<SEC-DOCUMENT>0001144204-16-111016.txt : 20160701
<SEC-HEADER>0001144204-16-111016.hdr.sgml : 20160701
<ACCEPTANCE-DATETIME>20160701071143
ACCESSION NUMBER:		0001144204-16-111016
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160701
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160701
DATE AS OF CHANGE:		20160701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDC PARTNERS INC
		CENTRAL INDEX KEY:			0000876883
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				980364441
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		161744647

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE, 19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		646 429 1800

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE, 19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORP INC
		DATE OF NAME CHANGE:	20001204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19961028

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORPORATION
		DATE OF NAME CHANGE:	19950419
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v443252_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Current Report Pursuant to Section 13 or 15(d)<BR>
of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Date of Report (Date Earliest Event reported)
&mdash; July 1, 2016 (July 1, 2016)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>MDC PARTNERS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt">Canada </FONT></TD>
    <TD STYLE="width: 34%; text-align: center">001-13718</TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt">98-0364441 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">745 Fifth Avenue, 19<SUP>th</SUP> Floor, New
York, NY 10151<BR>
(Address of principal executive offices and zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(646) 429-1800<BR>
(Registrant&rsquo;s Telephone Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8&minus;K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a&minus;12 under the Exchange
Act (17 CFR 240.14a&minus;12)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre&minus;commencement communications pursuant to Rule 14d&minus;2(b)
under the Exchange Act (17 CFR 240.14d&minus;2(b))</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre&minus;commencement
communications pursuant to Rule 13e&minus;4(c) under the Exchange Act (17 CFR 240.13e&minus; 4(c))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.01 Completion of Acquisition or Disposition of Assets.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 1, 2016, MDC Partners
Inc. (the &ldquo;Company&rdquo;) and MDC Partners UK Holdings Limited, a wholly-owned subsidiary of the Company (&ldquo;Purchaser&rdquo;),
completed its previously-announced acquisition from Forsman &amp; Bodenfors ekonomisk f&ouml;rening (&ldquo;Seller&rdquo;) of 100%
of the shares of Forsman &amp; Bodenfors AB, an advertising agency organized under the laws of Sweden (&ldquo;F&amp;B&rdquo;) (the
&ldquo;Transaction&rdquo;). The Transaction was consummated pursuant to that certain Share Sale and Purchase Agreement, dated June
27, 2016 (the &ldquo;Purchase Agreement&rdquo;), by and among the Company, Purchaser and Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Concurrently with
the closing of the Transaction, MDC made an initial payment to Seller of 1,900,000 shares of the Company&rsquo;s Class
A subordinate voting stock, no par value (the &ldquo;Closing Shares&rdquo;). Additional deferred contingent consideration is
payable in 2017 based on F&amp;B&rsquo;s financial results for calendar years 2015 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The
contingent consideration will be satisfied, at the Company&rsquo;s option, through the payment of cash or the issuance to
Seller of shares of the Company&rsquo;s Class A subordinated voting stock, no par value (the &ldquo;Contingent
Shares&rdquo;). The Closing Shares and any Contingent Shares shall be issued in one or more transactions exempt from the
registration requirements of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), pursuant to Section
4(a)(2) of the Securities Act and Rule 506 of Regulation D thereunder. Such issuance(s) of shares do not involve any public
offering or general solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The number of Contingent
Shares to be issued to Seller will be determined by certain formulas set forth in the Purchase Agreement. The Company has agreed
to register the Closing Shares for resale under the Securities Act, following an initial lock-up period until the Company has publicly
released its financial results for the period ending June 30, 2016. The Company has also agreed to register any Contingent Shares
for resale under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the
Transaction, certain key executives of F&amp;B and its subsidiaries have agreed to new employment agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Transaction does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase
Agreement, which is filed as Exhibit 2.1 to this Current Report on Form 8-K and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">(a) Financial
Statements of the business acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Audited financial statements of F&amp;B will
be filed as an amendment to this Form 8-K within the time period and to the extent required by applicable SEC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">(b) Pro forma
financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unaudited pro forma consolidated financial
statements of the Company and subsidiaries as of and for the six months ended June 30, 2016 and for the year ended December 31,
2015, and the related notes thereto, will be furnished as an amendment to this Form 8-K within the time period required by applicable
SEC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">(c) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">2.1</TD><TD STYLE="text-align: justify">Share Sale and Purchase Agreement dated June 27, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: July 1, 2016</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDC Partners Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Mitchell
    Gendel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mitchell Gendel </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel &amp; Corporate Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


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<FILENAME>v443252_ex2-1.htm
<DESCRIPTION>EXHIBIT 2.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.1</B>&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>Execution
copy</I></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">share Sale and
purchase Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">between</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">MDC Partners
UK Holdings Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">forsman &amp;
bodenfors ek. f&ouml;r.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">regarding the shares in</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">forsman &amp;
bodenfors ab</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">dated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">27 june 2016</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><IMG SRC="tex2-1tlogo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">Table of contents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

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    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">1</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">background</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">3</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Definitions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SALE and Purchase</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">INITIAL PURCHASE PRICE and supplemental Purchase Price</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">adjustment, Closing account&nbsp;&nbsp;and payment provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">6</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Conditions Precedent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Covenants Prior to Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">11</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">seller&rsquo;s Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">buyer&rsquo;s warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">26</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Covenants after Closing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">27</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Indemnification and limitation of indemnification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">29</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Confidentiality</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">32</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">MISCELLANEOUS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">33</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Governing Law</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">36</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">dispute resolution</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">36</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">Schedules</P>

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<TR>
    <td style="width: 25%; text-indent: 0in; text-transform: uppercase">schedule A</td>
    <td style="width: 75%; text-indent: 0in; text-transform: uppercase">Net working capital </td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule b</td>
    <td style="text-indent: 0in; text-transform: uppercase">pbt 2015</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">Schedule 2</td>
    <td style="text-indent: 0in; text-transform: uppercase">Definitions</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">SCHEDULE 6.1.1 (g)</td>
    <td style="text-indent: 0in; text-transform: uppercase">Service Agreements</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule 7.3.1 (c)</td>
    <td style="text-indent: 0in; text-transform: uppercase">documentation regards disposal of norwegian affiliations</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule 8.3.1 (c)</td>
    <td style="text-indent: 0in; text-transform: uppercase">retirements of directors</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule 9.1.1</td>
    <td style="text-indent: 0in; text-transform: uppercase">data room documents (digital form)</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule 9.5.1</td>
    <td style="text-indent: 0in; text-transform: uppercase">list of minority shareholdings</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule 9.6.4</td>
    <td style="text-indent: 0in; text-transform: uppercase">Group Companies&rsquo; corporate documents</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule 9.8.1</td>
    <td style="text-indent: 0in; text-transform: uppercase">annual accounts</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule 9.8.2</td>
    <td style="text-indent: 0in; text-transform: uppercase">interim financial statements</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">SCHEDULE 9.15.2</td>
    <td style="text-indent: 0in; text-transform: uppercase">KEY EMPLOYEES</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule 9.15.6</td>
    <td style="text-indent: 0in; text-transform: uppercase">liabilities to former employees etc.</td></tr>
<TR>
    <td style="text-indent: 0in; text-transform: uppercase">schedule 12.1.3</td>
    <td style="text-indent: 0in; text-transform: uppercase">specific indemnities</td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This share sale and purchase agreement (the
&ldquo;<B>Agreement</B>&rdquo;) is made between:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD STYLE="text-align: justify"><B>Forsman &amp; Bodenfors ekonomisk f&ouml;rening</B>, reg. no. 769615-3720, an association organized
under the laws of Sweden, having its registered address at Kyrkogatan 48, P.O. Box 2526, SE-403 17 G&ouml;teborg, (the &ldquo;<B>Seller</B>&rdquo;);
and</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD STYLE="text-align: justify"><B>MDC Partners UK Holdings Limited,</B> a company organized under the laws of the United Kingdom,
(the &ldquo;<B>Buyer</B>&rdquo;).</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of the Seller and the Buyer is hereinafter
referred to as a &ldquo;<B>Party</B>&rdquo; and jointly as the &ldquo;<B>Parties</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is agreed as follows:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1</TD><TD>background</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">1.1</FONT></TD><TD><FONT STYLE="font-weight: normal">Forsman &amp; Bodenfors AB, 556427-9478, (the &ldquo;</FONT>Company<FONT STYLE="font-weight: normal">&rdquo;),
is a company organized under the laws of Sweden, having an issued and registered share capital of SEK 11,200,000, divided into
11,200,000 shares. The business of the Company comprises consultancy business in the areas of marketing and advertising, production
of journalistic work and information, management and trade with real estate, art and securities.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">1.2</FONT></TD><TD><FONT STYLE="font-weight: normal">The Seller owns all issued 11,200,000 shares in the Company (the &ldquo;</FONT>Shares<FONT STYLE="font-weight: normal">&rdquo;),
equal to 100 per cent of the issued share capital of the Company.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">1.3</FONT></TD><TD><FONT STYLE="font-weight: normal">The Seller agrees to sell, and the Buyer agrees to purchase the Shares on the terms and conditions
set out in this Agreement.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2</TD><TD>Definitions</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.1</TD><TD STYLE="text-align: justify">In this Agreement, the defined terms shall have the meanings ascribed to them in <U>Schedule 2</U>.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3</TD><TD>SALE and Purchase</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3.1</TD><TD STYLE="text-align: justify">On the terms and subject to the conditions under this Agreement, the Seller agrees to sell the
Shares to the Buyer and the Buyer agrees to purchase the Shares from the Seller.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4</TD><TD>INITIAL PURCHASE PRICE and supplemental Purchase Price</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">4.1</FONT></TD><TD>Initial Purchase Price</TD></TR></TABLE>

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<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">4.1.1</TD><TD STYLE="text-align: justify">The initial purchase price for the Shares shall be 1,900,000 MDC Shares valued at a price per MDC
Share determined pursuant to Section 4.3 (the &ldquo;<B>Initial Purchase Price</B>&rdquo;). MDC Partners will deliver to the Seller
a stock certificate for such MDC Shares at or promptly (but not later than 5 business days) following Closing.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">4.2</FONT></TD><TD>Supplemental Purchase Price</TD></TR></TABLE>

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<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">4.2.1</TD><TD STYLE="text-align: justify">The Buyer shall pay the Seller a supplemental purchase price in value equal to the sum of the calculation
while using the formula in this Section 4.2 (the &ldquo;<B>Supplemental Purchase Price</B>&rdquo;). The Supplemental Purchase Price
shall be calculated according to the following formula:</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.75in; text-align: justify; text-indent: -42.5pt">&#9;[6.0
x (<U>PBT 2015 + </U>PBT<U> 2016)</U>] &ndash; (Initial Purchase Price + Holdback Amount)<BR>
&#9;2</P>

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<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">4.2.2</TD><TD STYLE="text-align: justify">If the calculation of the Supplemental Purchase Price results in an amount less than zero, the
Supplemental Purchase Price shall be deemed to be zero, and there shall be no requirement for the Seller to repay such negative
amount.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">4.3</FONT></TD><TD>Determination of number of MDC Shares, time of valuation and appointment of a securities broker</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">4.3.1</TD><TD STYLE="text-align: justify">In connection with any Stock Payment, the Buyer shall procure MDC Partners to file a prospectus
supplement with the SEC in accordance with Rule 424 under the Securities Act effective to register the resale by Seller of its
MDC Shares and the Seller and a reputable international securities broker (the &ldquo;<B>Broker</B>&rdquo;) shall enter into a
brokerage agreement in the form reasonably acceptable to the Buyer and the Seller (in each case, a &ldquo;<B>Brokerage Agreement</B>&rdquo;).
The Seller covenants and agrees that any sale or other transfer of MDC Shares as permitted by the terms of this Agreement shall
be (a) conducted strictly in accordance with applicable securities laws, rules and regulations; (b) pursuant to a registration
statement under the Securities Act or under Rule 144 of the Securities Act; (c) effected only through the Broker in accordance
with the terms and conditions of the Brokerage Agreement and the trading guidelines to be agreed from time to time among Seller,
Broker and MDC Partners; and (d) in an orderly market manner as determined at the reasonable discretion of MDC Partners. Without
limiting any other provisions of this Agreement or the Brokerage Agreement, the Seller will discuss with MDC Partners its contemplated
plans for the orderly sale, retention or other transfer of any MDC Shares.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">4.3.2</TD><TD STYLE="text-align: justify">The value of any MDC Share issued pursuant to a Stock Payment shall be determined at the close
of business on the 90th trading day following issuance or, with respect to the Initial Purchase Price, the 90th trading day following
the termination of the Lock-Up Period (the &rdquo;<B>Trading Period</B>&rdquo;), and in all cases shall equal (i) the actual net
(<I>e.g.</I> after fees, commissions or other costs relating to the Broker or otherwise to the holding and/or selling of such MDC
Shares) sale proceeds of such MDC Shares, with respect to MDC Shares sold during the Trading Period in accordance with Section
4.3.1, <I>plus</I> (ii) any cash dividends paid for Seller&rsquo;s account in respect of MDC Shares during a Trading Period, <I>plus
</I>(iii) the volume weighted average price of MDC Shares traded during the last 5 trading days of the Trading Period, with respect
to any MDC Shares Seller elects to retain. If Seller is unable to sell the MDC Shares due to legal restrictions or the restrictions
set out herein, this shall not be considered as Seller having elected to retain such MDC Shares. Further, during the Lock-Up Period,
the Seller will not (x) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
the Restricted Shares (as defined below); or (y) enter into any swap or other arrangement that transfers to another, in whole or
in part, any of the economic consequences of ownership of the Restricted Shares. The foregoing restriction is expressly agreed
to preclude the Seller from engaging in any hedging or other transaction which is designed to or which reasonably could be expected
to lead to or result in a sale or disposition of the Restricted Shares. Such prohibited hedging or other transactions would include
without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option)
with respect to any of the Restricted Shares or with respect to any security that includes, relates to, or derives any significant
part of its value from the Restricted Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">4.3.3</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Section 4, Seller shall not sell or otherwise
dispose of any MDC Shares if, after giving effect to the value of such sale and all prior sales in accordance with Section 4.3.2,
the Seller would have received (i) Initial Purchase Price exceeding SEK 255,000,000 or (ii) Initial Purchase Price, Holdback Amount
and Supplemental Purchase Price in the aggregate exceeding the lesser of (x) SEK 467,500,000 or (y) the initial amount of Supplemental
Purchase Price plus SEK 297,500,000. Any MDC Shares restricted from resale pursuant to this Section 4.3.3 shall, in the case of
shares restricted by Section 4.3.2 (x), be credited to the payment of the Supplemental Purchase Price as if made at such future
date (including any cash dividends paid thereon) or, in the case of shares restricted by Section 4.3.2 (y), be cancelled and/or
returned to MDC Partners.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">4.3.4</TD><TD STYLE="text-align: justify">In the event all or part of the Initial Purchase Price is paid via Stock Payment, and the value
of the MDC Shares issued in connection therewith determined in accordance with Section 4.3.2 plus any Cash Payment equals less
than SEK 255,000,000 (such shortfall, the &rdquo;<B>Initial Proceeds Shortfall</B>&rdquo;), the Supplemental Purchase Price shall
be increased by the Initial Proceeds Shortfall at an annualized rate of 2.0%. In the event all or part of the Supplemental Purchase
Price is paid via Stock Payment, and the value of the MDC Shares issued in connection therewith determined in accordance with Section
4.3.2 plus any Cash Payment equals less than the initial value of the Supplemental Purchase Price (including any Initial Proceeds
Shortfall), the Buyer shall within 5 Business Days following the end of the applicable Trading Period pay to the Seller such shortfall
via Cash Payment, it being understood that the Buyer and the Seller shall use their respective commercially reasonable efforts
to have final settlement of the Supplemental Purchase Price not later than 1 June 2017.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5</TD><TD>adjustment, Closing account and payment provisions</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">5.1</FONT></TD><TD>Adjustment of the Initial Purchase Price</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.1.1</TD><TD STYLE="text-align: justify">The Initial Purchase Price shall be subject to adjustment on a SEK-for-SEK basis by any deviation
in SEK between the Net Working Capital and the Target Working Capital, the said deviation being the &ldquo;<B>Adjustment Amount</B>&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.1.2</TD><TD STYLE="text-align: justify">If there is a Working Capital Deficit, then the Buyer may reduce the Initial Purchase Price payable
to the Seller by offset such Adjustment Amount primarily against the Holdback Amount and if the Holdback Amount is not sufficient
to cover the Buyer&rsquo;s claim of reduction of the Initial Purchase Price, secondarily against the Supplemental Purchase Price
(if any) and if the Supplemental Purchase Price (if any) is not sufficient to cover the Buyer&rsquo;s claim of reduction of the
Initial Purchase Price, claim repayment of the Initial Purchase Price equal to the then remaining Adjustment Amount from the Seller
in cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.1.3</TD><TD STYLE="text-align: justify">If there is a Working Capital Surplus, then the Buyer shall pay to the Seller an Adjustment Amount
equal to the Working Capital Surplus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">5.2</FONT></TD><TD>Closing Accounts and Buyer&rsquo;s Calculation</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.1</TD><TD STYLE="text-align: justify">As soon as possible after the Closing, the Buyer shall cause the Group Companies to prepare the
Closing Accounts and a written calculation of the amount of the Adjustment Amount and each item thereof (the &ldquo;<B>Buyer&rsquo;s
Calculation</B>&rdquo;). The Closing Accounts and the Buyer&rsquo;s Calculation shall be reviewed by the Buyer&rsquo;s Auditor
and management. The Seller and/or the Seller&rsquo;s Auditor shall be provided opportunity to participate in such referred review.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.2</TD><TD STYLE="text-align: justify">The Buyer shall deliver the Closing Accounts and the Buyer&rsquo;s Calculation, and a written statement
of review thereof signed by the Buyer&rsquo;s Auditor, to the Seller not later than sixty (60) days after the Closing Date.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.3</TD><TD STYLE="text-align: justify">If the Buyer fails to present the Closing Accounts within above mentioned time, and such failure
is not caused by the Seller&rsquo;s delay or failure to deliver the accounts, books and records of the Group Companies, the Seller
shall have the right to prepare the Closing Accounts, at the Buyer&rsquo;s expense and on the same terms as stated in Section 5.2.1
and 5.2.2. If the Seller prepares the Closing Accounts pursuant to this Section 5.2.3, the Buyer shall on the same terms as the
Seller have the right to review and dispute the Closing Accounts in accordance with the Sections 5.2.4 - 5.2.10 herein below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.4</TD><TD STYLE="text-align: justify">If the Seller disagrees with the Closing Accounts or the Buyer&rsquo;s Calculation, the Seller
shall submit a written notice thereof to the Buyer, indicating the requested adjustments regarding the Closing Accounts or the
Buyer&rsquo;s Calculation and the reasons therefore as well as the amount that the Seller believe to be the correct Adjustment
Amount (the balance between the Closing Accounts or the Buyer&rsquo;s Calculation, on one hand, and the Closing Accounts or the
Buyer&rsquo;s Calculation considering the aggregate of the amounts disputed by the Seller, on the other hand, being the &ldquo;<B>Disputed
Amount</B>&rdquo; and such notice being the &ldquo;<B>Notice of Dispute</B>&ldquo;). The Notice of Dispute shall be submitted to
the Buyer not later than forty-five (45) days after the date of receipt of the Closing Accounts and the Buyer&rsquo;s Calculation
by the Seller. If the Buyer does not receive the Notice of Dispute within such forty-five (45) day period, or receives the written
acceptance of the Closing Accounts and the Buyer&rsquo;s Calculation by the Seller before the expiry of such forty-five (45) day
period, the Closing Accounts and the Buyer&rsquo;s Calculation shall be deemed final and binding on the Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.5</TD><TD STYLE="text-align: justify">For the purpose of reviewing the Closing Accounts and the Buyer&rsquo;s Calculation, the Seller
and its advisors shall have full access to the personnel, book-keeping material and records of the Group Companies as well as to
the internal working papers prepared on behalf of the Buyer or the Group Companies used to set up the Closing Accounts or the Buyer&rsquo;s
Calculation, and shall also have the right to take copies of such material, records and working papers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.6</TD><TD STYLE="text-align: justify">The Parties shall in good faith endeavor to resolve the Disputed Amount within fourteen (14) days
from the date of receipt of the Notice of Dispute by the Buyer. If such resolution cannot be reached within such fourteen (14)
days&rsquo; period, the Disputed Amount shall be resolved by the Independent Auditor upon the written request of either Party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.7</TD><TD STYLE="text-align: justify">The Parties shall jointly instruct the Independent Auditor that he/she shall (i) act as an expert
and not as an arbitrator; (ii) determine the Disputed Amount on the basis of the matters described in the Notice of Dispute and
the materials that the Parties submit; (iii) make his/her determination based on the principles set out under Section 5.1 and 5.2
herein; and (iv) render his/her written decision, together with the reasons therefore, in English within thirty (30) days from
the submission of the dispute.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.8</TD><TD STYLE="text-align: justify">Each Party shall be entitled but also obliged to provide the Independent Auditor with documentation
and assistance deemed necessary either by the other Party or the Independent Auditor for resolving the Disputed Amount. A copy
of any written communication between one Party and the Independent Auditor shall simultaneously be provided to the other Party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.9</TD><TD STYLE="text-align: justify">Each Party may dispute the resolution of the Independent Auditor by initiating arbitral proceedings
in accordance with Section 16 (Dispute resolution) within fourteen (14) days from the date of receipt of the resolution of the
Independent Auditor. If no arbitral proceedings have been initiated within such fourteen (14) day period, or if the Parties have
accepted the resolution of the Independent Auditor in writing before the expiry of such fourteen (14) day period, the resolution
of the Independent Auditor shall be deemed final and binding upon the Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.2.10</TD><TD STYLE="text-align: justify">Each Party shall bear the fees, costs and expenses of its own accountants and the fees, costs and
expenses of the Independent Auditor shall be borne by the Party who&rsquo;s calculations are more inconsistent with the determinations
of Independent Auditor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">5.3</FONT></TD><TD>Payment of the Initial Purchase Price, Adjustment Amount, Holdback Amount and Supplemental Purchase Price</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.3.1</TD><TD STYLE="text-align: justify">Each of the Initial Purchase Price, Holdback Amount and Supplemental Purchase Price may be paid
by the Buyer, at its option, either (i) all or part as a Cash Payment, or (ii) all or part in the form of a Stock Payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.3.2</TD><TD STYLE="text-align: justify">The Adjustment Amount shall be paid either by the Seller or by the Buyer, as the case may be, within
thirty (30) Business Days from the date of final determination of the Adjustment Amount pursuant to Section 5.1 hereinabove but
not later than 9 January 2017. In case payment shall be made to the Seller payment shall be made in form of Cash Payment. In case
payment shall be made to the Buyer payment shall be made as set out in Section 5.1.2 hereinabove.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.3.3</TD><TD STYLE="text-align: justify">Subject to Buyer&rsquo;s right to set-off any claims based on Working Capital Deficit and/or Claims,
the Buyer shall not later than 3 April 2017 pay SEK 42,500,000 to the Seller in the form of Cash Payment or Stock Payment (the
&ldquo;<B>Holdback Amount</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.3.4</TD><TD STYLE="text-align: justify">Subject to Buyer&rsquo;s right to set-off any claims based on Working Capital Deficit and/or Claims,
the Buyer shall within thirty (30) days after final audited of the PBT 2016 pay the Supplemental Purchase Price (if any) in the
form of Cash Payment or Stock Payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.3.5</TD><TD STYLE="text-align: justify">If, and only if and to the extent, at the time of payment of the Holdback Amount and/or the Supplemental
Purchase Price, a written Claim has been presented by the Buyer reasonably presenting the amount and the grounds for the Claim
(the &ldquo;<B>Stated Claim</B>&rdquo;), the Buyer is entitled to withhold an amount equal to the Claim out of the amount that
would otherwise be paid out.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.3.6</TD><TD STYLE="text-align: justify">Where a Stated Claim is presented in accordance with Section 5.3.5 hereinabove, the Buyer shall
release out of the Holdback Amount or the Supplemental Purchase Price (as the case may be) to the Seller an amount equal to the
balance remaining after an amount equal to the Stated Claim has been retained from the Holdback Amount or the Supplemental Purchase
Price (as the case may be).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.3.7</TD><TD STYLE="text-align: justify">Unless the Parties agree otherwise or settle, no later than thirty (30) Business Days from when
a Stated Claim is presented, the Buyer shall present to the Seller a request for arbitration (Sw. <I>p&aring;kallande av skiljef&ouml;rfarande</I>)
(the &ldquo;<B>Arbitration Request</B>&rdquo;) stating the amount in SEK of the Claim to the extent reasonably possible (the &rdquo;<B>Final
Claim</B>&rdquo;). If Buyer fails to do so the total remaining Holdback Amount or remaining Supplemental Purchase Price (as the
case may be), shall at the time of release of the Holdback Amount or the Supplemental Purchase Price, be released to the Seller
within thirty (30) Business Days to the extent no other Stated Claims have been made.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.3.8</TD><TD STYLE="text-align: justify">Should the Final Claim be lower than the Stated Claim, an amount equal to the difference between
the Stated Claim and the Final Claim shall be released to the Seller within thirty (30) Business Days from the Arbitration Request.
Should the Final Claim be reduced during the course of the arbitration proceedings, the Buyer shall pay to the Seller an amount
that equals the difference between the Final Claim and the decreased amount of the Claim by way of a Cash Payment or Stock Payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">5.3.9</TD><TD STYLE="text-align: justify">If a Stated Claim is presented in accordance with Section 5.3.5 hereinabove and is followed by
an Arbitration Request, the Buyer shall be entitled to withhold an amount of the Holdback Amount or the Supplemental Purchase Price
(as the case may be) corresponding to the Final Claim until the Parties receive a final and binding decision (Sw. <I>lagakraftvunnen
avvisning, avskrivning, beslut eller dom</I>) reached by the arbitration tribunal (or failing its competence, by a competent court),
which decision the Parties shall comply with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6</TD><TD>Conditions Precedent</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">6.1</FONT></TD><TD>Buyer&rsquo;s Conditions Precedent</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">6.1.1</TD><TD STYLE="text-align: justify">The obligations of the Buyer to complete the transaction contemplated by this Agreement shall be
subject to the satisfaction or the waiver by the Buyer of the following conditions precedent:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">the Warranties being true and correct at and as of the Closing Date and the Seller shall have performed
all of its obligations hereunder required to be performed by it on or prior to the Closing Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">no change having occurred, or being threatened, in respect of any of the Group Companies that has
resulted or may result in a Material Adverse Effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">the Seller having performed or complied with all of the covenants and obligations set forth in
Section 7 (Covenants prior to Closing);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">the Seller having procured that no Group Company has any ownership in or control over SMFB Holding
AS and SMFB Factory AS respectively;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify">the Seller having entered into a Brokerage Agreement on terms and conditions acceptable to the
Buyer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(f)</TD><TD STYLE="text-align: justify">a shareholders meeting in the Seller having resolved that the Seller shall sell the Shares on the
terms and conditions set forth in this Agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(g)</TD><TD STYLE="text-align: justify">the Key Employees have confirmed entering into Service Agreements according to <U>Schedule 6.1.1
(g)</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">6.2</FONT></TD><TD>Seller&rsquo;s Condition Precedent</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">6.2.1</TD><TD STYLE="text-align: justify">The obligations of the Seller to complete the transaction contemplated by this Agreement shall
be subject to the satisfaction or the waiver by the Seller of the following conditions precedent:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">the Buyer having performed or complied with all of the covenants and obligations set forth in Section
7.1.1 (Best Efforts to Complete) prior to Closing);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">a shareholders meeting in the Seller having resolved that the Seller shall sell the Shares on the
terms and conditions set forth in this Agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">the Key Employees have confirmed entering into Service Agreements according to Schedule 6.1.1 (g).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">6.3</FONT></TD><TD>Effect of non-satisfaction of Condition Precedent</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">6.3.1</TD><TD STYLE="text-align: justify">If the conditions precedent set out in Section 6.1 and 6.2 hereinabove have not been satisfied
or waived on or before Closing Date, this Agreement shall, subject to this Section 6.3, terminate with immediate effect and without
any further action from either Party.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">6.3.2</TD><TD STYLE="text-align: justify">This Section 6.3 (Effect of non-satisfaction of Condition Precedent) and the Sections 12 (Indemnification
and Limitation of Liability); 13 (Confidentiality); 14.5 (Notices); 15 (Governing Law); as well as 16 (Dispute Resolution) shall
however survive the termination of this Agreement.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">6.3.3</TD><TD STYLE="text-align: justify">Any action initiated under this Agreement but not consummated prior to the termination of this
Agreement shall be governed by this Agreement until consummated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">6.3.4</TD><TD STYLE="text-align: justify">Nothing in this Section 6.3 shall relieve a breaching Party from liability for any prior breach
of its obligations set out in Section 7 (Covenants prior to Closing) or Section 8 (Closing) or limit the non-breaching Party&rsquo;s
right to demand specific performance of such obligations by the breaching Party or, in the absence of such specific performance,
compensation for loss.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7</TD><TD>Covenants Prior to Closing</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">7.1</FONT></TD><TD>Best Efforts to Complete</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">7.1.1</TD><TD STYLE="text-align: justify">The Parties shall use their respective reasonable best efforts to cause all necessary actions to
be taken in order to have the conditions precedent set out in Section6 (Condition Precedent) hereinabove satisfied as soon as possible
on or before Closing and to have all actions set out in Sections 8.2 (Actions at Closing); 8.3 (Seller&rsquo;s actions); and 8.4
(Buyer&rsquo;s actions) taken timely and properly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">7.2</FONT></TD><TD>Authority Approvals</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">7.2.1</TD><TD STYLE="text-align: justify">Without limiting the generality of Section 7.1.1, the Buyer has concluded to its best knowledge
that no filings for Authority Approvals are required for Closing of the share sale and purchase transaction herein and the Seller
has confirmed to its best knowledge that no Authority Approvals are required for completion of the transaction hereunder. Therefore,
the Buyer has not taken and will not take any action to ensure any Authority Approvals prior to or after Closing and the Seller
cannot hold the Buyer liable in any respect for refraining from such referred actions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">7.3</FONT></TD><TD>Conduct of Business between the Annual Accounts and Closing Date</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">7.3.1</TD><TD STYLE="text-align: justify">During the period from the last date audited according to the Annual Accounts, <I>i.e.</I> December
31, 2015, until the Closing Date, the Seller has caused and shall cause the Business and all other operations of the Group Companies
to be conducted in the Ordinary Course of Business. In particular, and without limiting the generality of the foregoing, unless
a prior written consent has been provided by the Buyer, the Seller undertakes to cause each Group Company to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">maintain its articles of association, deed or certificate of incorporation, by-laws and any other
similar document of incorporation in their respective forms on the date of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">arrange for that each of the Group Companies at Closing is free of Debt;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">except as set out in <U>Schedule 7.3.1 (c)</U> refrain from disposing of (whether by one transaction
or a series of transactions), pledging or otherwise encumbering the whole or any substantial or material part of its business or
undertaking;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">refrain from issuing or agreeing to issue any shares or any securities or granting or agreeing
to grant rights which confer on the holder thereof any rights to acquire any shares in the respective Group Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify">except as disclosed in the Data Room Documents, refrain from making any payment of dividends, group
contribution or management fees, or other distribution, including, but not limited to repayment or redemption any of its share
capital or other shareholders&rsquo; equity, to the Seller;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(f)</TD><TD STYLE="text-align: justify">refrain from reducing its share capital or other shareholders&rsquo; equity; refrain from resolving
to be wound up or commencing any general meeting at which a resolution is to be proposed that it shall be voluntarily wound up;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(g)</TD><TD STYLE="text-align: justify">refrain from acquiring any business by merger, purchasing of substantial assets or equity interests,
or by another manner, in a single transaction or a series of related transactions, or entering into any agreement, letter of intent
or similar arrangement with respect of the foregoing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(h)</TD><TD STYLE="text-align: justify">refrain from any granting of material salary increases to personnel (other than decided at the
Company&rsquo;s board meeting nr. 90/16 on 17 May 2016), or the making of any bonus, profit sharing, pension, retirement or insurance
payment, distribution or arrangement to or with any member of the personnel, except for payments that are paid out in the Ordinary
Course of Business pursuant to agreements and undertakings in effect at the date of this Agreement or pursuant to binding collective
agreements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD STYLE="text-align: justify">refrain from any termination of the employment or service of any Key Employee or any other direct
subordinates to the Key Employees<U>;</U></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(j)</TD><TD STYLE="text-align: justify">refrain from making any material change in any accounting practices or change in any inventory
or working capital management or capital expenditure policies or practices including policies or practice relating to invoicing,
debt-collection, write-offs of debt, payables, inventory or similar matters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(k)</TD><TD STYLE="text-align: justify">refrain from settling and/or compromising any tax liability, preparing any tax returns in a manner
which is inconsistent with past practices with respect to the treatment of items on such tax returns, or filing an amended tax
return or claim for a refund of taxes, other than, in each case, in the Ordinary Course of Business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(l)</TD><TD STYLE="text-align: justify">refrain from cancelling or waiving any material claims or rights; refrain from permitting the establishment
of any Encumbrances over the Business or assets and properties of any Group Company other than those arising by operation of law
or in the Ordinary Course of Business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(m)</TD><TD STYLE="text-align: justify">refrain from paying their debts in advance of them falling due;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(n)</TD><TD STYLE="text-align: justify">refrain from terminating any Contract, however, it being understood that a Contract entered into
for a fixed term may terminate at the expiry of such term, provided however, that the Group Companies shall pursue new replacing
agreements to the extent profitable and consistent with past practices; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(o)</TD><TD STYLE="text-align: justify">refrain from making any material single investment or investments outside the Ordinary Course of
Business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8</TD><TD>Closing</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">8.1</FONT></TD><TD>Time and Place</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">8.1.1</TD><TD STYLE="text-align: justify">Closing shall take place at the Gothenburg office of Advokatfirman Vinge at 10.30 a.m. on the Closing
Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">8.2</FONT></TD><TD>Actions at Closing</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">8.2.1</TD><TD STYLE="text-align: justify">It is agreed that the events constituting the Closing of this Agreement shall be regarded as one
transaction so that, if one of the Closing events set forth in Section 8.3 (Seller&rsquo;s actions) or 8.4 (Buyer&rsquo;s actions)
does not occur or is waived, Closing shall only be deemed to have taken place if the Party, who is not responsible for such Closing
event taking place, confirms in writing that it accepts that Closing takes place (without any prejudice to its right to compensation
for breach of the Agreement).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">8.2.2</TD><TD STYLE="text-align: justify">The Parties shall jointly draft minutes of the Closing and thereby confirm that <I>inter alia</I>
all matters and actions that are to occur on Closing have occurred or have been waived to the satisfaction of the Party entitled
to waive its rights under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">8.3</FONT></TD><TD>Seller&rsquo;s actions</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">8.3.1</TD><TD STYLE="text-align: justify">At Closing the Seller shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">transfer the Shares and deliver to the Buyer all share certificates representing the Shares, if
any, duly endorsed to the Buyer, together with any pertaining dividend coupons;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">deliver to the Buyer the Company&rsquo;s shareholders&rsquo; register, evidencing that the Buyer
has been duly entered as the holder of the Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">procure that those Directors set out in <U>Schedule 8.3.1 (c)</U>, retire from their respective
offices, each such Director acknowledging in writing that he or she has resigned as a director or deputy director of respective
Group Company, and that he or she has no claims against the Buyer or the Group Companies for compensation or otherwise in the form
acceptable to the Buyer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">have taken all such measures that are requested by the Buyer in order for the Buyer to hold shareholders&rsquo;
meetings and board meetings in the Group Companies on the Closing Date, allowing the Buyer to appoint new directors and deputy
directors, to appoint company signatories and to make all other decisions required by the Buyer; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify">cause the Company to issue powers of attorney enabling the persons appointed by the Buyer to sign
for and on behalf of the Company until new signatories have been duly registered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">8.4</FONT></TD><TD>Buyer&rsquo;s actions</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">8.4.1</TD><TD STYLE="text-align: justify">At Closing the Buyer shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">against performance by the Seller of the requirements in Section 8.3 (Seller&rsquo;s actions) pay
the Initial Purchase Price as set out in Section 4.1.1 hereinabove; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">procure that the new Directors and signatories referred to in Section 8.3.1 (c) hereinabove without
undue delay are registered with the Swedish Companies Registration Office.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9</TD><TD>seller&rsquo;s Warranties</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.1</FONT></TD><TD>Due Diligence</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.1.1</TD><TD STYLE="text-align: justify">The Buyer and its advisors have conducted a due diligence review of the Group Companies, during
which the Buyer and its advisors have had access to the Data Room Documents, <U>Schedule 9.1.1</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.2</FONT></TD><TD>Declaration of Seller&rsquo;s Warranties</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.2.1</TD><TD STYLE="text-align: justify">The Seller hereby makes the representations and warranties set out in Section 9.3 through 9.27
to the Buyer, unless otherwise stated referred representations and warranties having effect as at the Signing and the Closing (the
&ldquo;<B>Seller&rsquo;s Warranties</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.3</FONT></TD><TD>Authorization and Execution</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.3.1</TD><TD STYLE="text-align: justify">The Seller has the full power and authority to enter into this Agreement and to perform the transaction
contemplated herein. The execution of this Agreement and each other document delivered in connection herewith by the Seller and
the performance by the Seller of the transaction contemplated hereby have been duly and validly authorized by all necessary actions
on the part of the Seller and are not in conflict with any articles of association or existing shareholders&rsquo; agreements governing
or relating to any Group Company. For avoidance of any doubt, including at Closing referred authorizations shall have been obtained
according to the provisions in the shareholders&rsquo; agreements in the Subsidiaries (i) Forsman &amp; Bodenfors Inhouse AB, (ii)
Happy Forsman &amp; Bodenfors AB, and (iii) Kollo AB.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.4</FONT></TD><TD>Corporate Existence and Organization</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.4.1</TD><TD STYLE="text-align: justify">The Group Companies are duly incorporated and validly existing under the laws of Sweden and have
the legal capacity and corporate authority to carry on their business as now conducted and to own, lease and operate all of the
assets and properties used in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.4.2</TD><TD STYLE="text-align: justify">Neither of the Group Companies has filed, or has had filed against it, any petition for its winding-up
of business, is insolvent within the meaning of applicable laws, nor has any petition for receivership or any administration order
been presented in respect of any of the Group Companies. Neither Group Company has initiated any proceedings with respect to a
compromise or arrangement with its creditors or for the dissolution, liquidation or reorganization of the Group Company or the
winding-up or cessation of its business. No receiver or administrative receiver or liquidator has been appointed in respect of
any of the Group Company or any of its material assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.5</FONT></TD><TD>Ownership</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.5.1</TD><TD STYLE="text-align: justify">Except as set out in <U>Schedule 9.5.1</U>, all other outstanding shares of the Group Companies,
including but not limited to the Shares, are directly or indirectly via the Company owned by the Seller.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.6</FONT></TD><TD>Capitalization of the Group Companies</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.6.1</TD><TD STYLE="text-align: justify">The Company has an issued share capital of SEK 11,200,000 divided into 11,200,000 shares. All shares
of the Company and the Subsidiaries have been duly authorized, validly issued and fully paid and have not been issued in violation
of any pre-emption or any other rights and are free of any Encumbrances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.6.2</TD><TD STYLE="text-align: justify">There are no outstanding debt instruments, warrants, participation certificates, subscription rights
or other rights or authorizations, which include or may include future rights to the Company&rsquo;s or the Subsidiaries&rsquo;
profit or to exercise voting rights in the Company or in the Subsidiaries or any other right which would be vested in a shareholder
in the Company or the Subsidiaries and no decision has been taken to issue such instruments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.6.3</TD><TD STYLE="text-align: justify">The Group Companies have not received any unconditional or conditional shareholders&rsquo; contributions
or any equity or other capital contributions of any nature that may involve any actual or potential repayment obligations of the
Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.6.4</TD><TD STYLE="text-align: justify">Copies of the Group Companies&rsquo; registration certificates, articles of association and share
registers are attached as <U>Schedule 9.6.4</U>, which copies are true and complete and fully and completely set forth all actions
taken and/or required to be recorded therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.7</FONT></TD><TD>Books and Records</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.7.1</TD><TD STYLE="text-align: justify">At Closing all Statutory Books of the Group Companies exist and are in all material respects properly
maintained by the Group Companies in accordance with applicable laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.8</FONT></TD><TD>Annual Accounts</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.8.1</TD><TD STYLE="text-align: justify">The Annual Accounts, <U>Schedule 9.8.1</U>, have been prepared in accordance with the Accounting
Principles as applied on a basis consistent with that of any preceding periods the last three years. The Annual Accounts are true
and accurate in all material respects and present the financial condition and results of operations and the assets and liabilities
of the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.8.2</TD><TD STYLE="text-align: justify">The unaudited Interim Financial Statements of the Company as per 30 April, 2016, <U>Schedule 9.8.2</U>,
present, (bearing in mind that they are interim by nature and not audited which effects inter alia accruals and allocations) in
all material respect a true and fair view of the consolidated results of the operation and financial condition of the Group Companies
as per referred date. Such unaudited Interim Financial Statements have been prepared in accordance with the Accounting Principles
(as applicable).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.8.3</TD><TD STYLE="text-align: justify">The accounting records of the Group Companies have been maintained in accordance with applicable
laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.8.4</TD><TD STYLE="text-align: justify">All liquid assets and properties, including bank accounts and cash, are, following Closing, available,
free and clear of any Encumbrances and without withholding or deduction for any Taxes or other charges required to be made for
them to be available.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.9</FONT></TD><TD>No Debt, Loans or other Financial Facilities</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.9.1</TD><TD STYLE="text-align: justify">At Closing each Group Company is free of Debt and there are no loans or other financial facilities
available to the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.9.2</TD><TD STYLE="text-align: justify">There is no event, which gives or after notice or lapse of time, or both, would give any third
party the right to call for repayment from any of the Group Companies&rsquo; of any loan or other financial facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.9.3</TD><TD STYLE="text-align: justify">Except for the Dematerialized Floating Charge Certificates, no Group Company has granted any limited
floating charges in its business. At Closing n<FONT STYLE="color: #333333">o third party is registered in the floating charge register</FONT>
with the Swedish Companies Office Register (Sw. <I>Bolagsverket</I>)<FONT STYLE="color: #333333">, as the deemed holder of the
Dematerialized Floating Charge Certificates and the Dematerialized Floating Charge Certificates are </FONT>at Closing<FONT STYLE="color: #333333">
under no Encumbrance and </FONT>free to be used as first priority security by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.10</FONT></TD><TD>Title to Property and Assets</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.10.1</TD><TD STYLE="text-align: justify">All assets owned, leased, held or used as of any time by or in the Group Companies or the Business
and any such assets to be provided to the Group Companies under any agreement, are sufficient for the business currently conducted
and planned to be conducted by the Group Companies, and are available for usage for the benefit of the Business, and are in good
operating condition and repair, subject only to ordinary wear and tear, which is not such as to affect adversely the operations
of the Group Companies or the Business.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.10.2</TD><TD STYLE="text-align: justify">The Group Companies own and have good and marketable title, free and clear from any Encumbrances,
to each item of asset (i) reflected in the Annual Accounts, less any asset disposed of after December 31, 2015 in the Ordinary
Course of Business, and (ii) acquired on or after January 1, 2016 less any asset disposed of thereafter in the Ordinary Course
of Business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.11</FONT></TD><TD>Intellectual Property and Personal Data</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.11.1</TD><TD STYLE="text-align: justify">The Group Companies own or hold sufficient and necessary rights to use and have adequately registered
any and all Intellectual Property Rights, whether or not recorded on the books of the Group Companies, for the Business currently
conducted by the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.11.2</TD><TD STYLE="text-align: justify">The Group Companies have complied with the requirements of all licenses for Licensed Intellectual
Property.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.11.3</TD><TD STYLE="text-align: justify">All employees and consultants, who contributed to the discovery or development of any of the Owned
Intellectual Property have fully and finally (without any compensation remaining to be paid) assigned all rights to such Intellectual
Property Rights to the Company or to a Subsidiary as the case may be.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.11.4</TD><TD STYLE="text-align: justify">The Group Companies have not been notified of any third party challenging the validity of any Intellectual
Property Rights. To the Seller&rsquo;s Knowledge, the operation of the Business, any processes used by the Business and products
manufactured by the Business do not infringe on any intellectual property right of any third party. To the Seller&rsquo;s Knowledge,
no third party is infringing, violating or misappropriating any Intellectual Property Rights owned or used by the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.11.5</TD><TD STYLE="text-align: justify">Each Group Company has complied in all material respects with the provisions of the Swedish Personal
Data Act (Sw, <I>personuppgiftslagen (1998:204)</I>). No notice or allegation has been received by any Group Company from a competent
authority alleging that it has not complied with any applicable data protection legislation. No Person has claimed, and to the
Seller&rsquo;s Knowledge no grounds exist for a Person to claim, compensation from any Group Company for breaches of applicable
data protection laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.12</FONT></TD><TD>Real Estate</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.12.1</TD><TD STYLE="text-align: justify">No Group Company owns or has owned any real property (Sw. <I>fast egendom</I>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.13</FONT></TD><TD>Leases of Business Premises</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.13.1</TD><TD STYLE="text-align: justify">The lease contracts regarding the business premises of each Group Company are valid, in full force
and effect and in accordance with their respective terms and conditions and no notice of any default or termination has been sent
or received by any of the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.14</FONT></TD><TD>Contracts</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.14.1</TD><TD STYLE="text-align: justify">All disclosed Contracts listed in <U>Schedule 9.1.1</U> (Data Room Documents) are to the Seller&rsquo;s
Knowledge valid, enforceable and binding in accordance with their respective terms and there is no other contract or arrangement
but the Contracts essential for the Business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.14.2</TD><TD STYLE="text-align: justify">To the Seller&rsquo;s Knowledge, no counterparty to a Contract has given notice of termination
of any Contract.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.14.3</TD><TD STYLE="text-align: justify">None of the Group Companies is:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">in default under any provision of any Contract and no event has occurred which, but for the passage
of time or giving of notice, would constitute such a default;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">a party to any agreement not made in the Ordinary Course of Business and consistent with past practices;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">except as disclosed in the Data Room Documents a party to any agreement containing any provisions
for material price re-determinations or price revision; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">a party to any agreement not consistent with fair market terms, conditions and prices or with applicable
laws and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.14.4</TD><TD STYLE="text-align: justify">No Group Company needs to obtain any specific consent or approval from any contract party, including
but not limited to clients, tenants, lessors, to be able to maintain and uphold the Ordinary Course of Business or to execute the
contemplated transaction under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.14.5</TD><TD STYLE="text-align: justify">At Closing, no counterparty to any Contract has a right to terminate its relationship with any
of the Group Companies because of the change in ownership of the Company and/or indirectly the Subsidiaries contemplated by this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.14.6</TD><TD STYLE="text-align: justify">None of the Group Companies (i) has any outstanding proposals or offers, which are capable of binding
acceptance by any Person, except for such proposals and offers made in the Ordinary Course of Business consistent with past practices,
or (ii) is bound by any agreement, which cannot readily be fulfilled or performed on time by the specific Group Company in question.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.15</FONT></TD><TD>Employment Matters</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.15.1</TD><TD STYLE="text-align: justify">All employees and hired consultants are engaged and compensated at fair and reasonable market rates
by each Group Company at which each employee or consultant perform services. All entered service agreements within the Group Companies
are in compliance with Swedish labor law. All currently hired consultants and duly registered for corporate tax purposes (Sw. <I>innehar
F-skattebevis</I>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.15.2</TD><TD STYLE="text-align: justify">The Key Employees are identified in <U>Schedule 9.15.2</U>. There are no other benefits, severance
agreements or arrangements with respect to any Key Employee than those disclosed in the Data Room Documents. There are no other
material plans or programs relating to retirement, compensation, incentive, bonus or stock options operated by any of the Group
Companies for Key Employees, than those disclosed in the Data Room Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.15.3</TD><TD STYLE="text-align: justify">No bonus or similar arrangement related to the consummation of the transaction contemplated by
this Agreement exists with respect to any employee or hired consultant of any of the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.15.4</TD><TD STYLE="text-align: justify">All premiums and other amounts including any Tax payable thereon required to be paid by any of
the Group Companies for the purpose of employment benefits including but not limited to pension liabilities of the Group Companies
have been fully and timely paid or accrued for and no unfunded pension liabilities exist.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.15.5</TD><TD STYLE="text-align: justify">Every transaction by and between any Key Employee, whether directly or indirectly, and the Seller
or any Group Company has been made at market value at arm&rsquo;s lengths and no Tax will be incurred any of the Group Companies
due to referred transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.15.6</TD><TD STYLE="text-align: justify">Except as set out in <U>Schedule 9.15.6</U>, no Group Company is liable to make any outstanding
payment to any former director, officer, employee, board member or adviser by way of damages or compensation for loss of office
or employment or for redundancy or unfair or wrongful dismissal or for similar grounds, and no Group Company has any obligation
by law to employ or re-employ any Person, including any former employee of any of the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.15.7</TD><TD STYLE="text-align: justify">No Group Company has incurred any obligation to take over employees and related obligations and/or
liabilities from another employer following an agreement or due to the provisions on transfer of business under section 6 (b) of
the Swedish Employment Protection Act (Sw. <I>lagen (1982:80) om anst&auml;llningsskydd</I>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.16</FONT></TD><TD>Taxes</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.16.1</TD><TD STYLE="text-align: justify">The Group Companies have duly and timely filed all Tax returns and other returns and reports required
to be filed with the appropriate governmental entities and they are all true, correct and complete in all material respects. All
Tax assessed and due by any of the Group Companies have, where applicable, been fully and duly paid and for all Tax assessed but
not due, full reserves therefore have been made on the books of the Group Companies. Untaxed reserves (Sw. <I>obeskattade reserver</I>)
in each Group Company have been booked in accordance with the Accounting Principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.16.2</TD><TD STYLE="text-align: justify">No Group Company has been subject to any audit or other examination of Taxes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.16.3</TD><TD STYLE="text-align: justify">No deficiency in payment of Tax in respect of the period up to and including the Closing Date has
been, is or will be claimed or made by any Tax authority for any year or part of a year in respect of any of the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.16.4</TD><TD STYLE="text-align: justify">All amounts required to be paid by any of the Group Companies for the purpose of Tax, social security,
insurance, pensions and other similar costs or benefits relating to employees have been duly and timely paid and all amounts required
to be deducted from monies paid to employees for the purposes of Tax, social security, insurance, pensions and other similar costs
or benefits relating to employees have been deducted and have been paid to the appropriate governmental entity, and there is no
dispute on any issue in respect of any deduction or payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.16.5</TD><TD STYLE="text-align: justify">At Closing none of the Group Companies has any permanent establishment (Sw. <I>fast driftsst&auml;lle</I>)
or liability of taxation (Sw. <I>skattskyldighet</I>) in any jurisdiction outside Sweden.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.16.6</TD><TD STYLE="text-align: justify">The disposal of (i) the Company&rsquo;s ownership in the Norwegian limited company SMFB Holding
AS, and (ii) Forsman &amp; Bodenfors Factory AB ownership in the Norwegian limited company SMFB Factory AS, have been made at fair
market value and at arm&rsquo;s length terms and conditions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.17</FONT></TD><TD>Insurance</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.17.1</TD><TD STYLE="text-align: justify">Insurance policies presently in force with respect to the Group Companies have been disclosed in
the Data Room Documents and will be maintained and duly in force at least through the Closing Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.17.2</TD><TD STYLE="text-align: justify">All of the Group Companies are in compliance with the terms and conditions contained in the insurance
policies disclosed in the Data Room Documents and nothing has been done or omitted to be done by any Person, which would make any
policy or insurance void or voidable, or which may involve any reduction or mitigation of any insurance proceeds under any policy
or insurance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.17.3</TD><TD STYLE="text-align: justify">No insurance claims are outstanding and no facts exist which, to the Seller&rsquo;s Knowledge may
give rise to more than an insignificant claim under the Company&rsquo;s insurance policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.18</FONT></TD><TD>Environment</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.18.1</TD><TD STYLE="text-align: justify">Neither any of the Group Companies nor the Buyer, will due to current legislation for the protection
of the environment or human health or due to environmental permits, incur or suffer any Loss that can be referred to circumstances
that originate in any of the Group Companies&rsquo; current or former operations and/or that can be referred to a real property,
which any of the Group Companies use or have used.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.19</FONT></TD><TD>Compliance</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.19.1</TD><TD STYLE="text-align: justify">All necessary governmental/regulatory licenses, consents, permits (including for the avoidance
of doubt, environmental permits) and authorizations have been obtained by the Group Companies to enable each of them to carry on
its business and all such governmental/regulatory licenses, consents, permits and authorizations are valid and subsisting. The
Group Companies have complied with, and is in all respects in compliance with, all those governmental/regulatory licenses, consents,
permits and authorizations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.19.2</TD><TD STYLE="text-align: justify">The Group Companies comply with and have at all times complied with and conducted the Business
in accordance with, all applicable laws and regulations in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.19.3</TD><TD STYLE="text-align: justify">There is no controversy or investigation pending or to Seller&rsquo;s Knowledge threatened or expected
with respect to any of the Group Companies or the Business by any governmental agency or authority or any other Person relating,
<I>inter alia</I>, to any violation or possible violation of applicable laws and no injunctions, cautions or remarks by authorities
have been directed towards the Company and there are no outstanding orders, decrees or judgments in respect of any of the Group
Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.19.4</TD><TD STYLE="text-align: justify">No circumstances have occurred, which imply or could imply any limitation or restriction in the
conduct of the present activities of any of the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.20</FONT></TD><TD>Litigation</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.20.1</TD><TD STYLE="text-align: justify">No Group Company is engaged in any pending litigation or arbitration proceedings or, to the Seller&rsquo;s
Knowledge, threatened litigation or arbitration proceedings whether as plaintiffs, defendants or otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.21</FONT></TD><TD>Business</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.21.1</TD><TD STYLE="text-align: justify">Except for the Company&rsquo;s holdings in the Subsidiaries, the Company has not conducted any
operational business besides the Ordinary Course of Business prior to entering into this Agreement and has no obligations whatsoever
other than those incurred in the Ordinary Course of Business and incurred in relation to the holdings of the Subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.21.2</TD><TD STYLE="text-align: justify">Except as set out in the Data Room Documents, no Group Company is a party to or bound by any agreement,
which limits the freedom of the Group Company to compete in any line of business or with any Person or to transact business with
any Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.21.3</TD><TD STYLE="text-align: justify">Except for the Company&rsquo;s holdings in the Subsidiaries, the Company has not any interest in
any other business entity or association or carries on, or has agreed to carry on, business in partnership or as an equity participant
in a joint venture with any other Person. No Subsidiary has any interest in any other business entity or association or carries
on, or has agreed to carry on, business in partnership or as an equity participant in a joint venture with any other Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.21.4</TD><TD STYLE="text-align: justify">No Group Company has entered into any agreement or commitment or is a party to any transaction
or arrangement, which is not of an arm&rsquo;s length nature or not made in connection with the Business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.21.5</TD><TD STYLE="text-align: justify">There is no Encumbrance on the whole or on any part of the Business or assets of the Group Companies
and there is no agreement to create any such Encumbrance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.21.6</TD><TD STYLE="text-align: justify">No Group Company is bound by any agreement, which cannot readily be fulfilled or performed by said
Group Company on time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.21.7</TD><TD STYLE="text-align: justify">To the Seller&rsquo;s Knowledge, the Group Companies are not and will not be liable, due to circumstances
existing before or upon the Closing Date or related thereto, to compensate for damages caused to third parties by products sold,
services rendered or otherwise that have not been properly reserved for in the Annual Accounts or in the Interim Financial Statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.22</FONT></TD><TD>Intra Group Arrangements and Payments to the Seller etc.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.22.1</TD><TD STYLE="text-align: justify">No Group Company is a party to any contract or arrangement of any kind with any of the Key Employees
or any Affiliated Person with a Key Employee, which has not been disclosed in the Data Room Documents or is outside the Ordinary
Course of Business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.22.2</TD><TD STYLE="text-align: justify">Unless otherwise agreed in writing between the Buyer and the Seller no payment or disbursement
of dividend, whether in cash or in-kind, to the Seller or to the Company shall be made by the Company or any of the Subsidiaries,
as the case may be, after the Signing Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.22.3</TD><TD STYLE="text-align: justify">There are (i) no liabilities, debts or obligations (contingent or otherwise) owed by any of the
Group Companies to the Seller, any current or former shareholder in the Group Companies or any Affiliated Person to any referred
Person, and (ii) no guarantees or similar commitments issued by any of the Group Companies for obligations owed by the Seller,
any current or former shareholder in the Group Companies or any Affiliated Person to any referred Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.23</FONT></TD><TD>Business since Annual Accounts</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.23.1</TD><TD STYLE="text-align: justify">Since the last date audited according to the Annual Accounts through the Signing Date and until
and through the Closing Date:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">there has been no material damage, destruction or loss (whether or not covered by insurance) to
any material property or asset of any of the Group Companies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">no Group Company has committed or agreed to take any action resulting in an event or circumstance
specified in this Section 9.23.1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.24</FONT></TD><TD>Accounts receivables</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.24.1</TD><TD STYLE="text-align: justify">All receivables shown in the Annual Accounts, Interim Financial Statements and receivables of the
Group Companies arising prior to the Closing Date represent <I>bona fide</I>, good and collectible, without restriction or Encumbrance,
valid and enforceable obligations arising from sales actually made or services actually performed in the Ordinary Course of Business.
Allowances for doubtful accounts in the Annual Accounts and the Interim Financial Statements have been made and are adequate and
have been prepared in accordance with the Accounting Principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.25</FONT></TD><TD>Product and service liability - third party claims</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.25.1</TD><TD STYLE="text-align: justify">To the Seller&rsquo;s Knowledge, no Group Company has produced or sold any product or rendered
any service, which does not in all material respects comply with all applicable law, including, but not limited to those related
to safety, in force at the time of the production or sale of the product or rendering of the service, or which could otherwise
give rise to any product liability or other similar claims under any applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.25.2</TD><TD STYLE="text-align: justify">No Group Company has assumed any representation or warranty outside the scope of the Ordinary Course
of Business and except for customary warranty claims for products and services delivered or performed in the Ordinary Course of
Business, no third party claims of any kind have been made against any Group Company and there has not to Seller&rsquo;s Knowledge
occurred any circumstance which would give reason to assume that such claims will be made.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.26</FONT></TD><TD>Information and undisclosed liabilities</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.26.1</TD><TD STYLE="text-align: justify">None of the Warranties, and no document provided to the Buyer by or on behalf of the Seller or
the Group Companies, contain any untrue statement of fact or have omitted to state a fact necessary to make the statements contained
herein or therein not misleading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.26.2</TD><TD STYLE="text-align: justify">To the Seller&rsquo;s Knowledge, there are no facts or circumstances relating to the Business of
the Group Companies, which have not been disclosed to the Buyer and which could in Seller&rsquo;s reasonable assessment have been
expected to influence the decision of the Buyer to purchase the Shares on the terms and conditions set out and contained in this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.26.3</TD><TD STYLE="text-align: justify">To the Seller&rsquo;s Knowledge no Group Company is, or has been, subject to any action by any
Person, including but not limited to non-profit organizations, aimed at turning public opinion against the Group Companies&rsquo;
trademarks, products or services or the Group Companies&rsquo; right to run the Business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.26.4</TD><TD STYLE="text-align: justify">Except for (i) those liabilities specifically accrued or reserved against in the Annual Accounts
and the Interim Financial Statements, (ii) those current liabilities for trade or business obligations incurred since the date
last reviewed in the Interim Financial Statement in connection with the purchase of goods or services by the Group Companies in
the Ordinary Course of Business consistent with past practices, (iii) the obligations of the Group Companies to perform the Contracts
of the Group Companies, or (iv) liabilities otherwise in the Ordinary Course of Business, none of the Group Companies has any direct
or indirect indebtedness, claims, losses, deficiencies, obligations, liens or liabilities, whether known or unknown, liquidated
or not liquidated, absolute, accrued, contingent or otherwise, whether or not now due and whether or not of a kind required by
the Accounting Principles to be set forth on a financial statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.26.5</TD><TD STYLE="text-align: justify">Each Group Company has at all times been and is solvent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">9.27</FONT></TD><TD>Intermediaries</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">9.27.1</TD><TD STYLE="text-align: justify">No broker, finder, advisor or intermediary will be entitled to any fee, commission or other payment
of any nature from any of the Group Companies in connection with the transactions set out in this Agreement and no such fees have
been charged (even if already paid) to any of the Group Companies after 30 April 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10</TD><TD>buyer&rsquo;s warranties</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">10.1</FONT></TD><TD>Declaration of Buyer&rsquo;s representations and warranties</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">10.1.1</TD><TD STYLE="text-align: justify">The Buyer hereby makes the representations and warranties set out in<B> </B>Section 10.2 through
10.5 herein below to the Seller, unless otherwise stated referred representations and warranties having effect as at the Signing
and the Closing (the &ldquo;<B>Buyer&rsquo;s Warranties</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">10.2</FONT></TD><TD>Organization</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">10.2.1</TD><TD STYLE="text-align: justify">The Buyer is duly organized and validly existing under the laws of its jurisdiction of incorporation
and has corporate power and authority and all necessary approvals, authorizations, licenses or permits to carry on their respective
businesses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">10.3</FONT></TD><TD>Power and Authority</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">10.3.1</TD><TD STYLE="text-align: justify">The Buyer has legal and corporate power and authority to enter into this Agreement and to consummate
the transactions contemplated hereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">10.3.2</TD><TD STYLE="text-align: justify">The execution of this Agreement and the consummation of the transactions set out hereby do not
result in any breach of the articles of association of the Buyer, or require any consent or approval of any shareholders, partners
or financiers of the Buyer, which consent or approval has not been obtained.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">10.4</FONT></TD><TD>Financing</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">10.4.1</TD><TD STYLE="text-align: justify">The Buyer has secured financing for any payment required under this Agreement and all necessary
actions have been taken by the Buyer to ensure compliance with the provisions of Chapter 21, Section 1 of the Swedish Companies
Act (Sw. <I>aktiebolagslagen (2005:551)</I>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">10.5</FONT></TD><TD>Buyer Due Diligence</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">10.5.1</TD><TD STYLE="text-align: justify">The Buyer has conducted the due diligence and has made its own investigation, assessment and analysis
of the Business and the Group Companies to the extent deemed appropriate by the Buyer for the entry into this Agreement and the
consummation of the transactions set out herein. The Buyer has such knowledge of and experience in financial and business matters
that it is capable of evaluating the merits and risks relating to the Business and the purchase of the Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11</TD><TD>Covenants after Closing</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">11.1</FONT></TD><TD>Covenants of the Seller</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">11.1.1</TD><TD STYLE="text-align: justify">The Seller undertakes to assist the Buyer and/or the Company (as the case may be) with diligently
supply of necessary or requested documents and information enabling the Buyer to comply with any required filing of documents and
information with the US Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) regarding the transactions under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">11.1.2</TD><TD STYLE="text-align: justify">The Seller undertakes for a period of 24 months after Closing Date, not to, whether directly or
indirectly without the written consent of the Buyer, assist or have any active interest in, own any assets or shares in or act
as agent or as adviser or consultant to or otherwise enter into any relationship with any of the Group Company&rsquo;s existing
clients, any Person subject to any Group Company&rsquo;s tenders or suppliers of the Group Companies, or to carry out any other
activities which compete with the Business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">11.1.3</TD><TD STYLE="text-align: justify">The Seller undertakes for a period of 24 months after Closing Date, not to, whether directly or
indirectly without the written consent of the Buyer, solicit the services of or endeavor to entice away from any of the Group Companies
any of its Directors, managers, employees or existing clients or Person subject to any Group Company&rsquo;s tenders nor to employ
any such Person during such period of time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">11.1.4</TD><TD STYLE="text-align: justify">Should the Seller violate any of the provisions set out in Section 11.1.2 or 11.1.3 hereinabove,
the Seller shall at the request of the Buyer pay in cash liquidated damages amounting to SEK one million (1,000,000) per violation.
Such referred amount expressly negotiated between the Parties and thereby found appropriate and justified. Should the actual damages
be higher than the liquidated damages set forth in this Section 11.1.4, the Buyer shall be entitled to claim damages corresponding
to the actual damage (less the liquidated damages). The payment of liquidated damages or other damages does not affect the rights
of the Buyer to take other action in relation to a violation of the provisions herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">11.1.5</TD><TD STYLE="text-align: justify">The Seller shall, at any time and from time to time after Closing Date, execute and deliver any
further instruments or documents and, at its own cost, take all such further action as the Buyer may reasonably request in order
to consummate effectively the transaction contemplated by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">11.1.6</TD><TD STYLE="text-align: justify">The Seller shall provide to the Buyer all and any records and documents needed to support all tax
returns and filings relating to the Group Companies for all periods still open to tax authority examinations</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">11.2</FONT></TD><TD>Covenants of the Buyer</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">11.2.1</TD><TD STYLE="text-align: justify">Subject to approval of the auditor of each Group Company, the Buyer undertakes to cause those Directors
who retire in connection with this transaction to be granted discharge from liability for their administration until the Closing
Date (or the earlier date of their retirement) at the next annual shareholders&rsquo; meeting of such Group Company. For the avoidance
of doubt, the grant of discharge in accordance with this Section 11.2.1 will not in any respect release the Seller from Seller&rsquo;s
Warranties, covenants and liabilities under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">11.2.2</TD><TD STYLE="text-align: justify">During the period commencing on the Closing Date and ending on 31 December 2016, the Buyer procures
that each Group Company does not take any of the following actions without the prior written consent of the Buyer and the Seller:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">a sale, lease or other disposition of all or substantially all or a significant part of the assets
or business of any Group Company, except in connection with (x) a sale, lease or other disposition of all or substantially all
or a significant part of the assets or business or stock of MDC Partners (an &ldquo;<B>MDC Sale</B>&rdquo;); (y) an MDC Partners
debt financing (an &ldquo;<B>MDC Financing</B>&rdquo;) or the exercise of a default remedy under any agreement entered into in
connection with an MDC Financing; or (z) any transfer by the Buyer or any Affiliated Person of their respective interest in the
Company to another wholly-owned subsidiary of MDC Partners (an &ldquo;<B>MDC Internal Transfer</B>&rdquo;) (for purposes of this
Agreement, in the event of any MDC Internal Transfer, the term the Buyer as used in this Agreement shall include any such transferee);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 130.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">a merger, consolidation or amalgamation of the Company or any Subsidiary with and into another
legal entity or of another legal entity with and into the Company or any Subsidiary, except in connection with an MDC Sale, an
MDC Internal Transfer or an MDC Financing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 130.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">an acquisition by the Company or any Subsidiary of the stock, assets or business of another Person
or any investment by the Company of funds or other assets in another Person (other than money market investments or their equivalent);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 130.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">any relocation of the Group Companies&rsquo; offices in Gothenburg or Stockholm, or to require
any Group Company to share office space with another business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 130.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify">any change in the name or any assumed or trade name of any of the Group Companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 18pt">(f)</TD><TD STYLE="text-align: justify">entering into any business other than, or any transaction outside of, the Ordinary Course of Business
of the Group Companies and related activities other than a MDC Internal Transfer;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 18pt">(g)</TD><TD STYLE="text-align: justify">a fundamental change to the nature of the business of the Group Companies, taken as a whole;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 130.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 18pt">(h)</TD><TD STYLE="text-align: justify">the formation of any subsidiaries of any of the Group Companies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 130.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 112.5pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD STYLE="text-align: justify">discontinue any business within the Ordinary Course of Business and will not channel any business
reasonably attributable to any Group Company to any other person or entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 130.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12</TD><TD>Indemnification and limitation of indemnification</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">12.1</FONT></TD><TD>Indemnification</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.1.1</TD><TD STYLE="text-align: justify">The Seller&rsquo;s liability relating to the transactions set out in this Agreement shall be governed
exclusively by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.1.2</TD><TD STYLE="text-align: justify">Subject to the limitations of liability set out under Section 12.3 (Limitation of Indemnification)
herein below or elsewhere in this Agreement, if there is an obligation to indemnify, a breach of Seller&rsquo;s Warranties or a
breach of covenants or other provisions in this Agreement and a Claim is made against the Seller in accordance with this Agreement,
the Seller shall compensate the Buyer, by way of indemnification or a reduction of the Initial Purchase Price and/or the Supplemental
Purchase Price with an amount corresponding to the Loss actually incurred the Buyer as a consequence of Seller&rsquo;s breach.
No other remedy whatsoever under the Swedish Sale of Goods Act (Sw. <I>k&ouml;plagen (1990:931)</I>), including the right to rescind
(Sw. <I>h&auml;va</I>), shall be available. The Buyer is entitled to make payments to the Seller by way of set-off of any Buyer&rsquo;s
claim against the Seller under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.1.3</TD><TD STYLE="text-align: justify">The Seller shall be liable and indemnify and hold the Buyer and, after Closing, without duplication,
any Group Company harmless, from and against any and all Losses and claims in connection with or resulting from the Specific Indemnities
set out in <U>Schedule 12.1.3</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">12.2</FONT></TD><TD>Mitigation and recovery</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.2.1</TD><TD STYLE="text-align: justify">Each Party shall take reasonable action to mitigate any loss or damage incurred by it.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.2.2</TD><TD STYLE="text-align: justify">If the Seller makes any payment to the Buyer as a settlement of a Loss and the Buyer or any of
the Group Companies actually receives final recovery from any other Person for the same Loss, the Buyer shall promptly and without
request from the Seller repay to the Seller any funds received from the Seller in excess of full compensation for the Loss.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.2.3</TD><TD STYLE="text-align: justify">In case of a breach of a provision in this Agreement on the part of the Seller, the Seller shall
be entitled to rectify such breach (if capable of being remedied), in each case during a period of thirty (30) Business Days from
receipt of a notice from the Buyer. The Buyer shall procure that the Seller is given the opportunity within such thirty (30) Business
Day period to remedy the relevant fact, matter or circumstance and shall provide, and procure that each relevant Group Company
provides, all reasonable assistance to the Seller to remedy the relevant fact, matter or circumstance. If the Seller has declared
that it does not intend to rectify a breach or if the Seller has failed to rectify the breach within said thirty (30) Business
Day period, the Buyer may direct a Claim against the Seller, whereby the Buyer&rsquo;s right in this Agreement to put forward any
Claim shall be extended during the period the Seller has the right to rectify hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">12.3</FONT></TD><TD>Limitation of Indemnification</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.1</TD><TD STYLE="text-align: justify">Any Claim by the Buyer shall be made in writing to the Seller no later than within ninety (90)
days after the Buyer discovers the basis for such Claim, specifying the nature of the Claim and, to the extent possible, the amount
of the Loss.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.2</TD><TD STYLE="text-align: justify">If part of a Claim constitutes a tax deductible item for the Buyer or any Group Company, the recoverable
sum from the Seller shall be reduced by an amount equivalent to such tax deductible part of the Claim multiplied by the applicable
tax percentage rate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.3</TD><TD STYLE="text-align: justify">The Seller&rsquo;s indemnity obligations under this Section 12 shall remain valid for a period
of 18 months following the Closing Date after which date no valid Claim can be made. The Seller&rsquo;s liability in respect of
a Loss shall survive the date at which the Seller&rsquo;s liability would otherwise terminate pursuant to this Section in case
notice of the breach was served prior to such date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.4</TD><TD STYLE="text-align: justify">Notwithstanding Section 12.3.3, the liability of the Seller with respect to any breach of this
Agreement in relation to Section 9.16 (Taxes) shall remain valid until all assessments relating to events prior to the Closing
Date are legally barred from being reviewed, or, if later, 90 Business Days after the final Taxes have been finally determined
by the relevant authorities.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.5</TD><TD STYLE="text-align: justify">The Seller shall not have any liability hereunder unless an individual Loss (or a series of Losses
arising from substantially identical facts or circumstances) exceeds SEK 250,000 and the aggregate amount of all such Losses amounts
to at least SEK 5,000,000, but if such Losses exceed said amount, the Buyer shall be entitled to claim the entire amount from the
first Swedish krona (Sw<I>. fr&aring;n f&ouml;rsta kronan</I>). The limitations in this Section 12.3.5 shall however not apply
to Seller&rsquo;s breach to indemnify for Specific Indemnities set out in Section 12.1.3 or Seller&rsquo;s Warranties set out in
Sections 9.16 (Taxes); and 9.22 (Intra Group Arrangements and Payments to the Seller etc.).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.6</TD><TD STYLE="text-align: justify">As to the total amount of the Seller&rsquo;s indemnity obligation under this Agreement, the total
payable liability shall be limited to the Initial Purchase Price. For breaches against Seller&rsquo;s Warranties the total payable
liability shall be limited to an amount of USD 15,000,000.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.7</TD><TD STYLE="text-align: justify">No limitations set out under Section 12.3 (Limitation of Indemnification) shall however apply to
the Specific Indemnities set out in Section 12.1.3 (Specific Indemnities) or any breach of Seller&rsquo;s Warranties in relation
to Section 9.3 (Authorization and Execution); 9.4 (Corporate Existence and Organization); 9.5 (Ownership); 9.6 (Capitalization
of the Company) and 9.9 (No Debts, Loans or other Financial Facilities). Claims for any such referred breach may be made by the
Buyer without any limitations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.8</TD><TD STYLE="text-align: justify">A Claim for breach of the Warranties in relation to which notice has been given, which has not
been previously satisfied, settled or withdrawn, shall be deemed to have been withdrawn on the date falling six (6) months after
the date on which the Claim was made, unless legal proceedings in respect thereof have been commenced against the Seller in accordance
with Section 16 (Dispute resolution).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.9</TD><TD STYLE="text-align: justify">The Seller shall have no liability in respect of a Claim which is based on a Loss which is contingent,
unless and until such Loss becomes an actual liability and is due and payable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.10</TD><TD STYLE="text-align: justify">No liability for the Seller shall arise hereunder if and to the extent:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">a Claim is based on any facts, matters or circumstances which have been clearly disclosed in the
Data Room Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">a specific provision or allowance to the extent such subject matter has been taken into account
in the Annual Accounts or Interim Financial Statements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">a Claim occurs as a result of (i) a change to the Accounting Principles after the Closing Date,
(ii) the passing of any legislation not in force at the Signing Date, or which takes effect retroactively, or (iii) an increase
in the tax rate in force on the Signing Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">a Claim is caused by a voluntary act, omission or transaction carried out by the Buyer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify">the Loss has otherwise been fully compensated for, made good, received or recovered resulting in
no loss of any kind for the Buyer; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(f)</TD><TD STYLE="text-align: justify">if the same facts or circumstances are the subject of a Loss under any of the other Seller&rsquo;s
Warranties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.11</TD><TD STYLE="text-align: justify">If the Buyer or any Group Company becomes aware of any fact, matter or circumstance which is likely
to give rise to a Third Party Claim, the Buyer shall either itself, or shall procure that the relevant Group Company shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">without undue delay give notice to the Seller;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 103.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">save as for clients of any Group Company, not make any admission of liability and not agree to
settle or compromise with any Person in relation thereto, without obtaining the prior written consent of the Seller;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 103.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">save as for clients of any Group Company, upon the Seller&rsquo;s request, allow the Seller the
right to dispute and defend the Third Party Claim at the Seller&rsquo;s expense on behalf of the Buyer or the relevant Group Company
and grant and give, and shall ensure that the relevant Group Company will grant and give, to the Seller all authorisations and
assistance necessary in order for the Seller to dispute and defend such claim (including the right to make any counterclaims available
to the Buyer and the relevant Group Company), and to conduct any litigation resulting therefrom; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 103.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">give the Seller (including its representatives, accountants and advisors) reasonable access during
work hours to the personnel of the Buyer and the relevant Group Company and to relevant non-classified premises, accounts, documents
and records within their respective possession and to take copies thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 103.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">12.3.12</TD><TD STYLE="text-align: justify">None of the limitations of indemnification set out in Section 12.3 (Limitation of Indemnification)
shall apply to the extent a Loss is a result of fraud, dishonesty, gross negligence or willful misconduct by the Seller.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13</TD><TD>Confidentiality</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">13.1</FONT></TD><TD>Reciprocal undertaking</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">13.1.1</TD><TD STYLE="text-align: justify">Each Party undertakes not to use or disclose any Confidential Information unless (i) required to
do so by law or pursuant to any order of court or other competent authority or tribunal (ii) required to do so by any applicable
stock exchange regulation or the regulations of any other recognized market place (iii) such disclosure has been consented to by
the other Party in writing (such consent not to be unreasonably withheld) or (iv) to its professional advisers (who are bound to
such party by a duty of confidentiality, which applies to any information disclosed). If a Party becomes required, in circumstances
contemplated by (i) or (ii) herein to disclose any information, the disclosing Party shall use its reasonable endeavors to consult
with the other Party prior to any such disclosure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">13.2</FONT></TD><TD>Press-release</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">13.2.1</TD><TD STYLE="text-align: justify">Notwithstanding Section 13.1.1 hereinabove, the Parties shall make the transactions under this
Agreement public by way of press-releases. The publication of any press-releases relating to the transactions under this Agreement
is subject to the Parties prior written consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14</TD><TD>MISCELLANEOUS</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">14.1</FONT></TD><TD>Announcements</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.1.1</TD><TD STYLE="text-align: justify">All press releases, public announcements and public relations activities by the Parties with regard
to this Agreement or the transactions set out herein shall be mutually approved by the Parties in advance of such release, announcement
or activity. A Party shall, however, be free to disclose such information which is required under law or pursuant to any order
of court or other competent authority or tribunal or under any applicable stock exchange regulations or the regulations of any
other recognized market place.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">14.2</FONT></TD><TD>Expenses and Fees</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.2.1</TD><TD STYLE="text-align: justify">Each Party shall bear its own costs and expenses in connection with the preparation and Closing
of the transactions contemplated by and set out in this Agreement and no such costs or expenses shall be charged to or paid by
any of the Group Companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">14.3</FONT></TD><TD>Entire Agreement</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.3.1</TD><TD STYLE="text-align: justify">This Agreement represents the entire understanding and agreement between the Parties with respect
to the subject matter hereof and supersedes all prior negotiations, understandings and agreements relating to the subject matter
hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">14.4</FONT></TD><TD>Amendments and Waivers</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.4.1</TD><TD STYLE="text-align: justify">This Agreement may only be amended by an instrument in writing duly executed by the Parties. No
change, termination, modification or waiver of any provision, term or condition of this Agreement shall be binding on the Parties,
unless it is made in writing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">14.5</FONT></TD><TD>Notices</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.5.1</TD><TD STYLE="text-align: justify">All notices, requests, demands, approvals, waivers and other communications required or permitted
under this Agreement must be in writing in the English language and shall be deemed to have been received by a Party when:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">delivered by post, unless actually received earlier, on the third Business Day after posting, if
posted within Sweden, or the fifth Business Day, if posted to or from a place outside Sweden;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">delivered by hand, on the day of delivery;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 103.05pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">delivered by fax, on the day of dispatch if supported by a written confirmation from the sender&rsquo;s
fax machine that the message has been properly transmitted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 121.05pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.5.2</TD><TD STYLE="text-align: justify">All such notices and communications shall be addressed as set out herein below or to such other
addresses as may be given by written notice in accordance with this Section 14.5.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.5.3</TD><TD STYLE="text-align: justify">If to the Seller:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42.55pt">&nbsp;</TD>
    <TD STYLE="width: 200pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Forsman &amp; Bodenfors ek. f&ouml;r.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kyrkogatan 48</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">P.O. Box 2526</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SE-403 17 G&ouml;teborg, Sweden</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Erik Sollenberg</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">E-mail: erik.sollenberg@fb.se</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">with a copy, not serving as notice, to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Advokatfirman Vinge</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Box 11025</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">404 21 Gothenburg</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sweden</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn. Fredrik Sonander</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">E-mail: fredrik.sonander@vinge.se</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.5.4</TD><TD STYLE="text-align: justify">If to the Buyer:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42.55pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 200pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">MDC Partners UK Holdings Limited</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c/o MDC Partners Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">745 Fifth Avenue, 19th Floor New York, New York 10151, USA</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: David Ross</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">E-mail:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">dross@mdc-partners.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42.55pt">&nbsp;</TD>
    <TD STYLE="width: 200pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with a copy, not serving as notice, to:</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">MAQS Advokatbyr&aring;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">M&auml;ster Samuelsgatan 20</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">P.O. 7009</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SE-103 86 Stockholm</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sweden</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn. J&uuml;rgen Conzen</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">E-mail: jurgen.conzen@maqs.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.5.5</TD><TD STYLE="text-align: justify">For the purposes of this Agreement, &ldquo;writing&rdquo; or &ldquo;written&rdquo; shall include
e-mails.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">14.6</FONT></TD><TD>Assignments</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.6.1</TD><TD STYLE="text-align: justify">No Party may assign, delegate, sub-contract, or otherwise transfer or pledge or grant any other
security interest in or over any of its rights or obligations under this Agreement without the prior written consent of the other
Party, except that the Buyer may transfer or assign, in whole or in part, to one or more of its subsidiaries from time to time
the right to purchase all or a portion of the Shares, provided that no such transfer will relieve the Buyer of its obligations,
or affect the rights of the Seller, under this Agreement. Notwithstanding the above, the Buyer may pledge or grant security interests
over its rights under this Agreement for the purpose of financing the transaction contemplated by this Agreement, including (a)
any refinancing of existing indebtedness of the Company and (b) any other facilities provided to the Buyer and/or the Company in
addition to such financing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">14.7</FONT></TD><TD>Partial Invalidity</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.7.1</TD><TD STYLE="text-align: justify">If any provision of this Agreement or the application of it shall be declared or deemed void, invalid
or unenforceable in whole or in part for any reason, the remaining provisions of this Agreement shall continue in full force and
effect. The Parties shall seek to amend such void, invalid or unenforceable provisions and thereby this Agreement in order to give
effect to, so far as is possible, the spirit of this Agreement and to achieve the purposes intended by the Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">14.8</FONT></TD><TD>Seller&rsquo;s Representative</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.8.1</TD><TD STYLE="text-align: justify">Mr. Erik Sollenberg is hereby constituted and appointed as agent (the &ldquo;<B>Seller&rsquo;s
Representative</B>&rdquo;) for and on behalf of the Seller to give and receive notices and communications under this Agreement,
to agree to, negotiate, enter into settlements and compromises of, and demand arbitration and comply with orders of courts and
awards of arbitrators with respect to claims by the Buyer and to take all actions necessary or appropriate in the judgment of the
Seller&rsquo;s Representative for the accomplishment of the foregoing. Notice or communications to or from the Seller&rsquo;s Representative
shall constitute notice to or from the Seller.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.8.2</TD><TD STYLE="text-align: justify">The Seller&rsquo;s Representative shall not be liable for any act done or omitted hereunder as
Seller&rsquo;s Representative while acting in good faith and in the exercise of reasonable judgment, and any act done or omitted
pursuant to the advice of counsel shall be conclusive evidence of such good faith. The Seller shall indemnify the Seller&rsquo;s
Representative and hold him harmless against any loss, liability or expense incurred and arising out of or in connection with the
acceptance or administration of his duties hereunder, except for gross negligence or bad faith on the part of the Seller&rsquo;s
Representative.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">14.9</FONT></TD><TD>Counterparts of this Agreement</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">14.9.1</TD><TD STYLE="text-align: justify">This Agreement has been executed in two (2) identical counterparts, one (1) for the Seller and
one (1) for the Buyer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">15</TD><TD>Governing Law</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">15.1</FONT></TD><TD>Swedish law</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">15.1.1</TD><TD STYLE="text-align: justify">This Agreement shall be governed by and construed in accordance with the laws of the Kingdom of
Sweden.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16</TD><TD>dispute resolution</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-transform: uppercase; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-weight: normal">16.1</FONT></TD><TD>Arbitration</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-indent: -42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">16.1.1</TD><TD STYLE="text-align: justify">Any dispute, controversy or claim arising out of, or in connection with, this Agreement, or the
breach, termination or invalidity of the Agreement, shall be finally settled by arbitration in accordance with the Rules of the
Arbitration Institute of the Stockholm Chamber of Commerce.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">16.1.2</TD><TD STYLE="text-align: justify">The arbitral tribunal shall be composed of three arbitrators. The seat of arbitration shall be
Gothenburg, Sweden. The oral language to be used in the arbitral proceedings shall be English.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">16.1.3</TD><TD STYLE="text-align: justify">Where a Party initiates arbitral proceedings with reference to this arbitration clause, the Arbitration
Institute of the Stockholm Chamber of Commerce shall inform all Parties who are bound by the clause.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">16.1.4</TD><TD STYLE="text-align: justify">If more than one set of arbitral proceedings has been initiated with reference to this arbitration
clause, the arbitral tribunal in the proceedings, which were first initiated, shall, following consultation with all affected Parties,
decide whether the subsequently initiated proceedings are to be consolidated with those which were initiated first. If the arbitral
tribunal considers that a consolidation would lead to a significant delay to one of the proceedings, it may, following consultation
with all affected Parties, decide that one or more of the proceedings will be held separately.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">16.1.5</TD><TD STYLE="text-align: justify">The Parties undertake and agree that all arbitral proceedings conducted with reference to this
arbitration clause will be kept strictly confidential. This confidentiality undertaking shall cover all information disclosed in
the course of such arbitral proceedings, as well as any decision or award that is made or declared during the proceedings. Information
covered by this confidentiality undertaking may not, in any form, be disclosed to a third party without the written consent of
the other Party. Notwithstanding the above, a Party shall not be prevented from disclosing such information in order to safeguard
in the best possible way his rights in connection with the dispute, or if obligated to do so pursuant to statute, regulation, a
decision by an authority, a stock exchange agreement or similar.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.5pt">16.1.6</TD><TD STYLE="text-align: justify">In case this Agreement or any part of it is assigned or transferred to a third party, such third
party shall automatically be bound by the provisions of this arbitration clause.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -42.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&mdash;oo0oo&mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, the Parties have
duly executed this Agreement as of the date and year hereinabove first written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(THE FOLLOWING PAGE ONLY FOR SIGNATURES)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, 27 June 2016</FONT></TD>
    <TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, 27 June 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDC Partners UK Holdings Limited</B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Forsman &amp; Bodenfors ek. f&ouml;r.</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Ross</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Erik Sollenberg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Ross </FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erik Sollenberg</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory </FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Guarantee by MDC Partners Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In the event that the Buyer fails to (i) make any of the payments
due by the Buyer or (ii) satisfy any of the indemnification payment obligations of the Buyer, then MDC Partners Inc. shall satisfy
in full such payment obligations on behalf of the Buyer. MDC Partners Inc. also agrees to be bound and abide by Sections 11.2,
13 and 16 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDC Partners Inc.</B></FONT></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Scott L Kauffman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott L. Kauffman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule
2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left; text-indent: 0in">definitions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the purpose of this Agreement, including
the preamble and the Schedules hereof, unless expressly otherwise stated or evident in the context, the following capitalized terms
shall have the following meanings, the singular (where appropriate) shall include the plural and vice versa, and references to
Schedules, Sections or Sub-sections shall be references to schedules, sections and sub-sections of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Accounting Principles&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean the accounting methods and estimates,
which are in accordance with applicable laws, generally accepted accounting principles in Sweden and referred to in the Group Companies&rsquo;
Annual Accounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Adjustment Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 5.1.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Affiliated Person&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means a closely related Person (Sw.<I> n&auml;rst&aring;ende</I>)
as set out in Chapter 21 &sect; 1 of the Swedish Companies Act (Sw. <I>Aktiebolagslagen (2005:551)</I>) or a Person directly or
indirectly controlling, controlled by or under common control with the Seller or the Buyer (as the case may be);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Agreement&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means this share sale and purchase agreement,
including all schedules and documents attached and referred to it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Annual Accounts&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the audited annual accounts of the Group
Companies, except for Forsman &amp; Bodenfors Studios AB, 559041-7225, (not available), (including balance sheet, profit and loss
account, cash flow statement, notes and management report (Sw. <I>f&ouml;rvaltningsber&auml;ttelse</I>)) and statements from the
auditors of the Group Companies (Sw. <I>revisionsber&auml;ttelse</I>) for the fiscal year ended on 31 December 2015, attached hereto
as <U>Schedule 9.8.1</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Arbitrational request&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning as set out in Section 5.3.7;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Authority Approval&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means any approval, authorization, clearance,
consent or permit of a competent national or supranational authority, whether final and non-appealable or not, required by a Party
under mandatory laws for the lawful and valid consummation of the sale and purchase of the Shares under this Agreement, excluding,
for the sake of clarity, any approvals, authorizations or resolutions of any internal body of a Party or any of its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Broker&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 4.3.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Brokerage Agreement&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 4.3.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Business&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means advertising agency business and therewith
compatible business as defined in each of the Group Companies&rsquo; articles of association, including, but not limited to, consultancy
business in the areas of marketing and advertising, production of journalistic work and information, management and trade with
real estate, art and securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Business Day&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means a day when commercial banks are open
for general banking business in Sweden;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Buyer&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means MDC Partners UK Holdings Limited, as
further defined in the introductory section of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Buyer&rsquo;s Auditor&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means BDO G&ouml;teborg KB;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Buyer&rsquo;s Calculation&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 5.2.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Buyer&rsquo;s Warranties&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the warranties (Sw<I>. garantier</I>)
of the Buyer set out under Section 10 hereinabove;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Cash Payment&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means any or all of the Initial Purchase Price,
Holdback Amount or Supplemental Purchase Price paid by the Buyer under this Agreement in the form of a wire transfer to a Seller&rsquo;s
bank account designated in writing by the Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Claims&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean any claim made by the Buyer against the
Seller in respect of a Loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Closing&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the consummation of the sale and purchase
of the Shares and the actions referred to under Section 8 of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Closing Accounts&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the reviewed (unaudited) consolidated
interim accounts of the Group of Companies, including the consolidated balance sheet, profit and loss account and cash flow statement
and statements from the auditor of the Group Companies for the period between January 1, 2016 and the Closing Date, to be prepared
in conformity with the Accounting Principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Closing Date&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means 1 July 2016 or such other date as the
Parties may agree on in writing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Company&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means Forsman &amp; Bodenfors AB, as further
defined in Section 1.1 of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Confidential Information&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means any information of any kind or nature
whatsoever, whether written or oral, including, without limitation, this Agreement and financial information, trade secrets, customer
lists and other information, regarding the Buyer, the Sellers or any Group Company, which is not known to the general public;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Contract&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means each contract and other undertaking by
or to any of the Group Companies, which has been disclosed under the Data Room Documents in <U>Schedule 9.1.1</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Data Room Documents&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the documents made available to the Buyer
and its advisors, containing commercial, accounting, financial and legal information concerning the Company, as evident from the
indexes attached hereto as <U>Schedule 9.1.1</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Debt&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the total consolidated financial indebtedness
for borrowed funds of the Group Companies, which for the avoidance of doubt entails that debt owed between the Group Companies
will not be considered as Debt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Dematerialized Floating Charge Certificates&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean the two dematerialized floating charge
certificates granted in the Company&rsquo;s business under (i) certificate number 20080416.32.01 in the amount of SEK 6,500,000,
and (ii) certificate number 20090213.78.01 in the amount of SEK 10,000,000 within SEK 16,500,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Directors&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean the board members, the deputy board members
and the managing directors of any of the Group Companies as at the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Disputed Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 5.2.4;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Encumbrance&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means any option, lien, pledge, mortgage, charge,
power of sale, hypothecation, retention of title, right of pre-emption, right of first refusal, licenses or other third party right
or security interest of any kind or an agreement, arrangement or obligation to create any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Final Claim&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning as set out in Section 5.3.7;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;GAAP&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Group Company&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the Company or any of the Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Group Companies&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean the Company and the Subsidiaries collectively;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Holdback Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means an amount of SEK 42,500,000 and referred
to in Section 5.3.3;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Independent Auditor&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means an internationally recognized independent
accounting firm as shall be agreed upon by the Parties, however not to be any accounting firm within the BDO or Adrian &amp; Partners
AB;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Initial Purchase Price&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out under Section 4.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Initial Proceeds Shortfall&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 4.3.4;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Intellectual Property Rights&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means inventions, patents, trademarks, domain
names, trade names, designs, business names, copyrights (including copyrights in software), neighboring rights and database rights,
confidential and proprietary information including trade secrets, know-how, and any other rights of a similar kind, whether registered
or not, including licenses and applications for the registration of such rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Interim Financial Statements&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean the consolidated reviewed, but unaudited,
accounts of the Group Companies, including balance sheet, profit and loss account and cash flow statement for the period beginning
on 1 January 2016 and ending on 30 April 2016, attached hereto as <U>Schedule 9.8.2</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Key Employee&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means each employee identified in Schedule
9.15.2;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Licensed Intellectual Property&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means all Intellectual Property Rights licensed
to the any of the Group Companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Lock-Up Period&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the period from the Closing Date until
the date immediately following MDC Partners&rsquo; public announcement of its financial results for the period ending 30 June 2016
(but not later than 10 August 2016);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Loss&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means any claim, loss, damage, liability or
expense incurred or may incur the Buyer or the Company (including legal, accounting and other expenses for the investigation or
defense of any actions or threatened actions), resulting from any breach of any provision of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Material Adverse Effect&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means a material adverse effect on the condition
(financial or otherwise) of the business, assets, results of operations or prospects of the Group Companies taken as a whole;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;MDC Financing&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 11.2.2 (a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;MDC Internal Transfer&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 11.2.2 (a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;MDC Partners&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean MDC Partner Inc. a federal company organized
under the laws of Canada, having its registered address at 745 Fifth Avenue, 19th Floor New York, New York 10151, USA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;MDC Sale&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 11.2.2 (a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;MDC Shares&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean the class A shares currently traded under
&ldquo;MDCA&rdquo; at NASDAQ stock exchange, New York, in MDC Partners;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Net Working Capital&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the total cash and cash equivalents plus
current assets less the current assumed liabilities, reflected in the Closing Accounts which amount shall be calculated as set
out in <U>Schedule A</U>; for the avoidance of doubt using the same accounts and line items;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Notice of Dispute&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 5.2.4;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Ordinary Course of Business&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means within each applicable articles of association
the ordinary course of business of the Group Companies as consistently conducted by the Seller or each Group Company, as the case
may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Owned Intellectual Property&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means all Intellectual
Property Rights owned by any of the Group Companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Party&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in the introductory
section of this Agreement referring to the Seller or the Buyer, as the case may be, or a legitimate successor thereof bound by
this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;PBT&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the Group Companies&rsquo; consolidated
net income (loss) before corporate income&nbsp;tax, determined in accordance with the Accounting Principles and provided that PBT
2016 shall be determined applying such principles in the same manner as was used when PBT 2015 was determined. Thereby, the following
shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD>payments by any of the Group Companies to the Buyer or its affiliates of any general management fees or corporate overhead
amounts, other than for reimbursement of costs where such costs would have otherwise been incurred at arm&rsquo;s length or unless
such payments have been approved in writing by the Seller, shall not be treated as an expense;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD>accrual of any component of any Initial Purchase Price and/or Supplemental Purchase Price payments made pursuant to this Agreement
shall not be treated as an expense;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD>the income of any Group Company shall be included only in proportion to the Company&rsquo;s direct or indirect ownership in
such Group Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD>any extraordinary or unusual gains or losses, gains or losses from the sale of any capital assets, and any gains or losses
recognized by any of the Group Companies in connection with the sale or other disposition of any investments by any of the Group
Companies shall be excluded from income;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD>adjustments shall be made for expenses related to adaptations to the Buyer&rsquo;s standards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD>any indemnifiable losses which are fully assumed by the Seller for which the Buyer has been reimbursed, shall not be treated
as an expense, and there shall be excluded from income any amount received by Buyer or any of its affiliates pursuant thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD>any indemnity payments made by the Buyer to Seller or its affiliates shall not be treated as an expense;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD>interest income and interest expense incurred by the Company shall be excluded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD>any interest costs or transaction fees incurred by the Company or any of its Subsidiaries resulting from any MDC Partners debt
financing shall not be treated as an expense except to the extent incurred by the Company under the overall cash management and
banking program of MDC Partners;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD>income or loss, as the case may be, recognized in a foreign currency shall be translated to USD in accordance with GAAP, and
foreign exchange gain or loss, if any, shall be recognized in accordance with GAAP; provided however, that net foreign exchange
gains or losses (in accordance with GAAP) with respect to intercompany loans shall be excluded from PBT unless the Seller and the
Buyer shall have consented to such intercompany loan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD>in the event that the Buyer requires the Company to enter into any transaction between the Company or any of its Subsidiaries
and a non-subsidiary affiliate that is not approved by the Seller in writing, any fees or expenses in excess of arm&rsquo;s length
terms, or any interest, foreign exchange or other costs resulting from the failure to receive payments in the ordinary course,
shall not be treated as an expense;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD>the fees and expenses of (1) in preparing any PBT calculation and year-end audit, (2) any audit performed in connection with
the Sarbanes-Oxley Act of 2002, as amended or modified from time to time, or any successor statute, and any rules and regulations
promulgated thereunder and (3) any preparation of income tax returns, reports and related schedules, in excess of SEK 600,000 in
any calendar year, shall not be treated as an expense;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xiii)</TD><TD>appropriations (Sw. <I>bokslutsdispositioner</I>) resulting in untaxed reserves shall be excluded; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xiv)</TD><TD>any distribution by the Seller of any Initial Purchase Price or Supplemental Purchase Price proceeds to its members, or to
any employee of any of the Group Companies shall not be treated as an expense.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any disagreement regarding PBT calculations
shall be referred to Section 16 (Dispute Resolution) herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;PBT 2015&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the amount of SEK 56,672,286 and calculated
as &ldquo;PBT 2015&rdquo; as set out in <U>Schedule&nbsp;B</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;PBT 2016&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the PBT for the fiscal year 2016;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Person&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means any individual, firm, company, corporation
or other corporate body, government, state or agency of a state or any joint venture, trust, association or partnership (general
or limited), whether or not incorporated, and whether or not its owners enjoy limited liability, and any other legal entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Restricted Shares&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean any MDC Shares paid to the Seller pursuant
to a Stock Payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;SEC&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 11.1.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;SEK&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the lawful currency in Sweden &ndash;
(Sw. <I>svenska kronor</I>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Seller&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the legal person as defined in the introductory
section of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Seller&rsquo;s Auditor&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means Adrian &amp; Partners AB;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Seller&rsquo;s Knowledge&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the actual knowledge of each of the Key
Employees after having made reasonable due inquiries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none"><I>&nbsp;</I></FONT></P>


<!-- Field: Page; Sequence: 45; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Seller&rsquo;s Representative&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 14.8;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Seller&rsquo;s Warranties&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the warranties (Sw<I>.
garantier</I>) of the Seller set out under Section 9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Shares&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the shares referred to in Section 1.2
and subject to transfer according to this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Signing Date&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the date upon which the Parties have
signed this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&rdquo;Specific Indemnities&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">have the meaning set out in Section 12.1.3;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Stated Claim&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning set out in Section 5.3.5;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Statutory Books&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean the shareholders&rsquo; register and minutes
from shareholders&rsquo; meetings and board meetings relating to any of the Group Companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Stock Payment&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means any or all of the Initial Purchase Price,
Holdback Amount or Supplemental Purchase Price paid by the Buyer under this Agreement in the form of MDC Shares into a securities
account designated in writing by the Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Subsidiary/Subsidiaries&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mean any or all or any combination of (i) Forsman
&amp; Bodenfors Factory AB, 556559-8298; (ii) Forsman &amp; Bodenfors Studios AB, 559041-7225; (iii) Forsman &amp; Bodenfors Inhouse
AB, 556750-0920; (iv) Happy Forsman &amp; Bodenfors AB, 556333-0694; and (v) Kollo AB, 556585-7306;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Supplemental Purchase Price&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning as set out under Section 4.2;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Target Working Capital&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means a working capital (determined the same
way as Net Working Capital) of SEK 35,500,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Taxes&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means all direct and indirect taxes and charges,
social security fees (<I>Sw. sociala avgifter</I>), fees, duties and other assessments (including but not limited to any income
tax, whether actual or deemed), sales tax, use tax, transfer tax, transaction tax, investment tax, capital tax, real property tax,
value added tax, withholding tax, employment tax, asset holding tax or registration tax, preliminary tax under the Swedish Tax
Payment Act (Sw.<I> skattebetalningslagen (1997:483))</I>, or the equivalent legislation in any relevant jurisdiction, or any amendments
or replacements thereof, and deferred taxes, wherever arising, together with any interest, penalties, residual tax charges or addition
to tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Third Party Claim&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means any claim by a third party (including
tax and other authorities) against any of the Group Companies provided that such claim could give rise to a Claim;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Trading Period&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">has the meaning as set out in Section 4.3.2;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;USD&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the lawful currency in the United States
of America &ndash; (Sw. <I>amerikanska dollar</I>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Working Capital Deficit&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the amount by which the Net Working Capital
is less than the Target Working Capital; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Working Capital Surplus&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">means the amount by which the Net Working Capital
exceeds the Target Working Capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
