<SEC-DOCUMENT>0001056288-18-000024.txt : 20180702
<SEC-HEADER>0001056288-18-000024.hdr.sgml : 20180702
<ACCEPTANCE-DATETIME>20180702071538
ACCESSION NUMBER:		0001056288-18-000024
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20180702
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180702
DATE AS OF CHANGE:		20180702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FEDERATED INVESTORS INC /PA/
		CENTRAL INDEX KEY:			0001056288
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				251111467
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14818
		FILM NUMBER:		18931075

	BUSINESS ADDRESS:	
		STREET 1:		FEDERATED INVESTORS TOWER
		STREET 2:		1001 LIBERTY AVENUE
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
		BUSINESS PHONE:		4122881900

	MAIL ADDRESS:	
		STREET 1:		FEDERATED INVESTORS TOWER
		STREET 2:		1001 LIBERTY AVENUE
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a201807028-k.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="s484a28b372814d12b48a9acf8330ae2f"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, D.C. 20549 </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">Form 8-K </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;padding-left:48px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;padding-left:48px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;padding-left:48px;text-indent:-48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Date of Report (Date of earliest event reported):  </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">July&#160;2, 2018</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">FEDERATED INVESTORS, INC. </font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Exact name of registrant as specified in its charter) </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:30%;"></td><td style="width:4%;"></td><td style="width:31%;"></td><td style="width:4%;"></td><td style="width:31%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pennsylvania</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-align:center;">&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-align:center;">001-14818</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">25-1111467</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;&#160;(State or other jurisdiction</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(I.R.S. Employer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">of incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Federated Investors Tower</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pittsburgh, Pennsylvania 15222-3779</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Address of principal executive offices, including zip code)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(412) 288-1900</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Registrant's telephone number, including area code)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Not Applicable</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Former name or former address, if changed since last report)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;text-align:-moz-right;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;margin-left:auto;margin-right:0;"><tr><td colspan="3"></td></tr><tr><td style="width:74%;"></td><td style="width:23%;"></td><td style="width:3%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Emerging growth company</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;&#160;&#160;</font><font style="font-family:Wingdings;font-size:10pt;">o</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s6a13418b83ca45c0ac04fc0695f7fef0"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;-sec-extract:summary;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ITEM 1.01</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As disclosed in Item 2.01 below, on July 2, 2018, Federated Investors, Inc. (&#8220;FII&#8221;) and its subsidiary, Federated Holdings (UK) II Limited (&#8220;Buyer&#8221;), completed, effective as of July 1, 2018 (&#8220;Completion Date&#8221;), the previously announced acquisition of a 60% interest (&#8220;Acquisition&#8221;) in Hermes Fund Managers Limited (&#8220;HFML&#8221;) pursuant to the terms of a definitive Share Sale Agreement (&#8220;Purchase Agreement&#8221;) dated April 12, 2018, among BT Pension Scheme Trustees Limited, as trustee for and on behalf of the BT Pension Scheme (&#8220;BTPS&#8221; or &#8220;Seller&#8221;), Buyer and FII (Buyer and FII, collectively, as applicable, &#8220;Federated&#8221;).  From and after the Completion Date, Federated&#8217;s representation on the Board of Directors (&#8220;Board&#8221;) of HFML will constitute a majority of the Board, and HFML&#8217;s business, board meetings and shareholder meetings will be governed in accordance with the terms of a Shareholders&#8217; Agreement, entered into on and dated July 2, 2018 (the &#8220;Shareholders&#8217; Agreement&#8221;), among BTPS, FII, HFML and Buyer.  Under the Shareholders&#8217; Agreement, HFML has certain obligations regarding the conduct of its business and the provision of information to shareholders, the Buyer and BTPS, as shareholders, will have certain obligations regarding funding and operating HFML, and certain fundamental matters will require approval of both BTPS and Federated.  Among other termination events, the Shareholders&#8217; Agreement will terminate upon BTPS or Federated no longer holding any shares of HFML. The Shareholders&#8217; Agreement also contains other terms and conditions that are generally customary for transactions of this type in the United Kingdom.  A copy of the Shareholders&#8217; Agreement is attached hereto as Exhibit 10.1.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FII and Buyer also entered into a Put and Call Option Deed, dated July 2, 2018 (the &#8220;Option Deed&#8221;), among BTPS, Buyer and FII.  Pursuant to the Option Deed, Federated has a right to exercise a call option to acquire BTPS&#8217;s remaining interest in HFML, and BTPS has a right to exercise a put option to sell its remaining interest in HFML to Federated, after the third, fourth or fifth anniversaries, and subject to certain contingencies, the sixth anniversary, of the date of the Purchase Agreement. If these options are not exercised during the option period, Federated has a right of first refusal to acquire, and certain &#8220;drag rights&#8221; to compel the sale of, BTPS&#8217;s remaining interest in HFML, and BTPS has certain &#8220;tag rights&#8221; to require the Buyer to acquire its remaining interest in HFML if Federated decides to sell a majority of its interests in HFML to a third party.  The consideration to be paid for BTPS&#8217;s remaining interest in HFML will be based on fair value as determined in accordance with the terms of the Option Deed.  The Option Deed also contains other terms and conditions that are generally customary for transactions of this type in the United Kingdom.  A copy of the Option Deed is attached hereto as Exhibit 10.2.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FII, and certain of its subsidiaries as guarantors, also entered into an Amendment No. 1 to Third Amended and Restated Credit Agreement, dated July 1, 2018 (&#8220;Amendment No. 1&#8221;), which amends that certain unsecured Third Amended and Restated Credit Agreement, dated June 5, 2017 (as amended, the &#8220;Credit Agreement&#8221;), by and among FII, certain of its subsidiaries as guarantors party thereto, a syndicate of ten banks as Lenders party thereto, PNC Bank, National Association as administrative agent, PNC Capital Markets LLC, as sole bookrunner and joint lead arranger, Citigroup Global Markets, Inc., as joint lead arranger, Citibank, N.A. as syndication agent, and TD Bank, N.A. as documentation agent (Credit Agreement).  The Amendment No. 1 amends the Credit Agreement to add certain definitions and to amend certain negative covenants relating to indebtedness, guaranties, and restrictions on dividends, because of the Acquisition.  The Amendment No. 1 contains other customary conditions, representations, warranties and covenants.  A copy of Amendment No. 1 is attached hereto as Exhibit 10.3.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ITEM 2.01</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On July 2, 2018, FII and its subsidiary, Buyer, completed, effective as of July 1, 2018, the previously announced Acquisition by Buyer of a 60% majority interest in HFML, which is registered in England and Wales and has its principal offices in London, England.  Among other subsidiaries and joint ventures, HFML owns Hermes Investment Management Limited (&#8220;HIML&#8221;, and collectively with HFML and its other subsidiaries and joint ventures, as applicable, &#8220;Hermes&#8221;).  Attached herewith as Exhibit 99.1 is a press release issued by Federated with additional details concerning this transaction.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Acquisition was consummated pursuant to the terms of the Purchase Agreement.  The Buyer purchased the 60% majority interest in HFML from BTPS, which retains a 29.5% interest in HFML.  The remaining 10.5% of the equity of HFML was placed into an employee benefit trust for the benefit of certain members of Hermes&#8217; management and other key employees under a new long-term incentive plan.  From and after the Completion Date, HFML will provide </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">certain transitional services to BTPS for a period of 18 to 24 months pursuant to a Transitional Services Agreement between HFML and BTPS. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Pursuant to the Purchase Agreement, the Buyer paid BTPS a total of &#163;259.9 million (or approximately $341.5 million) (&#8220;Purchase Price&#8221;).  The Purchase Price included the initial aggregate cash consideration of &#163;246.0 million (or approximately $323.2 million), which includes &#163;20.0 million (or approximately $26.3 million) that was contributed by the Buyer to HFML to satisfy subordinated debt issued by HFML to BTPS, and &#163;13.9 million (or approximately $18.3 million) primarily in Hermes&#8217; excess regulatory capital.  FII funded the Buyer&#8217;s payment of the Purchase Price with $323.5 million of cash from its balance sheet and by drawing on FII&#8217;s current Credit Agreement in the amount of $18.0 million.  The consideration may be adjusted as provided in the Purchase Agreement, including based on certain post-Closing Date true-ups of regulatory capital and estimated carried interest and performance fee receivables as provided in the Purchase Agreement.  Various assets, primarily goodwill and other intangible assets, will be recorded on completion of the independent appraiser&#8217;s valuation. All balances above have been converted to U.S. dollars using the June 27, 2018 exchange rate.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On&#160;April&#160;13, 2018, FII entered into a foreign currency forward transaction with Citi Bank, N.A. under an existing International Swaps and Derivatives Association, Inc. Master Agreement dated June&#160;9, 2010.  Under this forward transaction, Federated committed to purchase &#163;250 million at an all-in forward rate of 1.43192 (which is comprised of a spot rate of 1.42522 plus forward points of 0.0067) for settlement on August 1, 2018 in the amount of $358.0 million. The &#163;250 million included the then announced estimated purchase price for the Acquisition of &#163;246 million and an estimated &#163;4 million to compensate BTPS for its share of Hermes' excess regulatory balance sheet capital at closing.  On June&#160;27, 2018 FII entered into another foreign currency forward transaction to sell &#163;250 million at an all-in forward rate of 1.31601 (which is comprised of a spot rate of 1.314 plus forward points of 0.00201) for settlement on August 1, 2018. This second forward allowed FII to effectively close the initial forward to lock in the foreign exchange rate and amount due on August 1, 2018.  The change in the spot rate and a reduction in the forward points will result in a payment from Federated to Citi of $29.0 million on August 1, 2018, which was recorded as a non-operating expense as of June 30, 2018. In the period from the April 13, 2018 announcement of the Acquisition through June 27, 2018, the decline in the spot rate resulted in an 8% lower Acquisition cost in U.S. dollars than it would have been had currency values been unchanged.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The foregoing descriptions of the Purchase Agreement, the Shareholders&#8217; Agreement, and the Option Deed have been included to provide information regarding the terms and conditions of the Acquisition. These descriptions are qualified in their entirety by reference to the full text of those documents.  A copy of the Purchase Agreement was filed as an Exhibit to FII&#8217;s Current Report on Form 8-K filed on April 13, 2018, and is incorporated by reference herein. Copies of the Shareholders&#8217; Agreement and Option Deed are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.  The warranties, covenants and other agreements set forth in each of the foregoing documents have been made solely for the purposes of those documents and solely for the benefit of the parties thereto and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk among the parties instead of establishing these matters as facts. In addition, any warranties were made only as of the dates specified in the relevant documents, and information regarding the subject matter thereof may change after the respective dates thereof. 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style="font-family:inherit;font-size:11pt;">(a) </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">Financial Statements of Businesses Acquired</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The audited financial statements of HFML required by this item will be furnished to the Securities and Exchange Commission (&#8220;SEC&#8221;) via amendment not later than 71 calendar days after the date on which this Current Report on Form 8-K was required to be filed.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">Pro Forma Financial Information</font></div><div 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style="padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Shareholders&#8217; Agreement, dated July 2, 2018, among Hermes Fund Managers Limited, BT Pension Scheme Trustees Limited, in its capacity as trustee for and on behalf of the BT Pension Scheme, Federated Holdings (UK) II Limited, and Federated Investors, Inc.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit102-putandcalloptio.htm"><font style="font-family:inherit;font-size:11pt;">Exhibit 10.2</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Put and Call Option Deed, dated July 2, 2018, among BT Pension Scheme Trustees Limited, in its capacity as trustee for and on behalf of the BT Pension Scheme, Federated Holdings (UK) II Limited, and Federated Investors, Inc.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit103-amendmentno1tot.htm"><font style="font-family:inherit;font-size:11pt;">Exhibit 10.3</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Amendment No. 1 to Third Amended and Restated Credit Agreement, dated July 1, 2018, by and among Federated Investors, Inc., each of the guarantors (as defined in the Third Amended and Restated Credit Agreement, the lenders (as defined in the Third Amended and Restated Credit Agreement, and PNC BANK, NATIONAL ASSOCIATION, as administrative agent for the lenders.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:10px;text-align:justify;font-size:11pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit991-pressrelease.htm"><font 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style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">SIGNATURES</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;text-indent:432px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:683px;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:52px;"></td><td style="width:222px;"></td><td style="width:93px;"></td><td style="width:286px;"></td><td style="width:28px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div 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style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Date:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:normal;">July&#160;2, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">/s/ Thomas R. Donahue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Thomas R. Donahue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Chief Financial Officer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101-shareholdersagr.htm
<DESCRIPTION>EXHIBIT 10.1
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		<title>Exhibit</title>
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<div><a name="s635F187BCF5F74B0CE164D07590CB252"></a></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:right;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Exhibit 10.1</font></div></div><div><br></div><div style="line-height:120%;font-size:16pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EXECUTION VERSION</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">SHAREHOLDERS' AGREEMENT</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DATED 2 JULY 2018</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BT PENSION SCHEME</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TRUSTEES LIMITED </font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">as trustee for and on behalf of the BT PENSION SCHEME</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">and</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED INVESTORS, INC.</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">and</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">HERMES FUND MANAGERS LIMITED</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">and</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED HOLDINGS (UK) II LIMITED</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:34%;"></td><td style="width:16%;"></td><td style="width:17%;"></td><td style="width:33%;"></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="exhibit101co33052312v_image1.gif" alt="exhibit101co33052312v_image1.gif" style="height:16px;width:220px;"></div><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">Allen &amp; Overy LLP</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="sC8CB722FB0CB7353F37B4D075932665E"></a></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONTENTS</font></div><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Clause&#160;&#160;&#160;&#160;Page</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Definitions and Interpretation&#160;&#160;&#160;&#160;3</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Business and Objectives&#160;&#160;&#160;&#160;4</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Effectiveness of this Agreement&#160;&#160;&#160;&#160;5</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Compliance with and Precedence of this Agreement&#160;&#160;&#160;&#160;5</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Board Composition and Corporate Governance&#160;&#160;&#160;&#160;5</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Management and Decision Making&#160;&#160;&#160;&#160;9</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Conflict of Interests&#160;&#160;&#160;&#160;10</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Budgets and Dividend Policy&#160;&#160;&#160;&#160;11</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">9.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Information Rights&#160;&#160;&#160;&#160;12</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Other Continuing Obligations of the Company&#160;&#160;&#160;&#160;13</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Funding and Issues of Securities&#160;&#160;&#160;&#160;14</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">12.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Rights Offers&#160;&#160;&#160;&#160;15</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">13.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Restrictions on Disposal&#160;&#160;&#160;&#160;17</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">14.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">General Provisions Relating to Issue and Transfer of Shares&#160;&#160;&#160;&#160;18</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">15.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Prohibited Activities&#160;&#160;&#160;&#160;18</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">16.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Warranties&#160;&#160;&#160;&#160;19</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">17.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Anti-Corruption&#160;&#160;&#160;&#160;19</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">18.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Term and Termination&#160;&#160;&#160;&#160;20</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">19.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Confidentiality&#160;&#160;&#160;&#160;20</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">20.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Tax Matters&#160;&#160;&#160;&#160;22</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">21.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Notices&#160;&#160;&#160;&#160;22</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">22.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Payments&#160;&#160;&#160;&#160;24</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">23.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">General&#160;&#160;&#160;&#160;24</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">24.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Governing law and Jurisdiction&#160;&#160;&#160;&#160;26</font></div></td></tr></table><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Schedule&#160;&#160;&#160;&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Capital Structure&#160;&#160;&#160;&#160;28</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Board Meetings&#160;&#160;&#160;&#160;29</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Shareholder Meetings&#160;&#160;&#160;&#160;31</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Reserved Matters&#160;&#160;&#160;&#160;32</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:118px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">Part 1</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:justify;font-size:11pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:11pt;">Matters Requiring Shareholder Approval&#160;&#160;&#160;&#160;32</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Information Rights&#160;&#160;&#160;&#160;35</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:118px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">Part 1</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:justify;font-size:11pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:11pt;">Accounts and periodic accounting&#160;&#160;&#160;&#160;35</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:118px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">Part 2</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:justify;font-size:11pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:11pt;">Other Information&#160;&#160;&#160;&#160;35</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Form of Deed of Adherence&#160;&#160;&#160;&#160;37</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ESG Principles&#160;&#160;&#160;&#160;39</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Definitions and Interpretation&#160;&#160;&#160;&#160;40</font></div></td></tr></table><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Signatories&#160;&#160;&#160;&#160;48</font></div><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Documents in the Agreed Form&#160;&#160;&#160;&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Constitution&#160;&#160;&#160;&#160;52</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Initial Budget&#160;&#160;&#160;&#160;53</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">New LTIP and share incentive plan&#160;&#160;&#160;&#160;54</font></div></td></tr></table><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THIS DEED </font><font style="font-family:inherit;font-size:11pt;">is made on 2 July 2018</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BETWEEN</font><font style="font-family:inherit;font-size:11pt;">:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(1)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">HERMES FUND MANAGERS LIMITED </font><font style="font-family:inherit;font-size:11pt;">a company incorporated in England &amp; Wales (registered number 01661776) whose registered office is at Sixth Floor, 150 Cheapside, London, England, EC2V 6ET (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">); </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(2)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BT PENSION SCHEME</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TRUSTEES LIMITED </font><font style="font-family:inherit;font-size:11pt;">incorporated in England &amp; Wales with registered number 06009363 and which has its registered office at One America Square, 17 Crosswall, London, England, EC3N 2LB in its capacity as trustee for and on behalf of the BT Pension Scheme (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Scheme</font><font style="font-family:inherit;font-size:11pt;">) which is governed by a deed and rules dated 5 April 2016 (as amended) (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BTPS</font><font style="font-family:inherit;font-size:11pt;">); </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(3)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED HOLDINGS (UK) II LIMITED</font><font style="font-family:inherit;font-size:11pt;">&#32;(registered in England under registered number 11227851) whose registered office is at 5th Floor One New Change, London, United Kingdom, EC4M 9AF  (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Federated</font><font style="font-family:inherit;font-size:11pt;">);</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:11pt;">and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(4)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED INVESTORS, INC. </font><font style="font-family:inherit;font-size:11pt;">a company incorporated in the Commonwealth of Pennsylvania, USA (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FII</font><font style="font-family:inherit;font-size:11pt;">,</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">and together with Federated, the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Federated Parties </font><font style="font-family:inherit;font-size:11pt;">(which expression shall mean either or both of FII and Federated, as applicable)).</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BACKGROUND</font><font style="font-family:inherit;font-size:11pt;">:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(A)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Hermes Fund Managers Limited is a private limited company incorporated in England with registered number 01661776.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(B)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">With effect from the Effective Date, the capital structure of the Company will be as set out in Schedule 1.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(C)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The parties have agreed that the Group is to be owned, controlled, managed and financed on the terms set out in this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(D)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FII is the Ultimate Holding Company of Federated and has agreed to the direct obligations to the other parties to this agreement on the terms set out in this agreement. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(E)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In consideration of the mutual promises of each of the parties and the contributions they undertake to make to the Business, the parties agree to enter into this agreement to govern their relationships.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">IT IS AGREED </font><font style="font-family:inherit;font-size:11pt;">as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DEFINITIONS AND INTERPRETATION</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In addition to terms defined elsewhere in this agreement, the definitions and other provisions in Schedule 8 apply throughout this agreement, unless the contrary intention appears.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In this agreement, unless the contrary intention appears, a reference to a clause, subclause, paragraph, or schedule is a reference to a clause, subclause, paragraph, or schedule of or to this agreement.  The schedules form part of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The headings in this agreement do not affect its interpretation.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BUSINESS AND OBJECTIVES</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Business</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The parties agree that the Group is to own and carry on the Business and the Company must not and must procure that each other Group Company does not carry on any other business that is outside the scope or nature of the Business, unless otherwise approved by the Shareholders under clause 6.3. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the avoidance of doubt, the parties agree that the Group shall not cease a principal line of its Business and shall not undertake a Material Business Acquisition or Material Business Disposal, unless otherwise approved by the Shareholders under clause 6.3.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Objectives</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The parties acknowledge and agree that the primary objectives of the Group are:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to be a vehicle of Federated and its Affiliates to own and carry on the Business;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to maximise the value of the Shares for the benefit of all Shareholders; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to carry on the Business in accordance with ESG Principles. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Development of the Business</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The parties anticipate that the Business will evolve and will discuss in good faith further opportunities to develop the Business.  </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Distribution of products</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FII shall procure that its distribution subsidiaries shall act as distributors of the services and products of the Group on the terms of the Federated Distribution Agreements.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Group shall act as distributors of the services and products of FII and its subsidiaries on the terms of the Hermes Distribution Agreements. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Federated Distribution Agreements and the Hermes Distribution Agreements, and any subsequent variations or amendments to or termination of such Federated Distribution Agreements or Hermes Distribution Agreements, shall be entered into on market standard and arm's length terms. Any Federated Distribution Agreements or Hermes Distribution Agreements not entered into in the ordinary course of business and on arm's length terms, and any subsequent variations or amendments to or termination </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:48px;padding-top:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">of such Federated Distribution Agreements or Hermes Distribution Agreements not in the ordinary course of business and on arm's length terms, shall be subject to Shareholder Approval.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Management and control of the Company</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The management and control of the Company must be exercised in the United Kingdom and the Shareholders must use all reasonable endeavours to ensure that the Company is treated for all purposes, including taxation, as resident in the United Kingdom. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Brand </font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Group shall operate under the 'Hermes' brand unless otherwise approved by the Shareholders under clause 6.3, provided that the Board may change such branding without approval from Shareholders: (a) to incorporate the name 'Federated' into such branding; and (b) in respect of products and/or services offered or sold by the Group in the United States or its territories. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EFFECTIVENESS OF THIS AGREEMENT </font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement takes effect at the time and on the date at which the sale of Shares to Federated is completed under the SPA</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:11pt;">(the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:11pt;">).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">COMPLIANCE WITH AND PRECEDENCE OF THIS AGREEMENT </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Adoption of Constitution</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The parties agree that on the Effective Date the Constitution shall be adopted as the articles of association of the Company in substitution for all prior articles of association.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">General undertaking</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Shareholder must exercise all powers and rights available to that Shareholder as a holder of Shares in order to give effect to the provisions of this agreement and to ensure that the Company complies with its obligations under this agreement.  References in this agreement to the Shareholders procuring that the Company performs its obligations are to be interpreted accordingly.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Agreement prevails over Constitution</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Shareholder agrees that if any provision of the Constitution at any time conflicts or is inconsistent with the provisions of this agreement: (i)&#160;the provisions of this agreement are to prevail to the extent of the conflict or inconsistency, (ii)&#160;the Constitution will be taken to be read and interpreted accordingly, and (iii)&#160;the Constitution must be amended to the extent necessary in accordance with clause 4.4.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Amendments to Constitution</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Shareholder must exercise all powers and rights available to that Shareholder to procure the amendment of the Constitution to the extent necessary to give effect to the provisions of this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company exclusion</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company is not required to comply with any obligation contained in this agreement to the extent that to do so would constitute an unlawful fetter on the Company's statutory powers.  This does not </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">affect the validity of the relevant provisions as between the other parties or the respective obligations of the other parties under this clause 4. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BOARD COMPOSITION AND CORPORATE GOVERNANCE</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Board Composition</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Board shall comprise a maximum of thirteen Directors.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">BTPS may from time to time appoint and remove one Director (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BTPS Nominated Director</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Federated Parties may from time to time appoint and remove up to seven Directors (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Federated Nominated Directors</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Federated Parties may from time to time appoint and remove one management representative as a Director (it being understood that initially such management representative will be Harriet Steel).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Chief Executive Officer shall be a Director.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Three Independent Directors shall be appointed and removed from time to time by the Federated Parties. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Removal of Directors</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Despite any other provision of this agreement, a person will be automatically removed as a Director if the person is, or becomes, ineligible to be a Director under any applicable law, rule or regulation, or any provision of the Constitution.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Despite any other provision of this agreement, a Federated Nominated Director or the BTPS Nominated Director (as the case may be) will be automatically removed as a Director if: </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Nominated Director's Appointer (and its Permitted Transferees, if any) cease to hold any Shares; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the number of Nominated Directors appointed by that person's Appointer (and its Permitted Transferees, if any) exceeds the number of Nominated Directors that the Appointer is entitled to appoint under clause 5.1, in which case such number of Nominated Directors of that Appointer will be automatically removed from office (on a last in, first out basis) as is necessary to ensure that the number of Nominated Directors appointed by that Appointer equals the number of Nominated Directors that Appointer is entitled to appoint under clause 5.1.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clauses 5.2(a) and 5.2(b):</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">only BTPS may remove a Director appointed by it under clause 5.1(b); and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">only the Federated Parties may remove a Director appointed by them under clauses 5.1(c) and 5.1(d),</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and no Shareholder may exercise any vote or other power to remove a Director appointed by another Shareholder.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Shareholder removing a Federated Nominated Director or BTPS Nominated Director (as the case may be) under this clause 5 must indemnify the Company against any Loss arising as a result of that Nominated Director's removal from office.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Independent Directors</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Independent Directors, who shall be appointed and removed from time to time by the Federated Parties, must fulfil the following criteria: </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">they have experience of the fund management industry; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">at the time of their appointment, and for the previous three years, they are not a shareholder in, employee, director or officer of any Shareholder or members of their group and do not provide services to any Shareholder or members of their group or any Group Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Initial Directors</font></div></td></tr></table><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">With effect from the Effective Date, the Board shall comprise the Directors set out in the first column of the table below, and, where relevant, as a Nominated Director for the Appointer set out in the second column in the table below opposite that Director's name:</font></div><div style="line-height:120%;padding-left:50px;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:92.0997920997921%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #00000a;background-color:#d9d9d9;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Director</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #00000a;background-color:#d9d9d9;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Appointer/role</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">David Stewart (Chairman)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties/Independent Director</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">David Watson</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties/Independent Director</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Sally James</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties/Independent Director</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Saker Nusseibeh</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Board/Chief Executive Officer</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Harriet Steel</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties/Management representative</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">William McClory</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">BTPS</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Thomas R. Donahue</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">John B. Fisher</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Gordon J. Ceresino</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deborah A. Cunningham</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Theodore W. Zierden III</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Denis McAuley III</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Jane E. Lambesis</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated Parties</font></div></td></tr></table></div></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Process for subsequent appointment and removal of Nominated Directors</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">To appoint or remove a Nominated Director under this agreement, a Shareholder must give written notice to the Company specifying the identity of the person it wishes to appoint or remove.  The notice must in the case of an appointment, be accompanied by a signed written consent from that person agreeing to act as a Director.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Chairman</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Federated Parties are entitled to appoint and remove one of the Independent Directors as the chairman of the Board.  The initial chairman with effect from the Effective Date shall be David Stewart. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Alternate Directors</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A Director may by notice to the Company:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">appoint a person approved by the Director's Appointor to be their alternate Director, or in the case of any Director appointed by the Board, appoint a person approved by the Board to be their alternate Director; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">remove a person appointed as their alternate Director.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Directors of other Group Companies</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The board of directors of each Subsidiary of the Company shall comprise such persons as are approved by the Board from time to time.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Board meetings</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Meetings of the Board must be held and conducted in accordance with the provisions of Schedule 2.  </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.10</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Board committees</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Board shall have an Audit Committee and a Risk and Compliance Committee and shall be entitled to constitute any additional committees, and dissolve any committees (including the following committees), from time to time. The Federated Parties shall have the right to appoint a majority of the persons appointed to each such committee (including the Audit Committee and the Risk and Compliance Committee) and the chairman of each committee, provided that at least one Independent Director is appointed to each such committee and the chairman of each committee shall be an Independent Director.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The initial chairman of the Audit Committee with effect from the Effective Date shall be David Watson.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The initial chairman of the Risk and Compliance Committee with effect from the Effective Date shall be Sally James.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.11</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Policies apply to all Group Companies</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The policies adopted from time to time by the Risk and Compliance Committee of the Board shall apply to all Group Companies, and the Company shall use its powers in relation to the other Group Companies to ensure that they comply with such policies.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.12</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Fees and expenses of Directors</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Independent Director is entitled to such remuneration, fees and benefits from a Group Company as may be approved by the Board.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must reimburse the Independent Directors in respect of all expenses reasonably incurred by them in connection with the proper performance of their duties as a Director.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">None of the other Directors shall be paid any remuneration or expenses (or, in the case of an employee of the Company, additional remuneration or expenses) for acting as a Director.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.13</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Shareholder meetings</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Shareholder meetings must be held and conducted in accordance with the provisions of Schedule 3.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">MANAGEMENT AND DECISION MAKING</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Board responsibilities and obligations</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Board shall:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">oversee the overall strategic direction of the Company and the Company's internal controls; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">endeavour to ensure that the business of the Company is managed in accordance with this agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">make or provide input on decisions which are not part of the day to day management of the Company as necessary.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Board shall appoint Chief Executive Officer</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Board shall, after consultation with the Federated Parties and BTPS, appoint a Chief Executive Officer of the Company who must report to the Board.  Subject to any applicable law, rule or regulation, the Board also may remove and replace the Chief Executive Officer of the Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The initial Chief Executive Officer of the Company with effect from the Effective Date shall be Saker Nusseibeh. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Matters requiring Shareholder Approval</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must ensure that, and each Shareholder undertakes to exercise all its powers as a Shareholder or otherwise so as to procure that, for so long as both Federated (or its Permitted Transferee or successors or assignees) and BTPS (or its Permitted Transferee or successors or assignees) continue to hold Shares, no Group Company does any of the things listed in Schedule 4 (or anything which is analogous or has a substantially similar effect to any of those things) without the prior written approval of both Federated and BTPS.  The approval required by this clause 6.3 is in addition to any resolution required by statute or under the general law. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Manner of giving Shareholder Approval</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any approval required to be given under clause 6.3 by a Shareholder that is a corporation may be given on behalf of that Shareholder by:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">notice in writing executed by or on behalf of that Shareholder; or </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the affirmative vote of that Shareholder at a general meeting of the Shareholders,</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in each case stating that the notice or vote, as the case may be, constitutes the approval of that Shareholder for the purposes of clause 6.3 of this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Matters in relation to which a Shareholder has an Interest </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If a Shareholder has an Interest in a matter that would otherwise require approval of that Shareholder under clause 6.3 and that Shareholder is precluded from voting on that matter in accordance with clause 7.2, then approval of that Shareholder is not required for the purposes of clause 6.3.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONFLICT OF INTERESTS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">7.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Directors' Interests and voting rights</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clause 7.2, clause 7.3 and clause 7.4, if a Director has an Interest in any matter which conflicts or may conflict with the interests of the Company and which is to be considered or voted upon at a Board meeting or which is to be subject of a written resolution of the Directors: </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">unless the Director has already given a general notice of his Interest in accordance with relevant law, the Director must without delay declare the Interest by giving written notice to each other Director setting out the nature and extent of the Interest and the relation of the Interest to the affairs of the Company or the Business; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">so long as the Director complies with clause 7.1(a) but subject to clause 7.2 and clause 7.3, the Director:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is entitled to attend or participate in any discussion on matters that relate to the Interest;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is entitled to receive all information and advice received by the other Directors on matters that relate to the Interest; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is entitled to vote (and be counted in a quorum at a meeting) on matters that relate to the Interest; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is entitled to retain benefits under any transaction relating to the Interest and the Company cannot avoid any such transaction merely because of the existence of the Interest.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">7.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Conflict between Interests and Company rights</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A Shareholder or Director who has an Interest in any matter is not entitled to exercise any right or power to prevent any Group Company from enforcing its rights or defending any claim in relation to that matter.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">7.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Shareholder Interests and Directors' voting rights</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Without prejudice to clause 7.2, if any matter to be considered or voted upon at a Board meeting relates to:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any Group Company enforcing rights under or taking any action against a Shareholder (or a member of its group) in relation to any matter arising under any Transaction Document or any subsequent agreement entered into between any Group Company and a Shareholder (or a member of its group);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any Group Company defending itself against any action taken against it by a Shareholder (or a member of its group);</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">10</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any Group Company taking any action against a Director appointed by a Shareholder in relation to any (or any alleged) breach of duty by that Director; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any Group Company defending itself against any action taken against it by a Director appointed by a Shareholder,</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">then that matter must be considered at a separate meeting or meetings of the Board (notice of which must be given to each Director), and all the Directors appointed by the relevant Shareholder: </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">are entitled to attend the initial part of the meeting with the sole purpose of expressing their views on that matter before it is discussed on the merits amongst the other Directors;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">are not entitled to attend or participate in any further discussion of that matter;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">are not entitled to receive information or advice received by the Company on that matter; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(h)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">are not entitled to vote (or be counted in the quorum at a meeting) in relation to that matter.</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The quorum for any such meeting is three Directors who are entitled to vote on the matter.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">7.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Specific interests of a Director</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The parties agree that a Director is authorised and permitted to, notwithstanding his office, have an Interest arising from any duty he or she may owe to (whether as a result of being appointed by a Shareholder or otherwise), or Interest he or she may have as an employee, director, trustee, member, partner, officer or representative of, or a consultant to, or direct or indirect investor (including by virtue of a carried interest, remuneration or incentive arrangements or the holding of securities) in, a Shareholder and/or its Affiliates.  Any such Interests are deemed approved.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any other Interests of the Federated Nominated Directors and the BTPS Nominated Director shall be declared at the first board meeting of the Company on or following the Effective Date and the Constitution shall reflect that such potential conflicts of Interests are approved by the Company's shareholders.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BUDGETS AND DIVIDEND POLICY</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">8.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Initial Budget / Status of Budgets</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Budget in the Agreed Form for the Financial Year ending 31 December 2018 is the Initial Budget. The Federated Parties and BTPS acknowledge and agree that the Initial Budget and subsequent Budgets are and will be projections, and that the Board and Company management will have flexibility in good faith to adjust the Budgets from time to time as they determine facts, circumstances or business need warrant, subject always to the approval of the Board and to the terms of this agreement (including any consent or approval rights granted to the Shareholders under this agreement).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">8.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Subsequent Budgets</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must procure that the Chief Executive Officer prepares and submits to the Board each year, for its consideration and approval, a draft Budget for the next Financial Year.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">11</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Budget for a Financial Year must include:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">an operating budget for the Group setting out for each calendar month in that Financial Year projected revenue, operating expenditure, capital expenditure and working capital requirements;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a cash flow and regulatory capital forecast for the Group for each quarter in that Financial Year and a projected consolidated balance sheet for the Group as at the end of such quarter; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a report on the Group's performance during the current Financial Year; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">such other information as the Board requires from time to time.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Budget submitted to the Board in respect of a Financial Year will not become the Budget for that period unless and until it has received approval of the Board. The Board must in good faith use all reasonable endeavours to approve the Budget.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">8.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company dividend policy </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clause 8.3(b):</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Dividend policy of the Company will be as agreed by the Board from time to time; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Dividend policy of each other Group Company will be as agreed by the relevant board of directors from time to time.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Board or the relevant board of directors of any other Group Company may decide that a Dividend is payable only if:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Dividend is not prohibited by statute or the general law; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Board determines that the Dividend is not likely to result at any time in the regulatory capital of the Group being below the Regulatory Capital Target Amount; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">when making its determination, it takes into account the Budget, working capital requirements, debt repayment obligations and operational requirements of the relevant Group Company, and any other facts or circumstances the Board or the relevant board of directors of such other Group Company (as applicable) deems relevant.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">9.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">INFORMATION RIGHTS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">9.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Accounts and periodic reporting</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">maintain accurate and complete accounting and other financial records in accordance with all applicable laws; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">prepare the accounts and reports set out in the first column of the table in Part 1 of Schedule 5 and provide copies of those accounts and reports to each Shareholder as soon as they are available and in any event within the period specified in the second column of the table in Part 1 of Schedule 5.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">12</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">9.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Other information to be provided</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must promptly provide to each Shareholder the information and assistance set out in Part 2 of Schedule 5.  </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">9.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Access to books, records and other information</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clause 9.4, the Company must give each Shareholder and each Nominated Director and their advisors (without prejudice to any rights they may have under applicable law) reasonable access (subject to the confidentiality obligations contained herein) on reasonable notice as reasonably required or in connection with the exercise of their rights under this agreement, the SPA or the Put and Call Option Deed to: </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">review and take copies of documents relating to any Group Company, including the statutory registers and all accounting and other financial records; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">discuss the affairs, finances, accounts and any enquiries in respect of the information provided pursuant to clauses 9.1 and/or 9.2 in relation to each Group Company with the relevant responsible officer, any person who reports directly to that officer and the auditor of the relevant Group Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">9.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exceptions to Shareholder access rights</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Nothing in clause 9.3 requires the Company to give any person access to information if to do so would, in the reasonable opinion of the Board:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">constitute a breach by any Group Company of any obligation of confidentiality owed to a third party or imposed by law; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">materially disrupt, or have a material adverse effect on, the business or operations of any Group Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">9.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Disclosure of information</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">So far as legally permissible, a Nominated Director is entitled to pass such information concerning any Group Company to his Appointer or any of his Appointer's Affiliates or Associated Persons as may be reasonably requested or the relevant Director may consider appropriate from time to time, so long as each recipient keeps that information confidential in accordance with clause 19.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">10.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">OTHER CONTINUING OBLIGATIONS OF THE COMPANY</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">10.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Compliance</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must take all reasonable steps to obtain, and must comply with the terms of, all regulatory licences, binding codes of conduct, permissions and consents necessary for the conduct of its business and must procure that each other Group Company does likewise.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">10.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Insurance</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">13</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must keep insured, and must procure that each other Group Company keeps insured, at all times with a reputable insurer:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">all its assets against such risks and in such manner and to such extent as accords with good commercial practice with regard to assets of the same kind in comparable circumstances;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">itself in respect of any accident, damage, injury, third party loss, loss of profits and other risks and to such an extent as accords with good commercial practice with regard to a business of the same kind as that of the relevant Group Company; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to the extent permitted by law (but subject to such reasonable exclusions and limitations as may be approved by the Board), its directors and officers against any liability incurred by them in the lawful performance of their duties, on terms approved by the Board.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must procure that its insurance policies are reviewed by its insurance brokers at least once every year and that all reasonable recommendations made by its brokers in relation to such policies are complied with, unless the Board decides otherwise.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">10.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Anti-Corruption Policies</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must comply, and must procure that each Group Company complies, with the Anti-Corruption Policies and must review them at least annually.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">11.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FUNDING AND ISSUES OF SECURITIES</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Shareholders intend that the Company will be self-financing without further recourse to Shareholders.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">However, if, notwithstanding clause 11.1, the Board determines that the Company requires further funding in order to maintain its Regulatory Capital Target Amount the Company shall notify the Shareholders of that fact with a detailed explanation, the amount of funding required and the date by which the funding is required (being a minimum of fifteen Business Days from the date of the notice). The issue shall be subject to clause 12 and the Federated Parties shall apply for their full Rights Entitlement and all Offer Shares to be issued. BTPS may elect not to provide its pro rata share of the funding, in which case the whole of such funding shall be provided by the Federated Parties, all such Shares shall be issued to Federated and BTPS's equity interest in the Company shall be diluted accordingly.  Each Shareholder agrees to exercise all of its rights (as necessary) to approve any such allotment and issue of Shares made pursuant to this clause 11.2. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any such subscription of Shares shall, unless agreed between Federated and BTPS or, failing any such agreement within 10 Business Days of the date of the notice from the Company to the Shareholders under clause 11.2, be undertaken at the "Fair Value" (without any discount) as determined by the independent valuer by applying the valuation principles and following the process, methodology and assumptions as are set out in Schedule 4 of the Put and Call Option Deed. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the Board determines that the Company requires emergency funding and there is insufficient time to determine fair value in accordance with clause 11.3, the funding shall, unless otherwise agreed between Federated and BTPS, be provided by way of a subscription of Shares, and the parties shall procure that the process to agree or determine fair value in accordance with clause 11.3 is undertaken as soon as practicable following such subscription and any necessary transfers between BTPS and the Federated Parties at no cost or further issues are made so that BTPS and the Federated Parties are in the same </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">14</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:48px;padding-top:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">position economically and as regards voting rights as if the issue had taken place at fair value in accordance with clause 11.3.  </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the Board determines that additional, non-ordinary course capital is required by the Company, any funding shall be provided by a subscription for Ordinary Shares at the "Fair Value" (without any discount) as agreed between Federated and BTPS or, failing any such agreement within 10 Business Days of the date of any notice from the Company to the Shareholders under this clause 11.5, as determined by the independent valuer by applying the valuation principles and following the process, methodology and assumptions as are set out in Schedule 4 of the Put and Call Option Deed and otherwise on such terms as may be agreed by the Shareholders.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any issue of Shares under clauses 11.2, 11.4 or 11.5 shall be subject to clause 12. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Other than the obligations of the Shareholders in clause 11.2, no Shareholder is obliged to:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">contribute any funds to any Group Company; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">give any security or provide any guarantee on behalf or for the benefit of any Group Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">11.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Restrictions on issues of Securities</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must not issue any Securities unless the issue:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is pursuant to clause 11.2, 11.4, 11.5; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is pursuant to clause 11.9; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">has received Shareholder Approval and is made in accordance with the rights offer process set out in clause 12.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">11.9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Incentivisation of employees</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company shall, on the Effective Date, adopt the &#8220;New LTIP&#8221; in the Agreed Form as described in the SPA.  The Board may after the Effective Date resolve (with and subject to the approval of Shareholders) that the Company adopt further employee share schemes or long term incentive plans in order to incentivise employees.  Shareholders' pre-emption rights in relation to an issue of Securities carried out in accordance with any such scheme or plan shall be, and are hereby, irrevocably waived by the Shareholders and each Shareholder shall exercise all its rights as Shareholder (as necessary) to implement any such arrangement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">12.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RIGHTS OFFERS </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">12.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Rights offer notice</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clause 12.5, if the Company proposes to issue any Shares including in accordance with clauses 11.2, 11.4 and 11.5, it must first give written notice to each Shareholder (an </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Offer Notice</font><font style="font-family:inherit;font-size:11pt;">) as soon as reasonably practicable (if applicable) after Shareholder Approval for that issue is given, inviting the Shareholder to subscribe for those Shares.  An Offer Notice must:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">specify the aggregate number of Shares the Company proposes to offer for subscription (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Offer Shares</font><font style="font-family:inherit;font-size:11pt;">), the issue price per Share (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Offer Price</font><font style="font-family:inherit;font-size:11pt;">) and any other terms and conditions of the issue (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Offer Terms</font><font style="font-family:inherit;font-size:11pt;">);</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">15</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">state that, subject to the provisions of this agreement, each Shareholder is entitled to subscribe for its Equity Proportion of the total number of Offer Shares at the Offer Price and on the Offer Terms (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Rights Entitlement</font><font style="font-family:inherit;font-size:11pt;">); </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">confirm the number of Offer Shares in the Shareholder's Rights Entitlement; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">specify the period for which the offer is open, which must be at least five Business Days (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Offer Period</font><font style="font-family:inherit;font-size:11pt;">); </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">state that the Shareholder may apply for more Offer Shares than its Rights Entitlement and will be liable to subscribe for up to the number of Offer Shares applied for if other Shareholders do not take up their full Rights Entitlement; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">invite the Shareholder to apply for Offer Shares by giving written notice to the Company no later than 5.00 pm on the last day of the Offer Period, stating the number of Offer Shares for which the Shareholder wishes to subscribe (which may be greater than, equal to or less than the Shareholder's Rights Entitlement); </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the proposed date for completion of the issue of the Offer Shares, which must be at least five Business Days and no more than ten Business Days after expiry of the Offer Period (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Offer Closing Date</font><font style="font-family:inherit;font-size:11pt;">); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(h)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">not be revoked unless otherwise decided by the Board.  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">12.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Allocation of Offer Shares</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Shareholder that applies for Offer Shares in accordance with the provisions of this agreement and the terms of the Offer Notice (a </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Subscribing Shareholder</font><font style="font-family:inherit;font-size:11pt;">) will be issued the number of Offer Shares calculated under this clause 12.2.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the total number of Offer Shares applied for by all Subscribing Shareholders is less than or equal to the total number of Offer Shares, the Company must issue to each Subscribing Shareholder the number of Offer Shares that it applied for.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the total number of Offer Shares applied for by all Subscribing Shareholders is more than the total number of Offer Shares, the Company must issue all of the Offer Shares to the Subscribing Shareholders, so far as practicable, in proportion to the number of Shares then held by them but so that no Subscribing Shareholder will be issued more Offer Shares than it applied for. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A Shareholder that does not apply in writing for any Offer Shares within the Offer Period is not entitled to subscribe for any Offer Shares.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">12.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Notice of outcome of rights offer process</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Within one Business Day after the end of the Offer Period, the Company must give notice to each Subscribing Shareholder, specifying:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the number of Offer Shares to be issued to that Subscribing Shareholder (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Subscription Shares</font><font style="font-family:inherit;font-size:11pt;">) calculated under clause 12.2; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the subscription price payable by that Subscribing Shareholder for its Subscription Shares.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">16</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">12.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Closing of rights offer process</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On the Offer Closing Date:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">each Subscribing Shareholder must pay to the Company the subscription price for its Subscription Shares;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Company must issue to each Subscribing Shareholder its Subscription Shares; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Company must enter the name of each Subscribing Shareholder in the register of members of the Company as holder of its Subscription Shares and execute and deliver to each Subscribing Shareholder a share certificate representing its Subscription Shares.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">12.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Rights offer exclusions</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The provisions of clauses 12.1 to 12.4 shall not apply to any issue of Shares: </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">which the Shareholders have agreed in writing should be issued without complying with the procedure set out in clauses 12.1 to 12.4; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">pursuant to any employee share schemes or long term incentive plans as envisaged in clause 11.9.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">13.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RESTRICTIONS ON DISPOSAL</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">13.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Purpose of this clause</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Shareholder:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">acknowledges and agrees that the purpose of this clause 13 is to maintain the closely held nature of the Company by restricting the way in which Shareholders may Dispose of their Shares; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">must not enter into any arrangement, structuring device or other transaction which is designed, directly or indirectly, to avoid the provisions of this clause 13 or is otherwise inconsistent with the purpose of this clause 13.  For the avoidance of doubt, nothing in this clause 13 shall require any consent or approval to be given by BTPS to any change in control (whether by share sale, sale of all or substantially all assets, merger or otherwise) of FII.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">13.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Restrictions on Disposal of Shares</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except for a Disposal:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">which is a transfer of Shares permitted by clause 13.3; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to which the other Shareholder gives its prior written consent,</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">no Shareholder may Dispose of any Shares unless and until the last period for the exercise of a &#8220;Put Option&#8221; or a &#8220;Call Option&#8221; under the Put and Call Option Deed has expired and no such option has been exercised.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">13.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Permitted transfers</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">17</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clauses 13.4 and 14, a Shareholder may transfer its Shares:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">on giving the other Shareholder not less than 5 Business Days' prior written notice, to a Permitted Transferee where the transfer is of all (but not part) of the Shareholder's Shares and the Permitted Transferee first executes and delivers to the Company a Deed of Adherence; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in accordance with the Put and Call Option Deed.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">13.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Retransfer by Permitted Transferee</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If a Shareholder holding Shares transferred to it under clause 13.3(a) is about to cease to be a Permitted Transferee of the transferor that transferred those Shares to that Shareholder, it must immediately transfer all of its Shares back to that transferor or to another Permitted Transferee of that transferor.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">14.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">GENERAL PROVISIONS RELATING TO ISSUE AND TRANSFER OF SHARES</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">14.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Registration of issues and transfers of Shares</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company must not issue any Shares or register the transfer of any Shares unless:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the issue or transfer is made in accordance with this agreement and/or the Put and Call Option Deed; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the subscriber or transferee (if not already a party to this agreement) (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">New Party</font><font style="font-family:inherit;font-size:11pt;">) first executes and delivers to the Company a Deed of Adherence, except where the Shares are issued or transferred to or for the benefit of a nominee or custodian of BTPS or any employee of the Group pursuant to an employee share scheme or long term incentive plan, as envisaged by clause 11.9.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">14.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Acceptance of New Party as party</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If a person becomes a holder of Shares, other than as a result of breach of this agreement, and the provisions of clause 14.1 are complied with, each party:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">accepts the New Party as a party to this agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">agrees and acknowledges that the New Party will be entitled to the rights and benefits of this agreement as if the New Party were named in this agreement as a Shareholder.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">14.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Share certificates</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Share certificate issued by the Company must include a statement that:</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">"Transfer and disposal of shares in the Company are subject to the restrictions contained in the Shareholders' Agreement relating to the Company dated 2 July 2018 and the constitution of the Company."</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">15.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PROHIBITED ACTIVITIES</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">15.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Prohibited activities</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Unless Federated and BTPS otherwise agree in writing, neither Federated nor BTPS nor their Affiliates shall, at any time during the period commencing on the Effective Date and ending on the date two years </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">18</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">after the date Federated (or its Permitted Transferee or successors or assignees) or BTPS (or its Permitted Transferee or successors or assignees) (as appropriate) ceases to hold any Shares, solicit, hire, employ, accept secondment or redeployment of: </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any Senior Employee or any sales, portfolio manager, investment professional, advisory, stewardship or other non-administrative employee of a Group Company; or </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in the case of Federated (and its Affiliates), any such employee of BTPS (or its Affiliates); or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in the case of BTPS (and its Affiliates), any such employee of Federated (or its Affiliates),</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">provided that nothing in this clause 15.1 shall prevent either Shareholder or its Affiliates, after that Shareholder has ceased to be a Shareholder, from employing or accepting secondment or redeployment of any such employee who approaches that Shareholder or Affiliate seeking employment on his or her own initiative (without having been solicited to do so) or who responds to a bona fide general advertisement issued by that Shareholder or Affiliate.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">15.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Acknowledgements</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Shareholder acknowledges that:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the prohibitions in this clause 15 are no more extensive than is reasonable in the circumstances to protect the business interests and goodwill of the Group; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">damages alone are not an adequate remedy if any Shareholder breaches this clause 15 and, without prejudice to any other remedy available to the Company, the other Shareholder or the Company may apply for injunctive relief if that Shareholder breaches or threatens to breach this clause 15 or if the other Shareholder or the Company reasonably and in good faith believes that a breach of this clause 15 by that Shareholder is imminent. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">16.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WARRANTIES</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each party warrants to each other party on the date of this agreement that each of the following statements is true and accurate:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">it is a corporation validly existing under the laws of the place of its incorporation or organisation (as appropriate);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">it has the power to execute and deliver, and to perform its obligations under, this agreement  and it has taken all necessary corporate action to authorise such execution and delivery and the performance of such obligations;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">its obligations under this agreement are legal, valid and binding in accordance with their terms;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the execution and delivery by it of this agreement and the performance of its obligations under it does not and will not conflict in any material respect with or constitute a default under any provision of:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any agreement or instrument to which it is a party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">its constitution or, in the case of BTPS, the trust deed and rules of the Scheme; or</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">19</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any law, order, judgment, award, injunction, decree, rule or regulation by which it is bound; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">no Insolvency Event has occurred in relation to it.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">17.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ANTI-CORRUPTION</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each party undertakes to each other party that:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">it will not engage in any activity, practice or conduct which would contravene or otherwise constitute an offence under any applicable anti-bribery, anti-corruption, anti-money laundering or trade control laws, irrespective of where such activity, practice or conduct takes place; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to the extent that it has not already done so, it will establish and at all times maintain in place procedures reasonably designed to prevent any Associated Person from undertaking any conduct that would contravene or otherwise give rise to an offence under any applicable anti-bribery and/or anti-corruption laws (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Anti-Corruption Policies</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">18.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TERM AND TERMINATION</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">18.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Term</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement takes effect on the Effective Date and continues until terminated in accordance with clause&#160;18.2.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">18.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Circumstances for termination</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement terminates:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in respect of the rights and obligations of all parties, on the earlier of:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the date of completion of the sale of BTPS' Shares to Federated pursuant to a &#8220;Put Option&#8221; or a &#8220;Call Option&#8221;, or the right of first refusal process, in the Put and Call Option Deed;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the date on which the Company is wound up;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the date on which one person becomes the beneficial owner all of the Shares; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the date on which all parties agree in writing to terminate this agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in respect of the rights and obligations of a Shareholder, on the date on which that Shareholder (or any member of its group or Permitted Transferee) ceases to hold any Shares.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">18.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Effect of termination</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If this agreement terminates in respect of the rights and obligations of any party:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">except as provided in clause 18.3(c) that party is released from its obligations to further perform this agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">each party retains all rights that it has against each other party in respect of any breach of this agreement occurring before termination; and </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">20</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the provisions of and the rights and obligations of each party under this clause 18.3 and each of the Surviving Clauses survive termination of this agreement. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">19.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONFIDENTIALITY</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">19.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Confidentiality obligations</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except as permitted by this clause 19:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">each Shareholder must keep confidential:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">all information made available to it by or on behalf of the Company or by its Nominated Director  under clause 9.5 (whether before, on or after the date of this agreement and whether in writing, orally, electronically or in any other form or medium) which relates to the past, present or future business, operations or affairs of any Group Company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">all information made available to it by or on behalf any other Shareholder (whether before, on or after the date of this agreement and whether in writing, orally, electronically or in any other form or medium) in connection with the arrangements contemplated by this agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the existence, terms and subject matter of, and the negotiations relating to, this agreement,</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and must not disclose or cause or permit the disclosure to any person of any such information, or use any such information for any purpose other than exercising or enforcing its rights or performing its obligations under this agreement or monitoring and making decisions regarding its investment in the Company; and</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Company must keep confidential:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">all information made available to it by or on behalf of any Shareholder (whether before, on or after the date of this agreement and whether in writing, orally, electronically or in any other form or medium) in connection with the arrangements contemplated by this agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the existence, terms and subject matter of, and the negotiations relating to, this agreement,</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and must not disclose or cause or permit the disclosure to any person of any such information, or use any such information for any purpose other than conducting the Business or exercising its rights or performing its obligations under this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">19.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Excluded information</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Clause 19.1 does not apply to any information which:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is in or comes into the public domain, except through a breach of this clause 19 or through a breach by any person of any other obligation of confidentiality; or </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">at the time it was disclosed by one party to another was already in the lawful possession of the second party and not held by the second party subject to an obligation of confidentiality. </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">21</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">19.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Disclosure to Affiliates or Representatives</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Nothing in clause 19.1 prevents any party from disclosing information to any of its Affiliates or Representatives if:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the information needs to be disclosed to that Affiliate or Representative:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to enable that party to exercise or enforce its rights or perform its obligations under this agreement; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to enable a Shareholder to monitor and make decisions regarding its investment in the Company; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in respect of BTPS, where such disclosure is required or desirable to perform BTPS's obligation as trustee of the Scheme; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">before disclosure is made that party has informed the relevant Affiliate or Representative in writing that the information is confidential and must only be used for the purpose for which it was disclosed.</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A party that discloses information under this clause 19.3 must ensure that each of its Affiliates or Representatives to whom information is so disclosed strictly complies with that party's obligations under this clause 19 as if those obligations were imposed directly on the relevant Affiliate or Representative.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">19.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Required disclosure</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Nothing in clause 19.1 prevents a party or any of its Affiliates or Representatives from disclosing information if disclosure is required by law, rule or regulation (except to the extent the requirement can be excluded or limited by contract or by a confidentiality obligation), any tribunal or court of competent jurisdiction, any Government Agency or the listing rules of any recognised securities exchange.  Before any disclosure is made under this clause 19.4, the party that is, or whose Affiliate or Representative is, required to make disclosure must, to the extent permitted by law and the relevant disclosure requirement:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">notify the party that made the relevant information available to it (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Discloser</font><font style="font-family:inherit;font-size:11pt;">) as soon as reasonably practicable after it becomes aware that disclosure is required;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">take all steps reasonably required by the Discloser to prevent or restrict the disclosure of that information; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">co-operate with the Discloser regarding the timing and content of such disclosure.</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the purposes of this clause 19.4, where the information required to be disclosed is the existence, terms or subject matter of, or the negotiations relating to, this agreement, references to the Discloser are taken to be references to each other party.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">19.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Legal proceedings</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Nothing in clause 19.1 prevents a party from disclosing information to the extent required to enable that party to enforce the provisions of this agreement or for the purpose of defending any proceedings brought against that party.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">22</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">20.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TAX MATTERS</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Unless the Shareholders otherwise expressly agree in writing, the Shareholders must procure that all of the Company's trading losses and all other amounts eligible for relief for taxation are carried forward by the Company and not surrendered (wholly or partly) to the Shareholders.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">21.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">NOTICES</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">21.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Manner of giving notice</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any notice or other communication to be given under this agreement must be in writing (which includes email) and may be delivered by hand or sent by post or email to the party to be served as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to the Company at: </font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Address:&#160;&#160;&#160;&#160;Sixth Floor, 150 Cheapside, London, England, EC2V 6ET</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Email:&#160;&#160;&#160;&#160;Joseph.Kagan@hermes-investment.com</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the attention of:&#160;&#160;&#160;&#160;Head of legal;</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to BTPS at:</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Address:&#160;&#160;&#160;&#160;One America Square, 17 Crosswall, London, England, EC3N 2LB</font><font style="font-family:inherit;font-size:11pt;">&#32;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Email:&#160;&#160;&#160;&#160;G.Haselden@btps.co.uk</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the attention of:&#160;&#160;&#160;&#160;Head of legal; and</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to the Federated Parties at:</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Address:&#160;&#160;&#160;&#160;Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, Pennsylvania, USA 15222 3779</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Email:&#160;&#160;&#160;&#160;pgermain@federatedinv.com</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the attention of:&#160;&#160;&#160;&#160;General Counsel with a reference to Project Conduit,</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">or at any such other address or email address notified for this purpose to the other parties under this clause 21.  Any notice or other communication sent by post must be sent by prepaid ordinary post (if the country of destination is the same as the country of origin) or by airmail (if the country of destination is not the same as the country of origin).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">21.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">When notice given</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any notice or other communication is deemed to have been given:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if delivered by hand, on the date of delivery; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if sent by post, on the third day after it was put into the post (for post within the same country) or on the fifth day after it was put into the post (for post sent from one country to another); or</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">23</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if sent by email, upon the generation of a receipt notice by the recipient's server or, if such notice is not so generated, upon delivery to the recipient's server,</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">but if the notice or other communication would otherwise be taken to be received after 5.00 pm or on a Saturday, Sunday or public holiday in the place of receipt then the notice or communication is taken to be received at 9.00 am (local time at the place of receipt) on the next day that is not a Saturday, Sunday or public holiday in the place of receipt.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">21.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Proof of service</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In proving service of a notice or other communication, it is sufficient to prove that delivery was made or that the envelope containing the communication was properly addressed and posted either by prepaid post or by prepaid airmail or that the email was properly addressed and transmitted by the sender's server into the network and there was no apparent error in the operation of the sender's email system (as the case may be).</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">21.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Documents relating to legal proceedings</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This clause 21 does not apply in relation to the service of any claim form, notice, order, judgment or other document relating to or in connection with any proceedings, suit or action arising out of or in connection with this agreement. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">22.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PAYMENTS</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Unless otherwise expressly stated (or as otherwise agreed in the case of a given payment), each payment to be made under this agreement must be made in cash in pounds sterling by transfer of the relevant amount into the relevant account on the date (and, if applicable, at or before the time) the payment is due for value on that date and in immediately available funds.  The relevant account for a given payment is such account as the receiving party may, not less than three Business Days before the date that payment is due, specify by giving notice to the relevant paying party or parties for the purpose of that payment.  With respect to any payment or contribution obligation, Federated shall pay or contribute, and FII shall procure that Federated shall pay or contribute, the amounts payable or to be contributed when due, and each of the Federated Parties shall have a direct obligation to pay or contribute the sum due, but payment or contribution by either Federated Party of the full sum due will satisfy the obligations of both Federated Parties to make such payment or contribution.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">GENERAL</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Amendment</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement may only be amended in writing and where the amendment is signed by all the parties.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Assignment</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clause 23.2(b), this agreement shall be binding upon and endure for the benefit of the successors and assignees of the parties and, subject to any succession or assignment permitted by this agreement, any such successor or assignee of any party shall in its own right be able to enforce any term of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">None of the parties nor their successors and assignees shall be entitled to assign, transfer, charge or deal in any way with the benefit of their rights or obligations under this agreement without the prior written consent of the other parties, except (i) for an assignment or transfer by a Shareholder to a </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">24</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:48px;padding-top:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">Permitted Transferee which is made on condition that the relevant rights or obligations be reassigned or transferred to that Shareholder (or another Permitted Transferee of that Shareholder) if the transferee ceases to be a Permitted Transferee of the transferor, and (ii) FII may freely assign this agreement in connection with a sale of all or substantially all of its assets, a merger or consolidation transaction of FII, so long as the buyer or surviving entity agrees in writing to be bound by this agreement.   If an assignment takes place pursuant to this clause 23.2, the other parties shall be under no greater liability under this agreement than if the assignment had not taken place and, as between BTPS and the Federated Parties, the parties may nevertheless enforce this agreement against the other parties as if the assignment had not occurred.  For the avoidance of doubt, nothing in this clause 23.2 shall require any consent or approval to be given by BTPS or the Company to any change in control (whether by stock sale, asset sale, merger or otherwise) of FII.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Consents and approvals</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except as otherwise expressly provided in this agreement, a party may give or withhold its consent to, or approval of, any matter referred to in this agreement in its absolute discretion.  A party that gives its consent to, or approval of, any matter referred to in this agreement is not taken to have made any warranty or representation as to any matter or circumstance connected with the subject matter of that consent or approval.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Costs</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except as otherwise expressly provided in this agreement, each party must pay the costs and expenses incurred by it in connection with entering into and performing its obligations under this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Entire agreement</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement and the Put and Call Option Deed contain the entire agreement between the parties relating to the transactions contemplated by this agreement and supersede all previous agreements, whether oral or in writing, between the parties relating to these transactions. Except as required by statute, no terms must be implied (whether by custom, usage or otherwise) into this agreement. In entering into this agreement, none of the parties has relied on any representation, statement or promise not expressly set out herein, and each party waives any rights in respect of any such representation, statement or promise which may have been made, provided that this clause 23.5 shall not affect any right or remedy in respect of fraud or fraudulent misrepresentation.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Execution in counterparts</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement may be executed in any number of counterparts and any party may enter into this agreement by executing and delivering a counterpart.  Each counterpart constitutes the agreement of the party who has executed and delivered that counterpart.  Faxed or scanned signatures are taken to be valid and binding to the same extent as original signatures.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise and waiver of rights</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The rights of each party under this agreement:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">may be exercised as often as necessary;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">except as otherwise expressly provided by this agreement, are cumulative and not exclusive of rights and remedies provided by law; and</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">25</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">may be waived only in writing and specifically, </font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and delay in exercising or non-exercise of any such right is not a waiver of that right.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No partnership or agency</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Nothing in this agreement or the Constitution will be deemed to constitute a partnership between the parties or, unless this agreement expressly provides otherwise, constitute any party the agent of any other party for any purpose. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BTPS as trustee</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">BTPS is entering into this agreement solely in its capacity as trustee of the Scheme and all rights and obligations under this agreement and the Transaction Documents shall be held on trust by BTPS for the Scheme and BTPS shall have no liability under this agreement or the Transaction Documents except to the extent those liabilities are met from assets of the Scheme.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.10</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BTPS acting through custodian</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any person appointed as custodian of the Scheme may exercise or perform all rights and obligations of BTPS under this agreement and any such exercise or performance shall be deemed to be that of BTPS. For these purposes Britel Fund Trustees Limited, a company incorporated in England with number 1687153, is a custodian of the Scheme.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.11</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Severability</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The provisions contained in each clause are enforceable independently of each other clause and the validity and enforceability of any clause will not be affected by the invalidity or unenforceability of any other clause.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.12</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No Third Party Rights</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A person who is not a party to this agreement may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">23.13</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Parties' Obligations</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Without prejudice to clause 22, the obligations of the Federated Parties under this agreement shall be several not joint or joint and several, and shall be considered direct obligations of each Federated Party, enforceable fully and directly against each Federated Party without the need to join the other Federated Party or to pursue remedies first against the other Federated Party.  </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each of FII and BTPS undertakes that where any obligation in this agreement is expressed to apply to any Affiliate of FII (including Federated) or BTPS (as the case may be), it will procure that such entity complies with such obligations as if it had been a party to this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">24.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">GOVERNING LAW AND JURISDICTION </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">24.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Governing law of this agreement </font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">26</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">24.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Jurisdiction</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The English courts have exclusive jurisdiction to settle any dispute, claim or controversy arising out of or in connection with this agreement (including a dispute, claim or controversy relating to any non-contractual obligations arising out of or in connection with this agreement) and the parties submit to the exclusive jurisdiction of the English courts.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">24.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Waiver of objections</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the purposes of clause 24.2, each party waives any objection to the English courts on the grounds that they are an inconvenient or inappropriate forum to settle any Dispute.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">24.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Service of process agent</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Without prejudice to any other method of service permitted by law, FII irrevocably appoints Federated Investors (UK) LLP of 5th floor, One New Change, London EC4M 9AF (marked for the attention of General Counsel) as its agent in England for service of process in relation to any Dispute.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">24.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Alternative service of process agent</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If any person appointed as process agent under clause 24.4 is unable for any reason to so act, FII must immediately (and in any event within ten Business Days of the event taking place) appoint another agent on terms acceptable to BTPS.  </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">24.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Failure of notify by process agent</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each party agrees that failure by a process agent to notify it of any process will not invalidate the relevant proceedings.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">24.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Other methods of service allowed by law</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This clause 24 does not affect any other method of service allowed by law.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">IN WITNESS </font><font style="font-family:inherit;font-size:11pt;">of which this agreement has been executed as a deed and has been delivered on the date stated at the beginning of this agreement.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">27</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:0px;padding-top:16px;text-align:center;text-indent:0px;"><font style="padding-top:16px;text-align:center;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:0px;">Schedule 1</font><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CAPITAL STRUCTURE</font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#cccccc;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Name of holder</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#cccccc;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Ordinary Shares held as at the Effective Date</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#cccccc;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Equity Proportion as at the Effective Date (%)</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">BTPS</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">24,659,578</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">29.5</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Federated</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">50,155,076</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">60</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Management shareholders</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">8,777,138</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">10.5</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Totals:</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">83,591,792</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">28</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SCHEDULE 2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BOARD MEETINGS</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Frequency of meetings</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Board must meet as necessary to discharge its duties but in any case no less frequently than quarterly. Any Director may call a meeting of the Board.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Notice</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except in the case of an emergency (in which case the notice convening the meeting must indicate the nature of, and the reasons for, the emergency), at least five Business Days' written notice of each meeting of the Board must be given to each Director by the chairman, the secretary or any Director.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Agenda and Meeting Materials</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A notice of a Board meeting must be accompanied by an agenda of all the business to be transacted at the meeting.  Any matter not on the agenda may not be raised at the meeting for a vote unless the BTPS Nominated Director and a Federated Nominated Director so agree.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company shall provide one Director appointed by each Shareholder with copies of Board meeting materials sufficiently in advance (taking into account relevant facts and circumstances at the time) to afford each such Director with a reasonable opportunity to review and comment on such Board materials, and the Company will in good faith consider and, as Company management considers appropriate, incorporate into such materials any comments received from each such Director prior to the Board meeting.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company shall provide such information or materials in respect of the Company as may be reasonably requested by each Shareholder in respect of any matter to be discussed at a Board meeting. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Location</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each meeting of the Board must be held in the United Kingdom at the place set out in the notice of meeting. One meeting per year may be held outside the United Kingdom if agreed by a Federated Director and the BTPS Director.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Use of technology</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Board may conduct meetings by telephone or by any other means which will enable each Director:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to hear (or otherwise receive real-time communications made by) each of the other Directors participating in the meeting; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to address (or otherwise communicate in real time with) all of the other Directors participating in the meeting simultaneously,</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">even if all the Directors are not physically present in the same place.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A Board meeting held in this manner is taken to be held at the place where the chairman of the meeting is physically present or at such other place, where at least one Director is physically present for the duration of the meeting, as the chairman of the meeting may decide.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">29</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If a technological link fails, the Board meeting will be adjourned until the failure is rectified.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Quorum</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Unless Federated and BTPS otherwise agree in writing, the quorum for a meeting of the Directors is the presence (including participation in accordance with paragraph 5 above) of at least four Directors, of whom at least two must be Federated Nominated Directors, one must be an Independent Director and one must be the BTPS Nominated Director.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the purposes of determining whether a quorum is present, an alternate Director who is present at the meeting is to be counted as a Director for each Director on whose behalf the alternate is attending the meeting.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If a quorum is not present at a Board meeting within 60 minutes of the time appointed for the start of the meeting, the meeting will be adjourned to the same time and place two Business Days thereafter.  If a quorum is not present at the reconvened meeting within 60 minutes of the time appointed for the start of the meeting, those present will be taken to constitute a quorum for the purposes of that meeting only.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Voting rights</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">At each Board meeting, any resolution put to a vote shall be decided by a majority of votes. Subject to paragraph 7.2 below, each Director who is eligible to vote on a resolution in accordance with the Constitution shall have one vote.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In addition to a Director's individual vote, a Director will have the right to vote on behalf of each Director in respect of whom he or she is an alternate Director where his or her appointer is not present at the meeting.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In the case of an equality of votes, the chairman will not have a second or casting vote.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Board decisions</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">All resolutions proposed at meetings of the Directors or proposed by way of Directors' written resolutions must be decided by a simple majority of votes cast, calculated in accordance with and subject to paragraph 7 above.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">9.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Written resolutions</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Directors may vote on a resolution without a meeting of the Directors being held if all the Directors entitled to vote on the resolution sign or indicate their approval of, a document containing a statement that they are in favour of the resolution set out in the document.  The document may be in counterparts, signed or approved by one or more Directors, and may be circulated by fax or email. </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SCHEDULE 3</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SHAREHOLDER MEETINGS</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Frequency and location of meetings</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to any relevant statute or the general law, the Board may call a meeting of the Shareholders at a time and place the Board resolves.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Quorum</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The quorum for a meeting of the Shareholders is the presence in person, or by proxy, representative or attorney, of at least two Shareholders, of whom at least one must be or represent BTPS and at least one must be or represent Federated.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If a quorum is not present at a meeting of the Shareholders within 60 minutes of the time appointed for the start of the meeting, the meeting will be adjourned to the same time and place two Business Days thereafter.  If a quorum is not present at the reconvened meeting within 60 minutes of the time appointed for the start of the meeting, then any resolution passed by the members present shall be as valid and effectual as if it had been passed at a general meeting of the Company duly convened and held.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Voting rights</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The voting rights of the Shareholders are as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">on a show of hands, each Shareholder is entitled to one vote; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">on a poll, each Shareholder is entitled to one vote for each Share held by that Shareholder.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Shareholder decisions</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A Shareholder resolution may only be carried:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">subject to any relevant statute or the general law and clause 6.3, if it passed by a majority of votes entitled to be cast on the resolution; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if the passing of the resolution and the circumstances surrounding it are consistent with the terms of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Written resolutions</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clause 6.3, the Shareholders may pass a resolution without a meeting of the Shareholders being held if all the Shareholders entitled to vote on the resolution sign, or indicate their approval of, a document stating that they are in favour of the resolution set out in the document.  The document may be in counterparts, signed or approved by one or more Shareholders, and may be circulated by email.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">31</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SCHEDULE 4</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RESERVED MATTERS</font></div><div 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style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Constitution</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Amend or repeal the constitution of the Company or adopt a new constitution.</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#d9d9d9;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div 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or as otherwise contemplated by any Transaction Document).</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the avoidance of doubt: (a) if Securities are to be issued in accordance with the terms of this agreement and a Shareholder does not participate in such issuance (including in respect of any issue of Securities pursuant to clause 11.2, 11.4 and clause 11.5), then its equity interest in the Company shall be diluted accordingly; and (b) the approval of Shareholders shall be required to the creation of any employee share scheme or long term incentive plan (other than the New LTIP in the Agreed Form to be adopted on the Effective Date) which may require the issue of shares, or the grant of rights to acquire shares, in the capital of the Company, but no such approval shall be required to the issue or award of such shares or rights pursuant to any such plan or scheme which has been so approved, including 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then its equity interest in the Company shall be diluted accordingly.</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#d9d9d9;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-top:16px;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Creation of security</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font 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style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">32</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:27%;"></td><td style="width:73%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#d9d9d9;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div 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style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">INFORMATION RIGHTS</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div 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Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SCHEDULE 6</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FORM OF DEED OF ADHERENCE</font></div><div 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style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any provision in the Shareholders' Agreement which imposes a detriment on a party in breach:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">protects the legitimate interests of the other party in the enforcement of the obligation breached; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is not out of all proportion to those legitimate interests; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">it has been properly advised in relation to this this deed of adherence.</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THIS DEED WITNESSES </font><font style="font-family:inherit;font-size:11pt;">as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The New Party confirms that it has been supplied with a copy of the Shareholders' Agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The New Party has agreed to purchase from [</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">insert seller party details</font><font style="font-family:inherit;font-size:11pt;">] </font><font style="font-family:Wingdings;font-size:11pt;">l</font><font style="font-family:inherit;font-size:11pt;">&#32;shares in the capital of the Company at a purchase price of </font><font style="font-family:Wingdings;font-size:11pt;">l</font><font style="font-family:inherit;font-size:11pt;">&#32;per share and agrees to become a member of the Company and to hold the shares subject to the Shareholders' Agreement and the constitution of the Company.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The New Party undertakes to be bound by the Shareholders' Agreement in all respects as if the New Party was a party to the Shareholders' Agreement and named in it as a Shareholder and to observe and perform all the provisions and obligations of the Shareholders' Agreement applicable to or binding on a Shareholder under the Shareholders' Agreement insofar as they fall to be observed or performed on or after the date of this deed.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This deed is made for the benefit of:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the parties to the Shareholders' Agreement; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">every other person who after the date of the Shareholders' Agreement (and whether before or after the execution of this deed) assumes any rights or obligations under the Shareholders' Agreement or accedes to it.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">38</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The address and email address of the New Party for the purposes of clause 21 of the Shareholders' Agreement is as follows:</font></div></td></tr></table><div style="line-height:130%;padding-top:8px;text-align:left;padding-left:48px;font-size:11pt;"><font 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style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SCHEDULE 7</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ESG PRINCIPLES</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">ESG Principles</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">means the Responsible Investment Principles applied by the Group as at the date of this agreement and the Hermes Pledge the Group applied to its own business as at the date of this agreement and with any ordinary course amendments and evolution of those policies and principles which are in alignment with the high environmental, social and governance standards the Group applies.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Responsible Investment Principles</font><font style="font-family:inherit;font-size:11pt;">&#32;means:</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Principles derived from the United Nations Principles for Responsible Investment (UNPRI) whereby ESG Factors are incorporated by a fund manager into its investment analysis and decision-making processes; into active ownership policies and practices; into the disclosures sought from the entities into which investments are made; and are adopted in the operation and management of its own business and its engagement with the investment industry more generally.  </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By way of example, the Company adopts a responsible investment approach that encompasses systematic consideration of a range of non-financial factors alongside more traditional financial analysis of cash-flows and P/E ratios. 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It also necessitates recognising the importance of the long-term health and stability of the markets in which it invests.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">ESG Factors</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">means:</font></div><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Environmental, social and governance factors (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ESG</font><font style="font-family:inherit;font-size:11pt;">).  Examples of ESG factors include (1) </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Environmental</font><font style="font-family:inherit;font-size:11pt;color:#0050a0;">: </font><font style="font-family:inherit;font-size:11pt;">climate change, greenhouse gas (GHG) emissions, resource depletion, including water, waste and pollution, </font><font style="font-family:inherit;font-size:11pt;">deforestation (2) </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Social:</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;">working conditions, including slavery and child labour, local communities, including indigenous communities, conflict, health and safety, employee relations and diversity (3) </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Governance:</font><font style="font-family:inherit;font-size:11pt;color:#0050a0;">&#32;</font><font style="font-family:inherit;font-size:11pt;">executive pay, bribery and corruption, political lobbying and donations, board diversity and structure, and tax strategy.  It is not possible to provide an exhaustive list of ESG </font><font style="font-family:inherit;font-size:11pt;">factors as the implications of "non-financial" influences on long-term investment prospects continually evolves and is influenced by both industry, geography and asset class.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By way of example, in operating its business and in the management of assets on behalf of clients, the Company recognises that companies are not abstract entities but are composed of people and operate within communities. It is self-evident therefore that companies have responsibilities towards those individuals whom they employ as well as the communities in which they operate; both are rich sources of capital for a company but need to be managed with integrity. The observance of basic human and labour rights, developing the full potential and productivity of human capital and effectively combating bribery and corruption are essential for the long-term sustainability of companies and ultimately maintaining their license to operate.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">40</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SCHEDULE 8</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DEFINITIONS AND INTERPRETATION</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Definitions</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In this agreement:</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Affiliate</font><font style="font-family:inherit;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in respect of any individual:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any Relative of that individual;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any entity Controlled by that individual or one or more Relatives of that individual;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the executor of that individual's estate; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any trust for the benefit of that individual or one or more Relatives of that individual;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in respect of any entity, a second entity that:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Controls the first entity;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is under the Control of the first entity; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is under the Control of a third entity that Controls the first entity;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in respect of a Nominated Director:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any Affiliate within the meaning of paragraph (a) above; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Nominated Director's Appointer or any 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style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any Affiliate within the meaning of paragraph (b) above; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any shareholder or director of that body corporate;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in respect of BTPS also includes any replacement or additional trustee of the Scheme, any custodian of the Scheme and any Affiliate within the meaning of paragraph (b) of such replacement or additional trustee or custodian;</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Agreed Form</font><font style="font-family:inherit;font-size:11pt;">&#32;means, in relation to any documents, the form of that document which is initialled for the purposes of identification by or on behalf of each of the parties;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Anti-Corruption Policies</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 17;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Appointer</font><font style="font-family:inherit;font-size:11pt;">&#32;means, in relation to a Nominated Director, the person who appointed that Director under clause 5.1;</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">41</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Associated Person</font><font style="font-family:inherit;font-size:11pt;">&#32;means, in relation to a body corporate, a person (including an employee, agent or Subsidiary of that body corporate) who performs services for or on behalf of that body corporate;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Beneficiary</font><font style="font-family:inherit;font-size:11pt;">&#32;means BTPS;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:11pt;">&#32;means the board of directors of the Company;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BTPS Nominated Director</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 5.1(b) and shall include any alternate of that Director;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Budget</font><font style="font-family:inherit;font-size:11pt;">&#32;means the budget for the Group for a Financial Year set under clause 8; </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Business </font><font style="font-family:inherit;font-size:11pt;">means the asset management and advisory business and stewardship business of the Company and its Affiliates conducted in a manner that is consistent with the ESG Principles, and any alternation or development of such businesses as may be approved from time to time in accordance with this agreement;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Business Day</font><font style="font-family:inherit;font-size:11pt;">&#32;means a day other than a Saturday, Sunday or public holiday on which banks are generally open in London and New York for normal business;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Chief Executive Officer</font><font style="font-family:inherit;font-size:11pt;">&#32;means the chief executive officer of the Group from time to time appointed in accordance with clause 6.2;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Constitution</font><font style="font-family:inherit;font-size:11pt;">&#32;means the constitution of the Company in Agreed Form, as amended from time to time;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Control</font><font style="font-family:inherit;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">owning or controlling (directly or indirectly) more than 50% of the voting share capital of the relevant undertaking; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">being able to direct the casting of more than 50% of the votes exercisable at general meetings of the relevant undertaking on all, or substantially all, matters; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">having the right to appoint or remove directors of the relevant undertaking holding a majority of the voting rights at meetings of the board on all, or substantially all, matters; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">having the power to determine the conduct of business affairs of an undertaking (whether through ownership of equity interest or partnership or other ownership interests, by contract or otherwise),</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Controlled</font><font style="font-family:inherit;font-size:11pt;">&#32;and </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Controlling Interest</font><font style="font-family:inherit;font-size:11pt;">&#32;shall have a corresponding meaning;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Deed of Adherence</font><font style="font-family:inherit;font-size:11pt;">&#32;means a deed of adherence to this agreement to be executed by any transferee of a Share substantially in the form set out in Schedule 6;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Director</font><font style="font-family:inherit;font-size:11pt;">&#32;means a director of the Company;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Discloser</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 19.4;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Dispose</font><font style="font-family:inherit;font-size:11pt;">&#32;means, in relation to any Share:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to sell, transfer, assign, swap, surrender, gift, declare a trust over, or otherwise dispose of, deal with or Encumber, any legal or equitable interest in the Share;</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">42</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to do anything which has the effect of placing a person in substantially the same position as that person would have been in, had any of the things mentioned in paragraph&#160;(a) above been done; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">to authorise, agree to or attempt to do any of the things mentioned in paragraph (a) or (b) above,</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and the term </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Disposal</font><font style="font-family:inherit;font-size:11pt;">&#32;has a corresponding meaning;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Dispute</font><font style="font-family:inherit;font-size:11pt;">&#32;means any dispute, claim, difference or controversy arising out of, relating to or having any connection with this agreement, including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection with it;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Dividend </font><font style="font-family:inherit;font-size:11pt;">includes a dividend or other distribution in kind or in cash;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:11pt;">&#32;means the date on which this agreement takes effect in accordance with clause 3;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Encumbrance</font><font style="font-family:inherit;font-size:11pt;">&#32;means a mortgage, charge (fixed or floating), pledge, lien, option, right to acquire, right of pre-emption, assignment by way of security or trust arrangement for the purpose of providing security or other security interest of any kind (including any retention arrangement), and the term </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Encumber</font><font style="font-family:inherit;font-size:11pt;">&#32;has a corresponding meaning;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Equity Proportion</font><font style="font-family:inherit;font-size:11pt;">&#32;means, in relation to a Shareholder, the total number of Shares held by that Shareholder from time to time divided by (i) the total number of Shares in issue from time to time plus (ii) where such rights entitle the holder thereof to participate in an offer of new Shares, the aggregate number of Shares in respect of which rights to subscribe have been granted or allocated (whether conditionally or unconditionally) to or for the benefit of, or reserved for, management or employees of the Group, expressed as a percentage;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ESG Principles</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in Schedule 7;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FCA</font><font style="font-family:inherit;font-size:11pt;">&#32;means the UK Financial Conduct Authority and any successor regulatory authority from time to time;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FCA Handbook</font><font style="font-family:inherit;font-size:11pt;">&#32;means the handbook of rules and guidance maintained by the FCA from time to time;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Federated Distribution Agreements</font><font style="font-family:inherit;font-size:11pt;">&#32;means the distribution agreements, each of which shall be on arm's length terms, to be entered into on or after the Effective Date between the Company or other Group Companies on the one hand and members of the FII group on the other, for the distribution by members of the FII group of products and services of Group Companies; </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Federated Nominated Directors</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 5.1(c) and shall include any alternate of any such Director;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Financial Year</font><font style="font-family:inherit;font-size:11pt;">&#32;means a period starting on 1 January of any year and ending on 31 December of the same year; </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Government Agency</font><font style="font-family:inherit;font-size:11pt;">&#32;means any government, any department, officer or minister of any government and any governmental, semi-governmental, administrative, regulatory, fiscal, judicial or quasi-judicial agency, authority, board, commission, tribunal or entity;</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">43</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Group</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Company and its Subsidiaries from time to time and </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Group Company</font><font style="font-family:inherit;font-size:11pt;">&#32;means any of them;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">group</font><font style="font-family:inherit;font-size:11pt;">&#32;means an Ultimate Holding Company and its Subsidiaries and </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">group member</font><font style="font-family:inherit;font-size:11pt;">&#32;has a corresponding meaning;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Hermes Distribution Agreements</font><font style="font-family:inherit;font-size:11pt;">&#32;means the distribution agreements, each of which shall be on arm's length terms, to be entered into on or after the Effective Date between the Company or other Group Companies on the one hand and members of the FII group on the other, for the distribution by Group Companies of products and services of the FII group; </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Holding Company</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in paragraph 2 below;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Independent Directors</font><font style="font-family:inherit;font-size:11pt;">&#32;means the directors appointed in accordance with clauses 5.1(f) and 5.3;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Initial Budget</font><font style="font-family:inherit;font-size:11pt;">&#32;means the initial budget of the Group for the 2018 Financial Year in the Agreed Form;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Insolvency Event</font><font style="font-family:inherit;font-size:11pt;">&#32;means, in respect of any person:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the person is unable to, or states that it is unable to, pay its debts as they fall due or stops or threatens to stop paying its debts as they fall due;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any indebtedness of the person is subject to a moratorium;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a liquidator, provisional liquidator or administrator has been appointed to any property of the person or an event occurs which gives any other person a right to seek such an appointment;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">an order has been made, a resolution has been passed or proposed in a notice of meeting or in an announcement to any recognised securities exchange, or an application to court has been made for the winding-up or dissolution of the person or for the entry into of any arrangement, compromise or composition with, or assignment for the benefit of, creditors of the person or any class of them, and that order, resolution or application has not been stayed, lifted or discharged within 60 days of the date of such order, resolution or application;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a trustee has been appointed to take control of the property of the person in connection with a proposal to enter into a personal insolvency agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">an order has been made or an application to court has been made for bankruptcy of the person, and that order or application has not been stayed, lifted or discharged within 60 days of the date of such order or application; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the person has otherwise become, or is otherwise taken to be, insolvent in any jurisdiction or an event occurs in any jurisdiction in relation to the person which is analogous to, or which has a substantially similar effect to, any of the events referred to in paragraphs (a) to (f) above;</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Interest</font><font style="font-family:inherit;font-size:11pt;">&#32;means, in relation to any person, any direct or indirect financial or commercial interest of that person or its Affiliates arising from any existing or proposed arrangement, contract, litigation or other proceeding between any Group Company and that person or any of its Affiliates, where such arrangement, contract, litigation or other proceeding can be reasonably considered to be material in the context of the business of the Group taken as a whole;</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">44</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Loss</font><font style="font-family:inherit;font-size:11pt;">&#32;means all losses, damages, costs, expenses, charges and other liabilities whether present or future, fixed or unascertained, actual or contingent;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Material Business Acquisition </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in paragraph 8 of Schedule 4;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Material Business Disposal </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in paragraph 9 of Schedule 4;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">New LTIP</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given to it in the SPA;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">New Party</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 14.1;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Nominated Director</font><font style="font-family:inherit;font-size:11pt;">&#32;means a Director appointed under clause 5.1 (and includes any alternate of that Director);</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Permitted Transferee</font><font style="font-family:inherit;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in relation to a Shareholder that is a body corporate, a member of the same Wholly Owned Group as that Shareholder provided that, in relation to Federated (and any transferee of Federated), the transferee must also be a Wholly Owned Subsidiary of FII; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">in relation to BTPS, any replacement or additional trustee of the Scheme and any custodian of the Scheme and any member of the same Wholly Owned Group as such replacement or additional trustee or custodian.</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Put and Call Option Deed </font><font style="font-family:inherit;font-size:11pt;">means the deed dated the same date as this agreement between BTPS, Federated and FII relating to shares in the Company;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Regulatory Capital Target Amount</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Group's required regulatory capital as determined in accordance with applicable  requirements and shown in the Company's then most recent Internal Capital Adequacy Assessment Process (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ICAAP</font><font style="font-family:inherit;font-size:11pt;">) submission to the FCA, inclusive of any regulatory capital planning buffer required by the FCA, plus a discretionary safe margin buffer of capital, all as determined in good faith by the Board, in each case calculated using methodology consistent with the calculation of the Company's ICAAP for prior recent years, applicable FCA requirements, usual industry practice and past practices, and applied by the Company from time to time;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Relative </font><font style="font-family:inherit;font-size:11pt;">means, in relation to an individual:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the spouse, parent, son, daughter, brother or sister (whether by blood or adoption) of that individual; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any person married to any of the persons specified in paragraph (a);</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Relevant Date</font><font style="font-family:inherit;font-size:11pt;">&#32;means the date on which a party becomes a party to this agreement whether as an original party or by executing a Deed of Adherence in accordance with clause 14;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Representative</font><font style="font-family:inherit;font-size:11pt;">&#32;means, in relation to a person, any director, officer or employee of, and any accountant, auditor, financier, financial adviser, legal adviser, technical adviser or other expert adviser or consultant to, that person;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Securities</font><font style="font-family:inherit;font-size:11pt;">&#32;means:</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">45</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Shares or any other class of shares in the Company or any other equity securities in the Company; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">options, warrants, notes, bonds or other securities or debt (i) convertible into, or exchangeable for, Shares or any other class of shares or any other equity securities in the Company or (ii) containing equity features or containing profit participation features;</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Senior Employee</font><font style="font-family:inherit;font-size:11pt;">&#32;means any person employed or engaged by a Group Company who (a) holds the position of 'Director' or above; or (b) has an annual basic salary of &#163;150,000 or more, or any person who has had such a position within the Group within the twelve months prior to the relevant time;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Share</font><font style="font-family:inherit;font-size:11pt;">&#32;means an ordinary share in the capital of the Company;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Shareholder</font><font style="font-family:inherit;font-size:11pt;">&#32;means a registered holder of Shares (or whose custodian or nominee is the registered holder) who is party to this agreement as an original party (being Federated and BTPS as at the date of this agreement) or by having executed a Deed of Adherence in accordance with clause 14;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Shareholder Approval</font><font style="font-family:inherit;font-size:11pt;">&#32;means an approval given in accordance with clauses 6.3 and 6.4;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SPA </font><font style="font-family:inherit;font-size:11pt;">means the share sale and purchase agreement entered into between BTPS and the Federated Parties relating to the sale and purchase of shares in the Company;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Subsidiary </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in paragraph 2 below;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Surviving Clauses</font><font style="font-family:inherit;font-size:11pt;">&#32;means clause 1, clause 15.1 (for two years), clause 19, clause 21, clause 23 and clause 24;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Transaction Document</font><font style="font-family:inherit;font-size:11pt;">&#32;means this agreement, the Constitution, the Put and Call Option Deed, the long term incentive plan to be adopted by the Company on or around the Effective Date and the SPA;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Ultimate Holding Company</font><font style="font-family:inherit;font-size:11pt;">&#32;means a Holding Company which is not itself a Subsidiary; and</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Warranties</font><font style="font-family:inherit;font-size:11pt;">&#32;means the warranties given by the parties under clause&#160;16.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Subsidiary, Holding Company, Wholly Owned Subsidiary and Wholly Owned Group </font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the purposes of this agreement:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A company is a Subsidiary of another company, its Holding Company, if that other company:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">holds a majority of the voting rights in it; 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style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is a member of it and has the right to appoint or remove a majority of its board of directors; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iv)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">is a member of it and controls alone, pursuant to an agreement with other members, a majority of the voting rights in it,</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">or if it is a Subsidiary of a company that is itself a Subsidiary of that other company.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">46</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A company is a Wholly Owned Subsidiary of another company (HoldCo) if it has no members other than HoldCo and HoldCo's wholly owned Subsidiaries or persons acting on behalf of HoldCo or its wholly owned Subsidiaries.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Wholly Owned Group means a body corporate and any Holding Company of which it is a Wholly Owned Subsidiary and any other Wholly Owned Subsidiaries of that Holding Company (including any Wholly Owned Subsidiary of the body corporate).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In this paragraph 2, company includes any body corporate.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reasonable endeavours</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Except as otherwise expressly provided in this agreement, any provision of this agreement which requires a party to use reasonable endeavours or all reasonable endeavours, or to take all steps reasonably necessary, to procure that something is performed or occurs does not impose any obligation to:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">commence any legal action or proceeding against any person;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">procure absolutely that that thing is done or happens;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">incur a material expense, except where that provision expressly specifies otherwise; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">accept any undertakings or conditions, or waive any fees, required by any third party if those undertakings or conditions, or waivers in the reasonable opinion of the party required to give such undertakings or satisfy such conditions or waive such fees, are materially adverse to its commercial interests or fundamentally or materially alter the basis on which it originally agreed to the arrangements the subject of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Things required to be done other than on a Business Day</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Unless otherwise indicated, where the day on which any act, matter or thing is to be done is a day other than a Business Day, that act, matter or thing must be done on or by the next Business Day.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Several liability</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Where any obligation, representation, warranty or undertaking in this agreement is expressed to be made, undertaken or given by two or more parties, those parties will be taken to be severally liable in respect of it, unless this agreement expressly provides otherwise.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Other rules of interpretation</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In this agreement:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any reference, express or implied, to any legislation in any jurisdiction includes:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">that legislation as amended, extended or applied by or under any other legislation made before or after execution of this agreement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(ii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any legislation which that legislation re&#8209;enacts with or without modification; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(iii)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">any subordinate legislation made before or after execution of this agreement under that legislation, including (where applicable) that legislation as amended, extended or </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">47</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:144px;padding-top:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">applied as described in paragraph 17(a)(i), or under any legislation which it re&#8209;enacts as described in paragraph 17(a)(ii);</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">references to persons or entities include natural persons, partnerships, companies, bodies corporate, associations, organisations, governments, states, foundations and trusts (in each case whether or not having separate legal personality);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">references to an individual or a natural person include his estate and personal representatives;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">subject to clause 23.2, references to a party to this agreement include the successors or assigns (immediate or otherwise) of that party;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(e)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">references to any English legal term for any action, remedy, method or judicial or arbitral proceeding, legal document, legal status, court, arbitral tribunal, official or any legal concept or thing must, in respect of any jurisdiction other than England, be taken to include what most nearly approximates in that jurisdiction to the English legal term;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(f)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a reference to this agreement or any other document is a reference to this agreement or that other document as amended, varied, supplemented, or novated (in each case, other than in breach of the provisions of this agreement) at any time;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(g)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">unless otherwise indicated, a reference to any time is a reference to that time in London;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(h)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a reference to &#163; or pounds is to British pounds sterling or its equivalent in any other relevant currency;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the phrases "to the extent" and "to the extent that" are used to indicate an element of degree and are not synonymous with the word "if";</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(j)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">singular words include the plural and vice versa;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(k)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a word of any gender includes the corresponding words of any other gender;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(l)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if a word or phrase is defined, other grammatical forms of that word have a corresponding meaning;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(m)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">general words must not be given a restrictive meaning by reason of the fact that they are followed by particular examples intended to be embraced by the general words, and references to "includes" mean "includes without limitation"; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(n)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">nothing is to be construed adversely to a party just because that party put forward this agreement or the relevant part of this agreement.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">48</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">49</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s0059C4F9FB9EBF6594E14D075971E8D0"></a></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SIGNATORIES</font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:16%;"></td><td style="width:16%;"></td><td style="width:7%;"></td><td style="width:61%;"></td></tr><tr><td colspan="2" 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style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Occupation:</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;/s/ George F. Magera</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;George F. Magera</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;1001 Liberty Avenue, Pittsburgh, PA  15222</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;Deputy General Counsel</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">SIGNATURE PAGE &#8211; SHAREHOLDERS&#8217; AGREEMENT</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:17%;"></td><td style="width:16%;"></td><td style="width:6%;"></td><td style="width:61%;"></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EXECUTED</font><font style="font-family:inherit;font-size:11pt;">&#160;as a </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DEED</font><font style="font-family:inherit;font-size:11pt;">&#160;by </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED INVESTORS, INC.</font><font style="font-family:inherit;font-size:11pt;">&#160;acting by the authorised signatory named in the presence of:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Name:   /s/ Thomas R. Donahue</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Designation:   Chief Financial Officer</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Witness:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Signature:</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Name:</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Address:</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Occupation:</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;/s/  George F. Magera</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;George F. Magera</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;1001 Liberty Avenue  Pittsburgh, PA  15222</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Assistant Secretary</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">SIGNATURE PAGE &#8211; SHAREHOLDERS&#8217; AGREEMENT</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:130%;text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">SIGNATURE PAGE &#8211; SHAREHOLDERS&#8217; AGREEMENT</font></div></div><hr style="page-break-after:always"><div><a name="sB0D8168CCCC84D1974BD4D075982C175"></a></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DOCUMENTS IN THE AGREED FORM</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONSTITUTION</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">INITIAL BUDGET</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">55</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">56</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">NEW LTIP AND SHARE INCENTIVE PLAN</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052312.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">57</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exhibit102-putandcalloptio.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<div><a name="sC84B125D47B02A8553C74D08D55DAAC1"></a></div><div><div style="line-height:110%;text-align:right;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#32;Exhibit 10.2</font></div></div><div><br></div><div style="line-height:120%;font-size:16pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EXECUTION VERSION</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:26px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DRAFT</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">PUT AND CALL OPTION DEED</font></div><div style="text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">RELATING TO SHARES IN HERMES FUND MANAGERS LIMITED</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DATED </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;background-color:#ffffff;">2 JULY</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BT PENSION SCHEME</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;font-style:italic;">&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TRUSTEES LIMITED</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">as trustee for and on behalf of the BT PENSION SCHEME</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED HOLDINGS (UK) II LIMITED</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">and</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED INVESTORS, INC.</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:center;"><img src="exhibit102co33052365v_image1.gif" alt="exhibit102co33052365v_image1.gif" style="height:16px;width:220px;"></div><div style="line-height:130%;text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div><div style="line-height:130%;text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">Allen &amp; Overy LLP</font></div><div style="line-height:130%;text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div><div style="line-height:130%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:130%;text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s26135FCDFD7B7EC1EE584D08D58F4A53"></a></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONTENTS</font></div><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Clause&#160;&#160;&#160;&#160;Page</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Interpretation&#160;&#160;&#160;&#160;3</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Grant of the Options&#160;&#160;&#160;&#160;7</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Request for Determination of Fair Value&#160;&#160;&#160;&#160;7</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Exercise of the Options&#160;&#160;&#160;&#160;7</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ability to Defer Exercise&#160;&#160;&#160;&#160;7</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Right of First Refusal (ROFR)&#160;&#160;&#160;&#160;8</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Drag and Tag Rights&#160;&#160;&#160;&#160;9</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Other Voluntary Sale to Buyer&#160;&#160;&#160;&#160;10</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">9.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Effect of Exercise of an Option, ROFR Sale or Drag/Tag Sale&#160;&#160;&#160;&#160;10</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">10.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Consideration for Option Shares&#160;&#160;&#160;&#160;11</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Completion&#160;&#160;&#160;&#160;11</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">12.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Enjoyment of Rights Attaching to the Shares&#160;&#160;&#160;&#160;11</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">13.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Termination&#160;&#160;&#160;&#160;12</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">14.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Incorporation of Provisions&#160;&#160;&#160;&#160;12</font></div></td></tr></table><div style="line-height:130%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Schedule</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Form of Call Exercise Notice&#160;&#160;&#160;&#160;13</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Form of Put Exercise Notice&#160;&#160;&#160;&#160;14</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Warranties&#160;&#160;&#160;&#160;15</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:118px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">Part 1</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:justify;font-size:11pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:11pt;">Seller&#8217;s Warranties&#160;&#160;&#160;&#160;15</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:118px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">Part 2</font></div></td><td style="vertical-align:top;padding-left:1.3333333333333333px;"><div style="line-height:130%;text-align:justify;font-size:11pt;text-indent:-1.3333333333333333px;"><font style="font-family:inherit;font-size:11pt;">Buyer Parties&#8217; Warranties&#160;&#160;&#160;&#160;15</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Fair Value&#160;&#160;&#160;&#160;17</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Signatories&#160;&#160;&#160;&#160;22</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THIS AGREEMENT</font><font style="font-family:inherit;font-size:11pt;">&#32;is made on 2 July 2018</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BETWEEN</font><font style="font-family:inherit;font-size:11pt;">:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(1)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BT PENSION SCHEME</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TRUSTEES LIMITED </font><font style="font-family:inherit;font-size:11pt;">incorporated in England &amp; Wales with registered number 06009363 and which has its registered office at One America Square, 17 Crosswall, London, England, EC3N 2LB in its capacity as trustee for and on behalf of the BT Pension Scheme (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Scheme</font><font style="font-family:inherit;font-size:11pt;">) which is governed by a deed and rules dated 5 April 2016 (as amended) (the</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;Seller</font><font style="font-family:inherit;font-size:11pt;">);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(2)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED HOLDINGS (UK) II LIMITED </font><font style="font-family:inherit;font-size:11pt;">(registered in England under registered number 11227851) whose registered office is at 5</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:11pt;">&#32;Floor One New Change, London, United Kingdom, EC4M 9AF (the</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;Buyer</font><font style="font-family:inherit;font-size:11pt;">); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(3)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED INVESTORS, INC. </font><font style="font-family:inherit;font-size:11pt;">a company incorporated in the Commonwealth of Pennsylvania, USA (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FII</font><font style="font-family:inherit;font-size:11pt;">, and together with the Buyer, the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Buyer Parties</font><font style="font-family:inherit;font-size:11pt;">&#32;(which expression shall mean either or both of the Buyer and FII, as applicable)).</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(A)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Hermes Fund Managers Limited (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">) is a private limited company incorporated in England with registered number 01661776.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(B)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller is the trustee of the Scheme. The custodian of the Seller is the legal owner of 24,659,578 Ordinary Shares of &#163;1 each in the capital of the Company which are held on trust to pay the benefits under the Scheme (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Remaining Shares</font><font style="font-family:inherit;font-size:11pt;">).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(C)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Buyer Parties and Seller wish to grant to each other options in respect of the Option Shares on the terms of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(D)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FII is the ultimate holding company of the Buyer and has agreed to the direct obligations to the Seller on the terms set out in this agreement.</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">IT IS AGREED</font><font style="font-family:inherit;font-size:11pt;">&#32;as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">INTERPRETATION</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In this agreement:</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Agreed Form</font><font style="font-family:inherit;font-size:11pt;">&#32;means in relation to any documents, the form of that document which is initialled for the purposes of identification by or on behalf of each of the parties;</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Business Day</font><font style="font-family:inherit;font-size:11pt;">&#32;means a day (other than a Saturday or a Sunday) on which banks are generally open in London and New York for normal business;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Buyer Parties Trigger Event</font><font style="font-family:inherit;font-size:11pt;">&#32;means a Change of Control or an uncured material or repeated breach by the Buyer Parties of the Shareholders&#8217; Agreement;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Buyer Parties&#8217; Warranties</font><font style="font-family:inherit;font-size:11pt;">&#32;means the warranties set out in Part 2 of Schedule 3;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Call Exercise Notice</font><font style="font-family:inherit;font-size:11pt;">&#32;means a notice given in accordance with clause 4 and substantially in the form of Schedule 1;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Call Option</font><font style="font-family:inherit;font-size:11pt;">&#32;means the option granted by the Seller to the Buyer Parties under subclause&#160;2.1;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Cap Value</font><font style="font-family:inherit;font-size:11pt;">&#32;means 110% of the Transaction Multiple multiplied by Company EBITDA;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Change of Control</font><font style="font-family:inherit;font-size:11pt;">&#32;means either the Buyer (or any Permitted Transferee to whom Ordinary Shares have been transferred) ceasing to be a Wholly Owned Subsidiary of FII or FII becoming a Subsidiary of another company;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company EBITDA</font><font style="font-family:inherit;font-size:11pt;">&#32;means the consolidated net income of the Group (including the Group's share of profits/losses of associates and joint ventures) plus any interest or financing costs, taxation and depreciation, amortisation, and the relevant expense of the New LTIP, less any interest income or investment gains, each as shown in the last audited group accounts of the Company prior to the Exercise Date</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">; </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Completion</font><font style="font-family:inherit;font-size:11pt;">&#32;means completion of the sale and purchase of the Option Shares in accordance with subclause 11.1;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Completion Date</font><font style="font-family:inherit;font-size:11pt;">&#32;means the end of the last calendar day of the month in which the Relevant Date occurs;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Consideration </font><font style="font-family:inherit;font-size:11pt;">means the Equity Proportion multiplied by the Relevant Fair Value;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Exercise Notice</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 7;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Exercise Date</font><font style="font-family:inherit;font-size:11pt;">&#32;means the date on which either the Seller serves the Buyer Parties, or the Buyer Parties serve the Seller, with a Drag/Tag Exercise Notice;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Exercise Period</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 7;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Notice</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 7;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Sale</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 7;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Sale</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Period</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 7;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Encumbrance </font><font style="font-family:inherit;font-size:11pt;">means</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">any mortgage, charge (fixed or floating), pledge, lien, option, right to acquire, right of pre-emption, assignment by way of security or trust arrangement for the purpose of providing security or other security interest of any kind (including any retention arrangement);</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Equity Proportion</font><font style="font-family:inherit;font-size:11pt;">&#32;means the total number of Option Shares divided by the aggregate of: (i) the total number of Ordinary Shares in issue at the Exercise Date plus (ii) the aggregate number of Ordinary Shares in respect of which rights to subscribe, or otherwise acquire, have been granted or allocated </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(whether conditionally or unconditionally, and inclusive of any unallocated shares related to the New LTIP) to or for the benefit of, or reserved for, employees of the Group as at the Exercise Date, provided that only the portion of Ordinary Shares under subclause (ii) (excluding any unallocated shares related to the New LTIP) that does not exceed 2% of the Ordinary Shares under subclause (i) shall be included in subclause (ii) for the purposes of this definition;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise Date</font><font style="font-family:inherit;font-size:11pt;">&#32;means a Put/Call Exercise Date, a ROFR Exercise Date or a Drag/Tag Exercise Date;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise Notice</font><font style="font-family:inherit;font-size:11pt;">&#32;means a Call Exercise Notice or a Put Exercise Notice (as the case may be);</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise Period</font><font style="font-family:inherit;font-size:11pt;">&#32;means the 20 Business Days following any determination of Fair Value in accordance with Schedule 4 until and including the Last Exercise Period;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Fair Value </font><font style="font-family:inherit;font-size:11pt;">means the fair value of the Ordinary Share equity of the Company determined under Schedule 4;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Group</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Company and its Subsidiaries;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Last Exercise Period</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Exercise Period following determination of Fair Value pursuant to clause 3.3, unless (a) there has been a deferral right exercised pursuant to clauses 5.1 or 5.2 and (b) the Completion has not occurred prior to the sixth anniversary of the SPA Date, in which case </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Last Exercise Period </font><font style="font-family:inherit;font-size:11pt;">means the Exercise Period following the determination of Fair Value pursuant to clause 3.4;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">New LTIP </font><font style="font-family:inherit;font-size:11pt;">has the meaning given to it in the SPA;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Option</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Call Option or the Put Option;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Option Shares </font><font style="font-family:inherit;font-size:11pt;">means any Ordinary Shares held by the Seller or its Permitted Transferees at the Exercise Date;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Ordinary Shares </font><font style="font-family:inherit;font-size:11pt;">means the ordinary shares of &#163;1 each in the capital of the Company;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Parties</font><font style="font-family:inherit;font-size:11pt;">&#32;means the parties to this agreement;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Permitted Sale Period </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in clause 6;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Permitted Transferees</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the Shareholders&#8217; Agreement;</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup>&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Put Exercise Notice</font><font style="font-family:inherit;font-size:11pt;">&#32;means a notice given in accordance with clause 4 and substantially in the form of Schedule 2;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Put Option</font><font style="font-family:inherit;font-size:11pt;">&#32;means the option granted to the Seller by the Buyer Parties under subclause&#160;2.2;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Put/Call Exercise Date </font><font style="font-family:inherit;font-size:11pt;">means the date on which the Seller or the Buyer Parties are served an Exercise Notice;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Relevant Date</font><font style="font-family:inherit;font-size:11pt;">&#32;means, with respect to an Option exercise, the date ten Business Days after the Exercise Date unless subclauses 5.1 or 5.2 could be triggered in which case it means the date ten Business Days after the last date on which that subclause could be triggered, or, with respect to a ROFR Sale, the date ten Business Days after the ROFR Exercise Date, or, with respect to a Drag/Tag Sale, the date ten Business Days after the Drag/Tag Exercise Date, as applicable;</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Relevant Fair Value</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Fair Value, the determination of which commenced the Exercise Period during which the relevant Exercise Notice was served or, in the case of an ROFR Sale or Drag/Tag Sale, the Fair Value determined in accordance with clause 6 or 7 (as applicable);</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Remaining Shares</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in Recital (B);</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR</font><font style="font-family:inherit;font-size:11pt;">&#32;means right of first refusal;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Acceptance Notice</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 6;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Exercise Date</font><font style="font-family:inherit;font-size:11pt;">&#32;means the date on which the Buyer Parties serve the Seller with a ROFR Acceptance Notice;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Exercise Period</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 6;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Notice </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in clause 6;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Offer</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 6;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Sale </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in clause 6;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Sale Period</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in clause 6;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Seller&#8217;s Warranties </font><font style="font-family:inherit;font-size:11pt;">means the warranties set out in Part 1 of Schedule 3;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Seller Trigger Event </font><font style="font-family:inherit;font-size:11pt;">means an uncured material or repeated breach by the Seller of the Shareholders&#8217; Agreement;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Shareholders&#8217; Agreement </font><font style="font-family:inherit;font-size:11pt;">means the shareholders&#8217; agreement entered into on the same date as this agreement between the Seller, the Company and the Buyer Parties;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SPA</font><font style="font-family:inherit;font-size:11pt;">&#32;means the agreement for the sale and purchase of shares in the Company between the Seller and the Buyer Parties; </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SPA Date</font><font style="font-family:inherit;font-size:11pt;">&#32;means the date of the SPA;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Subsidiary</font><font style="font-family:inherit;font-size:11pt;">&#32;has the meaning given in the Shareholders&#8217; Agreement;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Third Party Buyer Transaction</font><font style="font-family:inherit;font-size:11pt;">&#32;means a bona fide, arm&#8217;s length negotiated, agreement or arrangement with an independent, non-affiliated third party that the Buyer desires to enter into for the sale by the Buyer, and purchase by such third party, of at least a majority of the Ordinary Shares held by the Buyer;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Third Party Seller Transaction</font><font style="font-family:inherit;font-size:11pt;">&#32;means a bona fide, arm&#8217;s length negotiated, agreement or arrangement with an independent, non-affiliated third party that Seller desires to enter into for the sale by the Seller, and purchase by such third party, of all of the Option Shares;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Transaction Completion Date </font><font style="font-family:inherit;font-size:11pt;">means the &#8220;Completion Date&#8221; under, and as defined in, the SPA;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Transaction Multiple </font><font style="font-family:inherit;font-size:11pt;">means 12.8; </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Transaction Value</font><font style="font-family:inherit;font-size:11pt;">&#32;means &#163;410,000,000; </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Trough Value </font><font style="font-family:inherit;font-size:11pt;">means 90% of the sum of (i) the Transaction Value and (ii) any amounts received by the Company in respect of subscriptions for Ordinary Shares after the Transaction Completion Date;</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup>&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Valuation Request Notice</font><font style="font-family:inherit;font-size:11pt;">&#32;means a notice requesting determination of the Fair Value in accordance with Schedule 4; </font></div><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Valuation Request Period </font><font style="font-family:inherit;font-size:11pt;">means:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the ten Business Days following the third anniversary of the SPA Date;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the ten Business Days following the fourth anniversary of the SPA Date; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the ten Business Days following the fifth anniversary of the SPA Date; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if there has been a deferral right exercised pursuant to clauses 5.1 or 5.2, the ten Business Days following the sixth anniversary of the SPA Date; and</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Wholly Owned Subsidiary </font><font style="font-family:inherit;font-size:11pt;">has the meaning given in the Shareholders&#8217; Agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">GRANT OF THE OPTIONS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In consideration of the grant of the Put Option, the Seller grants to the Buyer Parties an option for the Buyer Parties to require the Seller to sell the Option Shares to the Buyer on the terms of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In consideration of the grant of the Call Option, the Buyer Parties grant to the Seller an option for the Seller to require the Buyer to purchase the Option Shares from the Seller on the terms of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">REQUEST FOR DETERMINATION OF FAIR VALUE</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">During any Valuation Request Period either the Buyer Parties or the Seller may serve a Valuation Request Notice.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In addition:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Seller may serve a Valuation Request Notice at any time within 20 Business Days following it becoming aware of a Buyer Parties Trigger Event, and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Buyer Parties may serve a Valuation Request Notice at any time within 20 Business Days following either of the Buyer Parties becoming aware of a Seller Trigger Event.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A Valuation Request Notice shall be deemed to have been served on the fifth anniversary of the SPA Date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If there has been a deferral right exercised pursuant to clauses 5.1 or 5.2, a Valuation Request Notice shall be deemed to have been served on the sixth anniversary of the SPA Date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EXERCISE OF THE OPTIONS </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clauses 4.2, 4.3, 5.1 and 5.2, the Buyer Parties may elect (in their discretion) to serve a Call Exercise Notice or the Seller may elect (in its discretion) to serve a Put Exercise Notice during any Exercise Period.  For the avoidance of doubt, no Party shall be required or obligated under this agreement to serve an Exercise Notice to exercise an Option.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If a Buyer Parties Trigger Event has occurred, and the Seller serves a Valuation Request Notice pursuant to clause 3.2(a), the Buyer Parties may not serve a Call Exercise Notice in the Exercise Period following the determination of Fair Value pursuant to clause 3.2(a).  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If a Seller Trigger Event has occurred, and the Buyer Parties serve a Valuation Request Notice pursuant to clause 3.2(b), the Seller may not serve a Put Exercise Notice in the Exercise Period following the determination of Fair Value pursuant to clause 3.2(b).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ABILITY TO DEFER EXERCISE</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Unless a Seller Trigger Event has occurred and the Fair Value has been determined pursuant to clause 3.2(b), if the Fair Value is lower than the Trough Value and if the Buyer Parties serve a Call Exercise Notice during the relevant Exercise Period, then the Seller may elect by notice to the Buyer Parties within 20 Business Days of the Exercise Date to trigger this subclause in which case the Call Exercise Notice shall be cancelled and the Buyer Parties may not serve a further Call Exercise Notice during the relevant Exercise Period provided that this subclause may only be triggered once.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Unless a Buyer Parties Trigger Event has occurred and the Fair Value has been determined pursuant to clause 3.2(a), if the Fair Value is higher than the Cap Value and if the Seller serves a Put Exercise Notice during the relevant Exercise Period then the Buyer Parties may elect by notice to the Seller within 20 Business Days of the Exercise Date to trigger this subclause in which case the Put Exercise Notice shall be cancelled and the Seller may not serve a further Put Exercise Notice during the relevant Exercise Period provided that this subclause may only be triggered once.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subclauses 5.1 and 5.2 do not apply with respect to any Exercise Notice served during the Exercise Period that follows determination of Fair Value pursuant to clause 3.4.  For the avoidance of doubt, subclauses 5.1 and 5.2 also shall not apply to the ROFR Sale contemplated in clause 6, the Drag/Tag Sale contemplated in clause 7 or the other voluntary sale to the Buyer contemplated in clause 8.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">6.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RIGHT OF FIRST REFUSAL (ROFR)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If an Exercise Notice is not served during the Last Exercise Period, then, from and after the end of the Last Exercise Period (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Permitted Sale Period</font><font style="font-family:inherit;font-size:11pt;">), the Seller may sell all (but not less than all) of the Option Shares held by the Seller pursuant to a Third Party Seller Transaction, subject to the Buyer Parties&#8217; ROFR, as provided in this clause 6, or to the Buyer pursuant to clauses 7 or 8 below.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">At any time during the Permitted Sale Period, and subject to the terms and conditions specified in this clause 6, the Buyer Parties shall have a ROFR if the Seller intends to enter into, a Third Party Seller Transaction.  Each time the Seller intends to enter into any Third Party Seller Transaction, the Seller shall first offer to sell all of the Option Shares to the Buyer Parties in accordance with this clause 6 prior to accepting, or entering into, such Third Party Seller Transaction.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller shall, within five Business Days of the Seller&#8217;s deciding to enter into, any Third Party Seller Transaction, serve written notice (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Notice</font><font style="font-family:inherit;font-size:11pt;">) on the Buyer Parties stating that the Seller intends to enter into, a Third Party Seller Transaction.  The ROFR Notice shall constitute a Valuation Request Notice for the purposes of this agreement. The ROFR Notice also shall specify (i) the name of the independent, unaffiliated third party involved in the Third Party Seller Transaction; and (ii) the proposed date, time and location of the completion of the sale of the Option Shares to such third party, which shall not be less than 120 days from the date of the ROFR Notice.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">8</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The ROFR Notice shall constitute the Seller&#8217;s offer to the Buyer Parties for the Seller to sell the Option Shares to the Buyer for an amount equal to the Consideration in accordance with the terms of this agreement (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Offer</font><font style="font-family:inherit;font-size:11pt;">), including this clause 6, which ROFR Offer shall be irrevocable until the end of the ROFR Exercise Period.  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Upon receipt of the ROFR Notice and following determination of Fair Value, the Buyer Parties shall have 20 Business Days (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Exercise Period</font><font style="font-family:inherit;font-size:11pt;">) to elect to accept the ROFR Offer by serving a written notice (a </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Acceptance Notice</font><font style="font-family:inherit;font-size:11pt;">) on the Seller stating that the Buyer accepts the ROFR Offer.  Any ROFR Acceptance Notice shall be binding upon delivery and irrevocable by the Buyer Parties.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the Buyer Parties do not deliver a ROFR Acceptance Notice during the ROFR Exercise Period, the Seller may, during the 60 Business Day period immediately following the expiration of the ROFR Exercise Period (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Sale Period</font><font style="font-family:inherit;font-size:11pt;">), sell all of the Option Shares to the third party specified in the ROFR Notice, subject to the third party agreeing to take an assignment of, and be bound by, the Shareholders Agreement without amendment (other than to substitute the third party for Seller).  If the Seller does not consummate the sale of all of the Option Shares to such third party within the ROFR Sale Period, the Seller shall be required to serve a new ROFR Notice, the initial Third Party Seller Transaction will be deemed to have been terminated, and the rights provided under this clause 6 shall be deemed to be revived.  For the avoidance of doubt, in such case, the Option Shares shall not be sold by the Seller to any third party unless the Seller delivers to the Buyer Parties a new ROFR Notice in accordance with, and otherwise complies with, this clause 6.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the avoidance of doubt, (i) the sale of the Option Shares to the Buyer as contemplated in this clause 6 shall be referred to as the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ROFR Sale</font><font style="font-family:inherit;font-size:11pt;">, and (ii) the Ordinary Shares owned by Seller sold as contemplated in this clause 6 shall be considered Option Shares, for purposes of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.8</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller shall not be permitted to sell or otherwise transfer any Option Shares to any third party (excluding any Permitted Transferees) during the Permitted Sale Period except pursuant to a bona fide, arms&#8217; length transaction during a ROFR Sale Period and until after expiration of the ROFR Exercise Period, and otherwise in accordance with, and subject to, this clause 6 or clause 7.  Any such sale or transfer not made in accordance with this clause 6 or clause 7 shall be void.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">6.9</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller agrees that if the Seller transfers Ordinary Shares to Permitted Transferees, the Seller shall require such Permitted Transferees to enter into a deed of adherence in respect of this agreement, including this clause 6 and clause 7, prior to transferring any Ordinary Shares to such Permitted Transferees, provided that this requirement shall not apply in respect of any transfer of Ordinary Shares from one nominee of the Scheme to another nominee of the Scheme.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">7.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DRAG AND TAG RIGHTS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">At any time during the Permitted Sale Period, and subject to the terms and conditions specified in this clause 7, if the Buyer Parties intend to enter into any Third Party Buyer Transaction, the Buyer Parties shall first notify the Seller in accordance with clause 7.2 and, thereafter, (a) the Seller shall have a right to elect to require the Buyer Parties to acquire all of the Option Shares from the Seller in accordance with this clause 7 prior to completing such Third Party Buyer Transaction, and (b) the Buyer Parties shall have a right to elect to require the Seller to sell all of the Option Shares held by the Seller to the Buyer in accordance with this clause 7 prior to completing such Third Party Buyer Transaction. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Buyer Parties shall, within five Business Days of Buyer deciding to enter into any Third Party Buyer Transaction, serve written notice (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Notice</font><font style="font-family:inherit;font-size:11pt;">) on the Seller stating that the Buyer </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:48px;padding-top:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">Parties intend to enter into a Third Party Buyer Transaction.  The Drag/Tag Notice shall constitute a Valuation Request Notice for the purposes of this agreement. The Drag/Tag Notice also shall specify (i) the name of the independent, unaffiliated third party involved in the Third Party Buyer Transaction; and (ii) the proposed date, time and location of the completion of the sale of the Ordinary Shares to such third party, which shall not be less than 120 days from the date of the Drag/Tag Notice.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">After receipt of the Drag/Tag Notice and following determination of Fair Value, the Seller shall have 20 Business Days (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Exercise Period</font><font style="font-family:inherit;font-size:11pt;">) to elect to require the Buyer Parties to acquire all of the Option Shares from the Seller, and the Buyer Parties shall have the Drag/Tag Exercise Period to elect to require the Seller to sell all of the Option Shares to the Buyer, in each case at an amount equal to the Consideration.  The Seller may exercise its election, and the Buyer Parties may exercise their election, by serving written notice (a </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Exercise Notice</font><font style="font-family:inherit;font-size:11pt;">) on the other Party during the Drag/Tag Exercise Period stating that it is exercising its right to make its election under this clause 7.  Any Drag/Tag Notice shall be binding upon delivery and irrevocable by the Party serving it. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If no Party delivers a Drag/Tag Exercise Notice during the Drag/Tag Exercise Period, the Drag/Tag Notice shall lapse and the Buyer Parties may, during the 60 Business Day period immediately following the expiration of the Drag/Tag Exercise Period (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Sale Period</font><font style="font-family:inherit;font-size:11pt;">) complete the Third Party Buyer Transaction, subject to the third party agreeing to take an assignment of, and be bound by, the Shareholders Agreement without amendment (other than to substitute the third party for the Buyer Parties or otherwise provide that the third party has the same obligations and rights as the Buyer Parties).  If the Buyer Parties do not consummate the Third Party Buyer Transaction within the Drag/Tag Sale Period, the Buyer Parties shall be required to serve a new Drag/Tag Notice, the initial Third Party Buyer Transaction will be deemed to have been terminated, and the rights provided under this clause 7 shall be deemed to be revived.  For the avoidance of doubt, in such case, the Ordinary Shares held by the Buyer Parties shall not be sold by the Buyer Parties to any third party unless the Buyer Parties deliver to the Seller a new Drag/Tag Notice in accordance with, and otherwise complies with, this clause 7.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the avoidance of doubt, (i) the sale of the Option Shares to the Buyer Parties as contemplated in this clause 7 shall be referred to as the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Drag/Tag Sale</font><font style="font-family:inherit;font-size:11pt;">, and (ii) the Ordinary Shares owned by Seller sold as contemplated in this clause 7 shall be considered Option Shares, for purposes of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Buyer Parties shall not be permitted to sell or otherwise transfer any Ordinary Shares to any third party (excluding any Permitted Transferees) during the Permitted Sale Period except pursuant to a bona fide, arms&#8217; length transaction during a Drag/Tag Sale Period and until after expiration of the Drag/Tag Exercise Period, and otherwise in accordance with, and subject to, this clause 7.  Any such sale or transfer not made in accordance with this clause 7 shall be void.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">7.7</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Buyer Parties agree that if the Buyer Parties transfer Ordinary Shares to Permitted Transferees, the Buyer Parties shall require such Permitted Transferees to enter into a deed of adherence in respect of this agreement, including this clause 7 and clause 6, prior to transferring any Ordinary Shares to such Permitted Transferees, provided that this requirement shall not apply to any Permitted Transferee that is bound by this agreement by operation of law.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">8.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">OTHER VOLUNTARY SALE TO BUYER</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For the avoidance of doubt, the Seller (in its discretion) may approach the Buyer Parties, and the Buyer Parties (in their discretion) may approach the Seller, at any time to discuss the sale of the Ordinary Shares owned by the Seller to the Buyer.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">10</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">8.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">While the Parties have no obligation to entertain any such discussions, or to agree upon the sale of the Ordinary Shares held by the Seller and its Permitted Transferees, if the Parties agree to consider the sale of such Ordinary Shares by the Seller to the Buyer, the Parties agree that the consideration for such Ordinary Shares will be equal to the Consideration determined in accordance with the Fair Value procedures in Schedule 4 to this agreement and that, if the Parties thereafter agree to proceed with such sale, the sale will be completed on terms consistent with this agreement (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">i.e.</font><font style="font-family:inherit;font-size:11pt;">, as if the sale was pursuant to an exercise of an Option in accordance with this agreement (including, without limitation, clause 11, except that clauses 5.1 and 5.2 would not apply)).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">9.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EFFECT OF EXERCISE OF AN OPTION, ROFR SALE OR DRAG/TAG SALE</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">9.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Subject to clause 5, exercise of an Option, the service of a ROFR Acceptance Notice, or the service of a Drag/Tag Exercise Notice shall oblige the Seller to sell (or procure the sale of) with full title guarantee and the Buyer Parties to cause the Buyer to purchase the Option Shares.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">9.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Option Shares shall be sold free from all Encumbrances and together with all rights attaching to them as at the Exercise Date (in each case subject to clause 12).</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">9.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If an Exercise Notice has been served (and not cancelled pursuant to clause 5) or Completion has occurred then subclauses 3.3, 3.4, 4.2, 4.3 clause 6 and clause 7 do not apply after the Exercise Date or Completion Date as applicable.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">9.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Once served, an Exercise Notice, a ROFR Acceptance Notice or a Drag/Tag Exercise Notice may not be withdrawn.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">10.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONSIDERATION FOR OPTION SHARES</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The consideration for the sale of the Option Shares (whether pursuant to the exercise of an Option, a ROFR Sale or a Drag/Tag Sale) shall be equal to the Consideration.  </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">11.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">COMPLETION</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Completion of the sale and purchase of the Option Shares following the exercise of an Option, the service of a ROFR Acceptance Notice, or the service of a Drag/Tag Exercise Notice, shall take place at the offices of the Company in London at 1.p.m. on the Completion Date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On the Completion Date, the Seller shall procure the delivery to the Buyer Parties of:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a duly executed transfer or transfers in respect of the Option Shares in favour of the Buyer; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the share certificate(s) representing the Option Shares (or an indemnity in the case of any found to be missing); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the written resignation of the Seller's nominated director from his office as a director of each Group company of which he is a director, and waiving any claim for compensation for loss of office, with effect from the Completion Date.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">11</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On the Completion Date (or, if the Completion Date is not a Business Day, on the next Business Day) the Buyer Parties shall pay in full the Consideration.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.4</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">All amounts payable to the Seller under this clause 11 shall be paid in immediately available funds to such bank account as is notified by the Seller to the Buyer Parties and the Company at least three Business Days prior to the Completion Date. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.5</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The obligations of the Buyer Parties under this agreement shall be several not joint or joint and several, and shall be considered direct obligations of each Buyer Party, enforceable fully and directly against each Buyer Party without the need to join the other Buyer Party or to pursue remedies first against the other Buyer Party.  For the avoidance of doubt, and without limiting the foregoing:  (i) with respect to any payment or contribution obligation, the Buyer shall pay or contribute, and FII shall procure that Buyer shall pay or contribute, the consideration or other amounts payable or to be contributed, (ii) it is understood that it is the Buyer Parties&#8217; intention that the Buyer will acquire the Option Shares and the Buyer will pay any consideration for the Option Shares or other amounts payable under this agreement, and (iii) each of the Buyer Parties shall have a direct obligation to the Seller to pay or contribute the sum due, but payment or contribution by either Buyer Party of any sum due will satisfy the obligations of both Buyer Parties to make such payment or contribution.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">11.6</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FII undertakes that where any obligation in this agreement is expressed to apply to the Buyer or Buyer Parties or any other affiliate of FII, it will procure that the Buyer or such entity complies with such obligation.</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">The Seller undertakes that where any obligation in this agreement is expressed to apply to any affiliate of Seller, it will procure that such entity complies with such obligations as if it had been a party to this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">12.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ENJOYMENT OF RIGHTS ATTACHING TO THE SHARES</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Until such time as Completion occurs, the Seller shall be entitled to exercise all voting and other rights attached to any Ordinary Shares and shall be entitled to receive and retain all dividends and other distributions in respect of any Ordinary Shares owned by the Seller payable by reference to a record date prior to the date at which the Fair Value is to be determined.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">13.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TERMINATION</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This agreement will terminate, and the Parties will cease to have any further obligations under this agreement, once the Seller has sold all the Ordinary Shares held by it and its Permitted Transferees either to the Buyer or pursuant to a Third Party Seller Transaction and Completion has taken place in accordance with this agreement.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">14.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">INCORPORATION OF PROVISIONS</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">12</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">14.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The provisions of clauses 1.1, 1.3 to 1.7, 9.1 to 9.4, 10.1 to 10.3, 12 to 16.10, 17 and 18 of the SPA shall apply to this agreement as if repeated in it and defined terms in those clauses shall have the meanings given to them in the SPA unless otherwise defined in this agreement.  For the avoidance of doubt, for purposes of this agreement, the Seller&#8217;s Warranties and Buyer Parties&#8217; Warranties set forth in Schedule 3 to this agreement shall apply with respect to clauses 9.1 to 9.4 and 10.1 to 10.3 of the SPA when incorporated into this agreement pursuant to the preceding sentence.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">14.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Without limiting the foregoing, in accordance with clause 1.4(i) of the SPA, references to the Parties in this agreement (including all Schedules) include their successors in title and permitted assigns (including Permitted Transferees).</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">IN WITNESS</font><font style="font-family:inherit;font-size:11pt;">&#32;of which this agreement has been executed as a deed and has been delivered on the date stated at the beginning of this agreement.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">13</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:0px;padding-top:16px;text-align:center;text-indent:0px;"><font style="padding-top:16px;text-align:center;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:0px;">Schedule 1</font><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FORM OF CALL EXERCISE NOTICE</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">To:&#160;&#160;&#160;&#160;The Seller</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Date:</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Sir or Madam,</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We, the Buyer Parties refer to the Put and Call Option Deed dated 2 July 2018 and made between yourselves and ourselves (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Option Agreement</font><font style="font-family:inherit;font-size:11pt;">) and to the Call Option granted by you to us under that Option Agreement.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We hereby give notice under and pursuant to clause 4 of the Option Agreement that we exercise the Call Option granted by you to us to require the Seller to sell all of the Option Shares to the Buyer in accordance with the Option Agreement.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Yours faithfully,</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For and on behalf of</font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Buyer</font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For and on behalf of</font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FII</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">14</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SCHEDULE 2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FORM OF PUT EXERCISE NOTICE</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">To:&#160;&#160;&#160;&#160;The Buyer Parties</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Date:</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Sir or Madam,</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We refer to the Put and Call Option Deed dated 2 July 2018 and made between yourselves and ourselves (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Option Agreement</font><font style="font-family:inherit;font-size:11pt;">) and to the Put Option granted by you to us under that Option Agreement.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We hereby give you notice under and pursuant to clause 4 of the Option Agreement that we exercise the Put Option granted by you to us to require the Buyer to purchase all of the Option Shares from the Seller in accordance with the Option Agreement.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Yours faithfully,</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For and on behalf of</font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">15</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SCHEDULE 3</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WARRANTIES</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">16</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PART 1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SELLER&#8217;S WARRANTIES</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Capacity </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller has the requisite power and authority, including under the trust deed and the rules of the Scheme, to enter into and perform this agreement and all the documents to be executed by it pursuant to this agreement and this agreement constitutes, and each such document when executed will constitute, legal, valid and binding obligations of the Seller in accordance with its terms, which grants recourse against the assets of the Scheme.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The execution and delivery of this agreement, and any of the documents to be executed by the Seller pursuant to this agreement, by the Seller and the performance of and compliance with their respective terms and provisions do not and will not conflict with or result in a breach of, or constitute a default under, the articles of association of the Seller or any law, regulation, court order or judgment that applies to or binds the Seller or any of its property or the Scheme, or the trust deed and rules of the Scheme.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Other than as contemplated by this agreement, no consent, action, approval or authorisation of, and no registration, declaration, notification or filing with or to, any court or governmental or administrative authority is required to be obtained, or made, by the Seller to authorise the execution of this agreement by the Seller.</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup>&#160;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">The Company's Shares </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On the date of this agreement, Britel Fund Trustees Limited (in its capacity as custodian for the Scheme) is the legal owner of the Remaining Shares.  On the date of this agreement, the Seller has the right to procure the transfer of the beneficial and legal interests in the Remaining Shares to the Buyer free from all Encumbrances. The Remaining Shares represent (after completion of the SPA has occurred) all of the Ordinary Shares held by the Seller.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On Completion, the Seller has the right to procure the transfer of the beneficial and legal interests in the Option Shares to the Buyer free from all Encumbrances.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">17</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PART 2</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BUYER PARTIES&#8217; WARRANTIES</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">The Buyer Parties</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each Buyer Party has the requisite power and authority to enter into and perform this agreement and all the documents to be executed by it pursuant to this agreement and this agreement constitutes, and each such document when executed will constitute, legal, valid and binding obligations of each Buyer Party in accordance with its terms.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The execution and delivery of this agreement, and any of the documents to be executed pursuant to it by each Buyer Party and the performance of and compliance with its and their respective terms and provisions do not and will not conflict with or result in a breach of, or constitute a default under, the constitutional documents (including any bye-laws) of each Buyer Party or any law, regulation, court order or judgment that applies to or binds such Buyer Party or any of its property.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">No consent, action, approval or authorisation of, and no registration, declaration, notification or filing with or to, any court or governmental or administrative authority is required to be obtained, or made, by a Buyer Party to authorise the execution or performance of this agreement by such Buyer Party.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Other interests</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Buyer is purchasing the Option Shares for itself beneficially and not wholly or partly as agent for any other person.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">There is no agreement, arrangement or understanding (whether or not of a legally binding nature) for the Option Shares (or any interest in the Option Shares) to be sold, transferred or otherwise disposed to, or held for the benefit of, any person other than the Buyer.</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">18</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SCHEDULE 4</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FAIR VALUE</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">APPOINTMENT OF ADVISER</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">1.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Following service (or deemed service) of a Valuation Request Notice, the Seller and the Buyer Parties shall agree the Fair Value based on the valuation principles set out in this Schedule 4 Appendix 1 attached hereto.  Failing any such agreement within 15 Business Days of service (or deemed service) of the Valuation Request Notice, the Seller and the Buyer Parties shall agree within the following 10 Business Days on the identity of an independent valuer of international repute having experience in valuing asset managers such as the Company to determine the Fair Value on the basis set out below and in the Appendix to this Schedule (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Adviser</font><font style="font-family:inherit;font-size:11pt;">). If the Seller and the Buyer Parties do not agree the identity of the Adviser within this period, then, unless the Seller or the Buyer Parties have an accounting/auditor or valuation relationship with such firm at the time: </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Adviser shall be Deloitte LLP; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if Deloitte LLP are unwilling or unable to act, the Adviser shall be Duff &amp; Phelps Corporation; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if Deloitte LLP and Duff &amp; Phelps Corporation are unwilling or unable to act, the Adviser shall be Houlihan Lokey, Inc, </font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">or the Adviser shall be such other firm as the Seller and the Buyer Parties may agree from time to time for this purpose. </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DISPUTE RESOLUTION PROCESS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If the Buyer Parties or the Seller wish to dispute the Adviser's valuation (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">First Valuation</font><font style="font-family:inherit;font-size:11pt;">) on the basis that it materially misrepresents the Company&#8217;s true Fair Value, the Buyer Parties or Seller as applicable shall deliver within 15 Business Days of receiving the First Valuation a written notice to that effect to the other (a </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Dispute Notice</font><font style="font-family:inherit;font-size:11pt;">). If a Dispute Notice is not served within such 15 Business Day Period the First Valuation shall be the Fair Value for the purpose of this agreement. If a Dispute Notice is served within such 15 Business Day period, the Buyer Parties and the Seller shall agree within 10 Business Days of such service (or deemed service) on the identity of another independent valuer of international repute having experience in valuing asset managers such as the Company to determine the Fair Value on the basis set out below (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Second Adviser</font><font style="font-family:inherit;font-size:11pt;">). If the Seller and the Buyer Parties do not agree the identity of the Second Adviser within this period, then, unless the Seller or the Buyer Parties have an accounting/auditor or valuation relationship with such firm at the time: </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Second Adviser shall be Deloitte LLP; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if Deloitte LLP are unwilling or unable to act, the Second Adviser shall be Duff &amp; Phelps Corporation; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if Deloitte LLP and Duff &amp; Phelps Corporation are unwilling or unable to act, the Second Adviser shall be Houlihan Lokey, Inc, </font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">or the Second Adviser shall be such other firm as the Seller and the Buyer Parties may agree from time to time for this purpose. </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">19</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In the event that the Second Adviser's valuation (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Second Valuation</font><font style="font-family:inherit;font-size:11pt;">) is 15 percent or less higher or lower than the First Valuation, the Buyer Parties and the Seller agree that the arithmetic mean of the First Valuation and Second Valuation shall be the Fair Value for the purposes of this agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">2.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In the event that the Second Valuation is more than 15 percent higher or lower than the First Valuation, the Buyer Parties and the Seller shall use all reasonable endeavours to meet and discuss the valuations referred to above and to try and reach agreement on a mutually acceptable valuation (which, if agreed upon, shall be the Fair Value for the purposes of this agreement). If the Parties are unable to agree on a mutually acceptable valuation within 15 Business Days of the date on which the Second Adviser provides the Second Valuation, the Fair Value for the purposes of this agreement shall be arithmetic mean of the First Valuation and the Second Valuation.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">COSTS AND ACCESS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each of the Buyer Parties and the Seller shall bear the costs and expenses of all advisers, witnesses and representatives retained by them.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">3.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The fees, costs and expenses of the Adviser and, if applicable, the Second Adviser (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Relevant Adviser</font><font style="font-family:inherit;font-size:11pt;">) shall be shared equally by the Buyer Parties, on the one hand, and the Seller, on the other hand, and the Buyer Parties, on the one hand, and Seller, on the other hand, each agree to pay half of the Relevant Adviser&#8217;s fees, costs and expenses to the Relevant Adviser. The Buyer Parties and the Seller shall procure that the Company shall give such assistance and access to premises, papers, books, accounts, records, returns and other documents as the Relevant Adviser may reasonably require in order to determine Fair Value.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">NON-DISCLOSURE OF VALUATIONS</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The quantum of, and instructions, calculations and working papers in respect of, any valuation provided by a Relevant Adviser shall be confidential information pursuant to clauses 13.1 and 13.2 of the SPA.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Second Adviser shall not be made aware of, or given any indication as to, the quantum of the Adviser's valuation.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">4.3</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The terms of appointment of a Relevant Adviser shall require it to keep all details of its valuation confidential subject to customary exceptions.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">GENERAL</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.1</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Seller and Buyer Parties shall co-operate in good faith to do everything necessary to procure the effective joint appointment of the Relevant Adviser by the Seller and Buyer Parties. The Buyer Parties and Seller shall agree terms of engagement with the Relevant Adviser as soon as reasonably practicable after the Relevant Adviser is nominated and shall not withhold or delay their consent to such terms if they are reasonable and consistent with the provisions of this agreement. The Buyer Parties and Seller shall each counter-sign the terms of appointment of the Relevant Adviser as soon as they are agreed. Promptly upon appointment of the Relevant Adviser, the Buyer Parties and the Seller shall instruct the Relevant Adviser to give his opinion of the likely Fair Value on the basis of the instructions set out in the appendix to this Schedule.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">5.2</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Relevant Adviser shall act as an expert and not as an arbitrator.  Except in the case of fraud or manifest error, and subject to clauses 5.1, 5.2 and 5.3 of the agreement, the Fair Value determined in accordance with this Schedule shall be final and binding on the Buyer Parties and the Seller.  The </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">20</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-left:48px;padding-top:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">Relevant Adviser shall invite the Buyer Parties and the Seller to submit written materials regarding the Fair Value and shall, to the extent the Relevant Adviser considers appropriate, have regard to such written materials, and (subject to the appendix to this schedule) to such other matters as the Relevant Adviser considers appropriate.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">21</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s907B59192754F48390984D08D5AFDB34"></a></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">APPENDIX 1 TO SCHEDULE 4</font></div><div style="line-height:130%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FAIR VALUE MANDATE INSTRUCTION</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">BT Pension Scheme Trustees Limited as trustee for and on behalf of the BT Pension Scheme (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Seller</font><font style="font-family:inherit;font-size:11pt;">), Federated Holdings (UK) II Limited (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Buyer</font><font style="font-family:inherit;font-size:11pt;">), and Federated Investors, Inc. (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FII</font><font style="font-family:inherit;font-size:11pt;">, and, together with Buyer, as applicable, the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Buyer Parties</font><font style="font-family:inherit;font-size:11pt;">) wish to engage [</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">name of firm</font><font style="font-family:inherit;font-size:11pt;">] (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Adviser</font><font style="font-family:inherit;font-size:11pt;">) to provide a valuation opinion in relation to the fair value of Hermes Fund Managers Limited (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">).</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Adviser is hereby requested to provide within 30 days of its appointment, an opinion (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Opinion</font><font style="font-family:inherit;font-size:11pt;">) as to the fair value of the ordinary share equity of the Company, as at the month end prior to the Adviser&#8217;s appointment, assuming:</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup>&#160;</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a sale between a willing buyer and a willing seller on arm&#8217;s length terms;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">no valuation adjustment for transaction costs or commissions;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a liquid and established market for the shares of the Company with no discount for size, illiquidity or minority status or premium for control; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">if applicable, all classes of current equity have been converted into the freely transferable voting ordinary shares which would be listed. </font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Opinion is being provided for the purpose of a put and call option deed between the Seller and the Buyer Parties (the </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Put and Call Option Deed</font><font style="font-family:inherit;font-size:11pt;">) and is not to be taken to be relevant for any other purpose.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Adviser will also be provided with current business projections by the Company, which shall include projected assets under management/advisement (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">AUM</font><font style="font-family:inherit;font-size:11pt;">), new business flows and net revenues by product or service, operating expenses, bonuses, EBITDA, post-tax earnings and planned capital expenditure, such projections having been approved by the Board. These projections should be reviewed by the Adviser in the context of other market participants to ensure that the projections have been prepared on a &#8216;normalised&#8217; basis in line with a combination of historical performance and market based assumptions. The Adviser should deem the required regulatory capital to be equal to: (a) the requirements under the Company&#8217;s most recent Internal Capital Adequacy Assessment Process (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ICAAP</font><font style="font-family:inherit;font-size:11pt;">) submission to the UK Financial Conduct Authority (</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FCA</font><font style="font-family:inherit;font-size:11pt;">) inclusive of any regulatory capital planning buffer required by the FCA plus (b) the lower of (i) a discretionary safe margin buffer of capital, as determined in good faith by the Company's board, or (ii) a discretionary safe margin buffer of capital equal to 30%, in each case (in the case of clause (a) and (b)(i)) that would be prevailing at the time of the exercise of the applicable option under the Put and Call Option Deed.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Adviser shall invite the Buyer Parties and the Seller to submit written materials regarding the fair value of the Company and shall, to the extent the Adviser considers appropriate, have regard to such written materials, and to such other matters as the Adviser considers appropriate.  The Adviser shall meet and have access to the chief executive officer of the Company to discuss the projections, business outlook, risks and any valuation views they may wish to express and shall consider such views. The Adviser shall also meet and have access to representatives of the Buyer Parties and the Seller to hear any views they may wish to express and shall consider such views. The Adviser shall be entitled to rely on the reasonableness and accuracy of all information provided and will not be expected to perform due diligence of any kind.</font></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In addition, the Adviser shall take into account the circumstances of any recent or contractually (including by written notice) confirmed future leavers or joiners (whether clients, customers or employees), and the potential effect of such leavers or joiners on the fair value of the Company.  </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">22</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In forming its Opinion, the Adviser shall be entitled to place greater reliance on those valuation methodologies it deems to be more appropriate in light of the required assumptions set out above and the information provided by the Company.  Such methodologies would be expected to include:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a discounted cash flow analysis, taking into account the projections provided; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">a market approach using comparable publicly traded companies and recent market transactions (taking into account the assumptions set out in paragraphs (a) to (d) above).  In selecting these comparable companies and market transactions, the Adviser shall be entitled to rely entirely on its own judgement in terms of their comparability and the valuation conclusions to be drawn therefrom.</font></div></td></tr></table><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Adviser&#8217;s deliverable should state its Opinion as to the fair value of the ordinary share equity of the Company and detail: </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the approaches the Adviser has adopted; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the fair value range and the fair value point estimate within this range; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11pt;padding-left:0px;"><font 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New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">0122421-0000002 CO:33052365.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">23</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font 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style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:17%;"></td><td style="width:16%;"></td><td style="width:6%;"></td><td style="width:61%;"></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:16px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EXECUTED</font><font 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style="font-family:inherit;font-size:11pt;">&#160;&#160;/s/ George F. Magera</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;George F. Magera</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;1001 Liberty Avenue  Pittsburgh, PA  15222</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;Deputy General Counsel - Federated</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">SIGNATURE PAGE &#8211; OPTION DEED</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:110%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:130%;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:17%;"></td><td style="width:16%;"></td><td style="width:6%;"></td><td style="width:61%;"></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:16px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EXECUTED</font><font style="font-family:inherit;font-size:11pt;">&#160;as a </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DEED</font><font style="font-family:inherit;font-size:11pt;">&#160;by </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FEDERATED INVESTORS, INC.</font><font style="font-family:inherit;font-size:11pt;">&#160;acting by the authorised signatory named in the presence of:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;/s/ Thomas R. Donahue</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Name:   Thomas R. Donahue</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Designation:   Chief Financial Officer</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:16px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Witness:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Signature:</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Name:</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Address:</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Occupation:</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;/s/ George F. Magera</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;George F. Magera</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;1001 Liberty Avenue  Pittsburgh, PA  15222</font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;Assistant Secretary</font></div></td></tr></table></div></div><div style="line-height:130%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td 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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exhibit103-amendmentno1tot.htm
<DESCRIPTION>EXHIBIT 10.3
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<div><a name="s5632B76853E765CC1DC54C199DEE0A22"></a></div><div><div style="line-height:110%;text-align:right;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Exhibit 10.3</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;text-indent:384px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is dated as of July&#160;1,&#160;2018, by and among FEDERATED INVESTORS, INC., a Pennsylvania corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Borrower</font><font style="font-family:inherit;font-size:12pt;">&#8221;), each of the GUARANTORS (as defined in the Credit Agreement (as hereinafter defined)), the LENDERS (as defined in the Credit Agreement), and PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders (in such capacity, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Administrative Agent</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WITNESSETH:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, this Amendment amends that certain Third Amended and Restated Credit Agreement dated as of June&#160;5, 2017 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Credit Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;); and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Borrower has requested that the Lenders modify certain provisions of the Credit Agreement, and the Administrative Agent and the Lenders have agreed to such modifications as described in this Amendment.  Capitalized terms not otherwise defined in this Amendment have the meanings given to them in the Credit Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements herein contained and intending to be legally bound hereby, covenant and agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:48px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Recitals</font><font style="font-family:inherit;font-size:12pt;">.  The foregoing recitals are true and correct and incorporated herein by reference.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendments to Credit Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment of Section&#160;1.1 [Certain Definitions]</font><font style="font-family:inherit;font-size:12pt;">.  Section&#160;1.1 of the Credit Agreement is hereby amended to insert the following definitions in alphabetical order:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Hermes</font><font style="font-family:inherit;font-size:12pt;">&#32;shall mean Hermes Fund Managers Limited, a company registered in England and Wales.&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Hermes Acquisition</font><font style="font-family:inherit;font-size:12pt;">&#32;shall mean the acquisition of Hermes as contemplated in that certain Share Sale Agreement dated April 12, 2018 by and among BT Pension Scheme Trustees Limited, as trustee for and on behalf of the BT Pension Scheme, Federated Holdings (UK) II Limited and Federated Investors, Inc.&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment of Section&#160;8.2.1 [Indebtedness]</font><font style="font-family:inherit;font-size:12pt;">.  (a) Subsection&#160;8.2.1(vi) of the Credit Agreement is hereby amended to delete the &#8220;and&#8221; at the end of such subsection; (b) Subsection&#160;8.2.1(vii) of the Credit Agreement is hereby amended to delete the &#8220;.&#8221; at the end of </font></div><div><br></div><div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">such subsection and to replace it with &#8220;; and&#8221;; (c) the following new Subsection (viii) is hereby inserted following subsection (vii):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;(viii)&#160;&#160;&#160;&#160;Indebtedness of Foreign Subsidiaries not in excess of $50,000,000 in the aggregate at any one time outstanding.&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment of Section&#160;8.2.3 [Guaranties]</font><font style="font-family:inherit;font-size:12pt;">.  Section&#160;8.2.3 of the Credit Agreement is hereby amended and restated in its entirety as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;8.2.3&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Guaranties</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, at any time, directly or indirectly, become or be liable in respect of any Guaranty, or assume, guarantee, become surety for, endorse or otherwise agree, become or remain directly or contingently liable upon or with respect to any obligation or liability of any other Person, except for (i)&#160;Guaranties of Indebtedness of the Loan Parties and the Subsidiaries of the Loan Parties permitted under Section&#160;8.2.1 [Indebtedness], (ii)&#160;the guarantee by the Loan Parties of obligations of other Loan Parties or Subsidiaries of the Loan Parties (other than any Subsidiary which is not wholly owned by the Loan Parties) to third parties, which obligations are incurred in the ordinary course of such Loan Parties&#8217; and the Subsidiaries&#8217; business consistent with industry practice and not otherwise forbidden by this Agreement; provided that, except for Limited Investments, in no event shall the Loan Party or any Subsidiary of any Loan Party become or be liable in respect of any Guaranty, or assume, guarantee, become surety for, endorse or otherwise agree, become or remain directly or contingently liable upon or with respect to any obligation or liability of the Special Purpose Subsidiaries, (iii)&#160;the guarantee by the Loan Parties of Indebtedness of Subsidiaries which are not wholly owned by a Loan Party or Indebtedness of other Persons provided that the aggregate amount of Indebtedness that is guaranteed by all of the Loan Parties pursuant to this clause&#160;(iii) shall not exceed, at any one time, $25,000,000, (iv)&#160;the guarantee or indemnification by the Borrower or a Subsidiary of the Borrower of the obligations of RPSA under the Services Agreement, the RPSA Assignment Agreement, and any other related agreement required under Section&#160;1(d) of the RPSA Assignment Agreement pursuant to an arms&#8209;length negotiated transfer of the RPSA Business, and (v)&#160;the guarantees as set forth on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Schedule&#160;8.2.3</font><font style="font-family:inherit;font-size:12pt;">&#32;(including any extensions or renewals thereof), as well as additional guarantees made by Foreign Subsidiaries not in excess of $25,000,000 at any one time outstanding.&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment of Section&#160;8.2.12 [No Restrictions on Dividends]</font><font style="font-family:inherit;font-size:12pt;">.  Section&#160;8.2.12 of the Credit Agreement is hereby amended and restated in its entirety as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;8.2.12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Restrictions on Dividends</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Borrower shall not permit there to be any restriction on the dividends payable by its Subsidiaries except (i)&#160;those restrictions set forth in the Shareholder Agreement of Hermes as in effect on the closing date of the Hermes Acquisition, and (ii)&#160;as otherwise required by Law.&#8221;</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment to Schedules</font><font style="font-family:inherit;font-size:12pt;">.  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Schedule&#160;8.2.3</font><font style="font-family:inherit;font-size:12pt;">&#32;&#8211; [Guaranties]  is hereby added to the schedules to the Credit Agreement as set forth in </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Schedule&#160;8.2.3</font><font style="font-family:inherit;font-size:12pt;">&#32;to this Amendment.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Conditions Precedent</font><font style="font-family:inherit;font-size:12pt;">.  The Borrower, the Guarantors and the Lenders acknowledge that this Amendment shall not be effective until the date each of the following conditions precedent has been satisfied:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Borrower, the Guarantors, the Required Lenders, and the Administrative Agent shall have executed and delivered this Amendment to the Administrative Agent;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">No default or event of default shall have occurred or will occur under the terms of any other agreement involving borrowed money or the extension of credit or any other Indebtedness under which any Loan Party or Subsidiary of any Loan Party may be obligated as a borrower or guarantor as a result of and after giving effect to the transactions contemplated by this Amendment;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Borrower and the Guarantors shall have obtained all approvals and consents necessary to consummate the Hermes Acquisition and the other transactions contemplated by this Amendment and there shall be no legal or regulatory prohibitions or restrictions upon the consummation of the Hermes Acquisition or the other transactions contemplated by this Amendment;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Borrower shall have paid to the Administrative Agent and PNC Capital Markets LLC, as applicable, all fees required to be paid in connection with this Amendment;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Borrower shall have delivered to the Administrative Agent true and correct copies of (i) the executed Share Sale Agreement dated April 12, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Acquisition Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) for the Hermes Acquisition, and (ii) the shareholder agreement for Hermes referenced in Section 8.2.12 of the Credit Agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(f)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Delivery of pro forma financial statements evidencing compliance with the financial covenants, if applicable;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(g)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">The Hermes Acquisition shall have closed pursuant to the terms and conditions of the Acquisition Agreement; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(h)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">All legal details and proceedings in connection with the Hermes Acquisition and the other transactions contemplated by this Amendment and all other Loan Documents to be delivered to the Lenders shall be in form and substance reasonably satisfactory to the Administrative Agent.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Representations, Warranties and Covenants</font><font style="font-family:inherit;font-size:12pt;">.  The Borrower and each Guarantor covenants and agrees with and represents and warrants to the Administrative Agent and the Lenders as follows:</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Except as expressly modified by this Amendment, the Borrower&#8217;s and Guarantors&#8217; obligations under the Credit Agreement and the other Loan Documents remain in full force and effect;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the Borrower and each of the Guarantors possesses all of the powers requisite for it to enter into and carry out the transactions of the Borrower and each Guarantor referred to herein and to execute, enter into and perform the terms and conditions of this Amendment, the Credit Agreement and the other Loan Documents and any other documents contemplated herein that are to be performed by the Borrower or such Guarantor; any and all actions required or necessary pursuant to the Borrower&#8217;s or such Guarantor&#8217;s organizational documents or otherwise have been taken to authorize the due execution, delivery and performance by the Borrower and such Guarantor of the terms and conditions of this Amendment; the officers of the Borrower and each Guarantor executing this Amendment are the duly elected, qualified, acting and incumbent officers of such Loan Party and hold the titles set forth below their names on the signature lines of this Amendment; and such execution, delivery and performance will not conflict with, constitute a default under or result in a breach of any applicable law or any agreement, instrument, order, writ, judgment, injunction or decree to which the Borrower or such Guarantor is a party or by which the Borrower or such Guarantor or any of its properties is bound, and that all consents, authorizations and/or approvals required or necessary from any third parties in connection with the entry into, delivery and performance by the Borrower and such Guarantor of the terms and conditions of this Amendment, the Credit Agreement, the other Loan Documents and the transactions contemplated hereby have been obtained by the Borrower and such Guarantor and are full force and effect;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">this Amendment, the Credit Agreement, and the other Loan Documents constitute the valid and legally binding obligations of the Borrower and each Guarantor, enforceable against the Borrower and each Guarantor in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws and by general equitable principles, whether enforcement is sought by proceedings at law or in equity;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">all representations and warranties made by the Borrower and each Guarantor in the Credit Agreement and the other Loan Documents are true and correct in all material respects (or in the case of any such representation and warranty that is qualified by materiality or reference to Material Adverse Change, in all respects) as of the date hereof, except to the extent that any such representation and warranty relates to a specific date, in which case such representation and warranty shall be true and correct in all material respects (or in the case of any such representation and warranty that is qualified by materiality or reference to Material Adverse Change, in all respects) as of such earlier date, with the same force and effect as if all such representations and warranties were fully set forth herein and made as of the date hereof and the Borrower and each Guarantor has complied with all covenants and undertakings in the Credit Agreement and the other Loan Documents;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(e)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">no Event of Default or Potential Default has occurred and is continuing under the Credit Agreement or the other Loan Documents; there exist no defenses, offsets, </font></div><div><br></div><div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">counterclaims or other claims with respect to the Borrower&#8217;s or any Guarantor&#8217;s obligations and liabilities under the Credit Agreement or any of the other Loan Documents; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(f)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">the Borrower and each Guarantor hereby ratifies and confirms in full its duties and obligations under the Credit Agreement, the Guaranty Agreement, and the other Loan Documents applicable to it, each as modified hereby.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Incorporation into Credit Agreement and other Loan Documents</font><font style="font-family:inherit;font-size:12pt;">.  This Amendment shall be incorporated into the Credit Agreement by this reference and each reference to the Credit Agreement that is made in the Credit Agreement or any other document executed or to be executed in connection therewith shall hereafter be construed as a reference to the Credit Agreement as amended hereby.  The term &#8220;Loan Documents&#8221; as defined in the Credit Agreement shall include this Amendment.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Severability</font><font style="font-family:inherit;font-size:12pt;">.  If any one or more of the provisions contained in this Amendment, the Credit Agreement, or the other Loan Documents shall be held invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of the remaining provisions contained in this Amendment, the Credit agreement or the other Loan Documents shall not in any way be affected or impaired thereby, and this Amendment shall otherwise remain in full force and effect.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Successors and Assigns</font><font style="font-family:inherit;font-size:12pt;">.  This Amendment shall apply to and be binding upon the Borrower and each Guarantor in all respects and shall inure to the benefit of each of the Administrative Agent and the Lenders and their respective successors and assigns, provided that neither the Borrower nor any Guarantor may assign, transfer or delegate its duties and obligations hereunder.  Nothing expressed or referred to in this Amendment is intended or shall be construed to give any person or entity other than the parties hereto a legal or equitable right, remedy or claim under or with respect to this Amendment, the Credit Agreement or any of the other Loan Documents, it being the intention of the parties hereto that this Amendment and all of its provisions and conditions are for the sole and exclusive benefit of the Borrower, the Guarantors, the Administrative Agent and the Lenders.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Reimbursement of Expenses</font><font style="font-family:inherit;font-size:12pt;">.  The Borrower unconditionally agrees to pay and reimburse the Administrative Agent and save the Administrative Agent harmless against liability for the payment of reasonable out&#8209;of&#8209;pocket costs, expenses and disbursements, including without limitation, fees and expenses of counsel incurred by the Administrative Agent in connection with the development, preparation, execution, administration, interpretation or performance of this Amendment and all other documents or instruments to be delivered in connection herewith.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Counterparts</font><font style="font-family:inherit;font-size:12pt;">.  This Amendment may be executed by different parties hereto in any number of separate counterparts, each of which, when so executed and delivered shall be an original and all such counterparts shall together constitute one and the same instrument.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Entire Agreement</font><font style="font-family:inherit;font-size:12pt;">.  This Amendment sets forth the entire agreement and understanding of the parties with respect to the transactions contemplated hereby and supersedes </font></div><div><br></div><div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">all prior understandings and agreements, whether written or oral, between the parties hereto relating to the subject matter hereof.  No representation, promise, inducement or statement of intention has been made by any party which is not embodied in this Amendment, and no party shall be bound by or liable for any alleged representation, promise, inducement or statement of intention not set forth herein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Headings</font><font style="font-family:inherit;font-size:12pt;">.  The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or any provisions hereof.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Novation</font><font style="font-family:inherit;font-size:12pt;">.  This Amendment amends the Credit Agreement, but is not intended to constitute, and does not constitute, a novation of the Obligations of the Borrower and/or the Guarantors under the Credit Agreement or any other Loan Document.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">13.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Construction</font><font style="font-family:inherit;font-size:12pt;">.  The rules of construction set forth in Section&#160;1.2 [Construction] of the Credit Agreement shall apply to this Amendment.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">14.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law</font><font style="font-family:inherit;font-size:12pt;">.  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Novak&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#32;<br>Name: Richard A. 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style="font-family:inherit;font-size:12pt;">[attached]</font></div><div><br></div><div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s0e18f03add9c4055a895d55bb14d6956"></a></div><div></div><div><br></div><div style="line-height:120%;font-size:10.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:3%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:25%;"></td><td style="width:18%;"></td><td style="width:18%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #00000a;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:center;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;color:#ffffff;font-weight:bold;">Contract</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:center;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;color:#ffffff;font-weight:bold;">Guarantor</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:center;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;color:#ffffff;font-weight:bold;">Target</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:center;font-size:10.5pt;"><font 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style="padding-bottom:21px;text-align:justify;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:8pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Limited Guaranty of Lease in respect of New York offices <br>21 October 2015</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">(VDR reference:</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;<br>1.10.4.3.3)</font></div><div 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</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;<br>(the Tenant)</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">55 Fifth Equities Group L.P.  <br>(the Landlord)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font 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#00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The earlier of:</font></div><div style="padding-bottom:21px;text-align:justify;padding-left:24px;text-indent:-24px;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;">(i)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:8pt;">the date upon which Landlord obtains legal possession of the Demised Premises through legal action, which shall also include all Base Rent, Additional Rent and all other sums due and owing from the commencement of the nonpayment action until the eviction of the Tenant from the Demised Premises; or </font></div><div style="padding-bottom:21px;text-align:justify;padding-left:24px;text-indent:-24px;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;">(ii)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:8pt;">the date Tenant surrenders possession of the Demised Premises, provided Tenant has given Landlord at least one hundred twenty (120) days prior written notice of such surrender.</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The initial term of the lease is 5 years from 1 March 2016.</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:8pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Guaranty in respect of Boston offices <br>25 May 2010</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">(VDR reference:</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;<br>1.10.4.3.2.10)</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Hermes Fund Managers Limited</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Hermes Fund Managers (North America) GP, Inc. </font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;<br>(the Tenant)</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">GLL State Street, L.P. <br>(the Landlord)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Due fulfillment by Tenant of all of Tenant's financial obligations under the Lease, which financial obligations shall include rent, additional rent and other charges due Landlord by reason of its performance of unperformed Tenant obligations under the Lease.</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">No cap.</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Current annual rent is US$445.3k per annum.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">No fixed end date.</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">This Guaranty is expressed to remain in full force and effect until such time as the financial obligations of Tenant guaranteed hereunder have been paid or satisfied.</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The initial term of the lease is 7 years from 1 September 2012.</font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:150%;text-align:left;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;"><br></font></div><div style="line-height:120%;font-size:10.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:3%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:25%;"></td><td style="width:18%;"></td><td style="width:18%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:8pt;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Inter-company Deed of Guarantee  <br>24 January 2018</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Hermes Fund Managers Limited</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Hermes Investments (North America) Limited</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">n/a</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">All outstanding monies, debts and liabilities of any nature properly incurred in the course of its business (&#8220;Guaranteed Obligations&#8221;) due, owing or incurred, to which Hermes Investments (North America) Limited is subject as at 31 December 2017, when and if such Guaranteed Obligations shall become due.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">No cap.</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The 31 December 2017 balance sheet shows overall liabilities of &#163;7,110,646 (all of which is currently owed to Hermes Fund Managers Limited).</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">No fixed end date. </font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The deed of guarantee is expressed to be fully revocable and may be terminated by HFML on reasonable notice.</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:8pt;">5.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Inter-company Deed of Guarantee  <br>24 January 2018</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Hermes Fund Managers Limited</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Hermes Assured Limited</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">n/a</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">All outstanding monies, debts and liabilities of any nature properly incurred in the course of its business (&#8220;Guaranteed Obligations&#8221;) due, owing or incurred, to which Hermes Assured Limited is subject as at 31 December 2017, when and if such Guaranteed Obligations shall become due.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">No cap.</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The 31 December 2017 balance sheet shows overall liabilities of &#163;1.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">No fixed end date. </font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The deed of guarantee is expressed to be fully revocable and may be terminated by HFML on reasonable notice.</font></div></td></tr><tr><td rowspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:8pt;">6.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div></td><td rowspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Employment related guarantees</font></div></td><td rowspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Hermes Fund Managers Limited</font></div></td><td rowspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">n/a</font></div></td><td rowspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Various employees</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Employment and hiring related guarantees such as (i) commitments to make bonus payments to employees joining Hermes, where a bonus with the joiner&#8217;s previous employer has been forfeit as a consequence of the employee joining Hermes during a performance period or (ii) commitments to make payments to employees joining Hermes where a deferred bonus payment or participation in a share option scheme at a previous employer has been forfeit as a consequence of joining Hermes.</font></div><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The current monetary value is &#163;45,520 &#8211; This relates to 3 employees as at 31 May 18.</font></div></td><td rowspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Each payment due to an individual will have a fixed pay out date, however additional arrangements will be entered into on an ongoing basis in the ordinary course of business.</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Retentions including (i) the one-off payments which will be made to staff on the completion of Project Conduit and (ii) certain specific commitments made to retain staff as a consequence of a particular event, for example, the resignation of a key person.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The current monetary value is:</font></div><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">(i) &#163;89.1m </font></div><div style="padding-left:24px;text-indent:-24px;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;">a.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:8pt;">Bonus retentions &#163;111k (&#163;97.5 and &#163;13.5 NI)</font></div><div style="padding-left:24px;text-indent:-24px;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;">b.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:8pt;">Co-invest &#163;17.3m (&#163;15.2 and &#163;2.1m NI)</font></div><div style="padding-left:24px;text-indent:-24px;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;">c.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:8pt;">Event &#163;71.7m (&#163;63m and &#163;8.7m NI)</font></div><div style="padding-left:24px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">(ii) &#163;123k </font></div><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">(&#163;108k and &#163;15k NI) Payment is part of (i)(b) above.</font></div><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Study agreements &#8211; in certain circumstances an employee joining Hermes will be required to compensate their previous employer in respect of a study arrangement with the previous employer and Hermes will cover the cost of this compensation to the joining employee.&#160;</font></div><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td><td rowspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The current monetary value for these two items is &#163;130k.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;border-bottom:1px solid #00000a;"><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Season ticket loans &#8211; as part of the annual benefit election process, season ticket loans are made to staff who elect this benefit.</font></div><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:3%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:25%;"></td><td style="width:18%;"></td><td style="width:18%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:Arial;font-size:8pt;">7.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Letter of Agreement in respect of Hermes Direct Lending Master Partnership SCS, SICAV-SIF <br>12 October 2017</font></div><div style="padding-bottom:21px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div><div style="padding-bottom:21px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Hermes Investment Management Ltd <br>(the Investment Manager)</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">n/a</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">BriteI Scotland L.P. <br>(Britel)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">6(a) Any Transfer Taxes incurred in connection with the Transfer as contemplated in the First Closing Interest Transfer and Assignment Agreement shall be borne by the Investment Manager and the Investment Manager shall indemnify and hold harmless Britel from and against any Transfer Taxes imposed upon or incurred by it as a result of the Transfer.</font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">6(e) The Investment Manager shall indemnify Britel against any and all liabilities, costs, expenses, damages, losses, penalties and legal or professional costs (calculated on a full indemnity basis) suffered or incurred by Britel in connection with the Transfer ("Losses"), excluding any Losses relating to Transfer Taxes which are addressed in paragraph (a) above, but without prejudice to the provisions of paragraph 6(f) below, which shall apply notwithstanding the provisions of this paragraph (e); provided that in the event that Britel recovers in respect of any Losses pursuant to paragraph (h) below, Britel shall not be able to claim under this paragraph (e) in respect of the same Losses.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">No cap. </font></div><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">While the possible quantum is unlimited, given that the transfer has occurred we anticipate the likelihood of Hermes Investment Management Ltd being required to make a payment is low.</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:21px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="padding-bottom:21px;text-align:justify;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">No fixed end date.</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font 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<TYPE>EX-99.1
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<div><a name="s6FC2FC6A8F1882AD54EB4BC0E243246C"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibit 99.1</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><img src="a070218federatedherme_image1.gif" alt="a070218federatedherme_image1.gif" style="height:40px;width:202px;"><font style="font-family:inherit;font-size:12pt;">&#32;&#160;&#160;&#160;&#160;                                                      </font><img src="a070218federatedherme_image2.gif" alt="a070218federatedherme_image2.gif" style="height:70px;width:162px;"></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:160%;padding-bottom:8px;padding-top:16px;text-align:left;font-size:26pt;"><font style="font-family:inherit;font-size:26pt;font-style:italic;font-weight:bold;">Press Release</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:16px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">Federated Investors, Inc. Completes Acquisition of Majority Interest in London-based Integrated ESG Manager Hermes Investment Management </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:130%;font-size:11.5pt;padding-left:0px;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:130%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">Acquisition brings Federated&#8217;s global assets under management to $439.4 billion (&#163;312.6 billion), as of March 31, 2018</font></div></td></tr></table><div style="line-height:180%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Pittsburgh, PA, July 2, 2018) &#8212; Federated Investors, Inc. (NYSE: FII), one of the largest investment managers in the United States, today announced that it has completed its acquisition of a 60 percent interest in Hermes Fund Managers Limited (Hermes), which operates as Hermes Investment Management, a pioneer of integrated ESG investing, from BT Pension Scheme (BTPS). </font></div><div style="line-height:180%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hermes manages $47.2 billion (&#163;33.6 billion) across 16 differentiated strategies in high-active share equities, credit and private markets, including real estate, infrastructure, private debt and private equity, serving more than 550 clients through wholesale and institutional markets. Hermes also represents $464.6 billion (&#163;330.5 billion) through its Hermes Equity Ownership Services (EOS) division. (All asset information is reported as of March 31, 2018 and converted using March 31, 2018 exchange rates.)</font></div><div style="line-height:180%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hermes&#8217; headquarters&#8212;including investment and stewardship teams&#8212;remain in London. BTPS has retained a 29.5 percent interest in Hermes, and a 10.5 percent interest in Hermes was placed into an employee benefit trust by BTPS for the benefit of certain members of Hermes&#8217; management and other employees.  </font></div><div style="line-height:180%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;We are excited to join forces with the outstanding people at Hermes. Our work together since we announced the deal has reinforced our mutual commitment to shared values in meeting client needs,&#8221; said J. Christopher Donahue, president and chief executive officer of Federated. &#8220;As environmental, social and governance considerations play a growing role in investment portfolios, we look forward to bringing Hermes&#8217; well-performing ESG integrated investment strategies to U.S. investors&#8213;through institutional separate accounts, mutual funds and ESG-related consultancy services.&#8221; </font></div><div style="line-height:180%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Saker Nusseibeh, chief executive of Hermes Investment Management, said, &#8220;Today, Hermes joins with Federated to form a truly global asset manager&#8213;dedicated to active management&#8213;with mutually beneficial distribution capabilities that leverage both Federated&#8217;s extensive network of financial intermediaries in the U.S. and Hermes&#8217; fast-growing client base in the U.K, continental Europe and Asia.&#8221; </font></div><div style="line-height:180%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gordon J. Ceresino, president and chief executive officer of Federated Investors (UK) LLP, said, &#8220;Having known Hermes&#8217; management for more than five years, I have witnessed their outstanding growth and positioning in the marketplace, and I look forward to Hermes being a key pillar of Federated&#8217;s global expansion.&#8221;</font></div><div style="line-height:180%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The cost of the acquisition was &#163;246.0 million, as previously announced. An additional &#163;13.9 million primarily for Federated&#8217;s 60 percent share of Hermes&#8217; estimated excess regulatory capital was paid, for a total purchase price of &#163;259.9 million ($341.5 million using June 27, 2018 exchange rates).</font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">FII MEDIA:&#160;&#160;&#160;&#160;FII MEDIA:&#160;&#160;&#160;&#160;FII ANALYSTS:&#160;&#160;&#160;&#160;HERMES/BTPS: </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Ed Costello  +1 412-288-7538&#160;&#160;&#160;&#160;Meghan McAndrew  +1 412-288-8103&#160;&#160;&#160;&#160;Ray Hanley  +1 412-288-1920&#160;&#160;&#160;&#160;Jeannie Dumas +44 (0) 207-680-2152 </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">Federated Acquires Majority Interest in Hermes &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Page 2 of 2</font></div><div style="line-height:120%;text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:4pt;"><font style="font-family:inherit;font-size:4pt;font-weight:bold;">&#160;</font></div></div><div><br></div><div style="line-height:180%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the period from the April 13, 2018 announcement of the acquisition through June 27, 2018, the British pound sterling value as measured in U.S. dollars declined by 8 percent. As a result, the cost of the acquisition is 8 percent lower in U.S. dollars than it would have been had currency values been unchanged and Federated recorded a $29.0 million non-operating expense in the quarter ended June 30, 2018 to effectively close the foreign currency derivative for the transaction, as detailed in Federated&#8217;s 8-K filing dated July 2, 2018.</font></div><div style="line-height:180%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Federated Investors, Inc.</font><font style="font-family:inherit;font-size:10pt;">&#32;<br>Federated Investors, Inc. is one of the largest investment managers in the United States, managing $392.2 billion in assets as of&#160;March 31, 2018. With 108 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 8,500 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.</font></div><div style="line-height:180%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Hermes Investment Management</font></div><div style="line-height:180%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hermes Investment Management, a Federated Investors company, provides world-class active investment management and stewardship services. Hermes, headquartered in London, manages &#163;33.6 billion in assets and offers a broad range of specialist, high-conviction investment strategies spanning listed equities, credit, real estate, infrastructure, private debt and private equity. Hermes&#8217; strategies focus not just on financial results, but also on delivering outcomes beyond performance: holistic returns that consider impacts to society, the environment and the wider world. In Hermes EOS, the company offers one of the industry&#8217;s leading engagement resources, representing &#163;330.5 billion of assets. For more information, visit www.hermes-investment.com.</font></div><div style="line-height:180%;padding-bottom:1px;padding-top:1px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">###</font></div><div style="line-height:180%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain statements in this press release, such as those related to offering Hermes investment strategies and products in the U.S. and distribution capabilities, constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.  Other risks and uncertainties include those discussed in the company&#8217;s annual and quarterly reports as filed with the Securities and Exchange Commission.  As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.</font></div><div><br></div><div></div>	</body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>exhibit102co33052365v_image1.gif
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
