Document:

Exhibit 4.1

 

TRUST
DEED

 

DATED
12 FEBRUARY 2018

 

BURFORD
CAPITAL FINANCE LLC

 

and

 

BURFORD
CAPITAL LIMITED

 

and

 

BURFORD CAPITAL PLC

 

and

 

U.S.
BANK TRUSTEES LIMITED

 

constituting

 

$180,000,000

6.125
per cent.

Bonds due 2025

 

jointly
and severally, unconditionally and irrevocably guaranteed by

Burford
Capital Limited and Burford Capital PLC

 

    	 	 	 

     

    

 

CONTENTS

 

	 	Clause	Page
	 	 	 	 
		1.	Definitions 	3
		2.	Covenant to Repay and to Pay Interest
                                         on the Bonds	10
		3.	Trustees Requirements Regarding
                                         Paying Agents	11
		4.	Further Issues	12
		5.	Form and Issue of Bonds	12
		6.	Fees, Duties and Taxes	13
		7.	Covenant of Compliance	13
		8.	Cancellation of Bonds and Records	14
		9.	Guarantee	14
		10.	Enforcement	17
		11.	Action, Proceedings and Indemnification	18
		12.	Application of Moneys	18
		13.	Notice of Payments	19
		14.	Investment by Trustee	19
		15.	Partial Payments	19
		16.	Covenants by the Issuer and the
                                         Guarantors	19
		17.	Remuneration and Indemnification
                                         of Trustee	23
		18.	Supplement to Trustee Acts	25
		19.	Trustee's Liability	30
		20.	Trustee Contracting with the Issuer
                                         and the Guarantors	30
		21.	Waiver, Authorisation and Determination	31
		22.	Modification	31
		23.	Breach	32
		24.	Entitlement to treat Holder as
                                         Absolute Owner	32
		25.	Substitution	32
		26.	Currency Indemnity	33
		27.	New Trustee and Seprate and
                                         Co-Trustees	33
		28.	Trustee's Retirement and
                                         Removal	34
		29.	Trustee's Powers to be Additional	34
		30.	Notices	34
		31.	Confidentiality Undertaking	36
		32.	Governing Law	36
		33.	Submission to Jurisdiction	37
		34.	Counterparts	37
		35.	Contracts (Rights of Third
                                         Parties) Act 1999	37
	 	 	 	 
	 	Schedule	 
	 	 	 
		1.	Form of Global Certificate	38
		2.	Form of Definitive Certificate
                                         and Conditions of the Bonds	42
	 	 	Part 1    Form of Definitive
Certificate	42
	 	 	Part 2    Conditions
of the Bonds	45
		3.	Register and Transfer of Bonds	65
		4.	Provisions for Meetings of
                                         Bondholders	67
		5.	Form of Directors'/Officers’
                                         Certificate	76
		6.	Form of Material Subsidiaries
                                         Certificate	77
		7.	Form of Supplemental Deed	78
	 	 	 	 
	 	Signatories	88

 

    	 	 	 

     

    

 

THIS TRUST DEED
is made on 12 February 2018

 

BETWEEN:

 

		(1)	BURFORD
                                         CAPITAL FINANCE LLC, a limited liability company incorporated and registered under
                                         the laws of the State of Delaware, United States, whose registered office is at 292 Madison
                                         Avenue, New York, NY 10017 (the Issuer);

 

		(2)	BURFORD
                                         CAPITAL LIMITED, a company incorporated under the laws of Guernsey with company number
                                         50877, whose registered office is at Regency Court, Glategny Esplanade, St Peter Port
                                         GY1 1WW, Guernsey (BCL);

 

		(3)	BURFORD
                                         CAPITAL PLC, a company incorporated under the laws of England and Wales with registered
                                         number 09077893, whose registered office is at 24 Cornhill, London EC3V 3ND (BCP);
                                         and

 

		(4)	U.S.
                                         BANK TRUSTEES LIMITED, a limited liability company registered in England and Wales
                                         with company number 02379632 having its registered office at 125 Old Broad Street, Fifth
                                         Floor, London EC2N 1AR (the Trustee, which expression shall, wherever the context
                                         so admits, include such company and all other persons or companies for the time being
                                         the trustee or trustees of these presents) as trustee for the Bondholders (each as defined
                                         below).

 

WHEREAS:

 

		(A)	By
                                         a written resolution of the manager of the Issuer pursuant to Section 18-404 of the Delaware
                                         Limited Liability Company Act passed on 16 January 2018 the Issuer has resolved to issue $180,000,000
6.125 per cent. Bonds due 2025 to be constituted by this Trust Deed.

 

		(B)	By
                                         resolutions of the Board of Directors of BCL passed on 16 January 2018 and of the Board
                                         of Directors of BCP passed on 12 January 2018, the Guarantors have agreed to jointly
                                         and severally guarantee the said Bonds and to enter into certain covenants as set out
                                         in this Trust Deed.

 

		(C)	The
                                         said Bonds in definitive form will be in registered form without coupons attached.

 

		(D)	The
                                         Trustee has agreed to act as trustee of these presents for the benefit of the Bondholders
                                         upon and subject to the terms and conditions of these presents.

 

NOW THIS TRUST
DEED WITNESSES AND IT IS AGREED AND DECLARED as follows:

 

		1.	DEFINITIONS

 

		1.1	Terms
                                         defined in the Conditions and not otherwise defined herein shall have the same meaning
                                         in this Trust Deed. In these presents unless there is anything in the subject or context
                                         inconsistent therewith the following expressions shall have the following meanings:
	 	 	 
	 	 	Agency
Agreement means the agreement appointing the initial Paying Agents, Registrar and/or Transfer Agents in relation to the Bonds
and any other agreement for the time being in force appointing Successor paying agents, successor registrars and/or transfer agents
in relation to the Bonds, or in connection with their duties, the terms of which have previously been approved in writing by the
Trustee, together with any agreement for the time being in force amending or modifying with the prior written approval of the
Trustee any of the aforesaid agreements in relation to the Bonds;

 

    	 	3	 

     

    

 

Appointee
means any attorney, manager, agent, delegate, nominee, custodian or other person appointed by the Trustee under these presents;

 

Auditors
means the independent auditors for the time being of the Issuer, or (as the case may be) the relevant Guarantor or, in the
event of their being unable or unwilling promptly to carry out any action requested of them pursuant to the provisions of these
presents, such other firm of accountants or such financial advisors as may be nominated or approved by the Trustee for the purposes
of these presents;

 

Basic Terms Modification
means any proposal to:

 

		(a)	reduce
                                         or cancel the amount payable or, where applicable, modify, except where such modification
                                         is in the opinion of the Trustee bound to result in an increase, the method of calculating
                                         the amount payable or modify the date of payment or, where applicable, the method of
                                         calculating the date of payment in respect of any principal or interest in respect of
                                         the Bonds;

 

		(b)	alter
                                         the currency in which payments under the Bonds are to be made;

 

		(c)	alter
                                         the majority required to pass an Extraordinary Resolution;

 

		(d)	sanction
                                         any such scheme or proposal or substitution as is described in paragraphs 19(i) and 19(j)
                                         of Schedule 4;

 

		(e)	alter
                                         the proviso to paragraph 7 of Schedule 4 or the proviso to paragraph 9 of Schedule 4;
                                         or

 

		(f)	alter
                                         the definition of a Basic Terms Modification;

 

Bondholders
means the several persons who are for the time being holders of the Bonds (being the several persons whose names are entered
in the register of holders of the Bonds as the holders thereof) save that, for so long as such Bonds or any part thereof are represented
by the Global Certificate deposited with a common depositary for Euroclear and Clearstream, Luxembourg or, in respect of Bonds
in definitive form held in an account with Euroclear or Clearstream, Luxembourg, each person who is for the time being shown in
the records of Euroclear or Clearstream, Luxembourg (other than Clearstream, Luxembourg, if Clearstream, Luxembourg shall be an
accountholder of Euroclear, and Euroclear, if Euroclear shall be an accountholder of Clearstream, Luxembourg) as the holder of
a particular principal amount of the Bonds shall be deemed to be the holder of such principal amount of such Bonds (and the registered
holder of the relevant Bond shall be deemed not to be the holder) for all purposes of these presents other than with respect to
the payment of principal or interest on such principal amount of such Bonds, the rights to which shall be vested, as against the
Issuer and the Trustee, solely in such common depositary and for which purpose such common depositary shall be deemed to be the
holder of such principal amount of such Bonds in accordance with and subject to its terms and the provisions of these presents;
and the words holder and holders and related expressions shall (where appropriate) be construed accordingly;

 

Bonds
means the bonds in registered form comprising the said $180,000,000 6.125 per cent. Bonds due 2025 of the Issuer hereby constituted
or the principal amount thereof for the time being outstanding or, as the context may require, a specific number thereof and includes
any replacements for Bonds issued pursuant to Condition 13 (Replacement of Certificates) and (except for the purposes of
clause 4.1(d)) the Global Certificate;

 

Certificate means
a Global Certificate or a Definitive Certificate;

 

Clearstream, Luxembourg
means Clearstream Banking S.A.;

 

    	 	4	 

     

    

 

Conditions
means the Conditions in the form set out in Schedule 2 as the same may from time to time be modified in accordance with these
presents and any reference in these presents to a particular specified Condition or paragraph of a Condition shall in relation
to the Bonds be construed accordingly;

 

Confidential
Information means the legal name, legal or business address or any incorporation details or constitutive documents relating
to a Material Subsidiary or any other information that would enable a third party to determine any of the foregoing and that may
be given to the Trustee by the Issuer or any Guarantor pursuant to the provisions of these presents, provided that the Issuer
or the relevant Guarantor, as the case may be, has identified such information (other than the legal names of the Material Subsidiaries
and any such information that the Trustee may itself obtain from publicly available sources from the legal names of such Material
Subsidiaries) as “Confidential Information” at the time it is given to the Trustee.

 

Definitive Certificates
has the meaning set out in subclause 5.1;

 

Directors means
the or, as the case may be, Board of Directors of the relevant Guarantor, and

Director means
any of them;

 

Euroclear means
Euroclear Bank SA/NV;

 

Event
of Default means any of the conditions, events or acts provided in Condition 11.1 (Events of Default) to be events
upon the happening of which the Bonds would, subject only to notice by the Trustee as therein provided, become immediately due
and repayable;

 

Extraordinary Resolution
has the meaning set out in paragraph 1 of Schedule 4;

 

Existing Issuances
means each of:

 

		(i)	the
                                         £90,000,000 6.50 per cent. bonds due 2022 issued by Burford Capital PLC and constituted
                                         by a trust deed dated 19 August 2014;

 

		(ii)	the
                                         £100,000,000 6.125 per cent. bonds due 2024 issued by Burford Capital PLC and constituted
                                         by a trust deed dated 26 April 2016; and

 

		(iii)	the
                                         £175,000,000 5.0 per cent. bonds due 2026 issued by Burford Capital PLC and constituted
                                         by a trust deed dated 1 June 2017;

 

Global
Certificate means the global certificate in respect of the Bonds to be issued pursuant to subclause 5.1 in the form or substantially
in the form set out in Schedule 1;

 

Guarantee has
the meaning ascribed to it in Condition 4.1 (Guarantee);

 

Guarantors means:

 

		(i)	each
                                         Original Guarantor; and

 

		(ii)	any
                                         Subsidiary Guarantor,

 

and the term Guarantor
means any of them;

 

Liability
means any loss, damage, cost, fee, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever
(including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including any value added
tax or similar tax charged or chargeable in respect thereof and legal fees and expenses on a full indemnity basis;

 

    	 	5	 

     

    

 

Material Subsidiary
means at any time a Subsidiary (other than an Excluded Subsidiary) of BCL:

 

		(a)	whose
                                         gross assets (consolidated in the case of a Subsidiary which itself has Subsidiaries)
                                         represent (or, in the case of a Subsidiary acquired after the end of the financial period
                                         to which the then latest audited consolidated accounts of BCL and its Subsidiaries relate,
                                         are equal to) not less than 5 per cent. of the consolidated gross assets of the Group,
                                         all as calculated respectively by reference to the then latest Directors’ Certificate
                                         relating to such Subsidiary delivered to the Trustee in accordance with clause 16(s)
                                         below and the then latest audited consolidated accounts of BCL and its Subsidiaries,
                                         provided that:

 

		(i)	in
                                         the event that the relevant Subsidiary itself has Subsidiaries which are Excluded Subsidiaries,
                                         the gross assets of such Excluded Subsidiaries are excluded from the calculation of the
                                         consolidated gross assets of such Subsidiary;

 

		(ii)	the
                                         gross assets of all Excluded Subsidiaries are excluded from the calculation of the consolidated
                                         gross assets of the Group; and

 

		(iii)	in
                                         the case of a Subsidiary of BCL acquired after the end of the financial period to which
                                         the then latest audited consolidated accounts of BCL and its Subsidiaries relate, the
                                         reference to the then latest audited consolidated accounts of BCL and its Subsidiaries
                                         for the purposes of the calculation above shall, until consolidated accounts for the
                                         financial period in which the acquisition is made have been prepared and audited as aforesaid,
                                         be deemed to be a reference to such first- mentioned accounts as if such Subsidiary had
                                         been shown in such accounts by reference to the then latest Directors’ Certificate
                                         relating to such Subsidiary delivered to the Trustee in accordance with clause 16(s)
                                         below, adjusted as deemed appropriate by BCL;

 

		(b)	to
                                         which is transferred the whole or substantially the whole of the undertaking and assets
                                         of a Subsidiary of BCL which immediately prior to such transfer is a Material Subsidiary,
                                         provided that the transferor Subsidiary shall upon such transfer forthwith cease to be
                                         a Material Subsidiary and the transferee Subsidiary shall cease to be a Material Subsidiary
                                         pursuant to this subparagraph (b) on the date on which the consolidated accounts of BCL
                                         and its Subsidiaries for the financial period current at the date of such transfer have
                                         been prepared and audited as aforesaid but so that such transferor Subsidiary or such
                                         transferee Subsidiary may be a Material Subsidiary on or at any time after the date on
                                         which such consolidated accounts have been prepared and audited as aforesaid by virtue
                                         of the provisions of subparagraph (a) above or, prior to or after such date, by virtue
                                         of any other applicable provision of this definition; or

 

		(c)	to
                                         which is transferred an undertaking or assets which, taken together with the undertaking
                                         or assets of the transferee Subsidiary, represent (or, in the case of the transferee
                                         Subsidiary being acquired after the end of the financial period to which the then latest
                                         audited consolidated accounts of BCL and its Subsidiaries relate, are equal to) not less
                                         than 5 per cent. of the consolidated gross assets of the Group, all as calculated as
                                         referred to in subparagraph (a) above, provided that the transferor Subsidiary (if a
                                         Material Subsidiary) shall upon such transfer forthwith cease to be a Material Subsidiary
                                         unless immediately following such transfer its undertaking and assets represent (or,
                                         in the case aforesaid are equal to) not less than 5 per cent. of the consolidated gross
                                         assets of the Group, all as calculated as referred to in subparagraph (a) above, and
                                         the transferee Subsidiary shall cease to be a Material Subsidiary pursuant to this subparagraph
                                         (c) on the date on which the consolidated accounts of BCL and its Subsidiaries for the
                                         financial period current at the date of such transfer have been prepared and audited
                                         but so that such transferor Subsidiary or such transferee Subsidiary may be a Material
                                         Subsidiary on or at any time after the date on which
such consolidated accounts have been prepared and audited as aforesaid by virtue of the provisions of subparagraph (a) above or,
prior to or after such date, by virtue of any other applicable provision of this definition.

 

    	 	6	 

     

    

 

A
report by two Directors of BCL or by a director and the secretary of BCL whether or not addressed to the Trustee that in their
opinion a Subsidiary of BCL is or is not or was or was not at any particular time or throughout any specified period a Material
Subsidiary may be relied upon by the Trustee without further enquiry or evidence and, if relied upon by the Trustee, shall in
the absence of manifest error, be conclusive and binding on all parties;

 

Officers means
the authorised officers of the Issuer;

 

Official List
has the meaning set out in Section 103 of the Financial Services and Markets Act 2000;

 

Original Guarantor
means each of BCL and BCP;

 

outstanding means
in relation to the Bonds all the Bonds issued other than:

 

		(a)	those
                                         Bonds which have been redeemed pursuant to these presents;

 

		(b)	those
                                         Bonds in respect of which the date for redemption in accordance with the Conditions has
                                         occurred and the redemption moneys (including all interest payable thereon) have been
                                         duly paid to the Trustee or to the Principal Paying Agent in the manner provided in the
                                         Agency Agreement (and where appropriate notice to that effect has been given to the Bondholders
                                         in accordance with Condition 14 (Notices)) and remain available for payment (against
                                         presentation of the relevant Bond, if required);

 

		(c)	those
                                         Bonds which have been purchased and cancelled in accordance with Condition 8 (Redemption
                                         and Purchase);

 

		(d)	those
                                         Bonds which have become void under Condition 10 (Prescription);

 

		(e)	those
                                         mutilated or defaced Bonds which have been surrendered and cancelled and in respect of
                                         which replacements have been issued pursuant to Condition 13 (Replacement of Certificates);

 

		(f)	(for
                                         the purpose only of ascertaining the principal amount of the Bonds outstanding and without
                                         prejudice to the status for any other purpose of the relevant Bonds) those Bonds which
                                         are alleged to have been lost, stolen or destroyed and in respect of which replacements
                                         have been issued pursuant to Condition 13 (Replacement of Certificates); and

 

		(g)	the
                                         Global Certificate to the extent that it shall have been exchanged for Bonds in definitive
                                         form pursuant to its provisions;

 

PROVIDED THAT for
each of the following purposes, namely:

 

		(i)	the
                                         right to attend and vote at any meeting of the Bondholders or any of them, an Extraordinary
                                         Resolution in writing or an Extraordinary Resolution by way of electronic consents given
                                         through the relevant Clearing System(s) as envisaged by paragraph 1 of Schedule 4 and
                                         any direction or request by the holders of the Bonds;

 

		(ii)	the
                                         determination of how many and which Bonds are for the time being outstanding for the
                                         purposes of subclause 11.1, Conditions 11 (Events of Default), 12 (Enforcement)
                                         and 16 (Meeting
of Bondholders, Modification, Waiver, Authorisation and Determination) and paragraphs 4, 7 and 9 of Schedule 4;

 

    	 	7	 

     

    

 

		(iii)	any
                                         discretion, power or authority (whether contained in these presents or vested by operation
                                         of law) which the Trustee is required, expressly or impliedly, to exercise in or by reference
                                         to the interests of the Bondholders or any of them; and

 

		(iv)	the
                                         determination by the Trustee whether any event, circumstance, matter or thing is, in
                                         its opinion, materially prejudicial to the interests of the Bondholders or any of them,

 

those
Bonds (if any) which are for the time being held by or on behalf of or for the benefit of the Issuer, any Guarantor, any other
Subsidiary of a Guarantor, any holding company of a Guarantor or any other Subsidiary of any such holding company, in each case
as beneficial owner, shall (unless and until ceasing to be so held) be deemed not to remain outstanding;

 

Paying
Agents means the several institutions (including where the context permits the Principal Paying Agent) at their respective
specified offices initially appointed as paying agents in relation to the Bonds by the Issuer and the Guarantors pursuant to the
Agency Agreement and/or, if applicable, any Successor paying agents in relation to such Bonds;

 

Potential
Event of Default means any condition, event or act which, with the lapse of time and/or the issue, making or giving of any
notice, certification, declaration, demand, determination and/or request and/or the taking of any similar action and/or the fulfilment
of any similar condition, would constitute an Event of Default;

 

Principal
Paying Agent means the institution at its specified office initially appointed as principal paying agent in relation to such
Bonds by the Issuer and the Guarantors pursuant to the Agency Agreement or, if applicable, any Successor principal paying agent
in relation to such Bonds;

 

Registrar
means the institution at its specified office initially appointed as the registrar in relation to the Bonds by the Issuer
and the Guarantors pursuant to the Agency Agreement or, if applicable, any Successor registrar in relation to such Bonds;

 

Relevant
Date has the meaning set out in Condition 9 (Taxation);

 

repay,
redeem and pay shall each include both the others and cognate expressions shall be construed accordingly;

 

Subsidiary
means any company which is for the time being a subsidiary (within the meaning of Section 1159 of the Companies Act 2006);

 

Subsidiary
Guarantor means each Subsidiary of BCL that enters into a deed supplemental to the Trust Deed (or in such other form as may
be necessary or appropriate to comply with any applicable law, rule or regulation, including the law of any jurisdiction outside
England and Wales where that Subsidiary is organised or carries on business) for the purpose of giving a joint and several guarantee
(in the same terms, mutatis mutandis, as the Guarantee) in accordance with Condition 4.3 (Guarantee – Addition
of Subsidiary Guarantors) and Clause 9.11, and, which has not been released or discharged from its obligations as a Subsidiary
Guarantor in accordance with Condition 4.4 (Guarantee – Release of Subsidiary Guarantors);

 

    	 	8	 

     

    

 

Successor means,
in relation to the Principal Paying Agent, the other Paying Agents, the Registrar and the Transfer Agents, any successor to
any one or more of them in relation to the Bonds which shall become such pursuant to the provisions of these presents or the
Agency Agreement and/or such other or further principal paying agent, paying agents, registrar and/or transfer agents (as the
case may be) in relation to such Bonds as may (with the prior approval of, and on terms previously approved by, the Trustee
in writing) from time to time be appointed as such, and/or, if applicable, such other or further specified offices (in the
former case being within the same place as those for which they are substituted) as may from time to time be nominated, in
each case by the Issuer and, if applicable, the Guarantors, and (except in the case of the initial appointments and specified
offices made under and specified in the Conditions and/or the Agency Agreement, as the case may be) notice of whose
appointment or, as the case may be, nomination has been given to the Bondholders pursuant to subclause 16(m) in accordance
with Condition 14 (Notices);

 

the
London Stock Exchange means the London Stock Exchange plc or any successor thereto;

 

these
presents means this Trust Deed and the Schedules and any trust deed supplemental hereto and the Schedules (if any) thereto
and the Bonds and the Conditions, all as from time to time modified in accordance with the provisions herein or therein contained;

 

Transfer
Agents means the institutions at their respective specified offices initially appointed as transfer agents in relation to
the Bonds by the Issuer and the Guarantors pursuant to the Agency Agreement and/or, if applicable, any Successor transfer agents
in relation to such Bonds;

 

Trust
Corporation means a corporation entitled by rules made under the Public Trustee Act 1906 or entitled pursuant to any other
comparable legislation applicable to a trustee in any other jurisdiction to carry out the functions of a custodian trustee;

 

Trustee
Acts means the Trustee Act 1925 and the Trustee Act 2000;

 

UK Listing Authority
means the Financial Conduct Authority in its capacity as competent authority under the Financial Services and Markets Act
2000;

 

words denoting
the singular shall include the plural and vice versa;

 

words denoting one gender only shall include the other genders;
and

 

words denoting persons only shall include firms and corporations and vice versa.

 

		1.2	(a)
                                         	All references in these presents to principal and/or interest in respect of the Bonds
                                         or to any moneys payable by the Issuer and/or the Guarantors under these presents shall
                                         be deemed to include, in the case of amounts of principal payable, a reference to any
                                         specific redemption price (as defined in the relevant Conditions), any premium which
                                         may be payable under or in respect of the Bonds and, in any case, a reference to any
                                         additional amounts which may be payable under Condition 9 (Taxation).

 

		(b)	All
                                         references in these presents to dollars, Dollars, U.S. Dollars or
                                         the sign $ shall be construed as references to the lawful currency for the time
                                         being of the United States of America.

 

		(c)	All
                                         references in these presents to pounds sterling, Pounds Sterling or the
                                         sign £ shall be construed as references to the lawful currency for the time
                                         being of the United Kingdom.

 

		(d)	All
                                         references in these presents to any statute or any provision of any statute shall be
                                         deemed also to refer to any statutory modification or re-enactment thereof or any statutory
                                         instrument, order or regulation made thereunder or under any such modification or re-
                                         enactment.

 

    	 	9	 

     

    

 

		(e)	All
                                         references in these presents to guarantees or to an obligation being guaranteed shall
                                         be deemed to include respectively references to indemnities or to an indemnity being
                                         given in respect thereof.

 

		(f)	All
                                         references in these presents to any action, remedy or method of proceeding for the enforcement
                                         of the rights of creditors shall be deemed to include, in respect of any jurisdiction
                                         other than England, references to such action, remedy or method of proceeding for the
                                         enforcement of the rights of creditors available or appropriate in such jurisdiction
                                         as shall most nearly approximate to such action, remedy or method of proceeding described
                                         or referred to in these presents.

 

		(g)	All
                                         references in these presents to taking proceedings against the Issuer and/or any Guarantor
                                         shall be deemed to include references to proving in the winding up of the Issuer and/or
                                         such Guarantor (as the case may be).

 

		(h)	All
                                         references in these presents to Euroclear and/or Clearstream, Luxembourg shall be deemed
                                         to include references to any other clearing system as is approved by the Trustee.

 

		(i)	Unless
                                         the context otherwise requires words or expressions used in these presents shall bear
                                         the same meanings as in the Companies Act 2006.

 

		(j)	In
                                         this Trust Deed references to Schedules, clauses, subclauses, paragraphs and subparagraphs
                                         shall be construed as references to the Schedules to this Trust Deed and to the clauses,
                                         subclauses, paragraphs and subparagraphs of this Trust Deed respectively.

 

		(k)	In
                                         these presents tables of contents and clause headings are included for ease of reference
                                         and shall not affect the construction of these presents.

 

		(l)	Any
                                         reference in these presents to a written notice, consent or approval being given by the
                                         Trustee shall, for the avoidance of doubt, be deemed to include such notice, consent
                                         or approval being given by e-mail.

 

		(m)	All
                                         references in these presents to Bonds being listed or having a listing shall,
                                         in relation to the London Stock Exchange, be construed to mean that such Bonds have been
                                         admitted to the Official List by the UK Listing Authority and to trading on the London
                                         Stock Exchange's market for listed securities and all references in these presents to
                                         listing or listed shall include references to quotation and quoted,
                                         respectively.

 

		(n)	Any
                                         references to the records of Euroclear and Clearstream, Luxembourg shall be to the records
                                         that each of Euroclear and Clearstream, Luxembourg holds for its customers which reflects
                                         the amount of such customers' interests in the Bonds.

 

		2.	COVENANT TO REPAY AND TO PAY
                                         INTEREST ON THE BONDS

 

		2.1	The
                                         aggregate principal amount of the Bonds is limited to $180,000,000.

 

		2.2	The
                                         Issuer covenants with the Trustee that it will, in accordance with these presents, on
                                         the due date for the final maturity of the Bonds provided for in the Conditions, or on
                                         such earlier date as the same or any part thereof may become due and repayable thereunder,
                                         pay or procure to be paid unconditionally to or to the order of the Trustee in U.S. Dollars
                                         in New York same day funds the principal amount of the Bonds repayable on that date and
                                         shall in the meantime and until such date (both before and after any judgment or other
                                         order of a court of competent jurisdiction) pay or procure to be paid unconditionally
                                         to or to the order of the Trustee as aforesaid interest (which shall accrue from day
                                         to day) on the principal amount of the Bonds at rates calculated from time to time in accordance with Condition
6 (Interest) and on the dates provided for in the Conditions PROVIDED THAT:

 

		(a)	every
                                         payment of principal or interest in respect of the Bonds to or to the account of the
                                         Principal Paying Agent in the manner provided in the Agency Agreement shall operate in
                                         satisfaction pro tanto of the relative covenant by the Issuer in this clause except
                                         to the extent that there is default in the subsequent payment thereof in accordance with
                                         the Conditions to the Bondholders;

 

    	 	10	 

     

    

 

		(b)	in
                                         any case where payment of principal is not made to the Trustee or the Principal Paying
                                         Agent on or before the due date, interest shall continue to accrue on the principal amount
                                         of the Bonds (both before and after any judgment or other order of a court of competent
                                         jurisdiction) at the rate aforesaid up to and including the date which the Trustee determines
                                         to be the date on and after which payment is to be made to the Bondholders in respect
                                         thereof as stated in a notice given to the Bondholders in accordance with Condition 14
                                         (Notices) (such date to be not later than seven days after the day on which the
                                         whole of such principal amount, together with an amount equal to the interest which has
                                         accrued and is to accrue pursuant to this proviso up to and including that date, has
                                         been received by the Trustee or the Principal Paying Agent); and

 

		(c)	in
                                         any case where payment of the whole or any part of the principal amount of any Bond is
                                         improperly withheld or refused (other than in circumstances contemplated by proviso (b)
                                         above and provided that the relevant Bond is duly presented (if required)) interest shall
                                         accrue on that principal amount payment of which has been so withheld or refused (both
                                         before and after any judgment or other order of a court of competent jurisdiction) at
                                         the rate aforesaid from and including the date of such withholding or refusal up to and
                                         including the date on which (upon further presentation of the relevant Bond, if required)
                                         payment of the full amount (including interest as aforesaid) in U.S. Dollars payable
                                         in respect of such Bond is made or (in respect of the payment of the principal amount
                                         and if earlier) the seventh day after notice is given to the relevant Bondholder (either
                                         individually or in accordance with Condition 14 (Notices)) that the full amount
                                         (including interest as aforesaid) in U.S. Dollars payable in respect of such Bond is
                                         available for payment, provided that, upon further presentation thereof being duly made,
                                         such payment is made.

 

The Trustee
will hold the benefit of this covenant on trust for the Bondholders and itself in accordance with these presents.

 

		3.	TRUSTEES REQUIREMENTS REGARDING
                                         PAYING AGENTS

 

		3.1	At
                                         any time after an Event of Default or a Potential Event of Default shall have occurred
                                         or if there is failure to make payment of any amount in respect of any Bond when due
                                         or the Trustee shall have received any money which it proposes to pay under clause 12
                                         to the Bondholders, the Trustee may:

 

		(a)	by
                                         notice in writing to the Issuer, any Guarantor, the Principal Paying Agent and the other
                                         Paying Agents require the Principal Paying Agent and the other Paying Agents pursuant
                                         to the Agency Agreement:

 

		(i)	to
                                         act thereafter as Principal Paying Agent and Paying Agents respectively of the Trustee
                                         in relation to payments to be made by or on behalf of the Trustee under the provisions
                                         of these presents mutatis mutandis on the terms provided in the Agency Agreement
                                         (with such consequential amendments as the Trustee shall deem necessary and save that
                                         the Trustee's liability under any provisions thereof for the indemnification, remuneration
                                         and payment of out-of-pocket expenses of the Paying Agents shall be limited to the amounts
                                         for the time being held by the Trustee on the trusts
of these presents relating to the Bonds and available for such purpose) and thereafter to hold all Bonds and all sums, documents
and records held by them in respect of the Bonds on behalf of the Trustee; or

 

    	 	11	 

     

    

 

		(ii)	to
                                         deliver up all Bonds and all sums, documents and records held by them in respect of the
                                         Bonds to the Trustee or as the Trustee shall direct in such notice provided that such
                                         notice shall be deemed not to apply to any documents or records which the relative Paying
                                         Agent is obliged not to release by any law or regulation; and/or

 

		(b)	by
                                         notice in writing to the Issuer and the Guarantors require each of them to make all subsequent
                                         payments in respect of the Bonds to or to the order of the Trustee and not to the Principal
                                         Paying Agent; with effect from the issue of any such notice to the Issuer and the Guarantors
                                         and until such notice is withdrawn proviso (a) to subclause 2.2 of this clause relating
                                         to the Bonds shall cease to have effect.

 

		4.	FURTHER ISSUES

 

		4.1	(a)
                                         	The Issuer shall be at liberty from time to time (but subject always to the provisions
                                         of these presents) without the consent of the Bondholders to create and issue further
                                         notes or bonds (whether in bearer or registered form) either (i) ranking pari passu
                                         in all respects (or in all respects save for the first payment of interest thereon),
                                         and so that the same shall be consolidated and form a single series, with the Bonds and/or
                                         the further notes or bonds of any series or (ii) upon such terms as to ranking, interest,
                                         conversion, redemption and otherwise as the Issuer may at the time of issue thereof determine.

 

		(b)	Any
                                         further notes or bonds which are to be created and issued pursuant to the provisions
                                         of paragraph 4.1(a) above so as to form a single series with the Bonds and/or the further
                                         notes or bonds of any series shall be constituted by a trust deed supplemental to this
                                         Trust Deed and any other further notes or bonds which are to be created and issued pursuant
                                         to the provisions of paragraph 4.1(a) above may (subject to the consent of the Trustee)
                                         be constituted by a trust deed supplemental to this Trust Deed. In any such case the
                                         Issuer and the Guarantors shall prior to the issue of any further notes or bonds to be
                                         so constituted execute and deliver to the Trustee a trust deed supplemental to this Trust
                                         Deed (in relation to which all applicable stamp duties or other documentation fees, duties
                                         or taxes have been paid and, if applicable, duly stamped or denoted accordingly) containing
                                         a covenant by the Issuer in the form mutatis mutandis of subclause 2.2 in relation
                                         to the principal and interest in respect of such further notes or bonds and such other
                                         provisions (whether or not corresponding to any of the provisions contained in this Trust
                                         Deed) as the Trustee shall require including making such consequential modifications
                                         to this Trust Deed as the Trustee shall require in order to give effect to such issue
                                         of further notes or bonds.

 

		(c)	A
                                         memorandum of every such supplemental trust deed shall be endorsed by the Trustee on
                                         this Trust Deed and by the Issuer and the Guarantors on their duplicates of this Trust
                                         Deed.

 

		(d)	Whenever
                                         it is proposed to create and issue any further notes or bonds the Issuer shall give to
                                         the Trustee not less than 14 days' notice in writing of its intention so to do stating
                                         an indicative amount of further notes or bonds proposed to be created and issued.

 

		5.	FORM AND ISSUE OF BONDS

 

		5.1	The
                                         Bonds shall be represented initially by the Global Certificate which the Issuer shall
                                         issue to a common depositary for Euroclear and Clearstream, Luxembourg on terms that
                                         such common depositary shall hold the same for the account of the persons who would otherwise
                                         be entitled to receive
the Bonds in definitive form (Definitive Certificates) and the successors in title to such persons as appearing in the
records of Euroclear and Clearstream, Luxembourg for the time being.

 

    	 	12	 

     

    

 

		5.2	The
                                         Global Certificate shall be printed or typed in the form or substantially in the form
                                         set out in Schedule 1 and may be a facsimile. The Global Certificate shall be in the
                                         aggregate principal amount of $180,000,000 and shall be signed manually or in facsimile
                                         by a person duly authorised by the Issuer on behalf of the Issuer and shall be authenticated
                                         by or on behalf of the Principal Paying Agent. The Global Certificate so executed and
                                         authenticated shall be a binding and valid obligation of the Issuer and title thereto
                                         shall pass by registration of transfer in respect thereof in accordance with the provisions
                                         of these presents.

 

		5.3	The
                                         Issuer shall issue the Definitive Certificates in exchange for the Global Certificate
                                         in accordance with the provisions thereof.

 

		5.4	The
                                         Bonds in definitive form shall be in registered form and shall be issued in the form
                                         or substantially in the form set out in Schedule 2 in the denomination and transferable
                                         in units of $100 each, shall be serially numbered and shall be endorsed with a Form of
                                         Transfer in the form or substantially in the form also set out in Schedule 2 and with
                                         the Conditions. Title to the Bonds in definitive form shall pass upon the registration
                                         of transfers in respect thereof in accordance with the provisions of these presents.

 

		5.5	The
                                         Definitive Certificates shall be signed manually or in facsimile by two of the Officers
                                         of the Issuer on behalf of the Issuer and shall be authenticated by or on behalf of the
                                         Principal Paying Agent.

 

		5.6	The
                                         Issuer may use the facsimile signature of any person who at the date such signature is
                                         affixed is a person duly authorised by the Issuer or is a Director of the Issuer as referred
                                         to in subclauses 5.2 and 5.5 above notwithstanding that at the time of issue of the Global
                                         Certificate or any of the Definitive Certificates, as the case may be, he may have ceased
                                         for any reason to be so authorised or to be the holder of such office. The Definitive
                                         Certificates so signed shall be binding and valid obligations of the Issuer.

 

		6.	FEES, DUTIES AND TAXES

 

The
Issuer will pay any stamp, issue, registration, documentary and other fees, duties and taxes, including interest and penalties,
payable in any relevant jurisdiction on or in connection with (a) the execution and delivery of these presents, (b) the constitution
and issue of the Bonds and (c) any action taken by or on behalf of the Trustee or (where permitted under these presents so to
do) any Bondholder to enforce, or to resolve any doubt concerning, or for any other purpose in relation to, these presents.

 

		7.	COVENANT OF COMPLIANCE

 

Each
of the Issuer and the Guarantors severally covenants with the Trustee that it will comply with and perform and observe all the
provisions of these presents which are expressed to be binding on it. The Conditions shall be binding on the Issuer, the Guarantors
and the Bondholders. The Trustee shall be entitled to enforce the obligations of the Issuer and the Guarantors under the Bonds
as if the same were set out and contained in the trust deeds constituting the same, which shall be read and construed as one document
with the Bonds. The Trustee will hold the benefit of this covenant upon trust for itself and the Bondholders according to its
and their respective interests.

 

    	 	13	 

     

    

 

		8.	CANCELLATION OF BONDS AND RECORDS

 

		8.1	The
                                         Issuer shall procure that all Bonds (a) redeemed or (b) purchased and surrendered for
                                         cancellation by or on behalf of the Issuer, the Guarantors or any member of the Group
                                         or (c) which, being mutilated or defaced, have been surrendered and replaced pursuant
                                         to Condition 13 (Replacement of Certificates) or (d) exchanged as provided in
                                         these presents shall forthwith be cancelled by or on behalf of the Issuer and a certificate
                                         stating:

 

		(a)	the
                                         aggregate principal amount of Bonds which have been redeemed;

 

		(b)	the
                                         serial numbers of such Bonds in definitive form;

 

		(c)	the
                                         aggregate amount of interest paid (and the due dates of such payments) on the Bonds;

 

		(d)	the
                                         aggregate principal amount of Bonds (if any) which have been purchased by or on behalf
                                         of the Issuer, BCL or any member of the Group and cancelled and the serial numbers of
                                         such Bonds in definitive form; and

 

		(e)	the
                                         aggregate principal amounts of Bonds which have been so exchanged or surrendered and
                                         replaced and the serial numbers of such Bonds in definitive form,

 

shall
be given to the Trustee by or on behalf of the Issuer as soon as possible and in any event within four months after the date of
any such redemption, purchase, payment, exchange or replacement (as the case may be) takes place. The Trustee may accept such
certificate as conclusive evidence of redemption, purchase, exchange or replacement pro tanto of the Bonds or payment of
interest thereon respectively and of cancellation of the relative Bonds.

 

		8.2	The Issuer shall procure (i) that the
                                                                                                   Principal Paying Agent shall keep a full and complete record of all Bonds and of their redemption, cancellation, payment or
                                                                                                   exchange (as the case may be) and of all replacement notes issued in substitution for lost, stolen, mutilated, defaced or
                                                                                                   destroyed Bonds and (ii)
that such records shall be made available to the Trustee at all reasonable times.

 

		9.	GUARANTEE

 

		9.1	The
                                         Original Guarantors hereby jointly and severally, irrevocably and unconditionally, and
                                         notwithstanding the release of any other guarantor or any other person under the terms
                                         of any composition or arrangement with any creditors of the Issuer or any other Subsidiary
                                         of the Guarantors, guarantees to the Trustee:

 

		(a)	the
                                         due and punctual payment in accordance with the provisions of these presents of the principal
                                         of and interest on the Bonds and of any other amounts payable by the Issuer under these
                                         presents; and

 

		(b)	the
                                         due and punctual performance and observance by the Issuer of each of the other provisions
                                         of these presents on the Issuer's part to be performed or observed.

 

		9.2	If
                                         the Issuer fails for any reason whatsoever punctually to pay any such principal, interest
                                         or other amount, the Original Guarantors shall cause each and every such payment to be
                                         made as if the Original Guarantor instead of the Issuer were expressed to be the primary
                                         obligor under these presents and not merely as surety (but without affecting the nature
                                         of the Issuer's obligations) to the intent that the holder of the relevant Bond or the
                                         Trustee (as the case may be) shall receive the same amounts in respect of principal,
                                         interest or such other amount as would have been receivable had such payments been made
                                         by the Issuer.

 

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		9.3	If
                                         any payment received by the Trustee or any Bondholder under the provisions of these presents
                                         shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of
                                         the Issuer or, without limitation, on any other event) be avoided or set aside for any
                                         reason, such payment shall not be considered as discharging or diminishing the liability
                                         of the Original Guarantors and this guarantee shall continue to apply as if such payment
                                         had at all times remained owing by the Issuer and each Original Guarantor shall indemnify
                                         the Trustee and the Bondholders in respect thereof PROVIDED THAT the obligations of the
                                         Issuer and/or the Original Guarantors under this subclause shall, as regards each payment
                                         made to the Trustee or any Bondholder which is avoided or set aside, be contingent upon
                                         such payment being reimbursed to the Issuer or other persons entitled through the Issuer.

 

		9.4	The
                                         Original Guarantors hereby agree that their obligations under this Clause 9 (Guarantee)
                                         shall be unconditional and that each Original Guarantor shall be fully liable irrespective
                                         of the validity, regularity, legality or enforceability against the Issuer of, or of
                                         any defence or counter-claim whatsoever available to the Issuer in relation to, its obligations
                                         under these presents, whether or not any action has been taken to enforce the same or
                                         any judgment obtained against the Issuer, whether or not any of the other provisions
                                         of these presents have been modified, whether or not any time, indulgence, waiver, authorisation
                                         or consent has been granted to the Issuer by or on behalf of the Bondholders or the Trustee,
                                         whether or not any determination has been made by the Trustee pursuant to subclause 0,
                                         whether or not there have been any dealings or transactions between the Issuer, any of
                                         the Bondholders or the Trustee, whether or not the Issuer has been dissolved, liquidated,
                                         merged, consolidated, bankrupted or has changed its status, functions, control or ownership,
                                         whether or not the Issuer has been prevented from making payment by foreign exchange
                                         provisions applicable at its place of registration or incorporation and whether or not
                                         any other circumstances have occurred which might otherwise constitute a legal or equitable
                                         discharge of or defence to a guarantor. Accordingly the validity of this guarantee shall
                                         not be affected by reason of any invalidity, irregularity, illegality or unenforceability
                                         of all or any of the obligations of the Issuer under these presents and this guarantee
                                         shall not be discharged nor shall the liability of the Original Guarantors under these
                                         presents be affected by any act, thing or omission or means whatever whereby their liability
                                         would not have been discharged if it had been the principal debtor.

 

		9.5	Without
                                         prejudice to the provisions of subclause 11.1 the Trustee may determine from time to
                                         time whether or not it will enforce this guarantee which it may do without making any
                                         demand of or taking any proceedings against the Issuer and may from time to time make
                                         any arrangement or compromise with the Original Guarantors in relation to this guarantee
                                         which the Trustee may consider expedient in the interests of the Bondholders.

 

		9.6	The
                                         Original Guarantors waive diligence, presentment, demand of payment, filing of claims
                                         with a court in the event of dissolution, liquidation, merger or bankruptcy of the Issuer,
                                         any right to require a proceeding first against the Issuer, protest or notice with respect
                                         to these presents or the indebtedness evidenced thereby and all demands whatsoever and
                                         covenant that this guarantee shall be a continuing guarantee, shall extend to the ultimate
                                         balance of all sums payable and obligations owed by the Issuer under these presents,
                                         shall not be discharged except by complete performance of the obligations in these presents
                                         and is additional to, and not instead of, any security or other guarantee or indemnity
                                         at any time existing in favour of any person, whether from the Original Guarantors or
                                         otherwise.

 

		9.7	If
                                         any moneys shall become payable by the Original Guarantors under this guarantee, no Original
                                         Guarantor shall, so long as the same remain unpaid, without the prior written consent
                                         of the Trustee:

 

		(a)	in
                                         respect of any amounts paid by it under this guarantee, exercise any rights of subrogation
                                         or contribution or, without limitation, any other right or remedy which may accrue to
                                         it in respect of or as a result of any such payment; or

 

    	 	15	 

     

    

 

		(b)	in
                                         respect of any other moneys for the time being due to the Original Guarantors by the
                                         Issuer, claim payment thereof or exercise any other right or remedy;

 

(including
in either case claiming the benefit of any security or right of set-off or, on the liquidation of the Issuer, proving in competition
with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or liquidation of the Issuer, any payment
or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, shall be received by
an Original Guarantor before payment in full of all amounts payable under these presents shall have been made to the Bondholders
and the Trustee, such payment or distribution shall be received by the relevant Original Guarantor on trust to pay the same over
immediately to the Trustee for application in or towards the payment of all sums due and unpaid under these presents in accordance
with clause 12.

 

		9.8	Until
                                         all amounts which may be or become payable by the Issuer under these presents have been
                                         irrevocably paid in full, the Trustee may:

 

		(a)	refrain
                                         from applying or enforcing any other moneys, security or rights held or received by the
                                         Trustee in respect of those amounts, or apply and enforce the same in such manner and
                                         order as it sees fit (whether against those amounts or otherwise), and the Original Guarantors
                                         shall not be entitled to the benefit of the same; and

 

		(b)	hold
                                         in a suspense account any moneys received from any Original Guarantor or on account of
                                         the relevant Original Guarantor’s liability under this guarantee, without liability
                                         to pay interest on those moneys.

 

		9.9	If
                                         any sum which, although expressed to be payable by the Issuer under these presents or
                                         the Bonds, is for any reason (whether or not now existing and whether or not now known
                                         or becoming known to the Issuer, the Original Guarantors, the Trustee or any Bondholder)
                                         not recoverable from an Original Guarantor on the basis of a guarantee then (a) it will
                                         nevertheless be recoverable from it as if it were the sole principal debtor and will
                                         be paid by it to the Trustee on demand and (b) as a separate and additional liability
                                         under these presents each Original Guarantor agrees, as a primary obligation and on a
                                         joint and several basis, to indemnify each of the Trustee and each Bondholder in respect
                                         of such sum by way of a full indemnity in the manner and currency as is provided for
                                         in the Bonds or these presents (as the case may be) and to indemnify each Bondholder
                                         against all losses, claims, costs, charges and expenses to which it may be subject or
                                         which it may incur in recovering such sum.

 

		9.10	The
                                         obligations of each Original Gurantor under these presents constitute direct, unconditional
                                         and (subject to the provisions of Condition 5.1 (Negative Pledges)) unsecured
                                         obligations of the relevant Original Guarantor and (subject as aforesaid) rank and will
                                         rank pari passu with all other outstanding unsecured and unsubordinated obligations
                                         of the relevant Original Guarantor, present and future, but, in the event of insolvency,
                                         only to the extent permitted by applicable laws relating to creditors' rights.

 

		9.11	In
                                         connection with the proposed admission of any Subsidiary of BCL as a Subsidiary Guarantor
                                         pursuant to Condition 4.3 (Guarantee – Addition of Subsidiary Guarantors),
                                         no such admission shall be effective until the Trustee shall have received:

 

		(a)	a
                                         duly executed deed supplemental to this Trust Deed and the Agency Agreement (or in such
                                         other form as may be necessary or appropriate to comply with any applicable law, rule
                                         or regulation, including the law of any jurisdiction outside England and Wales where
                                         that Subsidiary is organised or carries on business) containing a joint and several guarantee
                                         (in the same terms, mutatis mutandis, as the Guarantee) and otherwise in form
                                         and manner satisfactory to the Trustee pursuant to which such Subsidiary agrees to be
                                         bound by the provisions of these presents and the Agency Agreement as fully as if such
                                         Subsidiary had been named
in these presents and the Agency Agreement as a Guarantor on the date hereof; and

 

    	 	16	 

     

    

 

		(b)	such
                                         legal opinion(s) as the Trustee shall require from legal advisers satisfactory to the
                                         Trustee and in a form and with substance satisfactory to the Trustee as to the enforceability
                                         under the laws of all relevant jurisdictions of the guarantee to be given by such Subsidiary
                                         and all other obligations to be assumed by such Subsidiary in the agreements described
                                         in paragraph (a) above,

 

and
such Subsidiary and the Issuer shall have complied with such other requirements to assure more fully that the agreements in paragraph
(a) above are enforceable as the Trustee may direct in the interests of the Bondholders.

 

		9.12	If
                                         any Subsidiary Guarantor ceases to be a Subsidiary Guarantor under the Bonds pursuant
                                         to Condition 4.4 (Guarantee –Release of Subsidiary Guarantors), such Subsidiary
                                         Guarantor will be deemed to be released simultaneously from all of its future obligations
                                         under these presents, without prejudice to any obligations which may have accrued prior
                                         to that time.

 

		9.13	All
                                         the provisions of this Trust Deed relating to an Original Guarantor and the Guarantors
                                         shall apply to a Subsidiary Guarantor which gives a guarantee pursuant to Condition 4.3
                                         (Guarantee – Addition of Subsidiary Guarantors) and to the guarantee given
                                         by such Subsidiary Guarantor in all respects as if the Subsidiary Guarantor had been
                                         a party to this Trust Deed and references herein to the Original Guarantors or a Guarantor
                                         or Guarantors had included the Subsidiary Guarantor.

 

		9.14	The
                                         Issuer and each Guarantor shall be deemed to have consented to the admission of any company
                                         as a Subsidiary Guarantor and shall be deemed to be jointly and severally liable with
                                         any new Subsidiary Guarantor by virtue of the giving by any Subsidiary Guarantor of a
                                         guarantee without the necessity for the Issuer or any Guarantor to concur in or consent
                                         to any deed admitting any Subsidiary Guarantor.

 

		9.15	BCL,
                                         excluding any express right contained in these presents, waives any existing or future
                                         right which it may have:

 

		(a)	to
                                         require that any liability under or in connection with these presents be divided or apportioned
                                         with any other person or reduced in any manner whatsoever, whether by virtue of the "droit
                                         de division" or otherwise; and

 

		(b)	to
                                         require that recourse be had to the assets of any other person before any claim is enforced
                                         against it in respect of the obligations assumed by it in or in connection with these
                                         presents, whether by virtue of "droit de discussion" or otherwise.

 

		10.	ENFORCEMENT

 

		10.1	The
                                         Trustee may at any time, at its discretion and without notice, take such proceedings
                                         and/or other steps or action (including lodging an appeal in any proceedings) as it may
                                         think fit against or in relation to each of the Issuer and the Guarantors to enforce
                                         their respective obligations under these presents or otherwise.

 

		10.2	Proof
                                         that as regards any specified Bond the Issuer or any Guarantor (as the case may be) has
                                         made default in paying any amount due in respect of such Bond shall (unless the contrary
                                         be proved) be sufficient evidence that the same default has been made as regards all
                                         other Bonds in respect of which the relevant amount is due and payable.

 

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		11.	ACTION, PROCEEDINGS AND INDEMNIFICATION

 

		11.1	The
                                         Trustee shall not be bound to take any action in relation to these presents (including
                                         but not limited to the giving of any notice pursuant to Condition 11.1 (Events of
                                         Default) or the taking of any proceedings and/or other steps mentioned in subclause
                                         10.1) unless respectively directed or requested to do so (a) by an Extraordinary Resolution
                                         or (b) in writing by the holders of at least one- fifth in principal amount of the Bonds
                                         then outstanding and in either case then only if it shall be indemnified and/or secured
                                         and/or pre-funded to its satisfaction against all Liabilities to which it may render
                                         itself liable or which it may incur by so doing.

 

		11.2	The
                                         Trustee may refrain from taking any action in any jurisdiction if the taking of such
                                         action in that jurisdiction would, in its opinion based upon legal advice in the relevant
                                         jurisdiction, be contrary to any law of that jurisdiction. Furthermore, the Trustee may
                                         also refrain from taking such action if it would otherwise render it liable to any person
                                         in that jurisdiction or if, in its opinion based upon such legal advice, it would not
                                         have the power to take the relevant action in that jurisdiction by virtue of any applicable
                                         law in that jurisdiction or if it is determined by any court or other competent authority
                                         in that jurisdiction that it does not have such power.

 

		11.3	Only
                                         the Trustee may enforce the provisions of these presents. No Bondholder shall be entitled
                                         to (i) take any steps or action against the Issuer or any Guarantor to enforce the performance
                                         of any of the provisions of these presents or (ii) take any other proceedings (including
                                         lodging an appeal in an proceedings) in respect of or concerning the Issuer or any Guarantor,
                                         in each case unless the Trustee having become bound as aforesaid to take any such action,
                                         steps or proceedings fails to do so within a reasonable period and such failure is continuing.

 

		11.4	Notwithstanding
                                         anything else contained in these presents, the Trustee shall not be required to take
                                         any action prior to making any declaration that the Bonds are immediately due and payable
                                         (save that it will procure notice to be given to the Bondholders of any Event of Default
                                         of which it has actual knowledge or express notice) if such action would require the
                                         Trustee to incur any expenditure or other financial liability or risk its own funds (including
                                         obtaining any advice which it might otherwise have thought appropriate to obtain).

 

		12.	APPLICATION OF MONEYS

 

All moneys received
by the Trustee under these presents shall be held by the Trustee upon trust to apply them (subject to clause 14):

 

		(a)	First,
                                         in payment or satisfaction of all amounts then due and unpaid under clause 17 to the
                                         Trustee and/or any Appointee;

 

		(b)	Secondly,
                                         in or towards retention of an amount which the Trustee considers necessary to pay any
                                         amounts that may thereafter become due to be paid under clause 17 to it or any Appointee,
                                         to the extent it considers that moneys received by it thereafter under these presents
                                         may be insufficient and/or may not be received in time to pay such amounts;

 

		(c)	Thirdly,
                                         in or towards reimbursement pari passu and rateably of any amounts paid by any
                                         Indemnifying Parties as contemplated by clause 17.7, together with interest thereon as
                                         provided in clause 17.8;

 

		(d)	Fourthly,
                                         in or towards payment pari passu and rateably of all principal and interest then
                                         due and unpaid in respect of the Bonds; and

 

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		(e)	Fifthly,
                                         in payment of the balance (if any) to the Issuer (without prejudice to, or liability
                                         in respect of, any question as to how such payment to the Issuer shall be dealt with
                                         as between the Issuer, the Guarantors and any other person).

 

 

Without
prejudice to this clause 12, if the Trustee holds any moneys which represent principal or interest in respect of Bonds which have
become void or in respect of which claims have been prescribed under Condition 10 (Prescription), the Trustee will hold
such moneys on the above trusts.

 

		13.	NOTICE OF PAYMENTS

 

The
Trustee shall give notice to the Bondholders in accordance with Condition 14 (Notices) of the day fixed for any payment
to them under clause 12. Such payment may be made in accordance with Condition 7 (Payments) and any payment so made shall
be a good discharge to the Trustee.

 

		14.	INVESTMENT BY TRUSTEE

 

		14.1	The
                                         Trustee may at its discretion and pending payment invest moneys at any time available
                                         for the payment of principal and interest on the Bonds in some or one of the investments
                                         hereinafter authorised for such periods as it may consider expedient with power from
                                         time to time at the like discretion to vary such investments and to accumulate such investments
                                         and the resulting interest and other income derived therefrom. The accumulated investments
                                         shall be applied under clause 12. All interest and other income deriving from such investments
                                         shall be applied first in payment or satisfaction of all amounts then due and unpaid
                                         under clause 17 to the Trustee and/or any Appointee and otherwise held for the benefit
                                         of and paid to the Bondholders.

 

		14.2	Any
                                         moneys which under the trusts of these presents ought to or may be invested by the Trustee
                                         may be invested in the name or under the control of the Trustee in any investments or
                                         other assets in any part of the world whether or not they produce income or by placing
                                         the same on deposit in the name or under the control of the Trustee at such bank or other
                                         financial institution and in such currency as the Trustee may think fit. If that bank
                                         or institution is the Trustee or a subsidiary, holding or associated company of the Trustee,
                                         it need only account for an amount of interest equal to the amount of interest which
                                         would, at then current rates, be payable by it on such a deposit to an independent customer.
                                         The Trustee may at any time vary any such investments for or into other investments or
                                         convert any moneys so deposited into any other currency and shall not be responsible
                                         for any loss resulting from any such investments or deposits, whether due to depreciation
                                         in value, fluctuations in exchange rates or otherwise.

 

		15.	PARTIAL PAYMENTS

 

Upon
any payment under clause 12 (other than payment in full against surrender of a Bond) the Bond in respect of which such payment
is made shall be produced to the Trustee or the Paying Agent by or through whom such payment is made and the Trustee shall or
shall cause such Paying Agent to enface thereon a memorandum of the amount and the date of payment but the Trustee may dispense
with such production and enfacement upon such indemnity being given as it shall think sufficient.

 

		16.	COVENANTS BY THE ISSUER AND
                                         THE GUARANTORS

 

So
long as any of the Bonds remains outstanding (or, in the case of paragraphs (h), (i), (m), (n), (o) and (q), so long as any of
the Bonds remains liable to prescription each of the Issuer and the Guarantors severally (but in the case of paragraph 16(c),
the Issuer only) covenants with the Trustee that it shall:

 

		(a)	promptly
                                         give or procure to be given to the Trustee such opinions, certificates, information and
                                         evidence as it shall reasonably require and in such form as it shall require (including without
limitation the procurement by the Issuer or the Guarantors (as the case may be) of all such certificates reasonably called for
by the Trustee pursuant to subclause 18(c)) for the purpose of the discharge or exercise of the duties, trusts, powers, authorities
and discretions vested in it under these presents or by operation of law except that the provision of any financial statements
or evidence and information relating to financial statements shall, for the avoidance of doubt, only extend to the provision of
financial statements for an accounting period prepared in relation to the Group (and in no circumstances shall extend to any specific
entity within the Group (other than the Issuer));

 

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		(b)	cause
                                         to be prepared and certified by its Auditors in respect of each financial accounting
                                         period accounts of the Issuer in such form as will comply with all relevant legal and
                                         accounting requirements and all requirements for the time being of the London Stock Exchange;

 

		(c)	at
                                         all times keep and procure its Subsidiaries (if any) to keep proper books of account
                                         and allow and procure such Subsidiaries to allow the Trustee and any person appointed
                                         by the Trustee to whom the Issuer, the Guarantors or the relevant Subsidiary (as the
                                         case may be) shall have no reasonable objection free access to such books of account
                                         at all reasonable times during normal business hours except that the requirement for
                                         Subsidiaries to keep proper books of account shall not, for the avoidance of doubt, in
                                         any circumstances require such Subsidiary to prepare financial statements (for any accounting
                                         period or otherwise);

 

		(d)	send
                                         to the Trustee (in addition to any copies to which it may be entitled as a holder of
                                         any securities of the Issuer or any Guarantor) two copies in English of every balance
                                         sheet, profit and loss account, report, circular and notice of general meeting and every
                                         other document issued or sent to its shareholders together with any of the foregoing,
                                         and every document issued or sent to holders of securities other than its shareholders
                                         (including the Bondholders) as soon as practicable after the issue or publication thereof;

 

		(e)	forthwith
                                         give notice in writing to the Trustee of the coming into existence of any security interest
                                         which would require any security to be given to the Bonds pursuant to Condition 5.1 (Negative
                                         Pledges) or of the occurrence of any Event of Default or any Potential Event of Default;

 

		(f)	give
                                         to the Trustee (a) within seven days after demand by the Trustee therefor and (b) (without
                                         the necessity for any such demand) promptly after the publication of its audited accounts
                                         in respect of each financial period commencing with the financial period ending 31 December,
                                         2017 and in any event not later than 180 days after the end of each such financial period
                                         a certificate in or substantially in the form set out in Schedule 5 signed by two Officers
                                         of the Issuer and either two Directors of BCL or a Director and the secretary of BCL
                                         to the effect that as at a date not more than seven days before delivering such certificate
                                         (the certification date) there did not exist and had not existed or happened since
                                         the certification date of the previous certificate (or in the case of the first such
                                         certificate the date hereof) any Event of Default or any Potential Event of Default (or
                                         if such exists or existed or had happened specifying the same) and that during the period
                                         from and including the certification date of the last such certificate (or in the case
                                         of the first such certificate the date hereof) to and including the certification date
                                         of such certificate each of the Issuer and each Guarantor has complied with all its obligations
                                         contained in these presents or (if such is not the case) specifying the respects in which
                                         it has not complied;

 

		(g)	so
                                         long as any of the Bonds remain outstanding BCL shall supply to the Trustee:

 

		(i)	as
                                         soon as they may become available, but in any event within six months of its most recent
                                         financial year-end, a copy of its audited Consolidated Financial Statements
for such financial year, together with the report thereon of BCL’s Auditors;

 

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		(ii)	as soon as they may become available, but in any event within three months
of the end of the first half of each financial year, a copy of its unaudited Consolidated Financial Statements for such period;
and

 

		(iii)	concurrently with the delivery of items (i) and (ii) above, a Directors’
Certificate confirming compliance with the covenant contained in Condition 5.2 (Financial Covenant) with respect to the
most recent Reference Date;

 

		(h)	so far as permitted by applicable law, at all times execute and do all such
further documents, acts and things as may be necessary at any time or times in the opinion of the Trustee to give effect to these
presents except that the provision of any financial statements or evidence and information relating to financial statements shall,
for the avoidance of doubt, only extend to the provision of financial statements for an accounting period prepared in relation
to the Group (and in no circumstances shall extend to any specific entity within the Group (other than the Issuer));

 

		(i)	at all times maintain Paying Agents, a Registrar and Transfer Agents in
accordance with the Conditions;

 

		(j)	procure the Principal Paying Agent to notify the Trustee forthwith in the
event that the Principal Paying Agent does not, on or before the due date for any payment in respect of the Bonds or any of them,
receive unconditionally pursuant to the Agency Agreement payment of the full amount in the requisite currency of the moneys payable
on such due date on all such Bonds;

 

		(k)	in the event of the unconditional payment to the Principal Paying Agent
or the Trustee of any sum due in respect of the Bonds or any of them being made after the due date for payment thereof forthwith
give or procure to be given notice to the Bondholders in accordance with Condition 14 (Notices) that such payment has been
made;

 

		(l)	use reasonable endeavours to maintain the listing of the Bonds on the London
Stock Exchange or, if it is unable to do so having used reasonable or if the Trustee considers that the maintenance of such listing
is unduly onerous and the Trustee is of the opinion that to do so would not be materially prejudicial to the interests of the Bondholders,
use reasonable endeavours to obtain and maintain a quotation or listing of the Bonds on such other stock exchange or exchanges
or securities market or markets as the Issuer may (with the prior written approval of the Trustee) decide and shall also upon obtaining
a quotation or listing of the Bonds on such other stock exchange or exchanges or securities market or markets enter into a trust
deed supplemental to this Trust Deed to effect such consequential amendments to these presents as the Trustee may require or as
shall be requisite to comply with the requirements of any such stock exchange or securities market;

 

		(m)	give notice to the Bondholders in accordance with Condition 14 (Notices)
of any appointment, resignation or removal of any Paying Agent, Registrar or Transfer Agent (other than the appointment of the
initial Paying Agents, Registrar and Transfer Agents) after having obtained the prior written approval of the Trustee thereto or
any change of any Paying Agent's, Registrar's or Transfer Agent's specified office and (except as provided by the Agency Agreement
or the Conditions) at least 30 days prior to such event taking effect; PROVIDED ALWAYS THAT so long as any of the Bonds remains
outstanding in the case of the termination of the appointment of the Registrar or a Transfer Agent or so long as any of the Bonds
remains liable to prescription in the case of the termination of the appointment of the Principal Paying
Agent no such termination shall take effect until a new Registrar, Transfer Agent or Principal Paying Agent (as the case may be)
has been appointed on terms previously approved in writing by the Trustee;

 

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		(n)	send to the Trustee, not less than seven Business Days prior to which any
such notice is to be given, the draft form of every notice to be given to the Bondholders in accordance with Condition 14 (Notices)
and obtain the prior written approval of the Trustee (such approval not to be unreasonably withheld or delayed) to, and promptly
give to the Trustee two copies of, the final form of every notice to be given to the Bondholders in accordance with Condition 14
(Notices) (such approval, unless so expressed, not to constitute approval for the purposes of Section 21 of the Financial
Services and Markets Act 2000 of the United Kingdom (the FSMA) of a communication within the meaning of Section 21 of the
FSMA);

 

		(o)	comply with and perform all its obligations under the Agency Agreement
and use its best endeavours to procure that the Paying Agents, the Registrar and the Transfer Agents comply with and perform all
their respective obligations thereunder and (in the case of the Paying Agents and the Registrar) any notice given by the Trustee
pursuant to subclause 3.1(a) and not make any amendment or modification to such Agreement without the prior written approval of
the Trustee and use all reasonable endeavours to make such amendments to such Agreement as the Trustee may require;

 

		(p)	in order to enable the Trustee to ascertain the principal amount of Bonds
for the time being outstanding for any of the purposes referred to in the proviso to the definition of outstanding in clause
1, deliver to the Trustee forthwith upon being so requested in writing by the Trustee a certificate in writing signed by two Officers
of the Issuer two Directors of BCL or a Director and the secretary of BCL (as appropriate) setting out the total number and aggregate
principal amount of Bonds which:

 

		(i)	up to and including the date of such certificate have been purchased by
the Issuer or any member of the Group and cancelled; and

 

		(ii)	are at the date of such certificate held by, for the benefit of, or on
behalf of, the Issuer, any Guarantor, any Subsidiary of a Guarantor, any holding company of a Guarantor or any other Subsidiary
of any such holding company;

 

		(q)	procure its Subsidiaries to comply with all (if any) applicable provisions
of Condition 8 (Redemption and Purchase);

 

		(r)	procure that each of the Paying Agents makes available for inspection by
Bondholders at its specified office copies of these presents, the Agency Agreement and the then latest audited balance sheets and
profit and loss accounts (consolidated if applicable) of the Group;

 

		(s)	give to the Trustee (i) on the date hereof, (ii) within three Business Days
after a demand by the Trustee therefor and (iii) (without the necessity for such demand) within six months of BCL’s most
recent financial year-end commencing with the financial period ending 31 December 2017 and within three months of the end of the
first half of each financial year commencing with the financial period ending 30 June 2018, a certificate in or substantially in
the form set out in Schedule 6 signed by two Directors of BCL or a Director and the secretary of BCL (as appropriate) addressed
to the Trustee listing those Subsidiaries the relevant Guarantor which as at the date hereof, as at the date of the relevant certificate
or as at any specific date requested by the Trustee, were Material Subsidiaries for the purposes of Condition 11 (Events of
Default);

 

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		(t)	promptly give written notice signed by two Directors of such BCL or a Director
and the secretary of BCL (as appropriate) to the Trustee if any Subsidiary of such Guarantor, (other than an Excluded Subsidiary)
has Financial Indebtedness which in aggregate (without duplication) amounts to more than £2,000,000 (or its equivalent in
any other currency) and BCL covenants that it shall procure that such Subsidiary shall as soon as reasonably practicable, but in
any event no later than 60 days after the date on which it incurs such Financial Indebtedness, provide a Guarantee in respect of
these presents in accordance with Clause 9 above;

 

		(u)	promptly give written notice signed by two directors of BCL or by a director
and the secretary of BCL to the Trustee if a Subsidiary Guarantor is to be automatically released from the Guarantee in accordance
with Condition 4.4 (Guarantee – Release of Subsidiary Guarantors);

 

		(v)	prior to making any modification or amendment or supplement to these presents,
procure the delivery of (a) legal opinion(s) as to English and any other relevant law, addressed to the Trustee, dated the date
of such modification or amendment or supplement, as the case may be, and in a form acceptable to the Trustee from legal advisers
acceptable to the Trustee;

 

		(w)	give notice to the Trustee of the proposed redemption of the Bonds at least
5 business days in London prior to the giving of any notice of redemption in respect of such Bonds pursuant to Condition 14 (Notices);
and

 

		(x)	provide the Trustee with sufficient information so as to enable it to determine
whether or not it is obliged, in respect of any payments to be made by it pursuant to these presents, to make any withholding or
deduction pursuant to an agreement described in Section 1471(b) of the US Internal Revenue Code of 1986 (the Code) or otherwise
imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or official interpretations
thereof (FATCA Withholding Tax).

 

		17.	REMUNERATION AND INDEMNIFICATION OF TRUSTEE

 

		17.1	The Issuer failing whom, the Guarantors shall pay to the Trustee remuneration
for its services as trustee as from the date of this Trust Deed, such remuneration to be at such rate and to be paid on such dates
as may from time to time be agreed between the Issuer and the Trustee. In the absence of any agreement to the contrary, such remuneration
shall be payable in advance on the first Interest Payment Date (as defined in Condition 6) in each year, the first such payment
to be made on the date hereof. Such remuneration shall accrue from day to day and be payable (in priority to payments to the Bondholders)
up to and including the date when, all the Bonds having become due for redemption, the redemption moneys and interest thereon to
the date of redemption have been paid to the Principal Paying Agent or, as the case may be, the Trustee PROVIDED THAT if upon due
presentation of any Bond (if required) or any cheque payment of the moneys due in respect thereof is improperly withheld or refused,
remuneration will commence again to accrue.

 

		17.2	In the event of the occurrence of an Event of Default or a Potential Event
of Default the Issuer and the Guarantors hereby agree that the Trustee shall be entitled to be paid additional remuneration, which
may be calculated at its normal hourly rates in force from time to time (provided that such hourly rates are comparable to the
prevailing rates in the market at such time). In any other case, if the Trustee considers it expedient or necessary or is requested
by the Issuer or the Guarantors to undertake duties which the Trustee and the Issuer or, as the case may be, the relevant Guarantor
agree to be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under these presents the
Issuer, failing whom the Guarantors, shall pay to the Trustee such additional remuneration as shall be agreed between them (and
which may be calculated by reference to the Trustee's normal
hourly rates in force from time to time provided that such hourly rates are comparable to the prevailing rates in the market at
such time).

 

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		17.3	The Issuer, failing whom the Guarantors shall in addition pay to the Trustee
an amount equal to the amount of any value added tax or similar tax chargeable thereon in respect of its remuneration under these
presents.

 

		17.4	In the event of the Trustee and the Issuer failing or, as the case may
be, the relevant Guarantor failing to agree:

 

		(a)	(in a case to which subclause 17.1 above applies) upon the amount of the remuneration; or

 

		(b)	(in a case to which subclause 17.2 above applies) upon whether such duties
shall be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under these presents, or upon
such additional remuneration,

 

such matters shall be
determined by a person (acting as an expert and not as an arbitrator) selected by the Trustee and approved by the Issuer or, failing
such approval, nominated (on the application of the Trustee) by the President for the time being of The Law Society of England
and Wales (the expenses involved in such nomination and the fees of such person being payable by the Issuer) and the determination
of any such person shall be final and binding upon the Trustee and the Issuer.

 

		17.5	Without prejudice to the right of indemnity by law given to trustees, the
Issuer and each Guarantor shall severally indemnify the Trustee and every Appointee and keep it or him indemnified against all
Liabilities to which it or he may be or become subject or which may be incurred by it or him in the preparation and execution or
purported execution of any of its or his trusts, powers, authorities and discretions under these presents or its or his functions
under any such appointment or in respect of any other matter or thing done or omitted in any way relating to these presents or
any such appointment (including all Liabilities incurred in disputing or defending any of the foregoing).

 

		17.6	The Issuer, failing whom the Guarantors, shall also pay or discharge all
Liabilities incurred by the Trustee in relation to the preparation and execution of, the exercise of its powers and the performance
of its duties under, and in any other manner relating to, these presents, including but not limited to travelling expenses and
any stamp, issue, registration, documentary and other taxes or duties paid or payable by the Trustee in connection with any action
taken or contemplated by or on behalf of the Trustee for enforcing these presents.

 

		17.7	Where any amount which would otherwise be payable by the Issuer or the
Guarantors under subclause 17.5 or subclause 17.6 has instead been paid by any person or persons other than the Issuer or the Guarantors
(each, an Indemnifying Party), the Issuer or the Guarantors, as the case may be, shall pay to the Trustee an equal amount
for the purpose of enabling the Trustee to reimburse the Indemnifying Parties.

 

		17.8	All amounts payable pursuant to subclause 17.5 and 17.6 above shall be payable
by the Issuer on the date specified in a demand by the Trustee and in the case of payments actually made by the Trustee prior to
such demand shall carry interest at a rate equal to the Trustee’s cost of borrowing from the date such demand is made, and
in all other cases shall (if not paid within 30 days after the date of such demand or, if such demand specifies that payment is
to be made on an earlier date, on such earlier date) carry interest at such rate from such thirtieth day of such other date specified
in such demand. All remuneration payable to the Trustee shall carry interest at such rate from the due date therefor. A certificate
from the Trustee as to the Trustee’s cost of borrowing on any particular date or during any particular period shall be conclusive
and binding on the Issuer and the Guarantors.

 

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		17.9	The Issuer hereby further undertakes to the Trustee that all monies payable
by the Issuer, failing which the Guarantors, to the Trustee under this clause shall be made without set-off, counterclaim, deduction
or withholding unless compelled by law in which event the Issuer, failing which the Guarantors, will pay such additional amounts
as will result in the receipt by the Trustee of the amounts which would otherwise have been payable by the Issuer, failing which
the Guarantors to the Trustee under this clause in the absence of any such set-off, counterclaim, deduction or withholding.

 

		17.10	Unless otherwise specifically stated in any discharge of these presents
the provisions of this clause 17 shall continue in full force and effect notwithstanding such discharge.

 

		18.	SUPPLEMENT TO TRUSTEE ACTS

 

Section 1 of the Trustee
Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by these presents. Where there are
any inconsistencies between the Trustee Acts and the provisions of these presents, the provisions of these presents shall, to the
extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of these presents
shall constitute a restriction or exclusion for the purposes of that Act. The Trustee shall have all the powers conferred upon
trustees by the Trustee Acts and by way of supplement thereto it is expressly declared as follows:

 

		(a)	The Trustee may in relation to these presents act on the advice or opinion
of or any information (whether addressed to the Trustee or not) obtained from any lawyer, valuer, accountant, surveyor, banker,
broker, auctioneer or other expert whether obtained by the Issuer, any Guarantor, the Trustee or otherwise and shall not be responsible
for any Liability occasioned by so acting.

 

		(b)	Any such advice, opinion or information may be sent or obtained by letter,
telex, telegram, facsimile transmission, electronic mail or cable and the Trustee shall not be liable for acting on any advice,
opinion or information purporting to be conveyed by any such letter, telegram, facsimile transmission, electronic mail or cable
although the same shall contain some error or shall not be authentic.

 

		(c)	The Trustee may call for and shall be at liberty to accept as sufficient
evidence of any fact or matter or the expediency of any transaction or thing a certificate signed by any two Officers of the Issuer
and/or by any two Directors of BCL or a Director and the secretary of BCL (as appropriate) and the Trustee shall not be bound in
any such case to call for further evidence or be responsible for any Liability that may be occasioned by it or any other person
acting on such certificate.

 

		(d)	The Trustee shall be at liberty to hold these presents and any other documents
relating thereto or to deposit them in any part of the world with any banker or banking company or company whose business includes
undertaking the safe custody of documents or lawyer or firm of lawyers considered by the Trustee to be of good repute and the Trustee
shall not be responsible for or required to insure against any Liability incurred in connection with any such holding or deposit
and may pay all sums required to be paid on account of or in respect of any such deposit.

 

		(e)	The Trustee shall not be responsible for the receipt or application of
the proceeds of the issue of any of the Bonds by the Issuer, the exchange of the Global Certificate for Definitive Certificates
or the delivery of the Global Certificate or Definitive Certificates to the person(s) entitled to it or them.

 

		(f)	The Trustee shall not be bound to give notice to any person of the execution
of any documents comprised or referred to in these presents or to take any steps to ascertain whether any Event of
Default or Potential Event of Default has happened and, until it shall have actual knowledge or express notice pursuant to these
presents to the contrary, the Trustee shall be entitled to assume that no Event of Default or Potential Event of Default has happened
and that the Issuer and each Guarantor is observing and performing all its obligations under these presents.

 

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		(g)	Save as expressly otherwise provided in these presents, the Trustee shall
have absolute and uncontrolled discretion as to the exercise or non-exercise of its trusts, powers, authorities and discretions
under these presents (the exercise or non-exercise of which as between the Trustee and the Bondholders shall be conclusive and
binding on the Bondholders) and shall not be responsible for any Liability which may result from their exercise or non-exercise
and in particular the Trustee shall not be bound to act at the request or direction of the Bondholders or otherwise under any provision
of these presents or to take at such request or direction or otherwise any other action under any provision of these presents,
without prejudice to the generality of subclause 11.1, unless it shall first be indemnified and/or secured and/or pre-funded to
its satisfaction against all Liabilities to which it may render itself liable or which it may incur by so doing and the Trustee
shall incur no liability for refraining to act in such circumstances.

 

		(h)	The Trustee shall not be liable to any person by reason of having acted
upon any Extraordinary Resolution in writing or any Extraordinary Resolution purporting to have been passed at any meeting of Bondholders
in respect whereof minutes have been made and signed or any Extraordinary Resolution passed by way of electronic consents received
through the relevant Clearing System(s) in accordance with these presents or any direction or request of Bondholders even though
subsequent to its acting it may be found that there was some defect in the constitution of the meeting or the passing of the resolution
or (in the case of an Extraordinary Resolution in writing or a direction or a request) it was not signed by the requisite number
of Bondholders or (in the case of an Extraordinary Resolution passed by electronic consents received through the relevant Clearing
System(s)) it was not approved by the requisite number of Bondholders or that for any reason the resolution, direction or request
was not valid or binding upon such Bondholders.

 

		(i)	The Trustee shall not be liable to any person by reason of having accepted
as valid or not having rejected any Bond purporting to be such and subsequently found to be forged or not authentic.

 

		(j)	Any consent or approval given by the Trustee for the purposes of these
presents may be given on such terms and subject to such conditions (if any) as the Trustee thinks fit and notwithstanding anything
to the contrary in these presents may be given retrospectively. The Trustee may give any consent or approval, exercise any power,
authority or discretion or take any similar action (whether or not such consent, approval, power, authority, discretion or action
is specifically referred to in these presents) if it is satisfied that the interests of the Bondholders will not be materially
prejudiced thereby. For the avoidance of doubt, the Trustee shall not have any duty to the Bondholders in relation to such matters
other than that which is contained in the preceding sentence.

 

		(k)	The Trustee shall not (unless and to the extent ordered so to do by a court
of competent jurisdiction) be required to disclose to any Bondholder any information (including, without limitation, information
of a confidential, financial or price sensitive nature) made available to the Trustee by the Issuer or the Guarantors or any other
person in connection with these presents and no Bondholder shall be entitled to take any action to obtain from the Trustee any
such information.

 

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		(l)	Where it is necessary or desirable for any purpose in connection with these
presents to convert any sum from one currency to another it shall (unless otherwise provided by these presents or required by law)
be converted at such rate or rates, in accordance with such method and as at such date for the determination of such rate of exchange,
as may be agreed by the Trustee in consultation with the Issuer or the Guarantor as relevant and any rate, method and date so agreed
shall be binding on the Issuer, the Guarantors, and the Bondholders.

 

		(m)	The Trustee may certify that any of the conditions, events and acts set out in subparagraphs (b) to (d) inclusive
(other than the winding up or dissolution of the Issuer, any Guarantor or any of the Material Subsidiaries), (e) to (g) inclusive
and (k) and (l) of Condition 11.1 (Events of Default) (each of which conditions, events and acts shall, unless in any case
the Trustee in its absolute discretion shall otherwise determine, for all the purposes of these presents be deemed to include the
circumstances resulting therein and the consequences resulting therefrom) is in its opinion materially prejudicial to the interests
of the Bondholders and any such certificate shall be conclusive and binding upon the Issuer, the Guarantors, and the Bondholders.

 

		(n)	The Trustee as between itself and the Bondholders may determine all questions
and doubts arising in relation to any of the provisions of these presents. Every such determination, whether or not relating in
whole or in part to the acts or proceedings of the Trustee, shall be conclusive and shall bind the Trustee and the Bondholders.

 

		(o)	In connection with the exercise by it of any of its trusts, powers, authorities
and discretions under these presents (including, without limitation, any modification, waiver, authorisation, determination or
substitution), the Trustee shall have regard to the general interests of the Bondholders as a class and shall not have regard to
any interests arising from circumstances particular to individual Bondholders (whatever their number) and, in particular but without
limitation, shall not have regard to the consequences of any such exercise for individual Bondholders (whatever their number) resulting
from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any
particular territory or any political sub-division thereof and the Trustee shall not be entitled to require, nor shall any Bondholder
be entitled to claim, from the Issuer, the Guarantors, the Trustee or any other person any indemnification or payment in respect
of any tax consequence of any such exercise upon individual Bondholders except to the extent already provided for in Condition
9 (Taxation) and/or any undertaking given in addition thereto or in substitution therefor under these presents.

 

		(p)	Any trustee of these presents being a lawyer, accountant, broker or other
person engaged in any profession or business shall be entitled to charge and be paid all usual professional and other charges for
business transacted and acts done by him or his firm in connection with the trusts of these presents and also his proper charges
in addition to disbursements for all other work and business done and all time spent by him or his firm in connection with matters
arising in connection with these presents.

 

		(q)	The Trustee may whenever it thinks fit delegate by power of attorney
                                                                or otherwise to any person or persons or fluctuating body of persons (whether being a joint trustee of these presents or not)
                                                                all or any of its trusts, powers, authorities and discretions under these presents. Such delegation may be made upon such
                                                                terms (including power to sub-delegate) and subject to such conditions and regulations as the Trustee may in the interests of
                                                                the Bondholders think fit. The Trustee shall not be under any obligation to supervise the proceedings or acts of any such
                                                                delegate or sub-delegate or be in any way responsible for any Liability incurred by reason of any misconduct or default on
                                                                the part of any such delegate or sub-delegate. The Trustee shall
within a reasonable time after any such delegation or any renewal, extension or termination thereof give notice thereof to the
Issuer.

 

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		(r)	The Trustee may in the conduct of the trusts of these presents instead of
acting personally employ and pay an agent (whether being a lawyer or other professional person) to transact or conduct, or concur
in transacting or conducting, any business and to do, or concur in doing, all acts required to be done in connection with these
presents (including the receipt and payment of money). The Trustee shall not be in any way responsible for any Liability incurred
by reason of any misconduct or default on the part of any such agent or be bound to supervise the proceedings or acts of any such
agent.

 

		(s)	The Trustee may appoint and pay any person to act as a custodian or nominee
on any terms in relation to such assets of the trusts constituted by these presents as the Trustee may determine, including for
the purpose of depositing with a custodian these presents or any document relating to the trusts constituted by these presents
and the Trustee shall not be responsible for any Liability incurred by reason of the misconduct, omission or default on the part
of any person appointed by it hereunder or be bound to supervise the proceedings or acts of such person; the Trustee is not obliged
to appoint a custodian if the Trustee invests in securities payable to bearer.

 

		(t)	The Trustee shall not be responsible for the execution, delivery, legality,
effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of these presents or any
other document relating or expressed to be supplemental thereto and shall not be liable for any failure to obtain any licence,
consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance,
enforceability or admissibility in evidence of these presents or any other document relating or expressed to be supplemental thereto.

 

		(u)	The Trustee may call for and shall be entitled to rely on any record, certificate
or other document to be issued by Euroclear or Clearstream, Luxembourg as to the principal amount of Bonds represented by the Global
Certificate standing to the account of any person. Any such record, certificate or other document shall, in the absence of manifest
error, be conclusive and binding for all purposes. Any such record, certificate or other document may comprise any form of statement
or print out of electronic records provided by the relevant clearing system (including Euroclear’s EUCLID or Clearstream,
Luxembourg's Creation Online system) in accordance with its usual procedures and in which the holder of a particular principal
amount of Bonds is clearly identified together with the amount of such holding. The Trustee shall not be liable to any person by
reason of having accepted as valid or not having rejected any such record, certificate or other document to such effect purporting
to be issued by Euroclear or Clearstream, Luxembourg and subsequently found to be forged or not authentic.

 

		(v)	The Trustee shall not be responsible to any person for failing to request,
require or receive any legal opinion relating to the Bonds or for checking or commenting upon the content of any such legal opinion
and shall not be responsible for any Liability incurred thereby.

 

		(w)	Subject to the requirements, if any, of the London Stock Exchange, any corporation
into which the Trustee shall be merged or with which it shall be consolidated or any company resulting from any such merger or
consolidation shall be a party hereto and shall be the Trustee under these presents without executing or filing any paper or document
or any further act on the part of the parties thereto.

 

		(x)	The Trustee shall not be bound to take any action in connection with
                                                                these presents or any obligations arising pursuant thereto, including, without prejudice to the generality of the foregoing, forming any
opinion or employing any financial adviser, where it is not satisfied that it will be indemnified against all Liabilities which
may be incurred in connection with such action and may demand prior to taking any such action that there be paid to it in advance
such sums as it considers (without prejudice to any further demand) shall be sufficient so to indemnify it.

 

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		(y)	No provision of these presents shall require the Trustee to do anything
which may (i) be illegal or contrary to applicable law or regulation; or (ii) cause it to expend or risk its own funds or otherwise
incur any Liability in the performance of any of its duties or in the exercise of any of its rights, powers or discretions (including
obtaining any advice which it might otherwise have thought appropriate or desirable to obtain), if it shall believe that repayment
of such funds or adequate indemnity against such risk or Liability is not assured to it.

 

		(z)	Unless notified to the contrary, the Trustee shall be entitled to assume
without enquiry (other than requesting a certificate pursuant to subclause 16(p)) that no Bonds are held by, for the benefit of,
or on behalf of, the Issuer, any Guarantor, any Subsidiary of a Guarantor, any holding company of a Guarantor or any other Subsidiary
of any such holding company.

 

		(aa)	The Trustee shall have no responsibility whatsoever to
the Issuer, the Guarantors, any Bondholder or any other person for the maintenance of or failure to maintain any rating of any
of the Bonds by any rating agency.

 

		(bb)	Any certificate, advice, opinion or report of the Auditors
or any other expert or professional adviser called for by or provided to the Trustee (whether or not addressed to the Trustee)
in accordance with or for the purposes of these presents may be relied upon by the Trustee as sufficient evidence of the facts
stated therein notwithstanding that such certificate, advice, opinion or report and/or any engagement letter or other document
entered into by the Trustee in connection therewith contains a monetary or other limit on the liability of the Auditors or such
other expert or professional adviser in respect thereof and notwithstanding that the scope and/or basis of such certificate, advice,
opinion or report may be limited by any engagement or similar letter or by the terms of the certificate, advice, opinion or report
itself.

 

		(cc)	The Trustee shall not be responsible for, or for investigating
any matter which is the subject of, any recital, statement, representation, warranty or covenant of any person contained in these
presents, or any other agreement or document relating to the transactions contemplated in these presents or under such other agreement
or document.

 

		(dd)	The Trustee shall not be liable or responsible for any
Liabilities or inconvenience which may result from anything done or omitted to be done by it in accordance with the provisions
of these presents.

 

		(ee)	The Trustee shall not incur any liability to the Issuer,
Bondholders or any other person in connection with any approval given by it pursuant to Clause 16(n) to any notice to be given
to Bondholders by the Issuer; the Trustee shall not be deemed to have represented, warranted, verified or confirmed that the contents
of any such notice are true, accurate or complete in any respects or that it may be lawfully issued or received in any jurisdiction.

 

		(ff)	When determining whether an indemnity or any security
or pre-funding is satisfactory to it, the Trustee shall be entitled to evaluate its risk in any given circumstance by considering
the worst-case scenario and, for this purpose, it may take into account, without limitation, the potential costs of defending
or commencing proceedings in England or elsewhere and the risk, however remote, of any award of damages against it in England
or elsewhere.

 

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		(gg)	The Trustee shall be entitled to require that any indemnity
or security given to it by the Bondholders or any of them be given on a joint and several basis and be supported by evidence satisfactory
to it as to the financial standing and creditworthiness of each counterparty and/or as to the value of the security and an opinion
as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security.

 

		(hh)	The Trustee shall not be responsible for monitoring whether
any notices to Bondholders are given in compliance with the requirements of the London Stock Exchange or with any other legal
or regulatory requirements.

 

		(ii)	The Trustee shall be entitled to deduct FATCA Withholding
Tax, and shall have no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such FATCA
Withholding Tax.

 

		(jj)	Notwithstanding anything in these presents to the contrary,
the Trustee shall not do, or be authorised or required to do, anything which might constitute a regulated activity for the purpose
of the FSMA, unless it is authorised under the FSMA to do so. The Trustee shall have the discretion at any time (i) to delegate
any of the functions which fall to be performed by an authorised person under the FSMA to any agent or person which has the necessary
authorisations and licences and (ii) to apply for authorisation under the FSMA and perform any or all such functions itself if,
in its absolute discretion, it considers it necessary, desirable or appropriate to do so.

 

		19.	TRUSTEE'S LIABILITY

 

		19.1	Nothing in these presents shall exempt the Trustee from or indemnify it
against any liability which by virtue of any rule of law would otherwise attach to it in respect of any gross negligence, wilful
default or fraud of which it may be guilty in relation to its duties under these presents where the Trustee has failed to show
the degree of care and diligence required of it as trustee having regard to the provisions of these presents conferring on it any
trusts, powers, authorities or discretions.

 

		19.2	Notwithstanding any provision of these presents to the contrary, the Trustee
shall not in any event be liable for:

 

		(a)	loss of profit, loss of business, loss of goodwill, loss of opportunity,
whether direct or indirect; and

 

		(b)	special, indirect, punitive or consequential loss or damage of any kind whatsoever,

 

whether or not foreseeable,
whether or not the Trustee can reasonably be regarded as having assumed responsibility at the time this Trust Deed is entered into,
even if the Trustee has been advised of the likelihood of such loss or damage, unless the claim for loss or damage is made in respect
of fraud on the part of the Trustee.

 

		20.	TRUSTEE CONTRACTING WITH THE ISSUER AND THE GUARANTORS

 

Neither the Trustee nor
any director or officer or holding company, Subsidiary or associated company of a corporation acting as a trustee under these presents
shall by reason of its or his fiduciary position be in any way precluded from:

 

		(a)	entering into or being interested in any contract or financial or other
transaction or arrangement with the Issuer or any Guarantor or any person or body corporate associated with the Issuer or any Guarantor
(including without limitation any contract, transaction or arrangement of a banking or insurance nature or any contract, transaction
or arrangement in relation to the making
of loans or the provision of financial facilities or financial advice to, or the purchase, placing or underwriting of or the subscribing
or procuring subscriptions for or otherwise acquiring, holding or dealing with, or acting as paying agent in respect of, the Bonds
or any other bonds, notes stocks, shares, debenture stock, debentures or other securities of, the Issuer or any Guarantor or any
person or body corporate associated as aforesaid); or

 

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		(b)	accepting or holding the trusteeship of any other trust deed
                                                               constituting or securing any other securities issued by or relating to the Issuer or any Guarantor or any such person or body
                                                               corporate so associated or any other office of profit under the Issuer or any Guarantor or any such person or body corporate
                                                               so associated,

 

and shall be entitled
to exercise and enforce its rights, comply with its obligations and perform its duties under or in relation to any such contract,
transaction or arrangement as is referred to in (a) above or, as the case may be, any such trusteeship or office of profit as is
referred to in (b) above without regard to the interests of the Bondholders and notwithstanding that the same may be contrary or
prejudicial to the interests of the Bondholders and shall not be responsible for any Liability occasioned to the Bondholders thereby
and shall be entitled to retain and shall not be in any way liable to account for any profit made or share of brokerage or commission
or remuneration or other amount or benefit received thereby or in connection therewith.

 

Where any holding company,
subsidiary or associated company of the Trustee or any director or officer of the Trustee acting other than in his capacity as
such a director or officer has any information, the Trustee shall not thereby be deemed also to have knowledge of such information
and, unless it shall have actual knowledge of such information, shall not be responsible for any loss suffered by Bondholders resulting
from the Trustee's failing to take such information into account in acting or refraining from acting under or in relation to these
presents.

 

		21.	WAIVER, AUTHORISATION AND DETERMINATION

 

The Trustee may without
the consent or sanction of the Bondholders and without prejudice to its rights in respect of any subsequent breach, Event of Default
or Potential Event of Default from time to time and at any time but only if and in so far as in its opinion the interests of the
Bondholders shall not be materially prejudiced thereby waive or authorise any breach or proposed breach by the Issuer or any Guarantor
of any of the covenants or provisions contained in these presents or the Agency Agreement or determine that any Event of Default
or Potential Event of Default shall not be treated as such for the purposes of these presents PROVIDED ALWAYS THAT the Trustee
shall not exercise any powers conferred on it by this clause in contravention of any express direction given by Extraordinary Resolution
or by a request under Condition 12 (Enforcement) but so that no such direction or request shall affect any waiver, authorisation
or determination previously given or made. Any such waiver, authorisation or determination may be given or made on such terms and
subject to such conditions (if any) as the Trustee may determine, shall be binding on the Bondholders and, if, but only if, the
Trustee shall so require, shall be notified by the Issuer to the Bondholders in accordance with Condition 14 (Notices) as
soon as practicable thereafter.

 

		22.	MODIFICATION

 

The Trustee may without
the consent or sanction of the Bondholders at any time and from time to time concur with the Issuer and the Guarantors in making
any modification (i) to these presents or the Agency Agreement (including, without limitation, any Basic Terms Modification) which
in the opinion of the Trustee it may be proper to make PROVIDED THAT the Trustee is of the opinion that such modification is not
materially prejudicial to the interests of the Bondholders or (ii) to these presents or the Agency Agreement if in the opinion
of the Trustee such modification is of a formal, minor or technical nature or to correct a manifest error or an error which is,
in the opinion of the Trustee, proven. Any such
modification may be made on such terms and subject to such conditions (if any) as the Trustee may determine, shall be binding upon
the Bondholders and, unless the Trustee agrees otherwise, shall be notified by the Issuer to the Bondholders in accordance with
Condition 14 (Notices) as soon as practicable thereafter.

 

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		23.	BREACH

 

Any breach of or failure
to comply with any such terms and conditions as are referred to in clauses 21 and 22 shall constitute a default by the Issuer or
the relevant Guarantor (as the case may be) in the performance or observance of a covenant or provision binding on it under or
pursuant to these presents.

 

		24.	ENTITLEMENT TO TREAT HOLDER AS ABSOLUTE OWNER

 

The Issuer, the Guarantors,
the Trustee, the Paying Agents, the Registrar and the Transfer Agents may (to the fullest extent permitted by applicable laws)
deem and treat the holder of any Bond or of a particular principal amount of the Bonds as the absolute owner of such Bond or principal
amount for all purposes (whether or not such Bond or principal amount shall be overdue and notwithstanding any notice of ownership
thereof or of trust or other interest with regard thereto, any notice of loss or theft thereof or any writing thereon), and the
Issuer, the Guarantors, the Trustee, the Paying Agents, the Registrar and the Transfer Agents shall not be affected by any notice
to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy
and discharge the liability for the moneys payable in respect of such Bond or principal amount.

 

		25.	SUBSTITUTION

 

	 	25.1	(a) 	The Trustee may without the consent of the Bondholders at any time agree
with the Issuer and the Guarantors to the substitution in place of the Issuer (or of the previous substitute under this clause)
as the principal debtor under these presents of BCL or any of its other Subsidiaries (such substituted company being hereinafter
called the New Company) provided that a trust deed is executed or some other form of undertaking is given by the New Company
in form and manner satisfactory to the Trustee, agreeing to be bound by the provisions of these presents with any consequential
amendments which the Trustee may deem appropriate as fully as if the New Company had been named in these presents as the principal
debtor in place of the Issuer (or of the previous substitute under the clause) and provided further that each Guarantor (other
than a Guarantor substituted in place of the Issuer) continues to unconditionally and irrevocably guarantee all amounts payable
under these presents to the satisfaction of the Trustee.

 

		(b)	The following further conditions shall apply to (a) above:

 

		(i)	the Issuer, each Guarantor and the New Company shall comply with such other
requirements as the Trustee may direct in the interests of the Bondholders;

 

		(ii)	without prejudice to the rights of reliance of the Trustee under the immediately
following paragraph (iii), the Trustee is satisfied that the relevant transaction is not materially prejudicial to the interests
of the Bondholders; and

 

		(iii)	if two Directors of the New Company (or other officers acceptable to the
Trustee) shall certify that the New Company is solvent both at the time at which the relevant transaction is proposed to be effected
and immediately thereafter (which certificate the Trustee may rely upon absolutely) the Trustee shall not be under any duty to
have regard to the financial condition, profits or prospects of the New Company or to compare the same with those of the Issuer
or the previous substitute under this clause as applicable.

 

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		25.2	Any such trust deed or undertaking shall, if so expressed, operate to release
the Issuer or the previous substitute as aforesaid from all of its obligations as principal debtor under these presents. Not later
than 14 days after the execution of such documents and compliance with such requirements, the New Company shall give notice thereof
in a form previously approved by the Trustee to the Bondholders in the manner provided in Condition 14 (Notices). Upon the
execution of such documents and compliance with such requirements, the New Company shall be deemed to be named in these presents
as the principal debtor in place of the Issuer (or in place of the previous substitute under this clause) under these presents
and these presents shall be deemed to be modified in such manner as shall be necessary to give effect to the above provisions and,
without limitation, references in these presents to the Issuer shall, unless the context otherwise requires, be deemed to be or
include references to the New Company.

 

		26.	CURRENCY INDEMNITY

 

Each of the Issuer and
each of the Guarantors shall severally indemnify the Trustee, every Appointee and the Bondholders and keep them indemnified against:

 

		(a)	any Liability incurred by any of them arising from the non-payment by the
Issuer or the Guarantors of any amount due to the Trustee or the Bondholders under these presents by reason of any variation in
the rates of exchange between those used for the purposes of calculating the amount due under a judgment or order in respect thereof
and those prevailing at the date of actual payment by the Issuer or the Guarantors; and

 

		(b)	any deficiency arising or resulting from any variation in rates of exchange
between (i) the date as of which the local currency equivalent of the amounts due or contingently due under these presents (other
than this clause) is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Issuer or any Guarantor and
(ii) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency
shall be deemed not to be reduced by any variation in rates of exchange occurring between the said final date and the date of any
distribution of assets in connection with any such bankruptcy, insolvency or liquidation.

 

The above indemnities
shall constitute obligations of the Issuer and the Guarantors separate and independent from their obligations under the other provisions
of these presents and shall apply irrespective of any indulgence granted by the Trustee or the Bondholders from time to time and
shall continue in full force and effect notwithstanding the judgment or filing of any proof or proofs in any bankruptcy, insolvency
or liquidation of the Issuer or the Guarantors for a liquidated sum or sums in respect of amounts due under these presents (other
than this clause). Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Bondholders and no proof
or evidence of any actual loss shall be required by the Issuer or the Guarantors or their liquidator or liquidators.

 

		27.	NEW TRUSTEE AND SEPRATE AND CO-TRUSTEES

 

		27.1	The power to appoint a new trustee of these presents shall, subject
                                                                as hereinafter provided, be vested in the Issuer but no person shall be appointed who shall not previously have been approved
                                                                by an Extraordinary Resolution. One or more persons may hold office as trustee or trustees of these presents but such trustee
                                                                or trustees shall be or include a Trust Corporation. Whenever there shall be more than two trustees of these presents the
                                                                majority of such trustees shall be competent to execute and exercise all the duties, powers, trusts, authorities and
                                                                discretions vested in the Trustee by these presents provided that a Trust Corporation shall be included in such majority. Any
                                                                appointment of a new trustee of these presents
shall as soon as practicable thereafter be notified by the Issuer to the Principal Paying Agent, the Registrar, the Transfer Agents
and the Bondholders.

 

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		27.2	Notwithstanding the provisions of subclause 27.1 above, the Trustee may,
upon giving prior notice to the Issuer and the Guarantors (but without the consent of the Issuer, the Guarantors or the Bondholders),
appoint any person established or resident in any jurisdiction (whether a Trust Corporation or not) to act either as a separate
trustee or as a co-trustee jointly with the Trustee:

 

		(a)	if the Trustee considers such appointment to be in the interests of the Bondholders;

 

		(b)	for the purposes of conforming to any legal requirements, restrictions
or conditions in any jurisdiction in which any particular act or acts is or are to be performed; or

 

		(c)	for the purposes of obtaining a judgment in any jurisdiction or the enforcement
in any jurisdiction of either a judgment already obtained or any of the provisions of these presents against the Issuer and/or
any Guarantor.

 

The
Issuer and each of the Guarantors irrevocably appoints the Trustee to be its attorney in its name and on its behalf to execute
any such instrument of appointment. Such a person shall (subject always to the provisions of these presents) have such trusts,
powers, authorities and discretions (not exceeding those conferred on the Trustee by these presents) and such duties and obligations
as shall be conferred or imposed by the instrument of appointment. The Trustee shall have power in like manner to remove any such
person. Such reasonable remuneration as the Trustee may pay to any such person, together with any attributable Liabilities incurred
by it in performing its function as such separate trustee or co-trustee, shall for the purposes of these presents be treated as
Liabilities incurred by the Trustee.

 

		28.	TRUSTEE'S RETIREMENT AND REMOVAL

 

A trustee of these presents
may retire at any time on giving not less than 90 days' prior written notice to the Issuer and the Guarantors without giving any
reason and without being responsible for any Liabilities incurred by reason of such retirement. The Bondholders may by Extraordinary
Resolution remove any trustee or trustees for the time being of these presents. The Issuer and each Guarantor undertake that in
the event of the only trustee of these presents which is a Trust Corporation (for the avoidance of doubt, disregarding for this
purpose any separate or co-trustee appointed under subclause 27.2) giving notice under this clause or being removed by Extraordinary
Resolution they will use their best endeavours to procure that a new trustee of these presents being a Trust Corporation is appointed
as soon as reasonably practicable thereafter. The retirement or removal of any such trustee shall not become effective until a
successor trustee being a Trust Corporation is appointed. If, in such circumstances, no appointment of such a new trustee has become
effective within 60 days of the date of such notice or Extraordinary Resolution, the Trustee shall be entitled to appoint a Trust
Corporation as trustee of these presents, but no such appointment shall take effect unless previously approved by an Extraordinary
Resolution.

 

		29.	TRUSTEE'S POWERS TO BE ADDITIONAL

 

The powers conferred upon
the Trustee by these presents shall be in addition to any powers which may from time to time be vested in the Trustee by the general
law or as a holder of any of the Bonds.

 

		30.	NOTICES

 

Any notice or demand to
the Issuer, BCL or the Trustee to be given, made or served for any purposes under these presents shall be given, made or served
by sending the same by pre-paid post (first class if inland, first class
airmail if overseas) or facsimile transmission or by delivering it by hand as follows:

 

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to the Issuer:                       Burford
Capital Finance LLC

292 Madison Avenue

New York

NY 10017

United States of America

 

(Attention: Melissa
Sobel)

 

Facsimile No. +1 646 736 1986

 

to BCL:                               Burford Capital
Limited

Regency Court

Glategny Esplanade

St Peter Port

Guernsey

GY1 1WW

 

(Attention: Mark Woodall)

 

Facsimile No. (0)1481716868

 

 

to BCP:                               Burford Capital
PLC

24 Cornhill

London EC3V 3ND

United Kingdom

 

(Attention: Leslie Paster)

 

Facsimile No. 020 70609977

 

to the Trustee:                    U.S. Bank Trustees Limited

125 Old Broad Street

Fifth Floor

London

EC2N 1AR

 

(Attention: Structured Finance Relationship Management)

 

Facsimile No. +44 (0)20 7354 2577

 

or to such other address
or facsimile number as shall have been notified (in accordance with this clause) to the other parties hereto and any notice or
demand sent by post as aforesaid shall be deemed to have been given, made or served two days in the case of inland post or seven
days in the case of overseas post after despatch and any notice or demand sent by facsimile transmission as aforesaid shall be
deemed to have been given, made or served at the time of despatch provided that in the case of a notice or demand given by facsimile
transmission a confirmation of transmission is received by the sending party and such notice or demand shall forthwith be confirmed
by post. The failure of the addressee to receive such confirmation shall not invalidate the relevant notice or demand given by
facsimile transmission.

 

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		31.	CONFIDENTIALITY UNDERTAKING

 

		31.1	The Trustee undertakes that it, and each of its directors, officers and affiliates, will:

 

		(a)	keep the Confidential Information confidential and not disclose it to any
person except as permitted under sub-clause 31.2 below or with the written consent of the Issuer; and

 

		(b)	use the Confidential Information solely to perform its role of Trustee
pursuant to the provisions of these presents upon and subject to the terms and conditions of these presents.

 

		31.2	The Trustee may disclose Confidential Information only in the following
circumstances and only if and to the extent that the Trustee reasonably determines that: (i) it is both relevant and necessary
to do so in the relevant circumstances and (ii) in the case of (d) and (f) below (and in the case of (e) below, to the extent it
relates to disclosure to the Bondholders), it is necessary for Bondholders to be aware of such Confidential Information when considering
any matter, making any relevant decision or when determining to give any relevant directions to the Trustee:

 

		(a)	to its professional advisers or auditors, or to any separate or co-trustee
or Appointee, provided that the recipient is subject to professional obligations to maintain the confidentiality of the Confidential
Information or is otherwise bound by requirements of confidentiality (in mutatis mutandis the same form as this Clause 31)
in relation to the Confidential Information;

 

		(b)	to comply with any court order or applicable law or regulation;

 

		(c)	to defend itself (in legal proceedings or otherwise) against any allegations
of negligence, default or misconduct (howsoever described) where failure by the Trustee to disclose the Confidential Information
would otherwise materially prejudice the Trustee’s defence;

 

		(d)	for the purpose of investigating the occurrence of any Event of Default
or Potential Event of Default (where it knows, or has reasonable grounds to suspect, that such an event has occurred);

 

		(e)	for the purpose of enforcing any of its rights or the rights of the Bondholders
under these presents and/or the Bonds against the Issuer and/or any Guarantor (including, without limitation, in any court proceedings);
or

 

		(f)	to enable it to seek directions from the Bondholders, in circumstances
where it determines that such directions are necessary or desirable.

 

		31.3	To the extent permitted by applicable law, the Trustee agrees to inform
the Issuer of each disclosure of Confidential Information pursuant to paragraphs (b) to (f) of sub-clause 31.2 above as soon as
reasonably practicable after making its decision to disclose or upon becoming aware that Confidential Information has been disclosed
in breach of Clause 31.1.

 

		31.4	The obligations in this Clause 31 are continuing and shall remain in full
force and effect notwithstanding redemption of the Bonds or termination of these presents.

 

		32.	GOVERNING LAW

 

These presents and any non-contractual obligations
arising out of or in connection with them are governed by, and shall be construed in accordance with, English law.

 

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		33.	SUBMISSION TO JURISDICTION

 

		33.1	Each of the Issuer and the Guarantors irrevocably agrees for the benefit
of the Trustee and the Bondholders that the courts of England are to have exclusive jurisdiction to settle any dispute which may
arise out of or in connection with these presents and accordingly submit to the exclusive jurisdiction of the English courts. Each
of the Issuer and the Guarantors waives any objection to the courts of England on the grounds that they are an inconvenient or
inappropriate forum. To the extent permitted by law, the Trustee and the Bondholders may take any suit, action or proceeding arising
out of or in connection with these presents (together referred to as Proceedings) against the Issuer and/or the Guarantors
in any other court of competent jurisdiction and concurrent Proceedings in any number of jurisdictions.

 

		33.2	The Issuer and BCL irrevocably and unconditionally appoint BCP at its registered
office for the time being as its agent for service of process in England in respect of any Proceedings and undertakes that in the
event of it ceasing so to act it will appoint such other person as the Trustee may approve as its agent for that purpose. The Issuer
and BCL:

 

		(a)	agree to procure that, so long as any of the Bonds remains liable to prescription,
there shall be in force an appointment of such a person approved by the Trustee with an office in London with authority to accept
service as aforesaid;

 

		(b)	agree that failure by any such person to give notice of such service of
process to the Issuer and/or BCL (as appropriate) shall not impair the validity of such service or of any judgment based thereon;

 

		(c)	consent to the service of process in respect of any Proceedings by the airmailing
of copies, postage prepaid, to the Issuer and/or BCL (as appropriate) in accordance with clause 30; and

 

		(d)	agree that nothing in these presents shall affect the right to serve process
in any other manner permitted by law.

 

		34.	COUNTERPARTS

 

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

 

		35.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 

A person who is not a
party to these presents (other than an Appointee of the Trustee) has no rights under the Contracts (Rights of Third Parties) Act
1999 to enforce any term of these presents, but this does not affect any right or remedy of a third party which exists or is available
apart from that Act.

 

IN WITNESS whereof this Trust Deed has
been executed as a deed by the Issuer, each Original Guarantor and the Trustee and delivered on the date first stated on page 1.

 

    45

     

    

 

 

SCHEDULE 1

 

FORM OF GLOBAL CERTIFICATE

 

[THIS GLOBAL CERTIFICATE
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR ANY STATE SECURITIES LAWS AND
THE ISSUER HAS NOT BEEN REGISTERED AS AN "INVESTMENT COMPANY" UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED
(THE 1940 ACT). NEITHER THIS GLOBAL CERTIFICATE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND UNDER CIRCUMSTANCES WHICH DO NOT REQUIRE THE ISSUER TO REGISTER UNDER THE 1940 ACT.]

 

ISIN: XS1756325228

 

BURFORD CAPITAL FINANCE
LLC

(a limited liability
company formed under the laws of the State of Delaware)

 

GLOBAL CERTIFICATE

 

representing

 

$180,000,000 6.125
PER CENT.

BONDS DUE 2025

 

jointly and severally,
unconditionally and irrevocably guaranteed as to payment of principal and interest by

 

BURFORD CAPITAL LIMITED

(Incorporated with
limited liability under the laws of Guernsey with registered number 50877)

and any Subsidiary of
Burford Capital Limited which becomes a Guarantor from time to time

 

and

 

BURFORD CAPITAL PLC

(Incorporated with
limited liability under the laws of England and Wales with registered number 09077893)

and any Subsidiary of Burford
Capital PLC which becomes a Guarantor from time to time

 

Burford Capital Finance
LLC (the Issuer) hereby certifies that USB Nominees (UK) Limited is, at the date hereof, entered in the Register as the
holder of the aggregate principal amount of $180,000,000 of a duly authorised issue of Bonds (the Bonds) described above
of the Issuer. References herein to the Conditions (or to any particular numbered Condition) shall be to the Conditions (or that
particular one of them) set out in Schedule 2 to the Trust Deed referred to below. Words and expressions defined in the Conditions
shall bear the same meanings when used in this Global Certificate. This Global Certificate is issued subject to, and with the benefit
of, the Conditions and a Trust Deed dated 12 February 2018 and made between the Issuer and U.S. Bank Trustees Limited (the Trustee)
as trustee for the Bondholders.

 

    38

     

    

 

The Issuer, subject
to and in accordance with the Conditions and the Trust Deed, promises to pay to the registered holder hereof on 12 August
2025 and/or on such earlier date(s) as all or any of the Bonds represented by this Global Certificate may become due and
repayable in accordance with the Conditions and the Trust Deed, the amount payable under the Conditions in respect of such
Bonds on each such date and to pay interest (if any) on the principal amount of the Bonds outstanding from time to time
represented by this Global Certificate calculated and payable as provided in the Conditions and the Trust Deed together with
any other sums payable under the Conditions and the Trust Deed. At maturity, and prior to the payment of any amount due, the
registered holder hereof shall surrender this Global Certificate at the specified office of the Principal Paying Agent at 125
Old Broad Street, London EC2N 1AR or such other office as may be specified by the Issuer and approved by the Trustee. On any
redemption or purchase and cancellation of any of the Bonds represented by this Global Certificate, details of such
redemption or purchase and cancellation (as the case may be) shall be entered by or on behalf of the Issuer in the Schedule
hereto and the relevant space in the Schedule hereto recording any such redemption or purchase and cancellation (as the case
may be) shall be signed by or on behalf of the Principal Paying Agent. Upon any such redemption or purchase and cancellation
the principal amount outstanding of this Global Certificate and the Bonds held by the registered holder hereof shall be
reduced by the principal amount of such Bonds so redeemed or purchased and cancelled. The principal amount outstanding of
this Global Certificate and of the Bonds held by the registered holder hereof following any such redemption or purchase and
cancellation as aforesaid or any exchange as referred to below shall be the outstanding principal amount most recently
entered in the fourth column in the Schedule hereto.

 

Bonds represented by this
Global Certificate are exchangeable and transferable only in accordance with, and subject to, the provisions hereof and the rules
and operating procedures of Euroclear Bank SA/NV (Euroclear) and Clearstream Banking S.A. (Clearstream, Luxembourg).

 

Upon the exchange of the
whole or a part of this Global Certificate for Definitive Certificates (only where Euroclear or Clearstream, Luxembourg notifies
the Issuer and the Guarantors that it is unwilling or unable to continue as a clearing system in connection with a Global Certificate,
and a successor clearing system approved by the Trustee is not appointed by the Issuer and the Guarantors within 90 days after
receiving such notice from Euroclear, Clearstream, Luxembourg), details of such exchange shall be entered by or on behalf of the
Issuer in the third column of the Schedule hereto and the relevant space in the Schedule hereto recording such exchange shall be
signed by or on behalf of the Principal Paying Agent, whereupon the outstanding principal amount of this Global Certificate and
the Bonds held by the registered holder hereof shall be increased or reduced (as the case may be) by the principal amount so exchanged.

 

Subject as provided in the
following paragraph, until the exchange of the whole of this Global Certificate as aforesaid, the registered holder hereof shall
in all respects be entitled to the same benefits as if he were the registered holder of Definitive Certificates in the form set
out in Part 1 of Schedule 2 to the Trust Deed.

 

Subject as provided in
the Trust Deed, each person who is for the time being shown in the records of Euroclear and/or Clearstream, Luxembourg as entitled
to a particular principal amount of the Bonds represented by this Global Certificate (in which regard any certificate or other
document issued by Euroclear or Clearstream, Luxembourg as to the principal amount of such Bonds standing to the account of any
person shall be conclusive and binding for all purposes save in the case of manifest error) shall be deemed to be the holder of
such principal amount of such Bonds for all purposes other than with respect to payments of principal and interest on the Bonds
for which purpose the registered holder of this Global Certificate shall be deemed to be the holder of such principal amount of
the Bonds in accordance with and subject to the terms of this Global Certificate and the Trust Deed. Whilst the Bonds are represented
by this Global Certificate payments will be made to the registered holder appearing on the Register at the close of the business
day (being for this purpose a day on which Euroclear and Clearstream, Luxembourg are open for business) preceding such due date.

 

For so long as all of
the Bonds are represented by this Global Certificate and this Global Certificate is held on behalf of Euroclear and/or
Clearstream, Luxembourg, notices to Bondholders may be given by delivery of the relevant notice to Euroclear and/or
Clearstream, Luxembourg (as the case may be) for communication to the relative accountholders rather than by publication as
required by Condition 14 (Notices) provided that, so long as the Bonds are admitted to the official list maintained by
the Financial Conduct Authority in its capacity as the UK Listing Authority (the UKLA) and admitted to trading on the
London Stock Exchange plc's market for listed securities, all requirements of the UKLA have been complied with. Any such
notice shall be deemed to have been given to the Bondholders on the second day after the day on which such notice is
delivered to Euroclear and/or Clearstream, Luxembourg (as the case may be) as aforesaid.

 

    39

     

    

 

Whilst any Bonds held by
a Bondholder are represented by this Global Certificate, notices to be given by such Bondholder may be given by such Bondholder
to the Principal Paying Agent through Euroclear and/or Clearstream, Luxembourg, as the case may be, in such a manner as the Principal
Paying Agent and Euroclear and/or Clearstream, Luxembourg, as the case may be, may approve for this purpose.

 

Claims against the Issuer
and the Guarantors in respect of principal and interest on the Bonds represented by this Global Certificate will be prescribed
after 10 years (in the case of principal) and five years (in the case of interest) from the Relevant Date (as defined in Condition
9 (Taxation)).

 

References herein to Euroclear
and/or Clearstream, Luxembourg shall be deemed to include references to any other clearing system approved by the Trustee.

 

No rights are conferred
on any person under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Global Certificate but this does
not affect any right or remedy of any person which exists or is available apart from that Act.

 

This Global Certificate
and any non-contractual obligations arising out of or in connection with it is governed by, and shall be construed in accordance
with, English law.

 

This Global Certificate
shall not be valid unless authenticated by Elavon Financial Services DAC as Principal Paying Agent.

 

IN WITNESS whereof the Issuer has caused this Global
Certificate to be signed on its behalf.

 

BURFORD CAPITAL FINANCE LLC

 

 

	By:	...............................
	 	(Duly authorised)

 

Issued
on 12 February 2018

 

Certificate of authentication

 

This Global Certificate is duly authenticated
without recourse, warranty or liability.

 

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

Duly authorised

for and on behalf of

Elavon Financial Services DAC

as
Principal Paying Agent

 

    40

     

    

 

SCHEDULE

 

Outstanding Principal
Amount

 

The following (i) exchanges
of this Global Certificate for Definitive Certificates (only in the limited circumstances set forth in this Global Certificate),
(ii) payments of any redemption amount in respect of this Global Certificate and/or (iii) cancellations of interests in this Global
Certificate have been made, resulting in the principal amount outstanding hereof being the amount specified in the latest entry
in the fourth column:

 

	Date	Amount of increase/ decrease in outstanding principal amount of this Global Certificate	Reasons for increase/ decrease in outstanding principal amount of this Global Certificate (initial issue, cancellation, redemption or payment)	Outstanding principal amount of this Global Certificate following such increase/ decrease	Notation made by or on behalf of the Principal Paying Agent

 

    41

     

    

 

SCHEDULE 2

 

FORM OF DEFINITIVE
CERTIFICATE AND CONDITIONS OF THE BONDS

 

PART 1

 

FORM OF DEFINITIVE CERTIFICATE

 

	 	 	 	 	 	 	 
	$100	 	ISIN: XS1756325228	 	[SERIES]	 	[SERIAL NO.]
	 	 	 	 	 	 	 

 

BURFORD CAPITAL FINANCE
LLC

(a limited liability
company formed under the laws of the State of Delaware)

 

$180,000,000 6.125
PER CENT.

BONDS DUE 2025

 

jointly and severally,
unconditionally and irrevocably guaranteed

 as to payment of principal and interest by

 

BURFORD CAPITAL LIMITED

(Incorporated with limited
liability under the laws of Guernsey with registered number 50877)

and any Subsidiary of
Burford Capital Limited which becomes a Guarantor from time to time

 

and

 

BURFORD CAPITAL PLC

(Incorporated with
limited liability under the laws of England and Wales with registered number 09077893)

and any Subsidiary of Burford
Capital PLC which becomes a Guarantor from time to time

 

The issue of the Bonds
was authorised by a written resolution of the manager of Burford Capital Finance LLC (the Issuer) pursuant to Section 18-404
of the Delaware Limited Liability Company Act passed on 16 January 2018 and the giving of the guarantee in respect of the Bonds
was authorised by a resolution of the Board of Directors of Burford Capital Limited (BCL) passed on 16 January 2018 and
a resolution of the Board of Directors of Burford Capital PLC (BCP) passed on 12 January 2018.

 

This Bond forms one of
a series of Bonds constituted by a Trust Deed (the Trust Deed) dated 12 February 2018 made between the Issuer, the Guarantor
and U.S. Bank Trustees Limited as trustee for the holders of the Bonds and issued as Registered Bonds in the denomination of $100
each, in an aggregate principal amount of $180,000,000.

 

THIS IS TO CERTIFY that

 

is/are the registered
holder(s) of one of the above-mentioned Registered Bonds, such Bond being in the denomination of $100 (one hundred U.S. Dollars)
and is/are entitled on the Interest Payment Date (as defined in Condition 6 (Interest) endorsed hereon) falling on 12 August
2025 (or on such earlier date as the principal sum hereinafter mentioned may become repayable in accordance with the Conditions
endorsed hereon) to the repayment of such principal sum of:

 

$100 (one hundred U.S. Dollars)

 

    42

     

    

 

together with such other
amounts (if any) as may be payable, all subject to and in accordance with the said Conditions and the provisions of the Trust Deed.

 

Interest at rates determined
in accordance with the said Conditions is payable on the said principal sum semi- annually in arrear on 12 February and 12 August
in each year, subject to and in accordance with the said Conditions and the provisions of the Trust Deed.

 

IN WITNESS whereof this Registered Bond has
been executed on behalf of the Issuer.

 

BURFORD CAPITAL FINANCE LLC

 

By: ............................................

Officer

 

 

By: .............................................

Officer

 

Dated as of [l]

 

 

Certificate of authentication

 

This Bond is duly authenticated

without recourse,
warranty or liability.

 

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

 

Duly authorised

for and on behalf of

Elavon Financial Services DAC

as Registrar

 

    43

     

    

 

FORM OF TRANSFER OF
REGISTERED BOND

 

FOR VALUE RECEIVED the undersigned hereby sell(s),
assign(s) and transfer(s) to

 

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

 

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

 

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

 

(Please print or type name and address (including
postal code) of transferee)

 

$100 principal amount of this Bond and all rights
hereunder, hereby irrevocably constituting and appointing

...........................................................................................as
attorney to transfer such principal amount of this Bond in the register maintained by Burford Capital Finance LLC with full power
of substitution.

 

		Signature(s)	.............................................
	 	 	 
		 	.............................................

 

Date: .............................................
[20     ]

 

N.B.:

 

		1.	This form of transfer must be accompanied by such documents, evidence and
information as may be required pursuant to the Conditions and must be executed under the hand of the transferor or, if the transferor
is a corporation, either under its common seal or under the hand of two of its officers duly authorised in writing and, in such
latter case, the document so authorising such officers must be delivered with this form of transfer.

 

		2.	The signature(s) on this form of transfer must correspond with the name(s)
as it/they appear(s) on the face of this Bond in every particular, without alteration or enlargement or any change whatever.

 

    44

     

    

 

PART 2

 

CONDITIONS
OF THE BONDS

 

The US Dollar denominated
6.125 per cent. Guaranteed Bonds due 2025 (the “Bonds”, which expression shall in these Conditions, unless the
context otherwise requires, include any further bonds issued pursuant to Condition 18 and forming a single series with the Bonds
of Burford Capital Finance LLC (the “Issuer”)) are constituted by a Trust Deed dated the Issue Date (the “Trust
Deed”) made between the Issuer, Burford Capital Limited (“BCL”) and Burford Capital PLC (“BCP”)
as guarantors and U.S. Bank Trustees Limited (the “Trustee”, which expression shall include its successor(s))
as trustee for the holders of the Bonds (the “Bondholders”). References in these Conditions to the “Guarantors”
shall be references to BCL, BCP and each Subsidiary of BCL which becomes a Guarantor pursuant to Condition 4.3 but shall not include
any Subsidiary of BCL which has ceased to be a Guarantor pursuant to Condition 4.4.

 

The statements in these
Conditions include summaries of, and are subject to, the detailed provisions of and definitions in the Trust Deed. Copies of the
Trust Deed and the Agency Agreement dated the Issue Date (the “Agency Agreement”) made between the Issuer, BCL,
BCP, the Registrar, the initial Transfer Agent, the initial Paying Agent and the Trustee are available for inspection during normal
business hours by the Bondholders at the registered office for the time being of the Trustee, being at the date of issue of the
Bonds at 125 Old Broad Street, London EC2N 1AR and at the specified office of each of the Paying Agents. The Bondholders are entitled
to the benefit of, are bound by, and are deemed to have notice of, all the provisions of the Trust Deed and the Agency Agreement
applicable to them.

 

	1.	Form, Denomination and Title

 

	1.1	Form and Denomination

 

The Bonds are issued in
registered form in amounts of US$100 (referred to as the “principal amount” of a Bond). A certificate (each
a “Certificate”) will be issued to each Bondholder in respect of its registered holding of Bonds. Each Certificate
will be numbered serially with an identifying number which will be recorded on the relevant Certificate and in the register of
Bondholders which the Issuer will procure to be kept by the Registrar.

 

	1.2	Title

 

Title to the Bonds passes
only by registration in the register of Bondholders. The holder of any Bond will (except as otherwise required by law) be treated
as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest
or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person will be liable for so treating
the holder. In these Conditions “Bondholder” and (in relation to a Bond) “holder” means the
person in whose name a Bond is registered in the register of Bondholders.

 

	2.	Transfers of Bonds and Issue of Certificates

 

	2.1	Transfers

 

A Bond may be transferred
by depositing the Certificate issued in respect of that Bond, with the form of transfer on the back duly completed and signed,
at the specified office of any Transfer Agent.

 

    45

     

    

 

	2.2	Delivery of new Certificates

 

Each new Certificate to
be issued upon transfer of Bonds will, within five business days of receipt by the relevant Transfer Agent of the duly completed
form of transfer endorsed on the relevant Certificate, be mailed by uninsured mail at the risk of the holder entitled to the Bond
to the address specified in the form of transfer. For the purposes of this Condition, “business day” shall mean
a day on which banks are open for business in the city in which the specified office of the Transfer Agent with whom a Certificate
is deposited in connection with a transfer is located.

 

Where some but not all
of the Bonds in respect of which a Certificate is issued are to be transferred a new Certificate in respect of the Bonds not so
transferred will, within five business days of receipt by the relevant Transfer Agent of the original Certificate, be mailed by
uninsured mail at the risk of the holder of the Bonds not so transferred to the address of such holder appearing on the register
of Bondholders or as specified in the form of transfer.

 

	2.3	Formalities free of charge

 

Registration of transfer
of Bonds will be effected without charge by or on behalf of the Issuer or any Transfer Agent but upon payment (or the giving of
such indemnity as the Issuer or the relevant Transfer Agent may reasonably require) in respect of any tax or other governmental
charges which may be imposed in relation to such transfer.

 

	2.4	Closed Periods

 

No Bondholder may require
the transfer of a Bond to be registered during the period of 15 days ending on the due date for any payment of principal, premium
or interest on that Bond.

 

	2.5	Regulations

 

All transfers of Bonds
and entries on the register of Bondholders will be made subject to the detailed regulations concerning transfer of Bonds scheduled
to the Trust Deed. The regulations may be changed by the Issuer with the prior written approval of the Transfer Agents and the
Trustee. A copy of the current regulations will be mailed (free of charge) by the Registrar to any Bondholder who requests one.

 

	3.	Status of the Bonds

 

The Bonds are direct,
unconditional and (subject to the provisions of Condition 5.1) unsecured obligations of the Issuer and (subject as provided above)
rank and will rank pari passu, without any preference among themselves, with all other outstanding unsecured and unsubordinated
obligations of the Issuer, present and future, but, in the event of insolvency, only to the extent permitted by applicable laws
relating to creditors’ rights.

 

	4.	Guarantee

 

	4.1	Guarantee

 

The payment of the principal
and interest in respect of the Bonds and all other moneys payable by the Issuer under or pursuant to the Trust Deed has been jointly
and severally unconditionally and irrevocably guaranteed by BCL and BCP (such guarantee together with any additional guarantees
provided pursuant to Condition 4.3, the “Guarantee”) in the Trust Deed.

 

	4.2	Status of the Guarantee

 

The obligations of
each Guarantor under the Guarantee constitute direct, unconditional and (subject to the provisions of Condition 5.1)
unsecured obligations of such Guarantor and (subject as provided above) rank and will rank pari passu with all other
outstanding unsecured and unsubordinated obligations of such Guarantor, present and future, but, in the event of insolvency,
only to the extent permitted by applicable laws relating to creditors’ rights.

 

    46

     

    

 

	4.3	Addition of Subsidiary Guarantors

 

Without prejudice to Condition
5, if any Subsidiary of BCL (other than an Excluded Subsidiary) has Financial Indebtedness which in aggregate (without duplication)
amounts to more than £2,000,000 (or its equivalent in any other currency), BCL covenants that it shall procure that such
Subsidiary shall as soon as reasonably practicable, but in any event no later than 60 days after the date on which it incurs such
Financial Indebtedness, provide a Guarantee in respect of the Trust Deed and the Bonds by procuring the delivery to the Trustee
of a deed of accession substantially in the form scheduled to the Trust Deed or otherwise as the Trustee may agree, duly executed,
and relevant legal opinions having been delivered to the Trustee in accordance with the Trust Deed.

 

Notice of any addition
of a Subsidiary Guarantor (as defined below) pursuant to this Condition 4.3 will promptly be given by the Issuer to the Bondholders
in accordance with Condition 14.

 

Upon execution of the deed
of accession referred to above and relevant legal opinions having been delivered to the Trustee (and subject to Condition 4.4)
the relevant acceding Subsidiary shall be referred to as a “Subsidiary Guarantor”.

 

	4.4	Release of Subsidiary Guarantors

 

A Subsidiary Guarantor which
has Financial Indebtedness which in aggregate (without duplication) amounts to £2,000,000 (or its equivalent in any other
currency) or less shall be immediately, automatically and (subject to Condition 4.3) irrevocably released and relieved of all its
future obligations under the Guarantee and all of its future obligations as a Subsidiary Guarantor under the Trust Deed upon BCL
giving written notice to the Trustee signed by two directors of BCL or by a director and the secretary of BCL. Such notice must
also contain the following certifications:

 

	(i)	that no Event of Default or Potential Event of Default (as defined in the Trust
Deed) is continuing; and

 

	(ii)	that such Subsidiary Guarantor has Financial Indebtedness which in aggregate
(without duplication) amounts to £2,000,000 (or its equivalent in any other currency) or less.

 

None of the Issuer, BCL,
BCP or any Subsidiary Guarantor will be required to execute or provide any other document in relation to any release pursuant to
this Condition 4.4 but, if the Issuer requests in writing, the Trustee shall (at the expense of the Issuer) enter into any documentation
in relation to the release of any Subsidiary Guarantor which the Issuer (acting reasonably) considers necessary or desirable and
in a form satisfactory to the Trustee to evidence the release of that Subsidiary Guarantor, provided that, the Trustee shall not
be obliged to enter into any documentation which, in the sole opinion of the Trustee, would have the effect of:

 

	(i)	exposing the Trustee to any liability against which it has not been indemnified
and/or secured and/or pre-funded to its satisfaction; or

 

	(ii)	increasing or imposing new and/or additional obligations or duties, or reducing
the protections, of the Trustee in the Trust Deed, the Agency Agreement and the Bonds.

 

Notice of any release
of a Subsidiary Guarantor pursuant to this Condition 4.4 will promptly be given by the Issuer to the Bondholders in accordance
with Condition 14.

 

    47

     

    

 

If any Subsidiary of BCL
released from the Guarantee as described above subsequently has Financial Indebtedness which in aggregate (without duplication)
amounts to more than £2,000,000 (or its equivalent in any other currency) at any time after such release, such Subsidiary
of BCL shall (unless it is an Excluded Subsidiary) be required to provide a Guarantee as described in Condition 4.3.

 

	4.5	No Requirement to monitor

 

The Trustee shall not be
obliged to monitor compliance by BCL with Conditions 4.3 or 4.4 and shall have no liability to any person for not doing so. The
Trustee shall be entitled to rely without further enquiry or evidence, without liability to any person, on any notice provided
by BCL in relation to this Condition 4, and until it receives such notice shall be entitled to assume that no other Subsidiary
of BCL (other than an Excluded Subsidiary) has Financial Indebtedness which in aggregate (without duplication) amounts to more
than £2,000,000 (or its equivalent in any other currency).

 

	5.	Covenants

 

	5.1	Negative Pledges

 

So long as any of the Bonds remain
outstanding (as defined in the Trust Deed):

 

	(a)	the Issuer will not, create, assume or permit to subsist any mortgage,
charge, lien, pledge or other security interest (each a “Security Interest”, provided that (for the avoidance
of doubt), a “Security Interest” shall not include any arrangement by which the Issuer, Guarantor, or any Subsidiary
enters into a title transfer collateral arrangement governed by English law or a comparable arrangement in any other jurisdiction
that is no more permissive for that Issuer, Guarantor or Subsidiary than an English law title transfer collateral arrangement)
upon, or with respect to, the whole or any part of its present or future business, undertaking, assets or revenues (including any
uncalled capital) to secure any Financial Indebtedness of any person other than an Excluded Subsidiary1 unless the Issuer,
in the case of the creation of a Security Interest, before or at the same time and, in any other case, promptly, takes any and
all action necessary to ensure that:

 

		(i)	all amounts payable by it under the Bonds and the Trust Deed are secured
by the Security Interest equally and rateably with the Financial Indebtedness to the satisfaction of the Trustee; or

 

		(ii)	such other Security Interest or guarantee or other arrangement (whether
or not it includes the giving of a Security Interest) is provided either (A) as the Trustee in its absolute discretion deems not
materially less beneficial to the interests of the Bondholders or (B) as is approved by an Extraordinary Resolution (as defined
in the Trust Deed) of the Bondholders;

 

	(b)	no Guarantor will, and each Guarantor will procure, so far as it can by
the proper exercise of voting and other rights or powers of control exercisable by it in relation to its Subsidiaries that none
of its Subsidiaries (other than Excluded Subsidiaries) will, create, assume or permit to subsist any Security Interest upon, or
with respect to, the whole or any part of the present or future business, undertaking, assets or revenues (including any uncalled
capital) of such Guarantor and/or any of its respective Subsidiaries (other than Excluded Subsidiaries) to secure any Financial
Indebtedness of any person other than an Excluded Subsidiary unless the relevant Guarantor, in the case of the creation of a Security
Interest, before or at the same time and, in any other case, promptly, takes any and all action necessary to ensure that:

 

 

1       In
relation to Financial Indebtedness of Excluded Subsidiaries please see Condition 5.1(c) below.

 

    48

     

    

 

		(i)	all amounts payable by it under the Guarantee are secured by the Security
Interest equally and rateably with the Financial Indebtedness to the satisfaction of the Trustee; or

 

		(ii)	such other Security Interest or guarantee or other arrangement (whether
or not it includes the giving of a Security Interest) is provided either (A) as the Trustee in its absolute discretion deems not
materially less beneficial to the interests of the Bondholders or (B) as is approved by an Extraordinary Resolution of the Bondholders;
and

 

	(c)	neither the Issuer nor any Guarantor will, and each Guarantor will procure,
so far as it can by the proper exercise of voting and other rights or powers of control exercisable by it in relation to its Subsidiaries
that none of its Subsidiaries (other than Excluded Subsidiaries) will:

 

		(i)	create, assume or permit to subsist any Security Interest upon, or with
respect to, the whole or any part of the present or future business, undertaking, assets or revenues (including any uncalled capital)
of the Issuer, any Guarantor and/or any of their respective Subsidiaries (other than Excluded Subsidiaries) to secure any Financial
Indebtedness of any Excluded Subsidiary; or
	 	 	 

		(ii)	create, assume or permit to subsist any guarantee or indemnity of any Financial
Indebtedness of any Excluded Subsidiary,

 

	5.2	Financial Covenant

 

So long as any Bond remains
outstanding (as defined in the Trust Deed), BCL shall ensure that, as at each Reference Date the Leverage Ratio is no more than
1:2.

 

	5.3	Compliance Certificate

 

BCL
shall, concurrently with the delivery of each of the annual and semi-annual Consolidated Financial Statements referred to in Condition
5.4, provide to the Trustee a Directors’ Certificate confirming compliance with the covenant contained in Condition 5.2 with
respect to the most recent Reference Date.

 

	5.4	Financial Information

 

BCL has agreed in the Trust Deed,
so long as any of the Bonds remain outstanding, to supply to the Trustee:

 

	(a)	as soon as they may become available, but in any event within six months
of its most recent financial year-end, a copy of its audited Consolidated Financial Statements for such financial year, together
with the report thereon of BCL’s independent auditors; and

 

	(b)	as soon as they may become available, but in any event within three months
of the end of the first half of each financial year, a copy of its unaudited Consolidated Financial Statements for such period.

 

	5.5	No Requirement to Monitor

 

The Trustee shall not be
obliged to review any Consolidated Financial Statements provided to it pursuant to Condition 5.4, nor to monitor the Leverage Ratio
on any Reference Date for the purposes of Condition 5.2.

 

	6.	Interest

 

	6.1	Interest Rate and Interest Payment Dates

 

The Bonds bear
interest from (and including) 12 February 2018 at the rate of 6.125 per cent. per annum, payable semi-annually in arrear on
12 February and 12 August (each an “Interest Payment Date”) in each year until (and including) the
Maturity Date. The first payment (for the period from (and including) 12 February 2018 to (but excluding) 12 August 2018 and
amounting to US$3.06 per US$100 principal amount of Bonds) shall be made on 12 August 2018.

 

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	6.2	Interest Accrual

 

Each Bond will cease to
bear interest from (and including) its due date for redemption unless upon due presentation payment of the principal in respect
of the Bond is improperly withheld or refused or unless default is otherwise made in respect of payment, in which event interest
shall continue to accrue as provided in the Trust Deed.

 

	6.3	Calculation of Broken Interest

 

When interest is required
to be calculated in respect of a Bond for a period of less than a full half-year, it shall be calculated on the basis of a 360-day
year consisting of 12 months of 30 days each and, in the case of an incomplete month, the number of days elapsed on the basis of
a month of 30 days.

 

	6.4	Interest Rate Step-up

 

If following the Issue
Date a Step-Up Event occurs, the rate of interest payable on the Bonds under Condition 6.1 shall increase by 1.00 per cent. per
annum from (and including) the Interest Payment Date following the occurrence of such Step-Up Event and the Bonds shall thereafter
bear interest at an increased rate of interest of 7.125 per cent. per annum.

 

Notice of any increase
in the rate of interest pursuant to this Condition 6.4 will promptly be given by the Issuer to the Bondholders in accordance with
Condition 14.

 

	7.	Payments

 

	7.1	Payments in respect of Bonds

 

Payments of principal
and interest in respect of each Bond will be made by transfer to the registered account of the Bondholder or by a cheque in US
Dollars drawn on a bank that processes payment in US Dollars mailed to the registered address of the Bondholder if it does not
have a registered account. Payments of principal and payments of interest due otherwise than on an Interest Payment Date will only
be made against surrender of the relevant Certificate at the specified office of any of the Paying Agents. Interest on Bonds due
on an Interest Payment Date will be paid to the holder shown on the register of Bondholders at the close of business on the date
(the “record date”) being the fifteenth day before the relevant Interest Payment Date.

 

For the purposes of this
Condition, a Bondholder’s registered account means the US Dollar account maintained by or on behalf of it with a bank that
processes payments in US Dollars, details of which appear on the register of Bondholders at the close of business, in the case
of principal and interest due otherwise than on an Interest Payment Date, on the second Payment Business Day before the due date
for payment and, in the case of interest due on an Interest Payment Date, on the relevant record date, and a Bondholder’s
registered address means its address appearing on the register of Bondholders at that time.

 

Any payments to a Bondholder
in respect of each Bond shall be rounded to the nearest cent, half a cent being rounded upwards.

 

	7.2	Payments subject to Applicable Laws

 

Payments
will be subject in all cases to any fiscal or other laws and regulations applicable thereto, but without prejudice to the provisions
of Condition 9, in the place of payment.

 

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	7.3	No commissions

 

No commissions or expenses
shall be charged to the Bondholders in respect of any payments made in accordance with this Condition.

 

	7.4	Payment on Payment Business Days

 

Where payment is to be
made by transfer to a registered account, payment instructions (for value the due date or, if that is not a Payment Business Day,
for value the first following day which is a Payment Business Day) will be initiated and, where payment is to be made by cheque,
the cheque will be mailed, on the Business Day preceding the due date for payment or, in the case of a payment of principal or
a payment of interest due otherwise than on an Interest Payment Date, if later, on the Business Day on which the relevant Certificate
is surrendered at the specified office of a Paying Agent.

 

Bondholders will not be
entitled to any interest or other payment for any delay after the due date in receiving the amount due if the due date is not a
Payment Business Day, if the Bondholder is late in surrendering its Certificate (if required to do so) or if a cheque mailed in
accordance with this Condition arrives after the due date for payment.

 

	7.5	Partial Payments

 

If the amount of principal
or interest which is due on the Bonds is not paid in full, the Registrar will annotate the register of Bondholders with a record
of the amount of principal or interest in fact paid.

 

	7.6	Initial Agents

 

The names of the initial
Agents and their initial specified offices are set out at the end of these Conditions. The Issuer and the Guarantors reserve the
right, subject to the prior written approval of the Trustee, at any time to vary or terminate the appointment of any Agent and
to appoint additional or other Agents provided that:

 

	(a)	there will at all times be a Principal Paying Agent, a Transfer Agent and a Registrar; and

 

	(b)	there will at all times be at least one Paying Agent
(which may be the Principal Paying Agent) having its specified office in a European city.

 

Notice of any termination
or appointment and of any changes in specified offices will be given to the Bondholders promptly by the Issuer in accordance with
Condition 14.

 

	8.	Redemption and Purchase

 

	8.1	Redemption at Maturity

 

Unless previously redeemed
or purchased and cancelled as provided below, the Issuer will redeem the Bonds at their principal amount on the Maturity Date.

 

	8.2	Redemption for Taxation Reasons

 

If the Issuer satisfies the
Trustee immediately before the giving of the notice referred to below that:

 

	(a)	as a result of any change in, or amendment to, the laws or regulations
of a Relevant Jurisdiction, or any change in the application or official interpretation of the laws or regulations of a Relevant
Jurisdiction, which change or amendment becomes effective after (i) in the case of the Issuer, BCP or BCL, the Issue Date; or (ii)
in the case of any Subsidiary Guarantor, the first day on which such Subsidiary Guarantor becomes a Guarantor pursuant to Condition
4.3, on the next Interest Payment Date either the Issuer
would be required to pay additional amounts as provided or referred to in Condition 9.1 or any Guarantor could, if the Guarantee
was called, be required to pay such additional amounts; and

 

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	(b)	the requirement cannot be avoided by the Issuer or any Guarantor taking
reasonable measures available to them (including by BCL procuring payment by the Issuer, itself or any other Guarantor),

 

the Issuer may at its option,
having given not less than 30 nor more than 60 days’ notice to the Bondholders in accordance with Condition 14 (which notice
shall be irrevocable and shall specify the date fixed for redemption), redeem all the Bonds, but not some only, at any time at
their principal amount together with interest accrued to (but excluding) the date of redemption, provided that no such notice of
redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer or, as the case may be, the relevant
Guarantor would be required to pay such additional amounts, were a payment in respect of the Bonds then due. Prior to the publication
of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee a Directors’ Certificate
from the Issuer or, as the case may be, the relevant Guarantor stating that the requirement referred to in (a) above will apply
on the next Interest Payment Date and cannot be avoided by the Issuer or the Guarantors taking reasonable measures available to
them, and the Trustee shall be entitled to accept the certificate as sufficient evidence of the satisfaction of the conditions
precedent set out above, in which event it shall be conclusive and binding on the Bondholders.

 

	8.3	Purchases

 

The Issuer, any Guarantor
or any other member of the Group may at any time purchase Bonds in any manner and at any price. Such Bonds may be held, reissued
or resold, or at the option of the Issuer, BCP or BCL, surrendered to any Paying Agent for cancellation.

 

	8.4	Cancellations

 

All Bonds which are redeemed
or purchased by the Issuer, any Guarantor or any member of the Group and surrendered for cancellation in accordance with Condition
8.3 above will forthwith be cancelled, and accordingly may not be held, reissued or resold.

 

	8.5	Notices Final

 

Upon the expiry of any
notice as is referred to in Condition 8.2 above the Issuer shall be bound to redeem the Bonds to which the notice refers in accordance
with the terms of such Condition.

 

	9.	Taxation

 

	9.1	Payment without Withholding

 

All payments in respect
of the Bonds by or on behalf of the Issuer or any Guarantor shall be made without withholding or deduction for, or on account of,
any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed
or levied by or on behalf of any of the Relevant Jurisdictions, unless the withholding or deduction of the Taxes is required by
law. In that event, the Issuer or, as the case may be, the relevant Guarantor will pay such additional amounts as may be necessary
in order that the net amounts received by the Bondholders after the withholding or deduction shall equal the respective amounts
which would have been receivable in respect of the Bonds in the absence of the withholding or deduction; except that no additional
amounts shall be payable in relation to any payment in respect of any Bond:

 

	(a)	presented for payment by or on behalf of, a holder who is liable to the
Taxes in respect of the Bond by reason of his having some connection with any Relevant Jurisdiction other than the mere holding
of the Bond; or

 

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	(b)	where such withholding or deduction is imposed in respect of FATCA; or

 

	(c)	where such withholding or deduction for United States federal income taxes
would not have been required but for the failure of the holder or beneficial owner to provide upon request a valid U.S. IRS Form
W-8 or W-9 (or successor forms) or other documentation as required by official IRS guidance; or

 

	(d)	presented for payment more than 30 days after the Relevant Date except
to the extent that a holder would have been entitled to additional amounts on presenting the same for payment on the last day of
the period of 30 days assuming, whether or not such is in fact the case, that day to have been a Payment Business Day.

 

	9.2	Additional Amounts

 

Any reference in these
Conditions to any amounts in respect of the Bonds shall be deemed also to refer to any additional amounts which may be payable
under this Condition or under any undertakings given in addition to, or in substitution for, this Condition pursuant to the Trust
Deed.

 

	10.	Prescription

 

Claims in respect of principal
and interest will become prescribed unless made within periods of 10 years (in the case of principal) and five years (in the case
of interest) from the Relevant Date in respect of the Bonds subject to the provisions of Condition 7.

 

	11.	Events of Default

 

	11.1	Events of Default

 

The Trustee at its discretion
may, and if so requested in writing by the holders of at least one-fifth in principal amount of the Bonds then outstanding or if
so directed by an Extraordinary Resolution of the Bondholders shall (subject in each case to being indemnified and/or secured and/or
pre-funded to its satisfaction) (but, in the case of the happening of any of the events described in subparagraphs (b) to (d) inclusive
(other than the winding up or dissolution of the Issuer, any Guarantor or any of the Material Subsidiaries), (e) to (g) inclusive
and (k) and (l) below, only if the Trustee shall have certified in writing to the Issuer and the Guarantors that such event is,
in its opinion, materially prejudicial to the interests of the Bondholders) give notice to the Issuer and the Guarantors that the
Bonds are, and they shall accordingly forthwith become, immediately due and repayable at their principal amount, together with
accrued interest as provided in the Trust Deed, in any of the following events (“Events of Default”):

 

	(a)	if default is made in the payment of any principal or interest due in respect
of the Bonds or any of them and the default continues for a period of 7 days in the case of principal or 14 days in the case of
interest; or

 

	(b)	if the Issuer or any Guarantor fails to perform or observe any of its other
obligations under these Conditions or the Trust Deed and (except in any case where the Trustee considers the failure to be incapable
of remedy, when no continuation or notice as is hereinafter mentioned will be required) the failure continues for the period of
30 days (or such longer period as the Trustee may permit) following the service by the Trustee on the Issuer or such Guarantor
(as the case may be) of notice requiring the same to be remedied; or

 

	(c)	if (i) any Financial Indebtedness of the Issuer, any Guarantor or any of
Material Subsidiaries becomes due and repayable prematurely or becomes capable of being declared due and repayable prematurely
in each case by reason of an event of default (however described); or (ii) the Issuer, any Guarantor or any of the Material Subsidiaries
fails to make any payment in respect of any Financial Indebtedness on the due
date for payment as extended by any originally applicable grace period; provided that the amount of Financial Indebtedness in respect
of which one or more of the events mentioned in this paragraph 11.1(c) have occurred and are continuing, individually or in aggregate
exceeds £2,000,000 (or its equivalent in any other currency); or

 

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	(d)	(i) if any order is made by any competent court or resolution is passed
for the winding up or dissolution of the Issuer, any Guarantor or any of the Material Subsidiaries; or (ii) if the Issuer, any
Guarantor or the Group ceases or threatens to cease to carry on all or substantially all of its business or operations, save (in
either case) (x) for the purposes of and followed by a reconstruction, amalgamation, reorganisation, restructuring, merger or consolidation
on terms approved in writing by the Trustee or by an Extraordinary Resolution of the Bondholders, or (y) in the case of a Material
Subsidiary, for the purposes of and followed by a Permitted Reorganisation; or

 

	(e)	the Issuer, any Guarantor or any of the Material Subsidiaries is (or is
deemed (other than where a demand is made for less than £1,000,000 under section 123(l)(a) of the Insolvency Act 1986) by
law or a court to be) insolvent or bankrupt or unable to pay its debts, stops, suspends or threatens to stop or suspend payment
of all or a material part of its debts;

 

	(f)	if:

 

		(i)	proceedings are initiated against the Issuer, any Guarantor or any of the
Material Subsidiaries under any applicable liquidation, insolvency, composition, reorganisation or other similar laws or an application
is made (or documents filed with a court) for the appointment of an administrative or other receiver, manager, administrator or
other similar official, or an administrative or other receiver, manager, administrator or other similar official is appointed,
in relation to the Issuer, any Guarantor or any of the Material Subsidiaries or, as the case may be, in relation to the whole or
any material part of the undertaking or assets of any of them or an encumbrancer takes possession of the whole or any material
part of the undertaking or assets of any of them, or a distress, execution, attachment, sequestration or other process is levied,
enforced upon, sued out or put in force against the whole or any material part of the undertaking or assets of any of them, and

 

		(ii)	in any such case (other than the appointment of an administrator or an administrative
receiver appointed following presentation of a petition for an administration order) unless initiated by the relevant company,
is not discharged or stayed within 45 days,

 

save (x) for the purposes
of and followed by a reconstruction, amalgamation, reorganisation, restructuring, merger or consolidation on terms approved in
writing by the Trustee or by an Extraordinary Resolution of the Bondholders, or (y) in the case of a Material Subsidiary, for the
purposes of and followed by a Permitted Reorganisation; or

 

	(g)	if the Issuer, any Guarantor or any of the Material Subsidiaries (or their
respective directors or shareholders) initiates or consents to judicial proceedings relating to itself under any applicable liquidation,
insolvency, composition, reorganisation or other similar laws (including the obtaining of a moratorium) or makes a conveyance or
assignment for the benefit of, or enters into any composition or other arrangement with, its creditors generally (or any class
of its creditors) or any meeting is convened to consider a proposal for an arrangement or composition with its creditors generally
(or any class of its creditors) save (in any case) (x) for the purposes of and followed by a reconstruction, amalgamation, reorganisation,
restructuring, merger or consolidation on terms approved in writing by the Trustee or by an Extraordinary Resolution of the Bondholders,
or (y) in the case of a Material Subsidiary, for the purposes of and followed by a Permitted Reorganisation; or

 

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	(h)	any action, condition or thing (including the obtaining or effecting of
any necessary consent, approval, authorisation, exemption, filing, licence, order, recording or registration) at any time required
to be taken, fulfilled or done in order (i) to enable the Issuer or any Guarantor lawfully to enter into, exercise their respective
rights and perform and comply with their respective obligations under the Bonds and the Trust Deed; (ii) to ensure that those obligations
are legally binding and enforceable; and (iii) to make the Bonds and the Trust Deed, as the case may be, admissible in evidence
in the courts of England is not taken, fulfilled or done; or

 

	(i)	if the Guarantee ceases to be, or is claimed by the Issuer or any Guarantor
not to be, in full force and effect; or

 

	(j)	it is or will become unlawful for the Issuer or any Guarantor to perform
or comply with any one or more of its obligations under the Conditions; or
	 	 

	(k)	if the Issuer, BCP or any Subsidiary Guarantor ceases to be a Subsidiary of BCL; or

 

	(l)	if any event occurs which, under the laws of any Relevant Jurisdiction,
has or may have, in the Trustee’s opinion, an analogous effect to any of the events referred to in subparagraphs (d) to (g)
above.

 

	11.2	Reports

 

A report by two directors
of BCL or by a director and the secretary of BCL whether or not addressed to the Trustee that in their opinion a Subsidiary of
BCL is or is not or was or was not at any particular time or throughout any specified period a Material Subsidiary may be relied
upon by the Trustee without further enquiry or evidence and, if relied upon by the Trustee, shall, in the absence of manifest error,
be conclusive and binding on all parties.

 

	12.	Enforcement

 

	12.1	Enforcement by the Trustee

 

The Trustee may at any
time, at its discretion and without notice, take such proceedings and/or other steps or action (including lodging an appeal in
any proceedings) against or in relation to the Issuer and/or any one or more of the Guarantors as it may think fit to enforce the
provisions of the Trust Deed and the Bonds or otherwise, but it shall not be bound to take any such proceedings or other steps
or action unless (a) it has been so directed by an Extraordinary Resolution of the Bondholders or so requested in writing by the
holders of at least one-fifth in principal amount of the Bonds then outstanding and (b) it has been indemnified and/or secured
and/or pre-funded to its satisfaction.

 

	12.2	Limitation on Trustee actions

 

The Trustee may refrain
from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based upon legal
advice in the relevant jurisdiction, be contrary to any law of that jurisdiction. Furthermore, the Trustee may also refrain from
taking such action if it would otherwise render it liable to any person in that jurisdiction or if, in its opinion based upon such
legal advice, it would not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that
jurisdiction or if it is determined by any court or other competent authority in that jurisdiction that it does not have such power.

 

	12.3	Enforcement by the Bondholders

 

No Bondholder shall be
entitled to (i) take any steps or action against the Issuer or any Guarantor to enforce the performance of any of the
provisions of the Trust Deed or the Bonds or (ii) take any other proceedings (including lodging an appeal in any proceedings)
in respect of or concerning the Issuer or any Guarantor, in each case unless the Trustee, having become bound so to take any
such action, steps or proceedings, fails so to do within a reasonable period and the failure shall be continuing.

 

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	13.	Replacement of Certificates

 

Should any Certificate
be lost, stolen, mutilated, defaced or destroyed it may be replaced at the specified office of the Registrar upon payment by the
claimant of the expenses incurred in connection with the replacement and on such terms as to evidence and indemnify as the Issuer
and the Guarantors may reasonably require. Mutilated or defaced Certificates must be surrendered before replacements will be issued.

 

	14.	Notices

 

All notices to the Bondholders
will be valid if mailed to them at their respective addresses in the register of Bondholders maintained by the Registrar. The Issuer
shall also ensure that notices are duly published in a manner which complies with the rules and regulations of any stock exchange
or the relevant authority on which the Bonds are for the time being listed. Any such notice will be deemed to have been given on
the date of the first publication or, where required to be published in more than one newspaper, on the second day after being
so mailed or on the date of publication or, if so published more than once or on different dates, on the date of first publication.

 

	15.	Substitution

 

The Trustee may, without
the consent of the Bondholders, agree with the Issuer and the Guarantors to the substitution in place of the Issuer (or of any
previous substitute under this Condition) as the principal debtor under the Bonds and the Trust Deed, of BCL or any other Subsidiaries
of BCL subject to:

 

	(a)	the Bonds remaining jointly and severally, unconditionally and irrevocably
guaranteed by the Guarantors (other than a Guarantor substituted in place of the Issuer);

 

	(b)	the Trustee being satisfied that the substitution is not materially prejudicial
to the interests of the Bondholders; and

 

	(c)	certain other conditions set out in the Trust Deed being complied with.

 

	16.	Meetings of Bondholders, Modification, Waiver, Authorisation and Determination

 

	16.1	Meetings of Bondholders

 

The Trust Deed contains provisions
for convening meetings of the Bondholders to consider any matter affecting their interests, including the modification or
abrogation by Extraordinary Resolution of any of these Conditions or any of the provisions of the Trust Deed. The quorum at
any meeting for passing an Extraordinary Resolution will be one or more persons present holding or representing more than 50
per cent. in principal amount of the Bonds for the time being outstanding, or at any adjourned such meeting one or more
persons present whatever the principal amount of the Bonds held or represented by him or them, except that, at any meeting
the business of which includes any matter defined in the Trust Deed as a Basic Terms Modification, including the modification
or abrogation of certain of the provisions of these Conditions and certain of the provisions of the Trust Deed, the necessary
quorum for passing an Extraordinary Resolution will be one or more persons present holding or representing not less than
two-thirds, or at any adjourned such meeting not less than one-third, of the principal amount of the Bonds for the time being
outstanding. The Trust Deed provides that (i) a resolution passed at a meeting duly convened and held in accordance with the
Trust Deed by a majority consisting of not less than three-fourths of the votes cast on such resolution, (ii) a resolution in
writing signed by or on behalf of the holders of not less than three-fourths in principal amount of the Bonds for the time
being outstanding or (iii) consent given by way of electronic consents through the relevant clearing system(s) (in a form
satisfactory to the Trustee) by or on behalf of the holders of not less than three-fourths in principal amount of the Bonds
for the time being outstanding, shall, in each case, be effective as an Extraordinary Resolution of the Bondholders. An
Extraordinary Resolution passed by the Bondholders will be binding on all Bondholders, whether or not they are present at any
meeting and whether or not they voted on the resolution.

 

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	16.2	Modification, Waiver, Authorisation and Determination

 

The Trustee may agree,
without the consent of the Bondholders, to any modification of, or to the waiver or authorisation of any breach or proposed breach
of, any of these Conditions or any of the provisions of the Trust Deed or the Agency Agreement, or determine, without any such
consent as aforesaid, that any Event of Default or Potential Event of Default (as defined in the Trust Deed) shall not be treated
as such (provided that, in any such case, it is not, in the opinion of the Trustee, materially prejudicial to the interests of
the Bondholders) or may agree, without any such consent as aforesaid, to any modification which, in its opinion, is of a formal,
minor or technical nature or to correct a manifest error or an error which is, in the opinion of the Trustee, proven.

 

	16.3	Trustee to have Regard to Interests of Bondholders as a Class

 

In connection with the exercise
by it of any of its trusts, powers, authorities and discretions (including, without limitation, any modification, waiver, authorisation,
determination or substitution), the Trustee shall have regard to the general interests of the Bondholders as a class but shall
not have regard to any interests arising from circumstances particular to individual Bondholders (whatever their number) and, in
particular but without limitation, shall not have regard to the consequences of any such exercise for individual Bondholders (whatever
their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the
jurisdiction of, any particular territory or any political sub- division thereof and the Trustee shall not be entitled to require,
nor shall any Bondholder be entitled to claim, from the Issuer, any Guarantor, the Trustee or any other person any indemnification
or payment in respect of any tax consequence of any such exercise upon individual Bondholders except to the extent already provided
for in Condition 9 and/or any undertaking given in addition to, or in substitution for, Condition 9 pursuant to the Trust Deed.

 

	16.4	Notification to the Bondholders

 

Any modification, abrogation,
waiver, authorisation, determination or substitution shall be binding on the Bondholders and, unless the Trustee agrees otherwise,
any modification or substitution shall be notified by the Issuer to the Bondholders as soon as practicable thereafter in accordance
with Condition 14.

 

	17.	Indemnification and Protection of the Trustee and its
Contracting with the Issuer and the Guarantors

 

	17.1	Indemnification and protection of the Trustee

 

The Trust Deed contains
provisions for the indemnification of the Trustee and for its relief from responsibility and liability towards the Issuer, the
Guarantors and the Bondholders, including (i) provisions relieving it from taking action unless indemnified and/or secured and/or
pre-funded to its satisfaction and (ii) provisions limiting or excluding its liability in certain circumstances. The Trust Deed
provides that, when determining whether an indemnity or any security or pre-funding is satisfactory to it, the Trustee shall be
entitled (i) to evaluate its risk in any given circumstance by considering the worst-case scenario and (ii) to require that any
indemnity or security given to it by the Bondholders or any of them be given on a joint and several basis and be supported by evidence
satisfactory to it as to the financial standing and creditworthiness of each counterparty and/or as to the value of the security
and an opinion as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security.

 

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	17.2	Trustee Contracting with the Issuer and the Guarantors

 

The Trust Deed also contains
provisions pursuant to which the Trustee is entitled, inter alia, (a) to enter into business transactions with the Issuer
and/or any Guarantor and/or any other member of the Group and to act as trustee for the holders of any other securities issued
or guaranteed by, or relating to, the Issuer and/or any Guarantor and/or any other member of the Group, (b) to exercise and enforce
its rights, comply with its obligations and perform its duties under or in relation to any such transactions or, as the case may
be, any such trusteeship without regard to the interests of, or consequences for, the Bondholders, and (c) to retain and not be
liable to account for any profit made or any other amount or benefit received thereby or in connection therewith.

 

	18.	Further Issues

 

The Issuer is at liberty
from time to time without the consent of the Bondholders to create and issue further notes or bonds (whether in bearer or registered
form) either (a) ranking pari passu in all respects (or in all respects save for the first payment of interest thereon)
and so that the same shall be consolidated and form a single series with the outstanding notes or bonds of any series (including
the Bonds) constituted by the Trust Deed or any supplemental deed or (b) upon such terms as to ranking, interest, conversion, redemption
and otherwise as the Issuer may determine at the time of the issue. Any further notes or bonds which are to form a single series
with the outstanding notes or bonds of any series (including the Bonds) constituted by the Trust Deed or any supplemental deed
shall, and any other further notes or bonds may (with the consent of the Trustee), be constituted by a deed supplemental to the
Trust Deed. The Trust Deed contains provisions for convening a single meeting of the Bondholders and the holders of notes or bonds
of other series in certain circumstances where the Trustee so decides.

 

	19.	Governing Law and Submission to Jurisdiction

 

	19.1	Governing Law

 

The Trust Deed (including
the Guarantee), the Bonds and any non-contractual obligations arising out of or in connection with them are governed by, and will
be construed in accordance with, English law.

 

	19.2	Jurisdiction of English Courts

 

The
Issuer and each of the Guarantors has in the Trust Deed, irrevocably agreed (or will be required to agree) for the benefit of the
Trustee and the Bondholders that the courts of England are to have exclusive jurisdiction to settle any disputes which may arise
out of or in connection with the Trust Deed or the Bonds (including a dispute relating to any non-contractual obligations arising
out of or in connection with the Trust Deed or the Bonds) and accordingly has submitted (or will be required to submit) to the
exclusive jurisdiction of the English courts.

 

The Issuer and each of
the Guarantors has, in the Trust Deed, waived (or will be required to waive) any objection to the courts of England on the grounds
that they are an inconvenient or inappropriate forum. To the extent permitted by law, the Trustee and the Bondholders may take
any suit, action or proceeding arising out of or in connection with the Trust Deed or the Bonds respectively (including any suit,
action or proceedings relating to any non-contractual obligations arising out of or in connection with the Trust Deed or the Bonds)
(together referred to as “Proceedings”) against the Issuer or any Guarantor in any other court of competent
jurisdiction and concurrent Proceedings in any number of jurisdictions.

 

	19.3	Appointment of Process Agent

 

The Issuer and each
of the Guarantors incorporated in a jurisdiction other than England and Wales has in the Trust Deed irrevocably and
unconditionally appointed (or will be required to appoint) Burford Capital PLC at its registered office for the time being as
its agent for service or process in England in respect of any Proceedings and has undertaken that in the event of such agent
ceasing so to act it will appoint such other person as the Trustee may approve as its agent for that purpose.

 

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	20.	Rights of Third Parties

 

No rights are conferred
on any person under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Bond, but this does not affect
any right or remedy of any person which exists or is available apart from that Act.

 

	21.	Definitions

 

In these Conditions:

 

“Business Day”
means, in relation to any place, a day on which commercial banks and foreign exchange markets settle payments and are open for
general business (including dealing in foreign exchange and foreign currency deposits) in that place.

 

“Cash and Cash
Equivalents” as at any Reference Date shall be equal to the amount recorded as “Cash and cash equivalents”
in the relevant Consolidated Financial Statements; minus (ii) any such “Cash and cash equivalents” to which any Excluded
Subsidiary is beneficially entitled; and (iii) any such “Cash and cash equivalents” upon which there is any Security
Interest.

 

“Cash Management
Investments” as at any Reference Date shall be equal to the amount recorded as “Cash management investments at
fair value through profit or loss” in the relevant Consolidated Financial Statements; minus (ii) any such “Cash management
investments at fair value through profit or loss” to which any Excluded Subsidiary is beneficially entitled; and (iii) any
such “Cash management investments at fair value through profit or loss” upon which there is a Security Interest.

 

“Consolidated
Financial Statements” means BCL’s audited annual consolidated financial statements or its unaudited semi-annual
consolidated financial statements, as the case may be, including the relevant accounting policies and notes to the accounts in
each case prepared in accordance with IFRS from time to time.

 

“Directors’
Certificate” means a certificate addressed to the Trustee, signed on behalf of the Issuer or the relevant Guarantor (as
the case may be) (but without personal liability) by two directors of the Issuer or the relevant Guarantor (as applicable) or any
one director and the secretary of the Issuer or the relevant Guarantor (as applicable).

 

“Excluded Financial
Indebtedness” means Financial Indebtedness of any Excluded Subsidiary which is not also Financial Indebtedness of a member
of the Group which is not an Excluded Subsidiary.

 

A report by two directors
of BCL or by a director and the secretary of BCL whether or not addressed to the Trustee that in their opinion Financial Indebtedness
is or is not or was or was not at any particular time or throughout any specified period Excluded Financial Indebtedness may be
relied upon by the Trustee without further enquiry or evidence and, if relied upon by the Trustee, shall, in the absence of manifest
error, be conclusive and binding on all parties.

 

“Excluded Subsidiary”
means Burford Lending LLC and its Subsidiaries, provided that BCL may by irrevocable notice to the Trustee permanently deem any
entity which could otherwise be an Excluded Subsidiary not to be an Excluded Subsidiary and such entity shall no longer be an Excluded
Subsidiary for the purposes of these Conditions.

 

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A report by two directors
of BCL or by a director and the secretary of BCL whether or not addressed to the Trustee that in their opinion a Subsidiary of
BCL is or is not or was or was not at any particular time or throughout any specified period an Excluded Subsidiary may be relied
upon by the Trustee without further enquiry or evidence and, if relied upon by the Trustee, shall, in the absence of manifest error,
be conclusive and binding on all parties.

 

“FATCA”
means Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (the “Code”) (including an agreement
described in Section 1471(b) thereof) together with any regulations thereunder or any official interpretations thereof, any intergovernmental
agreement between the U.S. and another jurisdiction facilitating the implementation thereof or any law implementing such an intergovernmental
agreement.

 

“Financial Conduct Authority”
means the United Kingdom Financial Conduct Authority.

 

“Financial Indebtedness”
means any indebtedness (other than indebtedness owed by any member of the Group which is not an Excluded Subsidiary to another
member of the Group which is also not an Excluded Subsidiary) whether or not contingent, for or in respect of:

 

		(a)	moneys borrowed;

 

		(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

 

		(c)	any amount raised pursuant to any note purchase facility or the issue of
bonds, notes, debentures, loan stock or any similar instrument;

 

		(d)	the amount of any liability in respect of any lease or hire purchase contract
which would, in accordance with IFRS, be treated as a finance or capital lease;

 

		(e)	receivables sold or discounted (other than any receivables to the extent
they are sold on a non- recourse basis);

 

		(f)	any amount raised under any other transaction (including any forward sale
or purchase agreement) having the commercial effect of a borrowing;

 

		(g)	any derivative transaction entered into in connection with protection against
or benefit from fluctuation in any rate, index or price (and, when calculating the value of any derivative transaction, only the
marked-to-market value shall be taken into account);

 

		(h)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond
or any other instrument issued by a bank or financial institution; and

 

		(i)	the amount of any liability in respect of any guarantee or indemnity for
any of the items referred to in paragraphs (a) to (h) above.

 

“Group” means BCL and its Subsidiaries
taken as a whole.

 

“Group Net Debt”
means (i) the aggregate of all Financial Indebtedness of the Group (other than Excluded Financial Indebtedness) at the relevant
time less (ii) the sum of (x) Cash and Cash Equivalents; and (y) Cash Management Investments (other than any Cash and Cash Equivalents
and Cash Management Investments to which any Excluded Subsidiary is beneficially entitled).

 

“Group Total Assets” as at any
Reference Date shall be equal to:

 

		(i)	the amount recorded as “Total assets” in the relevant Consolidated Financial Statements;
minus

 

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		(ii)	the sum (without duplication) of (x) any `Total assets” referred
to in (a) above to which any Excluded Subsidiary is beneficially entitled and (y) any goodwill and intangible assets which are
included in the “Total assets” referred to in (a) above.

 

“IFRS” means the generally
accepted accounting practice and principles applicable to the business BCL conducts, currently International Financial Reporting
Standards.

 

“Issue Date” means 12 February
2018.

 

“Leverage Ratio” means the ratio of:

 

		(a)	Group Net Debt; to

 

		(b)	Group Total Assets.

 

“Material Subsidiary” means at
any time a Subsidiary (other than an Excluded Subsidiary) of BCL:

 

		(a)	whose gross assets (consolidated in the case of a Subsidiary which itself
has Subsidiaries) represent (or, in the case of a Subsidiary acquired after the end of the financial period to which the then latest
audited consolidated accounts of BCL and its Subsidiaries relate, are equal to) not less than 5.00 per cent. of the consolidated
gross assets of the Group, all as calculated respectively by reference to the then latest Directors’ Certificate relating
to such Subsidiary delivered to the Trustee in accordance with the relevant provisions of the Trust Deed and the then latest audited
consolidated accounts of BCL and its Subsidiaries, provided that:

 

		(A)	in the event that the relevant Subsidiary itself has Subsidiaries which
are Excluded Subsidiaries, the gross assets of such Excluded Subsidiaries are excluded from the calculation of the consolidated
gross assets of such Subsidiary;

 

		(B)	the gross assets of all Excluded Subsidiaries are excluded from the calculation
of the consolidated gross assets of the Group; and

 

		(C)	in the case of a Subsidiary of BCL acquired after the end of the financial
period to which the then latest audited consolidated accounts of BCL and its Subsidiaries relate, the reference to the then latest
audited consolidated accounts of BCL and its Subsidiaries for the purposes of the calculation above shall, until consolidated accounts
for the financial period in which the acquisition is made have been prepared and audited as aforesaid, be deemed to be a reference
to such first-mentioned accounts as if such Subsidiary had been shown in such accounts by reference to the then latest Directors’
Certificate relating to such Subsidiary delivered to the Trustee in accordance with the relevant provisions of the Trust Deed,
adjusted as deemed appropriate by BCL; or

 

		(b)	to which is transferred the whole or substantially the whole of the undertaking
and assets of a Subsidiary of BCL which immediately prior to such transfer is a Material Subsidiary, provided that the transferor
Subsidiary shall upon such transfer forthwith cease to be a Material Subsidiary and the transferee Subsidiary shall cease to be
a Material Subsidiary pursuant to this subparagraph (b) on the date on which the consolidated accounts of BCL and its Subsidiaries
for the financial period current at the date of such transfer have been prepared and audited as aforesaid but so that such transferor
Subsidiary or such transferee Subsidiary may be a Material Subsidiary on or at any time after the date on which such consolidated
accounts have been prepared and audited as aforesaid by virtue of the provisions of subparagraph (a) above or, prior to or after
such date, by virtue of any other applicable provision of this definition; or

 

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		(c)	to which is transferred an undertaking or assets which, taken together
with the undertaking or assets of the transferee Subsidiary, represent (or, in the case of the transferee Subsidiary being acquired
after the end of the financial period to which the then latest audited consolidated accounts of BCL and its Subsidiaries relate,
are equal to) not less than 5.00 per cent. of the consolidated gross assets of the Group, all as calculated as referred to in subparagraph
(a) above, provided that the transferor Subsidiary (if a Material Subsidiary) shall upon such transfer forthwith cease to be a
Material Subsidiary unless immediately following such transfer its undertaking and assets represent (or, in the case aforesaid,
are equal to) not less than 5.00 per cent. of the consolidated gross assets of the Group, all as calculated as referred to in subparagraph
(a) above, and the transferee Subsidiary shall cease to be a Material Subsidiary pursuant to this subparagraph (c) on the date
on which the consolidated accounts of BCL and its Subsidiaries for the financial period current at the date of such transfer have
been prepared and audited but so that such transferor Subsidiary or such transferee Subsidiary may be a Material Subsidiary on
or at any time after the date on which such consolidated accounts have been prepared and audited as aforesaid by virtue of the
provisions of subparagraph (a) above or, prior to or after such date, by virtue of any other applicable provision of this definition,

 

all as more particularly defined
in the Trust Deed.

 

In accordance with the
provisions of the Trust Deed, BCL has agreed to give to the Trustee a Director’s Certificate which provides a list of Material
Subsidiaries (a) on the Issue Date; (b) within three business days after demand by the Trustee therefor and (c) (without the necessity
for such demand) within six months of its most recent financial year-end commencing with the financial period ending 31 December
2016 and within three months of the end of the first half of each financial year commencing with the financial period ending 31
December 2017.

 

“Maturity Date”
means 12 August 2025.

 

“Payment Business
Day” means a day (other than a Saturday or Sunday) on which commercial banks are open for business in New York City and,
in the case of presentation of a Certificate, in the place in which the Certificate is presented.

 

“Permitted Reorganisation”
means, in the case of a Material Subsidiary, any reconstruction, amalgamation, reorganisation, restructuring, merger or consolidation
the result of which will be that all or substantially all of the assets and undertaking of such Material Subsidiary will be transferred
to or otherwise vested in the Issuer, any Guarantor or another Subsidiary of BCL (other than an Excluded Subsidiary).

 

“Rating Agency”
means Moody’s Investors Services Limited, Fitch Ratings Ltd. or Standard & Poor’s Credit Market Services Europe
Limited (or any of their respective affiliates).

 

“Reference Date”
means such annual or semi-annual date or dates as at which BCL prepares its audited annual Consolidated Financial Statements or
unaudited semi-annual Consolidated Financial Statements, as the case may be and as at the Issue Date those are 31 December and
30 June in each year, respectively.

 

“Relevant Date”
means the date on which the payment first becomes due but, if the full amount of the money payable has not been received by the
Principal Paying Agent or the Trustee on or before the due date, it means the date on which, the full amount of the money having
been so received, notice to that effect has been duly given to the Bondholders by the Issuer in accordance with Condition 14.

 

“Relevant
Jurisdiction” means: (i) in the case of the Issuer, the U.S. or any political subdivision or any authority thereof
or therein having power to tax; (ii) in the case of BCL, Guernsey or any political subdivision or any authority thereof or
therein having power to tax; (iii) in the case of BCP, the U.K. or any political subdivision or any authority thereof or
therein having power to tax; and (iv) in the case of any Subsidiary Guarantor, any jurisdiction under the laws of which that
Subsidiary Guarantor for the time being is organised or in which it is treated as resident for tax purposes or any political
subdivision or any authority thereof or therein having power to tax or (in each case) any other jurisdiction or any political
subdivision or any authority thereof or therein having power to tax to which the Issuer or the relevant Guarantor, as the
case may be, is or becomes subject in respect of payments made by it of principal and interest on the Bonds.

 

“Step-Up Event” means that

 

		(i)	any member of the Group (other than an Excluded Subsidiary); or

 

		(ii)	any Financial Indebtedness of any member of the Group (other than Excluded
Financial Indebtedness),

 

is assigned a credit rating
solicited by a member of the Group by any Rating Agency and, in either case, the credit rating initially assigned by such Rating
Agency is below:

 

		(a)	Ba3 in the case of Moody’s Investors Services Limited (or any of its affiliates);

 

		(b)	BB- in the case of Fitch Ratings Ltd. (or any of its affiliates); or

 

		(c)	BB- in the case of Standard & Poor’s Credit
Market Services Europe Limited (or any of its affiliates) (or, in each case, their respective equivalent ratings for the time
being).

 

“Subsidiary” means a subsidiary
within the meaning of Section 1159 of the Companies Act 2006 as amended.

 

“U.K.” means the United Kingdom.

 

“U.S.” means the United States
of America.

 

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PRINCIPAL PAYING AGENT

 

Elavon Financial Services
DAC (acting through its UK Branch)

125 Old Broad Street

Fifth
Floor

London

EC2N 1AR

 

REGISTRAR

 

Elavon Financial Services
DAC

2nd Floor

Block E

Cherrywood Business
Park

Loughlinstown

Dublin,
Ireland

 

TRANSFER AGENT

 

Elavon Financial Services
Limited DAC (acting

through its UK Branch)

125 Old Broad Street

Fifth Floor

London

EC2N 1AR

 

and/or such other or further
Principal Paying Agent and other Paying Agents, Registrar and Transfer Agents and/or specified offices as may from time to time
be appointed by the Issuer and the Guarantors with the approval of the Trustee and notice of which has been given to the Bondholders.

 

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SCHEDULE 3

 

REGISTER AND TRANSFER
OF BONDS

 

	1.	The Issuer shall at all times ensure that the Registrar maintains in London,
or at such other place in the United Kingdom as the Trustee may agree, a register showing the amount of the Bonds from time to
time outstanding and the dates of issue and all subsequent transfers and changes of ownership thereof and the names and addresses
of the holders of the Bonds. The Trustee and the holders of the Bonds or any of them and any person authorised by it or any of
them may at all reasonable times during office hours inspect the register and take copies of or extracts from it. The register
may be closed by the Issuer for such periods at such times (not exceeding in total 30 days in any one year) as it may think fit.

 

	2.	Each Bond shall have an identifying serial number which shall be entered on the register.

 

	3.	The Bonds are transferable by execution of the form of transfer endorsed
thereon under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of
two of its officers duly authorised in writing.

 

	4.	The Bonds to be transferred must be delivered for registration to the specified
office of the Registrar or any Transfer Agent with the form of transfer endorsed thereon duly completed and executed and must be
accompanied by such documents, evidence and information as may be required pursuant to the Conditions and such other evidence as
the Issuer may reasonably require to prove the title of the transferor or his right to transfer the Bonds and, if the form of transfer
is executed by some other person on his behalf or in the case of the execution of a form of transfer on behalf of a corporation
by its officers, the authority of that person or those persons to do so.

 

	5.	The executors or administrators of a deceased holder of Bonds (not being
one of several joint holders) and in the case of the death of one or more of several joint holders the survivor or survivors of
such joint holders shall be the only person or persons recognised by the Issuer as having any title to such Bonds.

 

	6.	Any person becoming entitled to Bonds in consequence of the death or bankruptcy
of the holder of such Bonds may upon producing such evidence that he holds the position in respect of which he proposes to act
under this paragraph or of his title as the Issuer shall require be registered himself as the holder of such Bonds or, subject
to the preceding paragraphs as to transfer, may transfer such Bonds. The Issuer shall be at liberty to retain any amount payable
upon the Bonds to which any person is so entitled until such person shall be registered as aforesaid or shall duly transfer the
Bonds.

 

	7.	Unless otherwise requested by him, the holder of Bonds shall be entitled
to receive only one Certificate in respect of his entire holding.

 

	8.	The joint holders of Bonds shall be entitled to one Certificate only in
respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears
first in the register of the holders of Bonds in respect of such joint holding.

 

	9.	Where a holder of Bonds has transferred part only of his holding there
shall be delivered to him without charge a Certificate in respect of the balance of such holding.

 

	10.	The Issuer shall make no charge to the Bondholders for the registration
of any holding of Bonds or any transfer thereof or for the issue thereof or for the delivery thereof at the specified office of
the Registrar or of any Transfer Agent or by post to the address specified by the Bondholder. If any Bondholder entitled to
receive a Certificate wishes to have the same delivered to him otherwise than at the specified office of the Registrar or of any
Transfer Agent, such delivery shall be made, upon his written request to the Registrar or such Transfer Agent, at his risk and
(except where sent by post to the address specified by the Bondholder) at his expense.

 

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	11.	The holder of a Bond may (to the fullest extent permitted by applicable
laws) be treated at all times, by all persons and for all purposes as the absolute owner of such Bond notwithstanding any notice
any person may have of the right, title, interest or claim of any other person thereto. The Issuer, each Guarantor and the Trustee
shall not be bound to see to the execution of any trust to which any Bond may be subject and no notice of any trust shall be entered
on the register. The holder of a Bond will be recognised by the Issuer and each Guarantor as entitled to his Bond free from any
equity, set-off or counterclaim on the part of the Issuer or each Guarantor against the original or any intermediate holder of
such Bond.

 

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SCHEDULE 4

 

PROVISIONS FOR MEETINGS
OF BONDHOLDERS

 

DEFINITIONS

 

	1.	As used in this Schedule the following expressions shall have the following
meanings unless the context otherwise requires:

 

Block Voting Instruction
means an English language document issued by a Paying Agent in which:

 

		(a)	it is certified that on the date thereof Bonds represented by the Global
Certificate or Definitive Certificates which are held in an account with any Clearing System (in each case not being Bonds in respect
of which a Voting Certificate has been issued and is outstanding in respect of the meeting specified in such Block Voting Instruction)
are blocked in an account with a Clearing System and that no such Bonds will cease to be so blocked until the first to occur of:

 

		(1)	the conclusion of the meeting specified in such Block Voting Instruction; and

 

		(2)	the Bonds ceasing with the agreement of the Paying Agent to be so blocked
and the giving of notice by the Paying Agent to the Issuer in accordance with paragraph 3(E) of the necessary amendment to the
Block Voting Instruction;

 

		(b)	it is certified that each holder of such Bonds has instructed such Paying
Agent that the vote(s) attributable to the Bonds so blocked should be cast in a particular way in relation to the resolution(s)
to be put to such meeting and that all such instructions are, during the period commencing 48 Hours prior to the time for which
such meeting is convened and ending at the conclusion or adjournment thereof, neither revocable nor capable of amendment;

 

		(c)	the aggregate principal amount of the Bonds so blocked is listed distinguishing
with regard to each such resolution between those in respect of which instructions have been given that the votes attributable
thereto should be cast in favour of the resolution and those in respect of which instructions have been so given that the votes
attributable thereto should be cast against the resolution; and

 

		(d)	one or more persons named in such Block Voting Instruction (each hereinafter
called a proxy) is or are authorised and instructed by such Paying Agent to cast the votes attributable to the Bonds so
listed in accordance with the instructions referred to in (c) above as set out in such Block Voting Instruction;

 

Clearing System means
Euroclear and/or Clearstream, Luxembourg and includes in respect of any Bond any clearing system on behalf of which such Bond is
held or which is the holder or (directly or through a nominee) registered owner of a Bond, in either case whether alone or jointly
with any other Clearing System(s). For the avoidance of doubt, the provisions of subclause 1.2(g) shall apply to this definition;

 

Eligible Person means
any one of the following persons who shall be entitled to attend and vote at a meeting:

 

		(a)	a holder of a Bond in definitive form which is not held in an account with
any Clearing System;

 

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		(b)	a bearer of any Voting Certificate;

 

		(c)	a proxy specified in any Block Voting Instruction; and

 

		(d)	a proxy appointed by a holder of a Bond in definitive form which is not
held in an account with any Clearing System;

 

Extraordinary Resolution
means:

 

		(a)	a resolution passed at a meeting duly convened and held in accordance with
these presents by a majority consisting of not less than three-fourths of the Eligible Persons voting thereon upon a show of hands
or, if a poll is duly demanded, by a majority consisting of not less than three-fourths of the votes cast on such poll;

 

		(b)	a resolution in writing signed by or on behalf of the holders of not less
than three fourths in principal amount of the Bonds for the time being outstanding which resolution may be contained in one document
or in several documents in like form each signed by or on behalf of one or more of the holders; or

 

		(c)	consent given by way of electronic consents through the relevant Clearing
System(s) (in a form satisfactory to the Trustee) by or on behalf of the holders of not less than three-fourths in principal amount
of the Bonds for the time being outstanding;

 

Voting Certificate
means an English language certificate issued by a Paying Agent in which it is stated:

 

		(a)	that on the date thereof Bonds represented by the Global Certificate or
Definitive Certificates which are held in an account with any Clearing System (in each case not being Bonds in respect of which
a Block Voting Instruction has been issued and is outstanding in respect of the meeting specified in such Voting Certificate) are
blocked in an account with a Clearing System and that no such Bonds will cease to be so blocked until the first to occur of:

 

		(1)	the conclusion of the meeting specified in such Voting Certificate; and

 

		(2)	the surrender of the Voting Certificate to the Paying Agent who issued the same; and

 

		(b)	that the bearer thereof is entitled to attend and vote at such meeting
in respect of the Bonds represented by such Voting Certificate;

 

24 Hours means
a period of 24 hours including all or part of a day upon which banks are open for business in both the place where the relevant
meeting is to be held and in each of the places where the Paying Agents have their specified offices (disregarding for this purpose
the day upon which such meeting is to be held) and such period shall be extended by one period or, to the extent necessary, more
periods of 24 hours until there is included as aforesaid all or part of a day upon which banks are open for business in all of
the places as aforesaid; and

 

48 Hours means
a period of 48 hours including all or part of two days upon which banks are open for business both in the place where the
relevant meeting is to be held and in each of the places where the Paying Agents have their specified offices (disregarding
for this purpose the day upon which such meeting is to be held) and such period shall be extended by one period or, to the
extent necessary, more periods of 24 hours until there is included as aforesaid all or part of two days upon which banks are
open for business in all of the places as aforesaid.

 

For the purposes of calculating a period of Clear Days in
relation to a meeting, no account shall be taken of the day on which the notice of such meeting is given (or, in the case of
an adjourned meeting, the day on which the meeting to be adjourned is held) or the day on which such meeting is held.

 

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All references in this
Schedule to a "meeting" shall, where the context so permits, include any relevant adjourned meeting.

 

EVIDENCE OF ENTITLEMENT TO ATTEND AND VOTE

 

	2.	A holder of a Bond represented by the Global Certificate or a Definitive
Certificate which is held in an account with any Clearing System may require the issue by a Paying Agent of Voting Certificates
and Block Voting Instructions in accordance with the terms of paragraph 3.

 

For the purposes of paragraph
3, the Principal Paying Agent and each Paying Agent shall be entitled to rely, without further enquiry, on any information or instructions
received from a Clearing System and shall have no liability to any holder or other person for any loss, damage, cost, claim or
other liability occasioned by its acting in reliance thereon, nor for any failure by a Clearing System to deliver information or
instructions to the Principal Paying Agent or any Paying Agent.

 

The holder of any Voting
Certificate or the proxies named in any Block Voting Instruction shall for all purposes in connection with the relevant meeting
be deemed to be the holder of the Bonds to which such Voting Certificate or Block Voting Instruction relates.

 

PROCEDURE FOR ISSUE OF VOTING CERTIFICATES,
BLOCK VOTING INSTRUCTIONS AND PROXIES

 

	3.	(A)	Definitive Certificates not held in a Clearing System

 

If Bonds have been issued
in definitive form and are not held in an account with any Clearing System, the Trustee may from time to time prescribe further
regulations (in accordance with paragraph 23) to enable the holders of such Bonds to attend and/or vote at a meeting in respect
of such Bonds.

 

		(B)	Global Certificate and Definitive Certificates held in a Clearing System - Voting Certificate

 

A holder of a Bond (not
being a Bond in respect of which instructions have been given to the Principal Paying Agent in accordance with paragraph 3(C))
represented by the Global Certificate or which is in definitive form and is held in an account with any Clearing System may procure
the delivery of a Voting Certificate in respect of such Bond by giving notice to the Clearing System through which such holder's
interest in the Bond is held specifying by name a person (an Identified Person) (which need not be the holder himself) to
collect the Voting Certificate and attend and vote at the meeting. The relevant Voting Certificate will be made available at or
shortly prior to the commencement of the meeting by the Principal Paying Agent against presentation by such Identified Person of
the form of identification previously notified by such holder to the Clearing System. The Clearing System may prescribe forms of
identification (including, without limitation, a passport or driving licence) which it deems appropriate for these purposes. Subject
to receipt by the Principal Paying Agent from the Clearing System, no later than 24 Hours prior to the time for which such meeting
is convened, of notification of the principal amount of the Bonds to be represented by any such Voting Certificate and the form
of identification against presentation of which such Voting Certificate should be released, the Principal Paying Agent shall, without
any obligation to make further enquiry, make available Voting Certificates against presentation of the form of identification corresponding
to that notified.

 

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		(C)	Global Certificate and Definitive Certificates held in a Clearing System
- Block Voting Instruction

 

A holder of a Bond (not
being a Bond in respect of which a Voting Certificate has been issued) represented by the Global Certificate or which is in definitive
form and is held in an account with any Clearing System may require the Principal Paying Agent to issue a Block Voting Instruction
in respect of such Bond by first instructing the Clearing System through which such holder's interest in the Bond is held to procure
that the votes attributable to such Bond should be cast at the meeting in a particular way in relation to the resolution or resolutions
to be put to the meeting. Any such instruction shall be given in accordance with the rules of the Clearing System then in effect.
Subject to receipt by the Principal Paying Agent of instructions from the Clearing System, no later than 24 Hours prior to the
time for which such meeting is convened, of notification of the principal amount of the Bonds in respect of which instructions
have been given and the manner in which the votes attributable to such Bonds should be cast, the Principal Paying Agent shall,
without any obligation to make further enquiry, appoint a proxy to attend the meeting and cast votes in accordance with such instructions.

 

		(D)	Each Block Voting Instruction, together (if so requested by the Trustee)
with proof satisfactory to the Trustee of its due execution on behalf of the relevant Paying Agent shall be deposited by the relevant
Paying Agent or (as the case may be) by the Registrar or the relevant Transfer Agent at such place as the Trustee shall approve
not less than 24 Hours before the time appointed for holding the meeting at which the proxy or proxies named in the Block Voting
Instruction proposes to vote, and in default the Block Voting Instruction shall not be treated as valid unless the Chairman of
the meeting decides otherwise before such meeting proceeds to business. A copy of each Block Voting Instruction shall be deposited
with the Trustee before the commencement of the meeting but the Trustee shall not thereby be obliged to investigate or be concerned
with the validity of or the authority of the proxy or proxies named in any such Block Voting Instruction.

 

		(E)	Any vote given in accordance with the terms of a Block Voting Instruction
shall be valid notwithstanding the previous revocation or amendment of the Block Voting Instruction or of any of the instructions
of the relevant holder or the relevant Clearing System (as the case may be) pursuant to which it was executed provided that no
intimation in writing of such revocation or amendment has been received from the relevant Paying Agent by the Issuer at its registered
office (or such other place as may have been required or approved by the Trustee for the purpose) by the time being 24 Hours (in
the case of a Block Voting Instruction) or 48 Hours (in the case of a proxy) before the time appointed for holding the meeting
at which the Block Voting Instruction is to be used.

 

CONVENING OF MEETINGS, QUORUM AND ADJOURNED
MEETINGS

 

	4.	The Issuer, the Guarantors or the Trustee may at any time, and the Issuer
shall upon a requisition in writing in the English language signed by the holders of not less than ten per cent. in principal amount
of the Bonds for the time being outstanding, convene a meeting and if the Issuer makes default for a period of seven days in convening
such a meeting the same may be convened by the Trustee or the requisitionists. Whenever the Issuer or any Guarantor is about to
convene any such meeting the Issuer or the relevant Guarantor, as the case may be, shall forthwith give notice in writing to the
Trustee of the day, time and place thereof and of the nature of the business to be transacted thereat. Every such meeting shall
be held at such time and place as the Trustee may appoint or approve in writing.

 

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	5.	At
                               least 21 Clear Days' notice specifying the place, day and hour of meeting shall be given to the holders prior to any meeting
                               in the manner provided by Condition 14 (Notices). Such notice, which shall be in the English
language, shall state generally the nature of the business to be transacted at the meeting thereby convened and, where an Extraordinary
Resolution will be proposed at the meeting, shall either specify in such notice the terms of such resolution or state fully the
effect on the holders of such resolution, if passed. Such notice shall include statements as to the manner in which holders may
arrange for Voting Certificates or Block Voting Instructions to be issued and, if applicable, appoint proxies. A copy of the notice
shall be sent by post to the Trustee (unless the meeting is convened by the Trustee), to the Issuer (unless the meeting is convened
by the Issuer) and to each of the Guarantors (unless the meeting is convened by that Guarantor).

 

	6.	A person (who may but need not be a holder) nominated in writing by the
Trustee shall be entitled to take the chair at the relevant meeting, but if no such nomination is made or if at any meeting the
person nominated shall not be present within 15 minutes after the time appointed for holding the meeting the holders present shall
choose one of their number to be Chairman, failing which the Issuer may appoint a Chairman. The Chairman of an adjourned meeting
need not be the same person as was Chairman of the meeting from which the adjournment took place.

 

	7.	At any such meeting one or more Eligible Persons present and holding or
representing in the aggregate more than 50 per cent. in principal amount of the Bonds for the time being outstanding shall (subject
as provided below) form a quorum for the transaction of business (including the passing of an Extraordinary Resolution) PROVIDED
THAT at any meeting the business of which includes any Basic Terms Modification (which shall, subject only to clause 22 and clause
25, only be capable of being effected after having been approved by Extraordinary Resolution) the quorum shall be one or more Eligible
Persons present and holding or representing in the aggregate not less than two-thirds of the principal amount of the Bonds for
the time being outstanding. No business (other than the choosing of a Chairman) shall be transacted at any meeting unless the requisite
quorum is present at the commencement of the relevant business.

 

	8.	If within 15 minutes (or such longer period not exceeding 30 minutes as
the Chairman may decide) after the time appointed for any such meeting a quorum is not present for the transaction of any particular
business, then, subject and without prejudice to the transaction of the business (if any) for which a quorum is present, the meeting
shall if convened upon the requisition of holders be dissolved. In any other case it shall stand adjourned for such period, being
not less than 13 Clear Days nor more than 42 Clear Days, and to such place as may be appointed by the Chairman either at or subsequent
to such meeting and approved by the Trustee). If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman
may decide) after the time appointed for any adjourned meeting a quorum is not present for the transaction of any particular business,
then, subject and without prejudice to the transaction of the business (if any) for which a quorum is present, the Chairman may
either (with the approval of the Trustee) dissolve such meeting or adjourn the same for such period, being not less than 13 Clear
Days (but without any maximum number of Clear Days), and to such place as may be appointed by the Chairman either at or subsequent
to such adjourned meeting and approved by the Trustee, and the provisions of this sentence shall apply to all further adjourned
such meetings.

 

	9.	At any adjourned meeting one or more Eligible Persons present (whatever
the principal amount of the Bonds so held or represented by them) shall (subject as provided below) form a quorum and shall have
power to pass any resolution and to decide upon all matters which could properly have been dealt with at the meeting from which
the adjournment took place had the requisite quorum been present PROVIDED THAT at any adjourned meeting the quorum for the transaction
of business comprising any Basic Terms Modification shall be one or more Eligible Persons present and holding or representing in
the aggregate not less than one-third of the principal amount of the Bonds for the time being outstanding.

 

	10.	Notice of any adjourned meeting shall be given in the same manner as notice
of an original meeting but as if 10 were substituted for 21 in paragraph 5 and such notice shall state the required quorum.

 

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CONDUCT OF BUSINESS AT MEETINGS

 

	11.	Every question submitted to a meeting shall be decided in the first instance
by a show of hands. A poll may be demanded (before or on the declaration of the result of the show of hands) by the Chairman, the
Issuer, any Guarantor, the Trustee or any Eligible Person (whatever the amount of the Bonds so held or represented by him).

 

	12.	At any meeting, unless a poll is duly demanded, a declaration by the Chairman
that a resolution has been carried or carried by a particular majority or lost or not carried by a particular majority shall be
conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.

 

	13.	Subject to paragraph 15, if at any such meeting a poll is so demanded it
shall be taken in such manner and, subject as hereinafter provided, either at once or after an adjournment as the Chairman directs
and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of
the taking of the poll. The demand for a poll shall not prevent the continuance of the meeting for the transaction of any business
other than the motion on which the poll has been demanded.

 

	14.	The Chairman may, with the consent of (and shall if directed by) any such
meeting, adjourn the same from time to time and from place to place; but no business shall be transacted at any adjourned meeting
except business which might lawfully have been transacted at the meeting from which the adjournment took place.

 

	15.	Any poll demanded at any such meeting on the election of a Chairman or on
any question of adjournment shall be taken at the meeting without adjournment.

 

	16.	Any director or officer of the Trustee, its lawyers and financial advisors,
any director or officer of the Issuer or, as the case may be, the Guarantors, their lawyers and financial advisors, any director
or officer of any of the Paying Agents and any other person authorised so to do by the Trustee may attend and speak at any meeting.
Save as aforesaid, no person shall be entitled to attend and speak nor shall any person be entitled to vote at any meeting unless
he is an Eligible Person. No person shall be entitled to vote at any meeting in respect of Bonds which are deemed to be not outstanding
by virtue of the proviso to the definition of "outstanding" in clause 1.

 

	17.	At any meeting:

 

		(a)	on a show of hands every Eligible Person present shall have one vote; and

 

		(b)	on a poll every Eligible Person present shall have one vote in respect of
each $1 or such other amount as the Trustee may in its absolute discretion stipulate in principal amount of the Bonds held or represented
by such Eligible Person.

 

Without prejudice to the
obligations of the proxies named in any Block Voting Instruction, any Eligible Person entitled to more than one vote need not use
all his votes or cast all the votes to which he is entitled in the same way.

 

	18.	The proxies named in any Block Voting Instruction need not be holders.
Nothing herein shall prevent any of the proxies named in any Block Voting Instruction from being a director, officer or representative
of or otherwise connected with the Issuer or any Guarantor.

 

	19.	The Bondholders shall in addition to the powers hereinbefore given have
the following powers exercisable (without prejudice to any powers conferred on other persons by these presents) only by

 

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Extraordinary Resolution (subject, in the case
of an Extraordinary Resolution to be proposed at a meeting, to the provisions relating to quorum contained in paragraphs 7 and
9) namely:

 

		(a)	Power to sanction any compromise or arrangement proposed to be made between
the Issuer, the Guarantors, the Trustee, any Appointee and the holders or any of them.

 

		(b)	Power to sanction any abrogation, modification, compromise or arrangement
in respect of the rights of the Trustee, any Appointee, the holders, the Issuer or the Guarantors against any other or others of
them or against any of their property whether such rights arise under these presents or otherwise.

 

		(c)	Power to assent to any modification of the provisions of these presents
which is proposed by the Issuer, the Guarantors, the Trustee or any holder.

 

		(d)	Power to give any authority or sanction which under the provisions of these
presents is required to be given by Extraordinary Resolution.

 

		(e)	Power to appoint any persons (whether holders or not) as a committee or
committees to represent the interests of the holders and to confer upon such committee or committees any powers or discretions
which the holders could themselves exercise by Extraordinary Resolution.

 

		(f)	Power to approve of a person to be appointed a trustee and power to remove
any trustee or trustees for the time being of these presents.

 

		(g)	Power to discharge or exonerate the Trustee and/or any Appointee from all
liability in respect of any act or omission for which the Trustee and/or such Appointee may have become responsible under these
presents.

 

		(h)	Power to authorise the Trustee and/or any Appointee to concur in and execute
and do all such deeds, instruments, acts and things as may be necessary to carry out and give effect to any Extraordinary Resolution.

 

		(i)	Power to sanction any scheme or proposal for the exchange or sale of the
Bonds for or the conversion of the Bonds into or the cancellation of the Bonds in consideration of shares, stock, notes, bonds,
debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed,
or for or into or in consideration of cash, or partly for or into or in consideration of such shares, stock, notes, bonds, debentures,
debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash and
for the appointment of some person with power on behalf of the holders to execute an instrument of transfer of the Bonds held by
them in favour of the persons with or to whom the Bonds are to be exchanged or sold respectively.

 

		(j)	Power to approve the substitution of any entity for the Issuer (or any previous
substitute) as principal debtor under these presents.

 

	20.	Any Extraordinary Resolution (i) passed at a meeting of the holders duly
convened and held in accordance with these presents, (ii) passed as an Extraordinary Resolution in writing in accordance with these
presents or (iii) passed by way of electronic consents given by holders through the relevant Clearing System(s) in accordance with
these presents shall be binding upon all the holders whether or not present or whether or not represented at any meeting and whether
or not voting on such Extraordinary Resolution and each of them shall be bound to give effect thereto accordingly and the passing
of any such Extraordinary Resolution shall be conclusive evidence that the circumstances justify the passing thereof. Notice of
the result of the voting on any Extraordinary Resolution duly considered
by the holders shall be published in accordance with Condition 14 (Notices) by the Issuer within 14 days of such result
being known, PROVIDED THAT the non- publication of such notice shall not invalidate such result.

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	21.	Minutes of all resolutions and proceedings at every meeting shall be made
and entered in books to be from time to time provided for that purpose by the Issuer and any such minutes as aforesaid, if purporting
to be signed by the Chairman of the meeting at which such resolutions were passed or proceedings transacted, shall be conclusive
evidence of the matters therein contained and, until the contrary is proved, every such meeting in respect of the proceedings of
which minutes have been made shall be deemed to have been duly held and convened and all resolutions passed or proceedings transacted
thereat to have been duly passed or transacted.

 

	22.	(A) If and whenever the Issuer has issued and has outstanding Bonds of
more than one series the foregoing provisions of this Schedule shall have effect subject to the following modifications:

 

		(i)	a resolution which in the opinion of the Trustee affects the Bonds of only
one series shall be deemed to have been duly passed if passed at a separate meeting (or by a separate resolution in writing or
by a separate resolution passed by way of consents received through the relevant Clearing System(s)) of the holders of the Bonds
of that series;

 

		(ii)	a resolution which in the opinion of the Trustee affects the Bonds of more
than one series but does not give rise (in the opinion of the Trustee) to an actual or potential conflict of interest between the
holders of Bonds of any of the series so affected shall be deemed to have been duly passed if passed at a single meeting (or by
a single resolution in writing or by a single resolution passed by way of consents received through the relevant Clearing System(s))
of the holders of the Bonds of all the series so affected;

 

		(iii)	a resolution which in the opinion of the Trustee affects the Bonds of more
than one series and gives or may give rise (in the opinion of the Trustee) to a conflict of interest between the holders of the
Bonds of one series or group of series so affected and the holders of the Bonds of another series or group of series so affected
shall be deemed to have been duly passed only if passed at separate meetings (or by separate resolutions in writing or by separate
resolutions passed by way of consents received through the relevant Clearing System(s)) of the holders of the Bonds of each series
or group of series so affected; and

 

		(iv)	to all such meetings all the preceding provisions of this Schedule shall
mutatis mutandis apply as though references therein to Bonds and holders were references to the Bonds of the series or group
of series in question or to the holders of such Bonds, as the case may be.

 

		(B)	Subject as provided below, if the Issuer has issued and has outstanding
Bonds which are not denominated in U.S. Dollars, or in the case of any meeting of Bonds of more than one currency, the principal
amount of such Bonds shall

 

		(i)	for the purposes of paragraph 4, be the equivalent in U.S. Dollars at the
spot rate of a bank nominated by the Trustee for the conversion of the relevant currency or currencies into U.S. Dollars on the
seventh dealing day prior to the day on which the requisition in writing is received by the Issuer; and

 

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	 	(ii)	for the purposes of paragraphs 7, 9 and 17 (whether in respect of the meeting
or any adjourned such meeting or any poll resulting therefrom), be the equivalent at such spot rate on the seventh dealing day
prior to the day of such meeting.

 

In such circumstances,
on any poll each person present shall have one vote for each $1 (or such other U.S. Dollar amount as the Trustee may in its absolute
discretion stipulate) in principal amount of the Bonds (converted as above) which he holds or represents. For the avoidance of
doubt, in the case of a meeting of Bonds which are denominated in a single currency which is not U.S. Dollars, the Trustee (in
its sole discretion) may agree with the Issuer that the relevant currency for the purposes of the meeting (including, without limitation,
the quorum and voting calculations) shall be the currency of the relevant Bonds, in which case the provisions of this Schedule
shall be construed accordingly.

 

	23.	Subject to all other provisions of these presents the Trustee may (after
consultation with the Issuer and the Guarantors where the Trustee considers such consultation to be practicable but without the
consent of the Issuer, the Guarantors or the holders) prescribe such further or alternative regulations regarding the requisitioning
and/or the holding of meetings and attendance and voting thereat as the Trustee may in its sole discretion reasonably think fit
(including, without limitation, the substitution for periods of 24 Hours and 48 Hours referred to in this Schedule of shorter periods).
Such regulations may, without prejudice to the generality of the foregoing, reflect the practices and facilities of any relevant
Clearing System. Notice of any such further or alternative regulations may, at the sole discretion of the Trustee, be given to
holders in accordance with Condition 14 (Notices) at the time of service of any notice convening a meeting or at such other
time as the Trustee may decide.

 

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SCHEDULE 5

 

FORM OF DIRECTORS'/OFFICERS’
CERTIFICATE

 

[ON THE HEADED PAPER OF
THE ISSUER/GUARANTOR]

 

To:      [Trustee]

 

[Date]

 

Dear Sirs

 

$180,000,000 6.125 per cent. Guaranteed Bonds
due 2025

 

This certificate is delivered
to you in accordance with Clause 16(f) of the Trust Deed dated 12 February 2018 (the Trust Deed) and made between Burford
Capital Finance LLC (the Issuer), Burford Capital Limited (BCL), Burford Capital PLC (BCP) and U.S. Bank Trustees
Limited (the Trustee). All words and expressions defined in the Trust Deed shall (save as otherwise provided herein or unless
the context otherwise requires) have the same meanings herein.

 

We hereby certify that:

 

		(a)	as at [ ]2, no Event of Default or Potential Event of Default
existed [other than [ ]]3 and no Event of Default or Potential Event of Default had existed or happened at any time
since [ ]4 [the certification date (as defined in the Trust Deed) of the last certificate delivered under Clause [16(f)]5
[other than [ ]]6; and

 

		(b)	from and including [ ]3 [the certification date of the last
certificate delivered under Clause [16(f)]4 to and including [ ]1, [each of] the Issuer and the Guarantors
have complied in all respects with its obligations under these presents (as defined in the Trust Deed) [other than [ ]]7.

 

For and on behalf of

 

[BURFORD
CAPITAL FINANCE LLC / BURFORD CAPITAL LIMITED]

 

		 	 	  
	[Officer/Director]	 	[Officer/Director/Secretary]

 

 

2       Specify
a date not more than 7 days before the date of delivery of the certificate.

3       If
any Event of Default or Potential Event of Default did exist, give details; otherwise delete.

4       Insert
date of Trust Deed in respect of the first certificate delivered under Clause 16(f), otherwise delete.

5       Include
unless the certificate is the first certificate delivered under Clause 16(f) , in which case delete.

6       If
any Event of Default or Potential Event of Default did exist or had happened, give details; otherwise delete.

7       If
the Issuer and/or Guarantors have failed to comply with any obligation(s), give details; otherwise delete.

 

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SCHEDULE 6

 

FORM OF MATERIAL SUBSIDIARIES
CERTIFICATE

 

[ON THE HEADED PAPER OF
BCL]

 

To:        [Trustee]

 

[Date]

 

Dear Sirs

 

$180,000,000 6.125 per cent. Guaranteed Bonds
due 2025

 

Please note that the
contents of this certificate constitutes Confidential Information (as defined in the Trust Deed) and is subject to the confidentiality
provisions set out in clause 31 of the Trust Deed.

 

This certificate is delivered
to you in accordance with Clause 16(s) of the Trust Deed dated 12 February 2018 (the Trust Deed) and made between Burford
Capital Finance LLC (the Issuer), Burford Capital Limited (BCL), Burford Capital PLC (BCP) and U.S. Bank Trustees
Limited (the Trustee). All words and expressions defined in the Trust Deed shall (save as otherwise provided herein or unless
the context otherwise requires) have the same meanings herein.

 

We
hereby certify that as at [insert date] the following Subsidiaries were Material Subsidiaries:

 

[insert list of Material
Subsidiaries]

 

For and on behalf of

 

BURFORD CAPITAL LIMITED

 

		 		 
	Director	Director/Secretary

 

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SCHEDULE 7

 

FORM OF SUPPLEMENTAL
DEED

 

DEED

 

[l]
20[l]

 

BURFORD CAPITAL FINANCE
LLC

 

and

 

BURFORD CAPITAL LIMITED

 

and

 

BURFORD CAPITAL PLC

 

and

 

[enter name of
Subsidiary Guarantor]

(as the Subsidiary Guarantor)

 

and

 

U.S. BANK TRUSTEES
LIMITED

 

relating to

 

$180,000,000

6.125 per cent.

Bonds due 2025

 

jointly and severally,
unconditionally and irrevocably guaranteed by

Burford Capital Limited and Burford Capital PLC

 

    78

     

    

 

THIS SUPPLEMENTAL DEED is made on [l]
20[l]

 

BETWEEN:

 

	(1)	BURFORD CAPITAL FINANCE LLC, a limited liability company formed under
the laws of the State of Delaware, whose registered office is at 292 Madison Avenue, New York, NY 10017 (the Issuer);

 

	(2)	BURFORD CAPITAL LIMITED, a company incorporated under the laws of
Guernsey with company number 50877, whose registered office is at Regency Court, Glategny Esplanade, St Peter Port GY1 1WW, Guernsey
(BCL);

 

	(3)	BURFORD CAPITAL PLC, a company incorporated under the laws of England
and Wales with registered number 09077893, whose registered office is at 24 Cornhill, London EC3V 3ND (BCP);

 

	(4)	[l] a company incorporated
under the laws of [l] whose registered office is at [l]
(the Subsidiary Guarantor);

 

	(5)	U.S. BANK TRUSTEES LIMITED, a limited liability company registered
in England and Wales with company number 02379632 having its registered office at 125 Old Broad Street, Fifth Floor, London EC2N
1AR (the Trustee, which expression shall, wherever the context so admits, include such company and all other persons or
companies for the time being the trustee or trustees of these presents) as trustee for the Bondholders (each as defined
below);

 

	(6)	ELAVON FINANCIAL SERVICES DAC (the Registrar); and

 

	(7)	ELAVON FINANCIAL SERVICES DAC (the Paying Agent and the Transfer Agent).

 

WHEREAS:

 

	(A)	This Supplemental Deed is supplemental to the Trust Deed dated 12 February
2018 (the Principal Trust Deed) made between the Issuer, BCL and the Trustee constituting the $180,000,000 6.125 per cent.
Bonds due 2025 (the Bonds) and the Agency Agreement dated 12 February 2018 (the Principal Agency Agreement) made
between the Issuer, BCL, the Trustee and the various Agents set out therein.

 

	(B)	Condition 4.3 (Guarantee – Addition of Subsidiary Guarantors)
of the Bonds provides that, BCL may from time to time appoint or procure to be appointed, a Subsidiary (as defined in the Principal
Trust Deed) of BCL which is not a Guarantor (as defined in the Principal Trust Deed) as a Subsidiary Guarantor in order to comply
with its obligations under Condition 4.1 (Guarantee) of the Bonds.

 

	(C)	Clause 9.11 of the Principal Trust Deed provides that in connection with
the proposed admission of any Subsidiary of BCL as a Guarantor pursuant to Condition 4.3 (Guarantee – Addition of Subsidiary
Guarantors) of the Bonds, no such admission shall be effective until the Trustee shall have received (inter alia) a
duly executed deed supplemental to the Principal Trust Deed (or in such other form as may be necessary or appropriate to comply
with any applicable law, rule or regulation, including the law of any jurisdiction where that Subsidiary is organised or carries
on business) containing a joint and several guarantee (in terms substantially similar to the Guarantee) and otherwise in form and
manner satisfactory to the Trustee pursuant to which such Subsidiary agrees to be bound by the provisions of the Principal Trust
Deed as fully as if such Subsidiary had been named in the Principal Trust Deed as a Guarantor.

 

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	(D)	The Subsidiary Guarantor is a Subsidiary of the Guarantor and is not an Excluded Subsidiary.

 

	(E)	By [a resolution of the shareholders of the
Subsidiary Guarantor passed on [l] and] a resolution of the Board of Directors
of the Subsidiary Guarantor passed on [l], and pursuant to Condition 4.3 (Guarantee
 – Addition of Subsidiary Guarantors) of the Bonds and Clause 9.11 of the Principal Trust Deed, the Subsidiary Guarantor
(being of the opinion that it will be to its benefit and interest and in the furtherance of its objects to do so) has agreed to
guarantee the said Bonds and to enter into certain covenants as set out or referred to in this Supplemental Deed and BCL has procured
that the Subsidiary Guarantor will be a party to this Supplemental Deed for such purposes.

 

NOW THIS SUPPLEMENTAL DEED WITNESSES AND IT IS HEREBY AGREED
AND DECLARED as follows:

 

	1.	INTERPRETATION AND CONSTRUCTION

 

	1.1	Save as herein otherwise provided and unless there is something in the
subject or context inconsistent therewith all words and expressions defined in the Principal Trust Deed shall have the same meanings
in this Supplemental Deed.

 

		1.2	The Principal Trust Deed and the Agency Agreement shall henceforth be read
and construed as one document with this Supplemental Deed.

 

		1.	GUARANTEE

 

		1.1	The Subsidiary Guarantor hereby irrevocably and unconditionally, and notwithstanding
the release of any other guarantor or any other person under the terms of any composition or arrangement with any creditors of
the Issuer, BCL or any other Subsidiary of BCL, guarantees on a joint and several basis with each of the current Guarantors set
out in the Schedule hereto to the Trustee:

 

		(a)	the due and punctual payment in accordance with the provisions of these
presents of the principal of and interest on the Bonds and of any other amounts payable by the Issuer under these presents; and

 

		(b)	the due and punctual performance and observance by the Issuer of each of
the other provisions of these presents on the Issuer's part to be performed or observed.

 

[Insert
any legally applicable limitations on guarantee for jurisdiction of Subsidiary Guarantor, as appropriate]

 

		1.2	If the Issuer fails for any reason whatsoever punctually to pay any such
principal, interest or other amount, the Subsidiary Guarantor shall cause each and every such payment to be made as if the Subsidiary
Guarantor instead of the Issuer were expressed to be the primary obligor under these presents and not merely as surety (but without
affecting the nature of the Issuer's obligations) to the intent that the holder of the relevant Bond or the Trustee (as the case
may be) shall receive the same amounts in respect of principal interest or such other amount as would have been receivable had
such payments been made by the Issuer.

 

		1.3	If any payment received by the Trustee or any Bondholder under the provisions
of these presents shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of the Issuer or, without
limitation, on any other event) be avoided or set aside for any reason, such payment shall not be considered as discharging or
diminishing the liability of the Subsidiary Guarantor and this guarantee shall continue to apply as if such payment had at all
times remained owing by the Issuer and each other Guarantor shall severally indemnify the Trustee and the Bondholders (as the case
may be) in respect thereof PROVIDED THAT the obligations of the Issuer and/or the Subsidiary Guarantor under this subclause
shall, as regards each payment made to the Trustee or any Bondholder which is avoided or set aside, be contingent upon such payment
being reimbursed to the Issuer or other persons entitled through the Issuer.

 

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		1.4	The Subsidiary Guarantor hereby agrees that its obligations under this clause
shall be unconditional and that the Subsidiary Guarantor shall be fully liable irrespective of the validity, regularity, legality
or enforceability against the Issuer of, or of any defence or counter-claim whatsoever available to the Issuer in relation to,
its obligations under these presents, whether or not any action has been taken to enforce the same or any judgment obtained against
the Issuer, whether or not any of the other provisions of these presents have been modified, whether or not any time, indulgence,
waiver, authorisation or consent has been granted to the Issuer by or on behalf of the Bondholders or the Trustee, whether or not
any determination has been made by the Trustee pursuant to clause 21 of the Principal Trust Deed, whether or not there have been
any dealings or transactions between the Issuer, any of the Bondholders or the Trustee, whether or not the Issuer has been dissolved,
liquidated, merged, consolidated, bankrupted or has changed its status, functions, control or ownership, whether or not the Issuer
has been prevented from making payment by foreign exchange provisions applicable at its place of registration or incorporation
and whether or not any other circumstances have occurred which might otherwise constitute a legal or equitable discharge of or
defence to a guarantor. Accordingly the validity of this guarantee shall not be affected by reason of any invalidity, irregularity,
illegality or unenforceability of all or any of the obligations of the Issuer under these presents and this guarantee shall not
be discharged nor shall the liability of the Subsidiary Guarantor under these presents be affected by any act, thing or omission
or means whatever whereby its liability would not have been discharged if it had been the principal debtor.

 

		1.5	Without prejudice to the provisions of subclause 11.1 of the Principal
Trust Deed the Trustee may determine from time to time whether or not it will enforce this guarantee which it may do without making
any demand of or taking any proceedings against the Issuer and may from time to time make any arrangement or compromise with the
Subsidiary Guarantor in relation to this guarantee which the Trustee may consider expedient in the interests of the Bondholders.

 

		1.6	The Subsidiary Guarantor waives diligence, presentment, demand of payment,
filing of claims with a court in the event of dissolution, liquidation, merger or bankruptcy of the Issuer, any right to require
a proceeding first against the Issuer, protest or notice with respect to these presents or the indebtedness evidenced thereby and
all demands whatsoever and covenants that this guarantee shall be a continuing guarantee, shall extend to the ultimate balance
of all sums payable and obligations owed by the Issuer under these presents, shall not be discharged except by complete performance
of the obligations in these presents and is additional to, and not instead of, any security or other guarantee or indemnity at
any time existing in favour of any person, whether from the Subsidiary Guarantor or otherwise.

 

		1.7	If any moneys shall become payable by the Subsidiary Guarantor under this
guarantee the Subsidiary Guarantor shall not, so long as the same remain unpaid, without the prior written consent of the Trustee:

 

		(a)	in respect of any amounts paid or payable by it under this guarantee, exercise
any rights of subrogation or contribution or, without limitation, any other right or remedy which may accrue to it in respect of
or as a result of any such payment or any such obligation to make payment; or

 

		(b)	in respect of any other moneys for the time being due to the Guarantors
by the Issuer, claim payment thereof or exercise any other right or remedy;

 

(including in
either case claiming the benefit of any security or right of set-off or contribution or, on the liquidation of the Issuer,
proving in competition with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or liquidation
of the Issuer, any payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or
securities, shall be received by the Subsidiary Guarantor before payment in full of all amounts payable under these presents
shall have been made to the Bondholders and the Trustee, such payment or distribution shall be received by the Subsidiary
Guarantor on trust to pay the same over immediately to the Trustee for application in or towards the payment of all sums due
and unpaid under these presents in accordance with clause 12 of the Principal Trust Deed.

 

    81

     

    

 

		1.8	Until all amounts which may be or become payable by the Issuer under these
presents have been irrevocably paid in full, the Trustee may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights
held or received by the Trustee in respect of those amounts, or apply and enforce the same in such manner and order as it sees
fit (whether against those amounts or otherwise), and the Subsidiary Guarantor shall not be entitled to the benefit of the same;
and

 

		(b)	hold in a suspense account any moneys received from the Subsidiary Guarantor
or on account of the Subsidiary Guarantor's liability under this guarantee, without liability to pay interest on those moneys.

 

		1.9	If any sum which, although expressed to be payable by the Issuer under
these presents or the Bonds, is for any reason (whether or not now existing and whether or not now known or becoming known to the
Issuer, the Subsidiary Guarantor, the Trustee or any Bondholder) not recoverable from the Subsidiary Guarantor on the basis of
a guarantee then (a) it will nevertheless be recoverable from it as if it were the sole principal debtor and will be paid by it
to the Trustee on demand and (b) as a separate and additional liability under these presents the Subsidiary Guarantor agrees, as
a primary obligation and on a joint and several basis, to indemnify each of the Trustee and each Bondholder in respect of such
sum by way of a full indemnity in the manner and currency as is provided for in the Bonds or these presents (as the case may be)
and to indemnify each Bondholder against all losses, claims, costs, charges and expenses to which it may be subject or which it
may incur in recovering such sum.

 

		1.10	The obligations of the Subsidiary Guarantor under these presents constitute
direct, unconditional and (subject to the provisions of Condition 5.1 (Negative Pledges)) unsecured obligations of the Subsidiary
Guarantor and (subject as aforesaid) rank and will rank pari passu with all other outstanding unsecured and unsubordinated
obligations of the Subsidiary Guarantor, present and future, but, in the event of insolvency, only to the extent permitted by applicable
laws relating to creditors' rights.

 

		2.	APPLICABILITY OF PROVISION OF TRUST DEEDS AND AGENCY AGREEMENT

 

		2.1	On and from the date hereof, the Subsidiary Guarantor will become a Guarantor
for the purposes of the Trust Deed and the Agency Agreement (as amended and restated pursuant to this Supplemental Deed) pursuant
to Clause 9 of the Principal Trust Deed and Clause 21.11 of the Principal Agency Agreement respectively.

 

		2.2	All the provisions of the Principal Trust Deed relating to each other Guarantor
shall apply to the Subsidiary Guarantor and to the guarantee given by the Subsidiary Guarantor under Clause 2 hereof in all respects
as if the Subsidiary Guarantor had been a party to the Principal Trust Deed and references therein to the Guarantors had included
the Subsidiary Guarantor and the Subsidiary Guarantor hereby covenants with the Trustee that it will henceforth duly observe and
perform and be bound by all such of the covenants, conditions and provisions contained in the Principal Trust Deed as are expressed
to be binding on the Guarantors.

 

    82

     

    

 

		2.3	All the provisions of the Principal Agency Agreement relating to each other
Guarantor shall apply to the Subsidiary Guarantor as if the Subsidiary Guarantor had been a party to the Principal Agency Agreement
and references therein to the Guarantors had included the Subsidiary Guarantor and the Subsidiary Guarantor hereby covenants with
the Trustee, the Registrar, the Paying Agent and the Transfer Agent that it will henceforth duly observe and perform and be bound
by all such of the covenants, conditions and provisions contained in the Principal Agency Agreement as are expressed to be binding
on the Guarantors.

 

		3.	FURTHER ASSURANCE

 

The Issuer and the Subsidiary
Guarantor shall, at their own cost, take such action and execute such documentation as the Trustee shall reasonably request in
respect of the matters contemplated by this Supplemental Deed.

 

		4.	COMMUNICATIONS

 

Any notice or demand to the Subsidiary Guarantor
to be given, made or served for any purposes under these presents shall be given, made or served by sending the same by pre-paid
post (first class if inland, first class airmail if overseas) or facsimile transmission or by delivering it by hand as follows:

 

	to the Additional	 	[Name of Subsidiary
    Guarantor]
	Guarantor:	 	[Address]
		 	(Attention: l)
    
		 	Facsimilie
                                 No. l

 

		5.	GOVERNING LAW

 

These presents and any non-contractual obligations
arising out of or in connection with these presents are governed by, and shall be construed in accordance with, English law.

 

	6.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 

A person who is not a party to these presents
(other than an Appointee of the Trustee) has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term
of these presents, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

 

	7.	[SUBMISSION TO JURISDICTION

 

		7.1	The Subsidiary Guarantor irrevocably agrees for the benefit of the Trustee
and the Bondholders that the courts of England are to have exclusive jurisdiction to settle any dispute which may arise out of
or in connection with these presents and that accordingly any suit, action or proceedings arising out of or in connection with
these presents (together referred to as Proceedings) may be brought in the courts of England. The Subsidiary Guarantor irrevocably
and unconditionally waives and agrees not to raise any objection which it may have now or subsequently to the laying of the venue
of any Proceedings in the courts of England and any claims that any Proceedings have been brought in an inconvenient or inappropriate
forum and unconditionally agrees that a judgement in any Proceedings brought in the courts of England shall be conclusive and binding
upon it and may be enforced in the courts of any other jurisdiction. To the extent permitted by law, the Trustee and the Bondholders
may take any Proceedings against the Subsidiary Guarantor in any other court of competent jurisdiction and concurrent Proceedings
in any number of jurisdictions.

 

    83

     

    

 

		7.2	The Subsidiary Guarantor irrevocably and unconditionally appoints [l]
at its registered office for the time being and in the event of its ceasing so to act will appoint such other person as the Trustee
may approve and as the Subsidiary
Guarantor may nominate in writing to the Trustee for the purpose to accept service of process on its behalf in England in respect
of any Proceedings. The Subsidiary Guarantor:

 

		(a)	agrees to procure that, so long as any of the Bonds remains liable to prescription,
there shall be in force an appointment of such a person approved by the Trustee with an office in London with authority to accept
service as aforesaid;

 

		(b)	agrees that failure by any such person to give notice of such service of
process to the Issuer or any Subsidiary Guarantor shall not impair the validity of such service or of any judgment based thereon;

 

		(c)	consents to the service of process in respect of any Proceedings by the
airmailing of copies, postage prepaid, to the Issuer or the Subsidiary Guarantor in accordance with Clause 30 of the Principal
Trust Deed; and

 

		(d)	agrees that nothing in these presents shall affect the right to serve process
in any other manner permitted by law.]

 

	8.	COUNTERPARTS

 

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

 

IN WITNESS whereof this Supplemental Deed
has been executed as a deed by the Issuer, the Subsidiary Guarantor and the Trustee and delivered on the date first stated on page
1.

 

    84

     

    

 

SCHEDULE

 

THE CURRENT GUARANTORS

 

Burford Capital Limited

 

Burford Capital PLC

 

[insert
names of the other current Guarantors (if any)]

 

    85

     

    

 

SIGNATORIES

 

	EXECUTED as
        a deed

        by BURFORD
        CAPITAL FINANCE LLC,
	 	)

        )

	acting by:	 	 
	 	 	 
	Director/Officer:	 	 
	 	 	 
	In the presence of	 	 
	 	 	 
	Witness	 	 
	 	 	 
	Signature:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	EXECUTED as a deed	)	 
	by BURFORD CAPITAL LIMITED,	)	 
	acting by:	 	 
	 	 	 
	Director/Officer:	 	 
	 	 	 
	In the presence of	 	 
	 	 	 
	Witness	 	 
	 	 	 
	Signature:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	EXECUTED as a deed	)
	 
	by BURFORD CAPITAL PLC,	)	 
	acting by:	 	 
	 	 	 
	Director:	 	 
	 	 	 
	Director/Secretary:	 	 
	 	 	 
	EXECUTED as a deed
	)	 
	by [SUBSIDIARY
        GUARANTOR],

        acting by l
        and l
	)

        )
	 
	acting under the authority	)	 
	of that company[ in the presence of:	)	 
	 	 	 
	Witness's signature	 	 
	 	 	 
	 Name	 	 
	 	 	 
	Address 	 	 
	 	 	 
	Occupation]	 	 
	 	 	 
	EXECUTED as a deed	 	)
	by U.S. BANK TRUSTEES
    LIMITED,	 	)
	acting by:	 	)
	 	 	 
	Name:	 	 
	 	 	 
	Name:	 	 

 

    86

     

    

 

SIGNATORIES

 

	EXECUTED as a deed

    by BURFORD CAPITAL FINANCE LLC,
	 	)

                       )

	acting by:	 	 
	 	 	 
	Director/Officer:	/s/ Philip Braverman	 	 
	 	 	 
	In the presence of	 	 
	 	 	 
	Witness	/s/ Mark Klein	 	 
	 	 	 
	Signature:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	EXECUTED as a deed

    by BURFORD CAPITAL LIMITED,

    acting by:
	)

    )
	 
	 	 	 
	Director/Officer:	/s/ David Lowe	 	 
	 	 	 
	In the presence of	 	 
	 	 	 
	Witness	/s/ Tracy Lewis	 	 
	 	 	 
	Signature:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	EXECUTED as a deed

    by BURFORD CAPITAL PLC,

    acting by:
	)

    )
	 
	 	 	 
	Director:	/s/ Leslie Paster	 	 
	Director/Secretary:	/s/ Hugo Marshall	 	 
	 	 	 
	EXECUTED as a deed	)	 
	by U.S. BANK TRUSTEES LIMITED,	)	 
	acting by:	)	 
	 	 	 
	Name:	/s/ Laurence Griffiths	 	 
	 	 	 
	Name:	/s/ Michael Leong
	 	 

 

    87Exhibit 4.2

 

TRUST DEED

 

DATED 1 JUNE 2017

 

BURFORD CAPITAL
PLC

 

and

 

BURFORD CAPITAL
LIMITED

 

and

 

U.S. BANK TRUSTEES
LIMITED

 

constituting

 

£175,000,000

5.0 per cent. Guaranteed

 Bonds due 2026

 

     

     

    

 

CONTENTS

 

	Clause	 	Page
	 	 	 
	1.	Definitions	3

	2.	Covenant to Repay and to Pay Interest on the Bonds	10

	3.	Form and Issue of Bonds	12

	4.	Fees, Duties and Taxes	13

	5.	Covenant of Compliance	13

	6.	Cancellation of Bonds and Records	13

	7.	Guarantee	14

	8.	Enforcement	17

	9.	Action, Proceedings and Indemnification	17

	10.	Application of Moneys	18

	11.	Notice of Payments	18

	12.	Investment by Trustee	18

	13.	Partial Payments	19

	14.	Covenants by the Issuer and the Guarantors	19

	15.	Remuneration and Indemnification of Trustee	22

	16.	Supplement to Trustee Acts	24

	17.	Trustee's Liability	29

	18.	Trustee Contracting with the Issuer and the Guarantors	30

	19.	Waiver, Authorisation and Determination	30

	20.	Entitlement to treat Holder as Absolute Owner	31

	21.	Substitution	31

	22.	Currency Indemnity	32

	23.	New Trustee	33

	24.	Trustee's Retirement and Removal	33

	25.	Trustee's Powers to be Additional	34

	26.	Notices	34

	27.	Confidentiality Undertaking	35

	28.	Governing Law	36

	29.	Submission to Jurisdiction	36

	30.	Counterparts	36

	31.	Contracts (Rights of Third Parties) Act 1999	36

 

Schedule

 

	1.	Form of Global Certificate	38
	2.	Form of Definitive Certificate and Conditions of the Bonds	42
	 	Part 1	Form of Definitive Certificate	42
	 	Part 2	Conditions of the Bonds	45

	3.	Register and Transfer of Bonds	68

	4.	Provisions for Meetings of Bondholders	70

	5.	Form of Directors' Certificate	79

	6.	Form of Material Subsidiaries Certificate	80

	7.	Form of Supplemental Deed	81
	 	 	 

	Signatories	90

 

     

     

    

 

THIS
TRUST DEED is made on 1 June 2017

 

BETWEEN:

 

	(1)	BURFORD CAPITAL PLC, a company incorporated under the
                                   laws of England and Wales with company number 09077893, whose registered office is at 24 Cornhill,
                                   London EC3V 3ND (the Issuer);

 

	(2)	BURFORD CAPITAL LIMITED, a company incorporated under
                                   the laws of Guernsey with company number 50877, whose registered office is at Regency Court,
                                   Glategny Esplanade, St Peter Port GY1 1WW, Guernsey (BCL); and

 

	(3)	U.S. BANK TRUSTEES LIMITED, a limited liability company
                                   registered in England and Wales with company number 02379632 having its registered office at
                                   125 Old Broad Street, Fifth Floor, London EC2N 1AR (the Trustee, which expression shall,
                                   wherever the context so admits, include such company and all other persons or companies for
                                   the time being the trustee or trustees of these presents) as trustee for the Bondholders (each
                                   as defined below).

 

WHEREAS:

 

	(A)	By a resolution of the Board of Directors of the Issuer passed
                                   on 10 May 2017 the Issuer has resolved to issue £175,000,000 5.0 per cent. Guaranteed
                                   Bonds due 2026 to be constituted by this Trust Deed.

 

	(B)	By a resolution of the Board of Directors of BCL passed on
                                   16 May 2017 BCL has agreed to guarantee the said Bonds and to enter into certain covenants
                                   as set out in this Trust Deed.

 

	(C)	The said Bonds in definitive form will be in registered form without
                                  coupons attached.

 

	(D)	The Trustee has agreed to act as trustee of these presents
                                   for the benefit of the Bondholders upon and subject to the terms and conditions of these presents.

 

NOW
THIS TRUST DEED WITNESSES AND IT IS AGREED AND DECLARED as follows:

 

	1.	DEFINITIONS

 

	1.1	Terms defined in the Conditions and
                                   not otherwise defined herein shall have the same meaning in this Trust Deed. In these presents
                                   unless there is anything in the subject or context inconsistent therewith the following expressions
                                   shall have the following meanings:

 

Agency
Agreement means the agreement appointing the initial Paying Agents, Registrar and/or Transfer Agents in relation to the Bonds
and any other agreement for the time being in force appointing Successor paying agents, successor registrars and/or transfer agents
in relation to the Bonds, or in connection with their duties, the terms of which have previously been approved in writing by the
Trustee, together with any agreement for the time being in force amending or modifying with the prior written approval of the
Trustee any of the aforesaid agreements in relation to the Bonds;

 

Appointee
means any attorney, manager, agent, delegate, nominee, custodian or other person appointed by the Trustee under these presents;

 

Auditors
means the independent auditors for the time being of the Issuer, or (as the case may be) the relevant Guarantor or, in the
event of their being unable or unwilling promptly to carry out any action requested of them pursuant to the provisions of these
presents, such other firm of accountants or such financial advisors as may be nominated or approved by the Trustee for the purposes
of these presents;

 

    3 

     

    

 

Basic
Terms Modification means any proposal to:

 

		(a)	reduce
                                         or cancel the amount payable or, where applicable, modify, except where such modification
                                         is in the opinion of the Trustee bound to result in an increase, the method of calculating
                                         the amount payable or modify the date of payment or, where applicable, the method of
                                         calculating the date of payment in respect of any principal or interest in respect of
                                         the Bonds;

 

		(b)	alter the currency in which payments
                                         under the Bonds are to be made;

 

		(c)	alter the majority required to
                                         pass an Extraordinary Resolution;

 

		(d)	sanction
                                         any such scheme or proposal or substitution as is described in paragraphs 19(i) and 19(j)
                                         of Schedule 4;

 

		(e)	alter the proviso to paragraph
                                         7 of Schedule 4 or the proviso to paragraph 9 of Schedule 4; or

 

		(f)	alter the definition of a Basic
                                         Terms Modification;

 

Bondholders
means the several persons who are for the time being holders of the Bonds (being the several persons whose names are entered
in the register of holders of the Bonds as the holders thereof) save that, for so long as such Bonds or any part thereof are represented
by the Global Certificate deposited with a common depositary for Euroclear and Clearstream, Luxembourg or, in respect of Bonds
in definitive form held in an account with Euroclear or Clearstream, Luxembourg, each person who is for the time being shown in
the records of Euroclear or Clearstream, Luxembourg (other than Clearstream, Luxembourg, if Clearstream, Luxembourg shall be an
accountholder of Euroclear, and Euroclear, if Euroclear shall be an accountholder of Clearstream, Luxembourg) as the holder of
a particular principal amount of the Bonds shall be deemed to be the holder of such principal amount of such Bonds (and the registered
holder of the relevant Bond shall be deemed not to be the holder) for all purposes of these presents other than with respect to
the payment of principal or interest on such principal amount of such Bonds, the rights to which shall be vested, as against the
Issuer and the Trustee, solely in such common depositary and for which purpose such common depositary shall be deemed to be the
holder of such principal amount of such Bonds in accordance with and subject to its terms and the provisions of these presents;
and the words holder and holders and related expressions shall (where appropriate) be construed accordingly;

 

Bonds
means the bonds in registered form comprising the said £175,000,000 5.0 per cent. Guaranteed Bonds due 2026 of the Issuer
hereby constituted or the principal amount thereof for the time being outstanding or, as the context may require, a specific number
thereof and includes any replacements for Bonds issued pursuant to Condition 13 (Replacement of Certificates) and (except
for the purposes of clause 2.4(d)) the Global Certificate;

 

Certificate
means a Global Certificate or a Definitive Certificate;

 

Clearstream,
Luxembourg means Clearstream Banking S.A.;

 

Conditions
means the Conditions in the form set out in Schedule 2 as the same may from time to time be modified in accordance with these
presents and any reference in these presents to a particular specified Condition or paragraph of a Condition shall in relation
to the Bonds be construed accordingly;

 

    4 

     

    

 

Confidential
Information means the legal name, legal or business address or any incorporation details or constitutive documents relating
to a Material Subsidiary or any other information that would enable a third party to determine any of the foregoing and that may
be given to the Trustee by the Issuer or any Guarantor pursuant to the provisions of these presents, provided that the Issuer
or the relevant Guarantor, as the case may be, has identified such information (other than the legal names of the Material Subsidiaries
and any such information that the Trustee may itself obtain from publicly available sources from the legal names of such Material
Subsidiaries) as “Confidential Information” at the time it is given to the Trustee.

 

Definitive
Certificates has the meaning set out in subclause 3.1;

 

Directors
means the Board of Directors for the time being of the Issuer or, as the case may be, the relevant Guarantor, and Director
means any of them;

 

Euroclear
means Euroclear Bank SA/NV;

 

Event
of Default means any of the conditions, events or acts provided in Condition 11.1 (Events of Default) to be events
upon the happening of which the Bonds would, subject only to notice by the Trustee as therein provided, become immediately due
and repayable;

 

Extraordinary
Resolution has the meaning set out in paragraph 1 of Schedule 4;

 

Global
Certificate means the global certificate in respect of the Bonds to be issued pursuant to subclause 3.1 in the form or substantially
in the form set out in Schedule 1;

 

Guarantee
has the meaning ascribed to it in Condition 4.1 (Guarantee);

 

Guarantors
means:

 

		(i)	BCL; and

 

		(ii)	any Subsidiary Guarantor,

 

and
the term Guarantor means any of them;

 

Liability
means any loss, damage, cost, fee, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever
(including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including any value added
tax or similar tax charged or chargeable in respect thereof and legal fees and expenses on a full indemnity basis;

 

Material
Subsidiary means at any time a Subsidiary (other than an Excluded Subsidiary) of BCL:

 

		(a)	whose gross assets (consolidated
                                         in the case of a Subsidiary which itself has Subsidiaries) represent (or, in the case
                                         of a Subsidiary acquired after the end of the financial period to which the then latest
                                         audited consolidated accounts of BCL and its Subsidiaries relate, are equal to) not less
                                         than 5 per cent. of the consolidated gross assets of the Group, all as calculated respectively
                                         by reference to the then latest Directors’ Certificate relating to such Subsidiary
                                         delivered to the Trustee in accordance with clause 14(s) below and the then latest audited
                                         consolidated accounts of BCL and its Subsidiaries, provided that:

 

		(i)	in the event that the relevant
                                         Subsidiary itself has Subsidiaries which are Excluded Subsidiaries, the gross assets
                                         of such Excluded Subsidiaries are excluded from the calculation of the consolidated gross
                                         assets of such Subsidiary;

 

    5 

     

    

 

		(ii)	the gross assets of all Excluded
                                         Subsidiaries are excluded from the calculation of the consolidated gross assets of the
                                         Group; and

 

		(iii)	in the case of a Subsidiary of
                                         BCL acquired after the end of the financial period to which the then latest audited consolidated
                                         accounts of BCL and its Subsidiaries relate, the reference to the then latest audited
                                         consolidated accounts of BCL and its Subsidiaries for the purposes of the calculation
                                         above shall, until consolidated accounts for the financial period in which the acquisition
                                         is made have been prepared and audited as aforesaid, be deemed to be a reference to such
                                         first- mentioned accounts as if such Subsidiary had been shown in such accounts by reference
                                         to the then latest Directors’ Certificate relating to such Subsidiary delivered
                                         to the Trustee in accordance with clause 14(s) below, adjusted as deemed appropriate
                                         by BCL;

 

		(b)	to which is transferred the
                                         whole or substantially the whole of the undertaking and assets of a Subsidiary of BCL
                                         which immediately prior to such transfer is a Material Subsidiary, provided that the
                                         transferor Subsidiary shall upon such transfer forthwith cease to be a Material Subsidiary
                                         and the transferee Subsidiary shall cease to be a Material Subsidiary pursuant to this
                                         subparagraph (b) on the date on which the consolidated accounts of BCL and its Subsidiaries
                                         for the financial period current at the date of such transfer have been prepared and
                                         audited as aforesaid but so that such transferor Subsidiary or such transferee Subsidiary
                                         may be a Material Subsidiary on or at any time after the date on which such consolidated
                                         accounts have been prepared and audited as aforesaid by virtue of the provisions of subparagraph
                                         (a) above or, prior to or after such date, by virtue of any other applicable provision
                                         of this definition; or

 

		(c)	to which is transferred an
                                         undertaking or assets which, taken together with the undertaking or assets of the transferee
                                         Subsidiary, represent (or, in the case of the transferee Subsidiary being acquired after
                                         the end of the financial period to which the then latest audited consolidated accounts
                                         of BCL and its Subsidiaries relate, are equal to) not less than 5 per cent. of the consolidated
                                         gross assets of the Group, all as calculated as referred to in subparagraph (a) above,
                                         provided that the transferor Subsidiary (if a Material Subsidiary) shall upon such transfer
                                         forthwith cease to be a Material Subsidiary unless immediately following such transfer
                                         its undertaking and assets represent (or, in the case aforesaid are equal to) not less
                                         than 5 per cent. of the consolidated gross assets of the Group, all as calculated as
                                         referred to in subparagraph (a) above, and the transferee Subsidiary shall cease to be
                                         a Material Subsidiary pursuant to this subparagraph (c) on the date on which the consolidated
                                         accounts of BCL and its Subsidiaries for the financial period current at the date of
                                         such transfer have been prepared and audited but so that such transferor Subsidiary or
                                         such transferee Subsidiary may be a Material Subsidiary on or at any time after the date
                                         on which such consolidated accounts have been prepared and audited as aforesaid by virtue
                                         of the provisions of subparagraph (a) above or, prior to or after such date, by virtue
                                         of any other applicable provision of this definition.

 

A
report by two Directors of BCL or by a director and the secretary of BCL whether or not addressed to the Trustee that in their
opinion a Subsidiary of BCL is or is not or was or was not at any particular time or throughout any specified period a Material
Subsidiary may be relied upon by the Trustee without further enquiry or evidence and, if relied upon by the Trustee, shall in
the absence of manifest error, be conclusive and binding on all parties;

 

Official
List has the meaning set out in Section 103 of the Financial Services and Markets Act 2000;

 

    6 

     

    

 

outstanding
means in relation to the Bonds all the Bonds issued other than:

 

		(a)	those Bonds which have been redeemed
                                         pursuant to these presents;

 

		(b)	those Bonds in respect of which
                                         the date for redemption in accordance with the Conditions has occurred and the redemption
                                         moneys (including all interest payable thereon) have been duly paid to the Trustee or
                                         to the Principal Paying Agent in the manner provided in the Agency Agreement (and where
                                         appropriate notice to that effect has been given to the Bondholders in accordance with
                                         Condition 14 (Notices)) and remain available for payment (against presentation
                                         of the relevant Bond, if required);

 

		(c)	those Bonds which have been
                                         purchased and cancelled in accordance with Condition 8 (Redemption and Purchase);

 

		(d)	those Bonds which have become
                                         void under Condition 10 (Prescription);

 

		(e)	those mutilated or defaced
                                         Bonds which have been surrendered and cancelled and in respect of which replacements
                                         have been issued pursuant to Condition 13 (Replacement of Certificates);

 

		(f)	(for the purpose only of ascertaining
                                         the principal amount of the Bonds outstanding and without prejudice to the status for
                                         any other purpose of the relevant Bonds) those Bonds which are alleged to have been lost,
                                         stolen or destroyed and in respect of which replacements have been issued pursuant to
                                         Condition 13 (Replacement of Certificates); and

 

		(g)	the Global Certificate to the
                                         extent that it shall have been exchanged for Bonds in definitive form pursuant to its
                                         provisions;

 

PROVIDED
THAT for each of the following purposes, namely:

 

		(i)	the right to attend and vote
                                         at any meeting of the Bondholders or any of them, an Extraordinary Resolution in writing
                                         or an Extraordinary Resolution by way of electronic consents given through the relevant
                                         Clearing System(s) as envisaged by paragraph 1 of Schedule 4 and any direction or request
                                         by the holders of the Bonds;

 

		(ii)	the determination of how many
                                         and which Bonds are for the time being outstanding for the purposes of subclause 9.1,
                                         Conditions 11 (Events of Default), 12 (Enforcement) and 16 (Meeting
                                         of Bondholders, Modification, Waiver, Authorisation and Determination) and paragraphs
                                         4, 7 and 9 of Schedule 4;

 

		(iii)	any discretion, power or
                                         authority (whether contained in these presents or vested by operation of law) which the
                                         Trustee is required, expressly or impliedly, to exercise in or by reference to the interests
                                         of the Bondholders or any of them; and

 

		(iv)	the determination by the Trustee
                                         whether any event, circumstance, matter or thing is, in its opinion, materially prejudicial
                                         to the interests of the Bondholders or any of them,

 

those
Bonds (if any) which are for the time being held by or on behalf of or for the benefit of the Issuer, any Guarantor, any other
Subsidiary of a Guarantor, any holding company of a Guarantor or any other Subsidiary of any such holding company, in each case
as beneficial owner, shall (unless and until ceasing to be so held) be deemed not to remain outstanding;

 

Paying
Agents means the several institutions (including where the context permits the Principal Paying Agent) at their respective
specified offices initially appointed as paying agents in relation to the Bonds by the Issuer and the Guarantors pursuant to the
Agency Agreement and/or, if applicable, any Successor paying agents in relation to such Bonds;

 

    7 

     

    

 

Potential
Event of Default means any condition, event or act which, with the lapse of time and/or the issue, making or giving of any
notice, certification, declaration, demand, determination and/or request and/or the taking of any similar action and/or the fulfilment
of any similar condition, would constitute an Event of Default;

 

Principal
Paying Agent means the institution at its specified office initially appointed as principal paying agent in relation to such
Bonds by the Issuer and the Guarantors pursuant to the Agency Agreement or, if applicable, any Successor principal paying agent
in relation to such Bonds;

 

Registrar
means the institution at its specified office initially appointed as the registrar in relation to the Bonds by the Issuer
and the Guarantors pursuant to the Agency Agreement or, if applicable, any Successor registrar in relation to such Bonds;

 

Relevant
Date has the meaning set out in Condition 9 (Taxation);

 

repay,
redeem and pay shall each include both the others and cognate expressions shall be construed accordingly;

 

Subsidiary
means any company which is for the time being a subsidiary (within the meaning of Section 1159 of the Companies Act 2006);

 

Subsidiary
Guarantor means each Subsidiary of BCL that enters into a deed supplemental to the Trust Deed (or in such other form as may
be necessary or appropriate to comply with any applicable law, rule or regulation, including the law of any jurisdiction outside
England and Wales where that Subsidiary is organised or carries on business) for the purpose of giving a joint and several guarantee
(in the same terms, mutatis mutandis, as the Guarantee) in accordance with Condition 4.3 (Guarantee – Addition
of Subsidiary Guarantors) and Clause 7.11, and, which has not been released or discharged from its obligations as a Subsidiary
Guarantor in accordance with Condition 4.4 (Guarantee – Release of a Subsidiary Guarantor);

 

Successor
means, in relation to the Principal Paying Agent, the other Paying Agents, the Registrar and the Transfer Agents, any successor
to any one or more of them in relation to the Bonds which shall become such pursuant to the provisions of these presents or the
Agency Agreement and/or such other or further principal paying agent, paying agents, registrar and/or transfer agents (as the
case may be) in relation to such Bonds as may (with the prior approval of, and on terms previously approved by, the Trustee in
writing) from time to time be appointed as such, and/or, if applicable, such other or further specified offices (in the former
case being within the same place as those for which they are substituted) as may from time to time be nominated, in each case
by the Issuer and, if applicable, the Guarantors, and (except in the case of the initial appointments and specified offices made
under and specified in the Conditions and/or the Agency Agreement, as the case may be) notice of whose appointment or, as the
case may be, nomination has been given to the Bondholders pursuant to subclause 14(m) in accordance with Condition 14 (Notices);

 

the
London Stock Exchange means the London Stock Exchange plc or any successor thereto;

 

these
presents means this Trust Deed and the Schedules and any trust deed supplemental hereto and the Schedules (if any) thereto
and the Bonds and the Conditions, all as from time to time modified in accordance with the provisions herein or therein contained;

 

Transfer
Agents means the institutions at their respective specified offices initially appointed as transfer agents in relation to
the Bonds by the Issuer and the Guarantors pursuant to the Agency Agreement and/or, if applicable, any Successor transfer agents
in relation to such Bonds;

 

    8 

     

    

 

Trust
Corporation means a corporation entitled by rules made under the Public Trustee Act 1906 or entitled pursuant to any other
comparable legislation applicable to a trustee in any other jurisdiction to carry out the functions of a custodian trustee;

 

Trustee
Acts means the Trustee Act 1925 and the Trustee Act 2000;

 

UK
Listing Authority means the Financial Conduct Authority in its capacity as competent authority under the Financial Services
and Markets Act 2000;

 

words
denoting the singular shall include the plural and vice versa;

 

words
denoting one gender only shall include the other genders; and

 

words
denoting persons only shall include firms and corporations and vice versa.

 

	1.2	(a)	All references in these presents to principal and/or interest
                                   in respect of the Bonds or to any moneys payable by the Issuer and/or the Guarantors under
                                   these presents shall be deemed to include, in the case of amounts of principal payable, a reference
                                   to any specific redemption price (as defined in the relevant Conditions), any premium which
                                   may be payable under or in respect of the Bonds and, in any case, a reference to any additional
                                   amounts which may be payable under Condition 9 (Taxation).

 

		(b)	All references in these presents
                                         to pounds sterling, Pounds Sterling or the sign £ shall be
                                         construed as references to the lawful currency for the time being of the United Kingdom.

 

		(c)	All references in these presents
                                         to any statute or any provision of any statute shall be deemed also to refer to any statutory
                                         modification or re-enactment thereof or any statutory instrument, order or regulation
                                         made thereunder or under any such modification or re- enactment.

 

		(d)	All references in these presents
                                         to guarantees or to an obligation being guaranteed shall be deemed to include respectively
                                         references to indemnities or to an indemnity being given in respect thereof.

 

		(e)	All references in these presents
                                         to any action, remedy or method of proceeding for the enforcement of the rights of creditors
                                         shall be deemed to include, in respect of any jurisdiction other than England, references
                                         to such action, remedy or method of proceeding for the enforcement of the rights of creditors
                                         available or appropriate in such jurisdiction as shall most nearly approximate to such
                                         action, remedy or method of proceeding described or referred to in these presents.

 

		(f)	All references in these presents
                                         to taking proceedings against the Issuer and/or any Guarantor shall be deemed to include
                                         references to proving in the winding up of the Issuer and/or such Guarantor (as the case
                                         may be).

 

		(g)	All references in these presents
                                         to Euroclear and/or Clearstream, Luxembourg shall be deemed to include references to
                                         any other clearing system as is approved by the Trustee.

 

		(h)	Unless the context otherwise
                                         requires words or expressions used in these presents shall bear the same meanings as
                                         in the Companies Act 2006.

 

		(i)	In this Trust Deed references
                                         to Schedules, clauses, subclauses, paragraphs and subparagraphs shall be construed as
                                         references to the Schedules to this Trust Deed and to the clauses, subclauses, paragraphs
                                         and subparagraphs of this Trust Deed respectively.

 

    9 

     

    

 

		(j)	In these presents tables of
                                         contents and clause headings are included for ease of reference and shall not affect
                                         the construction of these presents.

 

		(k)	Any reference in these presents
                                         to a written notice, consent or approval being given by the Trustee shall, for the avoidance
                                         of doubt, be deemed to include such notice, consent or approval being given by e-mail.

 

		(l)	All references in these presents
                                         to Bonds being listed or having a listing shall, in relation to the London
                                         Stock Exchange, be construed to mean that such Bonds have been admitted to the Official
                                         List by the UK Listing Authority and to trading on the London Stock Exchange's market
                                         for listed securities and all references in these presents to listing or listed
                                         shall include references to quotation and quoted, respectively.

 

		(m)	Any references to the records
                                         of Euroclear and Clearstream, Luxembourg shall be to the records that each of Euroclear
                                         and Clearstream, Luxembourg holds for its customers which reflects the amount of such
                                         customers' interests in the Bonds.

 

	2.	COVENANT TO REPAY AND TO PAY INTEREST ON THE BONDS

 

	2.1	The aggregate principal amount of the Bonds is limited to £175,000,000.

 

	2.2	The Issuer covenants with the Trustee that it will, in accordance
                                   with these presents, on the due date for the final maturity of the Bonds provided for in the
                                   Conditions, or on such earlier date as the same or any part thereof may become due and repayable
                                   thereunder, pay or procure to be paid unconditionally to or to the order of the Trustee in
                                   pounds sterling in immediately available funds the principal amount of the Bonds repayable
                                   on that date and shall in the meantime and until such date (both before and after any judgment
                                   or other order of a court of competent jurisdiction) pay or procure to be paid unconditionally
                                   to or to the order of the Trustee as aforesaid interest (which shall accrue from day to day)
                                   on the principal amount of the Bonds at rates calculated from time to time in accordance with
                                   Condition 6 (Interest) and on the dates provided for in the Conditions PROVIDED THAT:

 

		(a)	every payment of principal or
                                         interest in respect of the Bonds to or to the account of the Principal Paying Agent in
                                         the manner provided in the Agency Agreement shall operate in satisfaction pro tanto
                                         of the relative covenant by the Issuer in this clause except to the extent that there
                                         is default in the subsequent payment thereof in accordance with the Conditions to the
                                         Bondholders;

 

		(b)	in any case where payment of principal
                                         is not made to the Trustee or the Principal Paying Agent on or before the due date, interest
                                         shall continue to accrue on the principal amount of the Bonds (both before and after
                                         any judgment or other order of a court of competent jurisdiction) at the rate aforesaid
                                         up to and including the date which the Trustee determines to be the date on and after
                                         which payment is to be made to the Bondholders in respect thereof as stated in a notice
                                         given to the Bondholders in accordance with Condition 14 (Notices) (such date
                                         to be not later than seven days after the day on which the whole of such principal amount,
                                         together with an amount equal to the interest which has accrued and is to accrue pursuant
                                         to this proviso up to and including that date, has been received by the Trustee or the
                                         Principal Paying Agent); and

 

    10 

     

    

 

		(c)	in any case where payment of the
                                         whole or any part of the principal amount of any Bond is improperly withheld or refused
                                         (other than in circumstances contemplated by proviso (b) above and provided that the
                                         relevant Bond is duly presented (if required)) interest shall accrue on that principal
                                         amount payment of which has been so withheld or refused (both before and after any judgment
                                         or other order of a court of competent jurisdiction) at the rate aforesaid from and including
                                         the date of such withholding or refusal up to and including the date on which (upon further
                                         presentation of the relevant Bond, if required) payment of the full amount (including
                                         interest as aforesaid) in pounds sterling payable in respect of such Bond is made or
                                         (in respect of the payment of the principal amount and if earlier) the seventh day after
                                         notice is given to the relevant Bondholder (either individually or in accordance with
                                         Condition 14 (Notices)) that the full amount (including interest as aforesaid)
                                         in pounds sterling payable in respect of such Bond is available for payment, provided
                                         that, upon further presentation thereof being duly made, such payment is made.

 

The Trustee will
hold the benefit of this covenant on trust for the Bondholders and itself in accordance with these presents.

 

TRUSTEE'S
REQUIREMENTS REGARDING PAYING AGENTS

 

	2.3	At any time after an Event of Default or a Potential Event
                                   of Default shall have occurred or if there is failure to make payment of any amount in respect
                                   of any Bond when due or the Trustee shall have received any money which it proposes to pay
                                   under clause 10 to the Bondholders, the Trustee may:

 

		(a)	by notice in writing to the Issuer,
                                         any Guarantor, the Principal Paying Agent and the other Paying Agents require the Principal
                                         Paying Agent and the other Paying Agents pursuant to the Agency Agreement:

 

		(i)	to act thereafter as Principal
                                         Paying Agent and Paying Agents respectively of the Trustee in relation to payments to
                                         be made by or on behalf of the Trustee under the provisions of these presents mutatis
                                         mutandis on the terms provided in the Agency Agreement (with such consequential amendments
                                         as the Trustee shall deem necessary and save that the Trustee's liability under any provisions
                                         thereof for the indemnification, remuneration and payment of out-of-pocket expenses of
                                         the Paying Agents shall be limited to the amounts for the time being held by the Trustee
                                         on the trusts of these presents relating to the Bonds and available for such purpose)
                                         and thereafter to hold all Bonds and all sums, documents and records held by them in
                                         respect of the Bonds on behalf of the Trustee; or

 

		(ii)	to deliver up all Bonds and all
                                         sums, documents and records held by them in respect of the Bonds to the Trustee or as
                                         the Trustee shall direct in such notice provided that such notice shall be deemed not
                                         to apply to any documents or records which the relative Paying Agent is obliged not to
                                         release by any law or regulation; and/or

 

		(b)	by notice in writing to the Issuer
                                         and the Guarantors require each of them to make all subsequent payments in respect of
                                         the Bonds to or to the order of the Trustee and not to the Principal Paying Agent; with
                                         effect from the issue of any such notice to the Issuer and the Guarantors and until such
                                         notice is withdrawn proviso (a) to subclause 2.2 of this clause relating to the Bonds
                                         shall cease to have effect.

 

FURTHER ISSUES

 

	2.4	(a)	The Issuer shall be at liberty from time to time (but subject
                                   always to the provisions of these presents) without the consent of the Bondholders to create
                                   and issue further notes or bonds (whether in bearer or registered form) either (i) ranking
                                   pari passu in all respects (or in all respects save for the first payment of interest
                                   thereon), and so that the same shall be consolidated and form a single series, with the Bonds
                                   and/or the further notes or bonds of any series or (ii) upon such terms as to ranking, interest,
                                   conversion, redemption and otherwise as the Issuer may at the time of issue thereof determine.

 

    11 

     

    

 

		(b)	Any further
                                         notes or bonds which are to be created and issued pursuant to the provisions of paragraph
                                         2.4(a) above so as to form a single series with the Bonds and/or the further notes or
                                         bonds of any series shall be constituted by a trust deed supplemental to this Trust Deed
                                         and any other further notes or bonds which are to be created and issued pursuant to the
                                         provisions of paragraph 2.4(a) above may (subject to the consent of the Trustee) be constituted
                                         by a trust deed supplemental to this Trust Deed. In any such case the Issuer and the
                                         Guarantors shall prior to the issue of any further notes or bonds to be so constituted
                                         execute and deliver to the Trustee a trust deed supplemental to this Trust Deed (in relation
                                         to which all applicable stamp duties or other documentation fees, duties or taxes have
                                         been paid and, if applicable, duly stamped or denoted accordingly) containing a covenant
                                         by the Issuer in the form mutatis mutandis of subclause 2.2 in relation to the
                                         principal and interest in respect of such further notes or bonds and such other provisions
                                         (whether or not corresponding to any of the provisions contained in this Trust Deed)
                                         as the Trustee shall require including making such consequential modifications to this
                                         Trust Deed as the Trustee shall require in order to give effect to such issue of further
                                         notes or bonds.

 

		(c)	A memorandum
                                         of every such supplemental trust deed shall be endorsed by the Trustee on this Trust
                                         Deed and by the Issuer and the Guarantors on their duplicates of this Trust Deed.

 

		(d)	Whenever
                                         it is proposed to create and issue any further notes or bonds the Issuer shall give to
                                         the Trustee not less than 14 days' notice in writing of its intention so to do stating
                                         an indicative amount of further notes or bonds proposed to be created and issued.

 

	3.	FORM AND ISSUE OF BONDS

 

	3.1	The Bonds shall be represented initially by the Global Certificate
                                   which the Issuer shall issue to a common depositary for Euroclear and Clearstream, Luxembourg
                                   on terms that such common depositary shall hold the same for the account of the persons who
                                   would otherwise be entitled to receive the Bonds in definitive form (Definitive Certificates)
                                   and the successors in title to such persons as appearing in the records of Euroclear and Clearstream,
                                   Luxembourg for the time being.

 

	3.2	The Global Certificate shall be printed or typed in the form
                                   or substantially in the form set out in Schedule 1 and may be a facsimile. The Global Certificate
                                   shall be in the aggregate principal amount of £175,000,000 and shall be signed manually
                                   or in facsimile by a person duly authorised by the Issuer on behalf of the Issuer and shall
                                   be authenticated by or on behalf of the Principal Paying Agent. The Global Certificate so executed
                                   and authenticated shall be a binding and valid obligation of the Issuer and title thereto shall
                                   pass by registration of transfer in respect thereof in accordance with the provisions of these
                                   presents.

 

	3.3	The Issuer shall issue the Definitive Certificates in exchange
                                   for the Global Certificate in accordance with the provisions thereof.

 

	3.4	The Bonds in definitive form shall be in registered form and
                                   shall be issued in the form or substantially in the form set out in Schedule 2 in the denomination
                                   and transferable in units of £100 each, shall be serially numbered and shall be endorsed
                                   with a Form of Transfer in the form or substantially in the form also set out in Schedule 2
                                   and with the Conditions. Title to the Bonds in definitive form shall pass upon the registration
                                   of transfers in respect thereof in accordance with the provisions of these presents.

 

	3.5	The Definitive Certificates shall be signed manually or in
                                   facsimile by two of the Directors of the Issuer on behalf of the Issuer and shall be authenticated
                                   by or on behalf of the Principal Paying Agent.

 

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	3.6	The Issuer may use the facsimile signature of any person who
                                   at the date such signature is affixed is a person duly authorised by the Issuer or is a Director
                                   of the Issuer as referred to in subclauses 3.2 and 3.5 above notwithstanding that at the time
                                   of issue of the Global Certificate or any of the Definitive Certificates, as the case may be,
                                   he may have ceased for any reason to be so authorised or to be the holder of such office. The
                                   Definitive Certificates so signed shall be binding and valid obligations of the Issuer.

 

	4.	FEES, DUTIES AND TAXES

 

The
Issuer will pay any stamp, issue, registration, documentary and other fees, duties and taxes, including interest and penalties,
payable in any relevant jurisdiction on or in connection with (a) the execution and delivery of these presents, (b) the constitution
and issue of the Bonds and (c) any action taken by or on behalf of the Trustee or (where permitted under these presents so to
do) any Bondholder to enforce, or to resolve any doubt concerning, or for any other purpose in relation to, these presents.

 

	5.	COVENANT OF COMPLIANCE

 

Each
of the Issuer and the Guarantors severally covenants with the Trustee that it will comply with and perform and observe all the
provisions of these presents which are expressed to be binding on it. The Conditions shall be binding on the Issuer, the Guarantors
and the Bondholders. The Trustee shall be entitled to enforce the obligations of the Issuer and the Guarantors under the Bonds
as if the same were set out and contained in the trust deeds constituting the same, which shall be read and construed as one document
with the Bonds. The Trustee will hold the benefit of this covenant upon trust for itself and the Bondholders according to its
and their respective interests.

 

	6.	CANCELLATION OF BONDS AND RECORDS

 

	6.1	The Issuer shall procure that all Bonds (a) redeemed or (b)
                                   purchased and surrendered for cancellation by or on behalf of the Issuer, the Guarantors or
                                   any member of the Group or (c) which, being mutilated or defaced, have been surrendered and
                                   replaced pursuant to Condition 13 (Replacement of Certificates) or (d) exchanged as
                                   provided in these presents shall forthwith be cancelled by or on behalf of the Issuer and a
                                   certificate stating:

 

		(a)	the aggregate principal amount
                                         of Bonds which have been redeemed;

 

		(b)	the serial numbers of such Bonds
                                         in definitive form;

 

		(c)	the aggregate amount of interest
                                         paid (and the due dates of such payments) on the Bonds;

 

		(d)	the aggregate principal amount
                                         of Bonds (if any) which have been purchased by or on behalf of the Issuer, BCL or any
                                         member of the Group and cancelled and the serial numbers of such Bonds in definitive
                                         form; and

 

		(e)	the aggregate principal amounts
                                         of Bonds which have been so exchanged or surrendered and replaced and the serial numbers
                                         of such Bonds in definitive form,

 

shall
be given to the Trustee by or on behalf of the Issuer as soon as possible and in any event within four months after the date of
any such redemption, purchase, payment, exchange or replacement (as the case may be) takes place. The Trustee may accept such
certificate as conclusive evidence of redemption, purchase, exchange or replacement pro tanto of the Bonds or payment of
interest thereon respectively and of cancellation of the relative Bonds.

 

    13 

     

    

 

	6.2	The Issuer shall procure (i) that the Principal Paying Agent
                                   shall keep a full and complete record of all Bonds and of their redemption, cancellation, payment
                                   or exchange (as the case may be) and of all replacement notes issued in substitution for lost,
                                   stolen, mutilated, defaced or destroyed Bonds and (ii) that such records shall be made available
                                   to the Trustee at all reasonable times.

 

	7.	GUARANTEE

 

	7.1	BCL hereby irrevocably and unconditionally, and notwithstanding
                                   the release of any other guarantor or any other person under the terms of any composition or
                                   arrangement with any creditors of the Issuer or any other Subsidiary of BCL, guarantees to
                                   the Trustee:

 

		(a)	the due and punctual payment in
                                         accordance with the provisions of these presents of the principal of and interest on
                                         the Bonds and of any other amounts payable by the Issuer under these presents; and

 

		(b)	the due and punctual performance
                                         and observance by the Issuer of each of the other provisions of these presents on the
                                         Issuer's part to be performed or observed.

 

	7.2	If the Issuer fails for any reason whatsoever punctually to
                                   pay any such principal, interest or other amount, BCL shall cause each and every such payment
                                   to be made as if BCL instead of the Issuer were expressed to be the primary obligor under these
                                   presents and not merely as surety (but without affecting the nature of the Issuer's obligations)
                                   to the intent that the holder of the relevant Bond or the Trustee (as the case may be) shall
                                   receive the same amounts in respect of principal, interest or such other amount as would have
                                   been receivable had such payments been made by the Issuer.

 

	7.3	If any payment received by the Trustee or any Bondholder under
                                   the provisions of these presents shall (whether on the subsequent bankruptcy, insolvency or
                                   corporate reorganisation of the Issuer or, without limitation, on any other event) be avoided
                                   or set aside for any reason, such payment shall not be considered as discharging or diminishing
                                   the liability of BCL and this guarantee shall continue to apply as if such payment had at all
                                   times remained owing by the Issuer and BCL shall indemnify the Trustee and the Bondholders
                                   in respect thereof PROVIDED THAT the obligations of the Issuer and/or BCL under this subclause
                                   shall, as regards each payment made to the Trustee or any Bondholder which is avoided or set
                                   aside, be contingent upon such payment being reimbursed to the Issuer or other persons entitled
                                   through the Issuer.

 

	7.4	BCL hereby agrees that its obligations under this clause shall
                                   be unconditional and that BCL shall be fully liable irrespective of the validity, regularity,
                                   legality or enforceability against the Issuer of, or of any defence or counter-claim whatsoever
                                   available to the Issuer in relation to, its obligations under these presents, whether or not
                                   any action has been taken to enforce the same or any judgment obtained against the Issuer,
                                   whether or not any of the other provisions of these presents have been modified, whether or
                                   not any time, indulgence, waiver, authorisation or consent has been granted to the Issuer by
                                   or on behalf of the Bondholders or the Trustee, whether or not any determination has been made
                                   by the Trustee pursuant to subclause 19.1, whether or not there have been any dealings or transactions
                                   between the Issuer, any of the Bondholders or the Trustee, whether or not the Issuer has been
                                   dissolved, liquidated, merged, consolidated, bankrupted or has changed its status, functions,
                                   control or ownership, whether or not the Issuer has been prevented from making payment by foreign
                                   exchange provisions applicable at its place of registration or incorporation and whether or
                                   not any other circumstances have occurred which might otherwise constitute a legal or equitable
                                   discharge of or defence to a guarantor. Accordingly the validity of this guarantee shall not
                                   be affected by reason of any invalidity, irregularity, illegality or unenforceability of all
                                   or any of the obligations of the Issuer under these presents and this guarantee shall not be
                                   discharged nor shall the liability of BCL under these presents be affected by any act, thing
                                   or omission or means whatever whereby its liability would not have been discharged if it had
                                   been the principal debtor.

 

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	7.5	Without prejudice to the provisions of subclause 9.1 the Trustee
                                   may determine from time to time whether or not it will enforce this guarantee which it may
                                   do without making any demand of or taking any proceedings against the Issuer and may from time
                                   to time make any arrangement or compromise with BCL in relation to this guarantee which the
                                   Trustee may consider expedient in the interests of the Bondholders.

 

	7.6	BCL waives diligence, presentment, demand of payment, filing
                                   of claims with a court in the event of dissolution, liquidation, merger or bankruptcy of the
                                   Issuer, any right to require a proceeding first against the Issuer, protest or notice with
                                   respect to these presents or the indebtedness evidenced thereby and all demands whatsoever
                                   and covenants that this guarantee shall be a continuing guarantee, shall extend to the ultimate
                                   balance of all sums payable and obligations owed by the Issuer under these presents, shall
                                   not be discharged except by complete performance of the obligations in these presents and is
                                   additional to, and not instead of, any security or other guarantee or indemnity at any time
                                   existing in favour of any person, whether from BCL or otherwise.

 

	7.7	If any moneys shall become payable by BCL under this guarantee
                                   BCL shall not, so long as the same remain unpaid, without the prior written consent of the
                                   Trustee:

 

		(a)	in respect of any amounts paid
                                         by it under this guarantee, exercise any rights of subrogation or contribution or, without
                                         limitation, any other right or remedy which may accrue to it in respect of or as a result
                                         of any such payment; or

 

		(b)	in respect of any other moneys
                                         for the time being due to BCL by the Issuer, claim payment thereof or exercise any other
                                         right or remedy;

 

(including
in either case claiming the benefit of any security or right of set-off or, on the liquidation of the Issuer, proving in competition
with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or liquidation of the Issuer, any payment
or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, shall be received by
BCL before payment in full of all amounts payable under these presents shall have been made to the Bondholders and the Trustee,
such payment or distribution shall be received by BCL on trust to pay the same over immediately to the Trustee for application
in or towards the payment of all sums due and unpaid under these presents in accordance with clause 10.

 

	7.8	Until all amounts which may be or become payable by the Issuer
                                   under these presents have been irrevocably paid in full, the Trustee may:

 

		(a)	refrain from applying or enforcing
                                         any other moneys, security or rights held or received by the Trustee in respect of those
                                         amounts, or apply and enforce the same in such manner and order as it sees fit (whether
                                         against those amounts or otherwise), and BCL shall not be entitled to the benefit of
                                         the same; and

 

		(b)	hold in a suspense account any
                                         moneys received from BCL or on account of BCL’s liability under this guarantee,
                                         without liability to pay interest on those moneys.

 

	7.9	If any sum which, although expressed to be payable by the Issuer
                                   under these presents or the Bonds, is for any reason (whether or not now existing and whether
                                   or not now known or becoming known to the Issuer, BCL, the Trustee or any Bondholder) not recoverable
                                   from BCL on the basis of a guarantee then (a) it will nevertheless be recoverable from it as
                                   if it were the sole principal debtor and will be paid by it to the Trustee on demand and (b)
                                   as a separate and additional liability under these presents BCL agrees, as a primary obligation
                                   and on a joint and several basis, to indemnify each of the Trustee and each Bondholder in respect
                                   of such sum by way of a full indemnity in the manner and currency as is provided for in the
                                   Bonds or these presents (as the case may be) and to indemnify each Bondholder against all losses,
                                   claims, costs, charges and expenses to which it may be subject or which it may incur in recovering
                                   such sum.

 

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	7.10	The obligations of BCL under these presents constitute direct,
                                    unconditional and (subject to the provisions of Condition 5.1 (Negative Pledges)) unsecured
                                    obligations of BCL and (subject as aforesaid) rank and will rank pari passu with all
                                    other outstanding unsecured and unsubordinated obligations of BCL, present and future, but,
                                    in the event of insolvency, only to the extent permitted by applicable laws relating to creditors'
                                    rights.

 

	7.11	In connection with the proposed admission of any Subsidiary
                                    of BCL as a Subsidiary Guarantor pursuant to Condition 4.3 (Guarantee – Addition
                                    of Subsidiary Guarantors), no such admission shall be effective until the Trustee shall
                                    have received:

 

		(a)	a duly executed deed supplemental
                                         to this Trust Deed and the Agency Agreement (or in such other form as may be necessary
                                         or appropriate to comply with any applicable law, rule or regulation, including the law
                                         of any jurisdiction outside England and Wales where that Subsidiary is organised or carries
                                         on business) containing a joint and several guarantee (in the same terms, mutatis
                                         mutandis, as the Guarantee) and otherwise in form and manner satisfactory to the
                                         Trustee pursuant to which such Subsidiary agrees to be bound by the provisions of these
                                         presents and the Agency Agreement as fully as if such Subsidiary had been named in these
                                         presents and the Agency Agreement as a Guarantor on the date hereof; and

 

		(b)	such legal opinion(s) as the Trustee
                                         shall require from legal advisers satisfactory to the Trustee and in a form and with
                                         substance satisfactory to the Trustee as to the enforceability under the laws of all
                                         relevant jurisdictions of the guarantee to be given by such Subsidiary and all other
                                         obligations to be assumed by such Subsidiary in the agreements described in paragraph
                                         (a) above,

 

and
such Subsidiary and the Issuer shall have complied with such other requirements to assure more fully that the agreements in paragraph
(a) above are enforceable as the Trustee may direct in the interests of the Bondholders.

 

	7.12	If any Subsidiary Guarantor ceases to be a Subsidiary Guarantor
                                    under the Bonds pursuant to Condition 4.4 (Guarantee –Release of Subsidiary Guarantors),
                                    such Subsidiary Guarantor will be deemed to be released simultaneously from all of its future
                                    obligations under these presents, without prejudice to any obligations which may have accrued
                                    prior to that time.

 

	7.13	All the provisions of this Trust Deed relating to BCL and
                                    Guarantors shall apply to a Subsidiary of BCL which gives a guarantee pursuant to Condition
                                    4.3 (Guarantee – Addition of Subsidiary Guarantors) and to the guarantee given
                                    by the Subsidiary Guarantor in all respects as if the Subsidiary Guarantor had been a party
                                    to this Trust Deed and references herein to a Guarantor or Guarantors had included the Subsidiary
                                    Guarantor.

 

	7.14	The Issuer and each Guarantor shall be deemed to have consented
                                    to the admission of any company as a Subsidiary Guarantor and shall be deemed to be jointly
                                    and severally liable with any new Subsidiary Guarantor by virtue of the giving by any Subsidiary
                                    Guarantor of a guarantee without the necessity for the Issuer or any Guarantor to concur in
                                    or consent to any deed admitting any Subsidiary Guarantor.

 

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	7.15	BCL, excluding any express right contained in these presents,
                                    waives any existing or future right which it may have:

 

		(a)	to require that any liability
                                         under or in connection with these presents be divided or apportioned with any other person
                                         or reduced in any manner whatsoever, whether by virtue of the "droit de division"
                                         or otherwise; and

 

		(b)	to require that recourse be had
                                         to the assets of any other person before any claim is enforced against it in respect
                                         of the obligations assumed by it in or in connection with these presents, whether by
                                         virtue of "droit de discussion" or otherwise.

 

	8.	ENFORCEMENT

 

	8.1	The Trustee may at any time, at its discretion and without
                                   notice, take such proceedings and/or other steps or action (including lodging an appeal in
                                   any proceedings) as it may think fit against or in relation to each of the Issuer and the Guarantors
                                   to enforce their respective obligations under these presents or otherwise.

 

	8.2	Proof that as regards any specified Bond the Issuer or any
                                   Guarantor (as the case may be) has made default in paying any amount due in respect of such
                                   Bond shall (unless the contrary be proved) be sufficient evidence that the same default has
                                   been made as regards all other Bonds in respect of which the relevant amount is due and payable.

 

	9.	ACTION, PROCEEDINGS AND INDEMNIFICATION

 

	9.1	The Trustee shall not be bound to take any action in relation
                                   to these presents (including but not limited to the giving of any notice pursuant to Condition
                                   11.1 (Events of Default) or the taking of any proceedings and/or other steps mentioned
                                   in subclause 8.1) unless respectively directed or requested to do so (a) by an Extraordinary
                                   Resolution or (b) in writing by the holders of at least one-fifth in principal amount of the
                                   Bonds then outstanding and in either case then only if it shall be indemnified and/or secured
                                   and/or pre-funded to its satisfaction against all Liabilities to which it may render itself
                                   liable or which it may incur by so doing.

 

	9.2	The Trustee may refrain from taking any action in any jurisdiction
                                   if the taking of such action in that jurisdiction would, in its opinion based upon legal advice
                                   in the relevant jurisdiction, be contrary to any law of that jurisdiction. Furthermore, the
                                   Trustee may also refrain from taking such action if it would otherwise render it liable to
                                   any person in that jurisdiction or if, in its opinion based upon such legal advice, it would
                                   not have the power to take the relevant action in that jurisdiction by virtue of any applicable
                                   law in that jurisdiction or if it is determined by any court or other competent authority in
                                   that jurisdiction that it does not have such power.

 

	9.3	Only the Trustee may enforce the provisions of these presents.
                                   No Bondholder shall be entitled to (i) take any steps or action against the Issuer or any Guarantor
                                   to enforce the performance of any of the provisions of these presents or (ii) take any other
                                   proceedings (including lodging an appeal in an proceedings) in respect of or concerning the
                                   Issuer or any Guarantor, in each case unless the Trustee having become bound as aforesaid to
                                   take any such action, steps or proceedings fails to do so within a reasonable period and such
                                   failure is continuing.

 

	9.4	Notwithstanding anything else contained in these presents,
                                   the Trustee shall not be required to take any action prior to making any declaration that the
                                   Bonds are immediately due and payable (save that it will procure notice to be given to the
                                   Bondholders of any Event of Default of which it has actual knowledge or express notice) if
                                   such action would require the Trustee to incur any expenditure or other financial liability
                                   or risk its own funds (including obtaining any advice which it might otherwise have thought
                                   appropriate to obtain).

 

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	10.	APPLICATION OF MONEYS

 

All moneys received
by the Trustee under these presents shall be held by the Trustee upon trust to apply them (subject to clause 12):

 

		(a)	First, in payment or satisfaction
                                         of all amounts then due and unpaid under clause 15 to the Trustee and/or any Appointee;

 

		(b)	Secondly, in or towards
                                         retention of an amount which the Trustee considers necessary to pay any amounts that
                                         may thereafter become due to be paid under clause 15 to it or any Appointee, to the extent
                                         it considers that moneys received by it thereafter under these presents may be insufficient
                                         and/or may not be received in time to pay such amounts;

 

		(c)	Thirdly, in or towards
                                         reimbursement pari passu and rateably of any amounts paid by any Indemnifying
                                         Parties as contemplated by clause 15.7, together with interest thereon as provided in
                                         clause 15.8;

 

		(d)	Fourthly, in or towards
                                         payment pari passu and rateably of all principal and interest then due and unpaid
                                         in respect of the Bonds; and

 

		(e)	Fifthly, in payment of
                                         the balance (if any) to the Issuer (without prejudice to, or liability in respect of,
                                         any question as to how such payment to the Issuer shall be dealt with as between the
                                         Issuer, the Guarantors and any other person).

 

Without
prejudice to this clause 10, if the Trustee holds any moneys which represent principal or interest in respect of Bonds which have
become void or in respect of which claims have been prescribed under Condition 10 (Prescription), the Trustee will hold
such moneys on the above trusts.

 

	11.	NOTICE OF PAYMENTS

 

The
Trustee shall give notice to the Bondholders in accordance with Condition 14 (Notices) of the day fixed for any payment
to them under clause 10. Such payment may be made in accordance with Condition 7 (Payment) and any payment so made shall
be a good discharge to the Trustee.

 

	12.	INVESTMENT BY TRUSTEE

 

	12.1	The Trustee may at its discretion and pending payment invest
                                    moneys at any time available for the payment of principal and interest on the Bonds in some
                                    or one of the investments hereinafter authorised for such periods as it may consider expedient
                                    with power from time to time at the like discretion to vary such investments and to accumulate
                                    such investments and the resulting interest and other income derived therefrom. The accumulated
                                    investments shall be applied under clause 10. All interest and other income deriving from
                                    such investments shall be applied first in payment or satisfaction of all amounts then due
                                    and unpaid under clause 15 to the Trustee and/or any Appointee and otherwise held for the
                                    benefit of and paid to the Bondholders.

 

	12.2	Any moneys which under the trusts of these presents ought
                                    to or may be invested by the Trustee may be invested in the name or under the control of the
                                    Trustee in any investments or other assets in any part of the world whether or not they produce
                                    income or by placing the same on deposit in the name or under the control of the Trustee at
                                    such bank or other financial institution and in such currency as the Trustee may think fit.
                                    If that bank or institution is the Trustee or a subsidiary, holding or associated company
                                    of the Trustee, it need only account for an amount of interest equal to the amount of interest
                                    which would, at then current rates, be payable by it on such a deposit to an independent customer.
                                    The Trustee may at any time vary any such investments for or into other investments or convert
                                    any moneys so deposited into any other currency and shall not be responsible for any loss
                                    resulting from any such investments or deposits, whether due to depreciation in value, fluctuations
                                    in exchange rates or otherwise.

 

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	13.	PARTIAL PAYMENTS

 

Upon
any payment under clause 10 (other than payment in full against surrender of a Bond) the Bond in respect of which such payment
is made shall be produced to the Trustee or the Paying Agent by or through whom such payment is made and the Trustee shall or
shall cause such Paying Agent to enface thereon a memorandum of the amount and the date of payment but the Trustee may dispense
with such production and enfacement upon such indemnity being given as it shall think sufficient.

 

	14.	COVENANTS BY THE ISSUER AND THE GUARANTORS

 

So
long as any of the Bonds remains outstanding (or, in the case of paragraphs (h), (i), (m), (n), (o) and (q), so long as any of
the Bonds remains liable to prescription each of the Issuer and the Guarantors severally (but in the case of paragraph 14(c),
the Issuer only) covenants with the Trustee that it shall:

 

		(a)	promptly give or procure to be
                                         given to the Trustee such opinions, certificates, information and evidence as it shall
                                         reasonably require and in such form as it shall require (including without limitation
                                         the procurement by the Issuer or the Guarantors (as the case may be) of all such certificates
                                         reasonably called for by the Trustee pursuant to subclause 16(c)) for the purpose of
                                         the discharge or exercise of the duties, trusts, powers, authorities and discretions
                                         vested in it under these presents or by operation of law except that the provision of
                                         any financial statements or evidence and information relating to financial statements
                                         shall, for the avoidance of doubt, only extend to the provision of financial statements
                                         for an accounting period prepared in relation to the Group (and in no circumstances shall
                                         extend to any specific entity within the Group (other than the Issuer));

 

		(b)	cause to be prepared and certified
                                         by its Auditors in respect of each financial accounting period accounts of the Issuer
                                         in such form as will comply with all relevant legal and accounting requirements and all
                                         requirements for the time being of the London Stock Exchange;

 

		(c)	at all times keep and procure
                                         its Subsidiaries (if any) to keep proper books of account and allow and procure such
                                         Subsidiaries to allow the Trustee and any person appointed by the Trustee to whom the
                                         Issuer, the Guarantors or the relevant Subsidiary (as the case may be) shall have no
                                         reasonable objection free access to such books of account at all reasonable times during
                                         normal business hours except that the requirement for Subsidiaries to keep proper books
                                         of account shall not, for the avoidance of doubt, in any circumstances require such Subsidiary
                                         to prepare financial statements (for any accounting period or otherwise);

 

		(d)	send to the Trustee (in addition
                                         to any copies to which it may be entitled as a holder of any securities of the Issuer
                                         or any Guarantor) two copies in English of every balance sheet, profit and loss account,
                                         report, circular and notice of general meeting and every other document issued or sent
                                         to its shareholders together with any of the foregoing, and every document issued or
                                         sent to holders of securities other than its shareholders (including the Bondholders)
                                         as soon as practicable after the issue or publication thereof;

 

		(e)	forthwith give notice in writing
                                         to the Trustee of the coming into existence of any security interest which would require
                                         any security to be given to the Bonds pursuant to Condition 5.1 (Negative Pledges)
                                         or of the occurrence of any Event of Default or any Potential Event of Default;

 

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		(f)	give to the Trustee (a) within
                                         seven days after demand by the Trustee therefor and (b) (without the necessity for any
                                         such demand) promptly after the publication of its audited accounts in respect of each
                                         financial period commencing with the financial period ending 31 December, 2016 and in
                                         any event not later than 180 days after the end of each such financial period a certificate
                                         in or substantially in the form set out in Schedule 5 signed by two Directors of the
                                         Issuer and two Directors of each Guarantor or, in the case of BCL, either two Directors
                                         of BCL or a Director and the secretary of BCL to the effect that as at a date not more
                                         than seven days before delivering such certificate (the certification date) there
                                         did not exist and had not existed or happened since the certification date of the previous
                                         certificate (or in the case of the first such certificate the date hereof) any Event
                                         of Default or any Potential Event of Default (or if such exists or existed or had happened
                                         specifying the same) and that during the period from and including the certification
                                         date of the last such certificate (or in the case of the first such certificate the date
                                         hereof) to and including the certification date of such certificate each of the Issuer
                                         and each Guarantor has complied with all its obligations contained in these presents
                                         or (if such is not the case) specifying the respects in which it has not complied;

 

		(g)	so long as any of the Bonds remain
                                         outstanding BCL shall supply to the Trustee:

 

		(i)	as soon as they may become available,
                                         but in any event within six months of its most recent financial year-end, a copy of its
                                         audited Consolidated Financial Statements for such financial year, together with the
                                         report thereon of BCL’s Auditors;

 

		(ii)	as soon as they may become available,
                                         but in any event within three months of the end of the first half of each financial year,
                                         a copy of its unaudited Consolidated Financial Statements for such period; and

 

		(iii)	concurrently with the delivery
                                         of items (i) and (ii) above, a Directors’ Certificate confirming compliance with
                                         the covenant contained in Condition 5.2 (Financial Covenant) with respect to the
                                         most recent Reference Date;

 

		(h)	so far as permitted by applicable
                                         law, at all times execute and do all such further documents, acts and things as may be
                                         necessary at any time or times in the opinion of the Trustee to give effect to these
                                         presents except that the provision of any financial statements or evidence and information
                                         relating to financial statements shall, for the avoidance of doubt, only extend to the
                                         provision of financial statements for an accounting period prepared in relation to the
                                         Group (and in no circumstances shall extend to any specific entity within the Group (other
                                         than the Issuer));

 

		(i)	at all times maintain Paying Agents,
                                         a Registrar and Transfer Agents in accordance with the Conditions;

 

		(j)	procure the Principal Paying Agent
                                         to notify the Trustee forthwith in the event that the Principal Paying Agent does not,
                                         on or before the due date for any payment in respect of the Bonds or any of them, receive
                                         unconditionally pursuant to the Agency Agreement payment of the full amount in the requisite
                                         currency of the moneys payable on such due date on all such Bonds;

 

		(k)	in the event of the unconditional
                                         payment to the Principal Paying Agent or the Trustee of any sum due in respect of the
                                         Bonds or any of them being made after the due date for payment thereof forthwith give
                                         or procure to be given notice to the Bondholders in accordance with Condition 14 (Notices)
                                         that such payment has been made;

 

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		(l)	use reasonable endeavours to maintain
                                         the listing of the Bonds on the London Stock Exchange or, if it is unable to do so having
                                         used reasonable or if the Trustee considers that the maintenance of such listing is unduly
                                         onerous and the Trustee is of the opinion that to do so would not be materially prejudicial
                                         to the interests of the Bondholders, use reasonable endeavours to obtain and maintain
                                         a quotation or listing of the Bonds on such other stock exchange or exchanges or securities
                                         market or markets as the Issuer may (with the prior written approval of the Trustee)
                                         decide and shall also upon obtaining a quotation or listing of the Bonds on such other
                                         stock exchange or exchanges or securities market or markets enter into a trust deed supplemental
                                         to this Trust Deed to effect such consequential amendments to these presents as the Trustee
                                         may require or as shall be requisite to comply with the requirements of any such stock
                                         exchange or securities market;

 

		(m)	give notice to the Bondholders
                                         in accordance with Condition 14 (Notices) of any appointment, resignation or removal
                                         of any Paying Agent, Registrar or Transfer Agent (other than the appointment of the initial
                                         Paying Agents, Registrar and Transfer Agents) after having obtained the prior written
                                         approval of the Trustee thereto or any change of any Paying Agent's, Registrar's or Transfer
                                         Agent's specified office and (except as provided by the Agency Agreement or the Conditions)
                                         at least 30 days prior to such event taking effect; PROVIDED ALWAYS THAT so long as any
                                         of the Bonds remains outstanding in the case of the termination of the appointment of
                                         the Registrar or a Transfer Agent or so long as any of the Bonds remains liable to prescription
                                         in the case of the termination of the appointment of the Principal Paying Agent no such
                                         termination shall take effect until a new Registrar, Transfer Agent or Principal Paying
                                         Agent (as the case may be) has been appointed on terms previously approved in writing
                                         by the Trustee;

 

		(n)	send to the Trustee, not less
                                         than seven Business Days prior to which any such notice is to be given, the draft form
                                         of every notice to be given to the Bondholders in accordance with Condition 14 (Notices)
                                         and obtain the prior written approval of the Trustee (such approval not to be unreasonably
                                         withheld or delayed) to, and promptly give to the Trustee two copies of, the final form
                                         of every notice to be given to the Bondholders in accordance with Condition 14 (Notices)
                                         (such approval, unless so expressed, not to constitute approval for the purposes of Section
                                         21 of the Financial Services and Markets Act 2000 of the United Kingdom (the FSMA)
                                         of a communication within the meaning of Section 21 of the FSMA);

 

		(o)	comply with and perform all its
                                         obligations under the Agency Agreement and use its best endeavours to procure that the
                                         Paying Agents, the Registrar and the Transfer Agents comply with and perform all their
                                         respective obligations thereunder and (in the case of the Paying Agents and the Registrar)
                                         any notice given by the Trustee pursuant to subclause 2.3(a) and not make any amendment
                                         or modification to such Agreement without the prior written approval of the Trustee and
                                         use all reasonable endeavours to make such amendments to such Agreement as the Trustee
                                         may require;

 

		(p)	in order to enable the Trustee
                                         to ascertain the principal amount of Bonds for the time being outstanding for any of
                                         the purposes referred to in the proviso to the definition of outstanding in clause
                                         1, deliver to the Trustee forthwith upon being so requested in writing by the Trustee
                                         a certificate in writing signed by two Directors of the Issuer or two Directors of the
                                         relevant Guarantor or, in the case of BCL, either two Directors of BCL or a Director
                                         and the secretary of BCL (as appropriate) setting out the total number and aggregate
                                         principal amount of Bonds which:

 

		(i)	up to and including the date of such
                                         certificate have been purchased by the Issuer or any member of the Group and cancelled;
                                         and

 

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		(ii)	are at the date of such certificate
                                         held by, for the benefit of, or on behalf of, the Issuer, any Guarantor, any Subsidiary
                                         of a Guarantor, any holding company of a Guarantor or any other Subsidiary of any such
                                         holding company;

 

		(q)	procure its Subsidiaries to comply
                                         with all (if any) applicable provisions of Condition 8 (Redemption and Purchase);

 

		(r)	procure that each of the Paying
                                         Agents makes available for inspection by Bondholders at its specified office copies of
                                         these presents, the Agency Agreement and the then latest audited balance sheets and profit
                                         and loss accounts (consolidated if applicable) of the Group;

 

		(s)	give to the Trustee (i) on the
                                         date hereof, (ii) within three Business Days after a demand by the Trustee therefor and
                                         (iii) (without the necessity for such demand) within six months of BCL’s most recent
                                         financial year-end commencing with the financial period ending 31 December 2016 and within
                                         three months of the end of the first half of each financial year commencing with the
                                         financial period ending 30 June 2017, a certificate in or substantially in the form set
                                         out in Schedule 6 signed by either two Directors of BCL or a Director and the secretary
                                         of BCL addressed to the Trustee listing those Subsidiaries of BCL which as at the date
                                         hereof, as at the date of the relevant certificate or as at any specific date requested
                                         by the Trustee, were Material Subsidiaries for the purposes of Condition 11 (Events
                                         of Default);

 

		(t)	promptly give written notice signed
                                         by two directors of BCL or by a director and the secretary of BCL to the Trustee if any
                                         Subsidiary of BCL, (other than an Excluded Subsidiary) has Financial Indebtedness which
                                         in aggregate (without duplication) amounts to more than £2,000,000 (or its equivalent
                                         in any other currency) and BCL covenants that it shall procure that such Subsidiary shall
                                         as soon as reasonably practicable, but in any event no later than 60 days after the date
                                         on which it incurs such Financial Indebtedness, provide a Guarantee in respect of these
                                         presents in accordance with Clause 7 above;

 

		(u)	promptly give written notice signed
                                         by two directors of BCL or by a director and the secretary of BCL to the Trustee if a
                                         Subsidiary Guarantor is to be automatically released from the Guarantee in accordance
                                         with Condition 4.4 (Guarantee – Release of Subsidiary Guarantors);

 

		(v)	prior to making any modification
                                         or amendment or supplement to these presents, procure the delivery of (a) legal opinion(s)
                                         as to English and any other relevant law, addressed to the Trustee, dated the date of
                                         such modification or amendment or supplement, as the case may be, and in a form acceptable
                                         to the Trustee from legal advisers acceptable to the Trustee;

 

		(w)	give notice to the Trustee of
                                         the proposed redemption of the Bonds at least 5 business days in London prior to the
                                         giving of any notice of redemption in respect of such Bonds pursuant to Condition 14
                                         (Notices); and

 

		(x)	provide the Trustee with sufficient
                                         information so as to enable it to determine whether or not it is obliged, in respect
                                         of any payments to be made by it pursuant to these presents, to make any withholding
                                         or deduction pursuant to an agreement described in Section 1471(b) of the US Internal
                                         Revenue Code of 1986 (the Code) or otherwise imposed pursuant to Sections 1471
                                         through 1474 of the Code and any regulations or agreements thereunder or official interpretations
                                         thereof (FATCA Withholding Tax).

 

	15.	REMUNERATION AND INDEMNIFICATION OF TRUSTEE

 

	15.1	The Issuer failing whom, the Guarantors shall pay to the Trustee
                                    remuneration for its services as trustee as from the date of this Trust Deed, such remuneration
                                    to be at such rate and to be paid on such dates as may from time to time be agreed between
                                    the Issuer and the Trustee. In the absence of any agreement to the contrary, such remuneration
                                    shall be payable in advance on 26 April in each year, the first such payment to be made on
                                    the date hereof. Such remuneration shall accrue from day to day and be payable (in priority
                                    to payments to the Bondholders) up to and including the date when, all the Bonds having become
                                    due for redemption, the redemption moneys and interest thereon to the date of redemption have
                                    been paid to the Principal Paying Agent or, as the case may be, the Trustee PROVIDED THAT
                                    if upon due presentation of any Bond (if required) or any cheque payment of the moneys due
                                    in respect thereof is improperly withheld or refused, remuneration will commence again to
                                    accrue.

 

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		15.2	In the event of the occurrence of an Event of Default or a Potential Event
of Default the Issuer and the Guarantors hereby agree that the Trustee shall be entitled to be paid additional remuneration, which
may be calculated at its normal hourly rates in force from time to time (provided that such hourly rates are comparable to the
prevailing rates in the market at such time). In any other case, if the Trustee considers it expedient or necessary or is requested
by the Issuer or the Guarantors to undertake duties which the Trustee and the Issuer or, as the case may be, the relevant Guarantor
agree to be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under these presents the
Issuer, failing whom the Guarantors, shall pay to the Trustee such additional remuneration as shall be agreed between them (and
which may be calculated by reference to the Trustee's normal hourly rates in force from time to time provided that such hourly
rates are comparable to the prevailing rates in the market at such time).

 

		15.3	The Issuer, failing whom the Guarantors shall in addition pay to the Trustee
an amount equal to the amount of any value added tax or similar tax chargeable thereon in respect of its remuneration under these
presents.

 

		15.4	In the event of the Trustee and the Issuer failing or, as the case may
be, the relevant Guarantor failing to agree:

 

		(a)	(in a case to which subclause 15.1 above applies) upon the amount of the remuneration; or

 

		(b)	(in a case to which subclause 15.2 above applies) upon whether such duties
shall be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under these presents, or upon
such additional remuneration,

 

 such matters shall be
determined by a person (acting as an expert and not as an arbitrator) selected by the Trustee and approved by the Issuer or, failing
such approval, nominated (on the application of the Trustee) by the President for the time being of The Law Society of England
and Wales (the expenses involved in such nomination and the fees of such person being payable by the Issuer) and the determination
of any such person shall be final and binding upon the Trustee and the Issuer.

 

		15.5	Without prejudice to the right of indemnity by law given to trustees, the
Issuer and each Guarantor shall severally indemnify the Trustee and every Appointee and keep it or him indemnified against all
Liabilities to which it or he may be or become subject or which may be incurred by it or him in the preparation and execution or
purported execution of any of its or his trusts, powers, authorities and discretions under these presents or its or his functions
under any such appointment or in respect of any other matter or thing done or omitted in any way relating to these presents or
any such appointment (including all Liabilities incurred in disputing or defending any of the foregoing).

 

		15.6	The Issuer, failing whom the Guarantors, shall also pay or discharge all
Liabilities incurred by the Trustee in relation to the preparation and execution of, the exercise of its powers and the performance
of its duties under, and in any other manner relating to, these presents, including but not limited to travelling expenses and
any stamp, issue, registration, documentary and other taxes or duties paid or payable
by the Trustee in connection with any action taken or contemplated by or on behalf of the Trustee for enforcing these presents.

 

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		15.7	Where any amount which would otherwise be payable by the Issuer or the Guarantors
under subclause 15.5 or subclause 15.6 has instead been paid by any person or persons other than the Issuer or the Guarantors (each,
an Indemnifying Party), the Issuer or the Guarantors, as the case may be, shall pay to the Trustee an equal amount for the
purpose of enabling the Trustee to reimburse the Indemnifying Parties.

 

		15.8	All amounts payable pursuant to subclause 15.5 and 15.6 above shall be
payable by the Issuer on the date specified in a demand by the Trustee and in the case of payments actually made by the Trustee
prior to such demand shall carry interest at a rate equal to the Trustee’s cost of borrowing from the date such demand is
made, and in all other cases shall (if not paid within 30 days after the date of such demand or, if such demand specifies that
payment is to be made on an earlier date, on such earlier date) carry interest at such rate from such thirtieth day of such other
date specified in such demand. All remuneration payable to the Trustee shall carry interest at such rate from the due date therefor.
A certificate from the Trustee as to the Trustee’s cost of borrowing on any particular date or during any particular period
shall be conclusive and binding on the Issuer and the Guarantors.

 

		15.9	The Issuer hereby further undertakes to the Trustee that all monies payable
by the Issuer, failing which the Guarantors, to the Trustee under this clause shall be made without set-off, counterclaim, deduction
or withholding unless compelled by law in which event the Issuer, failing which the Guarantors, will pay such additional amounts
as will result in the receipt by the Trustee of the amounts which would otherwise have been payable by the Issuer, failing which
the Guarantors to the Trustee under this clause in the absence of any such set-off, counterclaim, deduction or withholding.

 

		15.10	Unless otherwise specifically stated in any discharge of these presents
the provisions of this clause 15 shall continue in full force and effect notwithstanding such discharge.

 

		16.	SUPPLEMENT TO TRUSTEE ACTS

 

Section 1 of the Trustee
Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by these presents. Where there are
any inconsistencies between the Trustee Acts and the provisions of these presents, the provisions of these presents shall, to the
extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of these presents
shall constitute a restriction or exclusion for the purposes of that Act. The Trustee shall have all the powers conferred upon
trustees by the Trustee Acts and by way of supplement thereto it is expressly declared as follows:

 

		(a)	The Trustee may in relation to these presents act on the advice or opinion
of or any information (whether addressed to the Trustee or not) obtained from any lawyer, valuer, accountant, surveyor, banker,
broker, auctioneer or other expert whether obtained by the Issuer, any Guarantor, the Trustee or otherwise and shall not be responsible
for any Liability occasioned by so acting.

 

		(b)	Any such advice, opinion or information may be sent or obtained by letter,
telex, telegram, facsimile transmission, electronic mail or cable and the Trustee shall not be liable for acting on any advice,
opinion or information purporting to be conveyed by any such letter, telegram, facsimile transmission, electronic mail or cable
although the same shall contain some error or shall not be authentic.

 

		(c)	The Trustee may call for and shall be at liberty to accept as sufficient
evidence of any fact or matter or the expediency of any transaction or thing a certificate signed by any two Directors of the Issuer
and/or by any two Directors of any Guarantor or, in the case of BCL, either two Directors of BCL or a
Director and the secretary of BCL and the Trustee shall not be bound in any such case to call for further evidence or be responsible
for any Liability that may be occasioned by it or any other person acting on such certificate.

 

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		(d)	The Trustee shall be at liberty to hold these presents and any other documents
relating thereto or to deposit them in any part of the world with any banker or banking company or company whose business includes
undertaking the safe custody of documents or lawyer or firm of lawyers considered by the Trustee to be of good repute and the Trustee
shall not be responsible for or required to insure against any Liability incurred in connection with any such holding or deposit
and may pay all sums required to be paid on account of or in respect of any such deposit.

 

		(e)	The Trustee shall not be responsible for the receipt or application of
the proceeds of the issue of any of the Bonds by the Issuer, the exchange of the Global Certificate for Definitive Certificates
or the delivery of the Global Certificate or Definitive Certificates to the person(s) entitled to it or them.

 

		(f)	The Trustee shall not be bound to give notice to any person of the execution
of any documents comprised or referred to in these presents or to take any steps to ascertain whether any Event of Default or Potential
Event of Default has happened and, until it shall have actual knowledge or express notice pursuant to these presents to the contrary,
the Trustee shall be entitled to assume that no Event of Default or Potential Event of Default has happened and that the Issuer
and each Guarantor is observing and performing all its obligations under these presents.

 

		(g)	Save as expressly otherwise provided in these presents, the Trustee shall
have absolute and uncontrolled discretion as to the exercise or non-exercise of its trusts, powers, authorities and discretions
under these presents (the exercise or non-exercise of which as between the Trustee and the Bondholders shall be conclusive and
binding on the Bondholders) and shall not be responsible for any Liability which may result from their exercise or non-exercise
and in particular the Trustee shall not be bound to act at the request or direction of the Bondholders or otherwise under any provision
of these presents or to take at such request or direction or otherwise any other action under any provision of these presents,
without prejudice to the generality of subclause 9.1, unless it shall first be indemnified and/or secured and/or pre-funded to
its satisfaction against all Liabilities to which it may render itself liable or which it may incur by so doing and the Trustee
shall incur no liability for refraining to act in such circumstances.

 

		(h)	The Trustee shall not be liable to any person by reason of having acted
upon any Extraordinary Resolution in writing or any Extraordinary Resolution purporting to have been passed at any meeting of Bondholders
in respect whereof minutes have been made and signed or any Extraordinary Resolution passed by way of electronic consents received
through the relevant Clearing System(s) in accordance with these presents or any direction or request of Bondholders even though
subsequent to its acting it may be found that there was some defect in the constitution of the meeting or the passing of the resolution
or (in the case of an Extraordinary Resolution in writing or a direction or a request) it was not signed by the requisite number
of Bondholders or (in the case of an Extraordinary Resolution passed by electronic consents received through the relevant Clearing
System(s)) it was not approved by the requisite number of Bondholders or that for any reason the resolution, direction or request
was not valid or binding upon such Bondholders.

 

		(i)	The Trustee shall not be liable to any person by reason of having accepted
as valid or not having rejected any Bond purporting to be such and subsequently found to be forged or not authentic.

 

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		(j)	Any consent or approval given by the Trustee for the purposes of these presents
may be given on such terms and subject to such conditions (if any) as the Trustee thinks fit and notwithstanding anything to the
contrary in these presents may be given retrospectively. The Trustee may give any consent or approval, exercise any power, authority
or discretion or take any similar action (whether or not such consent, approval, power, authority, discretion or action is specifically
referred to in these presents) if it is satisfied that the interests of the Bondholders will not be materially prejudiced thereby.
For the avoidance of doubt, the Trustee shall not have any duty to the Bondholders in relation to such matters other than that
which is contained in the preceding sentence.

 

		(k)	The Trustee shall not (unless and to the extent ordered so to do by a court
of competent jurisdiction) be required to disclose to any Bondholder any information (including, without limitation, information
of a confidential, financial or price sensitive nature) made available to the Trustee by the Issuer or the Guarantors or any other
person in connection with these presents and no Bondholder shall be entitled to take any action to obtain from the Trustee any
such information.

 

		(l)	Where it is necessary or desirable for any purpose in connection with these
presents to convert any sum from one currency to another it shall (unless otherwise provided by these presents or required by law)
be converted at such rate or rates, in accordance with such method and as at such date for the determination of such rate of exchange,
as may be agreed by the Trustee in consultation with the Issuer or the Guarantor as relevant and any rate, method and date so agreed
shall be binding on the Issuer, the Guarantors, and the Bondholders.

 

		(m)	The Trustee may certify that any of the conditions, events and acts set out in subparagraphs
                                                                                (b) to (d) inclusive (other than the winding up or dissolution of the Issuer, any Guarantor or any of the Material
                                                                                Subsidiaries), (e) to (g) inclusive and (k) and (l) of Condition 11.1 (Events of Default) (each of which conditions,
                                                                                events and acts shall, unless in any case the Trustee in its absolute discretion shall otherwise determine, for all the
                                                                                purposes of these presents be deemed to include the circumstances resulting therein and the consequences resulting therefrom)
                                                                                is in its opinion materially prejudicial to the interests of the Bondholders and any such certificate shall be conclusive and
                                                                                binding upon the Issuer, the Guarantors, and the Bondholders.

 

		(n)	The Trustee as between itself and the Bondholders may determine all questions
and doubts arising in relation to any of the provisions of these presents. Every such determination, whether or not relating in
whole or in part to the acts or proceedings of the Trustee, shall be conclusive and shall bind the Trustee and the Bondholders.

 

		(o)	In connection with the exercise by it of any of its trusts, powers, authorities
and discretions under these presents (including, without limitation, any modification, waiver, authorisation, determination or
substitution), the Trustee shall have regard to the general interests of the Bondholders as a class and shall not have regard to
any interests arising from circumstances particular to individual Bondholders (whatever their number) and, in particular but without
limitation, shall not have regard to the consequences of any such exercise for individual Bondholders (whatever their number) resulting
from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any
particular territory or any political sub-division thereof and the Trustee shall not be entitled to require, nor shall any Bondholder
be entitled to claim, from the Issuer, the Guarantors, the Trustee or any other person any indemnification or payment in respect
of any tax consequence of any such exercise upon individual Bondholders except to the extent already provided for in Condition
9 (Taxation) and/or any undertaking given in addition thereto or in substitution therefor under these presents.

 

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		(p)	Any trustee of these presents being a lawyer, accountant, broker or other
person engaged in any profession or business shall be entitled to charge and be paid all usual professional and other charges for
business transacted and acts done by him or his firm in connection with the trusts of these presents and also his proper charges
in addition to disbursements for all other work and business done and all time spent by him or his firm in connection with matters
arising in connection with these presents.

 

		(q)	The Trustee may whenever it thinks fit delegate by power of attorney or
otherwise to any person or persons or fluctuating body of persons (whether being a joint trustee of these presents or not) all
or any of its trusts, powers, authorities and discretions under these presents. Such delegation may be made upon such terms (including
power to sub-delegate) and subject to such conditions and regulations as the Trustee may in the interests of the Bondholders think
fit. The Trustee shall not be under any obligation to supervise the proceedings or acts of any such delegate or sub-delegate or
be in any way responsible for any Liability incurred by reason of any misconduct or default on the part of any such delegate or
sub-delegate. The Trustee shall within a reasonable time after any such delegation or any renewal, extension or termination thereof
give notice thereof to the Issuer.

 

		(r)	The Trustee may in the conduct of the trusts of these presents instead of
acting personally employ and pay an agent (whether being a lawyer or other professional person) to transact or conduct, or concur
in transacting or conducting, any business and to do, or concur in doing, all acts required to be done in connection with these
presents (including the receipt and payment of money). The Trustee shall not be in any way responsible for any Liability incurred
by reason of any misconduct or default on the part of any such agent or be bound to supervise the proceedings or acts of any such
agent.

 

		(s)	The Trustee may appoint and pay any person to act as a custodian or nominee
on any terms in relation to such assets of the trusts constituted by these presents as the Trustee may determine, including for
the purpose of depositing with a custodian these presents or any document relating to the trusts constituted by these presents
and the Trustee shall not be responsible for any Liability incurred by reason of the misconduct, omission or default on the part
of any person appointed by it hereunder or be bound to supervise the proceedings or acts of such person; the Trustee is not obliged
to appoint a custodian if the Trustee invests in securities payable to bearer.

 

		(t)	The Trustee shall not be responsible for the execution, delivery, legality,
effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of these presents or any
other document relating or expressed to be supplemental thereto and shall not be liable for any failure to obtain any licence,
consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance,
enforceability or admissibility in evidence of these presents or any other document relating or expressed to be supplemental thereto.

 

		(u)	The Trustee may call for and shall be entitled to rely on any record,
                                                                certificate or other document to be issued by Euroclear or Clearstream, Luxembourg as to the principal amount of Bonds
                                                                represented by the Global Certificate standing to the account of any person. Any such record, certificate or other document
                                                                shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such record, certificate or other
                                                                document may comprise any form of statement or print out of electronic records provided by the relevant clearing system
                                                                (including Euroclear’s EUCLID or Clearstream, Luxembourg's Creation Online system) in accordance with its usual
                                                                procedures and in which the holder of a particular principal amount of Bonds is clearly identified together with the amount
                                                                of such holding. The Trustee shall not be liable to any person by reason of having accepted as valid or not having rejected
                                                                any such record, certificate or other document to such effect purporting to be issued by Euroclear or Clearstream,
Luxembourg and subsequently found to be forged or not authentic.

 

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		(v)	The Trustee shall not be responsible to any person for failing to request,
require or receive any legal opinion relating to the Bonds or for checking or commenting upon the content of any such legal opinion
and shall not be responsible for any Liability incurred thereby.

 

		(w)	Subject to the requirements, if any, of the London Stock Exchange, any
corporation into which the Trustee shall be merged or with which it shall be consolidated or any company resulting from any such
merger or consolidation shall be a party hereto and shall be the Trustee under these presents without executing or filing any paper
or document or any further act on the part of the parties thereto.

 

		(x)	The Trustee shall not be bound to take any action in connection with these
presents or any obligations arising pursuant thereto, including, without prejudice to the generality of the foregoing, forming
any opinion or employing any financial adviser, where it is not satisfied that it will be indemnified against all Liabilities which
may be incurred in connection with such action and may demand prior to taking any such action that there be paid to it in advance
such sums as it considers (without prejudice to any further demand) shall be sufficient so to indemnify it.

 

		(y)	No provision of these presents shall require the Trustee to do anything
which may (i) be illegal or contrary to applicable law or regulation; or (ii) cause it to expend or risk its own funds or otherwise
incur any Liability in the performance of any of its duties or in the exercise of any of its rights, powers or discretions (including
obtaining any advice which it might otherwise have thought appropriate or desirable to obtain), if it shall believe that repayment
of such funds or adequate indemnity against such risk or Liability is not assured to it.

 

		(z)	Unless notified to the contrary, the Trustee shall be entitled to assume
without enquiry (other than requesting a certificate pursuant to subclause 14(p)) that no Bonds are held by, for the benefit of,
or on behalf of, the Issuer, any Guarantor, any Subsidiary of a Guarantor, any holding company of a Guarantor or any other Subsidiary
of any such holding company.

 

		(aa)	The Trustee shall have no responsibility whatsoever to
the Issuer, the Guarantors, any Bondholder or any other person for the maintenance of or failure to maintain any rating of any
of the Bonds by any rating agency.

 

		(bb)	Any certificate, advice, opinion or report of the Auditors
or any other expert or professional adviser called for by or provided to the Trustee (whether or not addressed to the Trustee)
in accordance with or for the purposes of these presents may be relied upon by the Trustee as sufficient evidence of the facts
stated therein notwithstanding that such certificate, advice, opinion or report and/or any engagement letter or other document
entered into by the Trustee in connection therewith contains a monetary or other limit on the liability of the Auditors or such
other expert or professional adviser in respect thereof and notwithstanding that the scope and/or basis of such certificate, advice,
opinion or report may be limited by any engagement or similar letter or by the terms of the certificate, advice, opinion or report
itself.

 

		(cc)	The Trustee shall not be responsible for, or for investigating
any matter which is the subject of, any recital, statement, representation, warranty or covenant of any person contained in these
presents, or any other agreement or document relating to the transactions contemplated in these presents or under such other agreement
or document.

 

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		(dd)	The Trustee shall not be liable or responsible for any
Liabilities or inconvenience which may result from anything done or omitted to be done by it in accordance with the provisions
of these presents.

 

		(ee)	The Trustee shall not incur any liability to the Issuer,
Bondholders or any other person in connection with any approval given by it pursuant to Clause 14(n) to any notice to be given
to Bondholders by the Issuer; the Trustee shall not be deemed to have represented, warranted, verified or confirmed that the contents
of any such notice are true, accurate or complete in any respects or that it may be lawfully issued or received in any jurisdiction.

 

		(ff)	When determining whether an indemnity or any security
or pre-funding is satisfactory to it, the Trustee shall be entitled to evaluate its risk in any given circumstance by considering
the worst-case scenario and, for this purpose, it may take into account, without limitation, the potential costs of defending
or commencing proceedings in England or elsewhere and the risk, however remote, of any award of damages against it in England
or elsewhere.

 

		(gg)	The Trustee shall be entitled to require that any indemnity
or security given to it by the Bondholders or any of them be given on a joint and several basis and be supported by evidence satisfactory
to it as to the financial standing and creditworthiness of each counterparty and/or as to the value of the security and an opinion
as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security.

 

		(hh)	The Trustee shall not be responsible for monitoring whether
any notices to Bondholders are given in compliance with the requirements of the London Stock Exchange or with any other legal
or regulatory requirements.

 

		(ii)	The Trustee shall be entitled to deduct FATCA Withholding
Tax, and shall have no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such FATCA
Withholding Tax.

 

		(jj)	Notwithstanding anything in these presents to the contrary,
the Trustee shall not do, or be authorised or required to do, anything which might constitute a regulated activity for the purpose
of the FSMA, unless it is authorised under the FSMA to do so. The Trustee shall have the discretion at any time (i) to delegate
any of the functions which fall to be performed by an authorised person under the FSMA to any agent or person which has the necessary
authorisations and licences and (ii) to apply for authorisation under the FSMA and perform any or all such functions itself if,
in its absolute discretion, it considers it necessary, desirable or appropriate to do so.

 

		17.	TRUSTEE'S LIABILITY

 

		17.1	Nothing in these presents shall exempt the Trustee from or indemnify it
against any liability which by virtue of any rule of law would otherwise attach to it in respect of any gross negligence, wilful
default or fraud of which it may be guilty in relation to its duties under these presents where the Trustee has failed to show
the degree of care and diligence required of it as trustee having regard to the provisions of these presents conferring on it any
trusts, powers, authorities or discretions.

 

		17.2	Notwithstanding any provision of these presents to the contrary, the Trustee
shall not in any event be liable for:

 

		(a)	loss of profit, loss of business, loss of goodwill, loss of opportunity,
whether direct or indirect; and

 

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		(b)	special, indirect, punitive or consequential loss or damage of any kind whatsoever, whether or not foreseeable,
whether or not the Trustee can reasonably be regarded as having assumed responsibility at the time this Trust Deed is entered into,
even if the Trustee has been advised of the likelihood of such loss or damage, unless the claim for loss or damage is made in respect
of fraud on the part of the Trustee.

 

		18.	TRUSTEE CONTRACTING WITH THE ISSUER AND THE GUARANTORS

 

Neither the Trustee nor
any director or officer or holding company, Subsidiary or associated company of a corporation acting as a trustee under these presents
shall by reason of its or his fiduciary position be in any way precluded from:

 

		(a)	entering into or being interested in any contract or financial or other
transaction or arrangement with the Issuer or any Guarantor or any person or body corporate associated with the Issuer or any Guarantor
(including without limitation any contract, transaction or arrangement of a banking or insurance nature or any contract, transaction
or arrangement in relation to the making of loans or the provision of financial facilities or financial advice to, or the purchase,
placing or underwriting of or the subscribing or procuring subscriptions for or otherwise acquiring, holding or dealing with, or
acting as paying agent in respect of, the Bonds or any other bonds, notes stocks, shares, debenture stock, debentures or other
securities of, the Issuer or any Guarantor or any person or body corporate associated as aforesaid); or

 

	 	(b)	 accepting or holding the trusteeship of any other trust deed constituting or securing any other securities issued
    by or relating to the Issuer or any Guarantor or any such person or body corporate so associated or any other office of
    profit under the Issuer or any Guarantor or any such person or body corporate so associated, 

 

and shall be entitled to
    exercise and enforce its rights, comply with its obligations and perform its duties under or in relation to any such
    contract, transaction or arrangement as is referred to in (a) above or, as the case may be, any such trusteeship or office of
    profit as is referred to in (b) above without regard to the interests of the Bondholders and notwithstanding that the same
    may be contrary or prejudicial to the interests of the Bondholders and shall not be responsible for any Liability occasioned
    to the Bondholders thereby and shall be entitled to retain and shall not be in any way liable to account for any profit made
    or share of brokerage or commission or remuneration or other amount or benefit received thereby or in connection
    therewith.

 

Where any holding company,
subsidiary or associated company of the Trustee or any director or officer of the Trustee acting other than in his capacity as
such a director or officer has any information, the Trustee shall not thereby be deemed also to have knowledge of such information
and, unless it shall have actual knowledge of such information, shall not be responsible for any loss suffered by Bondholders resulting
from the Trustee's failing to take such information into account in acting or refraining from acting under or in relation to these
presents.

 

		19.	WAIVER, AUTHORISATION AND DETERMINATION

 

		19.1	The Trustee may without the consent or sanction of the Bondholders and
without prejudice to its rights in respect of any subsequent breach, Event of Default or Potential Event of Default from time to
time and at any time but only if and in so far as in its opinion the interests of the Bondholders shall not be materially prejudiced
thereby waive or authorise any breach or proposed breach by the Issuer or any Guarantor of any of the covenants or provisions contained
in these presents or the Agency Agreement or determine that any Event of Default or Potential Event of Default shall not be treated
as such for the purposes of these presents PROVIDED ALWAYS THAT the Trustee shall not exercise any powers conferred on it by this
clause in contravention of any express direction given by Extraordinary Resolution or by a request under Condition 12 (Enforcement)
but so that no such direction or request
shall affect any waiver, authorisation or determination previously given or made. Any such waiver, authorisation or determination
may be given or made on such terms and subject to such conditions (if any) as the Trustee may determine, shall be binding on the
Bondholders and, if, but only if, the Trustee shall so require, shall be notified by the Issuer to the Bondholders in accordance
with Condition 14 (Notices) as soon as practicable thereafter.

 

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MODIFICATION

 

		19.2	The Trustee may without the consent or sanction of the Bondholders at any
time and from time to time concur with the Issuer and the Guarantors in making any modification (i) to these presents or the Agency
Agreement (including, without limitation, any Basic Terms Modification) which in the opinion of the Trustee it may be proper to
make PROVIDED THAT the Trustee is of the opinion that such modification is not materially prejudicial to the interests of the Bondholders
or (ii) to these presents or the Agency Agreement if in the opinion of the Trustee such modification is of a formal, minor or technical
nature or to correct a manifest error or an error which is, in the opinion of the Trustee, proven. Any such modification may be
made on such terms and subject to such conditions (if any) as the Trustee may determine, shall be binding upon the Bondholders
and, unless the Trustee agrees otherwise, shall be notified by the Issuer to the Bondholders in accordance with Condition 14 (Notices)
as soon as practicable thereafter.

 

BREACH

 

		19.3	Any breach of or failure to comply with any such terms and conditions as
are referred to in subclauses 19.1 and 19.2 shall constitute a default by the Issuer or the relevant Guarantor (as the case may
be) in the performance or observance of a covenant or provision binding on it under or pursuant to these presents.

 

		20.	ENTITLEMENT TO TREAT HOLDER AS ABSOLUTE OWNER

 

The Issuer, the Guarantors,
the Trustee, the Paying Agents, the Registrar and the Transfer Agents may (to the fullest extent permitted by applicable laws)
deem and treat the holder of any Bond or of a particular principal amount of the Bonds as the absolute owner of such Bond or principal
amount for all purposes (whether or not such Bond or principal amount shall be overdue and notwithstanding any notice of ownership
thereof or of trust or other interest with regard thereto, any notice of loss or theft thereof or any writing thereon), and the
Issuer, the Guarantors, the Trustee, the Paying Agents, the Registrar and the Transfer Agents shall not be affected by any notice
to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy
and discharge the liability for the moneys payable in respect of such Bond or principal amount.

 

		21.	SUBSTITUTION

 

		21.1	(a)	The Trustee may without the consent of the Bondholders at any time
agree with the Issuer and the Guarantors to the substitution in place of the Issuer (or of the previous substitute under this clause)
as the principal debtor under these presents of BCL or any of its other Subsidiaries (such substituted company being hereinafter
called the New Company) provided that a trust deed is executed or some other form of undertaking is given by the New Company
in form and manner satisfactory to the Trustee, agreeing to be bound by the provisions of these presents with any consequential
amendments which the Trustee may deem appropriate as fully as if the New Company had been named in these presents as the principal
debtor in place of the Issuer (or of the previous substitute under the clause) and provided further that each Guarantor (other
than a Guarantor substituted in place of the Issuer) continues to unconditionally and irrevocably guarantee all amounts payable
under these presents to the satisfaction of the Trustee.

 

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		(b)	The following further conditions shall apply to (a) above:

 

		(i)	the Issuer, each Guarantor and the New Company shall comply with such other
requirements as the Trustee may direct in the interests of the Bondholders;

 

		(ii)	without prejudice to the rights of reliance of the Trustee under the immediately
following paragraph (iii), the Trustee is satisfied that the relevant transaction is not materially prejudicial to the interests
of the Bondholders; and

 

		(iii)	if two Directors of the New Company (or other officers acceptable to the
Trustee) shall certify that the New Company is solvent both at the time at which the relevant transaction is proposed to be effected
and immediately thereafter (which certificate the Trustee may rely upon absolutely) the Trustee shall not be under any duty to
have regard to the financial condition, profits or prospects of the New Company or to compare the same with those of the Issuer
or the previous substitute under this clause as applicable.

 

		21.2	Any such trust deed or undertaking shall, if so expressed, operate to release
the Issuer or the previous substitute as aforesaid from all of its obligations as principal debtor under these presents. Not later
than 14 days after the execution of such documents and compliance with such requirements, the New Company shall give notice thereof
in a form previously approved by the Trustee to the Bondholders in the manner provided in Condition 14 (Notices). Upon the
execution of such documents and compliance with such requirements, the New Company shall be deemed to be named in these presents
as the principal debtor in place of the Issuer (or in place of the previous substitute under this clause) under these presents
and these presents shall be deemed to be modified in such manner as shall be necessary to give effect to the above provisions and,
without limitation, references in these presents to the Issuer shall, unless the context otherwise requires, be deemed to be or
include references to the New Company.

 

		22.	CURRENCY INDEMNITY

 

Each of the Issuer and
each of the Guarantors shall severally indemnify the Trustee, every Appointee and the Bondholders and keep them indemnified against:

 

		(a)	any Liability incurred by any of them arising from the non-payment by the
Issuer or the Guarantors of any amount due to the Trustee or the Bondholders under these presents by reason of any variation in
the rates of exchange between those used for the purposes of calculating the amount due under a judgment or order in respect thereof
and those prevailing at the date of actual payment by the Issuer or the Guarantors; and

 

		(b)	any deficiency arising or resulting from any variation in rates of exchange
between (i) the date as of which the local currency equivalent of the amounts due or contingently due under these presents (other
than this clause) is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Issuer or any Guarantor and
(ii) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency
shall be deemed not to be reduced by any variation in rates of exchange occurring between the said final date and the date of any
distribution of assets in connection with any such bankruptcy, insolvency or liquidation.

 

The above
indemnities shall constitute obligations of the Issuer and the Guarantors separate and independent from their obligations
under the other provisions of these presents and shall apply irrespective of any indulgence granted by the Trustee or the
Bondholders from time to time and shall continue in full force and effect notwithstanding the judgment or filing of any proof
or proofs in any bankruptcy, insolvency or liquidation of the Issuer or the Guarantors for a liquidated sum or sums in
respect of amounts due under these presents (other than this clause). Any such deficiency as aforesaid shall be deemed to
constitute a loss suffered by the Bondholders and no proof or evidence of any actual loss shall be required by the Issuer or
the Guarantors or their liquidator or liquidators.

 

    32 

     

    

 

		23.	NEW TRUSTEE

 

		23.1	The power to appoint a new trustee of these presents shall, subject as
hereinafter provided, be vested in the Issuer but no person shall be appointed who shall not previously have been approved by an
Extraordinary Resolution. One or more persons may hold office as trustee or trustees of these presents but such trustee or trustees
shall be or include a Trust Corporation. Whenever there shall be more than two trustees of these presents the majority of such
trustees shall be competent to execute and exercise all the duties, powers, trusts, authorities and discretions vested in the Trustee
by these presents provided that a Trust Corporation shall be included in such majority. Any appointment of a new trustee of these
presents shall as soon as practicable thereafter be notified by the Issuer to the Principal Paying Agent, the Registrar, the Transfer
Agents and the Bondholders.

 

SEPARATE AND CO-TRUSTEES

 

		23.2	Notwithstanding the provisions of subclause 23.1 above, the Trustee may,
upon giving prior notice to the Issuer and the Guarantors (but without the consent of the Issuer, the Guarantors or the Bondholders),
appoint any person established or resident in any jurisdiction (whether a Trust Corporation or not) to act either as a separate
trustee or as a co-trustee jointly with the Trustee:

 

		(a)	if the Trustee considers such appointment to be in the interests of the Bondholders;

 

		(b)	for the purposes of conforming to any legal requirements, restrictions
or conditions in any jurisdiction in which any particular act or acts is or are to be performed; or

 

		(c)	for the purposes of obtaining a judgment in any jurisdiction or the enforcement
in any jurisdiction of either a judgment already obtained or any of the provisions of these presents against the Issuer and/or
any Guarantor.

 

The Issuer and each of
the Guarantors irrevocably appoints the Trustee to be its attorney in its name and on its behalf to execute any such instrument
of appointment. Such a person shall (subject always to the provisions of these presents) have such trusts, powers, authorities
and discretions (not exceeding those conferred on the Trustee by these presents) and such duties and obligations as shall be conferred
or imposed by the instrument of appointment. The Trustee shall have power in like manner to remove any such person. Such reasonable
remuneration as the Trustee may pay to any such person, together with any attributable Liabilities incurred by it in performing
its function as such separate trustee or co-trustee, shall for the purposes of these presents be treated as Liabilities incurred
by the Trustee.

 

		24.	TRUSTEE'S RETIREMENT AND REMOVAL

 

A trustee of these
presents may retire at any time on giving not less than 90 days' prior written notice to the Issuer and the Guarantors
without giving any reason and without being responsible for any Liabilities incurred by reason of such retirement. The
Bondholders may by Extraordinary Resolution remove any trustee or trustees for the time being of these presents. The Issuer
and each Guarantor undertake that in the event of the only trustee of these presents which is a Trust Corporation (for the
avoidance of doubt, disregarding for this purpose any separate or co-trustee appointed under subclause 23.2) giving notice
under this clause or being removed by Extraordinary Resolution they will use their best endeavours to procure that a new
trustee of these presents being a Trust Corporation is appointed as soon as reasonably practicable thereafter. The retirement
or removal of any such trustee shall not become effective until a successor trustee being a Trust Corporation is appointed.
If, in such circumstances, no appointment of such a new trustee has become effective within 60 days of the date of such
notice or Extraordinary Resolution, the Trustee shall be entitled to appoint a Trust Corporation as trustee of these
presents, but no such appointment shall take effect unless previously approved by an Extraordinary Resolution.

 

    33 

     

    

 

		25.	TRUSTEE'S POWERS TO BE ADDITIONAL

 

The powers conferred upon
the Trustee by these presents shall be in addition to any powers which may from time to time be vested in the Trustee by the general
law or as a holder of any of the Bonds.

 

		26.	NOTICES

 

Any notice or demand
to the Issuer, BCL or the Trustee to be given, made or served for any purposes under these presents shall be given, made or served
by sending the same by pre-paid post (first class if inland, first class airmail if overseas) or facsimile transmission or by delivering
it by hand as follows:

 

	to the Issuer:	Burford Capital PLC	 
	 	24 Cornhill	 
	 	London EC3V 3ND	 
	 	 
	 	(Attention: Leslie Paster)	 
	 	 
	 	Facsimile No. 020 70609977	 
	 	 
	to BCL:	Burford Capital Limited	 
	 	Regency Court	 
	 	Glategny Esplanade	 
	 	St Peter Port	 
	 	GY1 1WW	 
	 	 
	 	(Attention: Mark Woodall)	 
	 	 
	 	Facsimile No. (0)1481716868	 
	 	 
	to the Trustee:	U.S. Bank Trustees Limited	 
	 	125 Old Broad Street	 
	 	Fifth Floor	 
	 	London	 
	 	EC2N 1AR	 
	 	 
	 	(Attention: Structured Finance Relationship Management)	 
	 	 
	 	Facsimile No. +44 (0)20 7354 2577	 

 

or to such other
address or facsimile number as shall have been notified (in accordance with this clause) to the other parties hereto and any
notice or demand sent by post as aforesaid shall be deemed to have been given, made or served two days in the case of inland
post or seven days in the case of overseas post after despatch and any notice or demand sent by facsimile transmission as
aforesaid shall be deemed to have been given, made or served at the time of despatch provided that in the case of a notice or
demand given by facsimile transmission a confirmation of transmission is received by the sending party and such notice or
demand shall forthwith be confirmed by post. The failure of the addressee to receive such confirmation shall not invalidate
the relevant notice or demand given by facsimile transmission.

 

    34 

     

    

 

		27.	CONFIDENTIALITY UNDERTAKING

 

		27.1	The Trustee undertakes that it, and each of its directors, officers and affiliates, will:

 

		(a)	keep the Confidential Information confidential and not disclose it to any
person except as permitted under sub-clause 27.2 below or with the written consent of the Issuer; and

 

		(b)	use the Confidential Information solely to perform its role of Trustee pursuant
to the provisions of these presents upon and subject to the terms and conditions of these presents.

 

		27.2	The Trustee may disclose Confidential Information only in the following
circumstances and only if and to the extent that the Trustee reasonably determines that: (i) it is both relevant and necessary
to do so in the relevant circumstances and (ii) in the case of (d) and (f) below (and in the case of (e) below, to the extent it
relates to disclosure to the Bondholders), it is necessary for Bondholders to be aware of such Confidential Information when considering
any matter, making any relevant decision or when determining to give any relevant directions to the Trustee:

 

		(a)	to its professional advisers or auditors, or to any separate or co-trustee
or Appointee, provided that the recipient is subject to professional obligations to maintain the confidentiality of the Confidential
Information or is otherwise bound by requirements of confidentiality (in mutatis mutandis the same form as this Clause 27)
in relation to the Confidential Information;

 

		(b)	to comply with any court order or applicable law or regulation;

 

		(c)	to defend itself (in legal proceedings or otherwise) against any allegations
of negligence, default or misconduct (howsoever described) where failure by the Trustee to disclose the Confidential Information
would otherwise materially prejudice the Trustee’s defence;

 

		(d)	for the purpose of investigating the occurrence of any Event of Default
or Potential Event of Default (where it knows, or has reasonable grounds to suspect, that such an event has occurred);

 

		(e)	for the purpose of enforcing any of its rights or the rights of the Bondholders
under these presents and/or the Bonds against the Issuer and/or any Guarantor (including, without limitation, in any court proceedings);
or

 

		(f)	to enable it to seek directions from the Bondholders, in circumstances
where it determines that such directions are necessary or desirable.

 

    35 

     

    

 

		27.3	To the extent permitted by applicable law, the Trustee agrees to inform
the Issuer of each disclosure of Confidential Information pursuant to paragraphs (b) to (f) of sub-clause 27.2 above as soon as
reasonably practicable after making its decision to disclose or upon becoming aware that Confidential Information has been disclosed
in breach of Clause 27.1.

 

		27.4	The obligations in this Clause 27 are continuing and shall remain in full
force and effect notwithstanding redemption of the Bonds or termination of these presents.

 

		28.	GOVERNING LAW

 

These presents and any
non-contractual obligations arising out of or in connection with them are governed by, and shall be construed in accordance with,
English law.

 

		29.	SUBMISSION TO JURISDICTION

 

		29.1	Each of the Guarantors irrevocably agrees for the benefit of the Trustee
and the Bondholders that the courts of England are to have exclusive jurisdiction to settle any dispute which may arise out of
or in connection with these presents and accordingly submit to the exclusive jurisdiction of the English courts. Each of the Guarantors
waives any objection to the courts of England on the grounds that they are an inconvenient or inappropriate forum. To the extent
permitted by law, the Trustee and the Bondholders may take any suit, action or proceeding arising out of or in connection with
these presents (together referred to as Proceedings) against the Guarantors in any other court of competent jurisdiction
and concurrent Proceedings in any number of jurisdictions.

 

		29.2	BCL irrevocably and unconditionally appoints the Issuer at its registered
office for the time being as its agent for service of process in England in respect of any Proceedings and undertakes that in the
event of it ceasing so to act it will appoint such other person as the Trustee may approve as its agent for that purpose. BCL:

 

		(a)	agrees to procure that, so long as any of the Bonds remains liable to prescription,
there shall be in force an appointment of such a person approved by the Trustee with an office in London with authority to accept
service as aforesaid;

 

		(b)	agrees that failure by any such person to give notice of such service of
process to BCL shall not impair the validity of such service or of any judgment based thereon;

 

		(c)	consents to the service of process in respect of any Proceedings by the
airmailing of copies, postage prepaid, to BCL in accordance with clause 26; and

 

		(d)	agrees that nothing in these presents shall affect the right to serve process
in any other manner permitted by law.

 

		30.	COUNTERPARTS

 

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

 

		31.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 

A person who is not a
party to these presents has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of these presents,
but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

 

    36 

     

    

 

IN WITNESS whereof this Trust Deed has been
executed as a deed by the Issuer, BCL and the Trustee and delivered on the date first stated on page 1.

 

    37 

     

    

 

 

SCHEDULE 1

 

FORM OF GLOBAL CERTIFICATE

 

[THIS GLOBAL CERTIFICATE
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR ANY STATE SECURITIES LAWS AND
THE ISSUER HAS NOT BEEN REGISTERED AS AN "INVESTMENT COMPANY" UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED
(THE 1940 ACT). NEITHER THIS GLOBAL CERTIFICATE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND UNDER CIRCUMSTANCES WHICH DO NOT REQUIRE THE ISSUER TO REGISTER UNDER THE 1940 ACT.]

 

ISIN: XS1614096425

 

BURFORD CAPITAL PLC

(Incorporated with limited
liability under the laws of England and Wales with registered number 09077893)

 

GLOBAL CERTIFICATE

 

representing

 

£175,000,000
5.0 PER CENT. GUARANTEED

 BONDS DUE 2026

 

unconditionally and
irrevocably guaranteed

 as to payment of principal and interest by

 

BURFORD CAPITAL LIMITED

(Incorporated with limited
liability under the laws of Guernsey with registered number 50877)

and any Subsidiary of Burford
Capital Limited which becomes a Guarantor from time to time

 

Burford Capital PLC (the
Issuer) hereby certifies that USB Nominees (UK) Limited is, at the date hereof, entered in the Register as the holder of
the aggregate principal amount of £175,000,000 of a duly authorised issue of Bonds (the Bonds) described above of
the Issuer. References herein to the Conditions (or to any particular numbered Condition) shall be to the Conditions (or that particular
one of them) set out in Schedule 2 to the Trust Deed referred to below. Words and expressions defined in the Conditions shall bear
the same meanings when used in this Global Certificate. This Global Certificate is issued subject to, and with the benefit of,
the Conditions and a Trust Deed dated 1 June 2017 and made between the Issuer and U.S. Bank Trustees Limited (the Trustee)
as trustee for the Bondholders.

 

The Issuer, subject to
and in accordance with the Conditions and the Trust Deed, promises to pay to the registered holder hereof on 1 December 2026
and/or on such earlier date(s) as all or any of the Bonds represented by this Global Certificate may become due and repayable
in accordance with the Conditions and the Trust Deed, the amount payable under the Conditions in respect of such Bonds on
each such date and to pay interest (if any) on the principal amount of the Bonds outstanding from time to time represented by
this Global Certificate calculated and payable as provided in the Conditions and the Trust Deed together with any other sums
payable under the Conditions and the Trust Deed. At maturity, and prior to the payment of any amount due, the registered
holder hereof shall surrender this Global Certificate at the specified office of the Principal Paying Agent at 125 Old Broad
Street, London EC2N 1AR or such other office as may be specified by the Issuer and approved by the Trustee. On any redemption
or purchase and cancellation of any of the Bonds represented by this Global Certificate, details of such redemption or
purchase and cancellation (as the case may be) shall be entered by or on behalf of the Issuer in the Schedule hereto and the
relevant space in the Schedule hereto recording any such redemption or purchase and cancellation (as the case may be) shall
be signed by or on behalf of the Principal Paying Agent. Upon any such redemption or purchase and cancellation the principal
amount outstanding of this Global Certificate and the Bonds held by the registered holder hereof shall be reduced by the
principal amount of such Bonds so redeemed or purchased and cancelled. The principal amount outstanding of this Global
Certificate and of the Bonds held by the registered holder hereof following any such redemption or purchase and cancellation
as aforesaid or any exchange as referred to below shall be the outstanding principal amount most recently entered in the
fourth column in the Schedule hereto.

 

    38 

     

    

 

Bonds represented by this
Global Certificate are exchangeable and transferable only in accordance with, and subject to, the provisions hereof and the rules
and operating procedures of Euroclear Bank SA/NV (Euroclear) and Clearstream Banking S.A. (Clearstream, Luxembourg).

 

Upon the exchange of the
whole or a part of this Global Certificate for Definitive Certificates (only where Euroclear or Clearstream, Luxembourg notifies
the Issuer and the Guarantors that it is unwilling or unable to continue as a clearing system in connection with a Global Certificate,
and a successor clearing system approved by the Trustee is not appointed by the Issuer and the Guarantors within 90 days after
receiving such notice from Euroclear, Clearstream, Luxembourg), details of such exchange shall be entered by or on behalf of the
Issuer in the third column of the Schedule hereto and the relevant space in the Schedule hereto recording such exchange shall be
signed by or on behalf of the Principal Paying Agent, whereupon the outstanding principal amount of this Global Certificate and
the Bonds held by the registered holder hereof shall be increased or reduced (as the case may be) by the principal amount so exchanged.

 

Subject as provided in the
following paragraph, until the exchange of the whole of this Global Certificate as aforesaid, the registered holder hereof shall
in all respects be entitled to the same benefits as if he were the registered holder of Definitive Certificates in the form set
out in Part 1 of Schedule 2 to the Trust Deed.

 

Subject as provided in the
Trust Deed, each person who is for the time being shown in the records of Euroclear and/or Clearstream, Luxembourg as entitled
to a particular principal amount of the Bonds represented by this Global Certificate (in which regard any certificate or other
document issued by Euroclear or Clearstream, Luxembourg as to the principal amount of such Bonds standing to the account of any
person shall be conclusive and binding for all purposes save in the case of manifest error) shall be deemed to be the holder of
such principal amount of such Bonds for all purposes other than with respect to payments of principal and interest on the Bonds
for which purpose the registered holder of this Global Certificate shall be deemed to be the holder of such principal amount of
the Bonds in accordance with and subject to the terms of this Global Certificate and the Trust Deed. Whilst the Bonds are represented
by this Global Certificate payments will be made to the registered holder appearing on the Register at the close of the business
day (being for this purpose a day on which Euroclear and Clearstream, Luxembourg are open for business) preceding such due date.

 

For so long as all of the
Bonds are represented by this Global Certificate and this Global Certificate is held on behalf of Euroclear and/or Clearstream,
Luxembourg, notices to Bondholders may be given by delivery of the relevant notice to Euroclear and/or Clearstream, Luxembourg
(as the case may be) for communication to the relative accountholders rather than by publication as required by Condition 14 (Notices)
provided that, so long as the Bonds are admitted to the official list maintained by the Financial Conduct Authority in its capacity
as the UK Listing Authority (the UKLA) and admitted to trading on the London Stock Exchange plc's market for listed securities,
all requirements of the UKLA have been complied with. Any such notice shall be deemed to have been given to the Bondholders on
the second day after the day on which such notice is delivered to Euroclear and/or Clearstream, Luxembourg (as the case may be)
as aforesaid.

 

    39 

     

    

 

Whilst any Bonds held by
a Bondholder are represented by this Global Certificate, notices to be given by such Bondholder may be given by such Bondholder
to the Principal Paying Agent through Euroclear and/or Clearstream, Luxembourg, as the case may be, in such a manner as the Principal
Paying Agent and Euroclear and/or Clearstream, Luxembourg, as the case may be, may approve for this purpose.

 

Claims against the Issuer
and the Guarantors in respect of principal and interest on the Bonds represented by this Global Certificate will be prescribed
after 10 years (in the case of principal) and five years (in the case of interest) from the Relevant Date (as defined in Condition
9 (Taxation)).

 

References herein to Euroclear
and/or Clearstream, Luxembourg shall be deemed to include references to any other clearing system approved by the Trustee.

 

No rights are conferred
on any person under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Global Certificate but this does
not affect any right or remedy of any person which exists or is available apart from that Act.

 

This Global Certificate
and any non-contractual obligations arising out of or in connection with it is governed by, and shall be construed in accordance
with, English law.

 

This Global Certificate
shall not be valid unless authenticated by Elavon Financial Services DAC as Principal Paying Agent.

 

IN WITNESS whereof the Issuer has caused this Global
Certificate to be signed on its behalf.

 

BURFORD CAPITAL PLC

 

	By:	     	 
	 	(Duly authorised)	 
	 	 
	Issued in London, England on 1 June 2017	 
	 	 

Certificate of authentication

 

This Global Certificate is duly authenticated
without recourse, warranty or liability.

 

                                                                 

Duly
authorised

for and on behalf of

Elavon Financial Services DAC

as Principal Paying Agent

 

    40 

     

    

 

SCHEDULE

 

Outstanding Principal Amount

 

The following (i) exchanges
of this Global Certificate for Definitive Certificates (only in the limited circumstances set forth in this Global Certificate),
(ii) payments of any redemption amount in respect of this Global Certificate and/or (iii) cancellations of interests in this Global
Certificate have been made, resulting in the principal amount outstanding hereof being the amount specified in the latest entry
in the fourth column:

 

	Date	Amount of increase/ decrease in outstanding principal amount of this Global Certificate	
        Reasons for increase/ decrease in outstanding principal
        amount of this Global Certificate (initial issue, cancellation,

        redemption or payment)
	Outstanding principal amount of this Global Certificate following such increase/ decrease	Notation made by or on behalf of the Principal Paying Agent

 

    41 

     

    

 

SCHEDULE 2

 

FORM OF DEFINITIVE CERTIFICATE
AND CONDITIONS OF THE BONDS

 

PART 1

 

FORM OF DEFINITIVE CERTIFICATE

 

	[£100]	[ISIN: XS1614096425]	[SERIES]
[SERIAL NO.]

 

BURFORD CAPITAL PLC

(Incorporated with limited
liability under the laws of England and Wales with registered number 09077893)

 

£175,000,000
5.0 PER CENT.

GUARANTEED BONDS DUE 2026

 

unconditionally and
irrevocably guaranteed as to payment of principal and interest by

 

BURFORD CAPITAL LIMITED

(Incorporated with limited
liability under the laws of Guernsey with registered number 50877)

and any Subsidiary of Burford
Capital Limited which becomes a Guarantor from time to time

 

 

The issue of the Bonds
was authorised by a resolution of the Board of Directors of Burford Capital PLC (the Issuer) passed on 10 May 2017 and the
giving of the guarantee in respect of the Bonds was authorised by a resolution of the Board of Directors of Burford Capital Limited
(BCL) passed on 16 May 2017.

 

This Bond forms one of a
series of Bonds constituted by a Trust Deed (the Trust Deed) dated 1 June 2017 made between the Issuer, the Guarantor and
U.S. Bank Trustees Limited as trustee for the holders of the Bonds and issued as Registered Bonds in the denomination of £100
each, in an aggregate principal amount of £175,000,000.

 

THIS
IS TO CERTIFY that

 

 is/are the registered holder(s) of one of the above-mentioned Registered Bonds, such Bond being in the denomination
of £100 (one hundred Pounds Sterling) and is/are entitled on the Interest Payment Date (as defined in Condition 6 (Interest)
endorsed hereon) falling on 1 December 2026 (or on such earlier date as the principal sum hereinafter mentioned may become repayable
in accordance with the Conditions endorsed hereon) to the repayment of such principal sum of:

 

£100 (one hundred Pounds
Sterling)

 

together with such other
amounts (if any) as may be payable, all subject to and in accordance with the said Conditions and the provisions of the Trust Deed.

 

Interest at rates determined
in accordance with the said Conditions is payable on the said principal sum semi- annually in arrear on 1 June and 1 December in
each year, subject to and in accordance with the said Conditions and the provisions of the Trust Deed.

 

    42 

     

    

 

IN WITNESS whereof this Registered Bond has
been executed on behalf of the Issuer.

 

BURFORD CAPITAL PLC

 

By:                                        

Director

 

By:                                       

Director

 

Dated as of [l]

 

Issued in London, England.

 

Certificate
of authentication

 

This Bond is duly authenticated

without recourse,
warranty or liability.

 

                                                            

 

Duly
authorised

for and on behalf of

Elavon Financial Services DAC

as Registrar

 

    43 

     

    

 

FORM OF TRANSFER OF REGISTERED
BOND

 

FOR VALUE RECEIVED the undersigned hereby sell(s),
assign(s) and transfer(s) to

 

	 
	 
	 

 

(Please print or type name and address (including
postal code) of transferee)

 

	£100 principal amount of this Bond and all rights hereunder, hereby irrevocably constituting
    and appointing                                                                       
    as attorney to transfer such principal amount of this Bond in the register maintained by BURFORD CAPITAL PLC with full
    power of substitution.

 

	 	Signature(s)	 
	 	 	 

 

Date:                                     [20          ]

 

N.B.:

 

		1.	This form of transfer must be accompanied by such documents, evidence and
information as may be required pursuant to the Conditions and must be executed under the hand of the transferor or, if the transferor
is a corporation, either under its common seal or under the hand of two of its officers duly authorised in writing and, in such
latter case, the document so authorising such officers must be delivered with this form of transfer.

 

		2.	The signature(s) on this form of transfer must correspond with the name(s)
as it/they appear(s) on the face of this Bond in every particular, without alteration or enlargement or any change whatever.

 

    44 

     

    

 

PART 2

 

CONDITIONS
OF THE BONDS

 

The sterling denominated 5.0 per cent. Guaranteed
Bonds due 2026 (the “Bonds”, which expression shall in these Conditions, unless the context otherwise requires,
include any further bonds issued pursuant to Condition 18 and forming a single series with the Bonds of Burford Capital PLC (the
 “Issuer”)) are constituted by a Trust Deed dated the Issue Date (the “Trust Deed”) made between
the Issuer, Burford Capital Limited (“BCL”) as guarantor and U.S. Bank Trustees Limited (the “Trustee”,
which expression shall include its successor(s)) as trustee for the holders of the Bonds (the “Bondholders”).
References in these Conditions to the “Guarantors” shall be references to BCL and each Subsidiary of BCL which
becomes a Guarantor pursuant to Condition 4.3 but shall not include any Subsidiary of BCL which has ceased to be a Guarantor pursuant
to Condition 4.4.

 

The statements in these Conditions include summaries
of, and are subject to, the detailed provisions of and definitions in the Trust Deed. Copies of the Trust Deed and the Agency Agreement
dated the Issue Date (the “Agency Agreement”) made between the Issuer, BCL, the Registrar, the initial Transfer
Agent, the initial Paying Agent and the Trustee are available for inspection during normal business hours by the Bondholders at
the registered office for the time being of the Trustee, being at the date of issue of the Bonds at 125 Old Broad Street, London
EC2N 1AR and at the specified office of each of the Paying Agents. The Bondholders are entitled to the benefit of, are bound by,
and are deemed to have notice of, all the provisions of the Trust Deed and the Agency Agreement applicable to them.

 

	1.	Form, Denomination and Title
	 	 

	1.1	Form and Denomination
	 	 

The Bonds are issued in
registered form in amounts of £100 (referred to as the “principal amount” of a Bond). A certificate (each
a “Certificate”) will be issued to each Bondholder in respect of its registered holding of Bonds. Each Certificate
will be numbered serially with an identifying number which will be recorded on the relevant Certificate and in the register of
Bondholders which the Issuer will procure to be kept by the Registrar.

 

	1.2	Title
	 	 

Title to the Bonds passes
only by registration in the register of Bondholders. The holder of any Bond will (except as otherwise required by law) be treated
as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest
or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person will be liable for so treating
the holder. In these Conditions “Bondholder” and (in relation to a Bond) “holder” means the
person in whose name a Bond is registered in the register of Bondholders.

 

    45 

     

    

 

	2.	Transfers of Bonds and Issue of Certificates
	 	 

	2.1	Transfers
	 	 

A Bond may be transferred
by depositing the Certificate issued in respect of that Bond, with the form of transfer on the back duly completed and signed,
at the specified office of any Transfer Agent.

 

	2.2	Delivery of new Certificates
	 	 

Each new Certificate to
be issued upon transfer of Bonds will, within five business days of receipt by the relevant Transfer Agent of the duly completed
form of transfer endorsed on the relevant Certificate, be mailed by uninsured mail at the risk of the holder entitled to the Bond
to the address specified in the form of transfer. For the purposes of this Condition, “business day” shall mean
a day on which banks are open for business in the city in which the specified office of the Transfer Agent with whom a Certificate
is deposited in connection with a transfer is located.

 

Where some but not all
of the Bonds in respect of which a Certificate is issued are to be transferred a new Certificate in respect of the Bonds not so
transferred will, within five business days of receipt by the relevant Transfer Agent of the original Certificate, be mailed by
uninsured mail at the risk of the holder of the Bonds not so transferred to the address of such holder appearing on the register
of Bondholders or as specified in the form of transfer.

 

	2.3	Formalities free of charge

 

Registration of transfer
of Bonds will be effected without charge by or on behalf of the Issuer or any Transfer Agent but upon payment (or the giving of
such indemnity as the Issuer or the relevant Transfer Agent may reasonably require) in respect of any tax or other governmental
charges which may be imposed in relation to such transfer.

 

	2.4	Closed Periods

 

No Bondholder may require
the transfer of a Bond to be registered during the period of 15 days ending on the due date for any payment of principal, premium
or interest on that Bond.

 

	2.5	Regulations

 

All transfers of Bonds and
entries on the register of Bondholders will be made subject to the detailed regulations concerning transfer of Bonds scheduled
to the Trust Deed. The regulations may be changed by the Issuer with the prior written approval of the Transfer Agents and the
Trustee. A copy of the current regulations will be mailed (free of charge) by the Registrar to any Bondholder who requests one.

 

	3.	Status of the Bonds

 

The Bonds are direct, unconditional
and (subject to the provisions of Condition 5.1) unsecured obligations of the Issuer and (subject as provided above) rank and will
rank pari passu, without any preference among themselves, with all other outstanding unsecured and unsubordinated obligations
of the Issuer, present and future, but, in the event of insolvency, only to the extent permitted by applicable laws relating to
creditors’ rights.

 

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	4.	Guarantee

 

	4.1	Guarantee

 

The
payment of the principal and interest in respect of the Bonds and all other moneys payable by the Issuer under or pursuant to
the Trust Deed has been jointly and severally unconditionally and irrevocably guaranteed by BCL (such guarantee together with
any additional guarantees provided pursuant to Condition 4.3, the “Guarantee”) in the Trust Deed.

 

	4.2	Status of the Guarantee

 

The obligations of each
Guarantor under the Guarantee constitute direct, unconditional and (subject to the provisions of Condition 5.1) unsecured obligations
of such Guarantor and (subject as provided above) rank and will rank pari passu with all other outstanding unsecured and
unsubordinated obligations of such Guarantor, present and future, but, in the event of insolvency, only to the extent permitted
by applicable laws relating to creditors’ rights.

 

	4.3	Addition of Subsidiary Guarantors

 

Without prejudice to Condition
5, if any Subsidiary of BCL (other than an Excluded Subsidiary) has Financial Indebtedness which in aggregate (without duplication)
amounts to more than £2,000,000 (or its equivalent in any other currency), BCL covenants that it shall procure that such
Subsidiary shall as soon as reasonably practicable, but in any event no later than 60 days after the date on which it incurs such
Financial Indebtedness, provide a Guarantee in respect of the Trust Deed and the Bonds by procuring the delivery to the Trustee
of a deed of accession substantially in the form scheduled to the Trust Deed or otherwise as the Trustee may agree, duly executed,
and relevant legal opinions having been delivered to the Trustee in accordance with the Trust Deed.

 

Notice of any addition
of a Subsidiary Guarantor (as defined below) pursuant to this Condition 4.3 will promptly be given by the Issuer to the Bondholders
in accordance with Condition 14.

 

Upon execution of the deed
of accession referred to above and relevant legal opinions having been delivered to the Trustee (and subject to Condition 4.4)
the relevant acceding Subsidiary shall be referred to as a “Subsidiary Guarantor”.

 

	4.4	Release of Subsidiary Guarantors

 

A Subsidiary Guarantor
which has Financial Indebtedness which in aggregate (without duplication) amounts to £2,000,000 (or its equivalent in any
other currency) or less shall be immediately, automatically and (subject to Condition 4.3) irrevocably released and relieved of
all its future obligations under the Guarantee and all of its future obligations as a Subsidiary Guarantor under the Trust Deed
upon BCL giving written notice to the Trustee signed by two directors of BCL or by a director and the secretary of BCL. Such notice
must also contain the following certifications:

 

		(i)	that no Event of Default or Potential Event of Default (as defined in the Trust
Deed) is continuing; and

 

		(ii)	that such Subsidiary Guarantor has Financial Indebtedness which in aggregate
(without duplication) amounts to £2,000,000 (or its equivalent in any other currency) or less.

 

None of the Issuer,
BCL or any Subsidiary Guarantor will be required to execute or provide any other document in relation to any release pursuant
to this Condition 4.4 but, if the Issuer requests in writing, the Trustee shall (at the expense of the Issuer) enter into any
documentation in relation to the release of any Subsidiary Guarantor which the Issuer (acting reasonably) considers necessary
or desirable and in a form satisfactory to the Trustee to evidence the release of that Subsidiary Guarantor, provided that,
the Trustee shall not be obliged to enter into any documentation which, in the sole opinion of the Trustee, would have the
effect of:

 

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		(i)	exposing the Trustee to any liability against which it has not been indemnified
and/or secured and/or pre-funded to its satisfaction; or

 

		(ii)	increasing or imposing new and/or additional obligations or duties, or reducing
the protections, of the Trustee in the Trust Deed, the Agency Agreement and the Bonds.

 

Notice of any release of
a Subsidiary Guarantor pursuant to this Condition 4.4 will promptly be given by the Issuer to the Bondholders in accordance with
Condition 14.

 

If any Subsidiary of BCL
released from the Guarantee as described above subsequently has Financial Indebtedness which in aggregate (without duplication)
amounts to more than £2,000,000 (or its equivalent in any other currency) at any time after such release, such Subsidiary
of BCL shall (unless it is an Excluded Subsidiary) be required to provide a Guarantee as described in Condition 4.3.

 

	4.5	No Requirement to monitor

 

The Trustee shall not be
obliged to monitor compliance by BCL with Conditions 4.3 or 4.4 and shall have no liability to any person for not doing so. The
Trustee shall be entitled to rely without further enquiry or evidence, without liability to any person, on any notice provided
by BCL in relation to this Condition 4, and until it receives such notice shall be entitled to assume that no other Subsidiary
of BCL (other than an Excluded Subsidiary) has Financial Indebtedness which in aggregate (without duplication) amounts to more
than £2,000,000 (or its equivalent in any other currency).

 

	5.	Covenants

 

	5.1	Negative Pledges

 

So long as any of the Bonds remain
outstanding (as defined in the Trust Deed):

 

		(a)	the Issuer will not, create, assume or permit to subsist any mortgage, charge,
lien, pledge or other security interest (each a “Security Interest”, provided that (for the avoidance of doubt),
a “Security Interest” shall not include any arrangement by which the Issuer, Guarantor, or any Subsidiary enters into
a title transfer collateral arrangement governed by English law or a comparable arrangement in any other jurisdiction that is no
more permissive for that Issuer, Guarantor or Subsidiary than an English law title transfer collateral arrangement) upon, or with
respect to, the whole or any part of its present or future business, undertaking, assets or revenues (including any uncalled capital)
to secure any Financial Indebtedness of any person other than an Excluded Subsidiary1 unless the Issuer, in the case
of the creation of a Security Interest, before or at the same time and, in any other case, promptly, takes any and all action necessary
to ensure that:

 

		(i)	all amounts payable by it under the Bonds and the Trust Deed are secured by
the Security Interest equally and rateably with the Financial Indebtedness to the satisfaction of the Trustee; or

 

 

1       In relation
to Financial Indebtedness of Excluded Subsidiaries please see Condition 5.1(c) below.

 

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		(ii)	such other Security Interest or guarantee or other arrangement (whether or
not it includes the giving of a Security Interest) is provided either (A) as the Trustee in its absolute discretion deems not materially
less beneficial to the interests of the Bondholders or (B) as is approved by an Extraordinary Resolution (as defined in the Trust
Deed) of the Bondholders;

 

		(b)	no Guarantor will, and each Guarantor will procure, so far as it can by the
proper exercise of voting and other rights or powers of control exercisable by it in relation to its Subsidiaries that none of
its Subsidiaries (other than Excluded Subsidiaries) will, create, assume or permit to subsist any Security Interest upon, or with
respect to, the whole or any part of the present or future business, undertaking, assets or revenues (including any uncalled capital)
of such Guarantor and/or any of its respective Subsidiaries (other than Excluded Subsidiaries) to secure any Financial Indebtedness
of any person other than an Excluded Subsidiary1 unless the relevant Guarantor, in the case of the creation of a Security
Interest, before or at the same time and, in any other case, promptly, takes any and all action necessary to ensure that:

 

		(i)	all amounts payable by it under the Guarantee are secured by the Security
Interest equally and rateably with the Financial Indebtedness to the satisfaction of the Trustee; or

 

		(ii)	such other Security Interest or guarantee or other arrangement (whether or
not it includes the giving of a Security Interest) is provided either (A) as the Trustee in its absolute discretion deems not materially
less beneficial to the interests of the Bondholders or (B) as is approved by an Extraordinary Resolution of the Bondholders; and

 

		(c)	neither the Issuer nor any Guarantor will, and each Guarantor will procure,
so far as it can by the proper exercise of voting and other rights or powers of control exercisable by it in relation to its Subsidiaries
that none of its Subsidiaries (other than Excluded Subsidiaries) will:

 

		(i)	create, assume or permit to subsist any Security Interest upon, or with respect
to, the whole or any part of the present or future business, undertaking, assets or revenues (including any uncalled capital) of
the Issuer, any Guarantor and/or any of their respective Subsidiaries (other than Excluded Subsidiaries) to secure any Financial
Indebtedness of any Excluded Subsidiary; or

 

		(ii)	create, assume or permit to subsist any guarantee or indemnity of any Financial
Indebtedness of any Excluded Subsidiary,

 

	5.2	Financial Covenant

 

So long as any Bond remains
outstanding (as defined in the Trust Deed), BCL shall ensure that, as at each Reference Date the Leverage Ratio is no more than
1:2.

 

	5.3	Compliance Certificate

 

BCL shall, concurrently
with the delivery of each of the annual and semi-annual Consolidated Financial Statements referred to in Condition 5.4, provide
to the Trustee a Directors’ Certificate confirming compliance with the covenant contained in Condition 5.2 with respect to
the most recent Reference Date.

 

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	5.4	Financial Information
	 	 

BCL has agreed in the Trust
Deed, so long as any of the Bonds remain outstanding, to supply to the Trustee:

 

	(a)	as soon as they may become available, but in any event within six months of
its most recent financial year-end, a copy of its audited Consolidated Financial Statements for such

financial year, together with the report thereon
of BCL’s independent auditors; and

 

	(b)	as soon as they may become available, but in any event within three months
of the end of the first half of each financial year, a copy of its unaudited Consolidated Financial Statements for such period.

 

	5.5	No Requirement to Monitor

 

The Trustee shall not be
obliged to review any Consolidated Financial Statements provided to it pursuant to Condition 5.4, nor to monitor the Leverage Ratio
on any Reference Date for the purposes of Condition 5.2.

 

	6.	Interest
	 	 

	6.1	Interest Rate and Interest Payment Dates

 

The Bonds bear interest
from (and including) 1 June 2017 at the rate of 5.0 per cent. per annum, payable semi-annually in arrear on 1 December and 1 June
(each an “Interest Payment Date”) in each year until (and including) the Maturity Date. The first payment (for
the period from (and including) 1 June 2017 to (but excluding) 1 December 2017 and amounting to £2.50 per £100 principal
amount of Bonds) shall be made on 1 December 2017.

 

	6.2	Interest Accrual

 

Each Bond will cease to
bear interest from (and including) its due date for redemption unless upon due presentation payment of the principal in respect
of the Bond is improperly withheld or refused or unless default is otherwise made in respect of payment, in which event interest
shall continue to accrue as provided in the Trust Deed.

 

	6.3	Calculation of Broken Interest

 

When interest is required
to be calculated in respect of a Bond for a period of less than a full half- year, it shall be calculated by applying the rate
of interest on the Bonds to the denomination of the Bonds and multiplying the sum by the Day Count Fraction, and rounding the resultant
figure to the nearest pence wherein the “Day Count Fraction” is calculated on the basis of (a) the actual number
of days in the period from (and including) the date from which interest begins to accrue (the “Accrual Date”)
to (but excluding) the date on which it falls due divided by (b) the actual number of days from (and including) the Accrual Date
to (but excluding) the next following Interest Payment Date multiplied by two.

 

	6.4	Interest Rate Step-up

 

If following the
Issue Date a Step-Up Event occurs, the rate of interest payable on the Bonds under Condition 6.1 shall increase by 1.00 per cent.
per annum from (and including) the Interest Payment Date following the occurrence of such Step-Up Event and the Bonds shall thereafter
bear interest at an increased rate of interest of 6.0 per cent. per annum.

 

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Notice of any increase
in the rate of interest pursuant to this Condition 6.4 will promptly be given by the Issuer to the Bondholders in accordance with
Condition 14.

 

	7.	Payments
	 	 

	7.1	Payments in respect of Bonds

 

Payments of principal and
interest in respect of each Bond will be made by transfer to the registered account of the Bondholder or by a cheque in Sterling
drawn on a bank that processes payment in Sterling mailed to the registered address of the Bondholder if it does not have a registered
account. Payments of principal and payments of interest due otherwise than on an Interest Payment Date will only be made against
surrender of the relevant Certificate at the specified office of any of the Paying Agents. Interest on Bonds due on an Interest
Payment Date will be paid to the holder shown on the register of Bondholders at the close of business on the date (the “record
date”) being the fifteenth day before the relevant Interest Payment Date.

 

For the purposes of this
Condition, a Bondholder’s registered account means the Sterling account maintained by or on behalf of it with a bank that
processes payments in Sterling, details of which appear on the register of Bondholders at the close of business, in the case of
principal and interest due otherwise than on an Interest Payment Date, on the second Payment Business Day before the due date for
payment and, in the case of interest due on an Interest Payment Date, on the relevant record date, and a Bondholder’s registered
address means its address appearing on the register of Bondholders at that time.

 

	7.2	Payments subject to Applicable Laws

 

Payments will be subject
in all cases, to any fiscal or other laws and regulations applicable thereto, but without prejudice to the provisions of Condition
9, in the place of payment. Any such amounts withheld or deducted will be treated as paid for all purposes under the Bonds, and
no additional amounts will be paid on the Bonds with respect to any such withholding or deduction.

 

	7.3	No commissions

 

No commissions or expenses
shall be charged to the Bondholders in respect of any payments made in accordance with this Condition.

 

	7.4	Payment on Payment Business Days

 

Where payment is to be
made by transfer to a registered account, payment instructions (for value the due date or, if that is not a Payment Business Day,
for value the first following day which is a Payment Business Day) will be initiated and, where payment is to be made by cheque,
the cheque will be mailed, on the Business Day preceding the due date for payment or, in the case of a payment of principal or
a payment of interest due otherwise than on an Interest Payment Date, if later, on the Business Day on which the relevant Certificate
is surrendered at the specified office of a Paying Agent.

 

Bondholders will not be
entitled to any interest or other payment for any delay after the due date in receiving the amount due if the due date is not a
Payment Business Day, if the Bondholder is late in surrendering its Certificate (if required to do so) or if a cheque mailed in
accordance with this Condition arrives after the due date for payment.

 

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	7.5	Partial Payments

 

If the amount of principal
or interest which is due on the Bonds is not paid in full, the Registrar will annotate the register of Bondholders with a record
of the amount of principal or interest in fact paid.

 

	7.6	Initial Agents

 

The names of the initial
Agents and their initial specified offices are set out at the end of these Conditions. The Issuer and the Guarantors reserve the
right, subject to the prior written approval of the Trustee, at any time to vary or terminate the appointment of any Agent and
to appoint additional or other Agents provided that:

 

		(a)	there will at all times be a Principal Paying Agent, a Transfer Agent and a Registrar; and

 

(b)  
there will at all times be at least one Paying Agent (which may be the Principal Paying Agent) having its specified office
in a European city.

 

Notice of any termination
or appointment and of any changes in specified offices will be given to the Bondholders promptly by the Issuer in accordance with
Condition 14.

 

	8.	Redemption and Purchase
	 	 

	8.1	Redemption at Maturity

 

Unless previously redeemed
or purchased and cancelled as provided below, the Issuer will redeem the Bonds at their principal amount on the Maturity Date.

 

	8.2	Redemption for Taxation Reasons

 

If the Issuer satisfies the Trustee
immediately before the giving of the notice referred to below that:

 

		(a)	as a result of any change in, or amendment to, the laws or regulations of
a Relevant Jurisdiction, or any change in the application or official interpretation of the laws or regulations of a Relevant Jurisdiction,
which change or amendment becomes effective after (i) 
in the case of the Issuer or BCL, the Issue Date; or (ii) in the case of any Subsidiary Guarantor, the first day on which
such Subsidiary Guarantor becomes a Guarantor pursuant to Condition 4.3, on the next Interest Payment Date either the Issuer would
be required to pay additional amounts as provided or referred to in Condition 9.1 or any Guarantor could, if the Guarantee was called,
be required to pay such additional amounts ; and

 

		(b)	the requirement cannot be avoided by the Issuer or any Guarantor taking reasonable
measures available to them (including by BCL procuring payment by the Issuer, itself or any other Guarantor),

 

the Issuer may at its
option, having given not less than 30 nor more than 60 days’ notice to the Bondholders in accordance with Condition 14
(which notice shall be irrevocable and shall specify the date fixed for redemption), redeem all the Bonds, but not some only,
at any time at their principal amount together with interest accrued to (but excluding) the date of redemption, provided that
no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer or, as the
case may be, the relevant Guarantor would be required to pay such additional amounts, were a payment in respect of the Bonds
then due. Prior to the publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the
Trustee a Directors’ Certificate from the Issuer or, as the case may be, the relevant Guarantor stating that the
requirement referred to in (a) above will apply on the next Interest Payment Date and cannot be avoided by the Issuer or the
Guarantors taking reasonable measures available to them, and the Trustee shall be entitled to accept the certificate as
sufficient evidence of the satisfaction of the conditions precedent set out above, in which event it shall be conclusive and
binding on the Bondholders.

 

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	8.3	Redemption at the Option of the Issuer

 

The Issuer may, having given:

 

		(a)	not less than 15 nor more than 30 days’ notice to the Bondholders in
accordance with Condition 14; and

 

		(b)	notice to the Registrar, the Trustee and the Principal Paying Agent not less
than 15 days before the giving of the notice referred to in (a);

 

(which notices shall be
irrevocable and shall specify the date fixed for redemption), redeem all (but not some only) of the Bonds, at any time prior to
the Maturity Date at an amount (together with interest accrued to (but excluding) the date of redemption) being the higher of:

 

		(i)	100 per cent. of the principal amount of the Bonds; and

 

		(ii)	the principal amount of the Bonds multiplied by the price, as reported to the
Issuer and the Trustee by the Financial Adviser, at which the Gross Redemption Yield on the Bonds on the Make-Whole Reference Date
is equal to the Gross Redemption Yield (determined by reference to the middle market price) at 11.00 a.m. (London time) on the
Make-Whole Reference Date of the Reference Bond, plus 1.00 per cent., all as determined by the Financial Adviser.

 

References to the payment
of “principal” in respect of the Bonds in these Conditions shall, to the extent relevant, be deemed to include
any premium payable pursuant to this Condition 8.3.

 

	8.4	Purchases

 

The Issuer, any Guarantor
or any other member of the Group may at any time purchase Bonds in any manner and at any price. Such Bonds may be held, reissued
or resold, or at the option of the Issuer or BCL, surrendered to any Paying Agent for cancellation.

 

	8.5	Cancellations

 

All Bonds which are redeemed
or purchased by the Issuer, any Guarantor or any member of the Group and surrendered for cancellation in accordance with Condition
8.4 above will forthwith be cancelled, and accordingly may not be held, reissued or resold.

 

	8.6	Notices Final

 

Upon the expiry of any notice
as is referred to in Conditions 8.2 or 8.3 above the Issuer shall be bound to redeem the Bonds to which the notice refers in accordance
with the terms of such Condition.

 

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	9.	Taxation
	 	 

	9.1	Payment without Withholding

 

All payments in respect
of the Bonds by or on behalf of the Issuer or any Guarantor shall be made without withholding or deduction for, or on account of,
any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed
or levied by or on behalf of any of the Relevant Jurisdictions, unless the withholding or deduction of the Taxes is required by
law. In that event, the Issuer or, as the case may be, the relevant Guarantor will pay such additional amounts as may be necessary
in order that the net amounts received by the Bondholders after the withholding or deduction shall equal the respective amounts
which would have been receivable in respect of the Bonds in the absence of the withholding or deduction; except that no additional
amounts shall be payable in relation to any payment in respect of any Bond:

 

		(a)	presented for payment by or on behalf of, a holder who is liable to the Taxes
in respect of the Bond by reason of his having some connection with any Relevant Jurisdiction other than the mere holding of the
Bond; or

 

		(b)	where such withholding or deduction is imposed in respect of FATCA; or

 

		(c)	where such withholding or deduction for United States federal income taxes
would not have been required but for the failure of the holder or beneficial owner to provide upon request a valid U.S. IRS Form
W-8 or W-9 (or successor forms) or other documentation as required by official IRS guidance; or

 

		(d)	presented for payment more than 30 days after the Relevant Date except to the
extent that a holder would have been entitled to additional amounts on presenting the same for payment on the last day of the period
of 30 days assuming, whether or not such is in fact the case, that day to have been a Payment Business Day.

 

	9.2	Additional Amounts

 

Any reference in these
Conditions to any amounts in respect of the Bonds shall be deemed also to refer to any additional amounts which may be payable
under this Condition or under any undertakings given in addition to, or in substitution for, this Condition pursuant to the Trust
Deed.

 

	10.	Prescription

 

Claims in respect of principal
and interest will become prescribed unless made within periods of 10 years (in the case of principal) and five years (in the case
of interest) from the Relevant Date in respect of the Bonds subject to the provisions of Condition 7.

 

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	11.	Events of Default
	 	 

	11.1	Events of Default

 

The Trustee at its
discretion may, and if so requested in writing by the holders of at least one-fifth in principal amount of the Bonds then
outstanding or if so directed by an Extraordinary Resolution of the Bondholders shall (subject in each case to being
indemnified and/or secured and/or pre-funded to its satisfaction) (but, in the case of the happening of any of the events
described in subparagraphs (b) to (d) inclusive (other than the winding up or dissolution of the Issuer, any Guarantor or any
of the Material Subsidiaries), (e) to (g) inclusive and (k) and (l) below, only if the Trustee shall have certified in
writing to the Issuer and the Guarantors that such event is, in its opinion, materially prejudicial to the interests of the
Bondholders) give notice to the Issuer and the Guarantors that the Bonds are, and they shall accordingly forthwith become,
immediately due and repayable at their principal amount, together with accrued interest as provided in the Trust Deed, in any
of the following events (“Events of Default”):

 

		(a)	if default is made in the payment of any principal or interest due in respect
of the Bonds or any of them and the default continues for a period of 7 days in the case of principal or 14 days in the case of
interest; or

 

		(b)	if the Issuer or any Guarantor fails to perform or observe any of its other
obligations under these Conditions or the Trust Deed and (except in any case where the Trustee considers the failure to be incapable
of remedy, when no continuation or notice as is hereinafter mentioned will be required) the failure continues for the period of
30 days (or such longer period as the Trustee may permit) following the service by the Trustee on the Issuer or such Guarantor
(as the case may be) of notice requiring the same to be remedied; or

 

		(c)	if (i) any Financial Indebtedness of the Issuer, any Guarantor or any of Material
Subsidiaries becomes due and repayable prematurely or becomes capable of being declared due and repayable prematurely in each case
by reason of an event of default (however described); or (ii) the Issuer, any Guarantor or any of the
Material Subsidiaries fails to make any payment in respect of any Financial Indebtedness on the due date for payment as extended
by any originally applicable grace period; provided that the amount of Financial Indebtedness in respect of which one or more of
the events mentioned in this paragraph 11.1(c) have occurred and are continuing, individually or in aggregate exceeds £2,000,000
(or its equivalent in any other currency); or

 

		(d)	(i) if any order is made by any competent court or resolution is passed for
the winding up or dissolution of the Issuer, any Guarantor or any of the Material Subsidiaries; or (ii) if the Issuer, any Guarantor
or the Group ceases or threatens to cease to carry on all or substantially all of its business or operations, save (in either case)
(x) for the purposes of and followed by a reconstruction, amalgamation, reorganisation, restructuring, merger or consolidation
on terms approved in writing by the Trustee or by an Extraordinary Resolution of the Bondholders, or (y) in the case of a Material
Subsidiary, for the purposes of and followed by a Permitted Reorganisation; or

 

		(e)	the Issuer, any Guarantor or any of the Material Subsidiaries is (or is deemed
(other than where a demand is made for less than £1,000,000 under section 123(l)(a) of the Insolvency Act 1986) by law or
a court to be) insolvent or bankrupt or unable to pay its debts, stops, suspends or threatens to stop or suspend payment of all
or a material part of its debts;

 

		(f)	if:

 

		(i)	proceedings are initiated against the Issuer, any Guarantor or any of the Material
Subsidiaries under any applicable liquidation, insolvency, composition, reorganisation or other similar laws or an application
is made (or documents filed with a court) for the appointment of an administrative or other receiver, manager, administrator or
other similar official, or an administrative or other receiver, manager, administrator or other similar official is appointed,
in relation to the Issuer, any Guarantor or any of the Material Subsidiaries or, as the case may be, in relation to the whole or
any material part of the undertaking or assets of any of them or an encumbrancer takes possession of the whole or any material
part of the undertaking or assets of any of them, or a distress, execution,
attachment, sequestration or other process is levied, enforced upon, sued out or put in force against the whole or any material
part of the undertaking or assets of any of them, and

 

    55 

     

    

 

		(ii)	in any such case (other than the appointment of an administrator or an administrative
receiver appointed following presentation of a petition for an administration order) unless initiated by the relevant company,
is not discharged or stayed within 45 days, 

 

	 	 	save (x) for the purposes of and followed
by a reconstruction, amalgamation, reorganisation, restructuring, merger or consolidation on terms approved in writing by the Trustee
or by an Extraordinary Resolution of the Bondholders, or (y) in the case of a Material Subsidiary, for the purposes of and followed
by a Permitted Reorganisation; or
	 	 	 
		(g)	if the Issuer, any Guarantor or any of the Material Subsidiaries (or their respective
directors or shareholders) initiates or consents to judicial proceedings relating to itself under any applicable liquidation, insolvency,
composition, reorganisation or other similar laws (including the obtaining of a moratorium) or makes a conveyance or assignment
for the benefit of, or enters into any composition or other arrangement with, its creditors generally (or any class of its creditors)
or any meeting is convened to consider a proposal for an arrangement or composition with its creditors generally (or any class
of its creditors) save (in any case) (x) for the purposes of and followed by a reconstruction, amalgamation, reorganisation, restructuring,
merger or consolidation on terms approved in writing by the Trustee or by an Extraordinary Resolution of the Bondholders, or (y)
in the case of a Material Subsidiary, for the purposes of and followed by a Permitted Reorganisation; or

 

		(h)	any action, condition or thing (including the obtaining or effecting of any
necessary consent, approval, authorisation, exemption, filing, licence, order, recording or registration) at any time required
to be taken, fulfilled or done in order (i) to enable the Issuer or any Guarantor lawfully to enter into, exercise their respective
rights and perform and comply with their respective obligations under the Bonds and the Trust Deed; (ii) to ensure that those obligations
are legally binding and enforceable; and (iii) to make the Bonds and the Trust Deed, as the case may be, admissible in evidence
in the courts of England is not taken, fulfilled or done; or

 

		(i)	if the Guarantee ceases to be, or is claimed by the Issuer or any Guarantor
not to be, in full force and effect; or

 

		(j)	it is or will become unlawful for the Issuer or any Guarantor to perform or
comply with any one or more of its obligations under the Conditions; or

 

		(k)	if the Issuer or any Subsidiary Guarantor ceases to be a Subsidiary of BCL; or

 

		(l)	if any event occurs which, under the laws of any Relevant Jurisdiction, has
or may have, in the Trustee’s opinion, an analogous effect to any of the events referred to in

subparagraphs (d) to (g) above.

 

	11.2	Reports

 

A report by two
directors of BCL or by a director and the secretary of BCL whether or not addressed to the Trustee that in their opinion a
Subsidiary of BCL is or is not or was or was not at any particular time or throughout any specified period a Material
Subsidiary may be relied upon by the Trustee without further enquiry or evidence and, if relied upon by the Trustee, shall,
in the absence of manifest error, be conclusive and binding on all parties.

 

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	12.	Enforcement
	 	 

	12.1	Enforcement by the Trustee

 

The Trustee may at any
time, at its discretion and without notice, take such proceedings and/or other steps or action (including lodging an appeal in
any proceedings) against or in relation to the Issuer and/or any one or more of the Guarantors as it may think fit to enforce the
provisions of the Trust Deed and the Bonds or otherwise, but it shall not be bound to take any such proceedings or other steps
or action unless (a) it has been so directed by an Extraordinary Resolution of the Bondholders or so requested in writing by the
holders of at least one-fifth in principal amount of the Bonds then outstanding and (b) it has been indemnified and/or secured
and/or pre-funded to its satisfaction.

 

	12.2	Limitation on Trustee actions

 

The Trustee may refrain
from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based upon legal
advice in the relevant jurisdiction, be contrary to any law of that jurisdiction. Furthermore, the Trustee may also refrain from
taking such action if it would otherwise render it liable to any person in that jurisdiction or if, in its opinion based upon such
legal advice, it would not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that
jurisdiction or if it is determined by any court or other competent authority in that jurisdiction that it does not have such power.

 

	12.3	Enforcement by the Bondholders

 

No Bondholder shall be entitled
to (i) take any steps or action against the Issuer or any Guarantor to enforce the performance of any of the provisions of the
Trust Deed or the Bonds or (ii) take any other proceedings (including lodging an appeal in any proceedings) in respect of or concerning
the Issuer or any Guarantor, in each case unless the Trustee, having become bound so to take any such action, steps or proceedings,
fails so to do within a reasonable period and the failure shall be continuing.

 

	13.	Replacement of Certificates

 

Should any Certificate
be lost, stolen, mutilated, defaced or destroyed it may be replaced at the specified office of the Registrar upon payment by the
claimant of the expenses incurred in connection with the replacement and on such terms as to evidence and indemnify as the Issuer
and the Guarantors may reasonably require. Mutilated or defaced Certificates must be surrendered before replacements will be issued.

 

	14.	Notices

 

All notices to the Bondholders
will be valid if mailed to them at their respective addresses in the register of Bondholders maintained by the Registrar. The Issuer
shall also ensure that notices are duly published in a manner which complies with the rules and regulations of any stock exchange
or the relevant authority on which the Bonds are for the time being listed. Any such notice will be deemed to have been given on
the date of the first publication or, where required to be published in more than one newspaper, on the second day after being
so mailed or on the date of publication or, if so published more than once or on different dates, on the date of first publication.

 

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	15.	Substitution

 

The Trustee may, without
the consent of the Bondholders, agree with the Issuer and the Guarantors to the substitution in place of the Issuer (or of any
previous substitute under this Condition) as the principal debtor under the Bonds and the Trust Deed, of BCL or any other Subsidiaries
of BCL subject to:

 

	(a)	the Bonds remaining jointly and severally, unconditionally and irrevocably
guaranteed by the Guarantors (other than a Guarantor substituted in place of the Issuer);

 

	(b)	the Trustee being satisfied that the substitution is not materially prejudicial
to the interests of the Bondholders; and

 

	(c)	certain other conditions set out in the Trust Deed being complied with.

 

	16.	Meetings of Bondholders, Modification, Waiver, Authorisation and Determination
	 	 

	16.1	Meetings of Bondholders

 

The Trust Deed contains
provisions for convening meetings of the Bondholders to consider any matter affecting their interests, including the modification
or abrogation by Extraordinary Resolution of any of these Conditions or any of the provisions of the Trust Deed. The quorum at
any meeting for passing an Extraordinary Resolution will be one or more persons present holding or representing more than 50 per
cent. in principal amount of the Bonds for the time being outstanding, or at any adjourned such meeting one or more persons present
whatever the principal amount of the Bonds held or represented by him or them, except that, at any meeting the business of which
includes any matter defined in the Trust Deed as a Basic Terms Modification, including the modification or abrogation of certain
of the provisions of these Conditions and certain of the provisions of the Trust Deed, the necessary quorum for passing an Extraordinary
Resolution will be one or more persons present holding or representing not less than two-thirds, or at any adjourned such meeting
not less than one-third, of the principal amount of the Bonds for the time being outstanding. The Trust Deed provides that (i)
a resolution passed at a meeting duly convened and held in accordance with the Trust Deed by a majority consisting of not less
than three-fourths of the votes cast on such resolution, (ii) a resolution in writing signed by or on behalf of the holders of
not less than three-fourths in principal amount of the Bonds for the time being outstanding or (iii) consent given by way of electronic
consents through the relevant clearing system(s) (in a form satisfactory to the Trustee) by or on behalf of the holders of not
less than three-fourths in principal amount of the Bonds for the time being outstanding, shall, in each case, be effective as an
Extraordinary Resolution of the Bondholders. An Extraordinary Resolution passed by the Bondholders will be binding on all Bondholders,
whether or not they are present at any meeting and whether or not they voted on the resolution.

 

	16.2	Modification, Waiver, Authorisation and Determination

 

The Trustee may agree,
without the consent of the Bondholders, to any modification of, or to the waiver or authorisation of any breach or proposed breach
of, any of these Conditions or any of the provisions of the Trust Deed or the Agency Agreement, or determine, without any such
consent as aforesaid, that any Event of Default or Potential Event of Default (as defined in the Trust Deed) shall not be treated
as such (provided that, in any such case, it is not, in the opinion of the Trustee, materially prejudicial to the interests of
the Bondholders) or may agree, without any such consent as aforesaid, to any modification which, in its opinion, is of a formal,
minor or technical nature or to correct a manifest error or an error which is, in the opinion of the Trustee, proven.

 

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	16.3	Trustee to have Regard to Interests of Bondholders as a Class

 

In connection with the
exercise by it of any of its trusts, powers, authorities and discretions (including, without limitation, any modification, waiver,
authorisation, determination or substitution), the Trustee shall have regard to the general interests of the Bondholders as a class
but shall not have regard to any interests arising from circumstances particular to individual Bondholders (whatever their number)
and, in particular but without limitation, shall not have regard to the consequences of any such exercise for individual Bondholders
(whatever their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject
to the jurisdiction of, any particular territory or any political sub-division thereof and the Trustee shall not be entitled to
require, nor shall any Bondholder be entitled to claim, from the Issuer, any Guarantor, the Trustee or any other person any indemnification
or payment in respect of any tax consequence of any such exercise upon individual Bondholders except to the extent already provided
for in Condition 9 and/or any undertaking given in addition to, or in substitution for, Condition 9 pursuant to the Trust Deed.

 

	16.4	Notification to the Bondholders

 

Any modification, abrogation,
waiver, authorisation, determination or substitution shall be binding on the Bondholders and, unless the Trustee agrees otherwise,
any modification or substitution shall be notified by the Issuer to the Bondholders as soon as practicable thereafter in accordance
with Condition 14.

 

	17.	Indemnification and Protection of the Trustee and its Contracting with the
Issuer and the Guarantors
	 	 

	17.1	Indemnification and protection of the Trustee

 

The Trust Deed contains
provisions for the indemnification of the Trustee and for its relief from responsibility and liability towards the Issuer, the
Guarantors and the Bondholders, including (i) provisions relieving it from taking action unless indemnified and/or secured and/or
pre-funded to its satisfaction and (ii) provisions limiting or excluding its liability in certain circumstances. The Trust Deed
provides that, when determining whether an indemnity or any security or pre-funding is satisfactory to it, the Trustee shall be
entitled (i) to evaluate its risk in any given circumstance by considering the worst-case scenario and (ii) to require that any
indemnity or security given to it by the Bondholders or any of them be given on a joint and several basis and be supported by evidence
satisfactory to it as to the financial standing and creditworthiness of each counterparty and/or as to the value of the security
and an opinion as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security.

 

	17.2	Trustee Contracting with the Issuer and the Guarantors

 

The Trust Deed also contains
provisions pursuant to which the Trustee is entitled, inter alia, (a) to enter into business transactions with the Issuer
and/or any Guarantor and/or any other member of the Group and to act as trustee for the holders of any other securities issued
or guaranteed by, or relating to, the Issuer and/or any Guarantor and/or any other member of the Group, (b) to exercise and enforce
its rights, comply with its obligations and perform its duties under or in relation to any such transactions or, as the case may
be, any such trusteeship without regard to the interests of, or consequences for, the Bondholders, and (c) to retain and not be
liable to account for any profit made or any other amount or benefit received thereby or in connection therewith.

 

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	18.	Further Issues

 

The Issuer is at liberty
from time to time without the consent of the Bondholders to create and issue further notes or bonds (whether in bearer or registered
form) either (a) ranking pari passu in all respects (or in all respects save for the first payment of interest thereon)
and so that the same shall be consolidated and form a single series with the outstanding notes or bonds of any series (including
the Bonds) constituted by the Trust Deed or any supplemental deed or (b) upon such terms as to ranking, interest, conversion, redemption
and otherwise as the Issuer may determine at the time of the issue. Any further notes or bonds which are to form a single series
with the outstanding notes or bonds of any series (including the Bonds) constituted by the Trust Deed or any supplemental deed
shall, and any other further notes or bonds may (with the consent of the Trustee), be constituted by a deed supplemental to the
Trust Deed. The Trust Deed contains provisions for convening a single meeting of the Bondholders and the holders of notes or bonds
of other series in certain circumstances where the Trustee so decides.

 

	19.	Governing Law and Submission to Jurisdiction
	 	 

	19.1	Governing Law

 

The Trust Deed (including
the Guarantee), the Bonds and any non-contractual obligations arising out of or in connection with them are governed by, and will
be construed in accordance with, English law.

 

	19.2	Jurisdiction of English Courts

 

Each of the Guarantors
has in the Trust Deed, irrevocably agreed (or will be required to agree) for the benefit of the Trustee and the Bondholders that
the courts of England are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with the
Trust Deed or the Bonds (including a dispute relating to any non-contractual obligations arising out of or in connection with the
Trust Deed or the Bonds) and accordingly has submitted (or will be required to submit) to the exclusive jurisdiction of the English
courts.

 

Each of the Guarantors
has, in the Trust Deed, waived (or will be required to waive) any objection to the courts of England on the grounds that they are
an inconvenient or inappropriate forum. To the extent permitted by law, the Trustee and the Bondholders may take any suit, action
or proceeding arising out of or in connection with the Trust Deed or the Bonds respectively (including any suit, action or proceedings
relating to any non-contractual obligations arising out of or in connection with the Trust Deed or the Bonds) (together referred
to as “Proceedings”) against the Issuer or any Guarantor in any other court of competent jurisdiction and concurrent
Proceedings in any number of jurisdictions.

 

	19.3	Appointment of Process Agent

 

Each of the Guarantors incorporated
in a jurisdiction other than England and Wales has in the Trust Deed irrevocably and unconditionally appointed (or will be required
to appoint) the Issuer at the latter’s registered office for the time being as its agent for service or process in England
in respect of any Proceedings and has undertaken that in the event of such agent ceasing so to act it will appoint such other person
as the Trustee may approve as its agent for that purpose.

 

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	20.	Rights of Third Parties

 

No rights are conferred
on any person under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Bond, but this does not affect
any right or remedy of any person which exists or is available apart from that Act.

 

	21.	Definitions

 

In these Conditions:

 

“Business Day” means, in
relation to any place, a day on which commercial banks and foreign exchange markets settle payments and are open for general business
(including dealing in foreign exchange and foreign currency deposits) in that place.

 

“Cash and Cash Equivalents”
as at any Reference Date shall be equal to the amount recorded as “Cash and cash equivalents” in the relevant Consolidated
Financial Statements; minus (ii) any such “Cash and cash equivalents” to which any Excluded Subsidiary is beneficially
entitled; and (iii) any such “Cash and cash equivalents” upon which there is any Security Interest.

 

“Cash Management Investments”
as at any Reference Date shall be equal to the amount recorded as “Cash management investments at fair value through profit
or loss” in the relevant Consolidated Financial Statements; minus (ii) any such “Cash management investments at fair
value through profit or loss” to which any Excluded Subsidiary is beneficially entitled; and (iii) any such “Cash management
investments at fair value through profit or loss” upon which there is a Security Interest.

 

“Consolidated Financial Statements”
means BCL’s audited annual consolidated financial statements or its unaudited semi-annual consolidated financial statements,
as the case may be, including the relevant accounting policies and notes to the accounts in each case prepared in accordance with
IFRS from time to time.

 

“Directors’ Certificate”
means a certificate addressed to the Trustee, signed on behalf of the Issuer or the relevant Guarantor (as the case may be) (but
without personal liability) by two directors of the Issuer or the relevant Guarantor (as applicable) or any one director and the
secretary of the Issuer or the relevant Guarantor (as applicable).

 

“Excluded Financial Indebtedness”
means Financial Indebtedness of any Excluded Subsidiary which is not also Financial Indebtedness of a member of the Group which
is not an Excluded Subsidiary.

 

A report by two directors of BCL or by a director
and the secretary of BCL whether or not addressed to the Trustee that in their opinion Financial Indebtedness is or is not or was
or was not at any particular time or throughout any specified period Excluded Financial Indebtedness may be relied upon by the
Trustee without further enquiry or evidence and, if relied upon by the Trustee, shall, in the absence of manifest error, be conclusive
and binding on all parties.

 

“Excluded Subsidiary” means
Burford Lending LLC and its Subsidiaries, provided that BCL may by irrevocable notice to the Trustee permanently deem any entity
which could otherwise be an Excluded Subsidiary not to be an Excluded Subsidiary and such entity shall no longer be an Excluded
Subsidiary for the purposes of these Conditions.

 

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A report by two directors of BCL or by a director
and the secretary of BCL whether or not addressed to the Trustee that in their opinion a Subsidiary of BCL is or is not or was
or was not at any particular time or throughout any specified period an Excluded Subsidiary may be relied upon by the Trustee without
further enquiry or evidence and, if relied upon by the Trustee, shall, in the absence of manifest error, be conclusive and binding
on all parties.

 

“FATCA” means Sections 1471
through 1474 of the U.S. Internal Revenue Code of 1986 (the “Code”) (including an agreement described in Section
1471(b) thereof) together with any regulations thereunder or any official interpretations thereof, any intergovernmental agreement
between the U.S. and another jurisdiction facilitating the implementation thereof or any law implementing such an intergovernmental
agreement.

 

“Financial Adviser” means a
financial adviser selected by the Issuer after consultation with the Trustee.

 

“Financial Conduct Authority” means
the United Kingdom Financial Conduct Authority.

 

“Financial Indebtedness”
means any indebtedness (other than indebtedness owed by any member of the Group which is not an Excluded Subsidiary to another
member of the Group which is also not an Excluded Subsidiary) whether or not contingent, for or in respect of:

 

	(a)	moneys borrowed;

 

	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised
equivalent;

 

	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds,
notes, debentures, loan stock or any similar instrument;

 

	(d)	the amount of any liability in respect of any lease or hire purchase contract
which would, in accordance with IFRS, be treated as a finance or capital lease;

 

	(e)	receivables sold or discounted (other than any receivables to the extent they
are sold on a non-recourse basis);

 

	(f)	any amount raised under any other transaction (including any forward sale or
purchase agreement) having the commercial effect of a borrowing;

 

	(g)	any derivative transaction entered into in connection with protection against
or benefit from fluctuation in any rate, index or price (and, when calculating the value of any derivative transaction, only the
marked-to-market value shall be taken into account);

 

	(h)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond
or any other instrument issued by a bank or financial institution; and

 

	(i)	the amount of any liability in respect of any guarantee or indemnity for any
of the items referred to in paragraphs (a) to (h) above.

 

“Gross
Redemption Yield” means, with respect to a security, the gross redemption yield on such security, expressed as a
percentage and calculated by the Financial Adviser on the basis set out by the UK Debt Management Office in the paper
 “Formulae for Calculating Gilt Prices from Yields”, page 4, Section One: Price/Yield Formulae “Conventional
Gilts; Double dated and Undated Gilts with Assumed (or Actual) Redemption on a Quasi-Coupon Date” (published 8 June,
1998, as amended or updated from time to time) on a semi-annual compounding basis (converted to an annualised yield and
rounded up (if necessary) to four decimal places) or on such other basis as the Trustee may approve.

 

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“Group” means BCL and its Subsidiaries
taken as a whole.

 

“Group Net Debt” means (i) the
aggregate of all Financial Indebtedness of the Group (other than Excluded Financial Indebtedness) at the relevant time less (ii)
the sum of (x) Cash and Cash Equivalents; and (y) Cash Management Investments (other than any Cash and Cash Equivalents and Cash
Management Investments to which any Excluded Subsidiary is beneficially entitled).

 

“Group Total Assets” as at any
Reference Date shall be equal to:

 

	(i)	the amount recorded as “Total assets” in the relevant Consolidated
Financial Statements; minus

 

	(ii)	the sum (without duplication) of (x) any `Total assets” referred to
in (a) above to which any Excluded Subsidiary is beneficially entitled and (y) any goodwill and intangible assets which are included
in the “Total assets” referred to in (a) above.

 

“IFRS” means the generally
accepted accounting practice and principles applicable to the business BCL conducts, currently International Financial Reporting
Standards.

 

“Issue Date”
means 1 June 2017.

 

“Leverage Ratio” means the ratio of:

 

	(a)	Group Net Debt; to

 

	(b)	Group Total Assets.

 

“Make-Whole Reference Date”
means the date which is three London Business Days prior to the date fixed for redemption pursuant to Condition 8.3 by the Issuer.

 

“Material Subsidiary” means
at any time a Subsidiary (other than an Excluded Subsidiary) of BCL:

 

	(a)	whose gross assets (consolidated in the case of a Subsidiary which itself has
Subsidiaries) represent (or, in the case of a Subsidiary acquired after the end of the financial period to which the then latest
audited consolidated accounts of BCL and its Subsidiaries relate, are equal to) not less than 5.00 per cent. of the consolidated
gross assets of the Group, all as calculated respectively by reference to the then latest Directors’ Certificate relating
to such Subsidiary delivered to the Trustee in accordance with the relevant provisions of the Trust Deed and the then latest audited
consolidated accounts of BCL and its Subsidiaries, provided that:

 

		(A)	in the event that the relevant Subsidiary itself has Subsidiaries which
are Excluded Subsidiaries, the gross assets of such Excluded Subsidiaries are excluded from the calculation of the consolidated
gross assets of such Subsidiary;

 

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		(B)	the gross assets of all Excluded Subsidiaries are excluded from the calculation
of the consolidated gross assets of the Group; and

 

		(C)	in the case of a Subsidiary of BCL acquired after the end of the financial
period to which the then latest audited consolidated accounts of BCL and its Subsidiaries relate, the reference to the then latest
audited consolidated accounts of BCL and its Subsidiaries for the purposes of the calculation above shall, until consolidated accounts
for the financial period in which the acquisition is made have been prepared and audited as aforesaid, be deemed to be a reference
to such first-mentioned accounts as if such Subsidiary had been shown in such accounts by reference to the then latest Directors’
Certificate relating to such Subsidiary delivered to the Trustee in accordance with the relevant provisions of the Trust Deed,
adjusted as deemed appropriate by BCL; or

 

	(b)	to which is transferred the whole or substantially the whole of the undertaking
and assets of a Subsidiary of BCL which immediately prior to such transfer is a Material Subsidiary, provided that the transferor
Subsidiary shall upon such transfer forthwith cease to be a Material Subsidiary and the transferee Subsidiary shall cease to be
a Material Subsidiary pursuant to this subparagraph (b) on the date on which the consolidated accounts of BCL and its Subsidiaries
for the financial period current at the date of such transfer have been prepared and audited as aforesaid but so that such transferor
Subsidiary or such transferee Subsidiary may be a Material Subsidiary on or at any time after the date on which such consolidated
accounts have been prepared and audited as aforesaid by virtue of the provisions of subparagraph (a) above or, prior to or after
such date, by virtue of any other applicable provision of this definition; or

 

	(c)	to which is transferred an undertaking or assets which, taken together
                                   with the undertaking or assets of the transferee Subsidiary, represent (or, in the case of the transferee Subsidiary being
                                   acquired after the end of the financial period to which the then latest audited consolidated accounts of BCL and its
                                   Subsidiaries relate, are equal to) not less than 5 per cent. of the consolidated gross assets of the Group, all as calculated
                                   as referred to in subparagraph (a) above, provided that the transferor Subsidiary (if a Material Subsidiary) shall upon such
                                   transfer forthwith cease to be a Material Subsidiary unless immediately following such transfer its undertaking and assets
                                   represent (or, in the case aforesaid, are equal to) not less than 5 per cent. of the consolidated gross assets of the Group,
                                   all as calculated as referred to in subparagraph (a) above, and the transferee Subsidiary shall cease to be a Material
                                   Subsidiary pursuant to this subparagraph (c) on the date on which the consolidated accounts of BCL and its Subsidiaries for
                                   the financial period current at the date of such transfer have been prepared and audited but so that such transferor
                                   Subsidiary or such transferee Subsidiary may be a Material Subsidiary on or at any time after the date on which such
                                   consolidated accounts have been prepared and audited as aforesaid by virtue of the provisions of subparagraph (a) above or,
                                   prior to or after such date, by virtue of any other applicable provision of this definition, 

 

all as more particularly defined in the Trust Deed.

 

In accordance with the provisions of the Trust
Deed, BCL has agreed to give to the Trustee a Director’s Certificate which provides a list of Material Subsidiaries (a)
on the Issue Date; (b) within three business days after demand by the Trustee therefor and (c) (without the necessity for
such demand) within six months of its most recent financial year-end commencing with the financial period ending 31 December
2016 and within three months of the end of the first half of each financial year commencing with the financial period ending
30 June 2017.

 

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“Maturity Date” means 1 December
2026.

 

“Payment Business Day” means
a day (other than a Saturday or Sunday) on which commercial banks are open for business in London and, in the case of presentation
of a Certificate, in the place in which the Certificate is presented.

 

“Permitted Reorganisation”
means, in the case of a Material Subsidiary, any reconstruction, amalgamation, reorganisation, restructuring, merger or consolidation
the result of which will be that all or substantially all of the assets and undertaking of such Material Subsidiary will be transferred
to or otherwise vested in the Issuer, any Guarantor or another Subsidiary of BCL (other than an Excluded Subsidiary).

 

“Rating Agency” means Moody’s
Investors Services Limited, Fitch Ratings Ltd. or Standard & Poor’s Credit Market Services Europe Limited (or any of
their respective affiliates).

 

“Reference Date” means such
annual or semi-annual date or dates as at which BCL prepares its audited annual Consolidated Financial Statements or unaudited
semi-annual Consolidated Financial Statements, as the case may be and as at the Issue Date those are 31 December and 30 June in
each year, respectively.

 

“Reference Bond” means the
1.5 per cent. Treasury Stock due 2026, or if such stock is no longer in issue such other U.K. government stock with a maturity
date as near as possible to the Maturity Date as the Financial Adviser may determine to be appropriate by way of substitution for
the 1.5 per cent. Treasury Stock due 2026.

 

“Relevant Date” means the
date on which the payment first becomes due but, if the full amount of the money payable has not been received by the Principal
Paying Agent or the Trustee on or before the due date, it means the date on which, the full amount of the money having been so
received, notice to that effect has been duly given to the Bondholders by the Issuer in accordance with Condition 14.

 

“Relevant Jurisdiction” means:
(i) in the case of the Issuer, the U.K. or any political subdivision or any authority thereof or therein having power to tax; (ii)
in the case of BCL, Guernsey or any political subdivision or any authority thereof or therein having power to tax; and (iii) in
the case of any Subsidiary Guarantor, any jurisdiction under the laws of which that Subsidiary Guarantor for the time being is
organised or in which it is treated as resident for tax purposes or any political subdivision or any authority thereof or therein
having power to tax or (in each case) any other jurisdiction or any political subdivision or any authority thereof or therein having
power to tax to which the Issuer or the relevant Guarantor, as the case may be, is or becomes subject in respect of payments made
by it of principal and interest on the Bonds.

 

“Step-Up Event” means that

 

	(i)	any member of the Group (other than an Excluded Subsidiary); or

 

	(ii)	any Financial Indebtedness of any member of the Group (other than Excluded
Financial Indebtedness), is assigned a credit rating solicited by a member
of the Group by any Rating Agency and, in either case, the credit rating initially assigned by such Rating Agency is below:

 

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	(a)	Ba3 in the case of Moody’s Investors Services Limited (or any of its affiliates);

 

	(b)	BB- in the case of Fitch Ratings Ltd. (or any of its affiliates); or

 

	(c)	BB- in the case of Standard & Poor’s Credit Market Services Europe
Limited (or any of its affiliates) 

 

(or, in each case, their respective equivalent ratings
for the time being).

 

“Subsidiary” means a subsidiary
within the meaning of Section 1159 of the Companies Act 2006 as amended.

 

“U.K.” means the United Kingdom.

 

“U.S.” means the United States
of America.

 

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PRINCIPAL PAYING AGENT

 

Elavon Financial Services
DAC (acting through its UK Branch)

125 Old Broad
Street 

Fifth Floor

London

EC2N 1AR

 

REGISTRAR

 

Elavon Financial Services
DAC

2nd Floor

Block E

Cherrywood Business
Park

Loughlinstown

Dublin, Ireland

 

TRANSFER AGENT

 

Elavon Financial Services
Limited DAC (acting

through its UK Branch)

125 Old Broad Street

Fifth Floor

London

EC2N 1AR

 

and/or such other or further
Principal Paying Agent and other Paying Agents, Registrar and Transfer Agents and/or specified offices as may from time to time
be appointed by the Issuer and the Guarantors with the approval of the Trustee and notice of which has been given to the Bondholders.

 

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SCHEDULE 3

 

REGISTER AND TRANSFER OF
BONDS

 

	1.	The Issuer shall at all times ensure that the Registrar maintains in London,
or at such other place in the United Kingdom as the Trustee may agree, a register showing the amount of the Bonds from time to
time outstanding and the dates of issue and all subsequent transfers and changes of ownership thereof and the names and addresses
of the holders of the Bonds. The Trustee and the holders of the Bonds or any of them and any person authorised by it or any of
them may at all reasonable times during office hours inspect the register and take copies of or extracts from it. The register
may be closed by the Issuer for such periods at such times (not exceeding in total 30 days in any one year) as it may think fit.

 

	2.	Each Bond shall have an identifying serial number which shall be entered on the register.

 

	3.	The Bonds are transferable by execution of the form of transfer endorsed
thereon under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of
two of its officers duly authorised in writing.

 

	4.	The Bonds to be transferred must be delivered for registration to the specified
office of the Registrar or any Transfer Agent with the form of transfer endorsed thereon duly completed and executed and must be
accompanied by such documents, evidence and information as may be required pursuant to the Conditions and such other evidence as
the Issuer may reasonably require to prove the title of the transferor or his right to transfer the Bonds and, if the form of transfer
is executed by some other person on his behalf or in the case of the execution of a form of transfer on behalf of a corporation
by its officers, the authority of that person or those persons to do so.

 

	5.	The executors or administrators of a deceased holder of Bonds (not being
one of several joint holders) and in the case of the death of one or more of several joint holders the survivor or survivors of
such joint holders shall be the only person or persons recognised by the Issuer as having any title to such Bonds.

 

	6.	Any person becoming entitled to Bonds in consequence of the death or bankruptcy
of the holder of such Bonds may upon producing such evidence that he holds the position in respect of which he proposes to act
under this paragraph or of his title as the Issuer shall require be registered himself as the holder of such Bonds or, subject
to the preceding paragraphs as to transfer, may transfer such Bonds. The Issuer shall be at liberty to retain any amount payable
upon the Bonds to which any person is so entitled until such person shall be registered as aforesaid or shall duly transfer the
Bonds.

 

	7.	Unless otherwise requested by him, the holder of Bonds shall be entitled
to receive only one Certificate in respect of his entire holding.

 

	8.	The joint holders of Bonds shall be entitled to one Certificate only in
respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears
first in the register of the holders of Bonds in respect of such joint holding.

 

	9.	Where a holder of Bonds has transferred part only of his holding there
shall be delivered to him without charge a Certificate in respect of the balance of such holding.

 

	10.	The Issuer shall make no charge to the Bondholders for the registration
of any holding of Bonds or any transfer thereof or for the issue thereof or for the delivery thereof at the specified office of
the Registrar or of any Transfer Agent or by post to the address specified by the Bondholder. If any Bondholder entitled to
receive a Certificate wishes to have the same delivered to him otherwise than at the specified office of the Registrar or of any
Transfer Agent, such delivery shall be made, upon his written request to the Registrar or such Transfer Agent, at his risk and
(except where sent by post to the address specified by the Bondholder) at his expense.

 

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	11.	The holder of a Bond may (to the fullest extent permitted by applicable
laws) be treated at all times, by all persons and for all purposes as the absolute owner of such Bond notwithstanding any notice
any person may have of the right, title, interest or claim of any other person thereto. The Issuer, each Guarantor and the Trustee
shall not be bound to see to the execution of any trust to which any Bond may be subject and no notice of any trust shall be entered
on the register. The holder of a Bond will be recognised by the Issuer and each Guarantor as entitled to his Bond free from any
equity, set-off or counterclaim on the part of the Issuer or each Guarantor against the original or any intermediate holder of
such Bond.

 

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SCHEDULE 4

 

PROVISIONS FOR MEETINGS OF
BONDHOLDERS

 

DEFINITIONS

 

	1.	As used in this Schedule the following expressions shall have the following meanings unless the context otherwise requires:

 

Block Voting Instruction
means an English language document issued by a Paying Agent in which:

 

		(a)	it is certified that on the date thereof Bonds represented by the Global
Certificate or Definitive Certificates which are held in an account with any Clearing System (in each case not being Bonds in respect
of which a Voting Certificate has been issued and is outstanding in respect of the meeting specified in such Block Voting Instruction)
are blocked in an account with a Clearing System and that no such Bonds will cease to be so blocked until the first to occur of:

 

		(1)	the conclusion of the meeting specified in such Block Voting Instruction; and

 

		(2)	the Bonds ceasing with the agreement of the Paying Agent to be so blocked
and the giving of notice by the Paying Agent to the Issuer in accordance with paragraph 3(E) of the necessary amendment to the
Block Voting Instruction;

 

		(b)	it is certified that each holder of such Bonds has instructed such Paying
Agent that the vote(s) attributable to the Bonds so blocked should be cast in a particular way in relation to the resolution(s)
to be put to such meeting and that all such instructions are, during the period commencing 48 Hours prior to the time for which
such meeting is convened and ending at the conclusion or adjournment thereof, neither revocable nor capable of amendment;

 

		(c)	the aggregate principal amount of the Bonds so blocked is listed distinguishing
with regard to each such resolution between those in respect of which instructions have been given that the votes attributable
thereto should be cast in favour of the resolution and those in respect of which instructions have been so given that the votes
attributable thereto should be cast against the resolution; and

 

		(d)	one or more persons named in such Block Voting Instruction (each hereinafter
called a proxy) is or are authorised and instructed by such Paying Agent to cast the votes attributable to the Bonds so
listed in accordance with the instructions referred to in (c) above as set out in such Block Voting Instruction;

 

Clearing System means
Euroclear and/or Clearstream, Luxembourg and includes in respect of any Bond any clearing system on behalf of which such Bond is
held or which is the holder or (directly or through a nominee) registered owner of a Bond, in either case whether alone or jointly
with any other Clearing System(s). For the avoidance of doubt, the provisions of subclause 1.2(g) shall apply to this definition;

 

Eligible Person means
any one of the following persons who shall be entitled to attend and vote at a meeting:

 

		(a)	a holder of a Bond in definitive form which is not held in an account with
any Clearing System;

 

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		(b)	a bearer of any Voting Certificate;

 

		(c)	a proxy specified in any Block Voting Instruction; and

 

		(d)	a proxy appointed by a holder of a Bond in definitive form which is not
held in an account with any Clearing System;

 

Extraordinary Resolution
means:

 

		(a)	a resolution passed at a meeting duly convened and held in accordance with
these presents by a majority consisting of not less than three-fourths of the Eligible Persons voting thereon upon a show of hands
or, if a poll is duly demanded, by a majority consisting of not less than three-fourths of the votes cast on such poll;

 

		(b)	a resolution in writing signed by or on behalf of the holders of not less
than three fourths in principal amount of the Bonds for the time being outstanding which resolution may be contained in one document
or in several documents in like form each signed by or on behalf of one or more of the holders; or

 

		(c)	consent given by way of electronic consents through the relevant Clearing
System(s) (in a form satisfactory to the Trustee) by or on behalf of the holders of not less than three-fourths in principal amount
of the Bonds for the time being outstanding;

 

Voting Certificate
means an English language certificate issued by a Paying Agent in which it is stated:

 

		(a)	that on the date thereof Bonds represented by the Global Certificate or
Definitive Certificates which are held in an account with any Clearing System (in each case not being Bonds in respect of which
a Block Voting Instruction has been issued and is outstanding in respect of the meeting specified in such Voting Certificate) are
blocked in an account with a Clearing System and that no such Bonds will cease to be so blocked until the first to occur of:

 

		(1)	the conclusion of the meeting specified in such Voting Certificate; and

 

		(2)	the surrender of the Voting Certificate to the Paying Agent who issued the same; and

 

		(b)	that the bearer thereof is entitled to attend and vote at such meeting in
respect of the Bonds represented by such Voting Certificate;

 

24 Hours means
a period of 24 hours including all or part of a day upon which banks are open for business in both the place where the relevant
meeting is to be held and in each of the places where the Paying Agents have their specified offices (disregarding for this purpose
the day upon which such meeting is to be held) and such period shall be extended by one period or, to the extent necessary, more
periods of 24 hours until there is included as aforesaid all or part of a day upon which banks are open for business in all of
the places as aforesaid; and

 

48 Hours means
a period of 48 hours including all or part of two days upon which banks are open for business both in the place where the relevant
meeting is to be held and in each of the places where the Paying Agents have their specified offices (disregarding for this purpose
the day upon which such meeting is to be held) and such period shall be extended by one period or, to the extent necessary, more
periods of 24 hours until there is included as aforesaid all or part of two days upon which banks are open for business in all
of the places as aforesaid.

 

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For the purposes of calculating
a period of Clear Days in relation to a meeting, no account shall be taken of the day on which the notice of such meeting
is given (or, in the case of an adjourned meeting, the day on which the meeting to be adjourned is held) or the day on which such
meeting is held.

 

All references in this
Schedule to a "meeting" shall, where the context so permits, include any relevant adjourned meeting.

 

EVIDENCE OF ENTITLEMENT TO ATTEND AND VOTE

 

	2.	A holder of a Bond represented by the Global Certificate or a Definitive
Certificate which is held in an account with any Clearing System may require the issue by a Paying Agent of Voting Certificates
and Block Voting Instructions in accordance with the terms of paragraph 3.

 

For the purposes of paragraph
3, the Principal Paying Agent and each Paying Agent shall be entitled to rely, without further enquiry, on any information or instructions
received from a Clearing System and shall have no liability to any holder or other person for any loss, damage, cost, claim or
other liability occasioned by its acting in reliance thereon, nor for any failure by a Clearing System to deliver information or
instructions to the Principal Paying Agent or any Paying Agent.

 

The holder of any Voting
Certificate or the proxies named in any Block Voting Instruction shall for all purposes in connection with the relevant meeting
be deemed to be the holder of the Bonds to which such Voting Certificate or Block Voting Instruction relates.

 

PROCEDURE FOR ISSUE OF VOTING CERTIFICATES,
BLOCK VOTING INSTRUCTIONS AND PROXIES

 

	3.	(A)	Definitive Certificates not held in a Clearing System

 

If Bonds have been issued
in definitive form and are not held in an account with any Clearing System, the Trustee may from time to time prescribe further
regulations (in accordance with paragraph 23) to enable the holders of such Bonds to attend and/or vote at a meeting in respect
of such Bonds.

 

		(B)	Global Certificate and Definitive Certificates held in a Clearing System - Voting Certificate

 

A holder of a Bond (not
being a Bond in respect of which instructions have been given to the Principal Paying Agent in accordance with paragraph 3(C))
represented by the Global Certificate or which is in definitive form and is held in an account with any Clearing System may procure
the delivery of a Voting Certificate in respect of such Bond by giving notice to the Clearing System through which such holder's
interest in the Bond is held specifying by name a person (an Identified Person) (which need not be the holder himself) to
collect the Voting Certificate and attend and vote at the meeting. The relevant Voting Certificate will be made available at or
shortly prior to the commencement of the meeting by the Principal Paying Agent against presentation by such Identified Person of
the form of identification previously notified by such holder to the Clearing System. The Clearing System may prescribe forms of
identification (including, without limitation, a passport or driving licence) which it deems appropriate for these purposes. Subject
to receipt by the Principal Paying Agent from the Clearing System, no later than 24 Hours prior to the time for which such meeting
is convened, of notification of the principal amount of the Bonds to be represented by any such Voting Certificate and the form
of identification against presentation of which such Voting Certificate should be released, the Principal Paying Agent shall, without
any obligation to make further enquiry, make available Voting Certificates against presentation of the form of identification corresponding
to that notified.

 

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		(C)	Global Certificate and Definitive Certificates held in a Clearing System
- Block Voting Instruction

 

A holder of a Bond (not
being a Bond in respect of which a Voting Certificate has been issued) represented by the Global Certificate or which is in definitive
form and is held in an account with any Clearing System may require the Principal Paying Agent to issue a Block Voting Instruction
in respect of such Bond by first instructing the Clearing System through which such holder's interest in the Bond is held to procure
that the votes attributable to such Bond should be cast at the meeting in a particular way in relation to the resolution or resolutions
to be put to the meeting. Any such instruction shall be given in accordance with the rules of the Clearing System then in effect.
Subject to receipt by the Principal Paying Agent of instructions from the Clearing System, no later than 24 Hours prior to the
time for which such meeting is convened, of notification of the principal amount of the Bonds in respect of which instructions
have been given and the manner in which the votes attributable to such Bonds should be cast, the Principal Paying Agent shall,
without any obligation to make further enquiry, appoint a proxy to attend the meeting and cast votes in accordance with such instructions.

 

		(D)	Each Block Voting Instruction, together (if so requested by the Trustee)
with proof satisfactory to the Trustee of its due execution on behalf of the relevant Paying Agent shall be deposited by the relevant
Paying Agent or (as the case may be) by the Registrar or the relevant Transfer Agent at such place as the Trustee shall approve
not less than 24 Hours before the time appointed for holding the meeting at which the proxy or proxies named in the Block Voting
Instruction proposes to vote, and in default the Block Voting Instruction shall not be treated as valid unless the Chairman of
the meeting decides otherwise before such meeting proceeds to business. A copy of each Block Voting Instruction shall be deposited
with the Trustee before the commencement of the meeting but the Trustee shall not thereby be obliged to investigate or be concerned
with the validity of or the authority of the proxy or proxies named in any such Block Voting Instruction.

 

		(E)	Any vote given in accordance with the terms of a Block Voting Instruction
shall be valid notwithstanding the previous revocation or amendment of the Block Voting Instruction or of any of the instructions
of the relevant holder or the relevant Clearing System (as the case may be) pursuant to which it was executed provided that no
intimation in writing of such revocation or amendment has been received from the relevant Paying Agent by the Issuer at its registered
office (or such other place as may have been required or approved by the Trustee for the purpose) by the time being 24 Hours (in
the case of a Block Voting Instruction) or 48 Hours (in the case of a proxy) before the time appointed for holding the meeting
at which the Block Voting Instruction is to be used.

 

CONVENING OF MEETINGS, QUORUM AND ADJOURNED MEETINGS

 

	4.	The Issuer, the Guarantors or the Trustee may at any time, and the Issuer
shall upon a requisition in writing in the English language signed by the holders of not less than ten per cent. in principal amount
of the Bonds for the time being outstanding, convene a meeting and if the Issuer makes default for a period of seven days in convening
such a meeting the same may be convened by the Trustee or the requisitionists. Whenever the Issuer or any Guarantor is about to
convene any such meeting the Issuer or the relevant Guarantor, as the case may be, shall forthwith give notice in writing to the
Trustee of the day, time and place thereof and of the nature of the business to be transacted thereat. Every such meeting shall
be held at such time and place as the Trustee may appoint or approve in writing.

 

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	5.	At least 21 Clear Days' notice specifying the place, day and hour of
                                                                meeting shall be given to the holders prior to any meeting in the manner provided by Condition 14 (Notices). Such
                                                                notice, which shall be in the English
language, shall state generally the nature of the business to be transacted at the meeting thereby convened and, where an Extraordinary
Resolution will be proposed at the meeting, shall either specify in such notice the terms of such resolution or state fully the
effect on the holders of such resolution, if passed. Such notice shall include statements as to the manner in which holders may
arrange for Voting Certificates or Block Voting Instructions to be issued and, if applicable, appoint proxies. A copy of the notice
shall be sent by post to the Trustee (unless the meeting is convened by the Trustee), to the Issuer (unless the meeting is convened
by the Issuer) and to each of the Guarantors (unless the meeting is convened by that Guarantor).

 

	6.	A person (who may but need not be a holder) nominated in writing by the
Trustee shall be entitled to take the chair at the relevant meeting, but if no such nomination is made or if at any meeting the
person nominated shall not be present within 15 minutes after the time appointed for holding the meeting the holders present shall
choose one of their number to be Chairman, failing which the Issuer may appoint a Chairman. The Chairman of an adjourned meeting
need not be the same person as was Chairman of the meeting from which the adjournment took place.

 

	7.	At any such meeting one or more Eligible Persons present and holding or
representing in the aggregate more than 50 per cent. in principal amount of the Bonds for the time being outstanding shall (subject
as provided below) form a quorum for the transaction of business (including the passing of an Extraordinary Resolution) PROVIDED
THAT at any meeting the business of which includes any Basic Terms Modification (which shall, subject only to subclause 19.2 and
clause 21, only be capable of being effected after having been approved by Extraordinary Resolution) the quorum shall be one or
more Eligible Persons present and holding or representing in the aggregate not less than two-thirds of the principal amount of
the Bonds for the time being outstanding. No business (other than the choosing of a Chairman) shall be transacted at any meeting
unless the requisite quorum is present at the commencement of the relevant business.

 

	8.	If within 15 minutes (or such longer period not exceeding 30 minutes as
the Chairman may decide) after the time appointed for any such meeting a quorum is not present for the transaction of any particular
business, then, subject and without prejudice to the transaction of the business (if any) for which a quorum is present, the meeting
shall if convened upon the requisition of holders be dissolved. In any other case it shall stand adjourned for such period, being
not less than 13 Clear Days nor more than 42 Clear Days, and to such place as may be appointed by the Chairman either at or subsequent
to such meeting and approved by the Trustee). If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman
may decide) after the time appointed for any adjourned meeting a quorum is not present for the transaction of any particular business,
then, subject and without prejudice to the transaction of the business (if any) for which a quorum is present, the Chairman may
either (with the approval of the Trustee) dissolve such meeting or adjourn the same for such period, being not less than 13 Clear
Days (but without any maximum number of Clear Days), and to such place as may be appointed by the Chairman either at or subsequent
to such adjourned meeting and approved by the Trustee, and the provisions of this sentence shall apply to all further adjourned
such meetings.

 

	9.	At any adjourned meeting one or more Eligible Persons present (whatever
the principal amount of the Bonds so held or represented by them) shall (subject as provided below) form a quorum and shall have
power to pass any resolution and to decide upon all matters which could properly have been dealt with at the meeting from which
the adjournment took place had the requisite quorum been present PROVIDED THAT at any adjourned meeting the quorum for the transaction
of business comprising any Basic Terms Modification shall be one or more Eligible Persons present and holding or representing in
the aggregate not less than one-third of the principal amount of the Bonds for the time being outstanding.

 

	10.	Notice of any adjourned meeting shall be given in the same manner as notice
of an original meeting but as if 10 were substituted for 21 in paragraph 5 and such notice shall state the required quorum.

 

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CONDUCT OF BUSINESS AT MEETINGS

 

	11.	Every question submitted to a meeting shall be decided in the first instance
by a show of hands. A poll may be demanded (before or on the declaration of the result of the show of hands) by the Chairman, the
Issuer, any Guarantor, the Trustee or any Eligible Person (whatever the amount of the Bonds so held or represented by him).

 

	12.	At any meeting, unless a poll is duly demanded, a declaration by the Chairman
that a resolution has been carried or carried by a particular majority or lost or not carried by a particular majority shall be
conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.

 

	13.	Subject to paragraph 15, if at any such meeting a poll is so demanded it
shall be taken in such manner and, subject as hereinafter provided, either at once or after an adjournment as the Chairman directs
and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of
the taking of the poll. The demand for a poll shall not prevent the continuance of the meeting for the transaction of any business
other than the motion on which the poll has been demanded.

 

	14.	The Chairman may, with the consent of (and shall if directed by) any such
meeting, adjourn the same from time to time and from place to place; but no business shall be transacted at any adjourned meeting
except business which might lawfully have been transacted at the meeting from which the adjournment took place.

 

	15.	Any poll demanded at any such meeting on the election of a Chairman or
on any question of adjournment shall be taken at the meeting without adjournment.

 

	16.	Any director or officer of the Trustee, its lawyers and financial advisors,
any director or officer of the Issuer or, as the case may be, the Guarantors, their lawyers and financial advisors, any director
or officer of any of the Paying Agents and any other person authorised so to do by the Trustee may attend and speak at any meeting.
Save as aforesaid, no person shall be entitled to attend and speak nor shall any person be entitled to vote at any meeting unless
he is an Eligible Person. No person shall be entitled to vote at any meeting in respect of Bonds which are deemed to be not outstanding
by virtue of the proviso to the definition of "outstanding" in clause 1.

 

	17.	At any meeting:

 

		(a)	on a show of hands every Eligible Person present shall have one vote; and

 

		(b)	on a poll every Eligible Person present shall have one vote in respect
of each £1 or such other amount as the Trustee may in its absolute discretion stipulate in principal amount of the Bonds
held or represented by such Eligible Person.

 

Without prejudice to the
obligations of the proxies named in any Block Voting Instruction, any Eligible Person entitled to more than one vote need not use
all his votes or cast all the votes to which he is entitled in the same way.

 

	18.	The proxies named in any Block Voting Instruction need not be holders.
Nothing herein shall prevent any of the proxies named in any Block Voting Instruction from being a director, officer or representative
of or otherwise connected with the Issuer or any Guarantor.

 

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	19.	The Bondholders shall in addition to the powers hereinbefore given
                                                                 have the following powers exercisable (without prejudice to any powers conferred on other persons by these presents) only by Extraordinary Resolution (subject, in the
case of an Extraordinary Resolution to be proposed at a meeting, to the provisions relating to quorum contained in paragraphs 7
and 9) namely:

 

		(a)	Power to sanction any compromise or arrangement proposed to be made between
the Issuer, the Guarantors, the Trustee, any Appointee and the holders or any of them.

 

		(b)	Power to sanction any abrogation, modification, compromise or arrangement
in respect of the rights of the Trustee, any Appointee, the holders, the Issuer or the Guarantors against any other or others of
them or against any of their property whether such rights arise under these presents or otherwise.

 

		(c)	Power to assent to any modification of the provisions of these presents
which is proposed by the Issuer, the Guarantors, the Trustee or any holder.

 

		(d)	Power to give any authority or sanction which under the provisions of these
presents is required to be given by Extraordinary Resolution.

 

		(e)	Power to appoint any persons (whether holders or not) as a committee or
committees to represent the interests of the holders and to confer upon such committee or committees any powers or discretions
which the holders could themselves exercise by Extraordinary Resolution.

 

		(f)	Power to approve of a person to be appointed a trustee and power to remove
any trustee or trustees for the time being of these presents.

 

		(g)	Power to discharge or exonerate the Trustee and/or any Appointee from all
liability in respect of any act or omission for which the Trustee and/or such Appointee may have become responsible under these
presents.

 

		(h)	Power to authorise the Trustee and/or any Appointee to concur in and execute
and do all such deeds, instruments, acts and things as may be necessary to carry out and give effect to any Extraordinary Resolution.

 

		(i)	Power to sanction any scheme or proposal for the exchange or sale of the
Bonds for or the conversion of the Bonds into or the cancellation of the Bonds in consideration of shares, stock, notes, bonds,
debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed,
or for or into or in consideration of cash, or partly for or into or in consideration of such shares, stock, notes, bonds, debentures,
debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash and
for the appointment of some person with power on behalf of the holders to execute an instrument of transfer of the Bonds held by
them in favour of the persons with or to whom the Bonds are to be exchanged or sold respectively.

 

		(j)	Power to approve the substitution of any entity for the Issuer (or any
previous substitute) as principal debtor under these presents.

 

	20.	Any Extraordinary Resolution (i) passed at a meeting of the holders duly
convened and held in accordance with these presents, (ii) passed as an Extraordinary Resolution in writing in accordance with these
presents or (iii) passed by way of electronic consents given by holders through the relevant Clearing System(s) in accordance with
these presents shall be binding upon all the holders whether or not present or whether or not represented at any meeting and whether
or not voting on such Extraordinary Resolution and each of them shall be bound to give effect thereto accordingly and the passing
of any such Extraordinary Resolution shall be conclusive evidence that the circumstances justify the passing thereof. Notice of
the result of the voting on any Extraordinary Resolution duly considered
by the holders shall be published in accordance with Condition 14 (Notices) by the Issuer within 14 days of such result
being known, PROVIDED THAT the non- publication of such notice shall not invalidate such result.

 

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	21.	Minutes of all resolutions and proceedings at every meeting shall be made
and entered in books to be from time to time provided for that purpose by the Issuer and any such minutes as aforesaid, if purporting
to be signed by the Chairman of the meeting at which such resolutions were passed or proceedings transacted, shall be conclusive
evidence of the matters therein contained and, until the contrary is proved, every such meeting in respect of the proceedings of
which minutes have been made shall be deemed to have been duly held and convened and all resolutions passed or proceedings transacted
thereat to have been duly passed or transacted.

 

	22.	(A)	If and whenever the Issuer has issued and has outstanding Bonds of more than one series the foregoing provisions of this Schedule
shall have effect subject to the following modifications:

 

		(i)	a resolution which in the opinion of the Trustee affects the Bonds of only
one series shall be deemed to have been duly passed if passed at a separate meeting (or by a separate resolution in writing or
by a separate resolution passed by way of consents received through the relevant Clearing System(s)) of the holders of the Bonds
of that series;

 

		(ii)	a resolution which in the opinion of the Trustee affects the Bonds of more
than one series but does not give rise (in the opinion of the Trustee) to an actual or potential conflict of interest between the
holders of Bonds of any of the series so affected shall be deemed to have been duly passed if passed at a single meeting (or by
a single resolution in writing or by a single resolution passed by way of consents received through the relevant Clearing System(s))
of the holders of the Bonds of all the series so affected;

 

		(iii)	a resolution which in the opinion of the Trustee affects the Bonds of more
than one series and gives or may give rise (in the opinion of the Trustee) to a conflict of interest between the holders of the
Bonds of one series or group of series so affected and the holders of the Bonds of another series or group of series so affected
shall be deemed to have been duly passed only if passed at separate meetings (or by separate resolutions in writing or by separate
resolutions passed by way of consents received through the relevant Clearing System(s)) of the holders of the Bonds of each series
or group of series so affected; and

 

		(iv)	to all such meetings all the preceding provisions of this Schedule shall
mutatis mutandis apply as though references therein to Bonds and holders were references to the Bonds of the series or group
of series in question or to the holders of such Bonds, as the case may be.

 

		(B)	Subject as provided below, if the Issuer has issued and has outstanding
Bonds which are not denominated in Pounds Sterling, or in the case of any meeting of Bonds of more than one currency, the principal
amount of such Bonds shall

 

		(i)	for the purposes of paragraph 4, be the equivalent in Pounds Sterling at
the spot rate of a bank nominated by the Trustee for the conversion of the relevant currency or currencies into Pounds Sterling
on the seventh dealing day prior to the day on which the requisition in writing is received by the Issuer; and

 

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		(ii)	for the purposes of paragraphs 7, 9 and 17 (whether in respect of the meeting
or any adjourned such meeting or any poll resulting therefrom), be the equivalent at such spot rate on the seventh dealing day
prior to the day of such meeting.

 

In such circumstances,
on any poll each person present shall have one vote for each £1 (or such other Pounds Sterling amount as the Trustee may
in its absolute discretion stipulate) in principal amount of the Bonds (converted as above) which he holds or represents. For the
avoidance of doubt, in the case of a meeting of Bonds which are denominated in a single currency which is not pounds sterling,
the Trustee (in its sole discretion) may agree with the Issuer that the relevant currency for the purposes of the meeting (including,
without limitation, the quorum and voting calculations) shall be the currency of the relevant Bonds, in which case the provisions
of this Schedule shall be construed accordingly.

 

	23.	Subject to all other provisions of these presents the Trustee may (after
consultation with the Issuer and the Guarantors where the Trustee considers such consultation to be practicable but without the
consent of the Issuer, the Guarantors or the holders) prescribe such further or alternative regulations regarding the requisitioning
and/or the holding of meetings and attendance and voting thereat as the Trustee may in its sole discretion reasonably think fit
(including, without limitation, the substitution for periods of 24 Hours and 48 Hours referred to in this Schedule of shorter periods).
Such regulations may, without prejudice to the generality of the foregoing, reflect the practices and facilities of any relevant
Clearing System. Notice of any such further or alternative regulations may, at the sole discretion of the Trustee, be given to
holders in accordance with Condition 14 (Notices) at the time of service of any notice convening a meeting or at such other
time as the Trustee may decide.

 

    78 

     

    

 

 

SCHEDULE 5

 

FORM OF DIRECTORS' CERTIFICATE

 

[ON THE HEADED PAPER OF THE ISSUER/GUARANTOR]

 

To:      [Trustee]

 

[Date]

 

Dear Sirs

 

£175,000,000 5.0 per cent. Guaranteed Bonds
due 2026

 

This certificate is delivered
to you in accordance with Clause 14(f) of the Trust Deed dated 1 June 2017 (the Trust Deed) and made between Burford Capital
PLC (the Issuer), Burford Capital Limited (BCL) and U.S. Bank Trustees Limited (the Trustee). All words and
expressions defined in the Trust Deed shall (save as otherwise provided herein or unless the context otherwise requires) have the
same meanings herein.

 

We hereby certify that:

 

	(a)	as at [ ]2, no Event of Default or Potential Event of Default
existed [other than [ ]]3 and no Event of Default or Potential Event of Default had existed or happened at any time
since [ ]4 [the certification date (as defined in the Trust Deed) of the last certificate delivered under Clause [14(f)]]5
[other than [ ]]6; and

 

	(b)	from and including [ ]3 [the certification date of the last certificate
delivered under Clause [14(f)]]4 to and including [ ]1, [each of] the Issuer and the Guarantors have complied
in all respects with its obligations under these presents (as defined in the Trust Deed) [other than [ ]]7.

 

For and on behalf of

 

[BURFORD
CAPITAL PLC / BURFORD CAPITAL LIMITED]

 

	 	 	 
	Director	 	Director[/Secretary]

 

 

2       Specify
a date not more than 7 days before the date of delivery of the certificate.

3       If
any Event of Default or Potential Event of Default did exist, give details; otherwise delete.

4       Insert
date of Trust Deed in respect of the first certificate delivered under Clause 14(f), otherwise delete.

5       Include
unless the certificate is the first certificate delivered under Clause 14(f) , in which case delete.

6       If
any Event of Default or Potential Event of Default did exist or had happened, give details; otherwise delete.

7       If
the Issuer and/or Guarantors have failed to comply with any obligation(s), give details; otherwise delete.

 

    79 

     

    

 

SCHEDULE 6

 

FORM OF MATERIAL SUBSIDIARIES
CERTIFICATE

 

[ON THE HEADED PAPER OF BCL]

 

To:      [Trustee]

 

[Date]

 

Dear Sirs

 

£175,000,000 5.0 per cent. Guaranteed Bonds
due 2026

 

Please note that the
contents of this certificate constitutes Confidential Information (as defined in the Trust Deed) and is subject to the confidentiality
provisions set out in clause 27 of the Trust Deed.

 

This certificate is delivered
to you in accordance with Clause 14(s) of the Trust Deed dated 1 June 2017 (the Trust Deed) and made between Burford Capital
PLC (the Issuer), Burford Capital Limited (BCL) and U.S. Bank Trustees Limited (the Trustee). All words and
expressions defined in the Trust Deed shall (save as otherwise provided herein or unless the context otherwise requires) have the
same meanings herein.

 

We hereby
certify that as at [insert date] the following Subsidiaries were Material Subsidiaries:

 

[insert list of Material
Subsidiaries]

 

For and on behalf of

 

BURFORD CAPITAL LIMITED

 

	 	 	 
	Director	 	Director/Secretary
	 	 

 

    80 

     

    

 

SCHEDULE 7

 

FORM OF SUPPLEMENTAL DEED

 

	DEED
	
         

        [l]
        20[l]

	
         

        BURFORD CAPITAL PLC

         

        and

         

        BURFORD CAPITAL LIMITED

         

        and

         

        [enter name of Subsidiary
        Guarantor]

        (as the Subsidiary Guarantor)

         

        and

         

        U.S. BANK TRUSTEES
        LIMITED

         

        relating to

         

        £175,000,000

        5.0 per cent. Guaranteed

        Bonds due 2026

         

        unconditionally and irrevocably
        guaranteed by

        Burford Capital Limited

 

    81 

     

    

 

THIS SUPPLEMENTAL DEED is made on [l]
20[l]

 

BETWEEN:

 

	(1)	BURFORD CAPITAL PLC, a company incorporated under the laws of England
and Wales with company number 09077893, whose registered office is at 24 Cornhill, London EC3V 3ND (the Issuer);

 

	(2)	BURFORD CAPITAL LIMITED, a company incorporated under the laws of
Guernsey with company number 50877, whose registered office is at Regency Court, Glategny Esplanade, St Peter Port GY1 1WW, Guernsey
(BCL);

 

	(3)	[l] a company incorporated under
the laws of [l] whose registered office is at [l]
(the Subsidiary Guarantor);

 

	(4)	U.S. BANK TRUSTEES LIMITED, a limited liability company registered
in England and Wales with company number 02379632 having its registered office at 125 Old Broad Street, Fifth Floor, London EC2N
1AR (the Trustee, which expression shall, wherever the context so admits, include such company and all other persons or
companies for the time being the trustee or trustees of these presents) as trustee for the Bondholders (each as defined
below);

 

	(5)	ELAVON FINANCIAL SERVICES DAC (the Registrar); and

 

	(6)	ELAVON FINANCIAL SERVICES DAC (the Paying Agent and the Transfer Agent).

 

WHEREAS:

 

	(A)	This Supplemental Deed is supplemental to the Trust Deed dated 1 June 2017
(the Principal Trust Deed) made between the Issuer, BCL and the Trustee constituting the £175,000,000 5.0 per cent.
Guaranteed Bonds due 2026 (the Bonds) and the Agency Agreement dated 1 June 2017 (the Principal Agency Agreement)
made between the Issuer, BCL, the Trustee and the various Agents set out therein.

 

	(B)	Condition 4.3 (Guarantee – Addition of Subsidiary Guarantors)
of the Bonds provides that, BCL may from time to time appoint or procure to be appointed, a Subsidiary (as defined in the Principal
Trust Deed) of BCL which is not a Guarantor (as defined in the Principal Trust Deed) as a Subsidiary Guarantor in order to comply
with its obligations under Condition 4.1 (Guarantee) of the Bonds.

 

	(C)	Clause 7.11 of the Principal Trust Deed provides that in connection with
the proposed admission of any Subsidiary of BCL as a Guarantor pursuant to Condition 4.3 (Guarantee – Addition of Subsidiary
Guarantors) of the Bonds, no such admission shall be effective until the Trustee shall have received (inter alia) a
duly executed deed supplemental to the Principal Trust Deed (or in such other form as may be necessary or appropriate to comply
with any applicable law, rule or regulation, including the law of any jurisdiction where that Subsidiary is organised or carries
on business) containing a joint and several guarantee (in terms substantially similar to the Guarantee) and otherwise in form and
manner satisfactory to the Trustee pursuant to which such Subsidiary agrees to be bound by the provisions of the Principal Trust
Deed as fully as if such Subsidiary had been named in the Principal Trust Deed as a Guarantor.

 

	(D)	The Subsidiary Guarantor is a Subsidiary of the Guarantor and is not an Excluded Subsidiary.

 

    82 

     

    

 

	(E)	By [a resolution of the shareholders of the
Subsidiary Guarantor passed on [l] and] a resolution of the Board of Directors
of the Subsidiary Guarantor passed on [l], and pursuant to Condition 4.3 (Guarantee
 – Addition of Subsidiary Guarantors) of the Bonds and Clause 7.11 of the Principal Trust Deed, the Subsidiary Guarantor
(being of the opinion that it will be to its benefit and interest and in the furtherance of its objects to do so) has agreed to
guarantee the said Bonds and to enter into certain covenants as set out or referred to in this Supplemental Deed and BCL has procured
that the Subsidiary Guarantor will be a party to this Supplemental Deed for such purposes.

 

NOW THIS SUPPLEMENTAL
DEED WITNESSES AND IT IS HEREBY AGREED AND DECLARED as follows:

 

	1.	INTERPRETATION AND CONSTRUCTION

 

	1.1	Save as herein otherwise provided and unless there is something in the
subject or context inconsistent therewith all words and expressions defined in the Principal Trust Deed shall have the same meanings
in this Supplemental Deed.

 

	1.2	The Principal Trust Deed and the Agency Agreement shall henceforth be read
and construed as one document with this Supplemental Deed.

 

	1.	GUARANTEE

 

	1.1	The Subsidiary Guarantor hereby irrevocably and unconditionally, and notwithstanding
the release of any other guarantor or any other person under the terms of any composition or arrangement with any creditors of
the Issuer, BCL or any other Subsidiary of BCL, guarantees on a joint and several basis with each of the current Guarantors set
out in the Schedule hereto to the Trustee:

 

		(a)	the due and punctual payment in accordance with the provisions of these
presents of the principal of and interest on the Bonds and of any other amounts payable by the Issuer under these presents; and

 

		(b)	the due and punctual performance and observance by the Issuer of each of
the other provisions of these presents on the Issuer's part to be performed or observed.

 

[Insert
any legally applicable limitations on guarantee for jurisdiction of Subsidiary Guarantor, as appropriate]

 

	1.2	If the Issuer fails for any reason whatsoever punctually to pay any such
principal, interest or other amount, the Subsidiary Guarantor shall cause each and every such payment to be made as if the Subsidiary
Guarantor instead of the Issuer were expressed to be the primary obligor under these presents and not merely as surety (but without
affecting the nature of the Issuer's obligations) to the intent that the holder of the relevant Bond or the Trustee (as the case
may be) shall receive the same amounts in respect of principal interest or such other amount as would have been receivable had
such payments been made by the Issuer.

 

	1.3	If any payment received by the Trustee or any Bondholder under the provisions
of these presents shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of the Issuer or, without
limitation, on any other event) be avoided or set aside for any reason, such payment shall not be considered as discharging or
diminishing the liability of the Subsidiary Guarantor and this guarantee shall continue to apply as if such payment had at all
times remained owing by the Issuer and each other Guarantor shall severally indemnify the Trustee and the Bondholders (as the case
may be) in respect thereof PROVIDED THAT the obligations of the Issuer and/or the Subsidiary Guarantor under this subclause shall,
as regards each payment made to the Trustee or any Bondholder which is avoided
or set aside, be contingent upon such payment being reimbursed to the Issuer or other persons entitled through the Issuer.

 

    83 

     

    

 

	1.4	The Subsidiary Guarantor hereby agrees that its obligations under this clause
shall be unconditional and that the Subsidiary Guarantor shall be fully liable irrespective of the validity, regularity, legality
or enforceability against the Issuer of, or of any defence or counter-claim whatsoever available to the Issuer in relation to,
its obligations under these presents, whether or not any action has been taken to enforce the same or any judgment obtained against
the Issuer, whether or not any of the other provisions of these presents have been modified, whether or not any time, indulgence,
waiver, authorisation or consent has been granted to the Issuer by or on behalf of the Bondholders or the Trustee, whether or not
any determination has been made by the Trustee pursuant to subclause 19.1 of the Principal Trust Deed, whether or not there have
been any dealings or transactions between the Issuer, any of the Bondholders or the Trustee, whether or not the Issuer has been
dissolved, liquidated, merged, consolidated, bankrupted or has changed its status, functions, control or ownership, whether or
not the Issuer has been prevented from making payment by foreign exchange provisions applicable at its place of registration or
incorporation and whether or not any other circumstances have occurred which might otherwise constitute a legal or equitable discharge
of or defence to a guarantor. Accordingly the validity of this guarantee shall not be affected by reason of any invalidity, irregularity,
illegality or unenforceability of all or any of the obligations of the Issuer under these presents and this guarantee shall not
be discharged nor shall the liability of the Subsidiary Guarantor under these presents be affected by any act, thing or omission
or means whatever whereby its liability would not have been discharged if it had been the principal debtor.

 

	1.5	Without prejudice to the provisions of subclause 9.1 of the Principal Trust
Deed the Trustee may determine from time to time whether or not it will enforce this guarantee which it may do without making any
demand of or taking any proceedings against the Issuer and may from time to time make any arrangement or compromise with the Subsidiary
Guarantor in relation to this guarantee which the Trustee may consider expedient in the interests of the Bondholders.

 

	1.6	The Subsidiary Guarantor waives diligence, presentment, demand of payment,
filing of claims with a court in the event of dissolution, liquidation, merger or bankruptcy of the Issuer, any right to require
a proceeding first against the Issuer, protest or notice with respect to these presents or the indebtedness evidenced thereby and
all demands whatsoever and covenants that this guarantee shall be a continuing guarantee, shall extend to the ultimate balance
of all sums payable and obligations owed by the Issuer under these presents, shall not be discharged except by complete performance
of the obligations in these presents and is additional to, and not instead of, any security or other guarantee or indemnity at
any time existing in favour of any person, whether from the Subsidiary Guarantor or otherwise.

 

	1.7	If any moneys shall become payable by the Subsidiary Guarantor under this
guarantee the Subsidiary Guarantor shall not, so long as the same remain unpaid, without the prior written consent of the Trustee:

 

		(a)	in respect of any amounts paid or payable by it under this guarantee, exercise
any rights of subrogation or contribution or, without limitation, any other right or remedy which may accrue to it in respect of
or as a result of any such payment or any such obligation to make payment; or

 

		(b)	in respect of any other moneys for the time being due to the Guarantors
by the Issuer, claim payment thereof or exercise any other right or remedy;

 

(including in either
case claiming the benefit of any security or right of set-off or contribution or, on the liquidation of the Issuer, proving
in competition with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or liquidation of the
Issuer, any payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or
securities, shall be received by the Subsidiary Guarantor before payment in full of all amounts payable under these presents
shall have been made to the Bondholders and the Trustee, such payment or distribution shall be received by the Subsidiary
Guarantor on trust to pay the same over immediately to the Trustee for application in or towards the payment of all sums due
and unpaid under these presents in accordance with clause 10 of the Principal Trust Deed.

 

    84 

     

    

 

	1.8	Until all amounts which may be or become payable by the Issuer under these
presents have been irrevocably paid in full, the Trustee may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights
held or received by the Trustee in respect of those amounts, or apply and enforce the same in such manner and order as it sees
fit (whether against those amounts or otherwise), and the Subsidiary Guarantor shall not be entitled to the benefit of the same;
and

 

		(b)	hold in a suspense account any moneys received from the Subsidiary Guarantor
or on account of the Subsidiary Guarantor's liability under this guarantee, without liability to pay interest on those moneys.

 

	1.9	If any sum which, although expressed to be payable by the Issuer under these
presents or the Bonds, is for any reason (whether or not now existing and whether or not now known or becoming known to the Issuer,
the Subsidiary Guarantor, the Trustee or any Bondholder) not recoverable from the Subsidiary Guarantor on the basis of a guarantee
then (a) it will nevertheless be recoverable from it as if it were the sole principal debtor and will be paid by it to the Trustee
on demand and (b) as a separate and additional liability under these presents the Subsidiary Guarantor agrees, as a primary obligation
and on a joint and several basis, to indemnify each of the Trustee and each Bondholder in respect of such sum by way of a full
indemnity in the manner and currency as is provided for in the Bonds or these presents (as the case may be) and to indemnify each
Bondholder against all losses, claims, costs, charges and expenses to which it may be subject or which it may incur in recovering
such sum.

 

	1.10	The obligations of the Subsidiary Guarantor under these presents constitute
direct, unconditional and (subject to the provisions of Condition 5.1 (Negative Pledges)) unsecured obligations of the Subsidiary
Guarantor and (subject as aforesaid) rank and will rank pari passu with all other outstanding unsecured and unsubordinated
obligations of the Subsidiary Guarantor, present and future, but, in the event of insolvency, only to the extent permitted by applicable
laws relating to creditors' rights.

 

	2.	APPLICABILITY OF PROVISION OF TRUST DEEDS AND AGENCY AGREEMENT

 

	2.1	On and from the date hereof, the Subsidiary Guarantor will become a Guarantor
for the purposes of the Trust Deed and the Agency Agreement (as amended and restated pursuant to this Supplemental Deed) pursuant
to Clause 7 of the Principal Trust Deed and Clause 21.10 of the Principal Agency Agreement respectively.

 

	2.2	All the provisions of the Principal Trust Deed relating to each other Guarantor
shall apply to the Subsidiary Guarantor and to the guarantee given by the Subsidiary Guarantor under Clause 2 hereof in all respects
as if the Subsidiary Guarantor had been a party to the Principal Trust Deed and references therein to the Guarantors had included
the Subsidiary Guarantor and the Subsidiary Guarantor hereby covenants with the Trustee that it will henceforth duly observe and
perform and be bound by all such of the covenants, conditions and provisions contained in the Principal Trust Deed as are expressed
to be binding on the Guarantors.

 

    85 

     

    

 

	2.3	All the provisions of the Principal Agency Agreement relating to each other
Guarantor shall apply to the Subsidiary Guarantor as if the Subsidiary Guarantor had been a party to the Principal Agency Agreement
and references therein to the Guarantors had included the Subsidiary Guarantor and the Subsidiary Guarantor hereby covenants with
the Trustee, the Registrar, the Paying Agent and the Transfer Agent that it will henceforth duly observe and perform and be bound
by all such of the covenants, conditions and provisions contained in the Principal Agency Agreement as are expressed to be binding
on the Guarantors.

 

	3.	FURTHER ASSURANCE

 

The Issuer and the Subsidiary
Guarantor shall, at their own cost, take such action and execute such documentation as the Trustee shall reasonably request in
respect of the matters contemplated by this Supplemental Deed.

 

	4.	COMMUNICATIONS

 

Any notice or demand to the Subsidiary Guarantor
to be given, made or served for any purposes under these presents shall be given, made or served by sending the same by pre-paid
post (first class if inland, first class airmail if overseas) or facsimile transmission or by delivering it by hand as follows:

 

	 	to
                                         the Additional	[Name
                                         of Subsidiary Guarantor]
	 	Guarantor:	[Address]
	 	 	(Attention:
                                        l)
	 	 	Facsimilie
                                        No. l

 

	5.	GOVERNING LAW

 

These presents and any non-contractual obligations
arising out of or in connection with these presents are governed by, and shall be construed in accordance with, English law.

 

	6.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 

A person who is not a party to these presents
has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of these presents, but this does not affect
any right or remedy of a third party which exists or is available apart from that Act.

 

	7.	[SUBMISSION TO JURISDICTION

 

	7.1	The Subsidiary Guarantor irrevocably agrees for the benefit of the Trustee
and the Bondholders that the courts of England are to have exclusive jurisdiction to settle any dispute which may arise out of
or in connection with these presents and that accordingly any suit, action or proceedings arising out of or in connection with
these presents (together referred to as Proceedings) may be brought in the courts of England. The Subsidiary Guarantor irrevocably
and unconditionally waives and agrees not to raise any objection which it may have now or subsequently to the laying of the venue
of any Proceedings in the courts of England and any claims that any Proceedings have been brought in an inconvenient or inappropriate
forum and unconditionally agrees that a judgement in any Proceedings brought in the courts of England shall be conclusive and binding
upon it and may be enforced in the courts of any other jurisdiction. To the extent permitted by law, the Trustee and the Bondholders
may take any Proceedings against the Subsidiary Guarantor in any other court of competent jurisdiction and concurrent Proceedings
in any number of jurisdictions.

 

	7.2	The Subsidiary Guarantor irrevocably and unconditionally appoints [l]
at its registered office for the time being and in the event of its ceasing so to act will appoint such other person as the Trustee
may approve and as the Subsidiary
Guarantor may nominate in writing to the Trustee for the purpose to accept service of process on its behalf in England in respect
of any Proceedings. The Subsidiary Guarantor:

 

    86 

     

    

 

		(a)	agrees to procure that, so long as any of the Bonds remains liable to prescription,
there shall be in force an appointment of such a person approved by the Trustee with an office in London with authority to accept
service as aforesaid;

 

		(b)	agrees that failure by any such person to give notice of such service of
process to the Issuer or any Subsidiary Guarantor shall not impair the validity of such service or of any judgment based thereon;

 

		(c)	consents to the service of process in respect of any Proceedings by the
airmailing of copies, postage prepaid, to the Issuer or the Subsidiary Guarantor in accordance with Clause 26 of the Principal
Trust Deed; and

 

		(d)	agrees that nothing in these presents shall affect the right to serve process
in any other manner permitted by law.]

 

	8.	COUNTERPARTS

 

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

 

IN WITNESS whereof this Supplemental Deed
has been executed as a deed by the Issuer, the Subsidiary Guarantor and the Trustee and delivered on the date first stated on page
1.

 

    87 

     

    

 

SCHEDULE

 

THE CURRENT GUARANTORS

 

Burford Capital Limited

 

[insert
names of the other current Guarantors (if any)]

 

    88 

     

    

 

SIGNATORIES

 

	EXECUTED as a deed	)
	by BURFORD CAPITAL PLC,	)
	acting by:	 
	 	 
	Director:	 
	 	 
	Director/Secretary:	 
	 	 
	EXECUTED as a deed	)
	by BURFORD CAPITAL LIMITED,	)
	acting by:	 
	 	 
	Director:	 
	 	 
	Director/Secretary:	 
	 	 
	EXECUTED as a deed	)
	by [SUBSIDIARY GUARANTOR],	)
	acting
    by ● and ●	)
	acting under the authority	)
	of that company[ in the presence of:	)
	 	 
	Witness's signature	 
	 	 
	Name	 
	 	 
	Address	 
	 	 
	Occupation]	 
	 	 
	EXECUTED as a deed	)
	by U.S. BANK TRUSTEES LIMITED,	)
	acting by:	)
	 	 
	Name:	 
	 	 
	Name:	 

 

    89 

     

    

 

SIGNATORIES

 

	
        EXECUTED as a deed

        by BURFORD CAPITAL PLC,
	
        )

        )

	acting by:	 
	
         

        Director:
	
         

        /s/ Leslie Paster

	
         

        Director/Secretary:
	
         

        /s/ Hugo Marshall
        (Witness)

	
         

        EXECUTED as a deed
	
         

        )

	
        by BURFORD CAPITAL LIMITED,

        acting by:
	)
	
         

        Director:
	
         

        /s/ Charles
        Parkinson

	
         

        Director/Secretary:
	
         

        /s/ International
        Administration Group

	
         

         

        EXECUTED as a deed
	
         

         

        )

	by U.S. BANK TRUSTEES LIMITED,	)
	acting by:	)
	Name:	/s/ Laurence Griffiths
	
         

        Name:
	
         

        /s/ Chris Hobbs

 

    90

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