companies carrying on the same or substantially the same business except to the extent that any failure or failures to so maintain, individually or in aggregate, would not be reasonably likely to have a Material Adverse
Effect. 
  

	
22.	DEFAULT 

  

	22.1	Events of Default 

  

	 	(a)	Each of the events set out in this Clause is an Event of Default. 

  

	 	(b)	In this Clause: 

 Material Group
Member means an Obligor or a Material Subsidiary; and 
 Permitted Transaction means: 
  

	 	(i)	an intra-Group re-organisation of a Material Subsidiary on a solvent basis; or 

  

 74 

	 	(ii)	any other transaction agreed by the Majority Lenders. 

  

	22.2	Non-payment 

 An Obligor does not pay on the due
date any amount payable by it under the Finance Documents in the manner required under the Finance Documents, unless the non-payment: 
  

	 	(a)	is caused by technical or administrative error; and 

  

	 	(b)	is remedied within three Business Days of the giving of a notice of non-payment by the Facility Agent. 

  

	22.3	Breach of other obligations 

  

	 	(a)	An Obligor does not comply with any other term of the Finance Documents not already referred to in Clause 22.2 (Non-payment). 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if: 

  

	 	(i)	a Prepayment Event has occurred (unless following such Prepayment Event all amounts due and payable are not paid when due and payable in which case Clause 22.2 (Non-payment) shall
apply); or 

  

	 	(ii)	the non-compliance is capable of remedy and is remedied within 30 days of the earlier of the Facility Agent giving notice of the breach to the Company and the Obligor becoming aware
of the non-compliance. 

  

	22.4	Misrepresentation 

 A representation made or deemed
to be repeated by an Obligor in any Finance Document or in any document delivered after the date of this Agreement by or on behalf of any Obligor under any Finance Document is incorrect in any material respect when made or deemed to be repeated
unless the circumstances giving rise to the misrepresentation: 
  

	 	(a)	are capable of remedy; and 

  

	 	(b)	are remedied within 20 Business Days of the earlier of the Facility Agent giving notice of the breach to the Company and any Obligor becoming aware of the misrepresentation.

  

	22.5	Cross-acceleration 

 Any of the following occurs in
respect of a Material Group Member: 
  

	 	(a)	any of its Financial Indebtedness is not paid when due (after the expiry of any originally applicable or extended grace period); 

  

 75 

	 	(b)	any of its Financial Indebtedness is declared or becomes prematurely due and payable as a result of an event of default (howsoever described); or 

  

	 	(c)	any Security Interest securing any of its Financial Indebtedness is enforced, 

 provided that no Event of Default will occur under this Clause 22.5 (Cross-acceleration) if: 
  

	 	(i)	the aggregate amount of Financial Indebtedness falling within all or any of paragraphs (a) to (c) above is less than €100,000,000 (or its equivalent in other
currencies); or 

  

	 	(ii)	any declaration, proceeding or other action by a purported creditor of the Material Group Member in connection with the relevant paragraph (a) to (c) above is frivolous or
vexatious. 

  

	22.6	Insolvency 

 Any of the following occurs in respect
of a Material Group Member: 
  

	 	(a)	it is, or is deemed for the purposes of any law to be, unable to pay its debts as they fall due or insolvent; 

  

	 	(b)	it admits its inability to pay its debts as they fall due; 

  

	 	(c)	by reason of actual or anticipated financial difficulties, it suspends making payments on any material portion of its debts or announces an intention to do so;

  

	 	(d)	by reason of actual or anticipated financial difficulties, it begins negotiations with any creditor(s) for the rescheduling of all or any material portion of the indebtedness of the
Material Group Members; or 

  

	 	(e)	a moratorium is declared in respect of all or any material portion of the indebtedness of the Material Group Members. 

 If a moratorium occurs in respect of any Material Group Member, the ending of the moratorium will not remedy any Event of Default caused by the
moratorium. 
  

	22.7	Insolvency proceedings 

  

	 	(a)	Except as provided below, any of the following occurs in respect of a Material Group Member: 

  

	 	(i)	any step is taken with a view to a moratorium or a composition, assignment, relief or similar arrangement with any of its creditors holding all or a material portion of its
indebtedness; 

  

	 	(ii)	 a meeting of its shareholders, directors or other officers is convened for the purpose of considering any resolution for, to petition for or to file 

  

 76 

	 	 
documents with a court, official receiver or any registrar for, its liquidation, winding-up, administration, dissolution or reorganisation or any such
resolution is passed; 

  

	 	(iii)	any person presents a petition, or files documents with a court, official receiver or any registrar, for its liquidation, winding-up, administration, dissolution or reorganisation;

  

	 	(iv)	an order for its liquidation, winding-up, administration, dissolution or reorganisation is made; 

  

	 	(v)	any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, interim receiver, administrative receiver, administrator or similar officer is appointed in
respect of it or any of its assets; 

  

	 	(vi)	its shareholders, directors or other officers request the appointment of, or give notice of their intention to appoint, a liquidator, trustee in bankruptcy, judicial custodian,
compulsory manager, receiver, interim receiver, administrative receiver, administrator or similar officer; 

  

	 	(vii)	a bankruptcy application is filed or an assignment is made for the general benefit of creditors; or 

  

	 	(viii)	any other analogous step or procedure is taken in any jurisdiction. 

  

	 	(b)	Paragraph (a) does not apply to: 

  

	 	(i)	any step or procedure which is part of a Permitted Transaction; 

  

	 	(ii)	petition for winding-up or a bankruptcy application, in either case, presented by a creditor, which is being contested in good faith and with due diligence and is discharged or
struck out within 30 days; or 

  

	 	(iii)	vexatious actions which are being contested in good faith by the relevant Material Group Member, provided they do not result in the making of an order or appointment referred to in
paragraph (a) above and any petition is discharged or struck out within 30 days. 

  

	22.8	Creditors’ process 

 Any attachment,
sequestration, distress, execution or analogous event affects either: 
  

	 	(a)	all or substantially all of the assets of a Material Group Member; or 

  

	 	(b)	any asset(s) of one or more Material Group Member(s) which represents a material portion of the assets of the Group taken as a whole, 

  

	 	and	in each case is not discharged within 30 days. 

  

 77 

	22.9	Cessation of business 

 Save as otherwise permitted
under the terms of this Agreement, any Material Group Member ceases to carry on business, provided that no Event of Default will occur under this Clause 22.9 (other than in respect of any cessation to carry on business by an Obligor) unless such
cessation is likely to result in a Material Adverse Effect. 
  

	22.10	Repudiation 

 An Obligor repudiates a Finance
Document. 
  

	22.11	Acceleration 

  

	 	(a)	If an Event of Default is outstanding, the Facility Agent may, and must if so instructed by the Majority Lenders, by notice to the Company: 

  

	 	(i)	cancel all or any part of the Total Commitments; and/or 

  

	 	(ii)	declare that all or part of any amounts outstanding under the Finance Documents are: 

  

	 	(A)	immediately due and payable; and/or 

  

	 	(B)	payable on demand by the Facility Agent acting on the instructions of the Majority Lenders. 

  

	 	(b)	Any notice given under this Subclause will take effect in accordance with its terms. 

  

	
23.	THE ADMINISTRATIVE PARTIES 

  

	23.1	Appointment and duties of the Facility Agent 

  

	 	(a)	Each Finance Party (other than the Facility Agent) irrevocably appoints the Facility Agent to act as its agent under the Finance Documents. 

  

	 	(b)	Each Finance Party irrevocably authorises the Facility Agent to: 

  

	 	(i)	perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Finance Documents, together with any other incidental rights,
powers and discretions; and 

  

	 	(ii)	execute each Finance Document expressed to be executed by the Facility Agent. 

  

	 	(c)	The Facility Agent has only those duties which are expressly specified in the Finance Documents. Those duties are solely of a mechanical and administrative nature.

  

 78 

	23.2	Role of the Arrangers 

 Except as specifically
provided in the Finance Documents, no Arranger has any obligations of any kind to any other Party in connection with any Finance Document. 
  

	23.3	No fiduciary duties 

 Except as specifically
provided in a Finance Document, nothing in the Finance Documents makes an Administrative Party a trustee or fiduciary for any other Party or any other person. No Administrative Party need hold in trust any moneys paid to it for a Party or be liable
to account for interest on those moneys. 
  

	23.4	Individual position of an Administrative Party 

  

	 	(a)	If it is also a Lender, each Administrative Party has the same rights and powers under the Finance Documents as any other Lender and may exercise those rights and powers as though
it were not an Administrative Party. 

  

	 	(b)	Each Administrative Party may: 

  

	 	(i)	carry on any business with an Obligor or its related entities (including acting as an agent or a trustee for any other financing); and 

  

	 	(ii)	retain any profits or remuneration it receives under the Finance Documents or in relation to any other business it carries on with an Obligor or its related entities.

  

	23.5	Reliance 

 The Facility Agent may: 
  

	 	(a)	rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; 

  

	 	(b)	rely on any statement made by any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify; 

  

	 	(c)	engage, pay for and rely on professional advisers selected by it (including those representing a Party other than the Facility Agent); and 

  

	 	(d)	act under the Finance Documents through its personnel and agents. 

  

	23.6	Majority Lenders’ instructions 

  

	 	(a)	The Facility Agent is fully protected if it acts on the instructions of the Majority Lenders in the exercise of any right, power or discretion or any matter not expressly provided
for in the Finance Documents. Any such instructions given by the Majority Lenders will be binding on all the Lenders. In the absence of instructions, the Facility Agent may act as it considers to be in the best interests of all the Lenders.

  

 79 

	 	(b)	The Facility Agent may assume that unless it has received notice to the contrary, any right, power, authority or discretion vested in any Party or the Majority Lenders has not been
exercised. 

  

	 	(c)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings in connection with any
Finance Document. 

  

	 	(d)	The Facility Agent may require the receipt of security satisfactory to it, whether by way of payment in advance or otherwise, against any liability or loss which it may incur in
complying with the instructions of the Majority Lenders. 

  

	23.7	Responsibility 

  

	 	(a)	No Administrative Party is responsible for the adequacy, accuracy or completeness of any statement or information (whether written or oral) made in or supplied in connection with
any Finance Document. 

  

	 	(b)	No Administrative Party is responsible for the legality, validity, effectiveness, adequacy, completeness or enforceability of any Finance Document or any other document.

  

	 	(c)	Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms that it:

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial condition and
affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets); and 

  

	 	(ii)	has not relied exclusively on any information provided to it by any Administrative Party in connection with any Finance Document. 

  

	23.8	Exclusion of liability 

  

	 	(a)	The Facility Agent is not liable or responsible to any other Finance Party for any action taken or not taken by it in connection with any Finance Document, unless directly caused by
its gross negligence or wilful misconduct. 

  

	 	(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the
Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in connection with any Finance Document. Any officer, employee or agent of the Facility Agent may rely on this Subclause and enforce its terms under
the Contracts (Rights of Third Parties) Act 1999. 

  

 80 

	 	(c)	The Facility Agent is not liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility
Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.

  

								
	(d)	  	(i)	 	  		 	Nothing in this Agreement will oblige any Administrative Party to satisfy any know your customer requirement in relation to the identity of any person on behalf of any Finance
Party.
				
		  	(ii	)	  		 	Each Finance Party confirms to each Administrative Party that it is solely responsible for any know your customer requirements it is required to carry out and that it may not rely on any
statement in relation to those requirements made by any other person.

  

	23.9	Default 

  

	 	(a)	The Facility Agent is not obliged to monitor or enquire whether a Default has occurred. The Facility Agent is not deemed to have knowledge of the occurrence of a Default.

  

	 	(b)	If the Facility Agent: 

  

	 	(i)	receives notice from a Party referring to this Agreement, describing a Default and stating that the event is a Default; or 

  

	 	(ii)	is aware of the non-payment of any principal or interest or any fee payable to a Finance Party (other than the Facility Agent or the Arrangers) under this Agreement,

 it must promptly notify the other Finance Parties. 
  

	23.10	Information 

  

	 	(a)	The Facility Agent must promptly forward to the person concerned the original or a copy of any document which is delivered to the Facility Agent by a Party for that person.

  

	 	(b)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it
forwards to another Party. 

  

	 	(c)	Except as provided above, the Facility Agent has no duty: 

  

 81 

	 	(i)	either initially or on a continuing basis to provide any Lender with any credit or other information concerning the risks arising under or in connection with the Finance Documents
(including any information relating to the financial condition or affairs of any Obligor or its related entities or the nature or extent of recourse against any Party or its assets) whether coming into its possession before, on or after the date of
this Agreement; or 

  

	 	(ii)	unless specifically requested to do so by a Lender in accordance with a Finance Document, to request any certificate or other document from any Obligor. 

  

	 	(d)	In acting as the Facility Agent, the agency division of the Facility Agent is treated as a separate entity from its other divisions and departments. Any information acquired by the
Facility Agent which, in its opinion, is acquired by it otherwise than in its capacity as the Facility Agent may be treated as confidential by the Facility Agent and will not be treated as information possessed by the Facility Agent in its capacity
as such. 

  

	 	(e)	The Facility Agent is not obliged to disclose to any person any confidential information supplied to it by or on behalf of a member of the Group solely for the purpose of evaluating
whether any waiver or amendment is required in respect of any term of the Finance Documents. 

  

	 	(f)	Each Obligor irrevocably authorises the Facility Agent to disclose to the other Finance Parties any information which, in its opinion, is received by it in its capacity as the
Facility Agent. 

  

	23.11	Indemnities 

  

	 	(a)	Without limiting the liability of any Obligor under the Finance Documents, each Lender must indemnify the Facility Agent for that Lender’s Pro Rata Share of any loss or
liability incurred by the Facility Agent in acting as the Facility Agent, except to the extent that the loss or liability is caused by the Facility Agent’s gross negligence or wilful misconduct. 

  

	 	(b)	The Facility Agent may deduct from any amount received by it for a Lender any amount due to the Facility Agent from that Lender under a Finance Document but unpaid.

  

	23.12	Compliance 

 Each Administrative Party may refrain
from doing anything (including disclosing any information) which might, in its opinion, constitute a breach of any law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in its opinion, is necessary or
desirable to comply with any law or regulation. 
  

 82 

	23.13	Resignation of the Facility Agent 

  

	 	(a)	The Facility Agent may resign and appoint any of its Affiliates as successor Facility Agent by giving notice to the other Finance Parties and the Company. 

 

	 	(b)	Alternatively, the Facility Agent may resign by giving notice to the Finance Parties and the Company, in which case the Majority Lenders, with the consent of the Company (such
consent not to be unreasonably withheld) provided that no such consent shall be required if an Event of Default is outstanding, may appoint a successor Facility Agent. 

  

	 	(c)	If no successor Facility Agent has been appointed under paragraph (b) above within 30 days after notice of resignation was given, the Facility Agent, after consultation with
the Company, may appoint a successor Facility Agent. 

  

	 	(d)	The person(s) appointing a successor Facility Agent must consult with the Company prior to the appointment. 

  

	 	(e)	The resignation of the Facility Agent and the appointment of any successor Facility Agent will both become effective only when the successor Facility Agent notifies all the Parties
that it accepts its appointment. On giving the notification, the successor Facility Agent will succeed to the position of the Facility Agent and the term Facility Agent will mean the successor Facility Agent. 

  

	 	(f)	The retiring Facility Agent must, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility
Agent may reasonably request for the purposes of performing its functions as the Facility Agent under the Finance Documents. 

  

	 	(g)	Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in respect of any action taken or not taken by it in connection with the
Finance Documents while it was the Facility Agent, and, subject to paragraph (f) above, it will have no further obligations under any Finance Document. 

  

	 	(h)	The Majority Lenders may, by notice to the Facility Agent, and after consultation with the Company, require it to resign under paragraph (b) above. 

  

	23.14	Relationship with Lenders 

  

	 	(a)	The Facility Agent may treat each Lender as a Lender, entitled to payments under this Agreement and as acting through its Facility Office(s) until it has received not less than five
Business Days’ prior notice from that Lender to the contrary. 

  

	 	(b)	The Facility Agent may at any time, and must if requested to do so by the Majority Lenders, convene a meeting of the Lenders. 

  

 83 

	 	(c)	The Facility Agent must keep a register of all the Parties and supply any other Party with a copy of the register on request. The register will include each Lender’s Facility
Office(s) and contact details for the purposes of this Agreement. 

  

	 	(d)	Each Lender shall supply the Facility Agent with any information required by the Facility Agent in order to calculate the Mandatory Cost in accordance with Schedule 4 (Calculation
of the Mandatory Cost). 

  

	23.15	Notice period 

 Where this Agreement specifies a
minimum period of notice to be given to the Facility Agent, the Facility Agent may, at its discretion, accept a shorter notice period. 
  

	
24.	EVIDENCE AND CALCULATIONS 

  

	24.1	Accounts 

 Accounts maintained by a Finance Party in
connection with this Agreement are prima facie evidence of the matters to which they relate for the purpose of any litigation or arbitration proceedings. 
  

	24.2	Certificates and determinations 

 Any certification
or determination by a Finance Party of a rate or amount under the Finance Documents will be, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	24.3	Calculations 

 Any interest or fee accruing under
this Agreement accrues from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or 365 days (if the Facility Agent determines that market practice departs from a year of 360 days). Except as
otherwise specified in this Agreement, in any such calculation the first day of a period shall be included and the last day shall be excluded. 
  

	
25.	FEES 

  

	25.1	Facility Agent’s fee 

 The Company must pay to
the Facility Agent for its own account an agency fee in the manner agreed in the Fee Letter between the Facility Agent and the Company. 
  

	25.2	Arrangement fee 

 The Company must pay to the
Facility Agent for the account of the Lenders an arrangement fee in the manner agreed in the Mandate Letter. 
  

 84 

	25.3	Upfront fee 

 The Company must pay to the Facility
Agent for the account of the Lenders an upfront fee in the manner agreed in the Mandate Letter. 
  

	25.4	Commitment fee 

  

	 	(a)	The Company must pay to the Facility Agent for the account of the Lenders a commitment fee computed at the rate of 30 per cent. of the applicable Margin per annum on the
undrawn, uncancelled amount of each Lender’s Revolving Credit Commitment, provided that if at any time the Long Term Credit Ratings given to the Company by two or more Rating Agencies are above BBB+/Baa1/BBB+, the rate shall be 27.5 per
cent. of the applicable Margin per annum. The rate shall be automatically adjusted, in the case of a rating change, on the eighth Business Day after such change has been made public by the relevant Rating Agency. 

  

	 	(b)	The accrued commitment fee will be payable: 

  

	 	(i)	in euro on the last day of each successive period of three months which ends during the period from and including the date of this Agreement, to and including the last day of the
Availability Period; 

  

	 	(ii)	on the last day of the Availability Period; and 

  

	 	(iii)	on any day on which any Lender’s Revolving Credit Commitment is cancelled in full, in relation to such Lender only, 

 in each case calculated by reference to the daily undrawn and uncancelled amount on the basis of the actual number of days elapsed in a 360 day year
commencing on the date of this Agreement. 
  

	25.5	Utilisation fee 

  

	 	(a)	The Company must pay to the Facility Agent for the account of the Lenders a utilisation fee in euro computed at the rate of 0.05 per cent. per annum of the aggregate amount of
the Revolving Credit Loans for each day on which the aggregate amount of the Revolving Credit Loans exceeds 50 per cent. of the Total Revolving Credit Commitments as at the date of this Agreement. 

  

	 	(b)	The utilisation fee is payable on the amount of each Lender’s share in the Revolving Credit Loans. 

  

	 	(c)	The accrued utilisation fee will be payable: 

  

	 	(i)	on the last day of each successive period of three months on the basis of the actual number of days elapsed in a year of 360 days during the period beginning on the date of this
Agreement and ending on the Final Maturity Date; and 

  

 85 

	 	(ii)	on any day on which any Lender’s Revolving Credit Commitment is cancelled and its share in the Revolving Credit Loans prepaid or repaid in full, in relation to such Lender
only. 

  

	
26.	INDEMNITIES AND BREAK COSTS 

  

	26.1	Currency indemnity 

  

	 	(a)	The Company must, as an independent obligation, indemnify each Finance Party against any cost, loss or liability which that Finance Party incurs as a consequence of:

  

	 	(i)	that Finance Party receiving an amount in respect of an Obligor’s liability under the Finance Documents; or 

  

	 	(ii)	that liability being converted into a claim, proof, judgment or order, 

 in a currency other than the currency in which the amount is expressed to be payable under the relevant Finance Document. 
  

	 	(b)	Unless otherwise required by law, each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in which
it is expressed to be payable. 

  

	26.2	Other indemnities 

  

	 	(a)	The Company must indemnify each Finance Party against any cost, loss or liability which that Finance Party incurs as a consequence of: 

  

	 	(i)	the occurrence of any Event of Default; 

  

	 	(ii)	any failure by an Obligor to pay any amount due under a Finance Document on its due date, including any amount resulting from any distribution or redistribution of any amount among
the Lenders under Clause 32 (Pro rata sharing); 

  

	 	(iii)	funding, or making arrangements to fund, its participation in a Loan requested by a Borrower in a Request but not made by reason of the operation of any provision of this Agreement
(other than by reason of negligence or default by that Finance Party); or 

  

	 	(iv)	a Loan (or part of a Loan) not being prepaid in accordance with this Agreement. 

  

	 	(v)	any representation made by the Company under Clause 18.15 (Dutch Banking Act) or Clause 29.2 (Assignments and transfers by Lenders) being incorrect when made or deemed to be made. A
Lender which makes a representation which is untrue in relation to its status as a Professional Market Party or its status as part of a closed circle (besloten kring) cannot make a demand under this paragraph. 

  

 86 

 The Company’s liability in each case includes any loss or expense on account of funds borrowed,
contracted for or utilised to fund any amount payable under any Finance Document or any Loan (but excludes the Margin). 
  

	 	(b)	The Company must indemnify the Facility Agent against any loss or liability incurred by the Facility Agent (acting reasonably) as a result of: 

  

	 	(i)	investigating any event which the Facility Agent reasonably believes to be a Default; or 

  

	 	(ii)	acting or relying on any notice from a Party which the Facility Agent reasonably believes to be genuine, correct and appropriately authorised. 

  

	26.3	Break Costs 

  

	 	(a)	Each Borrower must pay to each Lender its Break Costs. 

  

	 	(b)	Break Costs are the amount (if any) determined by the relevant Lender by which: 

  

	 	(i)	the interest (excluding the Margin and any Mandatory Cost) which that Lender would have received for the period from the date of receipt of any part of its share in a Loan or an
overdue amount to the last day of the applicable Term for that Loan or overdue amount if the principal or overdue amount received had been paid on the last day of that Term; 

 exceeds 
  

	 	(ii)	the amount which that Lender would be able to obtain by placing an amount equal to the amount received by it on deposit with a leading bank in the appropriate interbank market for a
period starting on the Business Day following receipt and ending on the last day of the applicable Term. 

  

	 	(c)	Each Lender must supply to the Facility Agent for the relevant Borrower details of the amount of any Break Costs claimed by it under this Subclause. 

  

	
27.	EXPENSES 

  

	27.1	Initial costs 

 The Company must pay to each
Administrative Party the amount of all documented costs and expenses (including legal fees) reasonably incurred by it in connection with the negotiation, preparation, printing, execution and syndication of the Finance Documents, except to the extent
provided otherwise in any Fee Letter or the Mandate Letter. 
  

 87 

	27.2	Subsequent costs 

 The Company must pay to the
Facility Agent the amount of all documented costs and expenses (including legal fees) reasonably incurred by it in connection with: 
  

	 	(a)	the negotiation, preparation, printing and execution of any Finance Document executed after the date of this Agreement; and 

  

	 	(b)	any amendment, waiver or consent requested by or on behalf of an Obligor or specifically allowed by this Agreement. 

  

	27.3	Enforcement costs 

 The Company must pay to each
Finance Party the amount of all documented costs and expenses (including legal fees) properly incurred by it in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 
  

	
28.	AMENDMENTS AND WAIVERS 

  

	28.1	Procedure 

  

	 	(a)	Except as provided in Clause 28.2 (Exceptions) and Clause 11 (Extension of Revolving Credit Facility), any term of the Finance Documents may be amended or waived in writing with the
agreement of the Company and the Majority Lenders. The Facility Agent may effect, on behalf of any Finance Party, an amendment or waiver allowed under this Clause. 

  

	 	(b)	The Facility Agent must promptly notify the other Parties of any amendment or waiver effected by it under paragraph (a) above. Any such amendment or waiver is binding on all
the Parties. 

  

	28.2	Exceptions 

  

	 	(a)	An amendment or waiver which relates to: 

  

	 	(i)	the definition of Majority Lenders in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension of the date of payment of any amount to a Lender under the Finance Documents; 

  

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fee or other amount payable to a Lender under the Finance Documents;

  

	 	(iv)	an increase in, or an extension of, a Commitment or the Total Commitments; 

  

	 	(v)	a release of an Obligor other than in accordance with the terms of this Agreement; 

  

 88 

	 	(vi)	a term of a Finance Document which expressly requires the consent of each Lender; 

  

	 	(vii)	the right of a Lender to assign or transfer its rights or obligations under the Finance Documents; or 

  

	 	(viii)	Clause 2.2 (Nature of a Finance Party’s rights and obligations) or this Clause, 

 may only be made with the consent of all the Lenders. 
  

	 	(b)	An amendment or waiver which relates to the rights or obligations of an Administrative Party may only be made with the consent of that Administrative Party.

  

	 	(c)	A Fee Letter may be amended or waived with the agreement of each Administrative Party that is party to that Fee Letter and the Company. 

  

	28.3	Change of currency 

 If a change in any currency of
a country occurs (including where there is more than one currency or currency unit recognised at the same time as the lawful currency of a country), the Finance Documents will be amended to the extent the Facility Agent (acting reasonably and after
consultation with the Company) determines is necessary to reflect the change. 
  

	28.4	Waivers and remedies cumulative 

 The rights of each
Finance Party under the Finance Documents: 
  

	 	(a)	may be exercised as often as necessary; 

  

	 	(b)	are cumulative and not exclusive of its rights under the general law; and 

  

	 	(c)	may be waived only in writing and specifically. 

 Delay in
exercising or non-exercise of any right is not a waiver of that right. 
  

	
29.	CHANGES TO THE PARTIES 

  

	29.1	Assignments and transfers by Obligors 

 Subject to
Clause 8.5 (Mandatory prepayment – amalgamation, demerger or merger) and Clause 29.9 (Substitute Borrower), no Obligor may assign or transfer any of its rights and obligations under the Finance Documents without the prior consent of all the
Lenders. 
  

 89 

	29.2	Assignments and transfers by Lenders 

  

	 	(a)	A Lender (the Existing Lender) may, subject to the following provisions of this Subclause, at any time assign or transfer by novation any of its rights and obligations under
this Agreement to any other bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the New
Lender). A Lender may, subject to the following provisions of this Subclause, at any time enter into any Sub-Participation with any other bank or financial institution or to a trust, fund or other entity which is regularly engaged in or
established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the Sub-Participant). For the avoidance of doubt, nothing in this Subclause shall restrict a Lender from entering into any
derivatives transaction that is not a Sub-Participation. 

  

	 	(b)	Unless the Company and the Facility Agent otherwise agree, a transfer of part of a Lenders’ Commitments or the rights and obligations under this Agreement by the Existing
Lender must: 

  

	 	(i)	be in a minimum amount of €20,000,000; 

  

	 	(ii)	to the extent such transfer relates to that Lender’s Term Loan Commitments, transfer that Lender’s Term Loan Commitments on a pro rata basis; 

  

	 	(iii)	to the extent such transfer relates to that Lender’s Revolving Credit Commitments, transfer that Lender’s Revolving Credit Commitments on a pro rata basis; and

  

	 	(iv)	be evidenced by a Transfer Certificate. 

  

	 	 (c)
	 The prior written consent of the Company is required for any assignment or transfer unless the New Lender is another
Lender or an Affiliate of a Lender and the assignment or transfer does not result in any additional costs for any Obligor, or the assignment or transfer is made following an Event of Default which is outstanding. The consent of the Company must not
be unreasonably withheld or delayed. In respect of an assignment or transfer of Revolving Credit Commitments only, it will be deemed to be reasonable for the Company not to give its consent to the assignment or transfer if, as a result of such
assignment or transfer, less than 66 2/3 per cent. of the Total Revolving Credit Commitments are held by
Lenders with a long term credit rating of A3 or higher by Moody’s, or its S&P or Fitch equivalent. In the event that a Lender’s long term credit rating is given a lower rating category by any one of Moody’s, S&P or Fitch as
compared to one or more of such other Rating Agencies, it will be deemed reasonable for the Company to refer to the lowest such rating for the purposes of this Subclause. Any transfer or assignment not requiring the Company’s consent shall
nevertheless be promptly notified to it. 

  

 90 

	 	(d)	The Company will be deemed to have given its consent ten Business Days after the Company is given notice of the request unless it is expressly refused by the Company within that
time. 

  

	 	(e)	The Company may not withhold its consent solely because the assignment or transfer might increase the Mandatory Cost. 

  

	 	(f)	The Facility Agent is not obliged to execute a Transfer Certificate until it has completed all know your customer requirements to its satisfaction. The Facility Agent must promptly
notify the Existing Lender and the New Lender if there are any such requirements. 

  

	 	(g)	(i) If, on the date of an assignment or transfer, it is a requirement of Dutch law that each Lender must be a Professional Market Party: 

  

	 	(A)	the consent of the Company is required for any assignment or transfer; 

  

	 	(B)	the Company’s consent must not be unreasonably withheld or delayed; 

  

	 	(C)	the Company will be deemed to have given its consent ten Business Days after the Company is given notice of the request unless it is expressly refused by the Company within that
time because either: 

  

	 	I.	the proposed New Lender is not a Professional Market Party or does not form part of a closed circle (besloten kring); or 

  

	 	II.	the Company has reasonable grounds to believe that the proposed New Lender is not a Professional Market Party; 

  

	 	(D)	the New Lender must comply with the obligation set out in paragraph (ii) below; and 

  

	 	(E)	no assignment or transfer will be effective unless the requirements of this Subclause have been fulfilled by both the New Lender and the Company. 

  

	 	(ii)	On the date the assignment or transfer becomes effective the New Lender must make the representation set out in paragraph 3 of the Transfer Certificate. 

  

	 	(iii)	On the date that a New Lender becomes party to this Agreement as a Lender it explicitly declares and represents that it is a Professional Market Party and that it is aware that the
Company may be in breach of the Dutch Banking Act if this declaration and representation is untrue. 

  

 91 

	 	(h)	An assignment of rights will only be effective if the New Lender confirms to the Facility Agent and the Company in form and substance satisfactory to the Facility Agent that it is
bound by obligations to the other Finance Parties under this Agreement equivalent to those it would have been under if it were an Original Lender. 

  

	 	(i)	An assignment of rights (in the sense of claims (créances)) against the Luxembourg Obligor will only be effective if the assignment is notified to the Luxembourg
Obligor in accordance with article 1690 of the Luxembourg civil code (by providing it with a copy of the Transfer Certificate by registered mail together with an acknowledgement of notice). 

  

	 	(j)	A transfer of obligations will be effective only if either: 

  

	 	(i)	rights are assigned and obligations released and equivalent obligations assumed in accordance with the following provisions of this Clause; or 

  

	 	(ii)	the New Lender confirms to the Facility Agent and the Company in form and substance satisfactory to the Facility Agent that it is bound by the terms of this Agreement as a Lender.
On the transfer becoming effective in this manner the Existing Lender will be released from its obligations under this Agreement to the extent that they are transferred to the New Lender. 

  

	 	(k)	Unless the Facility Agent otherwise agrees, the New Lender must pay to the Facility Agent for its own account, on or before the date any assignment or transfer occurs, a fee of
€1,500. 

  

	 	(l)	Any reference in this Agreement to a Lender includes a New Lender but excludes a Lender if no amount is or may be owed to or by it under this Agreement. 

  

	 	(m)	An assignment or transfer under this Clause does not extinguish or otherwise affect the obligations of any Obligor under the Finance Documents. 

  

	 	(n)	Provided no Event of Default is outstanding, the consent of the Company is required for an assignment or transfer by an Existing Lender to a New Lender, or a Sub-Participation by a
Lender to a Sub-Participant, which is not a Swiss Qualifying Lender. Prior to the Company giving consent, a New Lender or Sub-Participant (as the case may be) must provide written notification to the Company as to whether or not it is a Swiss
Qualifying Lender. If: 

  

	 	(i)	that written notification has been provided; and 

  

	 	(ii)	as a result of the assignment, transfer or Sub-Participation the total number of Lenders and Sub-Participants who are not Swiss Qualifying Lenders will in aggregate not at any time
exceed the number of ten (10) unless, to the satisfaction of the Company, such number can be exceeded without a breach of the Ten Non-Bank Regulations and the Twenty Non-Bank Regulations, 

  

 92 

 the consent of the Company must not be unreasonably withheld or delayed, and the Company will be deemed
to have given its consent 10 Business Days after the Company is given notice of the request unless it is expressly refused by the Company within that time. 
  

	 	(o)	Any Lender which enters into a Sub-Participation shall ensure that the Sub-Participant will agree in favour of the Company to abide by the rules set out in Clause 29.2(n) as if a
party hereto whereby references in Clause 29.2(n) to a Lender shall for such purpose be read as references to a Sub-Participant. 

  

	 	(p)	A New Lender must comply with the provisions of Clause 13.2 (j) and, where it is a UK Non-Bank Lender (as defined in Clause 13.1), give a UK Tax Confirmation (as defined in
Clause 13.1) to the relevant Borrower in the Transfer Certificate. 

  

	29.3	Transfer Certificates 

  

	 	(a)	In this Subclause: 

 Transfer Date means, for a
Transfer Certificate, the later of: 
  

	 	(i)	the proposed Transfer Date specified in that Transfer Certificate; 

  

	 	(ii)	the date on which the Facility Agent executes that Transfer Certificate; and 

 a reference to an assignment including any related release and assumption. 
  

	 	(b)	An assignment is effected if: 

  

	 	(i)	the Existing Lender and the New Lender deliver to the Facility Agent a duly completed Transfer Certificate; and 

  

	 	(ii)	the Facility Agent executes it. 

 The Facility Agent must
execute as soon as reasonably practicable a Transfer Certificate delivered to it and which appears on its face to be in order. 
  

	 	(c)	Each Party (other than the Existing Lender and the New Lender) irrevocably authorises the Facility Agent to execute any duly completed Transfer Certificate on its behalf.

  

	 	(d)	For a transfer by assignment on the Transfer Date: 

  

	 	(i)	the Existing Lender will assign absolutely to the New Lender the Existing Lender’s rights expressed to be the subject of the assignment in the Transfer Certificate;

  

 93 

	 	(ii)	the Existing Lender will be released from the obligations expressed to be the subject of the release in the Transfer Certificate; and 

  

	 	(iii)	the New Lender will become a Lender under this Agreement and will be bound by obligations equivalent to those from which the Existing Lender is released under sub paragraph
(ii) above. 

  

	 	(e)	The Facility Agent must, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Company a copy of that Transfer Certificate.

  

	29.4	Limitation of responsibility of Existing Lender 

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender is not responsible to a New Lender for the legality, validity, adequacy, accuracy, completeness or performance of:

  

	 	(i)	any Finance Document or any other document; or 

  

	 	(ii)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document, 

 and any representations or warranties implied by law are excluded. 
  

	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial condition and
affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in this Agreement; and 

  

	 	(ii)	has not relied exclusively on any information supplied to it by the Existing Lender in connection with any Finance Document. 

  

	 	(c)	Nothing in any Finance Document requires an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause; or 

  

	 	(ii)	support any losses incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under any Finance Document or otherwise. 

 

	29.5	Costs resulting from change of Lender or Facility Office 

 If: 
  

	 	(a)	a Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its Facility Office or has its obligations fulfilled through an Affiliate as
contemplated by Clause 29.7 (Affiliates of Lender); and 

  

 94 

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to pay a Tax Payment or an Increased Cost,

 then, unless the assignment, transfer or change is made by a Lender to mitigate any circumstances giving rise to the Tax
Payment, Increased Cost or a right to be prepaid and/or cancelled by reason of illegality, the Obligor need only pay that Tax Payment or Increased Cost to the same extent that it would have been obliged to if no assignment, transfer or change had
occurred. 
  

	29.6	Changes to the Reference Banks 

 If a Reference Bank
(or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent must, with the consent of the Company appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.

  

	29.7	Affiliates of Lenders 

  

	 	(a)	Any Lender (the Principal Lender) may identify a person who may be made responsible for certain of its obligations in relation to a Loan provided that:

  

	 	(i)	such person is an Affiliate or branch of the Principal Lender; 

  

	 	(ii)	an Affiliated Lender Participation (as defined in paragraph (b) below) by such person will not result in any additional costs for any Obligor; 

  

	 	(iii)	such person is a Swiss Qualifying Lender; and 

  

	 	(iv)	such person has acceded to this Agreement by executing an Affiliated Lender Accession Certificate. 

 In respect of any Principal Lender, any person so identified by the Principal Lender in accordance with this paragraph (a) shall be an Affiliated
Lender. 
  

	 	(b)	Any Principal Lender may procure, subject to the terms of this Agreement, that its Affiliated Lender shall participate in, or be responsible for the Principal Lender’s
proportion of, a Loan (an Affiliated Lender Participation), provided that such Affiliate Lender Participation will not result in any additional costs for any Obligor, and, to the extent such Principal Lender so procures, that Affiliated
Lender shall be responsible for the performance or non-performance of all obligations of its Principal Lender in respect of such Affiliated Lender Participation. The Principal Lender shall remain responsible for its Commitment.

  

 95 

	 	(c)	The Principal Lender shall notify the Facility Agent and the Company on or before a Loan of the identity of any relevant Affiliated Lender taking an Affiliated Lender Participation
in such Loan. Such notice may be given in the Affiliated Lender Accession Certificate or on a case by case basis. 

  

	 	(d)	An Affiliated Lender shall not have any Commitment but shall be entitled to all rights (other than any voting rights in connection with any Finance Document which shall be deemed to
remain with its Principal Lender) and obligations of, and be treated as, a Lender under the Finance Documents to the extent of its Affiliated Lender Participation. 

  

	 	(e)	The Facility Agent shall, as soon as reasonably practicable after receipt by it of a duly completed Affiliated Lender Accession Certificate appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Affiliated Lender Accession Certificate without the need to obtain the consent of any other Party. 

  

	 	(f)	An Affiliated Lender shall immediately cease to be a Lender if it gives written notice of its wish to do so to the Facility Agent and at that time it has no outstanding Affiliated
Lender Participation. 

  

	29.8	Additional Borrowers 

  

	 	(a)	The Company may, by giving not less than 10 Business Days prior notice to the Facility Agent, notify the Facility Agent (which must promptly notify the Lenders) of its intention to
request one of its Subsidiaries to become an Additional Borrower. 

  

	 	(b)	If the accession of an Additional Borrower requires any Finance Party to carry out know your customer requirements in circumstances where the necessary information is not already
available to it, the Company must promptly on request by any Finance Party supply to that Finance Party any documentation or other evidence which is reasonably requested by that Finance Party (whether for itself, on behalf of any Finance Party or
any prospective new Lender) to enable a Finance Party or prospective new Lender to carry out and be satisfied with the results of all applicable know your customer requirements. 

  

	 	(c)	If one of the Subsidiaries of the Company is to become an Additional Borrower, then the Company must (following consultation with the Facility Agent) deliver to the Facility Agent
the relevant documents and evidence listed in Part 2 of Schedule 2 (Conditions precedent documents). 

  

	 	(d)	The prior consent of the Majority Lenders is required if the Additional Borrower is incorporated in a jurisdiction within the European Union other than the Netherlands, Switzerland,
Luxembourg, France, Belgium or the United Kingdom. The prior consent of all the Lenders is required if the Additional Borrower is incorporated in a jurisdiction outside the European Union. 

  

 96 

	 	(e)	The relevant Subsidiary will become an Additional Borrower when the Facility Agent notifies the other Finance Parties and the Company that it has received all of the documents and
evidence referred to in paragraph (c) above in form and substance reasonably satisfactory to it. The Facility Agent must give this notification as soon as reasonably practicable after being so satisfied. 

  

	 	(f)	Delivery of an Accession Agreement, executed by the relevant Subsidiary and the Company, to the Facility Agent constitutes confirmation by that Subsidiary that the Repeating
Representations and, in the case of that Subsidiary being Arcelor Finance, the Arcelor Finance Representations, are then correct. 

  

	29.9	Substitute Borrower 

  

	 	(a)	The Company may transfer all or any part of any outstanding Loans made to it as a Borrower under this Agreement (which shall exclude for the avoidance of doubt any of its rights and
obligations under Clause 17 (Guarantee and indemnity)) to an Additional Borrower. 

  

	 	(b)	Each Lender hereby instructs the Facility Agent to sign any document on its behalf including, without limitation, any novation agreement, reasonably required to effect the transfer
referred to in paragraph (a) (the Transfer Documentation). 

  

	 	(c)	Upon the execution of such Transfer Documentation: 

  

	 	(i)	the Company shall be released from all obligations as a Borrower in respect of the outstanding Loans specified in the relevant Transfer Documentation (the Transferred Loans)
and its rights as a Borrower in respect of the Transferred Loans shall be cancelled (such obligations and rights together being the Discharged Rights and Obligations, which shall exclude for the avoidance of doubt the Company’s
obligations and/or rights under Clause 17 (Guarantee and indemnity) or otherwise under this Agreement in its capacity as Company); 

  

	 	(ii)	the Additional Borrower shall assume obligations and/or acquire rights against the Parties which differ from the Discharged Rights and Obligations only insofar as the Additional
Borrower assumed and/or acquired the same in place of the Company; 

  

	 	(iii)	any guarantees or indemnities under this Agreement securing the Discharged Rights and Obligations shall secure the new rights and obligations contemplated in paragraph
(ii) above; 

  

	 	(iv)	the Additional Borrower and the Parties shall acquire the same rights and assume the same obligations between themselves under the Agreement as they would have acquired and assumed
had the Additional Borrower been a Borrower under the Facility of the Transferred Loans on the date each of the Transferred Loans were made; and 

  

 97 

	 	(v)	the Company and the Additional Borrower will be deemed to have confirmed that the Repeating Representations are then correct and, in the case of that Additional Borrower being
Arcelor Finance, the Company and the Additional Borrower will also be deemed to have confirmed that the Arcelor Finance Representations are then correct. 

  

	29.10	Resignation of a Borrower (other than the Company) 

  

	 	(a)	The Company may request that a Borrower (other than the Company) ceases to be a Borrower by giving to the Facility Agent a duly completed Resignation Request.

  

	 	(b)	The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance, unless: 

  

	 	(i)	it is aware that a Default is outstanding or would result from the acceptance of the Resignation Request; or 

  

	 	(ii)	any amount owed by that Borrower under this Agreement is still outstanding. 

  

	 	(c)	The Borrower will cease to be a Borrower when the Facility Agent gives the notification referred to in paragraph (b) above. A Borrower (other than the Company) may also cease
to be a Borrower in any other manner approved by the Majority Lenders. 

  

	29.11	Additional Guarantors 

  

	 	(a)	The Company may, by giving not less than 10 Business Days prior notice to the Facility Agent, notify the Facility Agent (which must promptly notify the Lenders) of its intention to
request one of its Subsidiaries (other than a Subsidiary incorporated in Switzerland) to become an Additional Guarantor. 

  

	 	(b)	If the accession of an Additional Guarantor requires any Finance Party to carry out know your customer requirements in circumstances where the necessary information is not already
available to it, the Company must promptly on request by any Finance Party supply to that Finance Party any documentation or other evidence which is reasonably requested by that Finance Party (whether for itself, on behalf of any Finance Party or
any prospective new Lender) to enable a Finance Party or prospective new Lender to carry out and be satisfied with the results of all applicable know your customer requirements. 

  

	 	(c)	If one of the Subsidiaries of the Company is to become an Additional Guarantor, then the Company must (following consultation with the Facility Agent) deliver to the Facility Agent
the relevant documents and evidence listed in Part 3 of Schedule 2 (Conditions precedent documents). 

  

	 	(d)	 The relevant Subsidiary will become an Additional Guarantor when the Facility Agent notifies the other Finance Parties and the Company that it has received all

  

 98 

	 	 
of the documents and evidence referred to in paragraph (c) above in form and substance reasonably satisfactory to it. The Facility Agent must give this
notification as soon as reasonably practicable after being so satisfied. 

  

	29.12	Resignation of a Guarantor (other than the Company) 

  

	 	(a)	The Company may request that a Guarantor (other than the Company) ceases to be a Guarantor by giving to the Facility Agent a duly completed Resignation Request.

  

	 	(b)	The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance, unless: 

  

	 	(i)	it is aware that a Default is outstanding or would result from the acceptance of the Resignation Request; or 

  

	 	(ii)	any amount owed by that Guarantor under this Agreement is still outstanding. 

  

	 	(c)	The Guarantor will cease to be a Guarantor when the Facility Agent gives the notification referred to in paragraph (b) above. A Guarantor (other than the Company) may also
cease to be a Guarantor in any other manner approved by the Majority Lenders. 

  

	
30.	DISCLOSURE OF INFORMATION 

  

	 	(a)	Each Finance Party must keep confidential any information supplied to it in any form by or on behalf of any Obligor in connection with the Finance Documents (including, without
limitation, information relating to the Group or any member of the Group supplied in such connection). However, a Finance Party is entitled to disclose information: 

  

	 	(i)	which is publicly available, other than as a result of a breach by that Finance Party of this Clause; 

  

	 	(ii)	if required to do so under any law or regulation; 

  

	 	(iii)	to the extent considered reasonably necessary by such Finance Party to prosecute or defend any legal or arbitration proceedings relating to any of the Finance Documents or the
transactions contemplated thereby; 

  

	 	(iv)	to a governmental, banking, taxation or other regulatory authority; 

  

	 	(v)	to its professional advisers; 

  

	 	(vi)	to the extent allowed under paragraph (b) below; 

  

	 	(vii)	to another Obligor; or 

  

 99 

	 	(viii)	with the agreement of the relevant Obligor. 

  

	 	(b)	A Finance Party may disclose to an Affiliate or any person with whom it may enter, or has entered into, any kind of transfer, participation or other agreement in relation to this
Agreement (a participant), but only for the purpose of such transfer, participation or other agreement: 

  

	 	(i)	a copy of any Finance Document; and 

  

	 	(ii)	any information which that Finance Party has acquired under or in connection with any Finance Document. 

 However, before a participant may receive any confidential information, it must agree with the relevant Finance Party to keep that information
confidential on the terms of paragraph (a) above or on the terms of a confidentiality undertaking substantially in the recommended form of the Loan Market Association as at the date of this Agreement. 
  

	 	(c)	This Clause supersedes any previous confidentiality undertaking given by a Finance Party in connection with this Agreement prior to it becoming a Party. 

  

	 	(d)	Each Finance Party must take any reasonable steps required (if any): 

  

	 	(i)	to ensure that any information supplied to it by or on behalf of any Obligor in connection with the Finance Documents is protected with security measures and a degree of care that
would apply to that Finance Party’s own confidential information; 

  

	 	(ii)	to use such information only for the purpose of, or as permitted by, the Finance Documents; and 

  

	 	(iii)	to ensure that any person to whom that Finance Party passes any such information (unless disclosed under paragraphs (a)(iii) or (iv) of Clause 30 (Disclosure of information)
acknowledges and complies with the provisions of Clause 30(a) as if that person were also bound by it. 

  

	
31.	SET-OFF 

 Whilst an Event of Default is outstanding,
a Finance Party may set off any matured obligation owed to it by an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of
the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of
the set-off. That Finance Party shall promptly notify that Obligor and the Facility Agent of any such set-off and/or conversion. 
  

 100 

	
32.	PRO RATA SHARING 

  

	32.1	Redistribution 

 If any amount owing by an Obligor
under this Agreement to a Lender (the recovering Lender) is discharged by payment, set-off or any other manner other than through the Facility Agent under this Agreement (a recovery), then: 
  

	 	(a)	the recovering Lender must, within three Business Days, supply details of the recovery to the Facility Agent; 

  

	 	(b)	the Facility Agent must calculate whether the recovery is in excess of the amount which the recovering Lender would have received if the recovery had been received and distributed
by the Facility Agent under this Agreement; and 

  

	 	(c)	the recovering Lender must pay to the Facility Agent an amount equal to the excess (the redistribution). 

  

	32.2	Effect of redistribution 

  

	 	(a)	The Facility Agent must treat a redistribution as if it were a payment by the relevant Obligor under this Agreement and distribute it among the Lenders, other than the recovering
Lender, accordingly. 

  

	 	(b)	When the Facility Agent makes a distribution under paragraph (a) above, the recovering Lender will be subrogated to the rights of the Finance Parties which have shared in that
redistribution. 

  

	 	(c)	If and to the extent that the recovering Lender is not able to rely on any rights of subrogation under paragraph (b) above, the relevant Obligor will owe the recovering Lender
a debt which is equal to the redistribution, immediately payable and of the type originally discharged. 

  

	 	(d)	If: 

  

	 	(i)	a recovering Lender must subsequently return a recovery, or an amount measured by reference to a recovery, to an Obligor; and 

  

	 	(ii)	the recovering Lender has paid a redistribution in relation to that recovery, 

 each Finance Party must reimburse the recovering Lender all or the appropriate portion of the redistribution paid to that Finance Party, together with interest for the period while it held the redistribution. In this
event, the subrogation in paragraph (b) above will operate in reverse to the extent of the reimbursement. 
  

 101 

	32.3	Exceptions 

 Notwithstanding any other term of this
Clause, a recovering Lender need not pay a redistribution to the extent that: 
  

	 	(a)	it would not, after the payment, have a valid claim against the relevant Obligor in the amount of the redistribution; or 

  

	 	(b)	it would be sharing with another Finance Party any amount which the recovering Lender has received or recovered as a result of legal or arbitration proceedings, where:

  

	 	(i)	the recovering Lender notified the Facility Agent of those proceedings; and 

  

	 	(ii)	the other Finance Party had an opportunity to participate in those proceedings but did not do so or did not take separate legal or arbitration proceedings as soon as reasonably
practicable after receiving notice of them. 

  

	
33.	AGREEMENT TO AMEND 

 Each Lender that is also a
lender under the Company’s US$3,200,000,000 Credit Facility dated 7 April 2005 agrees to amend clauses 8 (Prepayment and cancellation) (to the extent it relates to mandatory prepayments), 17 (Representations), 18 (Information covenants),
19 (Financial covenants), 20 (General covenants) and 21 (Default) of that facility agreement (the Amendment Clauses), together with related definitions and other related provisions, to conform in all material respects with the equivalent
provisions of this Agreement and hereby instructs HSBC Bank plc in its capacity as facility agent under that facility agreement to sign any amendment agreement to effect any such amendments in accordance with clause 27 thereof, provided that such
amendments come into effect within 60 days of the date of this Agreement (after the expiry of which the Lenders shall have no further obligation under this Clause 33). 
 Such agreement and instruction remains subject to each Lender’s approval of the amendment documentation with the exception of the amendments to the Amendment Clauses and related definitions which shall be
considered as agreed on the date of this Agreement. The approval of each Lender of the amendment documentation shall not be unreasonably withheld or delayed and each Lender shall act in good faith. 
  

	
34.	SEVERABILITY 

 If a term of a Finance Document is or
becomes illegal, invalid or unenforceable in any jurisdiction, that will not affect: 
  

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other term of the Finance Documents; or 

  

 102 

	 	(b)	the legality, validity or enforceability in other jurisdictions of that or any other term of the Finance Documents. 

  

	
35.	COUNTERPARTS 

 Each Finance Document may be executed
in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 
  

	
36.	NOTICES 

  

	36.1	In writing 

  

	 	(a)	Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be given: 

  

	 	(i)	in person, by post or fax or any other communication approved by the Facility Agent; or 

  

	 	(ii)	if between the Facility Agent and a Lender and the Facility Agent and the Lender agree, by e-mail or other electronic communication. 

  

	 	(b)	For the purpose of the Finance Documents, an electronic communication will be treated as being in writing. 

  

	 	(c)	Unless it is agreed to the contrary, any consent or agreement required under a Finance Document must be given in writing. 

  

	36.2	Contact details 

  

	 	(a)	Except as provided below, the contact details of each Party for all communications in connection with the Finance Documents are those notified by that Party for this purpose to the
Facility Agent on or before the date it becomes a Party. 

  

	 	(b)	The contact details of the Company for this purpose are: 

  

			
	Address:	  	 Mittal Steel Company
 N.V. Hofplein 20, 15th
Floor
 3032 AC Rotterdam
 The Netherlands

		
	Fax number:	  	+ 31 10 217 8850 (with a copy to + 352 4792 2189 and + 33 1 7192 1005)
		
	Attention:	  	Funding Department

  

	 	(c)	The contact details of the Facility Agent for this purpose are: 

  

 103 

	 	(i)	For operational duties (such as drawdowns, interest rate fixing, interest / fee calculations and payments): 

 The Royal Bank of Scotland plc 
 Level 3

 2 1/2 Devonshire Square 
 London EC2M 4XJ 
 Attention:        Loans Administration / LAU 
 Fax number:    + 44 20 7615 7673 
  

	 	(ii)	For non-operational matters (such as documentation, covenant compliance, amendments and waivers): 

 The Royal Bank of Scotland plc 
 Level 7

 135 Bishopsgate 
 London EC2M
3UR 
 Attention:        Tony O’Flynn, Manager, Syndicated Loans Agency 
 Telephone number:    + 44 20 7085 6799 
 Fax number:               + 44 20 7085 4564 
 Email address:            Anthony.O’Flynn@rbos.com 
  

	 	(d)	Any Party may change its contact details by giving five Business Days’ notice to the Facility Agent or (in the case of the Facility Agent) to the other Parties.

  

	 	(e)	Where a Party nominates a particular department or officer to receive a communication, a communication will not be effective if it fails to specify that department or officer.

  

	36.3	Effectiveness 

  

	 	(a)	Except as provided below, any communication in connection with a Finance Document will be deemed to be given as follows: 

  

	 	(i)	if delivered in person, at the time of delivery; 

  

	 	(ii)	if posted, five days after being deposited in the post, postage prepaid, in a correctly addressed envelope; 

  

	 	(iii)	if by fax, when received in legible form; and 

  

	 	(iv)	if by e-mail or any other electronic communication, when received in legible form. 

  

 104 

	 	(b)	A communication given under paragraph (a) above but received on a non-working day or after business hours in the place of receipt will only be deemed to be given on the next
working day in that place. 

  

	 	(c)	A communication to the Facility Agent will only be effective on actual receipt by it. 

  

	36.4	Obligors 

  

	 	(a)	All communications under the Finance Documents to or from an Obligor must be sent through the Facility Agent. 

  

	 	(b)	All communications under the Finance Documents to or from an Obligor (other than the Company) must be sent through the Company. 

  

	 	(c)	Each Obligor (other than the Company) irrevocably appoints the Company to act as its agent: 

  

	 	(i)	to give and receive all communications under the Finance Documents; 

  

	 	(ii)	to supply all information concerning itself to any Finance Party; and 

  

	 	(iii)	to sign all documents under or in connection with the Finance Documents. 

  

	 	(d)	Any communication given to the Company in connection with a Finance Document will be deemed to have been given also to the other Obligors. 

  

	 	(e)	The Facility Agent may assume that any communication made by the Company is made with the consent of each other Obligor. 

  

	
37.	LANGUAGE 

  

	 	(a)	Any notice given in connection with a Finance Document must be in English. 

  

	 	(b)	Any other document provided in connection with a Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English and if required by the Facility Agent, accompanied by a certified English translation. In this case, the English translation prevails unless the document is a
statutory or other official document. 

  

	
38.	GOVERNING LAW 

 This Agreement is governed by
English law. 
  

 105 

	
39.	ENFORCEMENT 

  

	39.1	Jurisdiction 

  

	 	(a)	The English courts have exclusive jurisdiction to settle any dispute in connection with any Finance Document. 

  

	 	(b)	The English courts are the most appropriate and convenient courts to settle any such dispute and each Obligor waives objection to those courts on the grounds of inconvenient forum
or otherwise in relation to proceedings in connection with any Finance Document. 

  

	 	(c)	This Clause 39.1 is for the benefit of the Finance Parties only. To the extent allowed by law, a Finance Party may take: 

  

	 	(i)	proceedings in any other court; and 

  

	 	(ii)	concurrent proceedings in any number of jurisdictions. 

  

	39.2	Service of process 

  

	 	(a)	Each Obligor irrevocably appoints Mittal Steel Company Limited, 7th Floor, Berkeley Square House, Berkeley Square, London W1J 6DA as its agent under the Finance Documents for
service of process in any proceedings before the English courts. 

  

	 	(b)	If any person appointed as process agent is unable for any reason to act as agent for service of process, the Company (on behalf of all the Obligors) must immediately appoint
another agent on terms reasonably acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose. 

  

	 	(c)	Each Obligor agrees that failure by a process agent to notify it of any process will not invalidate the relevant proceedings. 

  

	 	(d)	This Clause does not affect any other method of service allowed by law. 

  

	
40.	WAIVER OF IMMUNITY 

 Each Obligor irrevocably and
unconditionally: 
  

	 	(a)	agrees not to claim any immunity from proceedings brought by a Finance Party against it in relation to a Finance Document and to ensure that no such claim is made on its behalf;

  

	 	(b)	for the purposes of section 13(3) of the State Immunity Act 1978, consents generally to the giving of any relief or the issue of any process in connection with those proceedings;
and 

  

 106 

	 	(c)	waives all rights of immunity in respect of it or its assets. 

  

	
41.	COMPLETE AGREEMENT 

 The Finance Documents contain
the complete agreement between the Parties on the matters to which they are related and supersede all prior commitments, agreements and understandings, whether written or oral, on those matters. 
 This Agreement has been entered into on the date stated at the beginning of this Agreement. 
  

 107 

 
SCHEDULE 1 
 ORIGINAL LENDERS 
  

					
	 Name of Original Lender
	  	Term Loan
Commitment (euro)	  	Revolving Credit
Commitment (euro)
	 Banco Bilbao Vizcaya Argentaria, S.A., Paris Branch
	  	515,000,000.00	  	215,000,000.00
			
	 Banco Santander Central Hispano SA
	  	515,000,000.00	  	215,000,000.00
			
	 BNP Paribas
	  	515,000,000.00	  	215,000,000.00
			
	 CALYON
	  	515,000,000.00	  	215,000,000.00
			
	 Citibank N.A., London Branch
	  	515,000,000.00	  	215,000,000.00
			
	 Commerzbank Aktiengesellschaft
	  	515,000,000.00	  	215,000,000.00
			
	 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
	  	515,000,000.00	  	215,000,000.00
			
	 Credit Industriel et Commercial
	  	515,000,000.00	  	215,000,000.00
			
	 Deutsche Bank AG, London Branch
	  	515,000,000.00	  	215,000,000.00
			
	 Fortis Bank (Nederland) N.V.
	  	515,000,000.00	  	215,000,000.00
			
	 HSBC Bank plc
	  	515,000,000.00	  	215,000,000.00
			
	 ING Bank N.V.
	  	515,000,000.00	  	215,000,000.00
			
	 JPMorgan Chase Bank, N.A.
	  	515,000,000.00	  	215,000,000.00
			
	 Natixis
	  	515,000,000.00	  	215,000,000.00
			
	 The Royal Bank of Scotland plc
	  	515,000,000.00	  	215,000,000.00
			
	 Société Générale
	  	515,000,000.00	  	215,000,000.00
			
	 Bank Austria Creditanstalt AG
	  	264,500,000.00	  	110,500,000.00
			
	 HVB Banque Luxembourg Société Anonyme
	  	250,500,000.00	  	104,500,000.00
			
	 Lloyds TSB Bank plc
	  	433,000,000.00	  	181,000,000.00

  

 108 

							
	 Name of Original Lender
	  	Term Loan
Commitment (euro)	  	Revolving Credit
Commitment (euro)
	 ABN AMRO Bank N.V.
	  	 	374,000,000.00	  	 	156,000,000.00
			
	 Banca Intesa SpA
	  	 	374,000,000.00	  	 	156,000,000.00
			
	 Barclays Bank PLC
	  	 	374,000,000.00	  	 	156,000,000.00
			
	 Dexia Banque Internationale à Luxembourg société anonyme
	  	 	374,000,000.00	  	 	156,000,000.00
			
	 The Bank of Toyko-Mitsubishi UFJ, Ltd.
	  	 	329,000,000.00	  	 	135,000,000.00
			
	 Caja de Ahorros y Monte de Piedad de Madrid
	  	 	329,000,000.00	  	 	135,000,000.00
			
	 Goldman Sachs Credit Partners L.P.
	  	 	329,000,000.00	  	 	135,000,000.00
			
	 Mizuho Corporate Bank Nederland N.V.
	  	 	329,000,000.00	  	 	135,000,000.00
		  	 	 	  	 	 
			
	 TOTAL
	  	€	12,000,000,000.00	  	€	5,000,000,000.00
		  	 	 	  	 	 

  

 109 

 
SCHEDULE 2 
 CONDITIONS PRECEDENT DOCUMENTS 
 PART 1 
 TO BE DELIVERED BEFORE THE
FIRST REQUEST 
 The Company 
  

	1.	A copy of the constitutional documents of the Company including an extract of the registration of the Company in the trade register of the chamber of commerce.

  

	2.	A copy of a resolution of the board of directors of the Company approving the terms of, and the transactions contemplated by, this Agreement. 

  

	3.	A specimen of the signature of each person authorised on behalf of the Company: 

  

	 	(a)	to execute or witness the execution of any Finance Document or to sign or send any document or notice in connection with any Finance Document; and 

  

	 	(b)	to sign any Request. 

  

	4.	A certificate of an authorised signatory of the Company: 

  

	 	(a)	confirming that utilising the Total Commitments in full and giving the guarantee under Clause 17 (Guarantee and Indemnity) would not breach any borrowing, guaranteeing or other
limit binding on it; and 

  

	 	(b)	certifying that each copy document specified in Part 1 of this Schedule is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

  

	5.	Evidence that the agent of the Company under the Finance Documents for service of process in England has accepted its appointment. 

 Legal opinions 
  

	6.	A legal opinion of Linklaters, legal advisers in England to the Facility Agent, addressed to the Finance Parties. 

  

	7.	A legal opinion of Linklaters, legal advisers in the Netherlands to the Facility Agent, addressed to the Finance Parties. 

 Other documents and evidence 
  

	8.	Evidence that all fees and expenses then due and payable from the Company under the Finance Documents have been or will be paid by the first Utilisation Date.

  

 110 

	9.	This Agreement and each Fee Letter, duly executed by the Company. 

  

	10.	Evidence reasonably satisfactory to the Facility Agent that all of the Existing Facilities will be repaid and cancelled in full on the date the first Loan(s) under the Facilities
are made. 

  

	11.	A Compliance Certificate confirming compliance with Clause 20.3 (Financial covenant) as at the first Utilisation Date and taking into account all Loans to be made on the first
Utilisation Date and based on the figures set out in the Original Financial Statements. 

  

	12.	A copy of the Original Financial Statements. 

  

 111 

 PART 2 
 FOR AN ADDITIONAL BORROWER 
 Additional Borrower 
  

	1.	An Accession Agreement, duly executed by the Company and the Additional Borrower. 

  

	2.	A copy of the constitutional documents of the Additional Borrower. 

  

	3.	A copy of a resolution of the board of directors, or any other competent corporate body, of the Additional Borrower approving the terms of, and the transactions contemplated by, the
Accession Agreement. 

  

	4.	A specimen of the signature of each person authorised on behalf of the Additional Borrower to execute or witness the execution of any Finance Document or to sign or send any
document or notice in connection with any Finance Document. 

  

	5.	A certificate of an authorised signatory of the Additional Borrower: 

  

	 	(a)	confirming that utilising the Total Commitments in full would not breach any limit binding on it; and 

  

	 	(b)	certifying that each copy document specified in Part 2 of this Schedule is correct, complete in all material respects and in full force and effect as at a date no earlier than the
date of the Accession Agreement. 

  

	6.	If available, a copy of the latest audited accounts of the Additional Borrower. 

  

	7.	In the case of an Additional Borrower incorporated in France, a certified copy of a certificate of incorporation (extrait kbis) dated no earlier than two weeks prior to the
date of the Accession Agreement. 

  

	8.	In the case of an Additional Borrower incorporated in the Netherlands: 

  

	 	(a)	if required by the articles of association of such Additional Borrower: 

  

	 	(i)	a copy of a resolution of its general meeting of shareholders; and 

  

	 	(ii)	a copy of a resolution of its board of supervisory directors (if applicable), 

 approving its execution of the Accession Agreement and the terms of, and the transactions contemplated by, this Agreement; and 
  

	 	(b)	a copy of a concurring advice of any works council which has advisory rights in respect of the transactions contemplated in this Agreement. 

  

	9.	In the case of an Additional Borrower incorporated in Belgium, a copy of a resolution of the shareholders’ meeting of such Additional Borrower approving Clause 8.3 (Mandatory
prepayment - change of control) in accordance with Article 556 of the Belgian Companies Code. 

  

 112 

	10.	In the case of an Additional Borrower incorporated in the Grand Duchy of Luxembourg: 

  

	 	(a)	a copy of the restated certification of incorporation; and 

  

	 	(b)	an up-to-date excerpt issued by the Register of Commerce. 

  

	11.	In the case of an Additional Borrower incorporated in Switzerland: 

  

	 	(a)	a copy of its articles of association; and 

  

	 	(b)	a certified copy of an excerpt from the Commercial Registry. 

 Legal
opinions 
  

	12.	A legal opinion of legal advisers to the Facility Agent, addressed to the Finance Parties. 

  

	13.	If the Additional Borrower is incorporated in a jurisdiction other than England, a legal opinion from legal advisers in that jurisdiction, addressed to the Finance Parties.

 Other documents and evidence 
  

	14.	Evidence that all expenses due and payable from the Company under this Agreement in respect of the Accession Agreement have been paid. 

  

	15.	A copy of any other authorisation or other document, opinion or assurance which the Facility Agent has notified the Company is necessary in connection with the entry into and
performance of, and the transactions contemplated by, the Accession Agreement or for the validity and enforceability of any Finance Document. 

  

 113 

 PART 3 
 FOR AN ADDITIONAL GUARANTOR 
 Additional Guarantor 
  

	1.	An Accession Agreement, duly executed by the Company and the Additional Guarantor. 

  

	2.	A copy of the constitutional documents of the Additional Guarantor. 

  

	3.	A copy of a resolution of the board of directors, or any other competent corporate body, of the Additional Guarantor approving the terms of, and the transactions contemplated by,
the Accession Agreement. 

  

	4.	A specimen of the signature of each person authorised on behalf of the Additional Guarantor to execute or witness the execution of any Finance Document or to sign or send any
document or notice in connection with any Finance Document. 

  

	5.	A certificate of an authorised signatory of the Additional Guarantor: 

  

	 	(a)	confirming that guaranteeing the Total Commitments would not breach any limit binding on it; and 

  

	 	(b)	certifying that each copy document specified in Part 3 of this Schedule is correct, complete in all material respects and in full force and effect as at a date no earlier than the
date of the Accession Agreement. 

  

	6.	If available, a copy of the latest audited accounts of the Additional Guarantor. 

  

	7.	In the case of an Additional Guarantor incorporated in the United Kingdom, a copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor,
approving the terms of, and the transactions contemplated by, this Agreement and the Accession Agreement. 

  

	8.	In the case of an Additional Guarantor incorporated in France, a certified copy of a certificate of incorporation (extrait kbis) dated no earlier than two weeks prior to the
date of the Accession Agreement. 

  

	9.	In the case of an Additional Guarantor incorporated in the Netherlands: 

  

	 	(a)	if required by the articles of association of such Additional Guarantor: 

  

	 	(i)	a copy of a resolution of its general meeting of shareholders; and 

  

	 	(ii)	a copy of a resolution of its board of supervisory directors (if applicable), 

 approving its execution of the Accession Agreement and the terms of, and the transactions contemplated by, this Agreement; and 
  

 114 

	 	(b)	a copy of a concurring advice of any works council which has advisory rights in respect of the transactions contemplated in this Agreement. 

  

	10.	In the case of an Additional Guarantor incorporated in Belgium, a copy of a resolution of the shareholders’ meeting of such Additional Guarantor approving Clause 8.3 (Mandatory
prepayment—change of control) in accordance with Article 556 of the Belgian Companies Code. 

  

	11.	In the case of a Additional Guarantor incorporated in the Grand Duchy of Luxembourg: 

  

	 	(a)	a copy of the restated certification of incorporation; and 

  

	 	(b)	an up-to-date excerpt issued by the Register of Commerce. 

 Legal
opinions 
  

	12.	A legal opinion of legal advisers to the Facility Agent, addressed to the Finance Parties. 

  

	13.	If the Additional Guarantor is incorporated in a jurisdiction other than England, a legal opinion from legal advisers in that jurisdiction, addressed to the Finance Parties.

 Other documents and evidence 
  

	14.	Evidence that all expenses due and payable from the Company under this Agreement in respect of the Accession Agreement have been paid. 

  

	15.	A copy of any other authorisation or other document, opinion or assurance which the Facility Agent has notified the Company is necessary in connection with the entry into and
performance of, and the transactions contemplated by, the Accession Agreement or for the validity and enforceability of any Finance Document. 

  

 115 

 
SCHEDULE 3 
 FORM OF REQUEST 
 To: [·] as Facility Agent 
 From: [            ]

 Date:  [            ] 
 Mittal Steel Company N.V.—€17,000,000,000 Credit Facility Agreement dated 30 November 2006 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Request. Terms defined in the Agreement have the same meaning in this Request unless given a different meaning in this Request.

  

	2.	We wish to borrow a [Term/Revolving] Loan on the following terms: 

  

	(a)	Utilisation Date: [            ] 

  

	(b)	Amount/currency: [            ] 

  

	(c)	Term: [            ]. 

  

	3.	Our payment instructions are: [            ]. 

  

	4.	We confirm that each condition precedent under the Agreement which must be satisfied on the date of this Request is so satisfied. 

  

	5.	This Request is irrevocable. 

 By: 
 [            ] 
  

 116 

 
SCHEDULE 4 
 CALCULATION OF THE MANDATORY COST 
  

	1.	General 

  

	 	(a)	The Mandatory Cost is to compensate a Lender for the cost of compliance with: 

  

	 	(i)	the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces any of its functions); or

  

	 	(ii)	the requirements of the European Central Bank. 

  

	 	(b)	The Mandatory Cost is expressed as a percentage rate per annum. 

  

	 	(c)	The Mandatory Cost is the weighted average (weighted in proportion to the percentage share of each Lender in the relevant Loan) of the rates for the Lenders calculated by the
Facility Agent in accordance with this Schedule on the first day of a Term (or as soon as possible after then). 

  

	 	(d)	The Facility Agent must distribute each amount of Mandatory Cost among the Lenders on the basis of the rate for each Lender. 

  

	 	(e)	Any determination by the Facility Agent pursuant to this Schedule will be, in the absence of manifest error, conclusive and binding on all the Parties. 

  

	2.	For a Lender lending from a Facility Office in the U.K. 

  

	 	(a)	The relevant rate for a Lender lending from a Facility Office in the U.K. is calculated in accordance with the following formulae: 

 for a Loan in Sterling: 
  

									
	 AB + C (B - D) + E x 0.01
	 	percent per annum	 		 		 	
	        100 (A + C)	 	 	 	 

 for any other Loan: 
  

													
	E x 0.1	 	percent per annum	 		 		 		 		 	
	  300	 	 	 	 	 	 

 where on the day of application of the formula: 
  

	 	A	is the percentage of that Lender’s eligible liabilities (in excess of any stated minimum) which the Bank of England requires it to hold on a non-interest-bearing deposit
account in accordance with its cash ratio requirements; 

  

 117 

	 	B	is the percentage rate of LIBOR for the relevant Term; 

  

	 	C	is the percentage (if any) of that Lender’s eligible liabilities which the Bank of England requires it to place as an interest bearing special deposit;

  

	 	D	is the percentage rate per annum payable by the Bank of England on interest bearing special deposits; and 

  

	 	E	is calculated by the Facility Agent as being the average of the rates of charge under the fees rules supplied by the Reference Banks to the Facility Agent under paragraph
(d) below and expressed in pounds per £1 million. 

  

	 	(b)	For the purposes of this paragraph 2: 

  

	 	(i)	eligible liabilities and special deposit(s) have the meanings given to them at the time of application of the formula pursuant to the Bank of England Act 1988 or (as
appropriate) by the Bank of England; 

  

	 	(ii)	fees rules means the then current rules on periodic fees in the Supervision Manual of the FSA Handbook or any other law or regulation as may then be in force for the payment
of fees for the acceptance of deposits; 

  

	 	(iii)	fee tariffs means the fee tariffs specified in the fees rules under fee-block Category A1 (Deposit acceptors) (ignoring any minimum fee or zero rated fee required pursuant to
the fee rules but applying any applicable discount rate); and 

  

	 	(iv)	tariff base has the meaning given to it in, and will be calculated in accordance with, the fees rules. 

  

	 	(c)	(i) In the application of the formulae, A, B, C and D are included as figures and not as percentages, e.g. if A = 0.5% and B = 15%, AB is calculated as 0.5 x 15. A negative result
obtained by subtracting D from B is taken as zero. 

  

	 	(ii)	Each rate calculated in accordance with a formula is, if necessary, rounded upward to four decimal places. 

  

	 	(d)	If requested by the Facility Agent, each Reference Bank must, as soon as practicable after publication by the Financial Services Authority, supply to the Facility Agent the rate of
charge payable by that Reference Bank to the Financial Services Authority under the fees rules for that financial year of the Financial Services Authority (calculated by that Reference Bank as being the average of the fee tariffs applicable to that
Reference Bank for that financial year) and expressed in pounds per £1 million of the tariff base of that Reference Bank. 

  

	 	(e)	Each Lender must supply to the Facility Agent the information required by it to make a calculation of the rate for that Lender. In particular, each Lender must supply the following
information on or prior to the date on which it becomes a Lender: 

  

 118 

	 	(i)	the jurisdiction of its Facility Office; and 

  

	 	(ii)	any other information that the Facility Agent reasonably requires for that purpose. 

 Each Lender must promptly notify the Facility Agent of any change to the information supplied to it under this paragraph. 
  

	 	(f)	The percentages of each Lender for the purposes of A and C above and the rates of charge of each Reference Bank for the purpose of E above are determined by the Facility Agent based
upon the information supplied to it under paragraphs (d) and (e) above. Unless a Lender notifies the Facility Agent to the contrary, the Facility Agent may assume that the Lender’s obligations in respect of cash ratio deposits and
special deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Facility Office in the U.K. 

  

	 	(g)	The Facility Agent has no liability to any Party if its calculation over or under compensates any Lender. The Facility Agent is entitled to assume that the information provided by
any Lender or Reference Bank under this Schedule is true and correct in all respects. 

  

	3.	For a Lender lending from a Facility Office in a Participating Member State 

  

	 	(a)	The relevant rate for a Lender lending from a Facility Office in a Participating Member State is the percentage rate per annum notified by that Lender to the Facility Agent. This
percentage rate per annum must be certified by that Lender in its notice to the Facility Agent as its reasonable determination of the cost (expressed as a percentage of that Lender’s share in all Loans made from that Facility Office) of
complying with the minimum reserve requirements of the European Central Bank in respect of Loans made from that Facility Office. 

  

	 	(b)	If a Lender fails to specify a rate under paragraph (a) above, the Facility Agent will assume that the Lender has not incurred any such cost. 

  

	4.	Changes 

  

	 	(a)	The Facility Agent may, after consultation with the Company and the Lenders, determine and notify all the Parties of any amendment to this Schedule which is required to reflect:

  

	 	(i)	any change in law or regulation; or 

  

	 	(ii)	any requirement imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any successor authority). 

 

 119 

	 	(b)	If the Facility Agent, after consultation with the Company, determines that the Mandatory Cost for a Lender lending from a Facility Office in the U.K. can be calculated by reference
to a screen, the Facility Agent may notify all the Parties of any amendment to this Agreement which is required to reflect this. 

  

 120 

 
SCHEDULE 5 
 FORM OF TRANSFER CERTIFICATE 
  

	To:	[·] as Facility Agent 

  

	From:	[EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender) 

  

	Date:	[            ] 

 Mittal Steel Company N.V. – €17,000,000,000 Credit Facility Agreement 
 dated
30 November 2006 (the Agreement) 
 We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning
in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 
  

	1.	In accordance with the terms of the Agreement: 

  

	 	(a)	the Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement specified in the Schedule; 

  

	 	(b)	the Existing Lender is released from all its obligations under the Agreement which correspond to the Existing Lender’s rights specified in the Schedule; and

  

	 	(c)	the New Lender becomes a Lender under the Agreement and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.

  

	2.	The proposed Transfer Date is [            ]. 

  

	3.	On the Transfer Date, the New Lender explicitly declares and represents to the Existing Lender, the other Finance Parties and the Company that is [a Professional Market Party under
the Dutch Exemption Regulation, that it therefore does not benefit from the (creditor) protection under the Dutch Banking Act for non-Professional Market Parties and that it has made its own credit appraisal of the Borrower] [exempted from the
requirement to be a Professional Market Party because it forms part of a closed circle (besloten kring) with the Company] and that it is aware that the Company has relied on such declaration and representation. This representation is made by
the New Lender at the date of this Transfer Certificate and shall be deemed repeated by the New Lender on the Transfer Date. The New Lender is aware that the Company may be in breach of the Dutch Banking Act if this declaration and representation is
untrue. 

  

	4.	The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule. 

  

 121 

	5.	The New Lender explicity declares and represents to the relevant Borrower that it is [not a Qualifying Lender] [a Qualifying Lender (other than a Treaty Lender)] [a Treaty Lender].

  

	[6.	The New Lender expressly declares and represents that the person beneficially entitled to interest payable to the New Lender in respect of an advance under a Finance Document is
either: 

  

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

	 	(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its
chargeable profits (for the purposes of section 11(2) of the Taxes Act) the whole of any share of interest payable in respect of that advance that falls to it by reason of sections 114 and 115 of the Taxes Act; or 

  

	 	 (iii)
	 a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent
establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 11(2) of the Taxes Act) of that company.]1 

  

	7.	The New Lender expressly acknowledges the limitation on the Existing Lender’s obligations set out in Clause 29.4(c) (Limitation of responsibility of Existing Lender).

  

	8.	This Transfer Certificate is governed by English law. 

	 1
	 This paragraph 6 to be used where the New Lender is a UK Non-Bank Lender. 

 

 122 

 THE SCHEDULE 
 Rights and obligations to be transferred by assignment 
 [insert relevant details, including applicable
Commitment (or part)] 
 Administrative details of the New Lender 
 [insert details of Facility Office, address for notices and payment details etc.] 
 For the purpose of
the Dutch Banking Act, the New Lender expressly agrees (uitdrukkelijk instemmen) with the declaration and representation given by it in paragraph 3 of this Transfer Certificate. 
  

					
	[EXISTING LENDER]	 	[NEW LENDER]	 	
			
	By:	 	By:	 	

 The Transfer Date is confirmed by the Facility Agent as
[            ]. 
 [•] 
 as Facility Agent, for and on behalf 
 of each of the parties to the 
 Agreement (other than the Existing Lender and 
 the New Lender) 
 By: 
  

			
	Note:	  	It is the responsibility of each individual New Lender to ascertain whether any other document or formality is required to perfect the transfer contemplated by this Transfer Certificate
including any interest in security.

  

 123 

 
SCHEDULE 6 
 FORM OF COMPLIANCE CERTIFICATE 
  

	To:	[•] as Facility Agent 

  

	From:	Mittal Steel Company N.V. 

  

	Date:	[            ] 

 Mittal Steel Company N.V. – €17,000,000,000 Credit Facility Agreement 
 dated
30 November 2006 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning in this Compliance Certificate unless given a different meaning in
this Compliance Certificate. 

  

	2.	We confirm that as at [relevant testing date]: 

  

	 	(a)	Consolidated EBITDA was [            ]; 

  

	 	(b)	Consolidated Total Net Borrowings are [            ]; therefore, the ratio of Consolidated Total Net Borrowings to
Consolidated EBITDA was [            ] to 1. 

  

	3.	We set out below calculations establishing the figures in paragraph 2 above: 

 [            ]. 
  

	 4.
	 We confirm that no Default is outstanding as at [relevant testing date].1 

  

	
	 MITTAL STEEL COMPANY N.V.

	
	 By:

	
	 By:

	 1
	 If this statement cannot be made, the certificate should identify any Default that is outstanding and
the steps, if any, being taken to remedy it. 

  

 124 

 
SCHEDULE 7 
 FORM OF MARGIN CERTIFICATE 
  

	To:	[·] as Facility Agent 

  

	From:	Mittal Steel Company N.V. 

  

	Date:	[            ] 

 Mittal Steel Company N.V. – €17,000,000,000 Credit Facility Agreement 
 dated
30 November 2006 (the Agreement) 
  

	1.	We refer to the Agreement. This is the Margin Certificate. Terms defined in the Agreement have the same meaning in this Margin Certificate unless given a different meaning in this
Margin Certificate. 

  

	2.	We confirm that as at [date]: 

  

	 	 (a)
	 [the long-term credit rating of the Company with [specify relevant Rating Agencies] is [ ]/[the Company has no long-term
credit rating from [specify relevant Rating Agencies]]1 ; and 

  

	 	(b)	on the basis of the above, the applicable Margin is [ ] per cent. per annum. 

  

	
	 MITTAL STEEL COMPANY N.V.

	
	 By:

	 1
	 Delete as applicable 

  

 125 

 
SCHEDULE 8 
 FORM OF ACCESSION AGREEMENT 
 To: [·] as Facility Agent 
 From: MITTAL STEEL COMPANY N.V. and
[Proposed Borrower/Guarantor] 
 Date: [            ] 
 Mittal Steel Company N.V. – €17,000,000,000 Credit Facility Agreement 
 dated 30 November 2006 (the Agreement) 
 We refer to the Agreement. This is an Accession
Agreement. Terms defined in the Agreement have the same meaning in this Accession Agreement unless given a different meaning in this Accession Agreement. 
 [Name of company] of [address/registered office] agrees to become an Additional [Borrower/Guarantor] and to be bound by the terms of the Agreement as an Additional [Borrower/Guarantor]. 
 [[Name of company] will be a Guaranteed Borrower for the purpose of Clause 17 (Guarantee and indemnity) of the
Agreement.]4 
 [Name of company]’s administrative details are as follows: 
 Address: [ ] 
 Fax number: [ ] 
 Attention: [ ] 
 [This
Accession Agreement is entered into by deed.]5 
 This Accession Agreement is governed by English law. 

 

	 4
	 For an Additional Borrower, other than Arcelor Finance, only. 

	 5
	 For an Additional Guarantor only. 

  

 126 

			
	 [MITTAL STEEL COMPANY N.V.

		
	 By:
	 	
	
	 [PROPOSED BORROWER]

		
	 By:
	 	 ]6

 [IN WITNESS whereof this deed has been executed by the parties and is intended to be and is hereby
delivered on the date first before written. 
 MITTAL STEEL COMPANY N.V. 
  

			
	EXECUTED as a deed and delivered	 	)
	on behalf of	 	)
	MITTAL STEEL COMPANY N.V.	 	)
	a company incorporated in the Netherlands,	 	)
	by                     and
                    ,	 	)
	being persons who, in accordance with	 	)
	the laws of that territory, are acting under	 	)
	the authority of the company, in the	 	)
	presence of:	 	

  

			
	Witness signature:	 	  

		
	Witness name:	 	  

		
	Witness address:	 	  

	  

	 6
	 For an Additional Borrower only. 

  

 127 

 [PROPOSED GUARANTOR] 
  

			
	EXECUTED as a deed and delivered	 	)
	on behalf of	 	)
	[Proposed Guarantor]	 	)
	a company incorporated in [•],	 	)
	by                      and
                    ,	 	)
	being persons who, in accordance with	 	)
	the laws of that territory, are acting under	 	)
	the authority of the company, in the	 	)
	presence of:	 	

  

					
	Witness signature:	 	  
	 	
			
	Witness name:	 	  
	 	
			
	Witness address:	 	  
	 	
	  
	 	]7

	 7
	 For an Additional Guarantor only. 

  

 128 

 
SCHEDULE 9 
 FORM OF RESIGNATION REQUEST 
 To: [·] as Facility Agent 
 From: MITTAL STEEL COMPANY N.V. and
[relevant Borrower/Guarantor] 
 Date: [            ] 
 Mittal Steel Company N.V. – €17,000,000,000 Credit Facility Agreement 
 dated 30 November 2006 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Resignation Request. Terms defined in the Agreement have the same meaning in this Resignation Request unless given a different meaning in this
Resignation Request. 

  

	2.	We request that [resigning Borrower/Guarantor] be released from its obligations as a Borrower under the Agreement. 

  

	3.	We confirm that no Default is outstanding or would result from the acceptance of this Resignation Request. 

  

	4.	We confirm that as at the date of this Resignation Request no amount owed by [resigning Borrower/Guarantor] under the Agreement is outstanding. 

  

	5.	This Resignation Request is governed by English law. 

  

							
	 MITTAL STEEL COMPANY N.V.
	 	[Relevant Borrower/Guarantor]
				
	 By:
	 		 	By:	 	

 The Facility Agent confirms that this resignation takes effect on
[            ]. 
 [·] 
 By: 
  

 129 

 
SCHEDULE 10 
 FORM OF AFFILIATED LENDER ACCESSION CERTIFICATE 
 To: [·] as Facility Agent 
 cc: Mittal Steel Company N.V. 

From: [·] (the Principal Lender) and [·] (the Affiliated Lender) 
 Date: [            ] 
 Mittal Steel Company
N.V. – €17,000,000,000 Credit Facility Agreement 
 dated 30 November 2006 (the Agreement) 
  

	1.	We refer to the Agreement. This is an Affiliated Lender Accession Certificate. Terms defined in the Agreement have the same meaning in this Affiliated Lender Accession Certificate
unless given a different meaning in this Affiliated Lender Accession Certificate. 

  

	2.	We refer to Clause 29.7 (Affiliates of Lenders) of the Agreement. 

  

	3.	The Principal Lender hereby identifies [Affiliated Lender] as its Affiliated Lender [for the purpose of the Loans to be made under [insert name(s) of Facilities] by any Borrower
incorporated in [·]]. 

  

	4.	[Affiliated Lender] hereby (i) confirms it is an Affiliate of the Principal Lender and (ii) agrees to become a party to and to be bound by the terms of the Agreement as an
Affiliated Lender. 

  

	5.	The Facility Office(s) and address, fax number and attention details for notices of the Affiliated Lender for the purposes of Clause 36.2 (Contact details) of the Agreement are as
follows: 

 [Facility Office(s): 
 Address: 
 Fax No: 
 Attention: ] 
  

	6.	This Affiliated Lender Accession Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single
copy of this Affiliated Lender Accession Certificate. 

  

 130 

	7.	This Affiliated Lender Accession Certificate is governed by English law. 

  

							
	 [Principal Lender]
	 	[Affiliated Lender]
				
	 By:
	 		 	By:	 	

 This Affiliated Lender Accession Certificate is accepted by the Facility Agent. 
  

			
	 [Facility Agent]

		
	 By:
	 	

  

 131 

 
SCHEDULE 11 
 FORM OF TAUX EFFECTIF GLOBAL LETTER 

[ON THE LETTERHEAD OF THE FACILITY AGENT] 
 From:
[•] as Facility Agent 
 To:    [Additional Borrower] 
 Date: [·] 
 Dear Sirs, 
 MITTAL STEEL COMPANY N.V. – €17,000,000,000 Credit Facility 
 dated 30 November 2006
(the Agreement) 
 We refer to the Agreement. 
 This is the
letter setting out the applicable effective global rate (taux effectif global) referred to in the Agreement. 
 The applicable taux effectif
global, calculated on the basis of a 365—day year, is: 
  

	•	for the Term of one month and at [LIBOR/EURIBOR] rate of [·] per cent. per annum, [TEG rate to be inserted] per cent. (which corresponds to a taux de période of
[Period rate to be inserted] per cent. for a durée de période of one month; 

  

	•	for a Term of two months and at [LIBOR/EURIBOR] rate of [·] per cent. per annum, [TEG rate to be inserted] per cent. (which corresponds to a taux de période of
[Period rate to be inserted] per cent. for a durée de période of two months; 

  

	•	for a Term of three months and at [LIBOR/EURIBOR] rate of [·] per cent. per annum, [TEG rate to be inserted] per cent. (which corresponds to a taux de période
of [Period rate to be inserted] per cent. for a durée de période of three months; and 

  

	•	for a Term of six months and at [LIBOR/EURIBOR] rate of [·] per cent. per annum, (which corresponds to a taux de période of [Period rate to be inserted] per
cent. for a durée de période of six months. 

 The above rates: 
  

	(a)	are given in order to comply with the provisions of Articles L.313-1, L.313-2, R.313-1 and R.313-2 of the French Consumer Code (Code de la Consommation) and L.313-4 of the
French Monetary and Financial Code (Code Monétaire et Financier) and on an indicative basis and for information only; 

  

	(b)	are calculated on the basis that: 

  

	 	•	drawdown for the full amount of the Facility has been made in euros on [DATE]; 

  

 132 

	 	•	the [LIBOR/EURIBOR] rate, expressed as an annual rate, is as fixed on [DATE]; 

  

	 	•	the Margin is [·]; and 

  

	 	•	take into account the various fees, costs and expenses payable by you under the Agreement. 

 Please confirm your acceptance of the terms of this letter by signing and returning to us the enclosed copy. 
 Yours
faithfully, 
  

					
	  
	 	
	 [•]
 as Facility Agent
	 	
		
	 We agree to the above.
	 	
			
	 By:
	 		 	
		
	  
	 	
	 [Additional Borrower]
	 	

  

 133 

 
SIGNATORIES 
  

			
	 Company

	
	 MITTAL STEEL COMPANY N.V.

		
	 By:
	 	 /s/ E.S. de Vries

		 	E.S. DE VRIES
		
	 By:
	 	 /s/ Sudhir Maheshwari

		 	SUDHIR MAHESHWARI

  

 134 

			
	 Arrangers

	
	 BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

		
	 By:
	 	 /s/ C. Sanchez Tabernero

		 	C. SANCHEZ-TABERNERO
		
		 	 /s/ J.B. Eguilior

		 	J.B. EGUILIOR
	
	BANCO SANTANDER CENTRAL HISPANO S.A., PARIS BRANCH
		
	 By:
	 	 /s/ Alexandre de Lestapis

		 	ALEXANDRE DE LESTAPIS
		
		 	 /s/ Pierre Roserot de Melin

		 	PIERRE ROSEROT DE MELIN
	
	 BNP PARIBAS

		
	 By:
	 	 /s/ Didier Leblanc

		 	DIDIER LEBLANC
		
		 	 /s/ Jean-Marie Pot

		 	JEAN-MARIE POT
	
	 CALYON

		
	 By:
	 	 /s/ Jacques Masson

		 	JACQUES MASSON
		
		 	 /s/ Jerome Bernard

		 	JEROME BERNARD
	
	 CITIGROUP GLOBAL MARKETS LIMITED

		
	 By:
	 	 /s/ Romeet Shankardass

		 	ROMEET SHANKARDASS
	
	COMMERZBANK AKTIENGESELLSCHAFT
		
	 By:
	 	 /s/ Romeet Shankardass

		 	ROMEET SHANKARDASS

  

 135 

			
	 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

		
	 By:
	 	 /s/ J.W. Slooten

		 	J.W. SLOOTEN
		
		 	 /s/ D. Ogilvie

		 	D. OGILVIE
	
	 CREDIT MUTUEL – CIC ACTING THROUGH CREDIT INDUSTRIEL ET COMMERCIAL

		
	 By:
	 	 /s/ Philippe Landron

		 	PHILIPPE LANDRON
		
		 	 /s/ Pierre Latrobe

		 	PIERRE LATROBE
	
	 DEUTSCHE BANK AG, LONDON BRANCH

		
	 By:
	 	 /s/ S Derrick

		 	S DERRICK
		
		 	 /s/ R Sedlacek

		 	R SEDLACEK
	
	 FORTIS BANK (NEDERLAND) N.V.

		
	 By:
	 	 /s/ R.H. Van Limburg Stirum

		 	R.H. VAN LIMBURG STIRUM
		
		 	 /s/ Paul B.J. Van Oorschot

		 	PAUL B.J. VAN OORSCHOT
	
	 HSBC BANK PLC

		
	 By:
	 	 /s/ Mark Heptinstall

		 	MARK HEPTINSTALL
	
	 ING BANK N.V.

		
	 By:
	 	 /s/ E Streng

		 	E STRENG
		
		 	 /s/ P V D Bergh

		 	P V D BERGH

  

 136 

			
	 J.P. MORGAN PLC

		
	 By:
	 	 /s/ M H Rutledge

		 	M H RUTLEDGE
	
	 NATIXIS

		
	 By:
	 	 /s/ Christine Laine

		 	CHRISTINE LAINE
		
		 	 /s/ Patrick Senderens

		 	PATRICK SENDERENS
	
	 THE ROYAL BANK OF SCOTLAND PLC

		
	 By:
	 	 /s/ Sean Malone

		 	SEAN MALONE
	
	 SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING

		
	 By:
	 	 /s/ Jean-Marc Giraud

		 	JEAN-MARC GIRAUD
	
	 BANK AUSTRIA CREDITANSTALT AG

		
	 By:
	 	 /s/ Thomas Klenner

		 	THOMAS KLENNER
		
		 	 /s/ Paul Ionescu

		 	PAUL IONESCU
	
	 HVB BANQUE LUXEMBOURG SOCIÉTÉ ANONYME

		
	 By:
	 	 /s/ Erwin Moos

		 	ERWIN MOOS
		
		 	 /s/ Robert Reidenback

		 	ROBERT REIDENBACK

  

 137 

 Original Lenders 
 For
the purpose of the Dutch Banking Act, 
 each Original Lender expressly agrees 
 (uitdrukkelijk instemmen) with the 
 declaration and representation given by it 
 in Clause 2.3 (Professional Market Party). 
  

					
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., PARIS BRANCH
			
	By:	 	 /s/ Philippe Floriat
	 	
		 	PHILIPPE FLORIAT
			
		 	 /s/ George Martinez
	 	
		 	GEORGE MARTINEZ
	
	BANCO SANTANDER CENTRAL HISPANO SA
			
	By:	 	 /s/ Alexandre De Lestapis
	 	
		 	ALEXANDRE DE LESTAPIS
			
		 	 /s/ Pierre Roserot De Melin
	 	
		 	PIERRE ROSEROT DE MELIN
	
	BNP PARIBAS
			
	By:	 	 /s/ Didier Leblanc
	 	
		 	DIDIER LEBLANC
			
		 	 /s/ Jean-Marie Pot
	 	
		 	JEAN-MARIE POT
		 	
	
	CALYON
			
	By:	 	 /s/ Jacques Masson
	 	
		 	JACQUES MASSON
			
		 	 /s/ Jerome Bernard
	 	
		 	JEROME BERNARD
		 	
	
	CITIBANK N.A., LONDON BRANCH
			
	By:	 	 /s/ Romeet Shankardass
	 	
		 	ROMEET SHANKARDASS

  

 138 

					
	
	COMMERZBANK AKTIENGESELLSCHAFT
			
	By:	 	 /s/ Romeet Shankardass
	 	
		 	ROMEET SHANKARDASS
	
	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
			
	By:	 	 /s/ J. W. Slooten
	 	
		 	J. W. SLOOTEN
			
		 	 /s/ D. Ogilvie
	 	
		 	D. OGILVIE
	
	CREDIT INDUSTRIEL ET COMMERCIAL
			
	By:	 	 /s/ Philippe Landron
	 	
		 	PHILIPPE LANDRON	 	
			
		 	 /s/ Pierre Latrobe
	 	
		 	PIERRE LATROBE	 	
		 		 	
	
	DEUTSCHE BANK AG, LONDON BRANCH
			
	By:	 	 /s/ S Derrick
	 	
		 	S DERRICK	 	
			
		 	 R Sedlacek
	 	
		 	R SEDLACEK	 	
		 		 	
	
	FORTIS BANK (NEDERLAND) N.V.
			
	By:	 	 /s/ R. H. Van Limburg Stirum
	 	
		 	R. H. VAN LIMBURG STIRUM
			
		 	 /s/ Paul B. J. Van Oorschot
	 	
		 	PAUL B. J. VAN OORSCHOT
	
	HSBC BANK PLC
			
	By:	 	 /s/ Mark Heptinstall
	 	
		 	MARK HEPTINSTALL	 	

  

 139 

					
		
	ING BANK N.V.	 	
			
	By:	 	 /s/ E Streng
	 	
		 	E STRENG	 	
			
		 	 /s/ P V D Bergh
	 	
		 	P V D BERGH	 	
	
	JPMORGAN CHASE BANK, N.A.
			
	By:	 	 /s/ M H Rutledge
	 	
		 	M H RUTLEDGE	 	
	
	NATIXIS
			
	By:	 	 /s/ Christine Laine
	 	
		 	CHRISTINE LAINE	 	
			
		 	 /s/ Patrick Senderens
	 	
		 	PATRICK SENDERENS	 	
	
	THE ROYAL BANK OF SCOTLAND PLC
			
	By:	 	 /s/ Sean Malone
	 	
		 	SEAN MALONE	 	
	
	SOCIÉTÉ GÉNÉRALE
			
	By:	 	 /s/ Jean-Marc Giraud
	 	
		 	JEAN-MARC GIRAUD	 	
	
	BANK AUSTRIA CREDITANSTALT AG
			
	By:	 	 /s/ Thomas Klenner
	 	
		 	THOMAS KLENNER	 	
			
	By:	 	 /s/ Paul Ionescu
	 	
		 	PAUL IONESCU	 	

  

 140 

					
	
	HVB BANQUE LUXEMBOURG SOCIÉTÉ ANONYME
			
	By:	 	 /s/ Erwin Moos
	 	
		 	ERWIN MOOS	 	
			
		 	 /s/ Robert Reidenback
	 	
		 	ROBERT REIDENBACK	 	
	
	LLOYDS TSB BANK PLC
			
	By:	 	 /s/ Richard Heath
	 	
		 	RICHARD HEATH	 	
	
	ABN AMRO BANK N.V.
			
	By:	 	 /s/ W Goossens
	 	
		 	W GOOSSENS	 	
			
		 	 /s/ G De Greef
	 	
		 	G DE GREEF	 	
	
	BANCA INTESA SPA
			
	By:	 	 /s/ Melinda Harris
	 	
		 	MELINDA HARRIS	 	
			
		 	 /s/ L. F. Wybraniec
	 	
		 	L. F. WYBRANIEC	 	
	
	BARCLAYS BANK PLC
			
	By:	 	 /s/ Gill Clarke
	 	
		 	GILL CLARKE	 	
	
	DEXIA BANQUE INTERNATIONALE À LUXEMBOURG SOCIÉTÉ ANONYME
			
	By:	 	 /s/ Marc Schronen
	 	
		 	MARC SCHRONEN	 	
			
		 	 /s/ Charles Gosselin
	 	
		 	CHARLES GOSSELIN	 	
	
	THE BANK OF TOYKO-MITSUBISHI UFJ, LTD.
			
	By:	 	 /s/ Andrew Trenouth
	 	
		 	ANDREW TRENOUTH	 	

  

 141 

					
	
	CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID
			
	By:	 	 /s/ N. J. FERRERAS
	 	
		 	N. J. FERRERAS	 	
			
		 	 /s/ E. Gebamanos
	 	
		 	E. GEBAMANOS	 	
	
	GOLDMAN SACHS CREDIT PARTNERS L.P.
			
	By:	 	 /s/ Luke Gillam
	 	
		 	LUKE GILLAM	 	
	
	MIZUHO CORPORATE BANK NEDERLAND N.V.
			
	By:	 	 /s/ Romeet Shankardass
	 	
		 	ROMEET SHANKARDASS	 	

 Facility Agent 
  

					
	THE ROYAL BANK OF SCOTLAND PLC
			
	By:	 	 /s/ Sean Malone
	 	
		 	SEAN MALONE	 	

  

 142Fifth Amended and Restated Registration Rights Agreement dated 09/14/1999

 Exhibit 4.2 
 FIFTH AMENDED AND RESTATED 
 REGISTRATION RIGHTS AGREEMENT 
 MASIMO CORPORATION 
 This Fifth Amended
and Restated Registration Rights Agreement (the “Agreement”) is made and entered into as of September 14, 1999, by and among MASIMO CORPORATION, a Delaware corporation (the “Company”) and the undersigned holders of Series A
Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series E Preferred Stock and Series F Preferred Stock of the Company (collectively, the “Purchasers”). This Agreement restates and amends in full the Registration Rights
Agreement dated October 30, 1991 among the Company and the holders of Series A Preferred Stock of the Company, the First Amended and Restated Registration Rights Agreement dated May 21, 1992 between the Company and the holders of Series A
Preferred Stock and Series B Preferred Stock of the Company, the Second Amended and Restated Registration Rights Agreement dated December 10, 1993 between the Company and the holders of Series A Preferred Stock and Series B Preferred Stock of
the Company, the Third Amended and Restated Registration Rights Agreement dated January 17, 1995 by and among the Company and the holders of Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock and the Fourth Amended
and Restated Registration Rights Agreement dated December 3, 1997 by and among the Company and the holders of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series E Preferred Stock. 
 1. Definitions. As used herein: 
 (a)
The terms “register,” “registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act of 1933, as amended (the “Securities
Act”), and the declaration or ordering of the effectiveness of such registration statement. 
 (b) For the purposes hereof the term
“Registrable Securities” means shares of (i) any and all shares of common stock of the Company issued or issuable upon conversion of the Series A Preferred Stock (the “Series A Shares”), Series B Preferred Stock (the
“Series B Shares”), Series C Preferred Stock (the “Series C Shares”), Series E Preferred Stock (the “Series E Shares”) or Series F Preferred Stock (the “Series F Shares”) of the Company issued as of this date
or at any time hereafter, (ii) shares of stock issued with respect to or in any exchange for or in replacement of stock included in (i) above which have not been resold to the public in a registered public offering, or (iii) shares of
stock issued in respect of the stock referred to in (i) and (ii) as a result of a stock split, stock dividend or the like, which have not been resold to the public in a registered public offering. 
 (c) The terms “Holder” or “Holders” mean any person or persons to whom Registrable Securities were originally issued and who execute
this Agreement or qualifying transferees under Section 11 hereof who hold Registrable Securities. 
 (d) The term “Initiating
Holders” means (i) any Holder or Holders of in the aggregate at least 75% of the Registrable Securities, (ii) any Holder or Holders of at least 75% of the Registrable Securities designated as Series C Shares (iii) any Holder or
Holders of at least 75% of the Registrable Securities designated as Series E Shares or (iv) any Holder or Holders of at least 75% of the Registrable Securities designated as Series F Shares. 

 (e) The term “SEC” means the Securities and Exchange Commission. 
 2. Demand Registration. 
 (a)
Request for Registration. In case the Company shall receive from Initiating Holders a written request that the Company effect any registration, qualification or compliance with respect to all or a part of the Registrable Securities, the
Company will: 
 (i) within ten (10) days after the receipt thereof give written notice of the proposed registration, qualification or
compliance to all other Holders; and 
 (ii) as soon as practicable, use its diligent best efforts to effect all such registration,
qualifications and compliances (including, without limitation, the execution of an undertaking to file post-effective amendments, appropriate qualifications under the applicable blue sky or other state securities laws and appropriate compliance with
exemptive regulations issued under the Securities Act and any other governmental requirements or regulations) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or
Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request given within 30 days after
receipt of such written notice from the Company; provided that the Company shall not be obligated to take any action to effect such registration pursuant to this Section 2: 
 (A) In any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such
registration, qualification or compliance, unless the Company is already subject to service in such jurisdiction and except as required by the Securities Act; or 
 (B) In the case of a request from Initiating Holders described in clause (i) of the definition of Initiating Holders, after the Company has already effected two (2) such registrations pursuant to this
subsection 2(a) and such registrations have been declared or ordered effective; or 
 (C) In the case of a request from Initiating Holders
described in clause (ii), (iii) or clause (iv) of the definition of Initiating Holders, after the Company has already effected one (I) such registration pursuant to this subsection 2(a) and such registration has been declared or
ordered effective. 
 Subject to the foregoing clauses (A) through (C), the Company shall file a registration statement covering the Registrable
Securities so requested to be registered as soon as practical, but in any event within 90 days after receipt of the request or requests of the Initiating Holders; provided, however, that if the Company shall furnish to the Holders a certificate
signed by the President of the Company stating that in the good faith judgment of the Board of Directors it would be seriously detrimental to the Company and its stockholders for such registration statement to be filed at the date filing would be
required and it is therefore essential to defer the filing of such registration statement, 
  

 2 

 the Company shall have an additional period of not more than 60 days after the expiration of the initial 90 day period
within which to file such registration statement. The Company may not provide such a certificate more than once during any 12 month period. 
 (b) Underwriting. If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to
Section 2(a) and the Company shall include such information in the written notice referred to in subsection 2(a)(i). In such event, if so requested in writing by the Company, the Initiating Holders shall negotiate with an underwriter selected
by the Company with regard to the underwriting of such requested registration; provided, however, that if a majority in interest of the Initiating Holders have not agreed with such underwriter as to the terms and conditions of such underwriting
within 20 days following commencement of such negotiations, a majority in interest of the Initiating Holders may select an underwriter of their choice. The right of any Holder to registration pursuant to Section 2 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent
provided herein. The Company shall (together with all Holders proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such
underwriting by a majority in interest of the Initiating Holders. Notwithstanding any other provision of this Section 2, if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of
shares to be underwritten, the Initiating Holders shall so advise all Holders of Registrable Securities who have elected to participate in such offering, and the number of shares of Registrable Securities that may be included in the registration and
underwriting shall be allocated among Holders requesting registration in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Holders. If any Holder of Registrable Securities disapproves of the terms
of the underwriting, he may elect to withdraw therefrom by written notice to the Company, the underwriter and the Initiating Holders. Any Registrable Securities which are excluded from the underwriting by reason of the underwriter’s marketing
limitation or withdrawn from such underwriting shall be withdrawn from such registration. If the underwriter has not limited the number of Registrable Securities to be underwritten, the Company, employees of the Company and other holders of the
Company’s Common Stock may include securities for its (or their) own account in such registration if the underwriter so agrees and if the number of Registrable Securities which would otherwise have been included in such registration and
underwriting will not thereby be limited. 
 3. Company Registration. 
 (a) Notice to Holders. If at any time or from time to time, the Company proposes to register any of its securities, for its own account or the
account of any of its stockholders other than the Holders, other than a registration relating solely to employee stock option or purchase plans, or a registration on Form S-4 relating solely to an SEC Rule 145 transaction, or a registration on any
other form (other than Form S-l, S-2 or S-3, or their successor forms) or any successor to such forms, which does not include substantially the same information as would be required to be included in a registration statement covering the sale of
Registrable Securities, the Company will: 
 (i) promptly give to each Holder written notice thereof (which shall include a list of the
jurisdictions in which the Company intends to attempt to qualify any securities under applicable blue sky or other state securities laws); and 
  

 3 

 (ii) include in such registration (and any related qualification under blue sky laws or other
compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests, made within 30 days after receipt of such written notice from the Company, by any Holder or Holders to be included in
any such registration, except as set forth in subsection 3(b) below. 
 (b) Underwriting. If the registration of which the Company
gives notice is for a registered public offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to subsection 3(a)(i). In such event the right of any Holder to registration pursuant
to Section 3 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute
their securities through such underwriting shall (together with the Company and the holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected
for such underwriting by the Company. Notwithstanding any other provision of this Section 3, if the underwriter determines that marketing factors require a limitation of the number of shares to be underwritten, the underwriter may limit the
number of Registrable Securities and other shares of Common Stock of the Company to be included in the registration and underwriting as well as the number of such shares to be sold by any selling stockholders. In the event of a cutback by the
underwriters of the number of Registrable Securities to be included in the registration and underwriting, the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and the
number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated in proportion to the respective amounts of Registrable Securities held by each of such Holder as of the date of the notice
pursuant to subsection 3(a) above. If any Holder disapproves of the terms of any such underwriting, he may elect to withdraw therefrom by written notice to the Company and the underwriter. Any Registrable Securities excluded or withdrawn from such
underwriting shall be withdrawn from such registration. 
 4. Form S-3. After the Company has qualified as a registrant whose
securities may be sold pursuant to Form S-3, it shall upon the request of any Holder notify such Holder that it so qualifies. After the Company has qualified for the use of Form S-3, Holders of Registrable Securities shall have the right to request
an unlimited number of registrations on Form S-3 (such requests shall be in writing and shall state the number of Registrable Securities to be disposed of and the intended method of disposition of such shares by such Holders), subject only to the
following: 
 (a) The Company shall not be required to effect a registration pursuant to this Section 4 within 90 days of the effective
date of any registration referred to in Sections 2 and 3 above. 
 (b) The Company shall not be required to effect a registration pursuant to
this Section 4 unless the Holder or Holders requesting registration propose to dispose of shares of Registrable Securities having an aggregate disposition price (before deduction of underwriting discounts and expenses of sale) of at least
$500,000. 
  

 4 

 (c) The Company shall not be required to effect more than one registration pursuant to this subsection 4
in any 12 month period. 
 The Company shall promptly give written notice to all Holders of the receipt of a request for registration
pursuant to this subsection 4 and shall provide a reasonable opportunity for such Holders to participate in the registration, provided that if the registration is for an underwritten offering, the terms of subsection 2(b) shall apply to all
participants in such offering. Subject to the foregoing, the Company will use its best efforts to effect promptly the registration of all shares of Registrable Securities on Form S-3 to the extent requested by the Holder or Holders thereof for
purposes of disposition. Any registration pursuant to Section 4 shall not be counted as registration pursuant to Section 2. 
 5.
Expenses of Registration. All reasonable expenses incurred in connection with any registration, qualification or compliance pursuant to this Agreement, including, without limitation, all registration, filing and qualification fees, printing
expenses, reasonable fees and disbursements of counsel for the Company and expenses of any special audits incidental to or required by such registration, shall be borne by the Company except as follows: 
 (a) The Company shall not be required to pay for expenses of any registration proceeding begun pursuant to Section 2, the request for which has been
subsequently withdrawn by the Initiating Holders, in which such case, such expenses shall be borne by the Holders requesting such withdrawal; provided, however, that if such withdrawal is primarily due to a material adverse change in the condition,
business or prospects of the Company from that known to the Holders at the time of their request, then the Company shall be required to pay such expenses and the Holders shall retain their rights pursuant to Section 2. 
 (b) The Company shall not be required to pay fees of legal counsel of a Holder except for the reasonable fees of a single counsel acting on behalf of all
selling Holders, or to pay underwriters’ fees, discounts or commissions relating to Registrable Securities. 
 6. Registration
Procedures. In the case of each registration, qualification or compliance effected by the Company pursuant to this Agreement, the Company will keep each Holder participating therein advised in writing as to the initiation of each registration,
qualification and compliance and as to the completion thereof. At its expense, the Company will: 
 (a) Keep such registration, qualification
or compliance pursuant to Sections 2, 3 or 4 effective for a period of 180 days or until the Holder or Holders have completed the distribution described in the registration statement relating thereto, whichever first occurs; and 
 (b) Furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them; and 
  

 5 

 (c) Notify each Holder of Registrable Securities covered by such registration statement at any time when
a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; and 
 (d) Furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Agreement, on the date that such Registrable
Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Agreement, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date
that the registration statement with respect to such securities becomes effective, (i) a copy of an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily
given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a copy of a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any. 
 7. Indemnification. 
 (a) The Company will indemnify and hold harmless each Holder of Registrable
Securities, each of its officers, directors and partners, and each person controlling such Holder, with respect to which such registration, qualification or compliance has been effected pursuant to this Agreement, and each underwriter, if any, and
each person who controls any underwriter of the Registrable Securities held by or issuable to such Holder, against all claims, losses, expenses, damages and liabilities (or actions in respect thereto) arising out of or based on any untrue statement
(or alleged untrue statement) of a material fact contained in any preliminary or final prospectus, offering circular or other document (including any related registration statement, notification or the like) incident to any such registration,
qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation or alleged violation by the
Company relating to action or inaction required of the Company in connection with any rule or regulation promulgated under the Securities Act or any state securities law applicable to the Company and will reimburse each such Holder, each of its
officers, directors and partners, and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any reasonable legal and any other expenses incurred in connection with investigating, defending
or settling any such claim, loss, damage, liability or action, provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage or liability arises out of or is based on any untrue statement or omission
based upon written information furnished to the Company by an instrument duly executed by such Holder or underwriter specifically for use therein, and provided further that the agreement of the Company to indemnify any underwriter and any person who
controls such underwriter contained herein with respect to any such preliminary prospectus shall not inure to the benefit of any underwriter, from whom the person asserting any such claim, loss, damage, liability or action purchased the stock which
is the subject thereof, if at or prior to the written confirmation of the sale of such stock, a copy of the prospectus (or the prospectus as amended or supplemented) was not sent or delivered to such person, excluding the documents 
  

 6 

 incorporated therein by reference, and the untrue statement or omission of a material fact contained in such preliminary
prospectus was corrected in the prospectus (or the prospectus as amended or supplemented). 
 (b) Each Holder, severally and not jointly,
will, if Registrable Securities held by or issuable to such Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors and
officers, each underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company within the meaning of the Securities Act, and each other such Holder, each of its officers, directors
and partners and each person controlling such Holder, against all claims, losses, expenses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact
contained in any preliminary or final prospectus, offering circular or other document (including any related registration statement, notification or the like) incident to any such registration, qualification or compliance or based on any omission
(or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company, such Holders, such directors, officers, partners, persons or
underwriters for any reasonable legal or any other expenses incurred in connection with investigating, defending or settling any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue
statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by
an instrument duly executed by such Holder specifically for use therein, and provided further that the agreement of the Holder to indemnify any underwriter and any person who controls such underwriter contained herein with respect to any such
preliminary prospectus shall not inure to the benefit of any underwriter, from whom the person asserting any such claim, loss, damage, liability or action purchased the stock which is the subject thereof, if at or prior to the written confirmation
of the sale of such stock, a copy of the prospectus (or the prospectus as amended or supplemented) was not sent or delivered to such person, excluding the documents incorporated therein by reference, and the untrue statement or omission of a
material fact contained in such preliminary prospectus was corrected in the prospectus (or the prospectus as amended or supplemented); provided, however, that in no event shall the indemnification provided by any Holder hereunder exceed the gross
proceeds received by such Holder for the sale of such Holder’s securities pursuant to such registration. 
 (c) Each party entitled to
indemnification under this Section 7 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any
claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such
claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense, and provided further that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations hereunder, unless such failure is materially prejudicial to an Indemnifying Party’s ability to defend such action. No Indemnifying
Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 
  

 7 

 8. Lock-Up Provision. Upon receipt of a written request by the Company or by its underwriters, the
Holders shall not sell, sell short, grant an option to buy, or otherwise dispose of shares of the Company’s Common Stock or other securities (except for any such shares included in the registration) for a period of one hundred eighty
(180) days following the effective date of the registration of the Company’s securities; provided, however, that (i) such Holder shall have no obligation to enter into the agreement described herein unless the executive officers,
directors and holders of five percent (5%) or more of the outstanding voting securities of the Company and all other Holders and holders of other registration rights from the Company, if any, enter into similar agreements, and (ii) nothing
herein shall prevent any Holder that is a partnership or a corporation from making a distribution of Registrable Securities to its partners or stockholders that is otherwise in compliance with applicable securities laws. The Company may impose
stop-transfer instructions with respect to the shares (or securities) subject to the foregoing restriction until the end of said 180-day period. 
 9. Information by Holder. The Holder or Holders of Registrable Securities included in any registration shall promptly furnish to the Company such information regarding such Holder or Holders and the distribution proposed by such
Holder or Holders as the Company may request in writing and as shall be required in connection with any registration, qualification or compliance referred to herein. 
 10. Rule 144 Reporting. With a view to making available to Holders of Registrable Securities the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to
the public without registration, the Company agrees at all times after a public market exists for the Common Stock of the Company to: 
 (a)
Make and keep public information available, as those terms are understood and defined in SEC Rule 144; 
 (b) File with the SEC in a timely
manner all reports and other documents required of the Company under the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”); 
 (c) So long as a Holder owns any Registrable Securities, to furnish to such Holder forthwith upon such Holder’s reasonable request a written
statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company for an offering of its securities to the
general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so
filed by the Company as such Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any such securities without registration. 
 11. Transfer of Registration Rights. The rights to cause the Company to register Registrable Securities of a Holder and keep information
available, granted to a Holder by the 
  

 8 

 Company under Sections 2, 3, 4 and 10 may be assigned by any Holder to a transferee or assignee of at least 50,000 shares
(including shares transferred by any affiliate of a Holder and as adjusted for stock splits, stock dividends, reorganizations and the like from the date hereof) of its Registrable Securities not sold to the public or up to three transferees or
assignees of any shares of its Registrable Securities not sold to the public that are partners, stockholders or affiliates of such Holder, provided, that the Company is given written notice by the Holder at the time of or within a reasonable time
after said transfer, stating the name and address of said transferee or assignee and identifying the securities with respect to which such registration rights are being assigned, and provided further, that any such transferee or assignee shall agree
in writing to become subject to the obligations of the transferring Holder hereunder and shall expressly agree not to transfer such rights other than to a purchaser of at least 50,000 shares (adjusted as described above) of Registrable Securities
not sold to the public. 
 12. Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company
shall not, without the prior written consent of the Holders of sixty percent (60%) of the outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company which would allow such
holder or prospective holder to include such securities in any registration filed under Section 2 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to
the extent that the inclusion of his securities will not reduce the amount of the Registrable Securities of the Holders which is included. 
 13. Miscellaneous: Restatement and Amendment of October 30, 1991, May 21, 1992, December 10, 1993, January 17, 1995 and December 3, 1997 Registration Rights Agreements. 
 (a) Any term of this Agreement may be amended and the observance of any such term may be waived (either generally or in a particular instance and either
retroactively or prospectively) with the written consent of the Company and Holders holding at least sixty percent (60%) of the outstanding Registrable Securities. Any amendment or waiver affected in accordance with this paragraph shall be
binding upon the parties hereto and their successors and assigns. 
 (b) This Agreement shall be governed in all respects by the laws of the
State of California, without giving effect to its principles regarding conflicts of law. 
 (c) This Agreement constitutes the full and
entire understanding and agreement between the parties with respect to the subject hereof. The Company, Tamalpais Associates, L.P., Fiebusch & Co., Inc., VSI Investors and Jose A. Nessim and Freda Nessim, Trustees of the Jose A. Nessim and
Freda Nessim Trust, 1971 (the “Series A Holders”) acknowledge and agree that this Agreement restates and amends in full the Registration Rights Agreement dated October 30, 1991 by and among the Company and the Series A Holders. The
Company, DSV Partners and the Series A Holders acknowledge and agree that this Agreement restates and amends in full the First Amended and Restated Registration Rights Agreement dated May 21, 1992 by and among the Company, DSV Partners and the
Series A Holders. The Company, DSV Partners, the Series A Holders and Fiebusch & Co., Inc., VSI Investors and Dr. Jeremy Swan (collectively, the “Series B Holders”) acknowledge and agree that this Agreement restates and
amends in full the Second Amended and Restated Registration Rights Agreement dated December 10, 1993 by and among the Company, DSV Partners, the Scries A Holders and the Series B Holders. The Company, DSV Partners, the Series A 
  

 9 

 Holders, the Series B Holders, The Vertical Fund and Vertical Partners, Ltd. acknowledge and agree that this Agreement
restates and amends in full the Third Amended and Restated Registration Rights Agreement dated January 17, 1997 by and among the Company, DSV Partners, the Series A Holders, the Series B Holders, The Vertical Fund and Vertical Partners, Ltd.
The Company, DSV Partners, the Series A Holders, the Series B Holders, Chancellor Private Capital Partners III, L.P., Chancellor Private Capital Offshore Partners II, L.P., Chancellor Private Capital Offshore Partners I, C.V., Citiventure 96
Partnership, L.P., Invesco Global Health Sciences Fund (Invesco Funds Group Inc.), The Liberman Family Trust dated December 13, 1989, Berkeley Investments, Ltd., Daystar Realty, Ltd., Dr. Ernesto Gangitano, The John F. Vogt Family Trust
dated November 7, 1989 and Dennis Peterson (collectively with The Vertical Fund and Vertical Partners, Ltd., the “Series C Holders”), WPG-Farber, Weber Present Fund, L.P., WPG-Farber, Weber Overseas, L.P., WPG-Faber, Present QP Fund,
L.P., WPG-Farber, Present Overseas, L.P., 3GT Investment Partnership, Edward A. Fortino and Dayle Duchossois Fortino, Craig J. Duchossois, Kimberly Duchossois, The Richard Duchossois Revocable Trust dated January 18, 1980, Westfield Performance
Fund, Westfield Technology Fund, ABS Employees’ Venture Fund, LP, Patrick Seaver, Scott C. Hornick, Ryan Drant, Gordon H. Olson, Stephen C. Jensen, Louis J. Knobbe, Gerard von Hoffman, William H. Nieman, Richard C. Riggs, Jr., Moore Global
Investments, Ltd., Remington Investment Strategies, LP, James P. Scopa, Stradling Yocca Carlson & Rauth Investment Partnership of 1982, Tennyson Private Placement Opportunity Fund, LLP, Timothy M. Murphy and Irene P. Gallo Murphy,
Greenwood Equities, LLC, Juliet Challenger, Inc., The Henry L. Hillman Trust dated November 18, 1985, Thomas G. Bigley and C.G. Grefenstette, Trustees Under Agreements of Trust Dated December 30, 1976 for Children of Juliet Lea Hillman
Simonds, Thomas G. Bigley and C.G. Grefenstette, Trustees Under Agreements of Trust Dated December 30, 1976 for Children of Audrey Hillman Fisher, Thomas G. Bigley and C.G. Grefenstette, Trustees Under Agreements of Trust Dated
December 30, 1976 for Children of Henry Lea Hillman, Jr., Thomas G. Bigley and C.G. Grefenstette, Trustees Under Agreements of Trust dated December 30, 1976 for Children of William Talbott Hillman, Thomas R. Hitchner, and COLIN Corporation
(collectively, the “Series E Holders”) acknowledge and agree that this Agreement restates and amends in full the Fourth Amended and Restated Registration Rights Agreement dated December 3, 1997 by and among the Company, DSV Partners,
the Series A Holders, Series B Holders, Series C Holders and Series E Holders. 
 (d) All notices and other communications required or
permitted hereunder shall be in writing and shall be personally delivered, mailed by first class mail, postage prepaid, or delivered by Federal Express overnight delivery, addressed to the Holder’s address set forth below its
representative’s signature or, if to the Company, at the following address: 
 Masimo Corporation 
 2852 Kelvin Avenue 
 Irvine, California 92614 
 or at such other address as the Company or any Holder shall hereafter furnish in writing. Notices that are mailed shall
be deemed delivered three (3) days after deposit in the United States mail. 
 (e) In case any provision of this Agreement shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

 10 

 (f) This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one instrument. 
 (g) Should any litigation or arbitration be commenced by any party hereto
concerning any provision of this Agreement, then the prevailing party in such litigation or arbitration shall be entitled to, in addition to such other relief as may be granted, reasonable attorneys’ fees, expert witness expenses, and other
costs. 
  

 11 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and Restated Registration Rights
Agreement as of the date and year first above written. 
  

					
		 	COMPANY:
		
		 	MASIMO CORPORATION
			
		 	By:	 	 /s/ Joe E. Kiani

		 		 	Joe E. Kiani, President
		
		 	PURCHASERS:
		
	Address:	 	TAMALPAIS ASSOCIATES, LP.
			
	 c/o Feibusch & Co., Inc.
 80 E. Sir
Francis Blvd. 3D
 Larkspur, California 94939
	 	By:	 	Laurel Grove Trust, G.P.
		 	By:	 	 /s/ Feibusch

	Shares:	 		 	
		 	Print Name:	 	Feibusch
	200,000 Series A Preferred	 		 	
		 	Its:	 	Trustee
		
	Address:	 	JOSE A. NESSIM AND FREDA NESSIM TRUST, 1971
			
	 9730 Wilshire Blvd., #200
 Beverly Hills, California
90212
	 		 	
			
	Shares:	 	By:	 	 /s/ Jose A. Nessim TT

		 		 	Jose A. Nessim, Trustee
	 47,726 Series A Preferred
 50,000 Series B
Preferred
	 		 	
		 	By:	 	 /s/ Freda Nessim TT

		 		 	Freda Nessim, Trustee
		
	Address:	 	FEIBUSCH & CO. INCORPORATED
			
	 80 E. Sir Francis Blvd, 3D
 Larkspur, California
94939
	 	By:	 	 /s/ Feibusch

		 	Print Name:	 	Feibusch
	Shares:	 		 	
		 	Its:	 	President
	 398,061 Series A Preferred
 110,000 Series B
Preferred
	 		 	

  

 12 

					
	Address:	 	DSV PARTNERS IV
		
	 1920 Main Street, #820
 Irvine, California
92614
	 	By: DSV MANAGEMENT, LTD.
			
	 Shares:
  
	 	By:	 	 /s/ James R. Bergman

	925,000 Series B Preferred	 	Print Name:	 	 James R. Bergman

		 	Its:	 	 General Partner

		
	Address:	 	DR. JEREMY SWAN
		
	 250 No. San Rafael
 Pasedena, California
91105
	 	
		 	 /s/ Jeremy Swan

	Shares: 12,500 Series B Preferred	 	Dr. Jeremy Swan
		
	Address:	 	THE VERTICAL FUND
		
	 100 New Town Lane, #2
 East Hampton, New York
11937
	 	 By: THE VERTICAL GROUP, INC.,
        general partner

			
	Shares:	 		 	
		 	By:	 	 /s/ Jack Lasersohn

	245,398 Series C Preferred	 		 	
		 	Print Name:	 	  

			
		 	Its:	 	  

		
	Address:	 	VERTICAL PARTNERS LTD.
		
	 100 New Town Lane, #2
 East Hampton, New York
11937
	 	 By: THE VERTICAL GROUP, INC.,
        general partner

			
	Shares:	 		 	
		 	By:	 	 /s/ Jack Lasersohn

	61,350 Series C Preferred	 		 	
		 	Print Name:	 	  

			
		 	Its:	 	  

  

 13 

					
		 	Chancellor Private Capital Partners III, L.P.
		
		 	BY: CPCP Associates, L.P., its general partner
		 	BY: INVESCO Private Capital, Inc.,
	Address:	 	       its general partner
			
	 c/o INVESCO Private Capital, Inc.
 1166 Avenue of the
Americas, 27th Floor
 New York, New York 10036
	 	By:	 	 /s/ Howard Goldstein

			
	Shares:	 	Print Name:	 	 Howard Goldstein

			
	197,816 Series C Preferred	 	Title:	 	 Managing Director

		
		 	Citiventure 96 Partnership, L.P.
	 Address:
	 		 	
		
	 c/o INVESCO Private Capital, Inc.
 1166
Avenue of the Americas, 27th Floor
 New York, New York 10036
	 	 BY: INVESCO Private Capital Inc.
        as investment advisor

	 	  
 By:
	 	 /s/ Howard Goldstein

			
	Shares:	 	Print Name:	 	  

			
	753,836 Series C Preferred	 	Title:	 	  

		
		 	Chancellor Private Capital Offshore Partners II, L.P.
		
	Address:	 	BY: CPCO Associates, L.P., its general partner
		 	 BY: INVESCO Private Capital, Inc.,
        its general partner

	 c/o INVESCO Private Capital, Inc.
 1166 Avenue of the
Americas, 27th Floor
 New York, NY 10036
	 	

By:	 	 /s/ Howard Goldstein

			
	Shares:	 	Print Name:	 	  

			
	325,997 Series C Preferred	 	Title:	 	  

		
		 	Chancellor Private Capital Offshore Partners I,C.V.
		
	Address:	 	 BY: Chancellor KME IV Partner, L.P.,
        its investment general partner

	 c/o INVESCO Private Capital, Inc.
 1166 Avenue of the
Americas, 27th Floor
 New York, New York 10036
	 	 BY: INVESCO Private Capital, Inc.,
        its general partner

		 	By:	 	 /s/ Howard Goldstein

			
	Shares:	 	Print Name:	 	  

			
	26,341 Series C Preferred	 	Title:	 	  

  

 14 

					
	Address:	 	INVESCO GLOBAL HEALTH SCIENCES FUND
			
	 7800 East Union Avenue
 Denver, Colorado
80237
	 	

By:	 	  

			
	Shares:	 	Print Name:	 	  

			
	125,000 Series C Preferred	 	Title:	 	  

		
	Address:	 	BERKELEY INVESTMENT LTD.
			
	 1180 Avenue of the Americas, Suite 1900
 New York, New
York 10036-8401
	 	

By:	 	 /s/ Kishore Mirchandani

			
	Shares:	 	Print Name:	 	 Kishore Mirchandani

			
	31,250 Series C Preferred	 	Title:	 	Director
		
	Address:	 	DAYSTAR REALTY LTD.
			
	 34-09 Queens Boulevard
 Long Island City, New York
11101
	 	By:	 	  

			
	Shares:	 	Print Name:	 	  

			
	31,250 Series C Preferred	 	Title:	 	  

		
	Address:	 	THE LIBERMAN FAMILY TRUST
			
	1525 Camino Lindo	 		 	
	South Pasadena, California 90130	 	By:	 	 /s/ Ricardo L. Liberman

		 		 	Ricardo L. Liberman, Trustee
			
	Shares:	 		 	
			
	12,500 Series C Preferred	 	By:	 	 /s/ Patricia U. Liberman

		 		 	Patricia U. Liberman, Trustee
		
	Address:	 	DR. ERNESTO GANGITANO
			
	1341 Descanso Dr.	 		 	
	La Canada, California 91011	 	 /s/ Ernesto Gangitano

		 	Dr. Ernesto Gangitano
	Shares: 12,500 Series C Preferred	 		 	

  

 15 

					
	Address:	 	JOHN F. VOGT FAMILY TRUST 11/7/89
			
	 625 Cumberland Road
 Glendale, California
91202
	 	By:	 	 /s/ John F. Vogt

		 		 	John F. Vogt, Trustee
	Shares:	 		 	
			
	12,500 Series C Preferred	 	By:	 	 /s/ Nancy R.Vogt

		 		 	Nancy R.Vogt, Trustee
		
	Address:	 	DR. DENNIS C. PETERSON, M.D.
		
	 338 SW Greenwood Avenue
 Topeka, Kansas
66606-1230
	 	
 /s/ Dennis C. Petterson, M.D.

		 	Dennis C. Petterson, M.D.
	Shares: 12,500 Series C Preferred	 		 	
		
	Address:	 	3GT INVESTMENT PARTNERSHIP
			
	 845 Larch Avenue
 Elmhurst, Illinois
60126
	 	 By:
  
	 	 /s/ Craig J. Duchossois

			
	Shares:	 	Print Name:	 	Craig J. Duchossois
			
	 30,000 Series D Preferred
 50,002 Series E
Preferred
	 	Its:	 	Trustee
		
	Address:	 	CRAIG J. DUCHOSSOIS
		
	 845 Larch Avenue
 Elmhurst, Illinois
60126
	 	
 /s/ Craig J. Duchossois

		 	Craig J. Duchossois
			
	Shares:	 		 	
			
	 8,000 Series D Preferred
 6,223 Series E
Preferred
	 		 	

  

 16 

					
	Address:	 	KIMBERLY T. DUCHOSSOIS
		
	 845 Larch Avenue
 Elmhurst, Illinois
60126
	 	
 /s/ Kimberly T. Duchossois

		 	Kimberly T. Duchossois
	Shares:	 		 	
			
	8,000 Series D Preferred	 		 	
	6,223 Series E Preferred	 		 	
		
	Address:	 	 RICHARD L. DUCHOSSOIS REVOCABLE
 TRUST U/A/D 1/18/80

	 845 Larch Avenue
 Elmhurst, Illinois
60126
	 		 	
		 	 /s/ Craig J. Duchossois

	Shares:	 	Craig J. Duchossois, Trustee
			
	8,000 Series D Preferred	 		 	
	6,223 Series E Preferred	 		 	
		
	Address:	 	WPG-FARBER, WEBER PRESENT FUND, L.P.
			
	590 Madison Avenue, 27th Floor	 		 	
	New York, New York 10022	 	By:	 	 /s/ Richard Pollack

			
	Shares:	 	Print Name:	 	Richard Pollack
			
	366,279 Series E Preferred	 	Its:	 	General Counsel
		
	Address:	 	WPG-FARBER WEBER OVERSEAS, L.P.
		
	One New York Plaza	 	By: Weiss, Peck & Greer, LLC, as a General Partner
	New York, New York 10004-1950	 		 	
			
	Shares:	 	By:	 	 /s/ Richard Pollack

			
	20,339 Series E Preferred	 	Print Name:	 	Richard Pollack
			
		 	Its:	 	General Counsel

  

 17 

					
	Address:	 	WPG-FARBER, PRESENT QP FUND, L.P.
		
	One New York Plaza	 	By: Weiss, Peck & Greer, LLC, as a General Partner
	New York, New York 10004-1950	 		 	
			
	Shares:	 	By:	 	 /s/ Richard Pollack

			
	1,462 Series E Preferred	 	Print Name:	 	Richard Pollack
			
		 	Its:	 	General Counsel
		
	Address:	 	WPG-FARBER, PRESENT OVERSEAS, L.P.
		
	One New York Plaza	 	By: Weiss, Peck & Greer, LLC, as a General Partner
	New York, New York 10004-1950	 		 	
			
	Shares:	 	By:	 	 /s/ Richard Pollack

			
	809 Series E Preferred	 	Print Name:	 	Richard Pollack
			
		 	Its:	 	General Counsel
		
	Address:	 	 EDWARD A. FORTINO AND
 DAYLE
DUCHOSSOIS FORTINO

	 845 Larch Avenue
 Elmhurst, Illinois
60126
	 		 	
		 	 /s/ Edward A. Fortino

	Shares:	 	Edward A. Fortino
		
	22,223 Series E Preferred	 	 /s/ Dayle Duchossois Fortino

		 	Dayle Duchossois Fortino
		
	Address:	 	WESTFIELD PERFORMANCE FUND
			
	 Westfield Capital Management
 One Financial Center, 23rd
Floor
 Boston, Massachusetts 02111
	 	By:	 	 /s/ C. Michael Hazard

			
		 	Print Name:	 	 C. Michael Hazard

			
	Shares:	 	Its:	 	  

			
	66,600 Series E Preferred	 		 	

  

 18 

					
	Address:	 	WESTFIELD TECHNOLOGY FUND
			
	 Westfield Capital Management
 One Financial Center, 23rd
Floor
	 	By:	 	 /s/ C. Michael Hazard

	Boston, Massachusetts 02111	 	Print Name:	 	C. Michael Hazard 
			
	Shares:	 		 	
		 	Its:	 	  

	11,100 Series E Preferred	 		 	
		
	Address:	 	ABS EMPLOYEES’ VENTURE FUND, LP
			
	 375 W. Padonia Road
 Timonium, Maryland
21093
	 	

By:	 	 /s/ Margaret-May V. Reston

			
	Shares:	 	Print Name:	 	Margaret-May V. Reston 
			
	23,132 Series E Preferred	 	Its:	 	VP of Alex. Brown Investments Inc.
		 		 	GP of the Partnership
		
	Address:	 	PATRICK SEAVER
		
	650 Town Center Drive, Suite 2000	 	
	Costa Mesa, California 92626	 	 /s/ Patrick Seaver

		 	Patrick Seaver
	Shares: 5,555 Series E Preferred	 		 	
		
	Address:	 	SCOTT HORNICK
			
	223 S. Bayberry Street	 		 	
	Orange, California 92869	 	 /s/ Scott Hornick

		 	Scott Hornick
	Shares: 2,000 Series E Preferred	 		 	
		
	Address:	 	RYAN DRANT
			
	1119 St. Paul Street	 		 	
	Baltimore, Maryland 21202-6423	 	 /s/ Ryan Drant

		 	Ryan Drant
	Shares: 1,111 Series E Preferred	 		 	

  

 19 

					
	Address:	 		 	GORDON H. OLSON
			
	4032 Calle Ariana	 		 	
	San Clemente, California 92622	 		 	 /s/ Gordon H. Olson

		 		 	Gordon H. Olson
	Shares: 2,000 Series E Preferred	 		 	
			
	Address:	 		 	STEPHEN C. JENSEN
			
	 13672 Yellowstone Drive
 Santa Ana, California
92705
	 		 	
 /s/ Stephen C. Jensen

		 		 	Stephen C. Jensen
	Shares: 1,000 Series E Preferred	 		 	
			
	Address:	 		 	LOUIS J. KNOBBE
			
	11670 Skyline Drive	 		 	
	Santa Ana, California 92705	 		 	 /s/ Louis J. Knobbe

		 		 	Louis J. Knobbe
	Shares: 1,000 Series E Preferred	 		 	
			
	Address:	 		 	GERARD VON HOFFMANN
			
	 620 Newport Center Drive – 16th Floor
 Newport Beach, California 92660
	 		 	
 /s/ Gerard von Hoffmann

		 		 	Gerard von Hoffmann
	Shares: 1,000 Series E Preferred	 		 	
			
	Address:	 		 	WILLIAM H. NIEMAN
			
	1821 Whitestone	 		 	
	Santa Ana, California 92705	 		 	 /s/ William H. Nieman

		 		 	William H. Nieman
	Shares: 1,000 Series E Preferred	 		 	
			
	Address:	 		 	RICHARD C. RIGGS, JR.
			
	 1405 Parker Road
 Baltimore, Maryland
21227
	 		 	
 /s/ Richard C. Riggs, Jr.

		 		 	Richard C. Riggs, Jr.
	Shares: 11,111 Series E Preferred	 		 	

  

 20 

					
	Address:	 	MOORE GLOBAL INVESTMENTS, LTD.
		
	1251 Avenue of the Americas	 	By: Moore Capital Management, Inc.
	53rd Floor	 		 	
	New York, New York 10022	 		 	
		 	By:	 	 /s/ Kevin Shannon

	Shares:	 		 	
		 	Print Name:	 	Kevin Shannon 
	637,779 Series E Preferred	 		 	
		 	Its:	 	CFO
		
	Address:	 	REMINGTON INVESTMENT STRATEGIES, L.P.
		
	 1251 Avenue of the Americas, 53rd Floor
 New York, New York 10020
	 	

By: Moore Capital Advisors, LLC
			
	Shares:	 		 	
		 	By:	 	 /s/ Kevin Shannon

	140,000 Series E Preferred	 		 	
		 	Print Name:	 	Kevin Shannon 
			
		 	Its:	 	CFO
		
	Address:	 	JAMES P. SCOPA
			
	2650 Pierce Street	 		 	
	San Francisco, California 94123	 	 /s/ James P. Scopa

		 	James P. Scopa
	Shares: 2,200 Series E Preferred	 		 	
		
	Address:	 	 STRADLING YOCCA CARLSON & RAUTH
 INVESTMENT PARTNERSHIP OF 1982

	 660 Newport Center Drive, Suite 1600
 Newport Beach,
California 92660
	 		 	
		 	 /s/ Micheal K. Flynn

		 	Michael K. Flynn, Shareholder
	Shares: 3,700 Series E Preferred	 	

  

 21 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	PETER BOATRIGHT
		
	By:	 	 /s/ Peter Boatright

	Print Name:	 	Peter Boatright
	Title:	 	Owner
	Address:	 	4932 N.W. 31st ST.
		 	Oklahoma City, Ok. 73122
	Phone:	 	(405) 947-2428
	Fax:	 	(405) 947-4556

 Dated: September 28, 1999 
  

 22 

					
	Address:	 	 TENNYSON PRIVATE PLACEMENT
 OPPORTUNITY FUND, LLP

	 29 W. Susquehanna Avenue, 4th Floor
 Towson, Maryland
21204
	 		 	
			
	Shares:	 	By:	 	 /s/ Alfred M. Walpert

			
	50,000 Series E Preferred	 	Print Name:	 	Alfred M. Walpert
			
		 	Its:	 	Managing Member
		
	Address:	 	 TIMOTHY M. MURPHY AND
 IRENE P.
GALLO MURPHY

	55 Buick Street	 		 	
	Watertown, Massachusetts 02172	 	 /s/ Timothy M. Murphy

		 	Timothy M. Murphy
	Shares:	 		 	
		
	10,000 Series E Preferred	 	 /s/ Irene P. Gallo Murphy

		 	Irene P. Gallo Murphy
		
	Address:	 	GREENWOOD EQUITIES, LLC
			
	 36 S. Charles Street
 Baltimore, Maryland
21201
	 		 	
		 	By:	 	 /s/ Standard T. Klinefelter

	Shares:	 		 	
		 	Print Name:	 	 Standard T. Klinefelter

	11,111 Series E Preferred	 		 	
		 	Its:	 	Managing Member
		
	Address:	 	JULIET CHALLENGER, INC.
			
	 824 Market Street, Suite 900
 Wilmington, Delaware
19801
	 		 	
		 	By:	 	 /s/ Andrew H. McQuarrie

	Shares:	 		 	
		 	Print Name:	 	Andrew H. McQuarrie
	361,111 Series E Preferred	 		 	
		 	Its:	 	Vice President

  

 23 

					
	Address:	 		 	 HENRY L. HILLMAN TRUST U/A DATED
 NOVEMBER
18, 1985

	 1800 Grant Building
 Pittsburgh, Pennsylvania
15219
	 		 	
		 		 	 /s/ C.G. Grefenstette

	Shares: 83,333 Series E Preferred	 		 	C.G. Grefenstette, Trustee
			
	Address:	 		 	 TRUST DATED 12/30/76 FOR CHILDREN OF
 JULIET
LEA HILLMAN SIMONDS

	 1800 Grant Building
 Pittsburgh, Pennsylvania
15219
	 		 	
		 		 	 /s/ Thomas G. Bigley

	Shares:	 		 	Thomas G. Bigley, Trustee
			
	27,778 Series E Preferred	 		 	 /s/ C.G. Grefenstette

		 		 	C.G. Grefenstette, Trustee
			
	Address:	 		 	 TRUST DATED 12/30/76 FOR CHILDREN OF
 AUDREY
HILLMAN FISHER

	 1800 Grant Building
 Pittsburgh, Pennsylvania
15219
	 		 	
		 		 	 /s/ Thomas G. Bigley

	Shares:	 		 	Thomas G. Bigley, Trustee
			
	27,778 Series E Preferred	 		 	 /s/ C.G. Grefenstette

		 		 	C.G. Grefenstette, Trustee
			
	Address:	 		 	 TRUST DATED 12/30/76 FOR CHILDREN OF
 HENRY LEA
HILLMAN, JR.

	 1800 Grant Building
 Pittsburgh, Pennsylvania
15219
	 		 	
		 		 	 /s/ Thomas G. Bigley

	Shares:	 		 	Thomas G. Bigley, Trustee
			
	27,778 Series E Preferred	 		 	
		 		 	 /s/ C.G. Grefenstette

		 		 	C.G. Grefenstette, Trustee

  

 24 

					
	Address:	 	 TRUST DATED 12/30/76 FOR CHILDREN OF
 WILLIAM TALBOTT HILLMAN

	 1800 Grant Building
 Pittsburgh, Pennsylvania
15219
	 		 	
		 	 /s/ Thomas G. Bigley

	Shares:	 	Thomas G. Bigley, Trustee
		
	27,778 Series E Preferred	 	 /s/ C.G. Grefenstette

		 	C.G. Grefenstette, Trustee
		
	Address:	 	THOMAS R. HITCHNER
		
	 200 Wyndhurst Avenue
 Baltimore, Maryland
21210
	 	
 /s/ Thomas R. Hitchner

		 	Thomas R. Hitchner
	Shares: 4,445 Series E Preferred	 		 	
		
	Address:	 	COLIN CORPORATION
			
	2007-1	 		 	
	Hayasaki	 	By:	 	 /s/ Masayuki Shinoda

	Komachi City, Aichi Pref, Japan	 	Print Name:	 	Masayuki Shinoda
	485-8501	 	Title:	 	Chairman & CEO
			
	Shares:	 		 	
		 		 	
	33,333 Series E Preferred	 		 	

  

 25 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT

 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the
Series F Preferred Stock Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, referred to as the
“Agreements”), which, together with all counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements.

  

			
	Name of Purchaser:	 	Greystone Investments Limited
		
	By:	 	 /s/ P.R.    /s/ J.W.

		
	Print Name:	 	Pierson Management (Cayman) Limited
	Title:	 	Director
	Address:	 	Grand Pavilion
		 	Comercial Center
		 	802 West Bay Road
	Phone:	 	1345 9497942
	Fax:	 	1345 9496589

 Date:
September 29th 1999 

 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page
is attached (collectively, the “Agreements”), which, together with all counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the
terms of the Agreements. 
  

			
	Name of Purchaser:	 	HOWARD BALTER
		
	By:	 	 /s/ J.S. for Howard Balter

	Print Name:	 	Howard Balter
	Title:	 	CEO, Net2Phone
	Address:	 	1034 Reads Lane
		 	Far Rockaway, NY
	Phone:	 	201-928-4480
	Fax:	 	201-928-2611

 Dated: September     , 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	JOE MARSH
		
	By:	 	 /s/ Joe Marsh

	Print Name:	 	Joe Marsh
	Title:	 	  

	Address:	 	605 Surfside Dr.
		 	Akron, Ohio
		 	44319
	Phone:	 	(330) 645-0181
	Fax:	 	(330) 645-9309

 Dated: September 29, 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	MOSS FOREST VENTURE
		
	By:	 	 /s/ Frank H Montgomery Jr

	Print Name:	 	Frank H Montgomery Jr
	Title:	 	General Partner
	Address:	 	113, Eastpointe Circle
		 	Madison, MS 39110
	Phone:	 	601-853-0929
	Fax:	 	601-853-7610

 Dated: September 24, 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
		 	Southern Form Bureau
	Name of Purchaser:	 	Casualty Insurance Company
		
	By:	 	 /s/ David E. Stipe

	Print Name:	 	David E. Stipe
	Title:	 	Assistant Investment Advisor
	Address:	 	P.O. Box 1800
		 	Ridgeland, MS
	Phone:	 	601-957-4459
	Fax:	 	601-957-4636

 Dated: September 24, 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	Michael Nussbaum
		
	By:	 	 /s/ Michael Nussbaum

	Print Name:	 	 Michael Nussbaum

	Title:	 	Investor
	Address:	 	P.O. Box 1895
		 	Escondido, CA 92033
	Phone:	 	858 756 6502
	Fax:	 	858 756 6504

 Dated: September 27, 1999 
 Street Address: 
 7097, Rancho La Cima Dr. 
 Rancho Santa Fe, CA 92067 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	 Name of Purchaser:
	 	 Michael Nussbaum TTee
 For Acc Pension
Plan & Trust

	 
		
	By:	 	 /s/ Michael Nussbaum

	Print Name:	 	Michael Nussbaum
	Title:	 	TTee
	Address:	 	7097 Rancho La Cima R
		 	Rancho Santa Fe CA 92067
	Mailing:	 	P.O. Box 1895 ESCONDIDO, C92033
	Phone:	 	858-756-6507
	Fax:	 	858-756-6504

 Date: 10/11/99 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	Juliet Challenger, Inc.
		
	By:	 	 /s/ Andrew H. McQuarrie

	Print Name:	 	Andrew H. McQuarrie
	Title:	 	Vice President
	Address:	 	824 Market Street
		 	Suite 900
		 	Wilmington, DE 19801
	Phone:	 	302-655-4133
	Fax:	 	302-656-4884

 Date: September 29, 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	C.G. Grefenstette and Thomas G. Bigley Trustees
		
	By:	 	 /s/ T.G. Bigley

		
		 	 /s/ C.G. Grefenstette

	Print Name:	 	 C.G. Grefenstette

	Title:	 	 Trustee

	Address:	 	 1800 Grant Building

		 	 Pittsburgh, PA. 15219

	Phone:	 	 412-338-3456

	Fax:	 	 412-338-3696

 Dated: September 30, 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	C.G. GREFENSTETTE AND THOMAS G. BIGLEY TRUSTEES U/A/T DATED 12/30/76 FOR CHILDREN OF JULIET LEA HILLMAN SIMONDS
		
	By:	 	 /s/ T.G. Bigley

		
		 	 /s/ C.G. Grefenstette

	Print Name:	 	
		
	Title:	 	  

		
	Address:	 	  

		
		 	  

		
		 	  

		
	Phone:	 	  

		
	Fax:	 	  

 Dated: September     , 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	C.G. GREFENSTETTE AND THOMAS G. BIGLEY TRUSTEES U/A/T DATED 12/30/76 FOR CHILDREN OF HENRY LEA HILLMAN, JR.,
		
	By:	 	 /s/ T.G. Bigley

		
		 	 /s/ C.G. Grefenstette

		
	Print Name:	 	  

		
	Title:	 	  

		
	Address:	 	  

		
		 	  

		
		 	  

		
	Phone:	 	  

		
	Fax:	 	  

 Dated: September     , 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	C.G. GREFENSTETTE AND THOMAS G. BIGLEY TRUSTEES U/A/T DTD, 12/30/76 FOR CHILDREN OF AUDREY HILLMAN FISHER
		
	By:	 	 /s/ T.G. Bigley

		
		 	 /s/ C.G. Grefenstette

	Print Name:	 	
	Title:	 	  
  

	Address:	 	  
  

		 	  
  

		 	  
  

	Phone:	 	  
  

	Fax:	 	  
  

 Dated: September     , 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	C.G. Grefenstette and Thomas Bigley Trustees
		
	By:	 	 /s/ T.G. Bigley

		
		 	 /s/ C.G. Grefenstette

	Print Name:	 	
		
	Title:	 	 Trustee

		
	Address:	 	 1800 Grant Building
Pittsburgh, PA, 15219

		
	Phone:	 	 412-338-3456

		
	Fax:	 	 412-338-3686

 Dated: September 30, 1999 

 OMNIBUS SIGNATURE PAGE TO 
 MASIMO CORPORATION 
 SERIES F PREFERRED STOCK PURCHASE AGREEMENT 
 FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 ESCROW AGREEMENT 
 The undersigned hereby executes and delivers (i) the Series F Preferred Stock
Purchase Agreement, (ii) the Fifth Amended and Restated Registration Rights Agreement, and (iii) the Escrow Agreement to which this Signature Page is attached (collectively, the “Agreements”), which, together with all
counterparts of the Agreements and Signature Pages of the other parties named in said Agreements, shall constitute one and the same document in accordance with the terms of the Agreements. 
  

			
	Name of Purchaser:	 	TENNYSON FUND II, LLLP
		
	By:	 	 /s/ Alfred M. Walpert

	Print Name:	 	Alfred M. Walpert
	Title:	 	Managing Member
	Address:	 	29 W. Susquehanna Ave. 4th FL.
		 	Baltimore, MD 21204
	Phone:	 	410-296-1888
	Fax:	 	410-828-6084

 Dated: September 7, 1999 

 JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (the “Agreement”) is entered into as of this 7th day of September, 2000, by and between Masimo Corporation, a Delaware Corporation (the “Company”), and GE
Marquette Medical Systems, Inc. (the “Purchaser”). 
 RECITALS 
 WHEREAS, the Company and the Purchaser have entered into that certain Series F Preferred Stock Purchase Agreement (the “Purchase Agreement”)
dated concurrently herewith. 
 WHEREAS, pursuant to the Purchase Agreement the Purchasers are entitled to certain registration rights as
provided in the Company’s Fifth Amended and Restated Registration Rights Agreement dated September 14, 1999 (the “Amended Registration Rights Agreement”). 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 1. Joinder to the Amended Registration Rights Agreement. The Purchaser hereby agrees to become a party to and be bound by, the terms
and conditions of the Amended Registration Rights Agreement, a copy of which is attached hereto as Exhibit A. The Purchaser shall be considered a “Holder” under the terms of the Amended Registration Rights Agreement and all terms and
conditions contained therein relating to Registrable Securities shall include the 454,546 shares of the Common Stock issued or issuable upon conversion of the Series F Preferred Stock purchased by the Purchaser pursuant to the Purchase Agreement.
The Company acknowledges and agrees that the Purchaser is a party to the Amended Registration Rights Agreement and is entitled to all rights thereunder. 
 2. Definitions. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement and the Amended Registration Rights Agreement. 
 IN WITNESS WHEREOF, the parties have entered into this Joinder Agreement as of the date herein first above written. 
  

							
	MASIMO CORPORATION	 	GE MARQUETTE MEDICAL SYSTEMS, INC.
				
	By:	 	 /s/ Joe E. Kiani
	 	By:	 	 /s/ Kevin M. King

		 	Joe E. Kiani	 	Print Name:	 	 Kevin M. King

				
		 	 President and
 Chief Executive
Officer
	 	Title:	 	Vice President & GM Clinical System
		 	 	Address:	 	8200 W. Tower Ave,
		 		 		 	MilwauKee, WI 53223
		 		 	Phone:	 	414-362-2573
		 		 	Fax:	 	414-362-2824

 JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (the “Agreement”) is entered into as of this 14th day of March, 2001, by and between Masimo Corporation, a Delaware corporation (the “Company”), and Abbott Laboratories, an
Illinois corporation (the “Purchaser”). 
 RECITALS 
 WHEREAS, the Company and the Purchaser have entered into that certain Series G Preferred Stock Purchase Agreement (the “Purchase Agreement”)
dated concurrently herewith. 
 WHEREAS, pursuant to the Purchase Agreement the Purchaser is entitled to certain registration rights as
provided in the Company’s Fifth Amended and Restated Registration Rights Agreement dated September 14, 1999 (the “Amended Registration Rights Agreement”). 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 1. Joinder to the Amended Registration Rights Agreement. The Purchaser hereby agrees to become a party to and be bound by the terms
and conditions of the Amended Registration Rights Agreement, a copy of which is attached hereto as Exhibit A. The Purchaser shall be considered a “Holder” under the terms of the Amended Registration Rights Agreement and all terms and
conditions contained therein relating to Registrable Securities shall include the 1,000,000 shares of the Common Stock issued or issuable upon conversion of the Series G Preferred Stock purchased by the Purchaser pursuant to the Purchase Agreement.
For purposes of applying the 75% requirement for “Initiating Holders” under Section (l)(d)(iv) of the Amended Registration Rights Agreement, the Series G Stock shall be counted along with the Series F Shares. The Company acknowledges and
agrees that the Purchaser is a party to the Amended Registration Rights Agreement and is entitled to all rights thereunder. 
 2.
Definitions. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement and the Amended Registration Rights Agreement. 
 IN WITNESS WHEREOF, the parties have entered into this Joinder Agreement as of the date herein first above written. 
  

							
	MASIMO CORPORATION	 	ABBOTT LABORATORIES
				
	By:	 	 /s/ Joe E. Kiani
	 	By:	 	 /s/ Christopher B. Begley

		 	Joe E. Kiani	 		 	Christopher B. Begley
		 	President and	 		 	President, Hospital Products Division and
		 	Chief Executive Officer	 		 	Senior Vice President
		 		 		 	200 Abbott Park Road
		 		 		 	Abbott Park, IL 60064
		 		 		 	Facsimile Number: (847) 937-2927

 JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (the “Agreement”) is entered into as of this l4th day of September, 2001, by and between Masimo Corporation, a Delaware corporation (the “Company”), and Datascope Corp., a
Delaware corporation (the “Purchaser”). 
 RECITALS 
 WHEREAS, the Company and the Purchaser have entered into that certain Series G Preferred Stock Purchase Agreement (the “Purchase Agreement”)
dated concurrently herewith. 
 WHEREAS, pursuant to the Purchase Agreement the Purchaser is entitled to certain registration rights as
provided in the Company’s Fifth Amended and Restated Registration Rights Agreement dated September 14, 1999 (the “Amended Registration Rights Agreement”). 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 1. Joinder to the Amended Registration Rights Agreement. The Purchaser hereby agrees to become a party to and be bound by the terms
and conditions of the Amended Registration Rights Agreement, a copy of which is attached hereto as Exhibit A. The Purchaser shall be considered a “Holder” under the terms of the Amended Registration Rights Agreement and all terms and
conditions contained therein relating to Registrable Securities shall include the 384,616 shares of the Common Stock issued or issuable upon conversion of the Series G Preferred Stock purchased by the Purchaser pursuant to the Purchase Agreement.
For purposes of applying the 75% requirement for “Initiating Holders” under Section (l)(d)(iv) of the Amended Registration Rights Agreement, the Series G Stock shall be counted along with the Series F Shares. The Company acknowledges and
agrees that the Purchaser is a party to the Amended Registration Rights Agreement and is entitled to all rights thereunder. 
 2.
Definitions. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement and the Amended Registration Rights Agreement. 
 IN WITNESS WHEREOF, the parties have entered into this Joinder Agreement as of the date herein first above written. 
  

							
	MASIMO CORPORATION	 	DATASCOPE CORP.
				
	By:	 	 /s/ Joe E. Kiani
	 	By:	 	 /s/ Lawrence Saper

		 	 Joe E. Kiani
 President and
 Chief Executive Officer
	 		 	 Lawrence Saper
 Chairman and Chief Executive
Officer
 14 Philips Parkway

		 		 		 	Monrvale, NJ 07645

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