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<SEC-DOCUMENT>0001021231-03-000490.txt : 20030423
<SEC-HEADER>0001021231-03-000490.hdr.sgml : 20030423
<ACCEPTANCE-DATETIME>20030423120538
ACCESSION NUMBER:		0001021231-03-000490
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		15
FILED AS OF DATE:		20030423
EFFECTIVENESS DATE:		20030423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERCONTINENTAL HOTELS GROUP PLC /NEW/
		CENTRAL INDEX KEY:			0000858446
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				250420260
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-104691
		FILM NUMBER:		03659503

	BUSINESS ADDRESS:	
		STREET 1:		20 NORTH AUDLEY ST
		CITY:			LONDON WIY 1WE ENGLA
		STATE:			X0
		ZIP:			32822
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		20 NORTH AUDLEY ST
		STREET 2:		-
		CITY:			LONDON ENGLAND
		STATE:			X0
		ZIP:			W1Y 1WE

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIX CONTINENTS PLC
		DATE OF NAME CHANGE:	19950531
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>b707091-s8.htm
<TEXT>
<html>
<head>
<title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
<p>&nbsp;</p>
<hr size="3" noshade color="#000000" style="margin-top: -15px">
<hr size="1" noshade color="#000000" style="margin-top: -22px">
<p align="center">&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>SECURITIES AND EXCHANGE COMMISSION</b></font><br>
  <font size="2" face="serif"><b>WASHINGTON, DC 20549</b></font></p>
<p align="center"><font size="4" face="serif"> <b>FORM S-8</b></font></p>
<p align="center"><font size="2" face="serif"> REGISTRATION STATEMENT UNDER THE</font><br>
  <font size="2" face="serif">SECURITIES ACT OF 1933</font></p>
<p align="center"><font size="3" face="serif"> <b>InterContinental Hotels Group
  PLC</b></font><br>
  <font size="2" face="serif"><font face="serif" size="1">(Exact Name of Registrant
  as Specified in Its Charter)</font> </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center">
    <td width="50%"><font size="2" face="serif"><b>England and Wales</b></font><br> <font size="2" face="serif"><font face="serif" size="1">(State
      or Other Jurisdiction of Incorporation or Organization)</font> </font></td>
    <td><font size="2" face="serif"><b>Not Applicable </b></font><br> <font size="2" face="serif"><font face="serif" size="1">(IRS
      Employer Identification No.)</font> </font></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif"><b>20 North Audley Street</b></font><br>
  <font size="2" face="serif"><b>London, England W1K 6WN</b></font><br>
  <font size="2" face="serif"><font face="serif" size="1">(Address of principal
  executive offices)</font> </font></p>
<p align="center"><font size="2" face="serif"> <b><font size="3">InterContinental
  Hotels Group Executive Share Option Plan</font></b></font><br>
  <font size="3" face="serif"><b>InterContinental Hotels Group Performance Restricted
  Share Plan</b></font><br>
  <font size="3" face="serif"><b>InterContinental Hotels Group Short Term Deferred
  Incentive Plan</b></font><br>
  <font size="3" face="serif"><b>InterContinental Hotels Group US Employee Stock
  Purchase Plan</b></font><br>
  <font size="2" face="serif"><font face="serif" size="1">(Full title of the plan)</font>
  </font></p>
<p align="center"><font size="2" face="serif"> <b>Robert Jackman</b></font><br>
  <font size="2" face="serif"><b>Six Continents Hotels, Inc.</b></font><br>
  <font size="2" face="serif"><b>Three Ravinia Drive, Suite 100</b></font><br>
  <font size="2" face="serif"><b>Atlanta, Georgia 30346-2149</b></font><br>
  <font size="2" face="serif"><b>Tel: (770) 604-8177</b></font><br>
  <font size="2" face="serif"><font face="serif" size="1">(Name, Address and Telephone
  Number,</font> </font><br>
  <font size="2" face="serif"><font face="serif" size="1">Including Area Code,
  of Agent For Service)</font> </font></p>
<p align="center"><font size="2" face="serif"> <b>CALCULATION OF REGISTRATION
  FEE</b></font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="center"><hr noshade size="1"></td>
    <td align="center"><hr noshade size="1"></td>
    <td align="center"><hr noshade size="1"></td>
    <td align="center"><hr noshade size="1"></td>
    <td align="center"><hr noshade size="1"></td>
  </tr>
  <tr valign="bottom">
    <td align="center"><font size="1" face="serif">Title of each</font><font size="1"><br>
      <font face="serif"><font face="serif">class of</font></font><br>
      <font face="serif"><font face="serif">securities </font></font><br>
      <font face="serif"><font face="serif">to be</font></font><br>
      <font face="serif"><font face="serif">registered</font></font></font></td>
    <td width="15%" align="center"><font size="1" face="serif">Amount</font><font size="1"><br>
      <font face="serif"><font face="serif">to be</font></font><br>
      <font face="serif"><font face="serif">registered (1)</font></font></font></td>
    <td width="15%" align="center"><font size="1" face="serif">Proposed</font><font size="1"><br>
      <font face="serif"><font face="serif">maximum</font></font><br>
      <font face="serif"><font face="serif">offering</font></font><br>
      <font face="serif"><font face="serif">price</font></font><br>
      <font face="serif"><font face="serif">per unit (2)</font></font></font></td>
    <td width="15%" align="center"><font size="1" face="serif">Proposed</font><font size="1"><br>
      <font face="serif"><font face="serif">maximum</font></font><br>
      <font face="serif"><font face="serif">aggregate</font></font><br>
      <font face="serif"><font face="serif">offering</font></font><br>
      <font face="serif"><font face="serif">price (2)</font></font></font></td>
    <td width="15%" align="center"><font size="1" face="serif">Amount of</font><font size="1"><br>
      <font face="serif"><font face="serif">registration</font></font><br>
      <font face="serif"><font face="serif">fee</font></font></font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Ordinary Shares, par value &pound;1
      per share</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">InterContinental Hotels Group
      Executive Share Option Plan</font><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2" face="serif">20,000,000</font><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2" face="serif">$ 5.35</font></td>
    <td align="center"><font size="2" face="serif">$ 107,000,000</font><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2" face="serif">$ 8,656</font><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2"><font face="serif"><font face="serif">InterContinental
      Hotels Group Performance Restricted Share Plan</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">4,000,000</font></font></font></td>
    <td align="center"><font size="2"><font size="2"><font face="serif"><font face="serif">$</font>
      <font face="serif">5.35</font></font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">$</font>
      <font face="serif">21,400,000</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">$</font>
      <font face="serif">1,731</font></font></font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2"><font face="serif"><font face="serif">InterContinental
      Hotels Group Short Term Incentive Plan</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">10,000,000</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">$</font>
      <font face="serif">5.35</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">$</font>
      <font face="serif">53,500,000</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">$</font>
      <font face="serif">4,328</font></font></font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2"> <font face="serif"><font face="serif">InterContinental
      Hotels Group US Employee Stock Purchase Plan</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">7,000,000</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">$</font>
      <font face="serif">5.35</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">$</font>
      37,450<font face="serif">,000</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">$</font>
      <font face="serif">3,030</font></font></font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2"><font face="serif"><font face="serif">TOTAL</font></font></font></td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">41,000,000</font></font></font></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2"><font face="serif"><font face="serif">$</font>
      <font face="serif">17,745</font></font></font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"> <font face="serif" size="1">(1)  The amount of Ordinary Shares being registered represents the maximum aggregate amount issuable to employees in the United States pursuant to the above-referenced plans of InterContinental Hotel Group PLC (the &#8220;Plans&#8221;).</font>
</font></p>
<p align="left"><font size="2" face="serif"> <font face="serif" size="1">This Registration Statement on Form S-8 shall also cover any additional Ordinary Shares which become issuable under the Plans by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of outstanding Ordinary Shares of the Registrant.</font>
</font></p>
<p align="left"><font size="2" face="serif"> <font face="serif" size="1">(2) Estimated
  solely for the purpose of determining the registration fee in accordance with
  Rule 457(h) under the Securities Act of 1933, as amended. The above calculation
  is based on (i) the middle market quotation for the Ordinary Shares on April
  16, 2003 on the London Stock Exchange, and (ii) the noon buying rate in New
  York City for cable transfers in pounds sterling as certified for custom purposes
  by the Federal Reserve Bank of New York on April 22, 2003 of &pound;1 = $1.57</font>.</font></p>
<hr size="1" noshade color="#000000" style="margin-top: -15px">
<hr size="3" noshade color="#000000" style="margin-top: -24px">
<div style="page-break-before:always"></div>
<page>
<p align="center">&nbsp;</p>
<table width="100%" border="0">
  <tr valign="top">
    <td colspan="3" align="center"> <font face="serif" size="2"><b><font face="serif" size="1"><br>
      </font>PART I</b><br>
      </font><font face="serif" size="2"><b>INFORMATION REQUIRED IN THE SECTION
      10(a) PROSPECTUS</b></font> </td>
  </tr>
  <tr valign="top">
    <td width="5%"><font face="serif" size="2"><b>Item 1.</b></font> </td>
    <td width="5%">&nbsp; </td>
    <td> <font face="serif" size="2"><b>Plan Information</b></font> </td>
  </tr>
  <tr valign="top">
    <td></td>
    <td colspan="2"><font size="2" face="serif">Omitted pursuant to the instructions
      and provisions of Form S-8.</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>Item 2.</b></font> </td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2"><b>Registrant Information and Employee Plan
      Annual Information</b></font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td colspan="2"><font size="2" face="serif">Omitted pursuant to the instructions
      and provisions of Form S-8.</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<p align="center">&nbsp;</p>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp; </td>
    <td colspan="2" align="center"> <font face="serif" size="2"><b>PART II</b></font><font face="serif" size="2"><b><br>
      INFORMATION REQUIRED IN THE<br>
      REGISTRATION STATEMENT</b></font> </td>
  </tr>
  <tr valign="top">
    <td width="5%"><font face="serif" size="2"><b>Item 3.</b></font></td>
    <td width="5%"> <font face="serif" size="2">.</font> </td>
    <td> <font face="serif" size="2"><b>Incorporation of Documents by Reference</b></font>
    </td>
  </tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">The reports listed below have been
      filed with or furnished to the Commission by the Registrant, and are incorporated
      herein by reference to the extent not superseded by documents or reports
      subsequently filed or furnished:</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="serif">(a)</font></td>
    <td width="5%"><font size="2" face="serif">(1)</font></td>
    <td align="left"><font size="2" face="serif">Parts 1, 3, 5, 7 of the Registrant&#8217;s
      Listing Particulars, dated February 17, 2003, containing financial information
      and other materials information regarding InterContinental Hotels Group
      PLC, furnished to the Commission under cover of a Form 6-K by Six Continents
      PLC on February 18, 2003;</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">    (2)</font></td>
<td align="left">
<font size="2" face="serif">The Annual Report for Six Continents PLC on Form 20-F for the fiscal year ended September 30, 2002, filed with the Commission on February 18, 2003;</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="serif">(b)</font></td>
    <td width="5%"><font size="2" face="serif">(1)</font></td>
    <td align="left"><font size="2" face="serif">Form 6-K, dated March 5, 2003,
      furnished to the Commission by Six Continents PLC, enclosing Supplementary
      Listing Particulars relating to the Registrant;</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">    (2)</font></td>
<td align="left">
<font size="2" face="serif">  Form 6-K, dated March 12, 2003, furnished to the Commission by Six Continents PLC, enclosing a press release announcing the results of the Court Meeting and Extraordinary General Meeting to approve the scheme of arrangement and demerger;</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="serif"> (3)</font></td>
    <td align="left"><font size="2" face="serif">Form 6-K, dated April 15, 2003,
      furnished to the Commission by the Registrant, enclosing a press release
      announcing the results of the demerger; and</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="serif">(c)</font></td>
    <td align="left"><font size="2" face="serif">The description of the Registrant&#8217;s
      ordinary shares of &pound;1 each and American Depositary Shares (&#8220;ADSs&#8221;)
      each representing one Ordinary Share of &pound;1 each evidenced by American
      Depositary Receipts (&#8220;ADRs&#8221;) and contained in the Registrant&#8217;s
      Registration Statement on Form 8-A, as filed with the Commission on
      March 28, 2003.</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">In addition, all filings on Form 20-F filed by the Registrant pursuant to the Securities Exchange Act of 1934 after the date of this Registration Statement and prior to the termination of the distribution contemplated hereby are incorporated by reference in this Registration Statement from the date of filing such documents or reports. Also, to the extent designated therein, Reports on Form 6-K filed or furnished by the Registrant after the date hereof and prior to the termination of the distribution contemplated hereby are incorporated by reference in this Registration Statement from the date of filing or furnishing such documents or reports.</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">All documents subsequently filed
      by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
      Securities Exchange Act of 1934, prior to the filing of the post-effective
      amendment which indicates that all securities offered have been sold or
      which deregisters all securities then remaining unsold, shall be deemed
      to be incorporated by reference in the registration statement and to be
      part thereof from the date of filing of such documents. Any statement contained
      in a document incorporated or deemed to be incorporated by reference herein
      shall be deemed to be modified or superseded for purposes of this Registration
      Statement to the extent that a statement contained herein or in any other
      subsequently filed document which also is deemed to be incorporated by reference
      herein modifies or supersedes such statement. Any such statement so modified
      or superseded shall not be deemed, except as so modified or superseded,
      to constitute a part of this Registration Statement.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<p align="center">&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="5%"><font face="serif" size="2"><b>Item 4.</b></font></td>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font face="serif" size="2"><b>Description of Securities</b></font>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">Not applicable.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td> <font face="serif" size="2"><b>Item 5.</b></font> </td>
    <td>&nbsp;</td>
    <td colspan="2"><font face="serif" size="2"><b>Interests of Named Experts
      and Counsel</b></font> </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">None.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>Item 6.</b></font></td>
    <td>&nbsp;</td>
    <td colspan="2"><font face="serif" size="2"><b>Indemnification of Directors
      and Officers</b></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">Article 161 of the Registrant&#8217;s
      Articles of Association provides:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">Subject to the provisions of and
      so far as may be consistent with the Statutes, every Director, Secretary
      or other officer of the Company shall be indemnified by the Company out
      of its own funds against and/or exempted by the Company from all costs,
      charges, losses, expenses and liabilities incurred by him in actual or purported
      execution and/or discharge of his duties and/or the exercise or purported
      exercise of his powers and/or otherwise in relation to or in connection
      with his duties, powers or office including (without prejudice to the generality
      of the foregoing) any liability incurred by him in defending any proceedings,
      civil or criminal, which relate to anything done or omitted or alleged to
      have been done or omitted by him as an officer or employee of the Company
      and in which judgment is given in his favour (or the proceedings are otherwise
      disposed of without any finding or admission of any material breach of duty
      on his part) or in which he is acquitted or in connection with any application
      under any statute for relief from liability in respect of any such act or
      omission in which relief is granted to him by the Court.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">Section 310 of the Companies Act
      1985 provides:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">(1)</font></td>
    <td colspan="2"><font size="2" face="serif">This section applies to any provision,
      whether contained in any company&#8217;s articles or in any contract with
      the company or otherwise, for exempting any officer of the company or any
      person (whether an officer or not) employed by the company as auditor from,
      or indemnifying him against, any liability which by virtue of any rule of
      law would otherwise attach to him in respect of a negligence, default, breach
      of duty or breach of trust of which he may be guilty in relation to the
      company.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">(2)</font></td>
    <td colspan="2"><font size="2" face="serif">Except as provided by the following
      subsection, any such provision is void.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">(3)</font></td>
    <td colspan="2"><font size="2" face="serif">This section does not prevent
      a company &#150;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">(a)</font></td>
    <td> <font size="2" face="serif"> from purchasing and maintaining for any
      such officer or auditor insurance against any such liability, or</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">(b)</font></td>
    <td> <font size="2" face="serif"> from indemnifying any such officer or auditor
      against any liability incurred by him &#150;</font></td>
  </tr>
</table>

<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(i)</font></td>
<td align="left">
<font size="2" face="serif">  in defending any proceedings (whether civil or criminal) in which judgment is given in his favour or he is acquitted, or</font></td>
</tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="serif">(ii)</font></td>
    <td align="left"> <font size="2" face="serif"> in connection with any application
      under section 144 (3) or (4) (acquisition of shares by innocent nominee)
      or section 727 (general power to grant release in case of honest and reasonable
      conduct) in which relief is granted to him by the court.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="4"><font size="2" face="serif">and Section 727 of the Companies
      Act 1985 provides:</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font></p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<p align="center">&nbsp;</p>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(1)</font></td>
<td align="left">
<font size="2" face="serif">  If in any proceedings for negligence, default, breach of duty or breach of trust against an officer of a company or a person employed by a company as auditor (whether he is or is not an officer of the company) it appears to the court hearing the case that officer or person is or may be liable in respect of the negligence, default, breach of duty or breach of trust, but that he has acted honestly and reasonably, and that having regard to all the circumstances of the case (including those connected with his appointment) he ought fairly to be excused for the negligence, default, breach of duty or breach of trust, that court may relieve him, either wholly or partly, from his liability in such terms as the court thinks fit.</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(2)</font></td>
<td align="left">
<font size="2" face="serif">  If any such officer or person as above-mentioned has reason to apprehend that any claim will or might be made against him in respect of any negligence, default, breach of duty or breach of trust, he may apply to the court for relief; and the court on the application has the same power to relieve him as under this section it would have had if it had been a court before which proceedings against that person for negligence, default, breach of duty or breach of trust had been brought.</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(3)</font></td>
<td align="left">
<font size="2" face="serif">  Where a case to which subsection (1) applies is being tried by a judge with a jury, the judge, after hearing the evidence, may, if he is satisfied that the defendant or defender ought in pursuance of that subsection to be relieved either in whole or in part from the liability sought to be enforced against him, withdraw the case in whole or in part from the jury and forthwith direct judgment to be entered for the defendant or defender on such terms as to costs or otherwise as the judge may think proper.</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">The Company maintains directors'
      and officers' liability insurance which provides insurance cover against
      the personal liabilities which directors and officers may incur by reason
      of their duties.</font></td>
</tr>
</table>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="serif"><b>Item 7.</b></font></td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif"><b>Exemption From Registration
      Claimed</b></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="4"><font size="2" face="serif">Not applicable.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>Item 8.</b></font> </td>
    <td>&nbsp;</td>
    <td colspan="3"><font face="serif" size="2"><b>Exhibits</b></font> </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="4"><font size="2" face="serif">The following are filed as exhibits
      to this registration statement:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">4.1</font></td>
    <td colspan="3"><font size="2" face="serif">Memorandum and Articles of Association.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">4.2</font></td>
    <td colspan="3"> <font size="2" face="serif"> Specimen share certificate for
      the Registrant&#8217;s Ordinary Shares of &pound;1 each.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">4.3</font></td>
    <td colspan="3"> <font size="2" face="serif"> Rules of the InterContinental
      Hotels Group Executive Share Option Plan.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">4.4</font></td>
    <td colspan="3"> <font size="2" face="serif"> Rules of the InterContinental
      Hotels Group Performance Restricted Share Plan</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">4.5</font></td>
    <td colspan="3"> <font size="2" face="serif"> Rules of the InterContinental
      Hotels Group Short Term Deferred Incentive Plan.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">4.6</font></td>
    <td colspan="3"> <font size="2" face="serif"> Rules of the InterContinental
      Hotels Group US Employee Stock Purchase Plan.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">5.1</font></td>
    <td colspan="3"> <font size="2" face="serif"> Opinion of Linklaters, as to
      the validity of the securities being registered.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">23.1</font></td>
    <td colspan="3"> <font size="2" face="serif"> Consent of Ernst &amp; Young
      LLP.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">23.2</font></td>
    <td colspan="3"> <font size="2" face="serif"> Consent of Linklaters (included
      in Exhibit 5 to this Registration Statement).</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">24.1</font></td>
    <td colspan="3"> <font size="2" face="serif"> Power of Attorney (included
      on signature pages).</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"> </font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<p align="center">&nbsp;</p>


<table width="100%" border="0">
  <tr valign="top">
    <td><font face="serif" size="2"><b>Item 9.</b></font> </td>
    <td>&nbsp;</td>
    <td colspan="2"><font face="serif" size="2"><b>Undertakings</b></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">(a)</font></td>
    <td colspan="2"> <font size="2" face="serif"> The undersigned Registrant hereby
      undertakes:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="serif">(1)</font></td>
    <td align="left"> <font size="2" face="serif"> To file, during any period
      in which offers or sales are being made, a post-effective amendment
      to this registration statement:</font></td>
  </tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(i)</font></td>
<td align="left">
<font size="2" face="serif">  To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(ii)</font></td>
<td align="left">
<font size="2" face="serif">  To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(iii)</font></td>
<td align="left">
<font size="2" face="serif">  To include any material information with respect of the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif"> <i>provided, however,</i> that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(2)</font></td>
<td align="left">
<font size="2" face="serif">  That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <i>bona fide</i> offering thereof.</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(3)</font></td>
<td align="left">
<font size="2" face="serif">  To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></td>
</tr>
</table>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif">  The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <i>bona fide</i> offering thereof.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<p align="center">&nbsp;</p>
<table width="100%" border="0">
<tr valign="top">
<td width="5%"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%"><font size="2" face="serif">(c)</font></td>
<td align="left">
<font size="2" face="serif">  Insofar as the indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the question has already been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by 
it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="serif"> <b>SIGNATURES</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements of filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the city of London, England, on April 23, 2003.</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">InterContinental Hotels Group
      PLC<br>
      <font face="serif" size="1">(Registrant)</font> </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="5%"><font size="2" face="serif">By:</font></td>
    <td width="50%"><font size="2" face="serif"><u>/s/ Richard North&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif"> Name:</font></td>
    <td><font size="2" face="serif">Richard North</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">Title:</font></td>
    <td><font size="2" face="serif">Director</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif"> <b>POWER OF ATTORNEY</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Richard North, Richard Solomons, Richard Winter and Catherine Springett, and each of them severally, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to do any and all things and execute any and all instruments that such attorney may deem necessary or advisable under the Securities Act of 1933 (the &#8220;Securities Act&#8221;), and any rules, regulations and requirements of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) in connection with the registration under the Securities Act of the Ordinary Shares of the Registrant, including specifically, but without limiting the generality of the foregoing, the power and authority to sign his name in his respective capacity as Member of the
 Board of Directors or Officer of the Registrant, this Registration Statement and/or such other form or forms as may be appropriate to be filed with the Commission as he may deem appropriate in respect of the Ordinary Shares of the Registrant, to any and all amendments, including post-effective amendments, to this Registration Statement and to any and all instruments and documents filed as part of or in connection with this Registration Statement and any and all amendments thereto, including post-effective amendments.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities on April 23, 2003.</font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="35%" align="left"><font size="2" face="serif">/s/ Sir Ian Prosser</font></td>
    <td width="15%" align="left">&nbsp;</td>
    <td width="35%" align="left"><font size="2" face="serif">/s/ Robert C. Larson</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Sir Ian Prosser</font><br> <font size="2" face="serif">Director
      and Chairman</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">Robert C. Larson</font><br> <font size="2" face="serif">Director</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">/s/ Richard North</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">/s/ David Prosser</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Richard North</font><br> <font size="2" face="serif">Director
      and Chief Executive</font><br> <font size="2" face="serif">(Principal Executive
      Officer)</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">David Prosser</font><br> <font size="2" face="serif">Director</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">/s/ Richard Solomons</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Richard Solomons</font><br> <font size="2" face="serif">Director
      and Finance Director</font><br> <font size="2" face="serif">(Principal Financial
      and Accounting Officer)</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">Sir Howard Stringer</font><br>
      <font size="2" face="serif">Director</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">/s/ Richard Hartman</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">/s/ David Webster</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Richard Hartman</font><br> <font size="2" face="serif">Director</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">David Webster</font><br> <font size="2" face="serif">Director</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="serif">/s/ Stevan Porter</font></td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">/s/ Robert Jackman</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Stevan Porter</font><br> <font size="2" face="serif">Director</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">Robert Jackman</font><br> <font size="2" face="serif">Agent
      for Service of Process and Authorized Representative in the United States
      of America</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">/s/ Ralph Kugler</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><hr size="1" noshade></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Ralph Kugler</font><br> <font size="2" face="serif">Director</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<br>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="serif"> Index to Exhibits</font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="8%" align="left"><a href="b707091ex4-1.htm"><font size="2" face="serif">4.1</font></a></td>
    <td align="left"><a href="b707091ex4-1.htm"><font size="2" face="serif">Memorandum
      and Articles of Association.</font></a></td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="b707091ex4-2.htm"><font size="2" face="serif">4.2</font></a></td>
    <td align="left"><a href="b707091ex4-2.htm"><font size="2" face="serif">Specimen
      share certificate for the Registrant&#8217;s Ordinary Shares of &pound;1
      each.</font></a></td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="b707091ex4-3.htm"><font size="2" face="serif">4.3</font></a></td>
    <td align="left"><a href="b707091ex4-3.htm"><font size="2" face="serif">Rules
      of the InterContinental Hotels Group Executive Share Option Plan.</font></a></td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="b707091ex4-4.htm"><font size="2" face="serif">4.4</font></a></td>
    <td align="left"><a href="b707091ex4-4.htm"><font size="2" face="serif">Rules
      of the InterContinental Hotels Group Performance Restricted Share Plan.</font></a></td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="b707091ex4-5.htm"><font size="2" face="serif">4.5</font></a></td>
    <td align="left"><a href="b707091ex4-5.htm"><font size="2" face="serif">Rules
      of the InterContinental Hotels Group Short Term Deferred Incentive Plan.</font></a></td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="b707091ex4-6.htm"><font size="2" face="serif">4.6</font></a></td>
    <td align="left"><a href="b707091ex4-6.htm"><font size="2" face="serif">Rules
      of the InterContinental Hotels Group US Employee Stock Purchase Plan.</font></a></td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="b707091ex5-1.htm"><font size="2" face="serif">5.1</font></a></td>
    <td align="left"><a href="b707091ex5-1.htm"><font size="2" face="serif">Opinion
      of Linklaters, as to the validity of the securities being registered.</font></a></td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="b707091ex23-1.htm"><font size="2" face="serif">23.1</font></a></td>
    <td align="left"><a href="b707091ex23-1.htm"><font size="2" face="serif">Consent
      of Ernst &amp; Young LLP.</font></a></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">23.2</font></td>
    <td align="left"><font size="2" face="serif">Consent of Linklaters (included
      in Exhibit 5.1 to this Registration Statement).</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">24</font></td>
    <td align="left"><font size="2" face="serif">Power of Attorney (included on
      signature pages).</font></td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>3
<FILENAME>b707091ex4-1.htm
<TEXT>
<html>
<head>
<title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">

<div style="page-break-before:always"></div>
<page>

<p align="right"><font size="2" face="sans-serif"><b>Exhibit 4.1</b></font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="sans-serif"><b>THE COMPANIES ACT 1985</b></font></p>
<p align="center"><font size="2" face="sans-serif"><b>COMPANY LIMITED BY SHARES</b></font></p>
<p align="center"><font size="2" face="sans-serif"><b>MEMORANDUM OF ASSOCIATION</b></font></p>
<p align="center"><font size="2" face="sans-serif"><b>OF</b></font></p>
<p align="center"><font size="2" face="sans-serif"><b>INTERCONTINENTAL HOTELS
  GROUP PLC</b></font></p>
<table border="0" width="100%">
  <tr valign="top" bgcolor="#FFFFFF">
    <td width="5%" align="left"><font size="2" face="sans-serif"><b>1.</b></font></td>
    <td align="left"><font size="2" face="sans-serif">The name of the Company
      is &#8220;InterContinental Hotels Group PLC&#8221;.</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="sans-serif"><b>2.</b></font></td>
    <td align="left"><font size="2" face="sans-serif">The Company is to be a public
      company.</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="sans-serif"><b>3.</b></font></td>
    <td align="left"><font size="2" face="sans-serif">The Company&#8217;s registered
      office is to be situate in England and Wales.</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="sans-serif"><b>4.</b></font></td>
    <td align="left"><font size="2" face="sans-serif">The objects for which the
      Company is established are:-</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(A)</font></td>
    <td> <font size="2" face="sans-serif">To acquire, purchase and take over for
      the purpose of amalgamation shares in Six Continents PLC and its subsidiaries
      and subsidiary undertakings and to carry on business as an investment holding
      company and to control and co-ordinate the business of any companies in
      which the Company is for the time being interested.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(B)</font></td>
    <td> <font size="2" face="sans-serif">To acquire (whether by original subscription,
      tender, purchase, exchange, underwriting or otherwise and whether conditionally
      or otherwise) shares or stocks, debentures, debenture stock, bonds, obligations
      or any other securities issued or guaranteed by any other corporation constituted
      or carrying on business in any part of the world and whether or not engaged
      or concerned in the same or similar trades or occupations as those carried
      on by the Company or its subsidiaries and the debentures, debenture stock,
      bonds, obligations or any other security issued or guaranteed by any government,
      sovereign ruler, commissioner, public body or authority, whether supreme,
      local or otherwise in any part of the world and whether such shares, stocks,
      debentures, debenture stocks, bonds, obligations or securities are or are
      not fully paid up and to make payments thereon as called up or in advance
      of calls or otherwise and to hold the same with a view to investment or
      to sell, exchange or otherwise dispose of the same.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(C)</font></td>
    <td> <font size="2" face="sans-serif">To carry on all or any of the businesses
      of licensed victuallers, hotel keepers, inn-keepers, beer-house keepers,
      restaurant keepers, lodging-house keepers, ice manufacturers and merchants,
      caterers and purveyors of refreshments, refreshment contractors, refreshment
      room proprietors, sugar and sweetmeat merchants, tobacconists, farmers,
      dairymen, yeast dealers, grain sellers, and dryers, timber merchants, brick
      makers, finings merchants and isinglass merchants, and the business of owning,
      leasing, managing and franchising hotels and lodging houses of all kinds.</font></td>
  </tr>
</table>
<hr align="left" width="150" size="1" noshade>
<table width="100%" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="2%">
<p><font face="sans-serif" size="1">*</font></p></td>
    <td>
<p><font face="sans-serif" size="1">The Company was incorporated on 2 October
        2002, under the name Hackplimco (No. 112) public limited company. The
        name was changed to the InterContinental Hotels Group PLC on 17 January
        2003, pursuant to a Special Resolution passed on that date pursuant to
        Section 28 of the Companies Act 1985. </font></p></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">1</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>

<p><font size="2" face="sans-serif"><a href="#contents">Back to Contents</a></font>
</p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(D)</font></td>
    <td align="left"><font size="2" face="sans-serif">To carry on the business
      or businesses of brewers and maltsters in all its branches, distillers and
      importers and exporters of and merchants and wholesale and retail dealers
      in and bottlers of beer, ale, porter, stout, cider, perry, wines, spirits
      and liquors of every description; and to manufacture, buy, sell, improve,
      treat, preserve, fine, aerate, mineralise, bottle and otherwise deal in
      minerals and aerated waters and other liquids of every description; and
      to produce, buy, sell and deal in malt, hops, grain, meal, yeast and all
      other materials and things capable of being used in connection with any
      such business aforesaid; and to manufacture, buy, sell and deal in casks,
      kegs, bottles and other containers of all kinds and plant, machines, apparatus
      and appliances capable of being used in connection with any such business
      as aforesaid.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(E)</font></td>
    <td> <font size="2" face="sans-serif">To grow, manufacture, buy, sell, manipulate,
      and deal both wholesale and retail in commodities, articles and things of
      all kinds which can conveniently be dealt in by the Company in connection
      with any of its objects.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(F)</font></td>
    <td> <font size="2" face="sans-serif">To carry on any other business which
      may seem to the Company capable of being conveniently carried on in connection
      with any of the above businesses or objects, or calculated directly or indirectly
      to enhance the value of or render profitable any of the Company&#8217;s
      property or rights for the time being.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(G)</font></td>
    <td> <font size="2" face="sans-serif">To carry on any of its business by or
      through a subsidiary or subsidiaries and to form or establish in any part
      of the world any company or companies for the purpose of carrying on as
      principal or as agent for the Company any business herein authorised or
      which may seem conducive to the Company&#8217;s interests and to subscribe
      for, hold and deal with the shares of any company that may be so formed
      or established and to guarantee the due performance of its obligations and
      to transfer to any such company any part or branch of its business.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(H)</font></td>
    <td> <font size="2" face="sans-serif">To purchase, acquire, rent, build, construct,
      equip, execute, carry out, improve, work, develop, administer, maintain,
      manage or control any freehold, leasehold or other property and, in particular,
      breweries, hotels, restaurants, licensed premises, cafes, bars or refreshment
      saloons and the goodwill of any business carried on therein and the stock-in-trade,
      plant, machinery or effects thereof or thereupon, whether the same be required
      for the purposes of the Company or for sale or hire to or in return for
      any consideration from any other company or persons and to contribute to
      or assist in the carrying out or establishment, construction, maintenance,
      improvement, management, working, control or superintendence thereof respectively.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(I)</font></td>
    <td> <font size="2" face="sans-serif">To purchase or otherwise acquire for
      any estate or interest any property or assets or any concessions, licences,
      grants, patents, trade marks or other exclusive or non-exclusive rights
      of any kind which may appear to be necessary or convenient for any business
      of the Company, and to develop and turn to account and deal with the same
      in such manner as may be thought expedient, and to make experiments and
      tests and to carry on all kinds of research work.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(J)</font></td>
    <td> <font size="2" face="sans-serif">To borrow and raise money and to secure
      or discharge any debt or obligation of or binding on the Company in such
      manner as may be thought fit and in particular by mortgages and charges
      upon the undertaking and all or any of the property and assets (present
      and future) and the uncalled capital of the Company, or by the creation
      and issue on such terms and conditions as may be thought expedient of debentures,
      debenture stock or other securities of any description.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(K)</font></td>
    <td align="left"><font size="2" face="sans-serif">To draw, make, accept, endorse,
      discount, negotiate, execute, and issue, and to buy, sell and deal with
      bills of exchange, promissory notes, and other negotiable or transferable
      instruments.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(L)</font></td>
    <td> <font size="2" face="sans-serif">To amalgamate or enter into partnership
      or any joint purpose or profit/loss-sharing arrangement with and to co-operate
      in any way with or assist or subsidise any company, firm or person, and
      to purchase or otherwise acquire and undertake all or any part of the business,
      property and liabilities of any person, body or company carrying on any
      business which this Company is authorised to carry on or possessed of any
      property suitable for the purposes of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(M)</font></td>
    <td> <font size="2" face="sans-serif">To promote or concur in the promotion
      of any company, the promotion of which shall be considered desirable.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(N)</font></td>
    <td> <font size="2" face="sans-serif">To pay all preliminary expenses of the
      Company and any company promoted by the Company or any company in which
      this Company is or may contemplate being interested, including in such preliminary
      expenses all or any part of the costs and expenses of owners of any business
      or property acquired by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(O)</font></td>
    <td> <font size="2" face="sans-serif">To advance, lend or deposit money or
      give credit to or with any company, firm or person on such terms as may
      be thought fit and with or without security.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(P)</font></td>
    <td> <font size="2" face="sans-serif">To issue any securities which the Company
      has power to issue for any other purpose by way of security or indemnity
      or in satisfaction of any liability undertaken or agreed to be undertaken
      by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(Q)</font></td>
    <td> <font size="2" face="sans-serif">To lend money and to guarantee or provide
      security (whether by personal covenant or by mortgage or charge) for the
      performance of the contracts or obligations of any company, firm or person,
      and the payment and repayment of the capital and principal of, and dividends,
      interest or premiums payable on, any stock, shares and securities of any
      company, whether having objects similar to those of the Company or not,
      and to give all kinds of indemnities.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(R)</font></td>
    <td> <font size="2" face="sans-serif">To sell, lease, grant licenses, easements
      and other rights over, and in any other manner deal with or dispose of,
      the undertaking, property, assets, rights and effects of the Company or
      any part thereof for such consideration as may be thought fit, and in particular
      for stocks, shares or securities of any other company whether fully or partly
      paid up.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(S)</font></td>
    <td> <font size="2" face="sans-serif">To procure the registration or incorporation
      of the Company in or under the laws of any place outside England.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(T)</font></td>
    <td> <font size="2" face="sans-serif">To subscribe, or guarantee money for
      any national, charitable, benevolent, public, general or useful object or
      for any exhibition, or for any purpose which may be considered likely directly
      or indirectly to further the objects of the Company or the interest of its
      members.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(U)</font></td>
    <td> <font size="2" face="sans-serif">To grant pensions or gratuities to any
      employees or ex-employees and to officers and ex-officers (including Directors
      and ex-Directors) of the Company or its predecessors in business, or the
      relations, connections or dependants of any such persons, and to establish
      or support associations, institutions, clubs, funds and trusts which may
      be considered calculated to benefit any such persons or otherwise advance
      the interests of the Company or of its members, and to establish and contribute
      to any scheme for the purchase by trustees of shares in the Company to be
      held for the benefit of the Company&#8217;s employees, and to lend money
      to the Company&#8217;s employees to enable them to purchase shares of the
      Company and to formulate and carry into effect any scheme for sharing the
      profits of the Company with its employees or any of them.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(V)</font></td>
    <td align="left"> <font size="2" face="sans-serif">(i) To purchase and maintain
      insurance for or for the benefit of any persons who are or were at any time
      Directors, officers or employees or auditors of the Company, or of any other
      company which is its holding company or in which the Company or such holding
      company or any of the predecessors of the Company or of such holding company
      has any interest whether direct or indirect or which is in any way allied
      to or associated with the Company, or of any subsidiary undertaking of the
      Company or of any such other company, or who are or were at any time trustees
      of any pension fund in which any employees of the Company or of any such
      other company or subsidiary undertaking are interested, including (without
      prejudice to the generality of the foregoing) insurance against any liability
      incurred by such persons in respect of any act or omission in the actual
      or purported execution and/or discharge of their duties and/or in the exercise
      or purported exercise of their powers and/or otherwise in relation to the
      Company or any such other company, subsidiary undertaking or pension fund
      and (ii) to such extent as may be permitted by law otherwise to indemnify
      or to exempt any such person against or from any such liability; for the
      purposes of this clause &#8220;holding company&#8221; and &#8220;subsidiary
      undertaking&#8221; shall have the same meanings as in the Companies Act
      1985.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(W)</font></td>
    <td> <font size="2" face="sans-serif">To distribute among members of the Company
      <i>in specie</i> or otherwise, by way of dividend or bonus or by way of
      reduction of capital, all or any of the property or assets of the Company,
      or any proceeds of sale or other disposal of any property or assets of the
      Company, with and subject to any incident authorised and consent required
      by law.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(X)</font></td>
    <td> <font size="2" face="sans-serif">To do all or any of the things and matters
      aforesaid in any part of the world, and either as principals, agents, contractors,
      trustees or otherwise, and either alone or in conjunction with others.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(Y)</font></td>
    <td> <font size="2" face="sans-serif">To do all such other things as may be
      considered to be incidental or conducive to the above objects or any of
      them.</font></td>
  </tr>
</table>
<table border="0" width="100%">
  <tr valign="top">
    <td colspan="2" align="left"><font size="2" face="sans-serif">And it is hereby
      declared that the objects of the Company as specified in each of the foregoing
      paragraphs of this clause (except only if and so far as otherwise expressly
      provided in any paragraph) shall be separate and distinct objects of the
      Company and shall not be in anywise limited by reference to any other paragraph
      or the order in which the same occur or the name of the Company.</font></td>
  </tr>
  <tr valign="top">
    <td width="5%" align="left"><font size="2" face="sans-serif"><b>5.</b></font></td>
    <td align="left" bgcolor="#ffffff"><font size="2" face="sans-serif">The liability
      of the members is limited.</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif"><b>6.</b></font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="sans-serif">The Company&#8217;s
      share capital is &pound;50,000 divided into 50,000 shares of &pound;1 each.<sup><font size="1">1</font></sup></font></td>
  </tr>
</table>
<hr align="left" width="150" size="1" noshade>
<table width="100%" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="2%">
<p><font face="sans-serif" size="1">1</font></p></td>
    <td>
<p><font face="sans-serif" size="1"> By Special Resolution passed on the 6th February
        2003 the share capital of the Company was increased from &pound;100 to
        &pound;10,000,050,000 divided into 10,000,000,000 Ordinary Shares of &pound;1
        each and 1 Redeemable Preference Share of &pound;50,000.</font></p></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif"><b>We</b>, the Subscribers
      to this Memorandum of Association wish to be formed into a Company pursuant
      to this Memorandum; and we agree to take the number of Shares shown opposite
      our respective names.</font></td>
  </tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2" align="left"><hr size="1" noshade></td>
    <td align="left"><hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="left"><font size="1" face="sans-serif"><b>Names and
      Addresses of Subscribers</b></font></td>
    <td align="left"><font size="1" face="sans-serif"><b>Number of Shares taken
      by each Subscriber</b></font></td>
  </tr>
  <tr valign="top">
    <td><hr size="2" noshade></td>
    <td><hr size="2" noshade></td>
    <td align="center"><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%"> <font size="2" face="sans-serif"><b>1</b></font></td>
    <td width="58%"> <font face="sans-serif" size="2">Hackwood Directors Limited<br>
      One Silk Street<br>
      London<br>
      EC2Y 8HQ<br>
      <br>
      <br>
      <u>Mark Jackson</u><br>
      For and on behalf of<br>
      Hackwood Directors Limited</font></td>
    <td align="center"><font size="2" face="sans-serif">One</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><hr size="1" noshade></td>
    <td align="left"><hr size="1" noshade></td>
    <td align="center"><hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif"><b>2</b><br>
      </font></td>
    <td align="left"><font size="2" face="sans-serif">Hackwood Secretaries Limited<br>
      One Silk Street<br>
      London<br>
      EC2Y 8HQ<br>
      <br>
      <u>Mark Jackson</u><br>
      For and on behalf of<br>
      Hackwood Secretaries Limited </font></td>
    <td align="center"><font size="2" face="sans-serif">One</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="right"><hr size="1" noshade></td>
    <td align="center"><hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="right"><font size="2" face="sans-serif"><b>Total Shares
      Taken:</b></font></td>
    <td align="center"><font size="2" face="sans-serif"><b>Two</b></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="right"><hr size="1" noshade></td>
    <td align="center"><hr size="1" noshade></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">DATED: 30 September 2002</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif"><b>Witness</b> to the above
      Signatures:-</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">J. DAVIES</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">One Silk Street<br>
      London<br>
      EC2Y 8HQ</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif">No. 4551528</font><br>
</p>
<p align="center"><font size="2" face="sans-serif">The Companies Act 1985<br>
  Company Limited by Shares</font></p>
<p align="center"><font face="sans-serif"><br>
  <font size="2">INTERCONTINENTAL HOTELS GROUP PLC</font></font></p>
<p align="center"><font face="sans-serif"><br>
  <font size="4">MEMORANDUM<br>
  and<br>
  NEW<br>
  ARTICLES OF ASSOCIATION</font></font></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font face="sans-serif"><img src="ex4-1image1.gif"></font></p>
<p><font size="1" face="sans-serif">One Silk Street</font><font face="sans-serif"><br>
  <font size="1">London EC2Y 8HQ</font></font></p>
<p>&nbsp;</p>
<p><font size="2" face="sans-serif"><font size="1">Telephone (44-20) 7456 2000<br>
  </font><font size="1" face="sans-serif">Facsimile (44-20) 7456 2222</font></font></p>
<p><font size="1" face="sans-serif">Ref JLF/DYT</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b>The Companies Act 1985</b></font></p>
<p align="center"><font size="2" face="sans-serif"><b>COMPANY LIMITED BY SHARES</b></font></p>
<p align="center"><font size="2" face="sans-serif"><b>Articles of Association</b></font></p>
<p align="center"><font size="2" face="sans-serif">Adopted by Special Resolution
  passed on 9 April 2003.</font></p>
<p align="center"><font size="2" face="sans-serif">of</font></p>
<p align="center"><font size="2" face="sans-serif"><b>INTERCONTINENTAL HOTELS
  GROUP PLC*<br>
  </b></font></p>
<p align="center"><font size="2" face="sans-serif"><b><a name="p1a"></a>Preliminary</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>1</b></font></td>
    <td> <font size="2" face="sans-serif">The regulations in Table A in The Companies
      (Tables A to F) Regulations 1985 and in any Table A applicable to the Company
      under any former enactment relating to companies shall not apply to the
      Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>2</b></font></td>
    <td> <font size="2" face="sans-serif">In these Articles (if not inconsistent
      with the subject or context) the words and expressions set out in the first
      column below shall bear the meanings set opposite to them respectively:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>The Act</b>&#8221;
      means The Companies Act 1985 as amended by the Companies Act 1989.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>These Articles</b>&#8221;
      means these Articles of Association as from time to time altered.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>The Auditors</b>&#8221;
      means the auditors for the time being of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>London Stock Exchange</b>&#8221;
      means London Stock Exchange plc.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Month</b>&#8221;
      means calendar month.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Office</b>&#8221;
      means the registered office of the Company for the time being.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Operator</b>&#8221;
      means CRESTCo Limited or such other person as may for the time being be
      approved by H.M. Treasury as Operator under the Regulations.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Operator-instruction</b>&#8221;
      means a properly authenticated dematerialised instruction attributable to
      the Operator.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>paid</b>&#8221;
      means paid or credited as paid.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>participating
      security</b>&#8221; means a security title to units of which is permitted
      by the Operator to be transferred by means of a relevant system.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Register</b>&#8221;
      means the register of members of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>The Regulations</b>&#8221;
      means the Uncertificated Securities Regulations 2001.</font></td>
  </tr>
</table>
<hr width="100%" size="1">
<table width="100%" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="2%">
<p><font face="sans-serif" size="1">*</font></p></td>
    <td>
<p><font face="sans-serif" size="1"> The name of the Company was changed from
        Hackplimco (No. 112) public limited company to the InterContinental Hotels
        Group PLC on 17 January 2003, pursuant to a Special Resolution passed
        on that date.</font></p></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">1</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>relevant system</b>&#8221;
      means a computer-based system, and procedures, which enable title to units
      of a security to be evidenced and transferred without a written instrument
      pursuant to the Regulations.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Seal</b>&#8221;
      means the Common Seal of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Securities Seal</b>&#8221;
      means the official seal kept by the Company by virtue of Section 40 of the
      Act.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Statutes</b>&#8221;
      means the Act, the Regulations and every other statute for the time being
      in force concerning companies and affecting the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Transfer Office</b>&#8221;
      means the place where the Register is situated for the time being.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>The United Kingdom</b>&#8221;
      means Great Britain and Northern Ireland.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>UK Listing Authority</b>&#8221;
      means the Financial Services Authority in its capacity as competent authority
      under the Financial Services and Markets Act 2000.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>in writing</b>&#8221;
      means written or produced by any substitute for writing or partly one and
      partly another.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Year</b>&#8221;
      means calendar year.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The expression &#8220;<b>address</b>&#8221;
      shall include, in relation to electronic communication, any number or address
      (including in the use of any Uncertificated Proxy Instruction permitted
      under Article 77, an identification number of a participant in the relevant
      system) used for the purpose of such communication.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The expressions &#8220;<b>communication</b>&#8221;
      and &#8220;<b>electronic communication</b>&#8221; shall have the same respective
      meanings as in the Electronic Communications Act 2000, the latter including,
      without limitation, e-mail, facsimile, CD-Rom, audio tape and telephone
      transmission and (in the case of electronic communication by the Company
      in accordance with Article 66) publication on a web site.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Consent</b>&#8221;
      in relation to the holders of any particular class of shares shall mean
      the consent or sanction of such holders given in accordance with the provisions
      of Article 5 of these presents relating to Variation of Rights.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The expressions &#8220;<b>debenture</b>&#8221;
      and &#8220;<b>debenture holder</b>&#8221; shall respectively include &#8220;<b>debenture
      stock</b>&#8221; and &#8220;<b>debenture stockholder</b>&#8221;.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The expression &#8220;<b>Director</b>&#8221;
      shall include all the directors of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The expression &#8220;<b>Group</b>&#8221;
      in relation to moneys borrowed means the Company and its subsidiary undertakings
      for the time being.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Moneys borrowed</b>&#8221;
      shall be deemed to include (to the extent that the same would not otherwise
      fall to be taken into account):</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">the principal amount of any debentures,
      as defined in Section 744 of the Act and any fixed premium payable on final
      repayment thereof save to the extent that such amounts otherwise fall to
      be included as moneys borrowed;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">the principal amount raised by the acceptance
      of bills by the Company or any subsidiary (not being acceptance of trade
      bills for the purchase of goods in the ordinary course of business) or by
      any bank or accepting house under any acceptance credit opened on behalf
      of the Company or any subsidiary;</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td align="left"><font size="2" face="sans-serif">the nominal amount of any
      share capital and the principal amount of any other debentures or other
      borrowed moneys (together with any fixed premium payable on final redemption
      or repayment) the redemption or repayment of which is guaranteed (or is
      the subject of an indemnity granted) by the Company or a subsidiary, save
      to the extent that the amount guaranteed otherwise falls to be included
      as moneys borrowed;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iv)</font></td>
    <td> <font size="2" face="sans-serif">the nominal amount of any paid-up share
      capital, except ordinary share capital, of a subsidiary which is not for
      the time being beneficially owned by the Company or a subsidiary;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(v)</font></td>
    <td> <font size="2" face="sans-serif">the aggregate amount owing by any member
      of the Group under finance leases (as determined in accordance with any
      then current Financial Reporting Standard or otherwise in accordance with
      United Kingdom generally accepted accounting principles but excluding leaseholds
      of immovable property);</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(vi)</font></td>
    <td> <font size="2" face="sans-serif">the principal amount of any book debts
      of any member of the Group which have been sold or agreed to be sold, to
      the extent that any member of the Group is for the time being liable to
      indemnify or reimburse the purchaser in respect of any non-payment in respect
      of such book debts; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(vii)</font></td>
    <td> <font size="2" face="sans-serif">any part of the purchase price of any
      movable or immovable assets acquired by any member of the Group, the payment
      of which is deferred beyond the date of completion of the conveyance, assignment
      or transfer of the legal estate to such assets or, if no such conveyance,
      assignment or transfer is to take place within six months after the date
      on which the contract for such purchase is entered into or (if later) becomes
      unconditional, beyond that date;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">but shall be deemed not
      to include:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(viii)</font></td>
    <td> <font size="2" face="sans-serif">a proportion of the moneys borrowed
      by any partly-owned subsidiary otherwise than from the Company or a subsidiary
      equal to the proportion of its ordinary share capital not directly or indirectly
      attributable to the Company;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ix)</font></td>
    <td> <font size="2" face="sans-serif">amounts borrowed and falling to be taken
      into account as moneys borrowed pending their application for the purpose
      of repaying the whole or any part of the other moneys borrowed provided
      that they are so applied within six months of being so borrowed;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(x)</font></td>
    <td> <font size="2" face="sans-serif">amounts borrowed by the Company or any
      subsidiary to finance any contract for the sale of goods in respect of which
      any part of the price receivable is guaranteed by the Export Credit Guarantee
      Department of the Board of Trade or any institution carrying on similar
      business to the extent of that part of the contract price guaranteed notwithstanding
      that such amount is secured by a pledge or charge on the interest in such
      contract or the underlying goods or bills of exchange or the negotiable
      instruments drawn or made in connection therewith or the interest in any
      letters of credit issued or guarantee or indemnity or security held in relation
      thereto;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(xi)</font></td>
    <td> <font size="2" face="sans-serif">all sums (whether or not carrying interest)
      deposited with the Company or with any subsidiary by tenants or managers
      of premises owned by any such company by way of earnest or security for
      the performance by such tenants or managers of their obligations or by loan
      clubs or by similar associations;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">and so that:</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(xii)</font></td>
    <td> <font size="2" face="sans-serif">no amount shall be taken into account
      more than once in the same calculation but subject thereto (i) to (xii)
      above shall be read cumulatively;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(xiii)</font></td>
    <td> <font size="2" face="sans-serif">moneys borrowed shall be offset by cash
      and cash equivalence as determined in accordance with any then current Financial
      Reporting Standards or otherwise in accordance with United Kingdom generally
      accepted accounting principles; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(xiv)</font></td>
    <td> <font size="2" face="sans-serif">in determining the amount of any debentures
      or other moneys borrowed or of any share capital for the purpose of this
      paragraph there shall be taken into account the nominal or principal amount
      thereof (or, in the case of partly-paid debentures or shares, the amount
      for the time being paid up thereon) together with any fixed or minimum premium
      payable on final redemption or repayment Provided that if moneys are borrowed
      or shares are issued on terms that they may be repayable or redeemable (or
      that any member of the Group may be required to purchase them) earlier than
      their final maturity date (whether by exercise of an option on the part
      of the issuer or the creditor (or a trustee for the creditor) or the shareholder,
      by reason of a default or for any other reason) at a premium or discount
      to their nominal or principal amount then there shall be taken into account
      the amount (or the greater or greatest of two or more alternative amounts)
      which would, if those circumstances occurred, be payable on such repayment,
      redemption or purchase at the date as at which the calculation is being
      made.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The expression &#8220;<b>officer</b>&#8221;
      shall include a Director, manager and the Secretary, but shall not include
      an auditor.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The expressions &#8220;<b>recognised
      clearing house</b>&#8221; and &#8220;<b>recognised investment exchange</b>&#8221;
      shall mean any clearing house or investment exchange (as the case may be)
      granted recognition under the Financial Services and Markets Act 2000.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The expression &#8220;<b>Secretary</b>&#8221;
      shall include any person appointed by the Directors to perform any of the
      duties of the Secretary including, but not limited to, a joint, assistant
      or deputy Secretary.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Share capital
      and consolidated reserves</b>&#8221; shall mean at any time a sum equal
      to the aggregate of reserves, as shown by the relevant balance sheet, of
      the amount paid up on the issued or allotted share capital of the Company
      and the amount standing to the credit of the reserves (including the profit
      and loss account and any share premium account or capital redemption reserve)
      of the Company and its subsidiary undertakings included in the consolidation
      in the relevant balance sheet but after:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">adding back any debit balance on profit
      and loss account or on any other reserve;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">excluding any amount taken directly
      to reserves for taxation;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">making such adjustments as may be appropriate
      in respect of any variation in the amount of such paid up share capital
      and/or any such reserves (other than profit and loss account) subsequent
      to the date of the relevant balance sheet and so that for this purpose if
      any issue or proposed issue of shares by the Company for cash has been underwritten
      then such shares shall be deemed to have been issued and the amount (including
      any premium) of the subscription moneys payable in respect thereof (not
      being moneys payable later than six months after the date of allotment)
      shall to the extent so underwritten be deemed to have been paid up on the
      date when the issue of such shares was underwritten (or, if such underwriting
      was conditional, on the date when it became unconditional);</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iv)</font></td>
    <td align="left"><font size="2" face="sans-serif">making such adjustments
      as may be appropriate in respect of any distribution declared, recommended
      or made by the Company or its subsidiary undertakings (to the extent not
      attributable directly or indirectly to the Company) out of profits earned
      up to and including the date of the relevant balance sheet to the extent
      that such distribution is not provided for in such balance sheet;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(v)</font></td>
    <td> <font size="2" face="sans-serif">making such adjustments as may be appropriate
      in respect of any variation in the interests of the Company in its subsidiary
      undertakings (including a variation whereby an undertaking becomes or ceases
      to be a subsidiary undertaking) since the date of the relevant balance sheet;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(vi)</font></td>
    <td> <font size="2" face="sans-serif">if the calculation is required for the
      purposes of or in connection with a transaction under or in connection with
      which any undertaking is to become or cease to be a subsidiary undertaking
      of the Company, making all such adjustments as would be appropriate if such
      transaction had been carried into effect;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(vii)</font></td>
    <td> <font size="2" face="sans-serif">excluding minority interests in subsidiary
      undertakings to the extent not already excluded.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">For the purpose of this
      definition, the &#8220;<b>relevant balance sheet</b>&#8221; means, as at
      the date of the adoption of these Articles, the latest audited consolidated
      balance sheet of Six Continents PLC and its subsidiary undertakings, until
      the audited accounts for the Company and its subsidiary undertakings for
      the period ended 31 December 2003 or the 15 months ended 31 December 2003
      are published, and from that date the relevant balance sheet shall be the
      latest audited consolidated balance sheet dealing with the state of affairs
      of the Company and (with or without exceptions) its subsidiary undertakings.
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td colspan="2"><font size="2" face="sans-serif">The expression &#8220;<b>shareholders&#8217;
      meeting</b>&#8221; shall include both a General Meeting and a meeting of
      the holders of any class of shares of the Company.</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="sans-serif">For the purposes of this
      definition:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">capital allotted shall be treated as
      issued and any capital already called up or payable at any fixed future
      date shall be treated as already paid up, and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">any company which it is proposed shall
      become a subsidiary shall be treated as if it had already become a subsidiary.</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="sans-serif">All such provisions of these
      Articles as are applicable to paid-up shares shall apply to stock, and the
      words &#8220;<b>share</b>&#8221; and &#8220;<b>shareholder</b>&#8221; shall
      be construed accordingly.</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="sans-serif">Words denoting the singular
      shall include the plural and vice versa. Words denoting the masculine shall
      include the feminine. Words denoting persons shall include bodies corporate
      and unincorporated associations.</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><p align="left"><font size="2" face="sans-serif">References
        to any statute or statutory provision shall be construed as relating to
        any statutory modification or re-enactment thereof for the time being
        in force.</font></p></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><p align="left"><font size="2" face="sans-serif">Subject as
        aforesaid any words or expressions defined in the Act or the Regulations
        shall (if not inconsistent with the subject or context) bear the same
        meanings in these Articles.</font></p></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><p align="left"><font size="2" face="sans-serif">A Special
        or Extraordinary Resolution shall be effective for any purpose for which
        an Ordinary Resolution is expressed to be required under any provision
        of these Articles.</font></p></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="left"><font size="2" face="sans-serif">References herein to a share
  (or to a holding of shares) being in uncertificated form or in certificated
  form are references, respectively, to that share being an uncertificated unit
  of a security or a certificated unit of a security for the purposes of the Regulations.</font></p>
<p align="center"><font size="2" face="sans-serif"><b><a name="p6a"></a>Share
  Capital</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>3</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Amount of Share Capital</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The share capital of the
      Company at the date of adoption of these Articles is &pound;10,000,050,000
      divided into 10,000,000,000 ordinary shares of &pound;1 each (&#8220;<b>Ordinary
      Shares</b>&#8221;) and one Redeemable Preference Share of &pound;50,000
      (&#8220;<b>Redeemable Preference Share</b>&#8221;). The Ordinary Shares
      will have attached thereto the rights and privileges and be subject to the
      limitations and restrictions specified in this Article 3. The Redeemable
      Preference Share will have attached thereto the rights and privileges and
      be subject to the limitations and restrictions specified in Article 4.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>3.1</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Income</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to the rights attached
      to any other share or class of share, the holders of Ordinary Shares shall
      be entitled to be paid any profits of the Company available for distribution
      and determined to be paid by the Directors rateably according to the amounts
      paid up on such shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>3.2</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Capital</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">On a return of capital on
      winding up or otherwise (except on redemption in accordance with the terms
      of issue of any share, or purchase by the Company of any share or on a capitalisation
      issue and subject to the rights of any other class of shares that may be
      issued) after paying such sums as may be due in priority to holders of any
      other class of shares in the capital of the Company, any further such amount
      shall be paid to the holders of the Ordinary Shares rateably according to
      the amounts paid up or credited as paid up in respect of each Ordinary Share.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>3.3</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Voting at General Meetings</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The holders of Ordinary
      Shares shall be entitled, in respect of their holdings of such shares, to
      receive notice of general meetings and to attend, speak and vote at such
      meetings in accordance with these Articles.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>4</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Redeemable Preference Share</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The rights attaching to
      the Redeemable Preference Share shall be as follows:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>4.1</b></font></td>
    <td> <font size="2" face="sans-serif">the Redeemable Preference Share shall
      carry no rights to receive any of the profits of the Company available for
      distribution by way of dividend or otherwise;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>4.2</b></font></td>
    <td> <font size="2" face="sans-serif">if there is a return of capital on winding-up
      or otherwise the assets of the Company available for distribution among
      the members shall be applied first in repaying in full the holder of the
      Redeemable Preference Share the amount paid up on such share;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>4.3</b></font></td>
    <td> <font size="2" face="sans-serif">except as provided above the Redeemable
      Preference Share shall not carry any right to participate in profits or
      assets of the Company;</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.4</font></b></td>
    <td align="left"><font size="2" face="sans-serif">subject to the provisions
      of the Act, the Company may redeem the Redeemable Preference Share at its
      nominal amount at any time specified by either the Directors or the holder
      of the Redeemable Preference Share provided always that if the Company shall
      at any time be unable in compliance with the provisions of the Act to redeem
      the Redeemable Preference Share on the date specified by the Directors of
      the Company or by the holder of the Redeemable Preference Share then the
      Company shall redeem such share as soon as it is able to comply with such
      provisions of the Act;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.5</font></b></td>
    <td align="left"><font size="2" face="sans-serif">on the redemption of the
      Redeemable Preference Share the nominal amount of the Redeemable Preference
      Share comprised in the authorised share capital of the Company shall thereafter
      be sub-divided and converted into ordinary shares of &pound;1 each without
      any further resolution or consent;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.6</font></b></td>
    <td align="left"><font size="2" face="sans-serif">subject to the provisions
      of the Act, any notice of redemption served shall specify the date fixed
      for redemption and upon such date the holder of the Redeemable Preference
      Share shall be bound to present the certificate in respect thereof in order
      that the same may be cancelled. Upon such delivery the Company shall pay
      to such holder the amount due to him in respect of such redemption;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.7</font></b></td>
    <td align="left"><font size="2" face="sans-serif">the holder of the Redeemable
      Preference Share shall not be entitled to receive notice of or attend and
      vote at any General Meeting of the Company unless a resolution is to be
      proposed:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">4.7.1</font></b></td>
    <td> <font size="2" face="sans-serif">to wind up the Company; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">4.7.2</font></b></td>
    <td> <font size="2" face="sans-serif">which varies, modifies, alters or abrogates
      any of the rights attaching to the Redeemable Preference Share.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p7a"></a>Variation
  of Rights</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>5</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Manner of variation of rights</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Whenever the share capital
      of the Company is divided into different classes of shares, the special
      rights attached to any class may, subject to the provisions of the Statutes
      and Article 4.7.2, be varied or abrogated either with the consent in writing
      of the holders of three-quarters in nominal value of the issued shares of
      the class or with the sanction of an Extraordinary Resolution passed at
      a separate General Meeting of the holders of the shares of the class (but
      not otherwise) and may be so varied or abrogated either whilst the Company
      is a going concern or during or in contemplation of a winding-up. To every
      such separate General Meeting all the provisions of these Articles relating
      to General Meetings of the Company and to the proceedings thereat shall
      <i>mutatis mutandis</i> apply, except that the necessary quorum shall be
      two persons at least holding or representing by proxy at least one-third
      in nominal value of the issued shares of the class (but so that at any adjourned
      meeting any holder of shares of the class present in person or by proxy
      shall be a quorum) and that any holder of shares of the class present in
      person or by proxy may demand a poll and that every such holder shall on
      a poll have one vote for every &pound;1 in nominal amount of capital held
      by him but not otherwise. The foregoing provisions of this Article shall
      apply to the variation or abrogation of the special rights attached to some
      only of the shares of any class as if each group of shares of the class
      differently treated formed a separate class the special rights whereof are
      to be varied.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">7</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>6</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Matters not constituting variation
      of rights</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The special rights attached
      to any class of shares having preferential rights shall not unless otherwise
      expressly provided by the terms of issue thereof be deemed to be varied
      by the creation or issue of further shares ranking as regards participation
      in the profits or assets of the Company in some or all respects <i>pari
      passu</i> therewith but in no respect in priority thereto.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p8a"></a>Alteration
  of Share Capital</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>7</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Increase of Share Capital</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may from time
      to time by Ordinary Resolution increase its capital by such sum to be divided
      into shares of such amounts as the resolution shall prescribe. All new shares
      shall be subject to the provisions of the Statutes and of these Articles
      with reference to allotment, payment of calls, lien, transfer, transmission,
      forfeiture and otherwise.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>8</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Consolidation, cancellation and subdivision</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may by Ordinary
      Resolution:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.1</font></b></td>
    <td> <font size="2" face="sans-serif">Consolidate and divide all or any of
      its share capital into shares of larger amount than its existing shares;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.2</font></b></td>
    <td> <font size="2" face="sans-serif">Cancel any shares which, at the date
      of the passing of the resolution, have not been taken, or agreed to be taken,
      by any person and diminish the amount of its capital by the amount of the
      shares so cancelled;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.3</font></b></td>
    <td> <font size="2" face="sans-serif">Sub-divide its shares, or any of them,
      into shares of smaller amount than is fixed by the Memorandum of Association
      (subject, nevertheless, to the provisions of the Statutes), and so that
      the resolution whereby any share is sub-divided may determine that, as between
      the holders of the shares resulting from such subdivision, one or more of
      the shares may, as compared with the others, have any such preferred, deferred
      or other special rights, or be subject to any such restrictions, as the
      Company has power to attach to unissued or new shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Proceeds of consolidation and subdivision</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Whenever as a result of
      a consolidation or subdivision of shares any members would become entitled
      to fractions of a share, the Directors may, on behalf of those members,
      sell the shares representing the fractions for the best price reasonably
      obtainable to any person (including, subject to the provisions of the Act,
      the Company) and distribute the net proceeds of sale in due proportion among
      those members, and the Directors may authorise some person to transfer the
      shares to, or in accordance with the directions of, the purchaser. The transferee
      shall not be bound to see to the application of the purchase money nor shall
      his title to the shares be affected by any irregularity in or invalidity
      of the proceedings in reference to the sale. So far as the Statutes allow,
      the Directors may treat shares of a member in certificated form and in uncertificated
      form as separate holdings in giving effect to subdivisions and/or consolidations
      and may cause any shares arising on consolidation or subdivision and representing
      fractional entitlements to be entered in the Register as shares in certificated
      form where this is desirable to facilitate the sale thereof.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">8</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>10</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Purchase of own shares</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to the provisions
      of the Statutes, the Company may purchase, or may enter into a contract
      under which it will or may purchase, any of its own shares (including any
      redeemable shares). Every contract for the purchase by the Company of, or
      under which it may become entitled or obliged to purchase, its own shares
      shall, in addition to such authorisation as may be required by the Statutes,
      be sanctioned by an Extraordinary Resolution passed at a separate General
      Meeting of the holders of each class of shares in issue convertible into
      equity share capital of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Reduction of capital</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may reduce its
      share capital or any capital redemption reserve, share premium account or
      other undistributable reserve in any manner and with and subject to any
      incident authorised and consent required by law.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p9a"></a>Shares</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">12</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Rights attaching to shares on issue</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Without prejudice to any
      special rights previously conferred on the holders of any shares or class
      of shares for the time being issued, any share in the Company may be issued
      with such preferred, deferred or other special rights, or subject to such
      restrictions, whether as regards dividend, return of capital, voting or
      otherwise, as the Company may from time to time by Ordinary Resolution determine
      (or, in the absence of any such determination, as the Directors may determine)
      and subject to the provisions of the Statutes the Company may issue any
      shares which are, or at the option of the Company or the holder are liable,
      to be redeemed.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">13</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Directors&#8217; power to allot</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">13.1</font></b></td>
    <td> <font size="2" face="sans-serif">Subject to the provisions of the Statutes
      relating to authority, pre-emption rights and otherwise and of any resolution
      of the Company in General Meeting passed pursuant thereto, all unissued
      shares shall be at the disposal of the Directors and they may allot (with
      or without conferring a right of renunciation), grant options over or otherwise
      dispose of them to such persons, at such times and on such terms as they
      think proper.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">13.2</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors shall be generally and
      unconditionally authorised pursuant to and in accordance with Section 80
      of the Act to exercise for each Allotment Period all the powers of the Company
      to allot relevant securities up to an aggregate nominal amount not exceeding
      an amount equal to one-third of the Ordinary Shares in issue at the beginning
      of the Allotment Period. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">13.3</font></b></td>
    <td> <font size="2" face="sans-serif">During each Allotment Period the Directors
      shall be empowered to allot equity securities wholly for cash pursuant to
      and within the terms of any authority for the time being in force under
      Section 80 of the Act:</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">9</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">13.3.1</font></b></td>
    <td> <font size="2" face="sans-serif">in connection with a rights issue; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">13.3.2</font></b></td>
    <td> <font size="2" face="sans-serif">otherwise than in connection with a
      rights issue, up to an aggregate nominal amount not exceeding an amount
      equal to five per cent. of the Ordinary Shares in issue at the beginning
      of the Allotment Period,</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">as if Section 89(1) of the
      Act did not apply to any such allotment.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">13.4</font></b></td>
    <td> <font size="2" face="sans-serif">By each such authority and power the
      Directors may during each Allotment Period, make offers or agreements which
      would or might require the allotment of securities after the expiry of such
      period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">13.5</font></b></td>
    <td> <font size="2" face="sans-serif">For the purposes of this Article 13:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">13.5.1</font></b></td>
    <td> <font size="2" face="sans-serif">&#8220;<b>rights issue</b>&#8221; means
      an offer of equity securities open for a period fixed by the Directors to
      holders of equity securities on the Register on a fixed record date in proportion
      to their respective holdings of such securities or in accordance with the
      rights attached thereto (but subject to such exclusions or other arrangements
      as the Directors may deem necessary or expedient in relation to fractional
      entitlements or legal or practical problems under the laws of, or the requirements
      of any recognised regulatory body or any stock exchange in, any territory);</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">13.5.2</font></b></td>
    <td> <font size="2" face="sans-serif">&#8220;<b>Allotment Period</b>&#8221;
      means the period ending at the conclusion of the next Annual General Meeting
      or 15 months from the date of passing the resolution, whichever is the earlier,
      or any other period (not exceeding five years on any occasion) for which
      the authority conferred by this Article 13 is renewed or extended by Resolution
      of the Company in General Meeting stating the Section 80 Amount for such
      period;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">13.5.3</font></b></td>
    <td> <font size="2" face="sans-serif">&#8220;<b>Section 80 Amount</b>&#8221;
      shall for the first Allotment Period be an aggregate nominal amount not
      exceeding an amount equal to one third of the Ordinary Shares in issue at
      the beginning of the Allotment Period; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">13.5.4</font></b></td>
    <td> <font size="2" face="sans-serif">the nominal amount of any securities
      shall be taken to be, in the case of rights to subscribe for or to convert
      any securities into shares of the Company, the nominal amount of such shares
      which may be allotted pursuant to such rights.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>14</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Commission on issue of shares</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may exercise
      the powers of paying commissions conferred by the Statutes to the full extent
      thereby permitted. The Company may also on any issue of shares pay such
      brokerage as may be lawful.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">15</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Renunciation of allotment</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may at any
      time after the allotment of any share but before any person has been entered
      in the Register as the holder:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">15.1</font></b></td>
    <td> <font size="2" face="sans-serif">recognise a renunciation thereof by
      the allottee in favour of some other person and may accord to any allottee
      of a share a right to effect such renunciation; and/or </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">15.2</font></b></td>
    <td> <font size="2" face="sans-serif">allow the rights represented thereby
      to be one or more participating securities,</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">in each case upon and subject
      to such terms and conditions as the Directors may think fit to impose.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">10</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>16</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Trust etc. interests not recognised</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Except as required by law,
      no person shall be recognised by the Company as holding any share upon any
      trust, and the Company shall not be bound by or compelled in any way to
      recognise any equitable, contingent, future or partial interest in any share,
      or any interest in any fractional part of a share, or (except only as by
      these Articles or by law otherwise provided) any other right in respect
      of any share, except an absolute right to the entirety thereof in the registered
      holder.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>17</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Right to refuse registration</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may in their
      absolute discretion and without assigning any reason therefor refuse to
      register any transfer of shares (not being fully-paid shares) provided that,
      where any such shares are admitted to the Official List maintained by the
      UK Listing Authority, such discretion may not be exercised in such a way
      as to prevent dealings in the shares of that class from taking place on
      an open and proper basis. The Directors may also refuse to register an allotment
      or transfer of shares (whether fully-paid or not) in favour of more than
      four persons jointly. If the Directors refuse to register an allotment or
      transfer they shall within two months after the date on which the letter
      of allotment or transfer was lodged with the Company send to the allottee
      or transferee notice of the refusal.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p11a"></a>Evidence
  of Title to Securities</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>18</b></font></td>
    <td> <font size="2" face="sans-serif">Nothing in these Articles shall require
      title to any securities of the Company to be evidenced or transferred by
      a written instrument, the regulations from time to time made under the Statutes
      so permitting. The Directors shall have power to implement any arrangements
      which they may think fit for such evidencing and transfer which accord with
      those regulations.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p11b"></a>Share
  Certificates</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>19</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Issue of share certificate</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Every share certificate
      shall be executed by the Company in such manner as the Directors may decide
      (which may include use of the Seal or the Securities Seal (or, in the case
      of shares on a branch register, an official seal for use in the relevant
      territory) and/or manual or facsimile signatures by one or more Directors)
      and shall specify the number and class of shares to which it relates and
      the amount paid up thereon. No certificate shall be issued representing
      shares of more than one class. No certificate shall normally be issued in
      respect of shares held by a recognised clearing house or a nominee of a
      recognised clearing house or of a recognised investment exchange.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>20</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Joint Holder</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">In the case of a share held
      jointly by several persons in certificated form the Company shall not be
      bound to issue more than one certificate therefor and delivery of a certificate
      to one of the joint holders shall be sufficient delivery to all.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">11</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>21</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Timing of issue of share certificate</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any person (subject as aforesaid)
      whose name is entered in the Register in respect of any shares in certificated
      form of any one class upon the issue or transfer thereof shall be entitled
      without payment to a certificate therefor (in the case of issue) within
      one month (or such longer period as the terms of issue shall provide) after
      allotment or (in the case of a transfer of fully-paid shares) within 14
      days after lodgment of a transfer or (in the case of a transfer of partly-paid
      shares) within two months after lodgment of a transfer.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>22</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Balance certificate</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Where some only of the shares
      comprised in a share certificate are transferred, the old certificate shall
      be cancelled and, to the extent that the balance is to be held in certificated
      form, a new certificate for the balance of such shares issued in lieu without
      charge.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>23</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Replacement of share certificates</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">23.1</font></b></td>
    <td> <font size="2" face="sans-serif">Any two or more certificates representing
      shares of any one class held by any member may at his request be cancelled
      and a single new certificate for such shares issued in lieu without charge.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">23.2</font></b></td>
    <td> <font size="2" face="sans-serif">If any member shall surrender for cancellation
      a share certificate representing shares held by him and request the Company
      to issue in lieu two or more share certificates representing such shares
      in such proportions as he may specify, the Directors may, if they think
      fit, comply with such request.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">23.3</font></b></td>
    <td> <font size="2" face="sans-serif">If a share certificate shall be damaged
      or defaced or alleged to have been lost, stolen or destroyed, a new certificate
      representing the same shares may be issued to the holder upon request subject
      to delivery up of the old certificate or (if alleged to have been lost,
      stolen or destroyed) compliance with such conditions as to evidence and
      indemnity and the payment of any exceptional out-of-pocket expenses of the
      Company in connection with the request as the Directors may think fit.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">23.4</font></b></td>
    <td> <font size="2" face="sans-serif">In the case of shares held jointly by
      several persons any such request may be made by any one of the joint holders.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p12a"></a>Calls
  on Shares</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>24</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Power to make calls</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may from time
      to time make calls upon the members in respect of any moneys unpaid on their
      shares (whether on account of the nominal value of the shares or, when permitted,
      by way of premium) but subject always to the terms of allotment of such
      shares. A call shall be deemed to have been made at the time when the resolution
      of the Directors authorising the call was passed and may be made payable
      by instalments.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>25</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Liability for calls</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Each member shall (subject
      to receiving at least 14 days&#8217; notice specifying the time or times
      and place of payment) pay to the Company at the time or times and place
      so specified, the amount called on his shares. The joint holders of a share
      shall be jointly and severally liable to pay all calls in respect thereof.
      A call may be revoked or postponed as the Directors may determine.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">12</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>26</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Interest on overdue amounts</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If a sum called in respect
      of a share is not paid before or on the day appointed for payment thereof,
      the person from whom the sum is due shall pay interest on the sum from the
      day appointed for payment thereof to the time of actual payment at such
      rate (not exceeding 3 per cent per annum above the base rate for the time
      being of Barclays Bank PLC on the date on which payments are made to the
      Company) as the Directors determine but the Directors shall be at liberty
      in any case or cases to waive payment of such interest wholly or in part.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>27</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Other sums due on shares</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any sum (whether on account
      of the nominal value of the share or by way of premium) which by the terms
      of allotment of a share becomes payable upon allotment or at any fixed date
      shall for all the purposes of these Articles be deemed to be a call duly
      made and payable on the date on which by the terms of allotment the same
      becomes payable. In case of non-payment all the relevant provisions of these
      Articles as to payment of interest and expenses, forfeiture or otherwise
      shall apply as if such sum had become payable by virtue of a call duly made
      and notified.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>28</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Power to differentiate between holders</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may on the
      allotment of shares differentiate between the holders as to the amount of
      calls to be paid and the times of payment.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>29</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Payment of calls in advance</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may if they
      think fit receive from any member willing to advance the same all or any
      part of the moneys (whether on account of the nominal value of the shares
      or by way of premium) uncalled and unpaid upon the shares held by him and
      such payment in advance of calls shall extinguish <i>pro tanto</i> the liability
      upon the shares in respect of which it is made and upon the money so received
      (until and to the extent that the same would but for such advance become
      payable) the Company may pay interest at such rate (not exceeding 3 per
      cent per annum above the base rate for the time being of Barclays Bank PLC
      on the date on which payments are made to the Company) as the member paying
      such sum and the Directors may agree.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p13a"></a>Forfeiture
  and Lien</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>30</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Notice on failure to pay a call</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">30.1</font></b></td>
    <td> <font size="2" face="sans-serif">If a member fails to pay in full any
      call or instalment of a call on or before the due date for payment thereof,
      the Directors may at any time thereafter serve a notice on him requiring
      payment of so much of the call or instalment as is unpaid together with
      any interest which may have accrued thereon and any expenses incurred by
      the Company by reason of such non-payment.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">13</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">30.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif">The notice shall name a
      further day (not being less than seven days from the date of service of
      the notice) on or before which and the place where the payment required
      by the notice is to be made, and shall state that in the event of non-payment
      in accordance therewith the shares on which the call has been made will
      be liable to be forfeited.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">31</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Forfeiture for non-compliance</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If the requirements of any
      such notice as aforesaid are not complied with, any share in respect of
      which such notice has been given may at any time thereafter, before payment
      of all calls and interest and expenses due in respect thereof has been made,
      be forfeited by a resolution of the Directors to that effect. Such forfeiture
      shall include all dividends declared in respect of the forfeited share and
      not actually paid before forfeiture. The Directors may accept a surrender
      of any share liable to be forfeited hereunder.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>32</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Disposal of forfeited share</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A share so forfeited or
      surrendered shall become the property of the Company and may be sold, re-allotted
      or otherwise disposed of either to the person who was before such forfeiture
      or surrender the holder thereof or entitled thereto or to any other person
      upon such terms and in such manner as the Directors shall think fit and
      at any time before a sale, re-allotment or disposal the forfeiture or surrender
      may be cancelled on such terms as the Directors think fit. The Directors
      may, if necessary, authorise some person to transfer a forfeited or surrendered
      share to any such other person as aforesaid.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>33</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Holder to remain liable despite forfeiture</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A member whose shares have
      been forfeited or surrendered shall cease to be a member in respect of the
      shares (and shall, in the case of shares held in certificated form, surrender
      to the Company for cancellation the certificate for such shares) but shall
      notwithstanding the forfeiture or surrender remain liable to pay to the
      Company all moneys which at the date of forfeiture or surrender were presently
      payable by him to the Company in respect of the shares with interest thereon
      at 3 per cent per annum above the base rate for the time being of Barclays
      Bank PLC on the date on which payments are made to the Company (or such
      lower rate as the Directors may determine) from the date of forfeiture or
      surrender until payment and the Directors may at their absolute discretion
      enforce payment without any allowance for the value of the shares at the
      time of forfeiture or surrender or for any consideration received on their
      disposal or waive payment in whole or in part.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>34</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Lien on partly-paid shares</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company shall have a
      first and paramount lien on every share (not being a fully-paid share) for
      all moneys (whether presently payable or not) called or payable at a fixed
      time in respect of such share and the Directors may waive any lien which
      has arisen and may resolve that any share shall for some limited period
      be exempt wholly or partially from the provisions of this Article.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">14</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>35</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Sale of shares subject to lien</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may sell in
      such manner as the Directors think fit any share on which the Company has
      a lien, but no sale shall be made unless some sum in respect of which the
      lien exists is presently payable nor until the expiration of 14 days after
      a notice in writing stating and demanding payment of the sum presently payable
      and giving notice of intention to sell in default shall have been given
      to the holder for the time being of the share or the person entitled thereto
      by reason of his death or bankruptcy or otherwise by operation of law.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>36</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Proceeds of sale subject to lien</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The net proceeds of such
      sale after payment of the costs of such sale shall be applied in or towards
      payment or satisfaction of the amount in respect whereof the lien exists
      so far as the same is then payable and any residue shall, upon surrender
      (in the case of shares held in certificated form) to the Company for cancellation
      of the certificate for the shares sold and subject to a like lien for sums
      not presently payable as existed upon the shares prior to the sale, be paid
      to the person entitled to the shares at the time of the sale. For the purpose
      of giving effect to any such sale the Directors may authorise some person
      to transfer the shares sold to, or in accordance with the directions of,
      the purchaser.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>37</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Evidence of forfeiture</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A statutory declaration
      in writing that the declarant is a Director or the Secretary of the Company
      and that a share has been duly forfeited or surrendered or sold to satisfy
      a lien of the Company on a date stated in the declaration shall be conclusive
      evidence of the facts therein stated as against all persons claiming to
      be entitled to the share. Such declaration shall (subject to the making
      of a transfer if the same be required) constitute a good title to the share
      and the person to whom the share is sold, re-allotted or disposed of shall
      not be bound to see to the application of the consideration (if any) nor
      shall his title to the share be affected by any irregularity or invalidity
      in the proceedings relating to the forfeiture, surrender, sale, re-allotment
      or disposal of the share.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p15a"></a>Transfer
  of Shares</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>38</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Form of transfer</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>38.1</b></font></td>
    <td> <font size="2" face="sans-serif">Subject to the provisions of Article
      18, all transfers of shares which are in certificated form may be effected
      by transfer in writing in any usual or common form or in any other form
      acceptable to the Directors and may be under hand only. The instrument of
      transfer shall be signed by or on behalf of the transferor and (except in
      the case of fully-paid shares) by or on behalf of the transferee. The transferor
      shall remain the holder of the shares concerned until the name of the transferee
      is entered in the Register in respect thereof.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>38.2</b></font></td>
    <td> <font size="2" face="sans-serif">All transfers of shares which are in
      uncertificated form may, unless the Regulations otherwise provide, be effected
      by means of a relevant system.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">15</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>39</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Closure of Register</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>39.1</b></font></td>
    <td> <font size="2" face="sans-serif">The registration of transfers may be
      suspended at such times and for such periods as the Directors may from time
      to time determine and either generally or in respect of any class of shares
      except that, in respect of any shares which are participating securities,
      the Register shall not be closed without the consent of the Operator. The
      Register shall not be closed for more than 30 days in any year.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>40</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Right to refuse registration</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>40.1</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors may decline to recognise
      any instrument of transfer relating to shares in certificated form unless
      the instrument of transfer is in respect of only one class of share and
      is lodged at the Transfer Office accompanied by the relevant share certificate(s)
      and such other evidence as the Directors may reasonably require to show
      the right of the transferor to make the transfer (and, if the instrument
      of transfer is executed by some other person on his behalf, the authority
      of that person so to do), provided that, where any such shares are admitted
      to the official list maintained by the UK Listing Authority, such discretion
      may not be exercised in such a way as to prevent dealings in the shares
      of that class from taking place on an open and proper basis. In the case
      of a transfer of shares in certificated form by a recognised clearing house
      or a nominee of a recognised clearing house or of a recognised investment
      exchange the lodgment of share certificates will only be necessary if and
      to the extent that certificates have been issued in respect of the shares
      in question.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>41</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Instruments of transfer</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">All instruments of transfer
      which are registered may be retained by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>42</b></font></td>
    <td> <font size="2" face="sans-serif"><b>No fee on registration</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">No fee will be charged by
      the Company in respect of the registration of any transfer or any document
      relating to or affecting the title to any shares or otherwise for making
      any entry in the Register affecting the title to any shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>43</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Destruction of documents</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to compliance with
      the rules (as defined in the Regulations) applicable to shares of the Company
      in uncertificated form, the Company shall be entitled to destroy or delete
      all instruments of transfer or other documents (whether in hard copy or
      electronic form) which have been registered or on the basis of which registration
      was made at any time after the expiration of six years from the date of
      registration thereof and all dividend mandates and notifications of change
      of address at any time after the expiration of two years from the date of
      recording thereof and all share certificates which have been cancelled at
      any time after the expiration of one year from the date of the cancellation
      thereof and it shall conclusively be presumed in favour of the Company that
      every entry in the Register purporting to have been made on the basis of
      an instrument of transfer or other document so destroyed or deleted was
      duly and properly made and every instrument of transfer so destroyed or
      deleted was a valid and effective instrument duly and properly registered
      and every share certificate so destroyed was a valid and effective certificate
      duly and properly cancelled and every other document hereinbefore mentioned
      so destroyed or deleted was a valid and effective document in accordance
      with the recorded particulars thereof in the books or records of the Company.
      Provided always that:</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">16</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>43.1</b></font></td>
    <td align="left"><font size="2" face="sans-serif">The provisions aforesaid
      shall apply only to the destruction or deletion of a document in good faith
      and without notice of any claim (regardless of the parties thereto) to which
      the document might be relevant;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>43.2</b></font></td>
    <td align="left"><font size="2" face="sans-serif">Nothing herein contained
      shall be construed as imposing upon the Company any liability in respect
      of the destruction or deletion of any such document earlier than as aforesaid
      or in any other circumstances which would not attach to the Company in the
      absence of this Article;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>43.3</b></font></td>
    <td align="left"><font size="2" face="sans-serif">References herein to the
      destruction or deletion of any document include references to the disposal
      thereof in any manner.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>44</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Further provisions on shares in uncertificated
      form</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>44.1</b></font></td>
    <td> <font size="2" face="sans-serif">Subject to the Statutes and the rules
      (as defined in the Regulations), the Directors may determine that any class
      of shares may be held in uncertificated form and that title to such shares
      may be transferred by means of a relevant system or that shares of any class
      should cease to be held and transferred as aforesaid.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>44.2</b></font></td>
    <td> <font size="2" face="sans-serif">The provisions of these Articles shall
      not apply to shares of any class which are in uncertificated form to the
      extent that such Articles are inconsistent with:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>44.2.1</b></font></td>
    <td> <font size="2" face="sans-serif">the holding of shares of that class
      in uncertificated form;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>44.2.2</b></font></td>
    <td> <font size="2" face="sans-serif">the transfer of title to shares of that
      class by means of a relevant system; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>44.2.3</b></font></td>
    <td> <font size="2" face="sans-serif">any provision of the Regulations.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p17a"></a>Transmission
  of Shares</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>45</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Persons entitled on death</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">In case of the death of
      a shareholder, the survivors or survivor where the deceased was a joint
      holder, and the executors or administrators of the deceased where he was
      a sole or only surviving holder, shall be the only persons recognised by
      the Company as having any title to his interest in the shares, but nothing
      in this Article shall release the estate of a deceased holder (whether sole
      or joint) from any liability in respect of any share held by him.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>46</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Election by persons entitled by transmission</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any person becoming entitled
      to a share in consequence of the death or bankruptcy of a member or otherwise
      by operation of law may (subject as hereinafter provided) upon supplying
      to the Company such evidence as the Directors may reasonably require to
      show his title to the share either be registered himself as holder of the
      share upon giving to the Company notice in writing of such his desire or
      transfer such share to some other person. All the limitations, restrictions
      and provisions of these Articles relating to the right to transfer and the
      registration of transfers of shares shall be applicable to any such notice
      or transfer as aforesaid as if the notice or transfer were a transfer made
      by the member registered as the holder of any such share.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">17</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>47</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Rights of persons entitled
      by transmission</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Save as otherwise provided
      by or in accordance with these Articles, a person becoming entitled to a
      share in consequence of the death or bankruptcy of a member or otherwise
      by operation of law (upon supplying to the Company such evidence as the
      Directors may reasonably require to show his title to the share) shall be
      entitled to the same dividends and other advantages as those to which he
      would be entitled if he were the registered holder of the share except that
      he shall not be entitled in respect thereof (except with the authority of
      the Directors) to exercise any right conferred by membership in relation
      to meetings of the Company until he shall have been registered as a member
      in respect of the share.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p18a"></a>Untraced
  Shareholders</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>48</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Untraced shareholders</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company shall be entitled
      to sell at the best price reasonably obtainable at the time of sale the
      shares of a member or the shares to which a person is entitled by virtue
      of transmission on death or bankruptcy or otherwise by operation of law
      if and provided that:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">48.1</font></b></td>
    <td> <font size="2" face="sans-serif">during the period of six years prior
      to the date of the publication of the advertisements referred to in Article
      49 below (or, if published on different dates, the first thereof) no communication
      has been received by the Company from the member or the person entitled
      by transmission and no cheque or warrant sent by the Company through the
      post in a pre-paid letter addressed to the member or to the person entitled
      by transmission to the shares at his address on the Register or the last
      known address given by the member or the person entitled by transmission
      to which cheques and warrants are to be sent has been cashed and at least
      three dividends in respect of the shares in question have become payable
      and no dividend in respect of those shares has been claimed; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">48.2</font></b></td>
    <td> <font size="2" face="sans-serif">the Company shall on expiry of the said
      period of six years have inserted advertisements in both a leading national
      daily newspaper and in a newspaper circulating in the area in which the
      address referred to in Article 48.1 above is located giving notice of its
      intention to sell the said shares; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">48.3</font></b></td>
    <td> <font size="2" face="sans-serif">during the said period of six years
      and the period of three months following the publication of the said advertisements
      the Company shall have received no communication from such member or person.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">49</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Executor and proceeds</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">To give effect to any such
      sale the Company may appoint any person to execute as transferor an instrument
      of transfer of the said shares and such instrument of transfer shall be
      as effective as if it had been executed by the registered holder of or person
      entitled by transmission to such shares and the title of the transferee
      shall not be affected by any irregularity or invalidity in the proceedings
      relating thereto. The net proceeds of sale shall belong to the Company which
      shall be obliged to account to the former member or other person previously
      entitled as aforesaid for an amount equal to such proceeds and shall enter
      the name of such former member or other person in the books of the Company
      as a creditor for such amount which shall be a permanent debt of the Company.
      No trust shall be created in respect of the debt, no interest shall be payable
      in respect of the same and the Company shall not be required to account
      for any money earned on the net proceeds, which may be employed in the business
      of the Company or invested in such investments (other than shares of the
      Company or its holding company if any) as the Directors may from time to
      time think fit.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">18</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>50</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Uncertificated shares</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">In the case of shares in
      uncertificated form, the foregoing provisions of this Article are subject
      to any restrictions applicable under the Regulations.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p19a"></a>General
  Meetings</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>51</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Annual and Extraordinary General
      Meetings</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">An Annual General Meeting
      shall be held not more than 18 months after the incorporation of the Company
      and subsequently once in every year, at such time (within a period of not
      more than 15 months after the holding of the last preceding Annual General
      Meeting) and place as may be determined by the Directors. All other General
      Meetings shall be called Extraordinary General Meetings.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>52</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Convening of General Meetings</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may whenever
      they think fit, and shall on requisition in accordance with the Statutes,
      proceed with proper expedition to convene an Extraordinary General Meeting.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p19b"></a>Notice
  of General Meetings</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>53</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Notice of General Meetings</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">An Annual General Meeting
      and any Extraordinary General Meeting at which it is proposed to pass a
      Special Resolution or (save as provided by the Statutes) a resolution of
      which special notice has been given to the Company, shall be called by 21
      clear days&#8217; notice in writing (including, subject to the provision
      of the Statutes and regulations of the London Stock Exchange, electronic
      mail) at the least and any other Extraordinary General Meeting by 14 clear
      days&#8217; notice in writing (including, subject to the provision of the
      Statutes and regulations of the London Stock Exchange, electronic mail)
      at the least. The period of notice shall in each case be exclusive of the
      day on which it is served or deemed to be served and of the day on which
      the meeting is to be held and shall be given in manner hereinafter mentioned
      to all members other than such as are not under the provisions of these
      Articles entitled to receive such notices from the Company: Provided that
      the Company may determine that only those persons entered on the Register
      at the close of business on a day determined by the Company, such day being
      no more than 21 days before the day that notice of the meeting is sent,
      shall be entitled to receive such a notice and Provided also that a General
      Meeting notwithstanding that it has been called by a shorter notice than
      that specified above shall be deemed to have been duly called if it is so
      agreed:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>53.1</b></font></td>
    <td> <font size="2" face="sans-serif">in the case of an Annual General Meeting
      by all the members entitled to attend and vote thereat; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>53.2</b></font></td>
    <td> <font size="2" face="sans-serif">in the case of an Extraordinary General
      Meeting by a majority in number of the members having a right to attend
      and vote thereat, being a majority together holding not less than 95 per
      cent in nominal value of the shares giving that right.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">19</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>54</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Contents of notice of
      General Meetings</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">54.1</font></b></td>
    <td> <font size="2" face="sans-serif">Every notice calling a General Meeting
      shall specify the place and the day and hour of the meeting, and there shall
      appear with reasonable prominence in every such notice a statement that
      a member entitled to attend and vote is entitled to appoint a proxy to attend
      and vote instead of him and that a proxy need not be a member of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">54.2</font></b></td>
    <td> <font size="2" face="sans-serif">In the case of an Annual General Meeting,
      the notice shall also specify the meeting as such.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">54.3</font></b></td>
    <td> <font size="2" face="sans-serif">The notice shall specify the general
      nature of the business to be transacted; if any resolution is to be proposed
      as an Extraordinary Resolution or as a Special Resolution, the notice shall
      contain a statement to that effect.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">54.4</font></b></td>
    <td> <font size="2" face="sans-serif">For the purposes of determining which
      persons are entitled to attend or vote at a meeting and how many votes such
      person may cast, the Company may specify in the notice of the meeting a
      time, not more than 48 hours before the time fixed for the meeting, by which
      a person must be entered on the Register in order to have the right to attend
      or vote at the meeting.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p20a"></a>Overflow
  of General Meetings</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>55</b></font></td>
    <td> <font size="2" face="sans-serif">The Board may, notwithstanding that
      the notice of any General Meeting may specify the place of the meeting (the
      &#8220;Principal Place&#8221;), at which the chairman of the meeting shall
      preside, make arrangements for simultaneous attendance and participation
      at other places by members and proxies entitled to attend the General Meeting
      but unable to do so at the Principal Place.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>56</b></font></td>
    <td> <font size="2" face="sans-serif">Such arrangements for simultaneous attendance
      at the meeting may include arrangements regarding the level of attendance
      as aforesaid at the other places provided that they shall operate so that
      any members and proxies excluded from attendance at the Principal Place
      are able to attend at one or more of the other places. For the purpose of
      all other provisions of these Articles any such meeting shall be treated
      as being held and taking place at the Principal Place.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>57</b></font></td>
    <td> <font size="2" face="sans-serif">The Board may, for the purpose of facilitating
      the organisation and administration of any General Meeting to which such
      arrangements apply, from time to time make arrangements, whether involving
      the issue of tickets (on a basis intended to afford all members and proxies
      entitled to attend the meeting an equal opportunity of being admitted to
      the Principal Place) or the imposition of some random means of selection
      or otherwise as it shall in its absolute discretion consider to be appropriate,
      and may from time to time vary any such arrangements or make new arrangements
      in their place and the entitlement of any member or proxy to attend a General
      Meeting at the Principal Place shall be subject to the arrangements as may
      be for the time being in force whether stated in the notice of meeting to
      apply to that meeting or notified to the members concerned subsequent to
      the provision of the notice of the meeting.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">20</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="p21a"></a>Proceedings
  at General Meetings</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>58</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Chairman</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Chairman of the Directors,
      failing whom a Deputy Chairman, shall preside as chairman at a General Meeting.
      If there be no such Chairman or Deputy Chairman, or if at any meeting neither
      be present within five minutes after the time appointed for holding the
      meeting and willing to act, the Directors present shall choose one of their
      number (or, if no Director be present or if all the Directors present decline
      to take the chair, the members present shall choose one of their number)
      to be chairman of the meeting.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>59</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Quorum</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">No business other than the
      appointment of a chairman shall be transacted at any General Meeting unless
      a quorum is present at the time when the meeting proceeds to business. Three
      members present in person or by proxy and entitled to vote shall be a quorum
      for all purposes.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>60</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Lack of quorum</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If within five minutes from
      the time appointed for a General Meeting (or such longer interval as the
      chairman of the meeting may think fit to allow) a quorum is not present,
      the meeting, if convened on the requisition of members, shall be dissolved.
      In any other case it shall stand adjourned to such other day and such time
      and place as may have been specified for the purpose in the notice convening
      the meeting or (if not so specified) as the chairman of the meeting may
      determine and in the latter case not less than seven days&#8217; notice
      of the adjourned meeting shall be given in like manner as in the case of
      the original meeting. At the adjourned meeting two members present in person
      or by proxy and entitled to vote shall be a quorum for all purposes.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>61</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Adjournment</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The chairman of any General
      Meeting at which a quorum is present may with the consent of the meeting
      (and shall if so directed by the meeting) adjourn the meeting from time
      to time (or <i>sine die</i>) and from place to place, but no business shall
      be transacted at any adjourned meeting except business which might lawfully
      have been transacted at the meeting from which the adjournment took place.
      Where a meeting is adjourned <i>sine die</i>, the time and place for the
      adjourned meeting shall be fixed by the Directors. When a meeting is adjourned
      for 30 days or more or <i>sine die</i>, not less than seven days&#8217;
      notice of the adjourned meeting shall be given in like manner as in the
      case of the original meeting.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">21</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>62</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Notice of adjourned meeting</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Save as hereinbefore expressly
      provided, it shall not be necessary to give any notice of an adjournment
      or of the business to be transacted at an adjourned meeting.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>63</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Amendments to resolutions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If an amendment shall be
      proposed to any resolution under consideration but shall in good faith be
      ruled out of order by the chairman of the meeting the proceedings on the
      substantive resolution shall not be invalidated by any error in such ruling.
      In the case of a resolution duly proposed as a Special or Extraordinary
      Resolution no amendment thereto (other than a mere clerical amendment to
      correct a patent error) may in any event be considered or voted upon.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>64</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Polls</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">At any General Meeting a
      resolution put to the vote of the meeting shall be decided on a show of
      hands unless a poll is (before or on the declaration of the result of the
      show of hands) demanded by:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>64.1</b></font></td>
    <td> <font size="2" face="sans-serif">the chairman of the meeting; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>64.2</b></font></td>
    <td> <font size="2" face="sans-serif">not less than five members present in
      person or by proxy and entitled to vote; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>64.3</b></font></td>
    <td> <font size="2" face="sans-serif">a member or members present in person
      or by proxy and representing not less than one-tenth of the total voting
      rights of all the members having the right to vote at the meeting; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>64.4</b></font></td>
    <td> <font size="2" face="sans-serif">a member or members present in person
      or by proxy and holding shares in the Company conferring a right to vote
      at the meeting being shares on which an aggregate sum has been paid up equal
      to not less than one-tenth of the total sum paid up on all the shares conferring
      that right.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>65</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Demand for poll</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A demand for a poll may
      be withdrawn only with the approval of the chairman of the meeting. Unless
      a poll is demanded a declaration by the chairman that a resolution has been
      carried, or carried unanimously, or by a particular majority, or lost, and
      an entry to that effect in the minute book, shall be conclusive evidence
      of that fact without proof of the number or proportion of the votes recorded
      for or against such resolution. If a poll is demanded, it shall be taken
      in such manner (including the use of ballot or voting papers or tickets)
      as the chairman of the meeting may direct, and the result of the poll shall
      be deemed to be the resolution of the meeting at which the poll was demanded.
      The chairman of the meeting may (and if so directed by the meeting shall)
      appoint scrutineers and may fix a place and time for the purpose of declaring
      the result of the poll. The result of the poll shall be deemed to be the
      resolution of the meeting at which the poll was demanded.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>66</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Voting on a poll</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">On a poll votes may be given
      either personally or by proxy and a person entitled to more than one vote
      need not use all his votes or cast all the votes he uses in the same way.
      Unless his appointment otherwise provides, the proxy may vote or abstain
      at his discretion on any matter coming before the meeting on which proxies
      are entitled to vote.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">22</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>67</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Chairman&#8217;s casting vote</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">In the case of an equality
      of votes, whether on a show of hands or on a poll, the chairman of the meeting
      at which the show of hands takes place or at which the poll is demanded
      shall be entitled to a casting vote in addition to any other vote he may
      have.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>68</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Timing of poll</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A poll demanded on the choice
      of a chairman or on a question of adjournment shall be taken forthwith.
      A poll demanded on any other question shall be taken either immediately
      or at such subsequent time (not being more than 30 days from the date of
      the meeting) and place as the chairman may direct. No notice need be given
      of a poll not taken immediately. The demand for a poll shall not prevent
      the continuance of the meeting for the transaction of any business other
      than the question on which the poll has been demanded.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p23a"></a>Votes
  of Members</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>69</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Votes attaching to shares</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to Article 54.4
      and to any special rights or restrictions as to voting attached by or in
      accordance with these Articles to any class of shares, on a show of hands
      every member who is present in person or by proxy shall have one vote and
      on a poll every member who is present in person or by proxy shall have one
      vote for every &pound;1 in nominal amount of the shares of which he is the
      holder.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>70</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Votes of joint holders</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">In the case of joint holders
      of a share the vote of the senior who tenders a vote, whether in person
      or by proxy, shall be accepted to the exclusion of the votes of the other
      joint holders and for this purpose seniority shall be determined by the
      order in which the names stand in the Register in respect of the share.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>71</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Voting by guardian</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Where in England or elsewhere
      a receiver or other person (by whatever name called) has been appointed
      by any court claiming jurisdiction in that behalf to exercise powers with
      respect to the property or affairs of any member on the ground (however
      formulated) of mental disorder, the Directors may in their absolute discretion,
      upon or subject to production of such evidence of the appointment as the
      Directors may require, permit such receiver or other person on behalf of
      such member to vote in person or by proxy at any General Meeting or to exercise
      any other right conferred by membership in relation to meetings of the Company.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">23</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>72</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Restrictions on voting if holding
      unpaid shares</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">No member shall, unless
      the Directors otherwise determine, be entitled in respect of any share held
      by him to vote either personally or by proxy at a General Meeting or a meeting
      of the holders of any class of shares of the Company or to exercise any
      other right conferred by membership in relation to General Meetings of the
      Company or meetings of the holders of any class of shares of the Company
      if any call or other sum presently payable by him to the Company in respect
      of that share remains unpaid.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>73</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Restrictions on voting in particular
      circumstances</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>73.1</b></font></td>
    <td> <font size="2" face="sans-serif">If any member, or any other person appearing
      to be interested in shares held by such member, has been duly served with
      a notice under Section 212 of the Act and is in default for the prescribed
      period in supplying to the Company the information thereby required, then
      (unless the Directors otherwise determine) in respect of:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>73.1.1</b></font></td>
    <td> <font size="2" face="sans-serif">the shares comprising the shareholding
      account in the Register which comprises or includes the shares in relation
      to which the default occurred (all or the relevant number as appropriate
      of such shares being the &#8220;default shares&#8221; which expression shall
      include any further shares which are issued in respect of such shares);
      and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>73.1.2</b></font></td>
    <td> <font size="2" face="sans-serif">any other shares held by the member,</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">the member shall (for so
      long as the default continues) not, nor shall any transferee to which any
      of such shares are transferred other than pursuant to an approved transfer
      or pursuant to paragraph 73.2.2 below, be entitled to vote either personally
      or by proxy at a General Meeting of the Company or a meeting of the holders
      of any class of shares of the Company or to exercise any other right conferred
      by membership in relation to General Meetings of the Company or meetings
      of the holders of any class of shares of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>73.2</b></font></td>
    <td> <font size="2" face="sans-serif">Where the default shares represent at
      least 0.25 per cent of the issued shares of the class in question, the Directors
      may in their absolute discretion by notice (a &#8220;<b>direction notice</b>&#8221;)
      to such member direct that:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">73.2.1</font></b></td>
    <td> <font size="2" face="sans-serif">any dividend or part thereof or other
      money which would otherwise be payable in respect of the default shares
      shall be retained by the Company without any liability to pay interest thereon
      when such money is finally paid to the member; and/or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">73.2.2</font></b></td>
    <td> <font size="2" face="sans-serif">no transfer of any of the shares held
      by such member shall be registered unless the transfer is an approved transfer
      or:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">the member is not himself in default
      as regards supplying the information required; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">the transfer is of part only of the
      member&#8217;s holding and, when presented for registration, is accompanied
      by a certificate by the member in a form satisfactory to the Directors to
      the effect that after due and careful enquiry the member is satisfied that
      none of the shares the subject of the transfer are default shares,</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">provided that, in the case
      of shares in uncertificated form, the Directors may only exercise their
      discretion not to register a transfer if permitted to do so by the Regulations.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">24</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any direction notice may
      treat shares of a member in certificated and uncertificated form as separate
      holdings and either apply only to the former or to the latter or make different
      provision for the former and the latter.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Upon the giving of a direction
      notice its terms shall apply accordingly.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">73.3</font></b></td>
    <td> <font size="2" face="sans-serif">The Company shall send to each other
      person appearing to be interested in the shares which are the subject of
      any direction notice a copy of the notice, but the failure or omission by
      the Company to do so shall not invalidate such notice.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td><font size="2" face="sans-serif"><b>73.4</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>73.4.1</b></font></td>
    <td> <font size="2" face="sans-serif">Save as herein provided any direction
      notice shall have effect in accordance with its terms for so long as the
      default in respect of which the direction notice was issued continues and
      shall cease to have effect thereafter upon the Directors so determining
      (such determination to be made within a period of one week of the default
      being duly remedied with written notice thereof being given forthwith to
      the member).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>73.4.2</b></font></td>
    <td> <font size="2" face="sans-serif">Any direction notice shall cease to
      have effect in relation to any shares which are transferred by such member
      by means of an approved transfer or in accordance with paragraph 73.2.2
      above.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>73.5</b></font></td>
    <td> <font size="2" face="sans-serif">For the purposes of this Article:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>73.5.1</b></font></td>
    <td> <font size="2" face="sans-serif">a person shall be treated as appearing
      to be interested in any shares if the member holding such shares has been
      served with a notice under the said Section 212 and either (a) the member
      has named such person as being so interested or (b) (after taking into account
      the response of the member to the said notice and any other relevant information)
      the Company knows or has reasonable cause to believe that the person in
      question is or may be interested in the shares;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>73.5.2</b></font></td>
    <td> <font size="2" face="sans-serif">the prescribed period is 14 days from
      the date of service of the notice under the said Section 212; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>73.5.3</b></font></td>
    <td> <font size="2" face="sans-serif">a transfer of shares is an approved
      transfer if:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">it is a transfer of shares to an offeror
      by way or in pursuance of acceptance of a takeover offer for a company (as
      defined in Section 428 of the Act); or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">the Directors are satisfied that the
      transfer is made pursuant to a bona fide sale of the whole of the beneficial
      ownership of the shares to a party unconnected with the member or with any
      person appearing to be interested in such shares including any such sale
      made through the London Stock Exchange or any other stock exchange outside
      the United Kingdom on which the Company&#8217;s shares are normally traded.
      For the purposes of this sub-paragraph any associate (as that term is defined
      in Section 435 of the Insolvency Act 1986) shall be included amongst the
      persons who are connected with the member or any person appearing to be
      interested in such shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>73.6</b></font></td>
    <td> <font size="2" face="sans-serif">The provisions of this Article are in
      addition and without prejudice to the provisions of the Act.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">25</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>74</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Validity and result of vote</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">No objection shall be raised
      as to the admissibility of any vote except at the meeting or adjourned meeting
      at which the vote objected to is or may be given or tendered and every vote
      not disallowed at such meeting shall be valid for all purposes. Any such
      objection shall be referred to the chairman of the meeting whose decision
      shall be final and conclusive.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p26a"></a>Proxies</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>75</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Proxy need not be a member</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A proxy need not be a member
      of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>76</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Form of proxy</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to Article 77.1,
      an instrument appointing a proxy shall be in writing in any usual or common
      form or in any other form which the Directors may approve and:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>76.1</b></font></td>
    <td> <font size="2" face="sans-serif">in the case of an individual shall be
      signed by the appointor or his attorney; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>76.2</b></font></td>
    <td> <font size="2" face="sans-serif">in the case of a corporation shall be
      either given under its common seal or signed on its behalf by an attorney
      or a duly authorised officer of the corporation.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The signature on such instrument
      need not be witnessed. Where an instrument appointing a proxy is signed
      on behalf of the appointor by an attorney, the letter or power of attorney
      or a duly certified copy thereof must (failing previous registration with
      the Company) be lodged with the instrument of proxy pursuant to the next
      following Article, failing which the instrument may be treated as invalid.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>77</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Deposit of form of proxy</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">77.1</font></b></td>
    <td> <font size="2" face="sans-serif">An instrument appointing a proxy must
      be received by the Company at such place or one of such places (if any)
      as may be specified for that purpose in or by way of note to or in any document
      accompanying the notice convening the meeting (or, if no place is so specified,
      at the Transfer Office) not less than forty-eight hours before the time
      appointed for the holding of the meeting or adjourned meeting or (in the
      case of a poll taken otherwise than at or on the same day as the meeting
      or adjourned meeting) for the taking of the poll at which it is to be used,
      and in default shall not be treated as valid. The instrument shall, unless
      the contrary is stated thereon, be valid as well for any adjournment of
      the meeting as for the meeting to which it relates.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">77.2</font></b></td>
    <td> <font size="2" face="sans-serif">Without limiting the foregoing, in relation
      to any shares in uncertificated form the Directors may permit a proxy to
      be appointed by means of an electronic communication in the form of an Uncertificated
      Proxy Instruction (that is, a properly authenticated dematerialised instruction,
      and/or other instruction or notification, sent by means of a relevant system
      to such participant in that system acting on behalf of the Company as the
      Directors may prescribe, in such form and subject to such terms and conditions
      as may from time to time be prescribed by the Directors (subject always
      to the facilities and requirements of the relevant system)); and may permit
      any supplement to, or amendment or revocation of, any such Uncertificated
      Proxy Instruction to be made by a further Uncertificated Proxy Instruction.
      The Directors may in addition prescribe the method of determining the time
      at which any such instruction or notification purporting or expressed to
      be sent on behalf of a holder of a share as sufficient evidence of the authority
      of the person sending the instruction to send it on behalf of that holder.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">26</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>78</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Differing proxy appointments</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">When two or more valid but
      differing proxy appointments are delivered in respect of the same share
      for use at the same meeting, the one which is last delivered (regardless
      of its date or the date of its execution (if relevant)) shall be treated
      as replacing and revoking the others as regards that share and if the Company
      is unable to determine which was last delivered none of them shall be treated
      as valid in respect of that share.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>79</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Rights of proxy</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">An instrument appointing
      a proxy shall be deemed to include the right to demand or join in demanding
      a poll but shall not confer any further right to speak at the meeting, except
      with the permission of the chairman of the meeting.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>80</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Revocation of proxy</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A vote cast by proxy shall
      not be invalidated by the previous death or insanity of the principal or
      by the revocation of the appointment of the proxy or of the authority under
      which the appointment was made provided that no intimation in writing, or
      electronically or by telephone of such death, insanity or revocation shall
      have been received by the Company at the address or one of the addresses
      specified under Article 77 (subject to any conditions attached to the use
      of a particular address imposed under that Article) or, if no address was
      specified, at the Transfer Office 48 hours or such lesser time as the Directors
      may determine before the commencement of the meeting or adjourned meeting
      or (in the case of a poll taken otherwise than at or on the same day as
      the meeting or adjourned meeting) the time appointed for the taking of the
      poll at which the vote is cast. The Directors may establish such procedures
      as they deem appropriate to receive and verify the validity and acceptance
      of the revocation of proxy.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p27a"></a>Corporations
  Acting by Representatives</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>81</b></font></td>
    <td> <font size="2" face="sans-serif">Any corporation which is a member of
      the Company may by resolution of its directors or other governing body authorise
      such person as it thinks fit to act as its representative at any meeting
      of the Company or of any class of members of the Company. The person so
      authorised shall be entitled to exercise the same powers on behalf of such
      corporation as the corporation could exercise if it were an individual member
      of the Company and such corporation shall for the purposes of these Articles
      be deemed to be present in person at any such meeting if a person so authorised
      is present thereat.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p27b"></a>Directors</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>82</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Number of Directors</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject as hereinafter provided
      the Directors shall not be less than five nor more than 18 in number. The
      Company may by Ordinary Resolution from time to time vary the minimum number
      and/or maximum number of Directors.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">27</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>83</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Share qualification </b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A Director shall not be
      required to hold any shares of the Company by way of qualification. A Director
      who is not a member of the Company shall nevertheless be entitled to receive
      notice of, attend and speak at General Meetings.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>84</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Directors&#8217; fees</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Each of the Directors, other
      than those who hold executive office or are employees of the Company or
      any subsidiary, shall be paid a fee (which shall accrue from day to day)
      at such rate as may from time to time be determined by the Directors, provided
      that the aggregate of all such fees shall not in respect of any year exceed
      &pound;550,000 or such other sum as shall be determined by Ordinary Resolution
      of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>85</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Other remuneration of Directors</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any Director who holds any
      executive office (including for this purpose the office of Chairman or Deputy
      Chairman or Vice Chairman whether or not such office is held in an executive
      capacity), or who serves on any committee of the Directors, or who otherwise
      performs services which in the opinion of the Directors are outside the
      scope of the ordinary duties of a Director, may be paid such extra remuneration
      by way of salary, commission or otherwise or may receive such benefits as
      the Directors may determine.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>86</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Directors&#8217; expenses</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may repay
      to any Director all such reasonable expenses as he may incur in attending
      and returning from meetings of the Directors or of any committee of the
      Directors or General Meetings or otherwise in connection with the business
      of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>87</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Directors&#8217; pensions and other
      benefits</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors shall have
      power to pay and agree to pay gratuities, pensions or other retirement,
      superannuation, death or disability benefits to (or to any person in respect
      of) any Director or ex-Director of the Company or any of its subsidiaries
      and for the purpose of providing any such gratuities, pensions or other
      benefits to contribute to any scheme or fund or to pay premiums.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>88</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Directors&#8217; insurance</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Without prejudice to the
      provisions of Article 161 the Directors shall have the power to purchase
      and maintain insurance for or for the benefit of any persons who are or
      were at any time Directors, officers or employees of the Company, or of
      any other company which is its holding company or in which the Company or
      such holding company or any of the predecessors of the Company or of such
      holding company has any interest whether direct or indirect or which is
      in any way allied to or associated with the Company, or of any subsidiary
      undertaking of the Company or of any such other company, or who are or were
      at any time trustees of any pension fund or employees&#8217; share scheme
      in which any employees of the Company or of any such other company or subsidiary
      undertaking are interested, including (without prejudice to the generality
      of the foregoing) insurance against any liability incurred by such persons
      in respect of any act or omission in the actual or purported execution and/or
      discharge of their duties and/or in the exercise or purported exercise of
      their powers and/or otherwise in relation to the Company or any such other
      company, subsidiary undertaking or pension fund or employees&#8217; share
      scheme.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">28</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>89</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Directors&#8217; interests</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to the provisions
      of the Statutes, and provided that he has disclosed to the Directors the
      nature and extent of any interest of his, a Director or alternate Director
      may be party to or in any way interested in any contract or arrangement
      or transaction to which the Company is a party or in which the Company is
      in any way interested and he may hold and be remunerated in respect of any
      office or place of profit (other than the office of Auditor of the Company
      or any subsidiary thereof) under the Company or any other company in which
      the Company is in any way interested and he (or any firm of which he is
      a member) may act in a professional capacity for the Company or any such
      other company and be remunerated therefor and in any such case as aforesaid
      (save as otherwise agreed by him) he may retain for his own absolute use
      and benefit all profits and advantages accruing to him thereunder or in
      consequence thereof.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>90</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Appointment of executive Directors</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>90.1</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors may from time to time
      appoint one or more of their body to be the holder of any executive office
      (including, where considered appropriate, the office of Chairman, Deputy
      Chairman, Vice Chairman or Group Chief Executive) on such terms and for
      such period as they may (subject to the provisions of the Statutes) determine
      and, without prejudice to the terms of any contract entered into in any
      particular case, may at any time revoke or vary the terms of any such appointment.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>90.2</b></font></td>
    <td> <font size="2" face="sans-serif">The appointment of any Director to the
      office of Chairman, Deputy Chairman, Vice Chairman or Group Chief Executive
      or Managing or Joint Managing or Deputy or Assistant Managing Director shall
      automatically determine if he ceases to be a Director but without prejudice
      to any claim for damages for breach of any contract of service between him
      and the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>90.3</b></font></td>
    <td> <font size="2" face="sans-serif">The appointment of any Director to any
      other executive office shall not automatically determine if he ceases from
      any cause to be a Director, unless the contract or resolution under which
      he holds office shall expressly state otherwise, in which event such determination
      shall be without prejudice to any claim for damages for breach of any contract
      of service between him and the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>91</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Powers of executive Directors</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>91.1</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors may entrust to and confer
      upon any Director holding any executive office any of the powers exercisable
      by them as Directors upon such terms and conditions and with such restrictions
      as they think fit, and either collaterally with or to the exclusion of their
      own powers, and may from time to time revoke, withdraw, alter or vary all
      or any of such powers.</font></td>
  </tr>
</table>
<p>
<p align="center"><font face="sans-serif" size="2">29</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="p30a" id="p30a"></a>Appointment
  and Retirement of Directors</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>92</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Election or appointment of additional
      director</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may by Ordinary
      Resolution appoint any person to be a Director either to fill a casual vacancy
      or as an additional Director. Without prejudice thereto the Directors shall
      have power at any time so to do, but so that the total number of Directors
      shall not thereby exceed the maximum number (if any) fixed by or in accordance
      with these Articles. Any person so appointed by the Directors shall hold
      office only until the next Annual General Meeting and shall then be eligible
      for re-appointment, but shall not be taken into account in determining the
      number of Directors who are to retire by rotation at such meeting.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>93</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Vacation of office</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The office of a Director
      shall be vacated in any of the following events, namely:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">93.1</font></b></td>
    <td> <font size="2" face="sans-serif">If he shall become prohibited by law
      from acting as a Director;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">93.2</font></b></td>
    <td> <font size="2" face="sans-serif">If he shall resign by writing under
      his hand left at the Office or if he shall in writing offer to resign and
      the Directors shall resolve to accept such offer;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">93.3</font></b></td>
    <td> <font size="2" face="sans-serif">If he shall have a bankruptcy order
      made against him or shall compound with his creditors generally or shall
      apply to the court for an interim order under Section 253 of the Insolvency
      Act 1986 in connection with a voluntary arrangement under that Act;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">93.4</font></b></td>
    <td> <font size="2" face="sans-serif">If in England or elsewhere an order
      shall be made by any court claiming jurisdiction in that behalf on the ground
      (however formulated) of mental disorder for his detention or for the appointment
      of a guardian or for the appointment of a receiver or other person (by whatever
      name called) to exercise powers with respect to his property or affairs;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">93.5</font></b></td>
    <td> <font size="2" face="sans-serif">If he shall be absent from meetings
      of the Directors for six months without leave and the Directors shall resolve
      that his office be vacated; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">93.6</font></b></td>
    <td> <font size="2" face="sans-serif">If he shall be removed from office by
      notice in writing served upon him signed by at least 75 per cent of his
      co-Directors, but so that if he holds an appointment to an executive office
      which thereby automatically determines such removal shall be deemed an act
      of the Company and shall have effect without prejudice to any claim for
      damages for breach of any contract of service between him and the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">94</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Retirement by rotation at Annual
      General Meetings</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">At each Annual General Meeting:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">94.1</font></b></td>
    <td> <font size="2" face="sans-serif">any Director who was elected or last
      re-elected a Director at or before the Annual General Meeting held in the
      third calendar year before the current year shall retire by rotation; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">94.2</font></b></td>
    <td> <font size="2" face="sans-serif">such further Directors (if any) shall
      retire by rotation as would bring the number retiring by rotation up to
      one-third of the number of Directors in office at the date of the notice
      of meeting (or, if their number is not a multiple of three, the number nearest
      to but not greater than one-third).</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">30</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">95</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Other Directors retiring by rotation</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors to retire
      by rotation shall include (so far as necessary to obtain the number required)
      any Director who wishes to retire and not to offer himself for re-appointment.
      Any further Directors so to retire shall be those of the other Directors
      subject to retirement by rotation who have been longest in office since
      their last re-appointment or appointment and so that as between persons
      who became or were last re-appointed Directors on the same day those to
      retire shall (unless they otherwise agree among themselves) be determined
      by lot. A retiring Director shall be eligible for re-appointment.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">96</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Re-election of retiring
      Director</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company at the meeting
      at which a Director retires under any provision of these Articles may by
      Ordinary Resolution fill the office being vacated by appointing thereto
      the retiring Director or some other person eligible for appointment. In
      default the retiring Director shall be deemed to have been re-appointed
      except in any of the following cases:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">96.1</font></b></td>
    <td> <font size="2" face="sans-serif">Where at such meeting it is expressly
      resolved not to fill such office or a resolution for the re-appointment
      of such Director is put to the meeting and lost;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">96.2</font></b></td>
    <td> <font size="2" face="sans-serif">Where such Director has given notice
      in writing to the Company that he is unwilling to be re-appointed;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">96.3</font></b></td>
    <td> <font size="2" face="sans-serif">Where the default is due to the moving
      of a resolution in contravention of the next following Article;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">96.4</font></b></td>
    <td> <font size="2" face="sans-serif">Where such Director has attained any
      retiring age applicable to him as Director.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The retirement shall not
      have effect until the conclusion of the meeting except where a resolution
      is passed to appoint some other person in the place of the retiring Director
      or a resolution for his re-appointment is put to the meeting and lost and
      accordingly a retiring Director who is re-appointed or deemed to have been
      re-appointed will continue in office without a break.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">97</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Election of two or more Directors</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A resolution for the appointment
      of two or more persons as Directors by a single resolution shall not be
      moved at any General Meeting unless a resolution that it shall be so moved
      has first been agreed to by the meeting without any vote being given against
      it; and any resolution moved in contravention of this provision shall be
      void.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">98</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Nomination of Directors for election</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">No person other than a Director
      retiring at the meeting shall, unless recommended by the Directors for appointment,
      be eligible for appointment as a Director at any General Meeting unless
      not less than seven nor more than 42 days (inclusive of the date on which
      the notice is given) before the date appointed for the meeting there shall
      have been lodged at the Office notice in writing signed by some member (other
      than the person to be proposed) duly qualified to attend and vote at the
      meeting for which such notice is given of his intention to propose such
      person for appointment and also notice in writing signed by the person to
      be proposed of his willingness to be appointed.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">31</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>99</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Power to remove Director</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may in accordance
      with and subject to the provisions of the Statutes by Ordinary Resolution
      of which special notice has been given remove any Director from office (notwithstanding
      any provision of these Articles or of any agreement between the Company
      and such Director, but without prejudice to any claim he may have for damages
      for breach of any such agreement) and appoint another person in place of
      a Director so removed from office and any person so appointed shall be treated
      for the purpose of determining the time at which he or any other Director
      is to retire by rotation as if he had become a Director on the day on which
      the Director in whose place he is appointed was last appointed a Director.
      In default of such appointment the vacancy arising upon the removal of a
      Director from office may be filled as a casual vacancy.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>100</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Age Limit</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any provision of the Statutes
      which, subject to the provisions of these Articles, would have the effect
      of rendering any person ineligible for appointment as a Director or liable
      to vacate office as a Director on account of his having reached any specified
      age or of requiring special notice or any other special formality in connection
      with the appointment of any Director over a specified age, shall not apply
      to the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>101</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Retirement age</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A Director shall vacate
      his office at the conclusion of the Annual General Meeting commencing next
      after he attains the age of 70. Such a retiring Director shall be eligible
      for re-appointment. Any person who has attained the age of 70 and is appointed
      or re-appointed by the Company as a Director shall hold office only until
      the next Annual General Meeting and shall then be eligible for re-appointment.
      Such a Director shall not be taken into account in determining the number
      of Directors who are to retire by rotation.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p32a"></a>Alternate
  Directors</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>102</b></font></td>
    <td> <font size="2" face="sans-serif">Any Director may at any time by writing
      under his hand and deposited at the Office, or delivered at a meeting of
      the Directors, appoint any person (including another Director) to be his
      alternate Director and may in like manner at any time terminate such appointment.
      Such appointment, unless previously approved by the Directors, shall have
      effect only upon and subject to being so approved.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>103</b></font></td>
    <td> <font size="2" face="sans-serif">The appointment of an alternate Director
      shall determine on the happening of any event which if he were a Director
      would cause him to vacate such office or if his appointor ceases to be a
      Director.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">32</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>104</b></font></td>
    <td> <font size="2" face="sans-serif">An alternate Director shall be entitled
      to receive notices of meetings of the Directors and shall be entitled to
      attend and vote as a Director at any such meeting at which the Director
      appointing him is not personally present and generally at such meeting to
      perform all functions of his appointor as a Director and for the purposes
      of the proceedings at such meeting the provisions of these Articles shall
      apply as if he (instead of his appointor) were a Director. If he shall be
      himself a Director or shall attend any such meeting as an alternate for
      more than one Director, his voting rights shall be cumulative but he shall
      count as only one for the purpose of determining whether a quorum is present.
      If his appointor is for the time being absent from the United Kingdom or
      temporarily unable to act through ill health or disability his signature
      to any resolution in writing of the Directors shall be as effective as the
      signature of his appointor. To such extent as the Directors may from time
      to time determine in relation to any committees of the Directors the foregoing
      provisions of this paragraph shall also apply <i>mutatis mutandis</i> to
      any meeting of any such committee of which his appointor is a member. An
      alternate Director shall not (save as aforesaid) have power to act as a
      Director nor shall he be deemed to be a Director for the purposes of these
      Articles.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>105</b></font></td>
    <td> <font size="2" face="sans-serif">An alternate Director shall be entitled
      to contract and be interested in and benefit from contracts or arrangements
      or transactions and to be repaid expenses and to be indemnified to the same
      extent <i>mutatis mutandis</i> as if he were a Director but he shall not
      be entitled to receive from the Company in respect of his appointment as
      alternate Director any remuneration except only such part (if any) of the
      remuneration otherwise payable to his appointor as such appointor may by
      notice in writing to the Company from time to time direct.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p33a"></a>Meetings
  and Proceedings of Directors</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>106</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Governing of meetings of Directors</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">106.1</font></b></td>
    <td> <font size="2" face="sans-serif">Subject to the provisions of these Articles
      the Directors may meet together for the despatch of business, adjourn and
      otherwise regulate their meetings as they think fit. At any time any Director
      may, and the Secretary on the requisition of a Director shall, summon a
      meeting of the Directors. Any Director may waive notice of any meeting and
      any such waiver may be retroactive.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">106.2</font></b></td>
    <td> <font size="2" face="sans-serif">A notice of a meeting of directors convened
      in accordance with Article 106.1, or a copy of the text of any resolution
      proposed to be passed in accordance with Article 113, (each a &#8220;<b>Communication</b>&#8221;)
      shall be provided to each Director at their last known address, fax number
      or electronic mail address in the United Kingdom or to such temporary address,
      fax number or electronic mail address as may be notified to the Secretary
      from time to time. Any such Communication may be delivered by hand or sent
      by courier, fax, electronic mail or prepaid first class post. If sent by
      fax or electronic mail such Communication shall conclusively be deemed to
      have been given or served at the time of despatch. If sent by post or courier
      such Communication shall conclusively be deemed to have been received 24
      hours from the time of posting or despatch, in the case of inland mail and
      couriers in the United Kingdom, or 48 hours from the time of posting or
      despatch in the case of international mail and couriers.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">33</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">106.3</font></b></td>
    <td> <font size="2" face="sans-serif">A Communication shall be deemed duly
      served under Article 106.2 if sent to the address, fax number or electronic
      mail address last provided by each Director to the Secretary. The non-receipt
      by any Director of any Communication served in accordance with the provisions
      of this Article 106 shall not invalidate any meeting of directors, or any
      written resolution signed in accordance with Article 113, to which the Communication
      relates if such meeting or resolution is otherwise held or signed in accordance
      with the provisions of these Articles.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>107</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Quorum</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The quorum necessary for
      the transaction of business of the Directors may be fixed from time to time
      by the Directors and unless so fixed at any other number shall be three.
      A meeting of the Directors at which a quorum is present shall be competent
      to exercise all powers and discretions for the time being exercisable by
      the Directors. For the purposes of these Articles any Director who is able
      (directly or by telephonic communication) to speak and be heard by each
      of the other Directors present or deemed to be present at any meeting of
      the Directors, shall be deemed to be present in person at such meeting and
      shall be entitled to vote or be counted in the quorum accordingly. Such
      meeting shall be deemed to take place where the largest group of those participating
      is assembled, or, if there is no such group, where the chairman of the meeting
      then is, and the word &#8220;meeting&#8221; shall be construed accordingly.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>108</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Casting vote</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Questions arising at any
      meeting of the Directors shall be determined by a majority of votes. In
      case of an equality of votes the chairman of the meeting shall have a second
      or casting vote.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>109</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Directors&#8217; interests</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Save as herein provided,
      a Director shall not vote in respect of any contract or arrangement or any
      other proposal whatsoever in which he together with any person connected
      with him within the meaning of Section 346 of the Act has any material interest
      otherwise than by virtue of his interests in shares or debentures or other
      securities of or otherwise in or through the Company. A Director shall not
      be counted in the quorum at a meeting in relation to any resolution on which
      he is debarred from voting.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>110</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Directors may have interests</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>110.1</b></font></td>
    <td> <font size="2" face="sans-serif">Subject to the provisions of the Statutes,
      a Director shall (in the absence of some other material interest than is
      indicated below) be entitled to vote (and be counted in the quorum) in respect
      of any resolution concerning any of the following matters, namely:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>110.1.1</b></font></td>
    <td> <font size="2" face="sans-serif">The giving of any security or indemnity
      to him in respect of money lent or obligations incurred by him at the request
      of or for the benefit of the Company or any of its subsidiaries;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>110.1.2</b></font></td>
    <td> <font size="2" face="sans-serif">The giving of any security or indemnity
      to a third party in respect of a debt or obligation of the Company or any
      of its subsidiaries for which he himself has assumed responsibility in whole
      or in part under a guarantee or indemnity or by the giving of security;</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">34</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>110.1.3</b></font></td>
    <td> <font size="2" face="sans-serif">Any proposal concerning an offer of
      shares or debentures or other securities of or by the Company or any of
      its subsidiaries for subscription or purchase in which offer he is or is
      to be interested as a participant in the underwriting or sub-underwriting
      thereof;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>110.1.4</b></font></td>
    <td> <font size="2" face="sans-serif">Any proposal concerning any other body
      corporate in which he is interested, directly or indirectly and whether
      as an officer or shareholder or otherwise howsoever, provided that he (together
      with persons connected with him within the meaning of Section 346 of the
      Act) is not beneficially interested in 1 per cent or more of the issued
      shares of any class of such body corporate (or of any third company through
      which his interest is derived) or of the voting rights available to members
      of the relevant body corporate (any such interest being deemed for the purpose
      of this Article to be a material interest in all circumstances);</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>110.1.5</b></font></td>
    <td> <font size="2" face="sans-serif">Any proposal relating to an arrangement
      for the benefit of the employees of the Company or any of its subsidiary
      undertakings which does not award him any privilege or benefit not generally
      awarded to the employees to whom such arrangement relates;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>110.1.6</b></font></td>
    <td> <font size="2" face="sans-serif">Any proposal concerning any insurance
      which the Company is empowered to purchase and/or maintain for or for the
      benefit of any Directors of the Company or for persons who include Directors
      of the Company provided that for the purposes of this sub-paragraph insurance
      shall mean only insurance against liability incurred by a Director in respect
      of any act or omission by him referred to in Article 88 or any other insurance
      which the Company is empowered to purchase and/or maintain for or for the
      benefit of any groups of persons consisting of or including Directors of
      the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>110.2</b></font></td>
    <td align="left"><font size="2" face="sans-serif">Where proposals are under
      consideration concerning the appointment (including fixing or varying the
      terms of appointment) of two or more Directors to offices or employments
      with the Company or any company in which the Company is interested, such
      proposals may be divided and considered in relation to each Director separately
      and in such case each of the Directors concerned (if not debarred from voting
      under paragraph 110.1.4 of this Article) shall be entitled to vote (and
      be counted in the quorum) in respect of each resolution except that concerning
      his own appointment.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>110.3</b></font></td>
    <td align="left"><font size="2" face="sans-serif">If any question shall arise
      at any time as to the materiality of a Director&#8217;s interest or as to
      the entitlement of any Director to vote and such question is not resolved
      by his voluntarily agreeing to abstain from voting, such question shall
      be referred to the chairman of the meeting and his ruling in relation to
      any other Director shall be final and conclusive except in a case where
      the nature or extent of the interest of such Director has not been fairly
      disclosed.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>110.4</b></font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may by Ordinary
      Resolution suspend or relax the provisions of this Article to any extent
      or ratify any transaction not duly authorised by reason of a contravention
      of this Article.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>110.5</b></font></td>
    <td align="left"><font size="2" face="sans-serif">For the purposes of this
      Article 110 an interest of a person who is connected (within the meaning
      of Section 346 of the Act) with a Director shall be treated as an interest
      of the Director.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">35</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>111</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Number of Directors below minimum</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The continuing Directors
      may act notwithstanding any vacancies, but if and so long as the number
      of Directors is reduced below the minimum number fixed by or in accordance
      with these Articles the continuing Directors or Director may act for the
      purpose of filling such vacancies or of summoning General Meetings, but
      not for any other purpose. If there be no Directors or Director able or
      willing to act, then any two members may summon a General Meeting for the
      purpose of appointing Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>112</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Chairman</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">112.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may elect from their number
      a Chairman, a Deputy Chairman and/or a Vice Chairman (or two or more Deputy
      Chairmen and/or Vice Chairmen) and determine the period for which each is
      to hold office. If no Chairman, Deputy Chairman or Vice Chairman shall have
      been appointed or if at any meeting of the Directors no Chairman, Deputy
      Chairman or Vice Chairman shall be present within five minutes after the
      time appointed for holding the meeting, the Directors present may choose
      one of their number to be chairman of the meeting.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">112.2</font></b></td>
    <td> <font size="2" face="sans-serif">If at any time there is more than one
      Deputy Chairman and/or Vice Chairman the right in the absence of the Chairman
      to preside at a meeting of the Directors or of the Company shall be determined
      as between the Deputy Chairmen and/or Vice Chairmen present (if more than
      one) by seniority in length of appointment or otherwise as resolved by the
      Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>113</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Written resolutions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A resolution in writing
      signed by 70 per cent of the Directors entitled to vote thereon (being not
      less in number than a quorum for the meetings of Directors) shall be as
      effective as a resolution duly passed at a meeting of the Directors and
      may consist of several documents in the like form each signed by one or
      more Directors. The documents may be facsimile or electronic copies of the
      resolution. A resolution in writing shall be effective upon receipt by the
      Secretary of resolutions signed by the requisite number of Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>114</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Appointment and constitution of committees</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">114.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may delegate any of their
      powers or discretions (including without prejudice to the generality of
      the foregoing all powers and discretions whose exercise involves or may
      involve the payment of remuneration to or the conferring of any other benefit
      on all or any of the Directors) to committees. Any such committee shall,
      unless the Directors otherwise resolve, have power to sub-delegate to sub-committees
      any of the powers or discretions delegated to it. Any such committee or
      sub-committee shall consist of one or more Directors and (if thought fit)
      one or more other persons co-opted as hereinafter provided. Insofar as any
      such power or discretion is delegated to a committee or sub-committee any
      reference in these Articles to the exercise by the Directors of the power
      or discretion so delegated shall be read and construed as if it were a reference
      to the exercise by such committee or sub-committee. Any committee or sub-committee
      so formed shall in the exercise of the powers so delegated conform to any
      regulations which may from time to time be imposed by the Directors. Any
      such regulations may provide for or authorise the co-option to the committee
      or sub-committee of persons other than Directors and for such co-opted members
      to have voting rights as members of the committee or sub-committee. Any
      such meeting of the committee or sub-committee shall be chaired by a Director.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">36</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">114.2</font></b></td>
    <td> <font size="2" face="sans-serif">The meetings and proceedings of any
      such committee or sub-committee consisting of two or more members shall
      be governed <i>mutatis mutandis</i> by the provisions of these Articles
      regulating the meetings and proceedings of the Directors, so far as the
      same are not superseded by any regulations made by the Directors under the
      last preceding Article.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">114.3</font></b></td>
    <td> <font size="2" face="sans-serif">All acts done by any meeting of Directors,
      or of any such committee or sub-committee, or by any person acting as a
      Director or as a member of any such committee or sub-committee, shall as
      regards all persons dealing in good faith with the Company, notwithstanding
      that there was some defect in the appointment of any of the persons acting
      as aforesaid, or that any such persons were disqualified or had vacated
      office, or were not entitled to vote, be as valid as if every such person
      had been duly appointed and was qualified and had continued to be a Director
      or member of the committee or sub-committee and had been entitled to vote.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p37a"></a>Borrowing
  Powers</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>115</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Borrowing Powers</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject as hereinafter provided
      and to the provisions of the Statutes, the Directors may exercise all the
      powers of the Company to borrow money, and to mortgage or charge its undertaking,
      property and uncalled capital and to issue debentures and other securities,
      whether outright or as collateral security for any debt, liability or obligation
      of the Company or of any third party.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>116</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Borrowing Restrictions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>116.1</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors shall restrict the borrowings
      of the Company and exercise all voting and other rights or powers of control
      exercisable by the Company in relation to its subsidiary companies (if any)
      so as to secure (so far, as regards subsidiaries, as by such exercise they
      can secure) that the aggregate amount for the time being remaining outstanding
      of all moneys borrowed by the Group (which expression in this Article means
      and includes the Company and its subsidiaries for the time being) and for
      the time being owing to persons outside the Group shall not at any time
      without the previous sanction of an Ordinary Resolution of the Company exceed
      an amount equal to three times the share capital and consolidated reserves.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>116.2</b></font></td>
    <td> <font size="2" face="sans-serif">No person dealing with the Company or
      any of its subsidiaries shall by reason of the foregoing provision be concerned
      to see or enquire whether the said limit is observed and no debt incurred
      or security given in excess of such limit shall be invalid or ineffectual
      unless the lender or the recipient of the security had, at the time when
      the debt was incurred or security given, express notice that the said limit
      had been or would thereby be exceeded.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">37</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="p38a"></a>General
  Powers of Directors</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>117</b></font></td>
    <td> <font size="2" face="sans-serif"><b>General Powers</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">117.1</font></b></td>
    <td> <font size="2" face="sans-serif">The business and affairs of the Company
      shall be managed by the Directors, who may exercise all such powers of the
      Company as are not by the Statutes or by these Articles required to be exercised
      by the Company in General Meeting subject nevertheless to any regulations
      of these Articles; to the provisions of the Statutes and to such regulations,
      whether or not consistent with these Articles, as may be prescribed by Special
      Resolution of the Company, but no regulation so made by the Company shall
      invalidate any prior act of the Directors which would have been valid if
      such regulation had not been made. The general powers given by this Article
      shall not be limited or restricted by any special authority or power given
      to the Directors by any other Article.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">118</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Local boards</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may establish
      any local boards or agencies for managing any of the affairs of the Company,
      either in the United Kingdom or elsewhere, and may appoint any persons to
      be members of such local boards, or any managers or agents, and may fix
      their remuneration, and may delegate to any local board, manager or agent
      any of the powers, authorities and discretions vested in the Directors,
      with power to sub-delegate, and may authorise the members of any local boards,
      or any of them, to fill any vacancies therein, and to act notwithstanding
      vacancies, and any such appointment or delegation may be made upon such
      terms and subject to such conditions as the Directors may think fit, and
      the Directors may remove any person so appointed, and may annul or vary
      any such delegation, but no person dealing in good faith and without notice
      of any such annulment or variation shall be affected thereby.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>119</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Appointment of attorney</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may from time
      to time and at any time by power of attorney or otherwise appoint any company,
      firm or person or any fluctuating body of persons, whether nominated directly
      or indirectly by the Directors, to be the attorney or attorneys of the Company
      for such purposes and with such powers, authorities and discretions (not
      exceeding those vested in or exercisable by the Directors under these Articles)
      and for such period and subject to such conditions as they may think fit,
      and any such appointment may contain such provisions for the protection
      and convenience of persons dealing with any such attorney as the Directors
      may think fit, and may also authorise any such attorney to sub-delegate
      all or any of the powers, authorities and discretions vested in him.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>120</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Register of members in territories</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to and to the extent
      permitted by the Statutes, the Company, or the Directors on behalf of the
      Company, may cause to be kept in any territory a branch register of members
      resident in such territory, and the Directors may make and vary such regulations
      as they may think fit respecting the keeping of any such register.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>121</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Signature on cheques etc.</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">All cheques, promissory
      notes, drafts, bills of exchange, and other negotiable or transferable instruments,
      and all receipts for moneys paid to the Company, shall be signed, drawn,
      accepted, endorsed, or otherwise executed, as the case may be, in such manner
      as the Directors shall from time to time by resolution determine.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">38</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="p39a"></a>President</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>122</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors may from time to time
      elect a President of the Company and may determine the period for which
      he shall hold office. Such President may be either honorary or paid such
      remuneration as the Directors in their discretion shall think fit, and need
      not be a Director but shall, if not a Director, be entitled to receive notice
      of and attend and speak, but not to vote, at meetings of the Board of Directors
      only if so invited by the Directors. The President (unless he is a Director)
      shall not be an officer of the Company for the purposes of the Act.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p39b"></a>Departmental,
  Divisional or Local Directors</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>123</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors may from time to time
      appoint any person to be a Departmental, Divisional or Local Director and
      define, limit or restrict his powers and duties and determine his remuneration
      and the designation of his office and may at any time remove any such person
      from such office. A Departmental, Divisional or Local Director (notwithstanding
      that the designation of his office may include the word &#8220;Director&#8221;)
      shall not by virtue of such office be or have power in any respect to act
      as a Director of the Company nor be entitled to receive notice of or attend
      or vote at meetings of the Directors nor be deemed to be a Director for
      any of the purposes of these presents.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p39c"></a>Secretary</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>124</b></font></td>
    <td> <font size="2" face="sans-serif">The Secretary shall be appointed by
      the Directors on such terms and for such period as they may think fit. Any
      Secretary so appointed may at any time be removed from office by the Directors,
      but without prejudice to any claim for damages for breach of any contract
      of service between him and the Company. If thought fit two or more persons
      may be appointed as Joint Secretaries. The Directors may also appoint from
      time to time on such terms as they may think fit one or more Deputy and/or
      Assistant Secretaries.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p39d"></a>The Seal</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>125</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors shall provide for the
      safe custody of the Seal which shall not be used without the authority of
      the Directors or of a committee authorised by the Directors in that behalf.
      Every instrument to which the Seal shall be affixed shall be signed autographically
      by one Director and the Secretary or Deputy or Assistant Secretary or by
      two Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>126</b></font></td>
    <td> <font size="2" face="sans-serif">Where the Statutes so permit, any instrument
      signed by one Director and the Secretary or by two Directors and expressed
      to be executed by the Company shall have the same effect as if executed
      under the Seal, provided that no instrument shall be so signed which makes
      it clear on its face that it is intended to have effect as a deed without
      the authority of the Directors or of a committee authorised by the Directors
      in that behalf.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>127</b></font></td>
    <td> <font size="2" face="sans-serif">The Company may exercise the powers
      conferred by the Statutes with regard to having an official seal for use
      abroad and such powers shall be vested in the Directors.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">39</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="p40a"></a>Record
  Date</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>128</b></font></td>
    <td> <font size="2" face="sans-serif">Notwithstanding any other provision
      of these Articles but subject always to the Statutes the Company or the
      Directors may by resolution specify any date (the &#8220;record date&#8221;)
      as the date at the close of business (or such other time as the Directors
      may determine) on which persons registered as the holders of shares or other
      securities shall be entitled to receipt of any dividend, distribution, interest,
      allotment, issue, notice, information, document or circular and such record
      date may be on or at any time before the date on which the same is paid
      or made or (in the case of any dividend, distribution, interest, allotment
      or issue) at any time after the same is recommended, resolved, declared
      or announced but without prejudice to the rights <i>inter se</i> in respect
      of the same of transferors and transferees of any such shares or other securities.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p40b"></a>Authentication
  of Documents</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>129</b></font></td>
    <td> <font size="2" face="sans-serif">Any Director or the Secretary or any
      person appointed by the Directors for the purpose shall have power to authenticate
      any documents affecting the constitution of the Company and any resolutions
      passed by the Company or the Directors or any committee, and any books,
      records, documents and accounts relating to the business of the Company,
      and to certify copies thereof or extracts therefrom as true copies or extracts;
      and where any books, records, documents or accounts are elsewhere than at
      the Office the local manager or other officer of the Company having the
      custody thereof shall be deemed to be a person appointed by the Directors
      as aforesaid. A document purporting to be a copy of a resolution, or an
      extract from the minutes of a meeting, of the Company or of the Directors
      or any committee which is certified as aforesaid shall be conclusive evidence
      in favour of all persons dealing with the Company upon the faith thereof
      that such resolution has been duly passed or, as the case may be, that any
      minute so extracted is a true and accurate record of proceedings at a duly
      constituted meeting.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p40c"></a>Reserves</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>130</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors may from time to time
      set aside out of the profits of the Company and carry to reserve such sums
      as they think proper which, at the discretion of the Directors, shall be
      applicable for any purpose to which the profits of the Company may properly
      be applied and pending such application may either be employed in the business
      of the Company or be invested. The Directors may divide the reserve into
      such special funds as they think fit and may consolidate into one fund any
      special funds or any parts of any special funds into which the reserve may
      have been divided. The Directors may also without placing the same to reserve
      carry forward any profits. In carrying sums to reserve and in applying the
      same the Directors shall comply with the provisions of the Statutes.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p40d"></a>Dividends</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>131</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Final dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may by Ordinary
      Resolution declare dividends but no such dividend shall exceed the amount
      recommended by the Directors.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">40</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>132</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Fixed and interim dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If and so far as in the
      opinion of the Directors the profits of the Company justify such payments,
      the Directors may pay the fixed dividends on any class of shares carrying
      a fixed dividend expressed to be payable on fixed dates on the half-yearly
      or other dates prescribed for the payment thereof and may also from time
      to time pay interim dividends on shares of any class of such amounts and
      on such dates and in respect of such periods as they think fit. Provided
      the Directors act in good faith they shall not incur any liability to the
      holders of any shares for any loss they may suffer by the lawful payment,
      on any other class of shares having rights ranking after or <i>pari passu</i>
      with those shares, of any such fixed or interim dividend as aforesaid.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>133</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Ranking of shares for dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Unless and to the extent
      that the rights attached to any shares or the terms of issue thereof otherwise
      provide, all dividends shall (as regards any shares not fully paid throughout
      the period in respect of which the dividend is paid) be apportioned and
      paid pro rata according to the amounts paid on the shares during any portion
      or portions of the period in respect of which the dividend is paid. For
      the purposes of this Article no amount paid on a share in advance of calls
      shall be treated as paid on the share.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>134</b></font></td>
    <td> <font size="2" face="sans-serif"><b>No dividend except out of profits</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">No dividend shall be paid
      otherwise than out of profits available for distribution under the provisions
      of the Statutes.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>135</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Treatment of dividend</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to the provisions
      of the Statutes, where any asset, business or property is bought by the
      Company as from a past date the profits and losses thereof as from such
      date may at the discretion of the Directors in whole or in part be carried
      to revenue account and treated for all purposes as profits or losses of
      the Company. Subject as aforesaid, if any shares or securities are purchased
      cum dividend or interest, such dividend or interest may at the discretion
      of the Directors be treated as revenue, and it shall not be obligatory to
      capitalise the same or any part thereof.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>136</b></font></td>
    <td> <font size="2" face="sans-serif"><b>No interest on dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">No dividend or other moneys
      payable on or in respect of a share shall bear interest as against the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>137</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Retention of dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">137.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may retain any dividend
      or other moneys payable on or in respect of a share on which the Company
      has a Iien and may apply the same in or towards satisfaction of the moneys
      payable to the Company in respect of that share.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">41</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">137.2</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may retain the dividends
      payable upon shares in respect of which any person is under the provisions
      as to the transmission of shares hereinbefore contained entitled to become
      a member, or which any person is under those provisions entitled to transfer,
      until such person shall become a member in respect of such shares or shall
      transfer the same.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>138</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Waiver of dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The waiver in whole or in
      part of any dividend on any share by any document (whether or not executed
      as a Deed) shall be effective only if such document is signed by the shareholder
      (or the person entitled to the share in consequence of the death or bankruptcy
      of the holder or otherwise by operation of law) and delivered to the Company
      and if or to the extent that the same is accepted as such or acted upon
      by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>139</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Unclaimed dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The payment by the Directors
      of any unclaimed dividend or other moneys payable on or in respect of a
      share into a separate account shall not constitute the Company a trustee
      in respect thereof, no interest shall be payable in respect of the same
      and the Company shall not be required to account for any money earned on
      the net proceeds, which may be employed in the business of the Company or
      invested in such investments (other than shares of the Company or its holding
      company if any) as the Directors may from time to time think fit. Any dividend
      unclaimed after a period of six years from the date of declaration of such
      dividend shall be forfeited and shall revert to the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>140</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Distribution <i>in specie</i></b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may upon the
      recommendation of the Directors by Ordinary Resolution direct payment of
      a dividend in whole or in part by the distribution of specific assets (and
      in particular of paid-up shares or debentures of any other company) and
      the Directors shall give effect to such resolution. Where any difficulty
      arises in regard to such distribution, the Directors may settle the same
      as they think expedient and in particular may issue fractional certificates,
      may fix the value for distribution of such specific assets or any part thereof,
      may determine that cash payments shall be made to any members upon the footing
      of the value so fixed in order to adjust the rights of all parties and may
      vest any such specific assets in trustees as may seem expedient to the Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>141</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Manner of payment of dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>141.1</b></font></td>
    <td> <font size="2" face="sans-serif">Any dividend or other moneys payable
      on or in respect of a share may be paid by cheque, warrant or financial
      instrument, or by other means sent direct, to the registered address of
      the member or person entitled thereto (or, if two or more persons are registered
      as joint holders of the share or are entitled thereto in consequence of
      the death or bankruptcy of the holder or otherwise by operation of law,
      to any one of such persons) or to such person and such address as such member
      or person or persons may by writing direct. Such dividend or other moneys
      may be paid (i) by cheque sent by post to the payee or, where there is more
      than one payee, to any one of them, or (ii) by inter-bank transfer to such
      account as the payee or payees shall in writing direct, or (iii) using the
      facilities of a relevant system, or (iv) by such other method of payment
      as the member (or in the case of joint holders of a share, all of them)
      may agree to. Every such cheque, warrant, financial instrument or other
      form of payment shall be made payable to the order of the person to whom
      it is sent or such other person as the holder, or joint holders or person
      or persons entitled to the share in consequence of the death or bankruptcy
      of the holder or otherwise by operation of law may direct, and payment of
      the cheque, warrant, instrument or other form of payment shall be a good
      discharge to the Company. Every such payment shall be sent at the risk of
      the person entitled to the money represented thereby and payment of a cheque
      by the banker upon whom it is drawn, and any transfer or payment within
      (ii) or (iii) above, shall be a good discharge to the Company.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">42</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>141.2</b></font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to the provisions
      of these Articles and to the rights attaching to any shares, any dividend
      or other moneys payable on or in respect of a share may be paid in such
      currency as the Directors may determine, using such exchange rate for currency
      conversions as the Directors may select.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">141.3</font></b></td>
    <td> <font size="2" face="sans-serif">The Company may cease to send any cheque,
      warrant or order by post for any dividend on any shares which is normally
      paid in that manner if in respect of at least two consecutive dividends
      payable on those shares the cheque, warrant or order has been returned undelivered
      or remains uncashed but, subject to the provisions of these Articles, shall
      recommence sending cheques, warrants or orders in respect of the dividends
      payable on those shares if the holder or person entitled by transmission
      claims the arrears of dividend and does not instruct the Company to pay
      future dividends in some other way.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>142</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Joint holders</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If two or more persons are
      registered as joint holders of any share, or are entitled jointly to a share
      in consequence of the death or bankruptcy of the holder or otherwise by
      operation of law, any one of them may give effectual receipts for any dividend
      or other moneys payable or property distributable on or in respect of the
      share.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>143</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Record date for dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any resolution for the declaration
      or payment of a dividend on shares of any class, whether a resolution of
      the Company in General Meeting or a resolution of the Directors, may specify
      that the same shall be payable to the persons registered as the holders
      of such shares at the close of business on a particular date, notwithstanding
      that it may be a date prior to that on which the resolution is passed, and
      thereupon the dividend shall be payable to them in accordance with their
      respective holdings so registered, but without prejudice to the rights <i>inter
      se</i> in respect of such dividend or transferors and transferees of any
      such shares.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p43a"></a>Capitalisation
  of Profits and Shares</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">144</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may, with the sanction
      of an Ordinary Resolution of the Company, capitalise any sum standing to
      the credit of any of the Company&#8217;s reserve accounts (including any
      share premium account, capital redemption reserve or other undistributable
      reserve) or any sum standing to the credit of profit and loss account by
      appropriating such sum to the holders of Ordinary Shares on the Register
      at the close of business on the date of the Resolution (or such other date
      as may be specified therein or determined as therein provided) in proportion
      to their then holdings of Ordinary Shares and applying such sum on their
      behalf in paying up in full unissued Ordinary Shares (or, subject to any
      special rights previously conferred on any shares or class of shares for
      the time being issued, unissued shares of any other class) for allotment
      and distribution credited as fully paid up to and amongst them as bonus
      shares in the proportion aforesaid. The Directors may do all acts and things
      considered necessary or expedient to give effect to any such capitalisation
      with full power to the Directors to make such provisions as they think fit
      for any fractional entitlements which would arise on the basis aforesaid
      (including provisions whereby fractional entitlements are disregarded or
      the benefit thereof accrues to the Company rather than to the members concerned).
      The Directors may authorise any person to enter on behalf of all the members
      interested into an agreement with the Company providing for any such capitalisation
      and matters incidental thereto and any agreement made under such authority
      shall be effective and binding on all concerned.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">43</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>145</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Scrip dividends</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.1</font></b></td>
    <td> <font size="2" face="sans-serif">Subject as hereinafter provided, the
      Directors may offer to ordinary shareholders the right to receive, in lieu
      of dividend (or part thereof), an allotment of new Ordinary Shares credited
      as fully paid.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.2</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors shall not make such an
      offer unless so authorised by an Ordinary Resolution passed at any General
      Meeting, which authority may extend to dividends declared or paid prior
      to the Annual General Meeting of the Company occurring thereafter, but no
      further Provided that this Article shall, without the need for any further
      Ordinary Resolution, authorise the Directors to offer rights of election
      in respect of any dividend declared or proposed after the date of the adoption
      of these Articles and at or prior to the Annual General Meeting which is
      held in the fifth year after the Ordinary Resolution is passed.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.3</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may either offer such
      rights of election in respect of the next dividend (or part thereof) proposed
      to be paid; or may offer such rights of election in respect of that dividend
      and all subsequent dividends, until such time as the election is revoked;
      or may allow shareholders to make an election in either form.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.4</font></b></td>
    <td> <font size="2" face="sans-serif">The basis of allotment on each occasion
      shall be determined by the Directors so that, as nearly as may be considered
      convenient, the value of the Ordinary Shares to be allotted in lieu of any
      amount of dividend shall equal such amount. For such purpose the value of
      an Ordinary Share shall be either (i) the average of the middle market quotations
      of an Ordinary Share on the London Stock Exchange, as derived from the Daily
      Official List, on each of the first five business days on which the Ordinary
      Shares are quoted &#8220;ex&#8221; the relevant dividend; or (ii) established
      in such other manner as may be determined by the Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.5</font></b></td>
    <td> <font size="2" face="sans-serif">If the Directors determine to offer
      such right of election on any occasion they shall give notice in writing
      to the ordinary shareholders of such right and shall issue forms of election
      and shall specify the procedures to be followed in order to exercise such
      right Provided that they need not give such notice to a shareholder who
      has previously made, and has not revoked, an earlier election to receive
      Ordinary Shares in lieu of all future dividends, but instead shall send
      him a reminder that he has made such an election, indicating how that election
      may be revoked in time for the next dividend proposed to be paid.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.6</font></b></td>
    <td> <font size="2" face="sans-serif">On each occasion the dividend (or that
      part of the dividend in respect of which a right of election has been accorded)
      shall not be payable on Ordinary Shares in respect whereof the share election
      has been duly exercised and has not been revoked (the &#8220;<b>elected
      Ordinary Shares</b>&#8221;), and in lieu thereof additional shares (but
      not any fraction of a share) shall be allotted to the holders of the elected
      Ordinary Shares on the basis of allotment determined as aforesaid. For such
      purpose the Directors shall capitalise, out of such of the sums standing
      to the credit of reserves (including any share premium account or capital
      redemption reserve) or profit and loss account as the Directors may determine,
      a sum equal to the aggregate nominal amount of additional Ordinary Shares
      to be allotted on that occasion on such basis and shall apply the same in
      paying up in full the appropriate number of unissued Ordinary Shares for
      allotment and distribution to and amongst the holders of the elected Ordinary
      Shares on such basis.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">44</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.7</font></b></td>
    <td> <font size="2" face="sans-serif">The additional Ordinary Shares so allotted
      on any occasion shall rank <i>pari passu</i> in all respects with the fully-paid
      Ordinary Shares then in issue save only as regards participation in the
      relevant dividend.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.8</font></b></td>
    <td align="left"><font size="2" face="sans-serif">Article 144 shall apply
      (<i>mutatis mutandis</i>) to any capitalisation made pursuant to this Article.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.9</font></b></td>
    <td align="left"><font size="2" face="sans-serif">No fraction of an Ordinary
      Share shall be allotted. The Directors may make such provision as they think
      fit for any fractional entitlements including, without limitation, provision
      whereby, in whole or in part, the benefit thereof accrues to the Company
      and/or fractional entitlements are accrued and/or retained and in either
      case accumulated on behalf of any ordinary shareholder.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.10</font></b></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may on any
      occasion determine that rights of election shall not be made available to
      any ordinary shareholders with registered addresses in any territory where
      in the absence of a registration statement or other special formalities
      the circulation of an offer of rights of election would or might be unlawful,
      and in such event the provisions aforesaid shall be read and construed subject
      to such determination.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">145.11</font></b></td>
    <td align="left"><font size="2" face="sans-serif">In relation to any particular
      proposed dividend the Directors may in their absolute discretion decide
      (i) that shareholders shall not be entitled to make any election in respect
      thereof and that any election previously made shall not extend to such dividend
      or (ii) at any time prior to the allotment of the Ordinary Shares which
      would otherwise be allotted in lieu thereof, that all elections to take
      shares in lieu of such dividend shall be treated as not applying to that
      dividend, and if so the dividend shall be paid in cash as if no elections
      had been made in respect of it.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p45a"></a>Minutes</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>146</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors shall cause Minutes to
      be made in books to be provided for the purpose:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">146.1</font></b></td>
    <td> <font size="2" face="sans-serif">Of all appointments of officers made
      by the Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">146.2</font></b></td>
    <td> <font size="2" face="sans-serif">Of the names of the Directors present
      at each meeting of Directors and of any committee of Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">146.3</font></b></td>
    <td> <font size="2" face="sans-serif">Of all resolutions and proceedings at
      all meetings of the Company and of any class of members of the Company and
      of the Directors and of committees of Directors.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">45</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="p46a"></a>Accounts</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>147</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Accounting records</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Accounting records sufficient
      to show and explain the Company&#8217;s transactions and otherwise complying
      with the Statutes shall be kept at the Office, or at such other place as
      the Directors think fit, and shall always be open to inspection by the officers
      of the Company. Subject as aforesaid no member of the Company or other person
      shall have any right of inspecting any account or book or document of the
      Company except as conferred by statute or ordered by a court of competent
      jurisdiction or authorised by the Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>148</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Copies of accounts for members</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A copy of every balance
      sheet and profit and loss account which is to be laid before a General Meeting
      of the Company (including every document required by law to be comprised
      therein or attached or annexed thereto) shall not less than 21 days before
      the date of the meeting be sent to every member of, and every holder of
      debentures of, the Company and to every other person who is entitled to
      receive notices of meetings from the Company under the provisions of the
      Statutes or of these Articles. Provided that this Article shall not require
      a copy of these documents to be sent to any member to whom a summary financial
      statement is sent in accordance with the Statutes and provided further that
      this Article shall not require a copy of these documents to be sent to more
      than one of joint holders or to any person of whose address the Company
      is not aware, but any member or holder of debentures to whom a copy of these
      documents has not been sent shall be entitled to receive a copy free of
      charge on application at the Office.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p46b"></a>Auditors</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>149</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Validity of Auditor&#8217;s acts</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to the provisions
      of the Statutes, all acts done by any person acting as an Auditor shall,
      as regards all persons dealing in good faith with the Company, be valid,
      notwithstanding that there was some defect in his appointment or that he
      was at the time of his appointment not qualified for appointment or subsequently
      became disqualified.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>150</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Auditor&#8217;s rights to attend
      General Meetings</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">An Auditor shall be entitled
      to attend any General Meeting and to receive all notices of and other communications
      relating to any General Meeting which any member is entitled to receive
      and to be heard at any General Meeting on any part of the business of the
      meeting which concerns him as Auditor.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">46</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="p47a"></a>Notices</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>151</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Service of notice</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">151.1</font></b></td>
    <td> <font size="2" face="sans-serif">Any notice to be given to or by any
      person pursuant to these Articles shall be in writing, except that a notice
      calling a meeting of the directors need not be in writing.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">151.2</font></b></td>
    <td> <font size="2" face="sans-serif">Any notice or document (including a
      share certificate) may be served on or delivered to any member by the Company
      either personally or by sending it through the post in a prepaid cover addressed
      to such member at his registered address, or (if he has no registered address
      within the United Kingdom) to the address, if any, within the United Kingdom
      supplied by him to the Company as his address for the service of notices,
      or by delivering it to such address addressed as aforesaid. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">151.3</font></b></td>
    <td> <font size="2" face="sans-serif">Any document or notice (excluding a
      share certificate) which, in accordance with these Articles, may be sent
      by the Company by electronic communication shall, if so sent, be deemed
      to be received at the expiration of 24 hours after the time it was sent.
      Proof (in accordance with the formal recommendations of best practice contained
      in the guidance issued by the Institute of Chartered Secretaries and Administrators)
      that an electronic communication was sent by the Company shall be conclusive
      evidence of such sending.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">151.4</font></b></td>
    <td> <font size="2" face="sans-serif">Where a notice or other document is
      served or sent by post, service or delivery shall be deemed to be effected
      at the expiration of 24 hours (or, where second-class mail is employed,
      48 hours) after the time when the cover containing the same is posted and
      in proving such service or delivery it shall be sufficient to prove that
      such cover was properly addressed, stamped and posted.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">151.5</font></b></td>
    <td> <font size="2" face="sans-serif">The accidental failure to send, or the
      non-receipt by any person entitled to, any notice of or other document relating
      to any meeting or other proceeding shall not invalidate the relevant meeting
      or other proceeding.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>152</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Joint holders</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any notice given to that
      one of the joint holders of a share whose name stands first in the Register
      in respect of the share shall be sufficient notice to all the joint holders
      in their capacity as such. For such purpose a joint holder having no registered
      address in the United Kingdom and not having supplied an address within
      the United Kingdom for the service of notices shall be disregarded. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>153</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Deceased and bankrupt members</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A person entitled to a share
      in consequence of the death or bankruptcy of a member or otherwise by operation
      of law upon supplying to the Company such evidence as the Directors may
      reasonably require to show his title to the share, and upon supplying also
      an address within the United Kingdom for the service of notices, shall be
      entitled to have served upon or delivered to him at such address any notice
      or document to which the said member would have been entitled, and such
      service or delivery shall for all purposes be deemed a sufficient service
      or delivery of such notice or document on all persons interested (whether
      jointly with or as claiming through or under him) in the share. Save as
      aforesaid any notice or document delivered or sent by post to or left at
      the address of any member in pursuance of these Articles shall, notwithstanding
      that such member be then dead or bankrupt or in liquidation, and whether
      or not the Company have notice of his death or bankruptcy or liquidation,
      be deemed to have been duly served or delivered in respect of any share
      registered in the name of such member as sole or first-named joint holder.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">47</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>154</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Overseas members</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">A member who (having no
      registered address within the United Kingdom) has not supplied to the Company
      an address within the United Kingdom for the service of notices shall not
      be entitled to receive notices from the Company. If on three consecutive
      occasions notices have been sent through the post to any member at his registered
      address or his address for the service of notices but have been returned
      undelivered, such member shall not thereafter be entitled to receive notices
      from the Company until he shall have communicated with the Company and supplied
      in writing to the Transfer Office a new registered address within the United
      Kingdom for the service of notices.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>155</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Suspension of postal services</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If at any time by reason
      of the suspension or curtailment of postal services within the United Kingdom
      the Company is unable effectively to convene a General Meeting by notices
      sent through the post, a General Meeting may be convened by a notice advertised
      on the same date in at least two national daily newspapers with appropriate
      circulation and such notice shall be deemed to have been duly served on
      all members entitled thereto on the day when the advertisement appears.
      In any such case the Company shall send confirmatory copies of the notice
      by post if at least seven days prior to the meeting the posting of notices
      to addresses throughout the United Kingdom again becomes practicable.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>156</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Statutory requirements
      as to notices</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Nothing in any of the preceding
      five Articles shall affect any requirement of the Statutes that any particular
      offer, notice or other document be served in any particular manner.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>157</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Signature of documents</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Where under these Articles
      a document requires to be signed by a member or other person then, if in
      the form of an electronic communication, it must to be valid incorporate
      the electronic signature or personal identification details (which may be
      details previously allocated by the Company) of that member or other person,
      in such form as the Directors may approve, or be accompanied by such other
      evidence (including evidence in accordance with the last sentence of Article
      77.2) as the Directors may require to satisfy themselves that the document
      is genuine. The Company may designate mechanisms for validating any such
      document, and any such document not so validated by use of such mechanisms
      shall be deemed not to have been received by the Company.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">48</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>158</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Electronic communication</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any member may notify the
      Company of an address for the purpose of his receiving electronic communications
      from the Company, and having done so shall be deemed to have agreed to receive
      notices and other documents from the Company by electronic communication
      of the kind to which the address relates. In addition, if a member notifies
      the Company of his e-mail address, the Company may satisfy its obligation
      to send him any notice or other document by:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">158.1</font></b></td>
    <td> <font size="2" face="sans-serif">publishing such notice or document on
      a web site; and </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">158.2</font></b></td>
    <td> <font size="2" face="sans-serif">notifying him by e-mail to that e-mail
      address that such notice or document has been so published, specifying the
      address of the web site on which it has been published, the place on the
      web site where it may be accessed, how it may be accessed and (if it is
      a notice relating to a shareholders&#8217; meeting) stating (i) that the
      notice concerns a notice of a company meeting served in accordance with
      the Act, (ii) the place, date and time of the meeting, (iii) whether the
      meeting is to be an annual or extraordinary general meeting and (iv) such
      other information as the Statutes may prescribe.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any amendment or revocation
      of a notification given to the Company under this Article shall only take
      effect if in writing, signed by the member and on actual receipt by the
      Company thereof.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">An electronic communication
      shall not be treated as received by the Company if it is rejected by computer
      virus protection arrangements.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p49a"></a>Winding
  Up</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>159</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Directors&#8217; powers to petition</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors shall have
      power in the name and on behalf of the Company to present a petition to
      the Court for the Company to be wound up.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>160</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Distribution of assets
      <i>in specie</i></b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If the Company shall be
      wound up (whether the (liquidation is voluntary, under supervision, or by
      the Court) the Liquidator may, with the authority of an Extraordinary Resolution,
      divide among the members <i>in specie</i> or kind the whole or any part
      of the assets of the Company and whether or not the assets shall consist
      of property of one kind or shall consist of properties of different kinds,
      and may for such purpose set such value as he deems fair upon any one or
      more class or classes of property and may determine how such division shall
      be carried out as between the members or different classes of members. The
      Liquidator may, with the like authority, vest any part of the assets in
      trustees upon such trusts for the benefit of members as the Liquidator with
      the like authority shall think fit, and the liquidation of the Company may
      be closed and the Company dissolved but so that no contributory shall be
      compelled to accept any shares or other property in respect of which there
      is a liability.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">49</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="p50a"></a>Indemnity</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>161</b></font></td>
    <td> <font size="2" face="sans-serif">Subject to the provisions of and so
      far as may be consistent with the Statutes, every Director, Secretary or
      other officer of the Company shall be indemnified by the Company out of
      its own funds against and/or exempted by the Company from all costs, charges,
      losses, expenses and liabilities incurred by him in actual or purported
      execution and/or discharge of his duties and/or the exercise or purported
      exercise of his powers and/or otherwise in relation to or in connection
      with his duties, powers or office including (without prejudice to the generality
      of the foregoing) any liability incurred by him in defending any proceedings,
      civil or criminal, which relate to anything done or omitted or alleged to
      have been done or omitted by him as an officer or employee of the Company
      and in which judgment is given in his favour (or the proceedings are otherwise
      disposed of without any finding or admission of any material breach of duty
      on his part) or in which he is acquitted or in connection with any application
      under any statute for relief from liability in respect of any such act or
      omission in which relief is granted to him by the Court.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif"><b><a name="p50b"></a>Overriding
  Provisions</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>162</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Overriding provisions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">162.1</font></b></td>
    <td> <font size="2" face="sans-serif">If and for so long as the Company shall
      hold any class of security of Six Continents Hotels Inc. the provisions
      of this Article shall apply and to the extent of any inconsistency shall
      have overriding effect as against all other provisions of these Articles.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">162.2</font></b></td>
    <td> <font size="2" face="sans-serif">For the purposes of this Article the
      words and expressions set out below shall bear the meanings set opposite
      them respectively:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Disqualified Person</b>&#8221;
      means any holder of any class of shares of the Company whose holding of
      such shares, either individually or when taken together with the holding
      of any class of shares of the Company by any other holders, may result,
      in the opinion of the Directors, in the loss, or the failure to secure the
      reinstatement, of any licence or franchise from any United States&#8217;
      governmental agency held by Six Continents Hotels Inc. or any subsidiary
      thereof to conduct any portion of the business of Six Continents Hotels
      Inc. or any subsidiary thereof.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Relevant Shares</b>&#8221;
      means shares of the Company comprised in the interest or holding of a Disqualified
      Person.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Required Disposal</b>&#8221;
      means the sale and transfer of Relevant Shares or of interests therein in
      such manner as may be required to cause such shares to cease to be Relevant
      Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td><b><font size="2" face="sans-serif">162.3</font></b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.3.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may at any time serve
      a notice upon any member requiring him to furnish the Directors with information
      (in the case of (ii) below, to the extent that such paragraph applies to
      any person other than the member so far as such information lies within
      the knowledge of such member), supported by a declaration and by such other
      evidence (if any) in support as the Directors may require, for the purpose
      of determining:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">whether such member is a party to an
      agreement or arrangement (whether legalIy enforceable or not) whereby any
      of the shares held by him are to be voted in accordance with some other
      person&#8217;s instructions (whether given by that other person directly
      or through any other person); or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">whether such member and/or any other
      person who has an interest in any shares held by such member is a Disqualified
      Person.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">50</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If such information and
      evidence is not furnished within a reasonable period (not being less than
      14 days) from the date of service of such notice or the information and
      evidence provided is, in the opinion of the Directors, unsatisfactory for
      the purposes of so determining, the Directors may serve upon such member
      a further notice calling upon him, within 14 days after the service of such
      further notice, to furnish the Directors with such information and evidence
      or further information and evidence as shall (in their opinion) enable them
      so to determine.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.3.2</font></b></td>
    <td> <font size="2" face="sans-serif">Any person holding any share of the
      Company shall notify the Directors forthwith in writing if he, or to his
      knowledge any person controlling or beneficially owning or otherwise having
      an interest in such share, is likely to be or become a Disqualified Person.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.3.3</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may assume without enquiry
      that a person is not or will not become a Disqualified Person unless the
      information obtained by them above or a notification under this Article
      162.3 indicates to the contrary or the Directors have reason to believe
      otherwise; in these circumstances the Directors shall use all reasonable
      endeavours to discover whether the person concerned is a Disqualified Person.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td><b><font size="2" face="sans-serif">162.4</font></b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.4.1</font></b></td>
    <td> <font size="2" face="sans-serif">If any person becomes or is determined
      in accordance with paragraph 162.3.3 above to be a Disqualified Person the
      Directors shall serve a written notice (a &#8220;<b>Disposal Notice</b>&#8221;)
      on all those who (to the knowledge of the Directors) have interests in,
      and, if different, on the holder or holders of, the Relevant Shares. The
      Disposal Notice shall refer to the voting restrictions as set out in Article162.6
      below and shall call for a Required Disposal to be made and for reasonable
      evidence that such Required Disposal shall have been effected to be supplied
      to the Company within 21 days from the date of such notice or such other
      period as the Directors may consider reasonable and which they may extend.
      The Directors may withdraw a Disposal Notice (whether before or after the
      expiration of the period referred to) if it appears to them that there is
      no Disqualified Person in relation to the shares concerned. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.4.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif">If a Disposal Notice served
      under paragraph 162.4.1 above is not complied with to the satisfaction of
      the Directors and has not been withdrawn, the Directors shall, so far as
      they are able, sell the shares comprised in such Disposal Notice, at the
      best price reasonably obtainable in all the circumstances and shall give
      written notice of such disposal to those persons on whom the Disposal Notice
      was served. Except as hereinafter provided such a sale shall be completed
      as soon as reasonably practicable after expiry of the Disposal Notice as
      may in the opinion of the Directors be consistent with obtaining the best
      price reasonably obtainable and in any event within 30 days of expiry of
      such notice provided that such a sale shall be postponed during the period
      when dealings by the Directors in the Company&#8217;s shares are not permitted
      either by law or by Regulations of the London Stock Exchange but any sale
      postponed as aforesaid shall be completed within 30 days after expiry of
      the period of such suspension and provided further that neither the Company
      nor the Director shall be liable to any holder or any person having an interest
      in any share or other person for failing to obtain the best price so long
      as the Directors act in good faith within the period specified above. </font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">51</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.4.3</font></b></td>
    <td align="left"><font size="2" face="sans-serif">For the purpose of effecting
      any Required Disposal, the Directors may authorise in writing an officer
      or employee of the Company to execute any necessary transfer on behalf of
      any holder and may issue a new certificate to the purchaser. The net proceeds
      of such disposal shall be received by the Company, whose receipt shall be
      a good discharge for the purchase money, and shall be paid (without any
      interest being payable thereon) to the former holder upon surrender by him
      of the certificate in respect of the shares sold and formerly held by him.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td><b><font size="2" face="sans-serif">162.5</font></b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.5.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors shall not be obliged to
      serve any notice under the foregoing provisions of this Article upon any
      person if they do not know his identity or his address and the absence of
      service of such a notice in such circumstances as aforesaid and any accidental
      error in, or failure to give any notice to any person upon whom notice is
      required to be served under the foregoing provisions shall not prevent the
      implementation of or invalidate any procedure thereunder.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.5.2</font></b></td>
    <td> <font size="2" face="sans-serif">Any notice to be served under this Article
      upon a person who is not a member shall be deemed validly served if sent
      through the post to that person at the address, if any, at which the Directors
      believe him to be resident or carrying on business. Any such notice shall
      be deemed served on the day following any day on which it was put in the
      post and, in proving service, it shall be sufficient to prove that the notice
      was properly addressed, stamped and put in the post. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.5.3</font></b></td>
    <td> <font size="2" face="sans-serif">Any determination of the Directors under
      the foregoing provision of this Article shall be final and conclusive, but
      without prejudice to the power of the Directors subsequently to vary or
      revoke such determination. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td><b><font size="2" face="sans-serif">162.6</font></b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.6.1</font></b></td>
    <td> <font size="2" face="sans-serif">If in accordance with Article 162.3
      above the Directors shall have assumed that any person is not a Disqualified
      Person, the exercise by that person and/or, if shares owned or controlled
      by such person are held by another person or by other persons, by such other
      person or persons shall not be challenged or invalidated by any subsequent
      determination by the Directors that such person is a Disqualified Person.
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.6.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif">If any person becomes or
      is determined by the Directors to be a Disqualified Person the Directors
      shall serve written notice on such person and, if different, on the holder
      or holders of the shares owned or controlled by such person to the effect
      that he has been determined to be a Disqualified Person. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.6.3</font></b></td>
    <td align="left"><font size="2" face="sans-serif">With effect from the expiration
      of such period as the Directors shall specify in the notice under paragraph
      162.6.2 above (not being longer than 30 days from the date of service of
      such notice) the said person and, if different, the holder or holders of
      the shares owned or controlled by such person (to the extent that such holder
      or holders is/are not able to prove to the satisfaction of the Directors
      that shares registered in his/their name(s) are not owned or controlled
      by such person) shall not be entitled to receive notice of, or to attend
      or vote at, any general meeting of the Company or any meeting of the holders
      of any class of shares. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">162.6.4</font></b></td>
    <td align="left"><font size="2" face="sans-serif">Any member who has pursuant
      to paragraph 162.3.1 above been served with a further notice by the Directors
      requiring him to furnish the Directors with information and evidence or
      further information or evidence within 14 days after the service of such
      further notice shall not, with effect from the expiration of such period
      and until information or evidence is furnished to the satisfaction of the
      Directors, be entitled to receive notice of, or to attend or vote at, any
      general meeting of the Company or meeting of the holders of any class of
      shares other than in respect of such of the shares held by such member as
      are shares in respect of which it shall have been established to the satisfaction
      of the Directors that they are not shares in which a Disqualified Person
      has an interest or shares in respect of which the Directors may require
      a disposal pursuant to the provisions of Article 162.4 above.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">52</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">162.7</font></b></td>
    <td> <font size="2" face="sans-serif">No person shall be capable of being
      appointed or continuing as a Director if, in the opinion of the Directors,
      his directorship of the Company may result in the loss, or the failure to
      secure the reinstatement, of any licence or franchise from any United States
      governmental agency held by Six Continents Hotels Inc. or any subsidiary
      thereof to conduct any portion of the business of Six Continents Hotels
      Inc. or any subsidiary thereof.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">53</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="contents"></a>Index</b></font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="1" face="sans-serif"><b>Article No.</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="1" face="sans-serif"><b>Page No.</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p46a"><font size="2" face="sans-serif">Accounts</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="14%" align="right"><a href="#p46a"><font size="2" face="sans-serif">147-148</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="12%" align="right"><a href="#p46a"><font size="2" face="sans-serif">44-45</font></a></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p46b"><font size="2" face="sans-serif">Auditors</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p46b"><font size="2" face="sans-serif">149-150</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p46b"><font size="2" face="sans-serif">45</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p40b"><font size="2" face="sans-serif">Authentication
      of Documents</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p40b"><font size="2" face="sans-serif">129</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p40b"><font size="2" face="sans-serif">39</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p37a"><font size="2" face="sans-serif">Borrowing
      Powers</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p37a"><font size="2" face="sans-serif">115-116</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p37a"><font size="2" face="sans-serif">36</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p43a"><font size="2" face="sans-serif">Capitalisation
      of Profits and Shares</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p43a"><font size="2" face="sans-serif">144-145</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p43a"><font size="2" face="sans-serif">42-44</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p27a"><font size="2" face="sans-serif">Corporations
      Acting by Representatives</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p27a"><font size="2" face="sans-serif">81</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p27a"><font size="2" face="sans-serif">26</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p27b"><font size="2" face="sans-serif">Directors</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p27b"><font size="2" face="sans-serif">82-91</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p27b"><font size="2" face="sans-serif">27-29</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p32a">Alternate</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p32a"><font size="2" face="sans-serif">102-105</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p32a"><font size="2" face="sans-serif">31-32</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p30a">Appointment
      and Retirement of</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p30a"><font size="2" face="sans-serif">92-101</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p30a"><font size="2" face="sans-serif">29-31</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p39b">Departmental,
      Divisional or Local</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p39b"><font size="2" face="sans-serif">123</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p39b"><font size="2" face="sans-serif">38</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p38a">General
      Powers of</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p38a"><font size="2" face="sans-serif">117-121</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p38a"><font size="2" face="sans-serif">36-37</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p33a">Meetings
      and Proceedings of</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p33a"><font size="2" face="sans-serif">106-114</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p33a"><font size="2" face="sans-serif">32-36</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p40d"><font size="2" face="sans-serif">Dividends</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p40d"><font size="2" face="sans-serif">131-143</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p40d"><font size="2" face="sans-serif">39-42</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p11a"><font size="2" face="sans-serif">Evidence
      of Title to Securities</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p11a"><font size="2" face="sans-serif">18</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p11a"><font size="2" face="sans-serif">11</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p13a"><font size="2" face="sans-serif">Forfeiture
      and Lien</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p13a"><font size="2" face="sans-serif">30-37</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p13a"><font size="2" face="sans-serif">13-15</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#pp19a"><font size="2" face="sans-serif">General
      Meetings</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#pp19a"><font size="2" face="sans-serif">51-52</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#pp19a"><font size="2" face="sans-serif">18-19</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p19b">Notice
      of</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p19b"><font size="2" face="sans-serif">53-54</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p19b"><font size="2" face="sans-serif">19</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p20a">Overflow
      of</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p20a"><font size="2" face="sans-serif">55-57</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p20a"><font size="2" face="sans-serif">20</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p21a">Proceedings
      at</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p21a"><font size="2" face="sans-serif">58-68</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p21a"><font size="2" face="sans-serif">20-22</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p50a"><font size="2" face="sans-serif">Indemnity</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p50a"><font size="2" face="sans-serif">161</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p50a"><font size="2" face="sans-serif">48</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p45a"><font size="2" face="sans-serif">Minutes</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p45a"><font size="2" face="sans-serif">146</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p45a"><font size="2" face="sans-serif">44</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p47a"><font size="2" face="sans-serif">Notices</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p47a"><font size="2" face="sans-serif">151-158</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p47a"><font size="2" face="sans-serif">45-47</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p50b"><font size="2" face="sans-serif">Overriding
      Provisions</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p50b"><font size="2" face="sans-serif">162</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p50b"><font size="2" face="sans-serif">48-51</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p1a"><font size="2" face="sans-serif">Preliminary</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p1a"><font size="2" face="sans-serif">1-2</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p1a"><font size="2" face="sans-serif">1-5</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p39a"><font size="2" face="sans-serif">President</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p39a"><font size="2" face="sans-serif">122</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p39a"><font size="2" face="sans-serif">38</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p26a"><font size="2" face="sans-serif">Proxies</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p26a"><font size="2" face="sans-serif">75-80</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p26a"><font size="2" face="sans-serif">25-26</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#pp40a"><font size="2" face="sans-serif">Record
      Date</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#pp40a"><font size="2" face="sans-serif">128</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#pp40a"><font size="2" face="sans-serif">39</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p40c"><font size="2" face="sans-serif">Reserves</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p40c"><font size="2" face="sans-serif">130</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p40c"><font size="2" face="sans-serif">39</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p39d"><font size="2" face="sans-serif">Seal</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p39d"><font size="2" face="sans-serif">125-127</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p39d"><font size="2" face="sans-serif">38</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p39c"><font size="2" face="sans-serif">Secretary</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p39c"><font size="2" face="sans-serif">124</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p39c"><font size="2" face="sans-serif">38</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p6a"><font size="2" face="sans-serif">Share Capital</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p6a"><font size="2" face="sans-serif">3-4</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p6a"><font size="2" face="sans-serif">6-7</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p8a">Alteration
      of</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p8a"><font size="2" face="sans-serif">7-11</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p8a"><font size="2" face="sans-serif">8-9</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p7a">Variation
      of Rights</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p7a"><font size="2" face="sans-serif">5-6</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p7a"><font size="2" face="sans-serif">7-8</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p11b"><font size="2" face="sans-serif">Share Certificates</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p11b"><font size="2" face="sans-serif">19-23</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p11b"><font size="2" face="sans-serif">11-12</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p9a"><font size="2" face="sans-serif">Shares</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p9a"><font size="2" face="sans-serif">12-17</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p9a"><font size="2" face="sans-serif">9-11</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p12a">Calls
      on</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p12a"><font size="2" face="sans-serif">24-29</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p12a"><font size="2" face="sans-serif">12-13</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p15a">Transfer
      of</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p15a"><font size="2" face="sans-serif">38-44</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p15a"><font size="2" face="sans-serif">15-17</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p17a">Transmission
      of</a></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p17a"><font size="2" face="sans-serif">45-47</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p17a"><font size="2" face="sans-serif">17</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p18a"><font size="2" face="sans-serif">Untraced
      Shareholders</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p18a"><font size="2" face="sans-serif">48-50</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p18a"><font size="2" face="sans-serif">17-18</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p23a"><font size="2" face="sans-serif">Votes of
      Members</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p23a"><font size="2" face="sans-serif">69-74</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p23a"><font size="2" face="sans-serif">22-25</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><a href="#p49a"><font size="2" face="sans-serif">Winding
      Up</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p49a"><font size="2" face="sans-serif">159-160</font></a></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><a href="#p49a"><font size="2" face="sans-serif">48</font></a></td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">54</font></p>
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<FILENAME>b707091ex4-2.htm
<TEXT>
<!doctype html public "b707091_ex4-2 ">


<html>
<head>
   <title>b707091_ex4-2 </title>
    <meta name="HandheldFriendly" content="true">
</head>

<body bgcolor="#ffffff">

  <div style="page-break-before:always"></div>
  <page>
  <p align="right"><font size="2" face="sans-serif"><b>Exhibit 4.2</b></font></p>
  <hr align="left" size="2" noshade>

  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font size=2 face="sans-serif">Reference</font></td>
    <td width="70%"> <div align="right"><b><font size=6 face="sans-serif">InterContinental
        Hotels Group PLC</font></b> </div></td>
  </tr>
</table>
</div>
<p align="right"><b><font size=2 face="sans-serif">2625-01</font></b></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td> <div align="right"><font size="2"><b><font face="sans-serif">ORDINARY
        SHARES OF &pound;1 EACH</font></b></font></div></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td width="40%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><p><font size=2 face="sans-serif">The definitive certificate in respect
        of the documents recently lodged by you is attached. No receipt or other
        acknowledgement is required.<br>
        <br>
        </font><font size=2 face="sans-serif">If the certificate is in respect
        of a balance after certification or registration, the number in the transfer
        column will be prefixed B.<br>
        <br>
        </font><font size=2 face="sans-serif">DIVIDEND CLAIMS: THE DATE SHOWN
        ON THE ATTACHED CERTIFICATE IS THE DATE OF REGISTRATION.<br>
        <br>
        </font><font size=1 face="sans-serif">Should you need to notify the Registrar
        of a change of address, please complete the form on the reverse of this
        counterfoil and send it to Lloyds TSB Registrars. In the case of a joint
        holding, the change of address of the first-named shareholder only should
        be notified and the form should be signed by the first-named shareholder
        only.<br>
        </font><font size=1 face="sans-serif">Please do NOT return your share
        certificate with the change of address form.</font></p>
      </td>
  </tr>
</table>
<br>
<hr size="1" noshade>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="center"><font size=1 face="sans-serif">CERTIFICATE NO.</font></div></td>
    <td width="20%"><div align="center"><font size=1 face="sans-serif">ACCOUNT
        NO.</font></div></td>
    <td width="20%"><div align="center"><font size=1 face="sans-serif">TRANSFER
        NO.</font></div></td>
    <td width="20%"><div align="center"><font size=1 face="sans-serif">DATE</font></div></td>
    <td width="20%"><div align="center"><font size=1 face="sans-serif"> NUMBER
        OF ORDINARY SHARES</font></div></td>
  </tr>
  <tr>
    <td><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p align="center"><img src="b707091ex4-2x1x1.jpg" border=0></p>
<p align="center"> <i><font size=1 face="sans-serif">Incorporated and registered
  in England and Wales under the Companies Acts 1985 and 1989<br>
  Registered No. 4551528</font></i></p>
<p align="center">
<b><font face="sans-serif">ORDINARY SHARES OF &pound;1 EACH</font></b></p>
<p align="justify"> <b><font face="sans-serif">This is to Certify</font></b><font face="sans-serif">
  that the undermentioned is/are the registered holder(s) of Ordinary Shares of
  &pound;1 each fully paid in InterContinental Hotels Group PLC as shown herein
  subject to the Memorandum and Articles of Association of the Company.</font></p>
<p> <font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;NAME(S) OF HOLDER(S)</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="40%">
      <div align="center"><b><font size=2 face="sans-serif">Given </font></b><font size=2 face="sans-serif">under
        the Securities Seal of the Company</font></div></td>
  </tr>
  <tr>
    <td><font size="1">&nbsp;</font></td>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;NUMBER OF ORDINARY SHARES</font></td>
    <td>
<div align="center"><img src="b707091ex4-2x1x2.jpg" border=0></div></td>
  </tr>
</table>
<p><font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="justify"><font size=1 face="sans-serif">This certificate should
        be kept in a safe place. It will be needed when you sell or transfer the
        shares. No transfer of any portion of this holding will be registered
        unless this certificate is deposited at the office of the Registrar.<br>
        </font><font size=1 face="sans-serif">The Registrar&#146;s address is
        Lloyds TSB Registrars, The Causeway, Worthing, West Sussex BN99 6DA (Telephone
        0870 600 3957, overseas callers should call +44 121 433 8000) and the
        relevant reference for correspondence is No. 2625.</font></div></td>
    <td width="65%">&nbsp;</td>
  </tr>
</table>
<br>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="sans-serif"><b>CHANGE OF ADDRESS &#150;
      Please use BLOCK LETTERS </b></font></td>
    <td><div align="right"><font size="2" face="sans-serif"><b>Co. 2625</b></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><font size=2 face="sans-serif">To: The Registrar, InterContinental
      Hotels Group PLC, Lloyds TSB Registrars, The Causeway, Worthing, West Sussex
      BN99 6DA <br>
      Name(s) of shareholder(s) &#150; Please fill in the full name(s) of the
      shareholder(s) as shown in the certificate</font></td>
  </tr>
</table>
<br>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif">1st or Sole Holder</font></td>
  </tr>
  <tr>
    <td colspan=1><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif">2nd Holder (if any)</font></td>
  </tr>
  <tr>
    <td colspan=1><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif">3rd Holder (if any)</font></td>
  </tr>
  <tr>
    <td colspan=1><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif">4th Holder (if any)</font></td>
  </tr>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
</table>
<p>&nbsp;</p><table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td rowspan="7" valign="middle">
      <div align="left"><b><font size=2 face="sans-serif">
        OLD ADDRESS</font></b></div>
      <div align="left"><font size=2 face="sans-serif">Please change the</font></div>
      <div align="left"><font size=2 face="sans-serif">address
        in the</font></div> <div align="left"><font size=2 face="sans-serif">Register
        of <br>
        Members from:</font></div></td>
    <td width="85%"><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
</table>
<p>&nbsp;</p><table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td rowspan="7" valign="middle"> <div align="left">
        <div align="left"><font size=2 face="sans-serif">to:</font><font size="2" face="sans-serif"><b><br>
          NEW ADDRESS</b></font></div>
        <div align="left"><font size=2 face="sans-serif">Please fill in full</font></div>
        <div align="left"><font size=2 face="sans-serif">details including</font></div>
        <div align="left"><font size=2 face="sans-serif">postcode:</font></div>
        </div>
      </td>
    <td width="85%"><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td><font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
</table>
<p>&nbsp;</p><table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="15%" height="20" valign="top"><b><font size=2 face="sans-serif">PLEASE
      SIGN HERE</font></b></td>
    <td height="20" valign="bottom">
      <hr size="1" noshade></td>
    <td width="2%" height="20" valign="top">&nbsp;</td>
    <td width="5%" height="20" valign="top"><b><font size=2 face="sans-serif">DATE</font></b></td>
    <td width="20%" height="20" valign="bottom">
      <hr size="1" noshade></td>
  </tr>
</table>
<br>
<table width="100%">
  <tr valign="top">
    <td width="6%"><font size=1 face="sans-serif">Notes:</font></td>
    <td width="3%"><font size=1 face="sans-serif">(i) </font></td>
    <td><font size=1 face="sans-serif"> The above information will be used to
      amend any InterContinental Hotels Group PLC share accounts in which your
      name appears as the first or sole holder and which contains the same old
      address, including any accounts with designations.</font></td>
  </tr>
  <tr valign="top">
    <td><font size="1">&nbsp;</font></td>
    <td><font size=1 face="sans-serif">(ii)</font></td>
    <td> <font size=1 face="sans-serif"> If the change affects holdings of shares
      in other companies for which Lloyds TSB Registrars acts as Registrar, please
      give full details on a separate piece of paper.</font></td>
  </tr>
</table>
<br>
<hr noshade align="center" width="100%" size="2">

</body>

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`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>8
<FILENAME>b707091ex4-3.htm
<TEXT>
<html>
<head>
<title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
  <page>
  <p align="right"><font size="2" face="sans-serif"><b>Exhibit 4.3</b></font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
 <a name="p?"></a>
  <p><a href="#contents"><font size="2" face="sans-serif">Back to Contents</font></a></p>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
    <tr valign="top">
    <td colspan="4" align="center"><font size="2" face="sans-serif">INTERCONTINENTAL
      HOTELS GROUP PLC</font><font face="sans-serif"><br>
      <br>
      <font size="4">RULES OF THE INTERCONTINENTAL HOTELS GROUP</font><br>
      <br>
      <font size="4">EXECUTIVE SHARE OPTION PLAN</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="4" align="left"><font face="sans-serif">&nbsp; </font></td>
  </tr>
  <tr valign="top">
    <td width="28%" align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Shareholders&#8217; Approval:</font></td>
    <td width="15%" align="left"> <div align="right"><font size="2" face="sans-serif">9
        April 2003</font><font face="sans-serif">&nbsp;</font></div></td>
    <td width="28%" align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Directors&#8217; Adoption:</font></td>
    <td align="left"><div align="right"><font size="2" face="sans-serif">13 April
        2003</font></div></td>
    <td align="left"><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">IR Ref:</font></td>
    <td align="left"><div align="right"><font size="2" face="sans-serif">X22524/PC
        </font></div></td>
    <td align="left"><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Expiry Date:</font></td>
    <td align="left"><div align="right"><font size="2" face="sans-serif">9 April
        2013</font></div></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Revenue Approval:</font></td>
    <td align="left"><div align="right"><font size="2" face="sans-serif">[&#149;]</font></div></td>
    <td align="left"><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="left"> <div align="left"><img src="ex4-3image1.gif" width="83" height="14"></div></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="left"><font size="2" face="sans-serif">One Silk Street<br>
      London EC2Y 8HQ</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="left"><font size="2">&nbsp;</font><font size="2" face="sans-serif">Telephone
      (44-20) 7456 2000</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="left"><font size="2">&nbsp;</font><font size="2" face="sans-serif">Facsimile
      (44-20) 7456 2222</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="left"><font size="1" face="sans-serif">Ref JOW</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b>Rules of the InterContinental
  Hotels Group Executive Share Option Plan </b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b><a name="p1a"></a>1</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Definitions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>1.1</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Meanings of words used</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">In these Rules:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Annual Salary</b>&#8221;
      means basic annual salary excluding all payments additional to basic salary
      (for example mortgage support, expatriate allowance, etc.);</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Business Day</b>&#8221;
      means a day on which the London Stock Exchange (or, if relevant and if the
      Directors determine, any stock exchange nominated by the Directors on which
      the Shares are traded) is open for the transaction of business;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Company</b>&#8221;
      means InterContinental Hotels Group PLC; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Condition</b>&#8221;
      means any conditions imposed under Rule 2.3;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Control</b>&#8221;
      has the meaning given to it by Section 840 of the Taxes Act;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Date of Grant</b>&#8221;
      means the date which the Directors set for the grant of an Option;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Directors</b>&#8221;
      means, subject to Rule 8.7, the board of directors of the Company or a duly
      authorised committee;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Eligible Employee</b>&#8221;
      means any person who:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">is an executive director or employee
      of a Participating Company; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">unless decided otherwise by the Directors,
      is not at the Date of Grant within 24 months of his anticipated retirement
      date;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Financial Year</b>&#8221;
      means the financial year of the Company;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>ITEPA</b>&#8221;
      means the Income Tax (Earnings and Pensions) Act 2003;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>London Stock Exchange</b>&#8221;
      means London Stock Exchange plc;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Member of the
      Group</b>&#8221; means:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">the Company; and </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">its Subsidiaries from time to time;
      and </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">any other company which is associated
      with the Company and is so designated by the Directors;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Model Code</b>&#8221;
      means the UK Listing Authority Model Code for transactions in securities
      by directors, certain employees and persons connected with them;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Option</b>&#8221;
      means a right to acquire Shares granted under the Plan which is subject
      to the Rules;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Optionholder</b>&#8221;
      means a person holding an Option or his personal representatives;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Option Period</b>&#8221;
      means a period starting on the Date of Grant of an Option and ending at
      the end of the day before the 10th anniversary of the Date of Grant, or
      such shorter period as may be specified on the Date of Grant;</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">1</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Option Price</b>&#8221;
      means the amount payable for each Share on the exercise of an Option calculated
      as described in Rule 3;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Participating
      Companies</b>&#8221; means:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">the Company; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">any Subsidiary and any other company
      which in both cases is so designated by the Directors;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Plan</b>&#8221;
      means this plan known as &#8220;The InterContinental Hotels Group Executive
      Share Option Plan&#8221; as changed from time to time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>PRSP</b>&#8221;
      means the InterContinental Hotels Group Performance Restricted Share Plan
      as changed from time to time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Regulatory Information
      Service</b>&#8221; means a service listed in schedule 12 to the UK Listing
      Authority Listing Rules;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Rolled Over Options</b>&#8221;
      means Options granted under the Plan in exchange for options granted under
      the Six Continents Plc Executive Share Option Scheme 1985 or the Six Continents
      Plc Executive Share Option Scheme 1995;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Rules</b>&#8221;
      means these rules of the Plan as changed from time to time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>STDIP</b>&#8221;
      means the InterContinental Hotels Group Short Term Deferred Incentive Plan
      as amended from time to time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Shares</b>&#8221;
      means fully paid ordinary shares in the capital of the Company;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>SIPs</b>&#8221;
      means the InterContinental Hotels Group Share Incentive Plan and the Britvic
      Share Incentive Plan as amended from time to time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Subsidiary</b>&#8221;
      means a company which is a subsidiary of the Company within the meaning
      of Section 736 of the Companies Act 1985; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Taxes Act</b>&#8221;
      means the Income and Corporation Taxes Act 1988;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b><a name="p2a"></a>2</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Grant of Options</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>2.1</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Grant of Options</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>2.1.1</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors may resolve to grant to
      any Eligible Employee an Option to acquire such number of Shares as the
      Directors may determine at the Option Price. The Company will execute a
      deed on the grant of an Option. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>2.1.2</b></font></td>
    <td> <font size="2" face="sans-serif">Unless the Directors decide otherwise
      in any particular case, Options must not be granted to an Eligible Employee
      who has given or received notice of termination of employment with a Participating
      Company whether or not such termination is lawful. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>2.1.3</b></font></td>
    <td> <font size="2" face="sans-serif">The Directors may also resolve to grant
      a Rolled Over Option, subject to the terms of the Rules as modified by any
      special terms that they may set, to any person who is an employee or former
      employee of Six Continents Plc or any of its Subsidiaries or former Subsidiaries.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>2.2</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Time when Options may
      be granted</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.2.1</font></b></td>
    <td> <font size="2" face="sans-serif">Options may only be granted within 42
      days starting on any of the following:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">the date of adoption of the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">the day on which the Plan is formally
      approved by the Inland Revenue;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">the day after the announcement of the
      Company&#8217;s results through a Regulatory Information Service for any
      period;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iv)</font></td>
    <td> <font size="2" face="sans-serif">any day on which the Directors resolve
      that exceptional circumstances exist which justify the grant of Options;
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(v)</font></td>
    <td> <font size="2" face="sans-serif">any day on which changes to the legislation
      or regulations affecting share option plans are announced, effected or made;
      or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(vi)</font></td>
    <td> <font size="2" face="sans-serif">the day on which Shares are first admitted
      to the UK Listing Authority Official List and traded on the London Stock
      Exchange or admitted to any other stock exchange nominated by the Directors.
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.2.2</font></b></td>
    <td> <font size="2" face="sans-serif">If the Directors do not grant any Options
      due to restrictions imposed by statute, order, regulation or Government
      directive, or by any code adopted by the Company based on the Model Code,
      the Directors may grant Options within 42 days after the lifting of such
      restrictions.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.2.3</font></b></td>
    <td> <font size="2" face="sans-serif"> Options may be granted at any time
      between the adoption of the Plan and the 10th anniversary of that date.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.2.4</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may not grant Options
      on any day if the Option Price would be calculated as described in Rule
      3.1 using any days immediately before the announcement of results through
      a Regulatory Information Service. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Conditions </b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">When granting an Option,
      the Directors may make its exercise conditional on the satisfaction of certain
      conditions. The Condition must be objective and specified at the Date of
      Grant and may provide that an Option will lapse if a Condition is not satisfied.
      The Directors may waive or change the Condition in accordance with their
      terms or if anything happens which causes the Directors reasonably to consider
      that:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>2.3.1</b></font></td>
    <td> <font size="2" face="sans-serif">a changed Condition would be a fairer
      measure of performance, and would be no more difficult to satisfy; or </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>2.3.2</b></font></td>
    <td width="94%"> <font size="2" face="sans-serif">the Condition should be waived.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.4</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Option certificates </b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.4.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors will send to each Optionholder
      an option certificate on or as soon as practicable after the Date of Grant.
      The certificate will either be the deed referred to in Rule 2.1 or a statement.
      The Directors will set the form of the certificate, but the certificate
      must be consistent with these Rules.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.4.2</font></b></td>
    <td> <font size="2" face="sans-serif">If any option certificate is lost or
      damaged the Directors may replace it on such conditions as they wish to
      set.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><div align="left"><font size="2" face="sans-serif"><b>2.5</b></font></div></td>
    <td align="left"><font size="2" face="sans-serif"><b>No payment</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Optionholders are not required
      to pay for the grant of any Option.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.6</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Disclaimer of Option</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any Optionholder may disclaim
      all or part of his Option within 30 days after the Date of Grant by notice
      in writing to the Company. If this happens, the Option will be deemed never
      to have been granted under the Plan. Optionholders are not required to pay
      for the disclaimer.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>2.7</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Disposal restrictions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">An Optionholder may not
      transfer, assign or otherwise dispose of an Option or any rights in respect
      of it. This Rule 2.7 does not apply to:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>2.7.1</b></font></td>
    <td> <font size="2" face="sans-serif">the transmission of an Option on the
      death of an Optionholder to his personal representatives; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.7.2</font></b></td>
    <td> <font size="2" face="sans-serif">the assignment of an Option, with the
      prior consent of the Directors, subject to any terms and conditions the
      Directors impose.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.8</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Administrative errors</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If the Directors try to
      grant an Option which is inconsistent with Rule 4 (Individual limit) or
      Rule 5 (Plan limits), the Option will be limited and will take effect from
      the Date of Grant on a basis consistent with those Rules.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b><a name="p4a"></a>3</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Option Price</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">3.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Setting the Price</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors will set the
      Option Price and state it on the Date of Grant. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Option Price will be:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">3.1.1</font></b></td>
    <td> <font size="2" face="sans-serif">not less than the Market Value of a
      Share on the Date of Grant; and </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">3.1.2</font></b></td>
    <td> <font size="2" face="sans-serif">if the Shares are to be subscribed,
      not less than the nominal value of a Share.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">However, Rule 3.1.1 will
      not apply to Options granted in exchange for options granted under the Six
      Continents Executive Share Option Scheme 1985 or the Six Continents Executive
      Share Option Scheme 1995.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">3.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Market Value</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Market Value</b>&#8221;
      on any particular day means:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">3.2.1</font></b></td>
    <td> <font size="2" face="sans-serif">where Shares of the same class are admitted
      to the Official List of the UK Listing Authority and traded on the London
      Stock Exchange:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">their middle market quotation on the
      immediately preceding Business Day; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">if the Directors so decide, the average
      of the middle market quotation on the 3 immediately preceding Business Days.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The middle market quotation
      is taken from the Daily Official List of the London Stock Exchange.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">3.2.2</font></b></td>
    <td> <font size="2" face="sans-serif">Where Shares of the same class are not
      admitted to the Official List of the UK Listing Authority, the market value
      of a Share calculated as described in Part VIII of the Taxation of Chargeable
      Gains Act 1992.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif"><a name="p5a"></a>4</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Individual limit</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Market value limit </b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The conditions in Rules
      4.1.1 and 4.1.2 must both be satisfied.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">4.1.1</font></b></td>
    <td> <font size="2" face="sans-serif">Subject to Rules 4.1.4 and 4.1.5, an
      Option must not be granted to an Eligible Employee if it would at the proposed
      Date of Grant cause the aggregate of the amounts payable on the exercise
      of Options granted under the Plan in any financial year to exceed:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">in the case of an Eligible Employee
      who is a director of the Company, 3 times his Annual Salary as at the Date
      of Grant; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">in the case of any other Eligible Employee,
      4 times his Annual Salary as at the Date of Grant.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">4.1.2</font></b></td>
    <td> <font size="2" face="sans-serif">Subject to Rules 4.1.4 and 4.1.5 in
      any financial year no Eligible Employee shall be granted an Option which
      would at the proposed Date of Grant cause the aggregate of:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">20% of the market value of the Shares
      over which an Option is granted under the Plan; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">33% of the market value of the Shares
      over which an award is made under the PRSP</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">to exceed 130% of the Eligible
      Employee&#8217;s Annual Salary as at the Date of Grant.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">4.1.3</font></b></td>
    <td> <font size="2" face="sans-serif">For the purpose of Rule 4.1.2 the market
      value of a Share shall be calculated as follows:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">in respect of Options granted under
      the Plan, the market value shall be the Option Price of the relevant Shares
      on the date when each Option was granted; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">in respect of awards under the PRSP,
      the market value shall be the middle market quotation on the Business Day
      immediately preceding the conditional award date award under the PRSP.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">4.1.4</font></b></td>
    <td> <font size="2" face="sans-serif">No account shall be taken of Options
      or awards under the PRSP which have been released or have lapsed without
      being exercised.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">4.1.5</font></b></td>
    <td> <font size="2" face="sans-serif">The limits in this Rule 4.1 may be exceeded
      if the Directors determine that exceptional circumstances make it desirable
      that Options should be granted in excess of those limits.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Remuneration</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Remuneration payable in
      a currency other than Pounds Sterling will be converted into Pounds Sterling
      at the average of the spot buying and selling rates with the relevant currency
      in comparable amounts by any clearing bank chosen by the Directors on a
      date chosen by the Directors.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b><a name="p6a"></a>5</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Plan limits </b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>10 per cent. 10 year limit</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The number of Shares which
      may be allocated under the Plan on any day must not exceed 10 per cent.
      of the ordinary share capital of the Company in issue immediately before
      that day, when added to the total number of Shares which have been allocated
      in the previous 10 years under the Plan and any other employee share plan
      operated by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>5 per cent. 10 year limit</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The number of Shares which
      may be allocated under the Plan on any day must not exceed 5 per cent. of
      the ordinary share capital of the Company in issue immediately before that
      day when added to the total number of Shares which have been allocated in
      the previous 10 years under the Plan and any other discretionary share plan
      operated by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>1.5 per cent. 1 year limit</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The number of Shares which
      may be allocated under the Plan on any day must not exceed 1.5 per cent.
      of the ordinary share capital of the Company in issue immediately before
      that day when added to the total number of Shares which have been allocated
      in the previous 12 months under the Plan, the STDIP and the PRSP. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.4</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exclusions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Where the right to acquire
      Shares is released or lapses without being exercised, the Shares concerned
      are ignored when calculating the limits in this Rule 5.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The following are also ignored:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">5.4.1</font></b></td>
    <td> <font size="2" face="sans-serif">when calculating the limits in Rules
      5.1, 5.2 and 5.3 Shares awarded as partnership shares under the SIPs; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">5.4.2</font></b></td>
    <td> <font size="2" face="sans-serif">when calculating the limit in Rule 5.3
      rights to Shares issued in respect of options granted in exchange for options
      granted under the Six Continents Executive Share Option Scheme 1985 and
      the Six Continents Executive Share Option Scheme 1995.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.5</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Meaning of allocate</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Allocate</b>&#8221;
      means granting an option or other right to acquire unissued Shares, or if
      there is no such grant, the issue and allotment of Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif"><a name="p7a"></a>6</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Variations in share capital</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">6.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Adjustment of Options</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If there is a variation
      in the equity share capital of the Company, including a capitalisation or
      rights issue, sub-division, consolidation or reduction of share capital
      or a demerger (in whatever form) or exempt distribution by virtue of Section
      213 of the Taxes Act or other distribution in specie or a special dividend:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.1.1</font></b></td>
    <td> <font size="2" face="sans-serif">the number of Shares comprised in each
      Option; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.1.2</font></b></td>
    <td> <font size="2" face="sans-serif">the Option Price; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.1.3</font></b></td>
    <td> <font size="2" face="sans-serif">both</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">may be adjusted in any way
      (including retrospective adjustments) which the Directors consider appropriate.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">6.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Nominal value</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.2.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Option Price of an Option to acquire
      existing Shares may be adjusted to a price less than nominal value. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.2.2</font></b></td>
    <td> <font size="2" face="sans-serif">The Option Price of an Option to subscribe
      for Shares may be adjusted to a price less than nominal value only if the
      Directors resolve to capitalise the reserves of the Company, subject to
      any necessary conditions. This capitalisation will be of an amount equal
      to the difference between the adjusted Option Price payable for the Shares
      to be issued on exercise, and the nominal value of such Shares on the date
      of allotment of the Shares. If, at the time of exercise, the Directors do
      not resolve to capitalise the reserves of the Company for this purpose then
      the adjustment under this Rule 6.2 will be deemed not to have taken place.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">6.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Notice</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may notify
      Optionholders of any adjustment made under this Rule 6.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif"><a name="p7b"></a>7</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exercise and lapse &#150; general
      rules</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">7.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exercise</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to Rule 7.2 (Lapse)
      and Rule 8 (Exercise and lapse &#150; exceptions to the general rules) an
      Option can only be exercised:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">7.1.1</font></b></td>
    <td> <font size="2" face="sans-serif">on or after the third anniversary of
      its Date of Grant (or such other date as the Directors may specify on the
      Date of Grant); </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">7.1.2</font></b></td>
    <td> <font size="2" face="sans-serif">to the extent allowed by the Condition;
      and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">7.1.3</font></b></td>
    <td> <font size="2" face="sans-serif">if not prevented under Rule 8.11 (Mergers
      and reorganisations) or by a decision of the Directors under any of Rules
      8.3 (Takeovers), 8.4 (Section 429 notice) or 8.5 (Company reconstructions).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
</table>
<p align="center"><font size="2" face="sans-serif">7</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td><b><font size="2" face="sans-serif">7.2</font></b></td>
    <td colspan="2"> <font size="2" face="sans-serif"><b>Lapse</b></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="sans-serif">Unless Rule 8 applies, an
      Option will lapse on the earliest of</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">7.2.1</font></b></td>
    <td align="left"><font size="2" face="sans-serif">the date the Optionholder
      ceases to be a director or employee of a Member of the Group;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">7.2.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif">if the Directors so decide
      within 14 days of the date that the relevant Optionholder gives or receives
      notice, the date on which the Optionholder gives or receives notice of termination
      of his employment with any Member of the Group whether or not such termination
      is lawful; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">7.2.3</font></b></td>
    <td align="left"><font size="2" face="sans-serif">any date specified in any
      Condition;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">7.2.4</font></b></td>
    <td align="left"><font size="2" face="sans-serif">the expiry of the Option
      Period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b><a name="p8a"></a>8</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Exercise and lapse &#150; exceptions
      to the general rules</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule 8 sets out exceptions
      to the general rules of exercise and lapse in Rule 7.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Cessation of employment</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.1.1</font></b></td>
    <td> <font size="2" face="sans-serif">If an Optionholder ceases to be a director
      or an employee of any Member of the Group for any of the reasons set out
      below, then his Options will not lapse and he may exercise them for a period
      of three and a half years from the date of cessation of employment unless
      the Company decides otherwise. The Condition must be satisfied before exercise
      of Options under this Rule 8.1.1. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The reasons are:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">ill-health, injury, disability; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">redundancy; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">retirement in accordance with the terms
      of an Optionholder&#8217;s contract of employment;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iv)</font></td>
    <td> <font size="2" face="sans-serif">early retirement by agreement with the
      Optionholder&#8217;s employer;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(v)</font></td>
    <td> <font size="2" face="sans-serif">the Optionholder&#8217;s employing company
      ceasing to be under the Control of the Company;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(vi)</font></td>
    <td> <font size="2" face="sans-serif">a transfer of the undertaking, or the
      part of the undertaking, in which the Optionholder works to a person which
      is neither under the Control of the Company nor a Member of the Group.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.1.2</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors may allow an Optionholder
      who ceases to be a director or an employee of any Member of the Group for
      any other reason to exercise his Options in full or in part during any period
      specified by the Directors and subject to any conditions. The Condition
      must be satisfied before exercise of Options under this Rule 8.1.2. </font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">8</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.1.3</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors must exercise any discretion
      provided for in this Rule 8.1 within 90 days after cessation of the relevant
      Optionholder&#8217;s employment. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.1.4</font></b></td>
    <td> <font size="2" face="sans-serif">To the extent that any Option exercisable
      under this Rule 8.1 is not exercised within the period specified, it will
      lapse at the end of that period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.1.5</font></b></td>
    <td> <font size="2" face="sans-serif">If an Optionholder ceases to be an employee
      of any Member of the Group for reasons that would entitle his employer to
      dismiss him summarily under his contract of employment, all his Options
      shall lapse upon such cessation.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.1.6</font></b></td>
    <td align="left"><font size="2" face="sans-serif">An Optionholder will not
      be treated as ceasing to be an employee of a Member of the Group until he
      has ceased to be an employee of any Member of the Group.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Death</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If an Optionholder dies,
      his Options may be exercised for a period of 12 months from the date of
      his death by his personal representatives to the extent that the Condition
      is satisfied up to the date of death. To the extent that any Option exercisable
      under this Rule 8.2 is not so exercised, it will lapse. Nothing in this
      Rule 8.2 extends the Option Period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><div align="left"><b><font size="2" face="sans-serif">8.3</font></b></div></td>
    <td> <font size="2" face="sans-serif"><b>Takeovers</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule does not apply
      if Options are to be replaced in accordance with Rule 8.11 (Mergers and
      reorganisations).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule applies where
      a person (or a group of persons acting in concert) obtains Control of the
      Company as a result of making an offer to acquire shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">When this Rule applies Options
      may be exercised, subject to the satisfaction of the Condition, within the
      6 month period after the person making the offer has obtained Control of
      the Company. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Options will cease to
      be exercisable at the end of the 6 month period. Options not exercised or
      exchanged (under Rule 9 (Exchange of Options)) will lapse at the end of
      the period specified in Rule 9.2 (Exchange).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">At any time before the day
      on which Control is obtained, the Directors may decide that no Options may
      be exercised. This decision will cease to have effect if an offer to exchange
      Options (&#8220;exchange offer&#8221;) is not made in accordance with Rule
      9 within 14 days of the date on which Control is obtained.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.4</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Section 429 notice</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule does not apply
      if Options are to be replaced in accordance with Rule 8.11 (Mergers and
      reorganisations).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule applies if a person
      (or a group of persons acting in concert) serves a notice to acquire Shares
      under section 429 of the Companies Act 1985 or any other equivalent local
      legislation (a &#8220;section 429 notice&#8221;). Options may be exercised,
      subject to the satisfaction of the Condition, up to the end of the shorter
      of:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.4.1</font></b></td>
    <td> <font size="2" face="sans-serif">the period during which that person
      is entitled and bound to acquire the Shares to which the section 429 notice
      relates; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.4.2</font></b></td>
    <td> <font size="2" face="sans-serif">the period during which that person
      is entitled to serve a section 429 notice.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Options not exercised or
      exchanged (under Rule 9 (Exchange of Options)) will lapse at the end of
      the period specified in Rule 9.2 (Exchange).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">At any time before the day
      on which a section 429 notice is served, the Directors may decide that no
      Options may be exercised. This decision will cease to have effect if an
      offer to exchange Options (&#8220;exchange offer&#8221;) is not made in
      accordance with Rule 9 within 14 days of the date on which a section 429
      notice is served.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">9</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.5</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Company reconstructions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule does not apply
      if Options are to be replaced in accordance with Rule 8.11 (Mergers and
      reorganisations).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule applies when,
      under section 425 of the Companies Act 1985 or any other equivalent local
      legislation:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.5.1</font></b></td>
    <td> <font size="2" face="sans-serif">a court sanctions a compromise or arrangement
      in connection with the acquisition of Shares; or </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.5.2</font></b></td>
    <td> <font size="2" face="sans-serif">there is any other local equivalent
      to that sanction procedure. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">When this Rule applies,
      Options may be exercised, subject to the satisfaction of the Condition,
      within 6 months after the date of the sanction. Any Option not so exercised
      will lapse at the end of that period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">However, the Directors may
      decide that no Options may be exercised. They may make this decision not
      later than the date of the sanction and only if an exchange offer is proposed
      to be made in accordance with Rule 9.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.6</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Demergers and other significant distributions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule does not apply
      if Options are to be replaced in accordance with Rule 8.11 (Mergers and
      reorganisations).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If the Directors become
      aware that the Company is or is expected to be affected by any demerger,
      dividend in specie, special dividend or other transaction not falling within
      any of Rules 8.3 (Takeovers), 8.4 (Section 429 notice) and 8.5 (Company
      reconstructions) which, in the opinion of the Directors, would affect the
      current or future value of any Option, the Directors, may, acting fairly,
      reasonably and objectively, in their discretion, allow some or all Options
      to be exercised, subject to the satisfaction of the Condition. The Directors
      will specify the period of exercise of such Options, whether the Options
      will lapse at the end of the period and whether exercise is subject to satisfaction
      of any of the Condition. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors will notify
      any Optionholder who is affected by the Directors exercising their discretion
      under this Rule.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.7</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Directors</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">In Rules 8.3, 8.4, 8.5,
      8.6 and 9.3.4, &#8220;Directors&#8221; means those people who were directors
      of the Company immediately before the relevant event.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">10</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.8</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Winding-up</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule does not apply
      if Options are to be replaced in accordance with Rule 8.11 (Mergers and
      reorganisations).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.8.1</font></b></td>
    <td> <font size="2" face="sans-serif">If notice is duly given of a meeting
      to consider a resolution for the voluntary winding-up of the Company, Options
      may be exercised, subject to the satisfaction of the Condition, until the
      commencement of the winding-up within the meaning of the Insolvency Act
      1986 (but the exercise of any Option in these circumstances will be of no
      effect if the resolution is not passed). Options not exercised or exchanged
      (under Rule 9 (Exchange of Options)) will lapse at the end of the period
      specified in Rule 9.2 (Exchange) .</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.8.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif">If the Company is wound-up
      by the court, Options may be exercised, subject to the satisfaction of the
      Condition, within 2 months after the date of the winding-up order. However,
      the liquidator or the court (if appropriate) must authorise the issue or
      transfer of Shares after such exercise, and the Optionholder must apply
      for this authority and pay his application costs. Any Options not exercised
      during the 2 month period will lapse at the end of the period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>8.9</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Administration</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule does not apply
      if Options are to be replaced in accordance with Rule 8.11 (Mergers and
      reorganisations).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If an administration order
      is made in relation to the Company, Optionholders may exercise their Options,
      subject to the satisfaction of the Condition, within 6 weeks after the date
      of the administration order. However, the administrator or the court must
      authorise the issue or transfer of Shares after such exercise. Any Options
      not exercised by the end of the 6 week period will lapse at that time only
      if the Directors have given written notice to that effect to the Optionholders
      during the 6 week period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>8.10</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Voluntary arrangement</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule does not apply
      if Options are to be replaced in accordance with Rule 8.11 (Mergers and
      reorganisations).</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If a voluntary arrangement
      is proposed in relation to the Company under Part I of the Insolvency Act
      1986, Optionholders may exercise their Options, subject to the satisfaction
      of the Condition within 14 days after the date of sending of any notices
      of meeting called under Section 3 of the Insolvency Act 1986 in relation
      to such proposal. Any Options not exercised by the end of the 14 day period
      will lapse at that time only if the Directors have given written notice
      to that effect to the Optionholders on the date that notices of the meeting
      were sent.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.11</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Mergers and reorganisations</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If, as a result of events
      specified in Rules 8.3 to 8.6 and 8.7 to 8.10 a company (&#8220;the <b>Acquiring
      Company</b>&#8221;) obtains Control of the Company and:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.11.1</font></b></td>
    <td> <font size="2" face="sans-serif">the shareholders of the Acquiring Company,
      immediately after it has obtained Control, are substantially the same as
      the shareholders of the Company before then; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.11.2</font></b></td>
    <td> <font size="2" face="sans-serif">the obtaining of Control is pursuant
      to a merger with the Company; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.11.3</font></b></td>
    <td> <font size="2" face="sans-serif">the Company and the Acquiring Company
      consent to the replacement of Options under this Rule 8.11;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">then Options will not become
      exercisable. Instead all rights under the Plan will be replaced in accordance
      with Rule 9.3.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">11</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td><b><font size="2" face="sans-serif">8.12</font></b></td>
    <td colspan="2"> <font size="2" face="sans-serif"><b> Overseas transfer</b></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="sans-serif">If an Optionholder is transferred
      to work in another country, and, as a result of that transfer, the Optionholder
      either:</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="sans-serif">&nbsp;</font></td>
    <td><b><font size="2" face="sans-serif">8.12.1</font></b></td>
    <td> <font size="2" face="sans-serif">suffers a tax disadvantage in relation
      to his Options (this being shown to the satisfaction of the Directors);
      or</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">8.12.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif">becomes subject to restrictions
      on his ability to exercise his Options or to hold or deal in the Shares
      or the proceeds of the sale of the Shares acquired on exercise because of
      the security laws or exchange control laws of the country to which he is
      transferred</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">then, provided the Optionholder
      continues to hold an office or employment with a Member of the Group, the
      Directors may permit the Optionholder to exercise the Option during the
      period starting 3 months before and ending 3 months after the transfer takes
      place. The Condition must be satisfied before exercise of Options under
      this Rule 8.12. If he does not exercise his Options, following this Rule,
      the usual exercise Rules will apply to them at the appropriate times.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.13</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Priority</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If there is any conflict
      between any of the provisions of Rules 7 and 8, the provision which results
      in the shortest exercise period of the Option will prevail.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif"><a name="p12a"></a>9</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exchange of Options</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Application</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule 9 applies to all
      Options if any of the following occur:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.1.1</font></b></td>
    <td> <font size="2" face="sans-serif">a person (or a group of persons acting
      in concert) has obtained Control of the Company as a result of making an
      offer to acquire shares;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.1.2</font></b></td>
    <td> <font size="2" face="sans-serif">a court sanctions a scheme of arrangement
      under Section 425 Companies Act 1985 (or equivalent local legislation) in
      connection with the acquisition of Shares or there is a local equivalent
      to that sanction procedure;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.1.3</font></b></td>
    <td> <font size="2" face="sans-serif">any person becomes entitled or bound
      to acquire Shares under Sections 428 and 429 Companies Act 1985 (or equivalent
      legislation); </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.1.4</font></b></td>
    <td> <font size="2" face="sans-serif">a resolution is passed for the voluntary
      winding-up of the Company; or.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.1.5</font></b></td>
    <td> <font size="2" face="sans-serif">the Company and the Acquiring Company
      consent to the replacement of Options in accordance with Rule 8.11 (Mergers
      and reorganisations).</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">12</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exchange </b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If this Rule 9 applies,
      Options may be exchanged during the period of 6 months after the relevant
      event and with the agreement of the company offering the exchange.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exchange terms</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Where an Option is to be
      exchanged the Optionholder will be granted a new option to replace it.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Where an Optionholder is
      granted a new option then:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.1</font></b></td>
    <td> <font size="2" face="sans-serif">the new option will be in respect of
      shares in any body corporate determined by the company offering the exchange;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.2</font></b></td>
    <td> <font size="2" face="sans-serif">the new option will be equivalent to
      the Option that was exchanged;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.3</font></b></td>
    <td align="left"><font size="2" face="sans-serif">the new option will be treated
      as having been acquired at the same time as the Option that was exchanged
      and will be exercisable in the same manner and at the same time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.4</font></b></td>
    <td align="left"><font size="2" face="sans-serif">the new option will be subject
      to the Rules as they last had effect in relation to the Option that was
      exchanged, except that, unless the Directors (as defined in Rule 8.7) decide
      otherwise, the Condition will not apply; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.5</font></b></td>
    <td align="left"><font size="2" face="sans-serif">with effect from the exchange,
      the Rules will be construed in relation to the new option as if references
      to Shares were references to the shares over which the new option is granted
      and references to the Company were references to the body corporate determined
      under Rule 9.3.1.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif"><a name="p13a"></a>10</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exercise of Options</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exercise</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">An Optionholder can exercise
      his Option validly only in the way described in, and subject to, this Rule
      10.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Part exercise</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.2.1</font></b></td>
    <td> <font size="2" face="sans-serif">An Option may be exercised in respect
      of all the Shares under the Option or only some of those Shares. These restrictions
      will not apply where an Option is exercised for the maximum number of Shares
      permissible at the time.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.2.2</font></b></td>
    <td> <font size="2" face="sans-serif">If an Option is exercised in part, and
      the balance remains exercisable, the Directors must on the surrender of
      the relevant certificate issue a balance certificate.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Manner of exercise</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Options must be exercised
      by notice in writing or in another form specified by the Company and delivered
      to the Company or other duly appointed agent. The notice of exercise of
      the Option must be completed, signed (in manuscript or in any other form
      that may be specified by the Company) by the Optionholder or by his appointed
      agent, and must be accompanied by:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.3.1</font></b></td>
    <td> <font size="2" face="sans-serif">the relevant option certificate (if
      required by the Company); and</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">13</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.3.2</font></b></td>
    <td> <font size="2" face="sans-serif">correct payment in full of the Option
      Price for the number of Shares being acquired or details of arrangements
      agreed between the Optionholder and the Company for the payment of the Option
      Price for the number of Shares being acquired; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.3.3</font></b></td>
    <td> <font size="2" face="sans-serif">if required by the Company, a declaration
      as to his nationality and/or residence; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.3.4</font></b></td>
    <td> <font size="2" face="sans-serif">unless the Company decides otherwise,
      in the case of an exercise by an Optionholder&#8217;s personal representatives
      under Rule 8.2, an office copy of a valid UK grant of probate.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to Rule 10.4 (Delay
      in exercise), in this Rule 10, the &#8220;Option Exercise Date&#8221; will
      be the date of receipt by the Company or other duly appointed agent of the
      documents and, if appropriate, the payment referred to in Rule 10.3.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.4</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Delay in exercise</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Option Exercise Date
      may be delayed until the later of:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.4.1</font></b></td>
    <td> <font size="2" face="sans-serif">the date on which the Directors either
      decide that the Condition to which the Option is subject has been satisfied.
      The Directors must make a decision about the satisfaction of the Condition
      within 14 days of receipt by the Company or other duly appointed agent of
      the documents and, if appropriate, the payment; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.4.2</font></b></td>
    <td> <font size="2" face="sans-serif">if any statute, regulation or code adopted
      by the Company based on the Model Code, prohibits the exercise of Options,
      the date when the Optionholder is permitted to exercise an Option.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.5</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Issue or transfer</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Subject to Rule 10.7:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.5.1</font></b></td>
    <td> <font size="2" face="sans-serif">Shares to be issued following the exercise
      of an Option will be issued within 30 days of the Option Exercise Date.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.5.2</font></b></td>
    <td> <font size="2" face="sans-serif">If Shares are to be transferred following
      the exercise of an Option, the Directors will procure this transfer within
      30 days of the Option Exercise Date.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.6</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Rights</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.6.1</font></b></td>
    <td> <font size="2" face="sans-serif">Shares issued on the exercise of an
      Option will rank equally in all respects with the Shares in issue on the
      date of allotment. They will not rank for any rights attaching to Shares
      by reference to a record date preceding the date of allotment.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.6.2</font></b></td>
    <td> <font size="2" face="sans-serif">Where Shares are to be transferred on
      the exercise of an Option, Optionholders will be entitled to all rights
      attaching to the Shares by reference to a record date on or after the transfer
      date. They will not be entitled to rights before that date.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.7</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Consents</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">All allotments, issues and
      transfers of Shares will be subject to any necessary consents under any
      relevant enactments or regulations for the time being in force in the United
      Kingdom or elsewhere. The Optionholder will be responsible for complying
      with any requirements he needs to fulfil in order to obtain or avoid the
      necessity for any such consent.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">14</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.8</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Articles of association</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any Shares acquired on the
      exercise of Options are subject to the articles of association of the Company
      from time to time in force.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>10.9</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Listing</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If and so long as the Shares
      are listed on the Official List of the UK Listing Authority and traded on
      the London Stock Exchange, the Company will apply for listing of any Shares
      issued under the Plan as soon as practicable after their allotment. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.10</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Cash alternative</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">In exceptional circumstances,
      the Directors may in their discretion determine not to procure the transfer
      or issue of Shares to an Optionholder who exercises his Option, but instead
      to pay to him (subject to the withholding provisions in Rule 11.8) a cash
      amount. This cash amount must be equal to the amount by which the market
      value of the Shares in respect of which the Option is exercised exceeds
      the Option Price. Alternatively, the Directors may procure the transfer
      of Shares to the value of that cash amount or apply that amount in the issue
      of Shares. If the Directors so determine, the Optionholder need not pay
      the Option Price or, if he has paid it, the Company will repay the Option
      Price to him.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">For the purposes of this
      Rule, &#8220;market value&#8221; means:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.10.1</font></b></td>
    <td> <font size="2" face="sans-serif">the middle market quotation of a Share
      as derived from the Daily Official List of the London Stock Exchange on
      the Option Exercise Date (or the next Business Day if the Option Exercise
      Date is not a Business Day); or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">10.10.2</font></b></td>
    <td> <font size="2" face="sans-serif">where Shares of the same class are not
      admitted to the Official List of the UK Listing Authority, the market value
      of a Share calculated as described in Part VIII of the Taxation of Chargeable
      Gains Act 1992.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif"><a name="p15a"></a>11</font></b></td>
    <td> <font size="2" face="sans-serif"><b>General</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Notices</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any notice or other document
      which has to be given to an Eligible Employee or Optionholder under or in
      connection with the Plan may be:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.1.1</font></b></td>
    <td> <font size="2" face="sans-serif">delivered or sent by post to him at
      his home address according to the records of his employing company; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.1.2</font></b></td>
    <td> <font size="2" face="sans-serif">sent by e-mail or fax to any e-mail
      address or fax number which according to the records of his employing company
      is used by him;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">or in either case such other
      address which the Company considers appropriate.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Any notice or other document
      which has to be given to the Company or other duly appointed agent under
      or in connection with the Plan may be delivered or sent by post to it at
      its respective registered office (or such other place as the Directors or
      duly appointed agent may from time to time decide and notify to Optionholders)
      or except for the exercise of Options under Rule 10 sent by e-mail or fax
      to any e-mail address or fax number notified to the sender.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">15</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Notices sent by post will
      be deemed to have been given on the second day after the date of posting.
      However, notices sent by or to an Optionholder who is working overseas will
      be deemed to have been given on the seventh day after the date of posting.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Notices sent by e-mail or
      fax, in the absence of evidence of non-delivery, will be deemed to have
      been received on the day after sending.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Documents sent to shareholders</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company may send to
      Optionholders copies of any documents or notices normally sent to the holders
      of its Shares at or around the same time as issuing them to the holders
      of its Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Directors' decisions final and binding</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The decision of the Directors
      on the interpretation of the Rules or in any dispute relating to an Option
      or matter relating to the Plan will be final and conclusive.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.4</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Costs</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company will pay the
      costs of introducing and administering the Plan. Each Participating Company
      will reimburse the Company for any costs incurred in connection with the
      grant of Options to, or exercise of Options by, employees of that Participating
      Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.5</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Regulations</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors have the power
      from time to time to make or vary regulations for the administration and
      operation of the Plan but these must be consistent with the Rules.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.6</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Terms of employment</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.1</font></b></td>
    <td> <font size="2" face="sans-serif">For the purposes of this Rule 11.6,
      &#8220;Employee&#8221; means any Optionholder, any Eligible Employee or
      any other person.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.2</font></b></td>
    <td> <font size="2" face="sans-serif">This Rule 11.6 applies:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">whether the Company has full discretion
      in the operation of the Plan, or whether the Company could be regarded as
      being subject to any obligations in the operation of the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">during an Employee&#8217;s employment
      or employment relationship; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">after the termination of an Employee&#8217;s
      employment or employment relationship, whether the termination is lawful
      or unlawful.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.3</font></b></td>
    <td> <font size="2" face="sans-serif">Nothing in the Rules or the operation
      of the Plan forms part of the contract of employment or employment relationship
      of an Employee. The rights and obligations of an Employee are separate from,
      and are not affected by, the Plan. Participation in the Plan does not create
      any right to, or expectation of, continued employment or a continued employment
      relationship.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">16</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.4</font></b></td>
    <td> <font size="2" face="sans-serif">The grant of Options on a particular
      basis in any year does not create any right to or expectation of the grant
      of Options on the same basis, or at all, in any future year.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.5</font></b></td>
    <td> <font size="2" face="sans-serif">No Employee is entitled to participate
      in the Plan, or be considered for participation in it, at a particular level
      or at all. Participation in one operation of the Plan does not imply any
      right to participate, or to be considered for participation in any later
      operation of the Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.6</font></b></td>
    <td> <font size="2" face="sans-serif">Without prejudice to an Employee&#8217;s
      right to exercise an Option subject to and in accordance with the express
      terms of the Rules and the Performance Condition, no Employee has any rights
      in respect of the exercise or omission to exercise any discretion, or the
      making or omission to make any decision, relating to the Option. Any and
      all discretions, decisions or omissions relating to the Option may operate
      to the disadvantage of the Employee, even if this could be regarded as capricious
      or unreasonable, or could be regarded as in breach of any implied term between
      the Employee and his employer, including any implied duty of trust and confidence.
      Any such implied term is excluded and overridden by this Rule 11.6.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.7</font></b></td>
    <td> <font size="2" face="sans-serif">No Employee has any right to compensation
      for any loss in relation to the Plan, including: </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">any loss or reduction of any rights
      or expectations under the Plan in any circumstances or for any reason (including
      lawful or unlawful termination of employment or the employment relationship);
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td align="left"><font size="2" face="sans-serif">any exercise of a discretion
      or a decision taken in relation to an Option or to the Plan, or any failure
      to exercise a discretion or take a decision; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td align="left"><font size="2" face="sans-serif">the operation, suspension,
      termination or amendment of the Plan. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.8</font></b></td>
    <td> <font size="2" face="sans-serif">Participation in the Plan is permitted
      only on the basis that the Participant accepts all the provisions of the
      Rules, including in particular this Rule 11.6. By participating in the Plan,
      an Employee waives all rights under the Plan, other than the right to exercise
      an Option subject to and in accordance with the express terms of the Rules
      and the Performance Condition, in consideration for, and as a condition
      of, the grant of an Option under the Plan. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.9</font></b></td>
    <td> <font size="2" face="sans-serif">Nothing in this Plan confers any benefit,
      right or expectation on a person who is not an Employee. No such third party
      has any rights under the Contracts (Rights of Third Parties) Act 1999 to
      enforce any term of this Plan. This does not affect any other right or remedy
      of a third party which may exist.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.6.10</font></b></td>
    <td> <font size="2" face="sans-serif">Each of the provisions of this Rule
      11.6 is entirely separate and independent from each of the other provisions.
      If any provision is found to be invalid then it will be deemed never to
      have been part of these Rules and to the extent that it is possible to do
      so, this will not affect the validity or enforceability of any of the remaining
      provisions. </font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">17</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.7</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Employee trust</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company and any Subsidiary
      of the Company may provide money to the trustee of any trust or any other
      person to enable them or him to acquire shares to be held for the purposes
      of the Plan, or enter into any guarantee or indemnity for those purposes,
      to the extent permitted by Section 153 of the Companies Act 1985.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.8</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Withholding</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Company, any employing
      company and any trustee of any employee benefit trust may withhold such
      amount and make such arrangements as it considers necessary to meet any
      liability to taxation or social security contributions in respect of Options.
      These arrangements may include the sale or reduction in number of any shares
      on behalf of an Optionholder, unless the Optionholder discharges the liability
      himself.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.9</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Data protection</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">By participating in the
      Plan the Optionholder consents to the holding and processing of personal
      data provided by the Optionholder to the Company for all purposes relating
      to the operation of the Plan. These include, but are not limited to:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.9.1</font></b></td>
    <td> <font size="2" face="sans-serif">administering and maintaining Optionholder
      records; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.9.2</font></b></td>
    <td> <font size="2" face="sans-serif">providing information to trustees of
      any employee benefit trust, registrars, brokers or third party administrators
      of the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.9.3</font></b></td>
    <td> <font size="2" face="sans-serif">providing information to future purchasers
      of the Company or the business in which the Optionholder works;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.9.4</font></b></td>
    <td> <font size="2" face="sans-serif">transferring information about the Optionholder
      to a country or territory outside the European Economic Area.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif"><a name="p18a"></a>12</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Changing the Plan</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">12.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Directors&#8217; powers</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Except as described in the
      rest of this Rule 12, the Directors may at any time change the Plan in any
      way.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">12.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Shareholder approval</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">12.2.1</font></b></td>
    <td> <font size="2" face="sans-serif">Except as described in Rule 12.2.2 and
      12.4, the Company in general meeting must approve in advance by ordinary
      resolution any proposed change to the Rules to the advantage of present
      or future Optionholders, which relates to the following:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">the persons to or for whom Shares may
      be provided under the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">the limitations on the number of Shares
      which may be issued under the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">the individual limit for each Optionholder
      under the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iv)</font></td>
    <td> <font size="2" face="sans-serif">the determination of the Option Price;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(v)</font></td>
    <td> <font size="2" face="sans-serif">any rights attaching to the Options
      and the Shares;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(vi)</font></td>
    <td> <font size="2" face="sans-serif">the rights of Optionholders in the event
      of a capitalisation issue, rights issue, sub-division or consolidation of
      shares or reduction or any other variation of capital of the Company; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(vii)</font></td>
    <td> <font size="2" face="sans-serif">the terms of this Rule 12.2.1.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">18</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<page>
<p><font size="2" face="sans-serif"><a href="#contents">Back to Contents</a></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">12.2.2</font></b></td>
    <td> <font size="2" face="sans-serif">The Directors can change the Plan and
      need not obtain the approval of the Company in general meeting for any minor
      changes:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">to benefit the administration of the
      Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">to comply with or take account of the
      provisions of any proposed or existing legislation;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">to take account of any changes to legislation;
      or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iv)</font></td>
    <td> <font size="2" face="sans-serif">to obtain or maintain favourable tax,
      exchange control or regulatory treatment of the Company, any Subsidiary
      or any present or future Optionholder.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">12.2.3</font></b></td>
    <td> <font size="2" face="sans-serif">The Company may establish further plans
      based on the Rules but modified to take account of local tax, exchange control
      or securities laws in non-UK territories.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">12.3</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Optionholders&#8217;
      Consent</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">No amendment shall be made
      which would have the effect of abrogating or altering adversely in any material
      respect any of the subsisting rights of Optionholders in relation to their
      Options or the Shares except with the consent of the majority of the Optionholders
      affected by the amendment.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">12.4</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Optionholders who move overseas</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may amend,
      vary or add to the provisions of the Plan as they consider necessary or
      desirable to take account of, or to mitigate or to comply with relevant
      overseas taxation, securities or exchange control laws, provided that Options
      granted to such Optionholders are not overall more favourable than benefits
      granted to other Optionholders. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">12.5</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Notice</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors may give written
      notice of any changes made to any Optionholder affected.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">12.6</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Termination of the Plan</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Plan will terminate
      on 9 April 2013, but the Directors may terminate the Plan at any time before
      that date. However, Options granted before such termination will continue
      to be valid and exercisable as described in these Rules.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b><a name="p19a"></a>13</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Governing law and jurisdiction</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">English law governs the
      Plan and all Options and their construction. The English Courts have non-exclusive
      jurisdiction in respect of disputes arising under or in connection with
      the Plan or any Option.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">19</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<page>
<p><font size="2" face="sans-serif"><a href="#contents">Back to Contents</a></font></p>
<p align="center"><font size="2" face="sans-serif"><b><a name="p20a"></a>Schedule
  1<br>
  The InterContinental Hotels Group Executive Approved Share Option Plan</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This schedule contains the
      rules of the InterContinental Hotels Group Executive Approved Share Option
      Plan (&#8220;<b>Approved Plan</b>&#8221;). The Rules of the InterContinental
      Hotels Group Executive Share Option Plan (the &#8220;<b>Plan</b>&#8221;)
      as amended by this schedule apply to Options granted under the Approved
      Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Definitions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Words used in the Approved
      Plan have the same meaning as in the Plan unless amended as stated below:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Eligible Employee</b>&#8221;
      does not include anyone who is:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">excluded from participation because
      of paragraph 9 of Schedule 4 to ITEPA (material interests provisions); or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">a director who is required to work less
      than 25 hours a week (excluding meal breaks) for the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Participating
      Companies</b>&#8221; means:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">the Company; and </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">any Subsidiary, a jointly-owned company
      (within the meaning of paragraph 34 of Schedule 4 to ITEPA) of which the
      Company is a joint owner and any other company which is permitted by the
      Inland Revenue to participate and which in all cases is so designated by
      the Directors;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Shares</b>&#8221;
      must satisfy paragraphs 16 to 20 of Schedule 4 to ITEPA;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Subsidiary</b>&#8221;
      means a company under the Control of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Shares</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The following new Rule is
      added:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;If any Shares which
      are subject to an Option cease to satisfy paragraphs 16 to 20 of Schedule
      4 to ITEPA and the Directors notify the Inland Revenue that they wish the
      Approved Plan to be disapproved then the definition of &#8220;Shares&#8221;
      in Rule 1.1 is changed automatically to &#8220;fully paid ordinary shares
      in the capital of the Company&#8221;.&#8221;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>3</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Disposal restrictions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The exception to Rule 2.7
      set out in Rule 2.7.2 does not apply.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>4</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Option Price</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.1</font></b></td>
    <td> <font size="2" face="sans-serif">The following rule replaces Rule 3.1.1:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>3.1.1</b> not
      less than the Market Value of a Share on the Date of Grant or such other
      date as the Inland Revenue may agree; and&#8221;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.2</font></b></td>
    <td> <font size="2" face="sans-serif">The following rule replaces Rule 3.2:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>3.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Market
      value</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Market Value</b>&#8221;
      on any particular day means:</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">20</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">3.2.1</font></b></td>
    <td align="left"> <font size="2" face="sans-serif">where Shares of the same
      class are not admitted to the Official List of the UK Listing Authority,
      the market value of a share calculated as described in Part VIII of the
      Taxation of Chargeable Gains Act 1992 and agreed in advance with the Shares
      Valuation Division of the Inland Revenue; and </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">3.2.2</font></b></td>
    <td align="left"> <font size="2" face="sans-serif">where Shares of the same
      class are so listed and traded on the London Stock Exchange:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">their middle market quotation on the
      immediately preceding Business Day; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">the average of the middle market quotation
      on the 3 immediately preceding Business Days;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">or such other price as may be agreed
      in advance with the Shares Valuation Division of the Inland Revenue.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The middle market quotation
      is taken from the Daily Official List of the London Stock Exchange.&#8221;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Revenue limit</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The following new Rule is
      added:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;The Directors must
      not grant an Option to an Eligible Employee which would cause the aggregate
      market value of: </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">the Shares subject to that Option; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">the Shares which he may acquire on exercising
      his Options under the Approved Plan; and </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">the shares which he may acquire on exercising
      his options under any other Inland Revenue approved discretionary scheme
      established by the Company or by any of its associated companies (as defined
      in paragraph 35 of Schedule 4 to ITEPA)</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">to exceed the amount permitted
      under paragraph 6(1) of Schedule 4 to ITEPA (currently &pound;30,000). For
      the purposes of this paragraph, market value is calculated as at the date
      of grant of the options as described in the relevant plan rules.&#8221;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">6</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Adjustment of Options</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The following rule replaces
      Rule 6.1:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>6.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Adjustment
      of Options</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If there is a variation
      in the equity share capital of the Company, including a capitalisation or
      rights issue, sub-division, consolidation or reduction of share capital:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif"><b>6.1.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
      number of Shares comprised in each Option; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif"><b>6.1.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
      Option Price</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">may be adjusted in any way
      (including retrospective amendments) that the Directors consider appropriate.
      However, no adjustment of Options may be made under this Rule 6 without
      and to the extent of the prior approval of the Inland Revenue.&#8221;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">7</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Material interest</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The following new Rule is
      added:</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">21</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;An Optionholder may
      not exercise an Option while he is excluded from participation in the Approved
      Plan under paragraph 9 of Schedule 4 to ITEPA (material interest provisions).&#8221;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>8</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Death</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.1</font></b></td>
    <td> <font size="2" face="sans-serif">The following rule replaces Rule 8.2:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif"><b>8.2</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#8220;Death</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">If an Optionholder dies,
      his Options may be exercised, irrespective of the satisfaction of any Condition,
      by his personal representatives up to one year from his death. To the extent
      that any Option exercisable under this Rule 8.2 is not so exercised, it
      will lapse.&#8221; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exercise and lapse &#150; exceptions
      to the general rule</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The following new rule is
      added:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>8.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors&#8217;
      discretion</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Directors will exercise
      all discretions under Rules 7 and 8 fairly and reasonably.&#8221;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Exchange of Options</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.1</font></b></td>
    <td> <font size="2" face="sans-serif">The following rule replaces Rule 9:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif"><b>&#8220;9</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Exchange
      of Options</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif"><b>9.1</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Application</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">This Rule applies if a company:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.1.1</font></b></td>
    <td align="left"> <font size="2" face="sans-serif">obtains Control of the
      Company as a result of making a general offer to acquire:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">the whole of the issued ordinary share
      capital of the Company (other than that which is already owned by it and
      its subsidiary or holding company) made on a condition such that, if satisfied,
      the Acquiring Company will have Control of the Company; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">all the Shares (or those Shares not
      already owned by the Acquiring Company or its subsidiary or holding company);
      or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.1.2</font></b></td>
    <td align="left"> <font size="2" face="sans-serif">obtains Control of the
      Company under a compromise or arrangement sanctioned by the court under
      Section 425 of the Companies Act 1985; or</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td><font size="2" face="sans-serif">&nbsp;</font></td>
    <td><b><font size="2" face="sans-serif">9.1.3</font></b></td>
    <td align="left"> <font size="2" face="sans-serif">becomes bound or entitled
      to acquire Shares under Sections 428 to 430F of the Companies Act 1985.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="sans-serif"><b>9.2</b></font></td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;<b>Exchange</b></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="sans-serif">If this Rule 9 applies, Options
      may be exchanged within the period referred to in paragraph 26(3) of Schedule
      4 to ITEPA and with the agreement of the company offering the exchange.</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif"><b>9.3</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Exchange terms</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Where an Option is to be
      exchanged the Optionholder will be granted a new option to replace it.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Where an Optionholder is
      granted a new option then:</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">22</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.1</font></b></td>
    <td align="left"><font size="2" face="sans-serif">the new Option will be in
      respect of shares in any body corporate determined by the company offering
      the exchange as long as they satisfy the conditions of paragraph 27(4) of
      Schedule 4 to ITEPA;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif">the new option will be equivalent
      to the Option that was exchanged;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.3</font></b></td>
    <td align="left"><font size="2" face="sans-serif">the new option will be treated
      as having been acquired at the same time as the Option that was exchanged
      and will be exercisable in the same manner and at the same time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.4</font></b></td>
    <td align="left"><font size="2" face="sans-serif">the new option will be subject
      to the Rules as they last had effect in relation to the Option that was
      exchanged except that, unless the Directors (as defined in Rule 8.7) decide
      otherwise, the Condition will not apply; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.3.5</font></b></td>
    <td align="left"><font size="2" face="sans-serif">with effect from exchange,
      the Rules will be construed in relation to the new option as if references
      to Shares are references to the shares over which the new option is granted
      and references to the Company are references to the body corporate determined
      under Rule 9.3.1.&#8221;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Cash alternative</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Rule 10.10 is deleted.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">12</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Changing the Plan</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The following new Rule is
      added:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;The Directors can
      change the Approved Plan and need not obtain the approval of the Company
      in general meeting for any minor changes which are necessary or desirable
      in order to maintain Inland Revenue approval of the Approved Plan under
      schedule 4 to ITEPA or any other enactment.&#8221;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>13</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Revenue approval</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The following new Rule is
      added:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;If the approved status
      of the Approved Plan is to be maintained, no change to the Approved Plan
      made after it has been approved under Schedule 4 to ITEPA will have effect
      until such change is approved by the Inland Revenue. Options must not be
      granted under the Approved Plan until it has been approved by the Inland
      Revenue.&#8221;</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">23</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><font face="sans-serif"><a name="p?"></a></font></div>
<font face="sans-serif"><page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p align="center"><font size="2" face="sans-serif"><b><a name="contents"></a>Table
  of Contents</b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font size="2" face="sans-serif" align="left"><b>Contents</b></font></td>
    <td><div align="right"><font size="2" face="sans-serif" align="left"><b>Page</b></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="5%"><a href="#p1a"><font size="2" face="sans-serif">1</font></a></td>
    <td><a href="#p1a"><font size="2" face="sans-serif" align="left"><u>Definitions</u></font></a></td>
    <td width="5%"><div align="right"><font face="sans-serif"><a href="#p1a"><font size="2">1</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p2a"><font size="2" face="sans-serif">2</font></a></td>
    <td><a href="#p2a"><font size="2" face="sans-serif" align="left"><u>Grant
      of Options</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p2a"><font size="2">2</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p4a"><font size="2" face="sans-serif">3</font></a></td>
    <td><a href="#p4a"><font size="2" face="sans-serif" align="left"><u>Option
      Price</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p4a"><font size="2">4</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p5a"><font size="2" face="sans-serif">4</font></a></td>
    <td><a href="#p5a"><font size="2" face="sans-serif" align="left"><u>Individual
      limit</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p5a"><font size="2">5</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p6a"><font size="2" face="sans-serif">5</font></a></td>
    <td><a href="#p6a"><font size="2" face="sans-serif" align="left"><u>Plan limits</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p6a"><font size="2">6</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p7a"><font size="2" face="sans-serif">6</font></a></td>
    <td><a href="#p7a"><font size="2" face="sans-serif" align="left"><u>Variations
      in share capital</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p7a"><font size="2">7</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p7b"><font size="2" face="sans-serif">7</font></a></td>
    <td><a href="#p7b"><font size="2" face="sans-serif" align="left"><u>Exercise
      and lapse &#150; general rules</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p7b"><font size="2">7</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p8a"><font size="2" face="sans-serif">8</font></a></td>
    <td><a href="#p8a"><font size="2" face="sans-serif" align="left"><u>Exercise
      and lapse &#150; exceptions to the general rules</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p8a"><font size="2">8</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p12a"><font size="2" face="sans-serif">9</font></a></td>
    <td><a href="#p12a"><font size="2" face="sans-serif" align="left"><u>Exchange
      of Options</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p12a"><font size="2">12</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p13a"><font size="2" face="sans-serif">10</font></a></td>
    <td><a href="#p13a"><font size="2" face="sans-serif" align="left"><u>Exercise
      of Options</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p13a"><font size="2">13</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p15a"><font size="2" face="sans-serif">11</font></a></td>
    <td><a href="#p15a"><font size="2" face="sans-serif" align="left"><u>General</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p15a"><font size="2">15</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p18a"><font size="2" face="sans-serif">12</font></a></td>
    <td><a href="#p18a"><font size="2" face="sans-serif" align="left"><u>Changing
      the Plan</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p18a"><font size="2">18</font></a></font></div></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><a href="#p19a"><font size="2" face="sans-serif">13</font></a></td>
    <td><a href="#p19a"><font size="2" face="sans-serif" align="left"><u>Governing
      law and jurisdiction</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p19a"><font size="2">19</font></a></font></div></td>
  </tr>
  <tr>
    <td colspan="2"><font face="sans-serif">&nbsp;</font></td>
    <td><font face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2"><a href="#p20a"><font size="2" face="sans-serif"><u>Schedule
      1 The InterContinental Hotels Group Executive Approved Share Option Plan</u></font></a></td>
    <td><div align="right"><font face="sans-serif"><a href="#p20a"><font size="2">20</font></a></font></div></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">24</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>10
<FILENAME>b707091ex4-4.htm
<TEXT>
<html>
<head>
<title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font size="2" face="sans-serif"><b>Exhibit 4.4</b></font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="sans-serif"><b>RULES OF THE INTERCONTINENTAL
  HOTELS GROUP</b></font></p>
<p align="center"><b><font size="2" face="sans-serif">PERFORMANCE RESTRICTED SHARE
  PLA</font></b><font size="2" face="sans-serif">N</font></p>
<p align="left"><font size="2" face="sans-serif">Shareholders' Approval:</font></p>
<p align="right"><font size="2" face="sans-serif">9 April 2003</font></p>
<p align="left"><font size="2" face="sans-serif">Directors&#8217; Adoption:</font></p>
<p align="right"><font size="2" face="sans-serif">13 April 2003</font></p>
<p align="left"><img src="ex4-1image1.gif" width="74" height="12"></p>
<p align="left"><font size="2" face="sans-serif">One Silk Street<br>
  London EC2Y 8HQ</font></p>
<p align="left"><font size="2" face="sans-serif">Telephone (44-20) 7456 2000<br>
  Facsimile (44-20) 7456 2222</font></p>
<hr size="2" noshade>
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="sans-serif"><b>Rules of the InterContinental
  Hotels Group Performance Restricted Share Plan</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font face="sans-serif" size="2"><b>1</b></font></td>
    <td><font face="sans-serif" size="2"><b>Meaning of Words Used</b></font></td>
  </tr>
  <tr valign="top">
    <td><font face="sans-serif" size="2"><b>1.1</b></font></td>
    <td><font face="sans-serif" size="2">&#8220;<b>Annual Salary</b>&#8221; means
      basic annual salary excluding all payments additional to basic salary (for
      example mortgage support allowance, expatriate allowance etc.);</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Award</b>&#8221;
      means a Conditional Award, an Option or a conditional award of cash under
      Rule&nbsp;3.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Award Date</b>&#8221;
      means the date the Committee makes the determination under Rule 3.2.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Committee</b>&#8221;
      means the Board of Directors of the Company or a duly authorised committee.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Company</b>&#8221;
      means InterContinental Hotels Group PLC.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Conditional Award</b>&#8221;
      means a conditional award of Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Employee</b>&#8221;
      means, except for the purposes of Rule 11, any employee or executive director
      or former employee or former executive director of any Group Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Group Company</b>&#8221;
      means:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2">&nbsp;</font></td>
    <td width="5%"><font face="sans-serif" size="2">(i)</font></td>
    <td><font size="2">&nbsp;</font><font face="sans-serif" size="2">the Company;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="sans-serif" size="2">(ii)</font></td>
    <td><font face="sans-serif" size="2">a Subsidiary; or</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="sans-serif" size="2">(iii)</font></td>
    <td><font face="sans-serif" size="2">any other company which is associated
      with the Company and is so designated by the Committee.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Lapse Date</b>&#8221;
      is defined in Rule 9.4.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Option</b>&#8221;
      means a right to acquire Shares at the Option Price.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Option Plan</b>&#8221;
      means the InterContinental Hotels Group Executive Share Option Plan as amended
      from time to time.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Option Price</b>&#8221;
      means the amount payable for the Shares comprised in an Option, which will
      be &pound;1, irrespective of the number of Shares acquired, unless the Committee
      decides otherwise.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Participant</b>&#8221;
      means an Employee to whom the Committee has made an Award, and includes
      his personal representatives where appropriate.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Performance Condition</b>&#8221;
      means the condition specified in relation to an Award.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Performance Period</b>&#8221;
      means the period specified for which the Performance Condition is to be
      satisfied.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Plan</b>&#8221;
      means the InterContinental Hotels Group Performance Restricted Share Plan
      constituted by this document as amended from time to time.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Reconstruction
      or Takeover</b>&#8221; means any takeover, merger or internal reconstruction,
      however effected, including a reverse takeover, partial offer, reorganisation
      or scheme of arrangement sanctioned by the court.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">1</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page><br>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Rules</b>&#8221;
      means these rules as amended from time to time.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>STDIP</b>&#8221;
      means the InterContinental Hotels Group Short Term Deferred Incentive Plan
      as amended from time to time.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>SIPs</b>&#8221;
      means the InterContinental Hotels Group Share Incentive Plan and the Britvic
      Share Incentive Plan as amended from time to time.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Shares</b>&#8221;
      means ordinary shares in the Company, and includes any shares representing
      them following a Reconstruction or Takeover.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Subsidiary</b>&#8221;
      means a company which is a subsidiary of the Company within the meaning
      of section 736 of the Companies Act 1985.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Vested Shares</b>&#8221;
      means in relation to a Conditional Award, the number of Shares to be transferred
      to a Participant, and in relation to an Option, the number of Shares which
      may be acquired by a Participant on the exercise of the Option, as determined
      under Rule 7.1; and &#8220;<b>Vest</b>&#8221; shall be construed accordingly.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Vesting Date</b>&#8221;
      is defined in Rule 3.5.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font face="sans-serif" size="2"><b>1.2</b></font></td>
    <td><font face="sans-serif" size="2">References in the Plan to any statutory
      provisions are to those provisions as amended, extended or re-enacted from
      time to time and include any regulations made under them; and, unless the
      context otherwise requires, words in the singular include the plural (and
      vice versa) and words imputing either gender include both genders.</font></td>
  </tr>
  <tr valign="top">
    <td><font face="sans-serif" size="2"><b>1.3</b></font></td>
    <td><font face="sans-serif" size="2">Headings may be ignored in construing
      the Rules.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="sans-serif" size="2"><b>2</b></font></td>
    <td align="left"><font face="sans-serif" size="2"><b>Operation of the Plan</b></font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The Plan shall be operated
      and administered by the Company in accordance with the directions of the
      Committee.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%"><font face="sans-serif" size="2"><b>3</b></font></td>
    <td colspan="2"><font face="sans-serif" size="2"><b>Awards</b></font></td>
  </tr>
  <tr>
    <td><b><font face="sans-serif" size="2">3.1</font></b></td>
    <td colspan="2"><font face="sans-serif" size="2">The Committee may select
      any one or more Employees for participation in the Plan and grant Awards
      to them at any time. </font></td>
  </tr>
  <tr>
    <td><b><font face="sans-serif" size="2">3.2</font></b></td>
    <td colspan="2"><font face="sans-serif" size="2">When the Committee grants
      an Award it shall determine the terms of the Award in its absolute discretion,
      including:</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%"><b><font face="sans-serif" size="2">3.2.1</font></b></td>
    <td><font face="sans-serif" size="2">whether the Award is an Option, a Conditional
      Award or cash;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><b><font face="sans-serif" size="2">3.2.2</font></b></td>
    <td><font face="sans-serif" size="2">the Performance Period;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><b><font face="sans-serif" size="2">3.2.3</font></b></td>
    <td><font face="sans-serif" size="2">the Performance Condition;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><b><font face="sans-serif" size="2">3.2.4</font></b></td>
    <td><font face="sans-serif" size="2">the maximum number of Shares subject
      to the Award;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><b><font face="sans-serif" size="2">3.2.5</font></b></td>
    <td><font face="sans-serif" size="2">the Vesting Date;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><b><font face="sans-serif" size="2">3.2.6</font></b></td>
    <td><font face="sans-serif" size="2">if the Award is an Option, the Option
      Price.</font></td>
  </tr>
  <tr>
    <td><b><font face="sans-serif" size="2">3.3</font></b></td>
    <td colspan="2"><font face="sans-serif" size="2">The Company shall send an
      award certificate to the Participant specifying the terms of the Award determined
      under Rule 3.2.</font></td>
  </tr>
</table>
<tr valign="top"><td>&nbsp;</td>
</tr>
<p align="center"><font face="sans-serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<br>
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font face="sans-serif" size="2">3.4</font></b></td>
    <td align="left"><font size="2" face="sans-serif">Subject to Rules 3.5 and
      3.6, &#8220;Vesting Date&#8221; means the business day after the announcement
      of the Company&#8217;s results for the last financial year of the Performance
      Period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font face="sans-serif" size="2">3.5</font></b></td>
    <td align="left"><font size="2" face="sans-serif">The Company may decide in
      exceptional circumstances that the Vesting Date will be a date within seven
      days of the announcement of the Company&#8217;s results for the last financial
      year of the Performance Period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font face="sans-serif" size="2">3.6</font></b></td>
    <td align="left"><font size="2" face="sans-serif">In the event that the acquisition
      or disposal of Shares is not permitted by law or by any restrictions imposed
      pursuant to the provisions of any dealing restrictions imposed by the authorities
      in any relevant jurisdiction, the Vesting Date will be deferred until the
      ending of such restrictions unless the Company decides otherwise.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"> <b><font face="sans-serif" size="2">4</font></b></td>
    <td colspan="3"> <font face="sans-serif" size="2"><b>Individual Limits</b></font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">4.1</font></b></td>
    <td colspan="3"> <font face="sans-serif" size="2">The conditions in Rules
      4.2 and 4.3 must both be satisfied.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">4.2</font></b></td>
    <td colspan="3"> <font face="sans-serif" size="2">Subject to Rules 4.5 and
      4.6, an Award must not be made to an Employee if it would at the proposed
      Award Date cause the aggregate of the market value of Shares or the amount
      of cash over which Awards have been made in any financial year to exceed:</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td width="5%"> <font face="sans-serif" size="2">(i)</font></td>
    <td colspan="2"> <font face="sans-serif" size="2">in the case of an Employee
      who is a director of the Company, 3 times his Annual Salary as at the Award
      Date; and</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td> <font face="sans-serif" size="2">(ii)</font></td>
    <td colspan="2"> <font face="sans-serif" size="2">in the case of any other
      Employee, 4 times his Annual Salary as at the Award Date. </font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">4.3</font></b></td>
    <td colspan="3"> <font face="sans-serif" size="2">Subject to Rules 4.5 and
      4.6 in any financial year no Employee shall be made a Award which would
      at the proposed Award Date cause the aggregate of:</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td> <font face="sans-serif" size="2">(i)</font></td>
    <td colspan="2"> <font face="sans-serif" size="2">20% of the market value
      of the Shares over which an option is granted under the Option Plan; and</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td> <font face="sans-serif" size="2">(ii)</font></td>
    <td colspan="2"> <font face="sans-serif" size="2">33% of the market value
      of the Shares or amount of cash over which an Award is made under the Plan</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">to exceed 130% of the Employee&#8217;s
      Annual Salary as at the Award Date.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"> <b><font face="sans-serif" size="2">4.4</font></b></td>
    <td colspan="2"> <font face="sans-serif" size="2">For the purpose of Rule
      4.3 the market value of a Share shall be calculated as follows:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"></td>
    <td width="5%"> <font face="sans-serif" size="2">(i)</font></td>
    <td> <font face="sans-serif" size="2">in respect of options granted under
      the Option Plan, the market value shall be the option price of the relevant
      Shares on the date when each option was granted; and</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td> <font face="sans-serif" size="2">(ii)</font></td>
    <td> <font face="sans-serif" size="2">in respect of Awards under the Plan,
      the market value shall be the middle market quotation on the Business Day
      immediately preceding the Award Date.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">4.5</font></b></td>
    <td colspan="2"> <font face="sans-serif" size="2">The limits in this Rule
      4 may be exceeded if the Directors determine that exceptional circumstances
      make it desirable that Awards should be granted in excess of those limits.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">4.6</font></b></td>
    <td colspan="2"> <font face="sans-serif" size="2">No account shall be taken
      of options under the Option Plan or Awards which have been released or have
      lapsed without being exercised.</font></td>
  </tr>
</table>

<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="sans-serif" size="2"><b>5</b></font></td>
    <td><font face="sans-serif" size="2"><b>Plan Limits</b></font></td>
  </tr>
  <tr valign="top">
    <td width="5%"> <font face="sans-serif" size="2"><b>5.1</b></font></td>
    <td> <font face="sans-serif" size="2">10 per cent. 10 year limit</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<br>
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The number of Shares which
      may be allocated under the Plan on any day must not exceed 10 per cent.
      of the ordinary share capital of the Company in issue immediately before
      that day, when added to the total number of Shares which have been allocated
      in the previous 10 years under the Plan and any other employee share plan
      operated by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"> <font face="sans-serif" size="2"><b>5.2</b></font></td>
    <td> <font face="sans-serif" size="2">5 per cent. 10 year limit</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The number of Shares which
      may be allocated under the Plan on any day must not exceed 5 per cent. of
      the ordinary share capital of the Company in issue immediately before that
      day when added to the total number of Shares which have been allocated in
      the previous 10 years under the Plan and any other discretionary share plan
      operated by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"> <font face="sans-serif" size="2"><b>5.3</b></font></td>
    <td> <font face="sans-serif" size="2">1.5 per cent. 1 year limit</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The number of Shares which
      may be allocated under the Plan on any day must not exceed 1.5 per cent.
      of the ordinary share capital of the Company in issue immediately before
      that day when added to the total number of Shares which have been allocated
      in the previous 12 months under the Plan, the STDIP and the Option Plan.
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"> <font face="sans-serif" size="2"><b>5.4</b></font></td>
    <td> <font face="sans-serif" size="2">Exclusions</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">Where the right to acquire
      Shares is released or lapses without being exercised, the Shares concerned
      are ignored when calculating the limits in this Rule 5.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">The following are also ignored:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"> <b><font face="sans-serif" size="2">5.4.1</font></b></td>
    <td> <font face="sans-serif" size="2">when calculating the limits in Rules
      5.1, 5.2 and 5.3, Shares awarded as partnership shares under the SIPs; and</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <b><font face="sans-serif" size="2">5.4.2</font></b></td>
    <td> <font face="sans-serif" size="2">when calculating the limit in Rule 5.3,
      rights to Shares issued in respect of options granted in exchange for options
      granted under the Six Continents Executive Share Option Scheme 1985 and
      the Six Continents Executive Share Option Scheme 1995.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td><font face="sans-serif" size="2"><b>5.5</b></font></td>
    <td align="left"><font face="sans-serif" size="2">Meaning of allocate</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Allocate</b>&#8221;
      means granting an option or other right to acquire unissued Shares, or if
      there is no such grant, the issue and allotment of Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"> <b><font face="sans-serif" size="2">6</font></b></td>
    <td> <font face="sans-serif" size="2"><b>Ceasing to be an Employee prior to
      the Vesting Date</b></font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">6.1</font></b></td>
    <td> <font face="sans-serif" size="2">If a Participant dies before the Vesting
      Date, the Company will as soon as practicable determine the number of Vested
      Shares relating to his Awards, taking account of the proportion of the Performance
      Period that has elapsed, and the extent to which the Performance Condition
      has been satisfied. The Company will procure the transfer of the number
      of Vested Shares in a Conditional Award or pay cash to the Participant&#8217;s
      personal representatives. An Option may be exercised by the Participant&#8217;s
      personal representatives over the Vested Shares in the period of six months
      from the date of death, and will lapse if not exercised.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">6.2</font></b></td>
    <td> <font face="sans-serif" size="2">If a Participant&#8217;s office or employment
      with any Group Company terminates before the Vesting Date for any of the
      reasons specified in (i) to (vii) below, the number of Vested Shares relating
      to his Awards shall be the number determined under Rule 7 after the end
      of the Performance Period, reduced, if the Participant&#8217;s notice period
      or severance period ended before the end of the Performance Period, to reflect
      the proportion of the Performance Period that had elapsed on the date the
      Participant&#8217;s contractual notice period or severance period ended
      (whether or not this has been paid in lieu). The reasons are:</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<br>
<div style="page-break-before:always"></div>
<page>
<table border="0" width="100%">
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="sans-serif">(i)</font></td>
    <td><font size="2" face="sans-serif">ill-health, injury, disability;</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"> <font face="sans-serif" size="2">(ii)</font></td>
    <td> <font face="sans-serif" size="2">redundancy;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <font face="sans-serif" size="2">(iii)</font></td>
    <td> <font face="sans-serif" size="2">retirement in accordance with the terms
      of a Participant&#8217;s contract of employment;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <font face="sans-serif" size="2">(iv)</font></td>
    <td> <font face="sans-serif" size="2">early retirement by agreement with the
      Participant&#8217;s employer;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <font face="sans-serif" size="2">(v)</font></td>
    <td> <font face="sans-serif" size="2">the Participant&#8217;s employing company
      being transferred to a person which is not a Group Company;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <font face="sans-serif" size="2">(vi)</font></td>
    <td> <font face="sans-serif" size="2">a transfer of the undertaking, or part
      of the undertaking, in which the Participant works to a person which is
      not a Group Company; or</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <font face="sans-serif" size="2">(vii)</font></td>
    <td> <font face="sans-serif" size="2">any other reason determined by the Company.
      </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="sans-serif">The Company will procure
      the transfer of the Vested Shares in a Conditional Award or pay cash to
      the Participant on the Vesting Date. An Option may be exercised by the Participant
      over the Vested Shares in the period of six months from the Vesting Date,
      and will lapse if not exercised.</font></td>
  </tr>
  <tr valign="top">
    <td><b><font face="sans-serif" size="2">6.3</font></b></td>
    <td colspan="2"> <font face="sans-serif" size="2">If a Participant's office
      or employment with any Group Company terminates before the Vesting Date
      for any reason not included in Rule 6.2, he shall cease to be a Participant
      in the Plan and shall not be eligible to receive any Shares or cash in respect
      of his Awards unless the Company decides otherwise within a reasonable time
      of the termination. If the termination is by reason of gross misconduct,
      he shall not be eligible to receive any Shares or cash in respect of any
      Awards in any circumstances.</font></td>
  </tr>
  <tr valign="top">
    <td><b><font face="sans-serif" size="2">6.4</font></b></td>
    <td colspan="2"> <font face="sans-serif" size="2">For the purposes of Rule
      6, a Participant&#8217;s office or employment with a Group Company will
      not be treated as having terminated until the Participant ceases to be employed
      by any Group Company and his contractual notice period or severance period
      has expired (whether or not this has been paid in lieu).</font></td>
  </tr>
  <tr valign="top">
    <td><b><font face="sans-serif" size="2">6.5</font></b></td>
    <td colspan="2"> <font face="sans-serif" size="2">In the event of a Reconstruction
      or Takeover before the Vesting Date, the Company will as soon as practicable
      determine the number of Vested Shares or cash in relation to all Awards,
      taking account of the proportion of the Performance Period that has elapsed,
      and the degree to which the Performance Condition has been satisfied. The
      Company will procure the immediate transfer to each Participant of the Vested
      Shares in a Conditional Award or payment of the cash so determined. An Option
      may be exercised by the Participant over the number of Vested Shares in
      the period of six months from the date of the Reconstruction or Takeover,
      and will lapse if it has not been exercised. </font></td>
  </tr>
</table>

<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font face="sans-serif" size="2"><b>7</b></font></td>
    <td colspan="2"> <font face="sans-serif" size="2"><b>Determination of Awards</b></font></td>
  </tr>
  <tr valign="top">
    <td><font face="sans-serif" size="2"><b>7.1</b></font></td>
    <td colspan="2"> <font face="sans-serif" size="2">As soon as reasonably practicable
      after the end of the Performance Period, there shall be calculated:</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td width="5%"> <font face="sans-serif" size="2"><b>7.1.1</b></font></td>
    <td> <font face="sans-serif" size="2">the extent to which the Performance
      Condition specified in the invitation has been satisfied; and</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td> <font face="sans-serif" size="2"><b>7.1.2</b></font></td>
    <td> <font face="sans-serif" size="2">the number of Shares which Vest in respect
      of each Award, or the amount of cash to be awarded to each Participant.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">5</font></p>
<hr noshade align="center" width="100%" size="2">
<br>
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font face="sans-serif" size="2">7.2</font></b></td>
    <td colspan="2"> <font face="sans-serif" size="2">In the case of an Option:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="5%"> <b><font face="sans-serif" size="2">7.2.1</font></b></td>
    <td> <font face="sans-serif" size="2">the Company will notify the Participant
      of the number of Vested Shares; and</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <b><font face="sans-serif" size="2">7.2.2</font></b></td>
    <td> <font face="sans-serif" size="2">the balance of the Option lapses forthwith.
      </font></td>
  </tr>
</table>

<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><b><font face="sans-serif" size="2">8</font></b></td>
    <td><font face="sans-serif" size="2"><b>Vesting of Conditional Awards</b></font></td>
  </tr>
  <tr valign="top">
    <td width="5%"> <font face="sans-serif" size="2"><b>8.1</b></font></td>
    <td width="97%"> <font face="sans-serif" size="2">The Company shall transfer
      or procure the transfer of the Vested Shares or cash to each Participant
      on the Vesting Date, subject to Rule 10.4.</font></td>
  </tr>
  <tr valign="top">
    <td> <font face="sans-serif" size="2"><b>8.2</b></font></td>
    <td> <font face="sans-serif" size="2">Each relevant Group Company will reimburse
      the Company for any costs incurred in connection with Conditional Awards
      to Participants who are employed by it.</font></td>
  </tr>
  <tr valign="top">
    <td> <font face="sans-serif" size="2"><b>8.3</b></font></td>
    <td> <font face="sans-serif" size="2">The Company will notify each Participant
      of the number of Vested Shares transferred to him in respect of his Conditional
      Award and the amount of any tax and social security contributions withheld
      under Rule 10.4.</font></td>
  </tr>
</table>

<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><b><font face="sans-serif" size="2">9</font></b></td>
    <td><font face="sans-serif" size="2"><b>Exercise of Options</b></font></td>
  </tr>
  <tr valign="top">
    <td width="5%"> <b><font face="sans-serif" size="2">9.1</font></b></td>
    <td width="97%"> <font face="sans-serif" size="2">Except as otherwise provided
      in Rule 6, a Participant may exercise an Option to the extent that it has
      Vested at any time from the Vesting Date until the Lapse Date.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">9.2</font></b></td>
    <td> <font face="sans-serif" size="2">In order to exercise an Option, the
      Participant must deliver to the Company a notice of exercise in the prescribed
      form together with payment of the Option Price. The date on which these
      are received by the Company is the Option exercise date.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">9.3</font></b></td>
    <td> <font face="sans-serif" size="2">Subject to Rule 10.4, as soon as practicable
      following the Option exercise date, the Company will procure the transfer
      of the appropriate number of Shares to the participant.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">9.4</font></b></td>
    <td> <font face="sans-serif" size="2">The Lapse Date in relation to an Option
      is the earliest of the following dates:</font></td>
  </tr>
</table>
<tr valign="top">
  <td> <table width="100%" border="0">
      <tr valign="top">
        <td width="5%">&nbsp;</td>
        <td width="5%"> <b><font face="sans-serif" size="2">9.4.1</font></b></td>
        <td> <font face="sans-serif" size="2">the second anniversary of the Vesting
          Date;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td> <b><font face="sans-serif" size="2">9.4.2</font></b></td>
        <td> <font face="sans-serif" size="2">subject to Rule 6, the date on which
          the Participant&#8217;s employment with any Group Company ends;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td> <b><font face="sans-serif" size="2">9.4.3</font></b></td>
        <td> <font face="sans-serif" size="2">any date specified in Rule 6.</font></td>
      </tr>
    </table>

<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><b><font face="sans-serif" size="2">10</font></b></td>
    <td><font face="sans-serif" size="2"><b>General</b></font></td>
  </tr>
  <tr valign="top">
        <td width="5%">&nbsp; </td>
    <td width="97%"> <font face="sans-serif" size="2">Any notice or other document
      given to any Employee or Participant pursuant to the Plan shall be delivered
      to him or sent by post to him at his home address according to the records
      of his employing company or such other address as may appear to the Company
      to be appropriate. Notices or other documents sent by post shall be deemed
      to have been given 5 days following the date of posting.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">10.2</font></b></td>
    <td> <font face="sans-serif" size="2">The decision of the Committee in any
      question of interpretation of the Rules or any dispute relating to or connected
      with this Plan shall be final and conclusive.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">10.3</font></b></td>
    <td> <font face="sans-serif" size="2">The costs of introducing, operating
      and administering the Plan shall be borne by the Company and the relevant
      Group Companies.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">10.4</font></b></td>
    <td> <font face="sans-serif" size="2">The Company, any relevant Group Company
      and/or any relevant trustee may withhold any amounts or make such arrangements
      as are necessary to meet any liability to taxation and social security contributions
      in respect of the Shares or cash awarded under the Plan. The arrangements
      may include the sale of some or all of any Shares subject to an Award on
      behalf of the Participant, and the use of the proceeds to discharge the
      liability.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
    <page>
	<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"> <font face="sans-serif" size="2"><b>10.5</b></font></td>
        <td> <font face="sans-serif" size="2">The Company shall have power from
          time to time to make or vary regulations for the administration and
          operation of the Plan provided that they are not inconsistent with these
          Rules.</font></td>
  </tr>
</table><tr valign="top">
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><b><font face="sans-serif" size="2">11</font></b></td>
    <td><font face="sans-serif" size="2"><b>Terms of Employment</b></font></td>
  </tr>
  <tr valign="top">
    <td width="5%"> <b><font face="sans-serif" size="2">11.1</font></b></td>
      <td> <font face="sans-serif" size="2">For the purposes of this Rule 11,
        &#8220;Employee&#8221; means any Participant, any Employee (within the
        meaning of Rule 1) or any other person.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">11.2</font></b></td>
    <td> <font face="sans-serif" size="2">This Rule 11 applies:</font></td>
  </tr>
</table>
<tr valign="top">
  <td> <table width="100%" border="0">
      <tr valign="top">
        <td width="5%">&nbsp;</td>
        <td width="5%"> <b><font face="sans-serif" size="2">11.2.1</font></b></td>
        <td> <font face="sans-serif" size="2">whether the Company has full discretion
          in the operation of the Plan, or whether the Company could be regarded
          as being subject to any obligations in the operation of the Plan;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td> <b><font face="sans-serif" size="2">11.2.2</font></b></td>
        <td> <font face="sans-serif" size="2">during an Employee&#8217;s employment
          or employment relationship; and</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td> <b><font face="sans-serif" size="2">11.2.3</font></b></td>
        <td> <font face="sans-serif" size="2">after the termination of an Employee&#8217;s
          employment or employment relationship, whether the termination is lawful
          or unlawful.</font></td>
      </tr>
    </table>
    <table width="100%" border="0">
      <tr>
        <td width="5%" valign="top"><b><font face="sans-serif" size="2">11.3</font></b></td>
        <td><font face="sans-serif" size="2">Nothing in the Rules or the operation
          of the Plan forms part of the contract of employment or employment relationship
          of an Employee. The rights and obligations of an Employee are separate
          from, and are not affected by, the Plan. Participation in the Plan does
          not create any right to, or expectation of, continued employment or
          a continued employment relationship.</font></td>
      </tr>
      <tr>
        <td><b><font face="sans-serif" size="2">11.4</font></b></td>
        <td><font face="sans-serif" size="2">The grant of Awards on a particular
          basis in any year does not create any right to or expectation of the
          grant of Awards on the same basis, or at all, in any future year.</font></td>
      </tr>
      <tr>
        <td valign="top"><b><font face="sans-serif" size="2">11.5</font></b></td>
        <td><font face="sans-serif" size="2">No Employee is entitled to participate
          in the Plan, or be considered for participation in it, at a particular
          level or at all. Participation in one operation of the Plan does not
          imply any right to participate, or to be considered for participation
          in any later operation of the Plan.</font></td>
      </tr>
      <tr>
        <td valign="top"><b><font face="sans-serif" size="2">11.6</font></b></td>
        <td><font face="sans-serif" size="2">Without prejudice to an Employee&#8217;s
          right to receive the Shares comprised in an Award subject to and in
          accordance with the express terms of the Rules and the Performance Condition,
          no Employee has any rights in respect of the exercise or omission to
          exercise any discretion, or the making or omission to make any decision,
          relating to the Award. Any and all discretions, decisions or omissions
          relating to the Award may operate to the disadvantage of the Employee,
          even if this could be regarded as capricious or unreasonable, or could
          be regarded as in breach of any implied term between the Employee and
          his employer, including any implied duty of trust and confidence. Any
          such implied term is excluded and overridden by this Rule 11.</font></td>
      </tr>
      <tr>
        <td><b><font face="sans-serif" size="2">11.7</font></b></td>
        <td><font face="sans-serif" size="2">No Employee has any right to compensation
          for any loss in relation to the Plan, including:</font></td>
      </tr>
    </table>


<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"> <b><font face="sans-serif" size="2">11.7.1</font></b></td>
    <td> <font face="sans-serif" size="2">any loss or reduction of any rights
      or expectations under the Plan in any circumstances or for any reason (including
      lawful or unlawful termination of employment or the employment relationship);
      </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <b><font face="sans-serif" size="2">11.7.2</font></b></td>
    <td> <font face="sans-serif" size="2">any exercise of a discretion or a decision
      taken in relation to an Award or to the Plan, or any failure to exercise
      a discretion or take a decision; </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <b><font face="sans-serif" size="2">11.7.3</font></b></td>
    <td> <font face="sans-serif" size="2">the operation, suspension, termination
      or amendment of the Plan. </font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">7</font></p>
<hr noshade align="center" width="100%" size="2">
<br>
<div style="page-break-before:always"></div>
<page>
<tr valign="top">
  <table width="100%" border="0">
    <tr valign="top">
      <td width="5%"> <b><font face="sans-serif" size="2">11.8</font></b></td>
      <td> <font face="sans-serif" size="2">Participation in the Plan is permitted
        only on the basis that the Participant accepts all the provisions of the
        Rules, including in particular this Rule 11. By participating in the Plan,
        an Employee waives all rights under the Plan, other than the right to
        receive Shares subject to and in accordance with the express terms of
        the Rules and the Performance Condition, in consideration for, and as
        a condition of, the grant of an Award under the Plan. </font></td>
    </tr>
    <tr valign="top">
      <td> <b><font face="sans-serif" size="2">11.9</font></b></td>
      <td> <font face="sans-serif" size="2">Nothing in this Plan confers any benefit,
        right or expectation on a person who is not an Employee. No such third
        party has any rights under the Contracts (Rights of Third Parties) Act
        1999 to enforce any term of this Plan. This does not affect any other
        right or remedy of a third party which may exist.</font></td>
    </tr>
    <tr valign="top">
      <td> <b><font face="sans-serif" size="2">11.10</font></b></td>
      <td> <font face="sans-serif" size="2">Each of the provisions of this Rule
        11 is entirely separate and independent from each of the other provisions.
        If any provision is found to be invalid then it will be deemed never to
        have been part of these Rules and to the extent that it is possible to
        do so, this will not affect the validity or enforceability of any of the
        remaining provisions. </font></td>
    </tr>
  </table>
  <table width="100%" border="0">
    <tr valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td><b><font face="sans-serif" size="2">12</font></b></td>
      <td><font face="sans-serif" size="2"><b>Personal Data</b></font></td>
    </tr>
    <tr valign="top">
      <td width="5%"> <b><font face="sans-serif" size="2">12.1</font></b></td>
      <td> <font face="sans-serif" size="2">By participating in the Plan the Participant
        consents to the holding and processing of personal data provided by the
        Participant to the Company for all purposes relating to the operation
        of the Plan. These include, but are not limited to:</font></td>
    </tr>
  </table>
<tr valign="top">
  <td> <table width="100%" border="0">
      <tr valign="top">
        <td width="5%">&nbsp;</td>
        <td width="5%"> <b><font face="sans-serif" size="2">12.1.1</font></b></td>
        <td> <font face="sans-serif" size="2">administering and maintaining Participant
          records; </font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td> <b><font face="sans-serif" size="2">12.1.2</font></b></td>
        <td> <font face="sans-serif" size="2">providing information to trustees
          of any employee benefit trust, registrars, brokers or third party administrators
          of the Plan;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td> <b><font face="sans-serif" size="2">12.1.3</font></b></td>
        <td> <font face="sans-serif" size="2">providing information to future
          purchasers of the Company or the business in which the Participant works;</font></td>
      </tr>
      <tr valign="top">
        <td>&nbsp;</td>
        <td> <b><font face="sans-serif" size="2">12.1.4</font></b></td>
        <td> <font face="sans-serif" size="2">transferring information about the
          Participant to a country or territory outside the European Economic
          Area.</font></td>
      </tr>
    </table>

  </td>
</tr>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font face="sans-serif" size="2">13</font></b></td>
    <td><font face="sans-serif" size="2"><b>Changes to and termination of the
      Plan</b></font></td>
  </tr>
  <tr valign="top">
    <td width="5%"> <b><font face="sans-serif" size="2">13.1</font></b></td>
    <td> <font face="sans-serif" size="2">Subject as provided in this Rule, the
      Committee may, in its discretion, amend the Rules or any part of the Plan
      as it considers appropriate. Variations may affect the terms of Awards which
      have already been made.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">13.2</font></b></td>
    <td> <font face="sans-serif" size="2">No amendment shall be made which would
      have the effect of abrogating or altering adversely in any material respect
      any of the subsisting rights of Participants in relation to Awards, except
      with the consent of the majority of the Participants affected by the proposed
      amendment.</font></td>
  </tr>
  <tr valign="top">
    <td> <b><font face="sans-serif" size="2">13.3</font></b></td>
    <td> <font face="sans-serif" size="2">The Committee may amend, vary or add
      to the provisions of the Plan as it considers necessary or desirable to
      take account of relevant overseas taxation, securities or exchange control
      laws, provided that the benefits granted to such Participants are not overall
      more favourable than the benefits granted to other Participants.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">8</font></p>
<hr noshade align="center" width="100%" size="2">
<br>
<div style="page-break-before:always"></div>
<page>
<tr valign="top">
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>13.4</b></font></td>
    <td align="left"><font size="2" face="sans-serif">Except as provided in Rule
      13.5, the prior approval of the Company in general meeting is required for
      any proposed change to the Rules to the advantage of present or future Participants
      which relates to:</font></td>
  </tr>
</table>
<tr valign="top">
  <table width="100%" border="0">
    <tr valign="top">
      <td width="5%">&nbsp;</td>
      <td width="5%"> <b><font face="sans-serif" size="2">13.4.1</font></b></td>
      <td> <font face="sans-serif" size="2">the persons to or for whom Awards
        may be made;</font></td>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td> <b><font face="sans-serif" size="2">13.4.2</font></b></td>
      <td> <font face="sans-serif" size="2">the limitations on the number of Shares
        which may be allocated under the Plan;</font></td>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td> <b><font face="sans-serif" size="2">13.4.3</font></b></td>
      <td> <font face="sans-serif" size="2">the individual limits under Rule 4;</font></td>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td> <b><font face="sans-serif" size="2">13.4.4</font></b></td>
      <td> <font face="sans-serif" size="2">any rights attaching to Conditional
        Awards, Options, Awards or Shares;</font></td>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td> <b><font face="sans-serif" size="2">13.4.5</font></b></td>
      <td> <font face="sans-serif" size="2">the terms of this Rule 13.4.</font></td>
    </tr>
  </table>
  <table width="100%" border="0">
    <tr valign="top">
      <td width="5%"> <b><font face="sans-serif" size="2">13.5</font></b></td>
      <td> <font face="sans-serif" size="2">The approval of the Company in general
        meeting is not required for any minor changes to the Rules which are:</font></td>
    </tr>
  </table>
  <table width="100%" border="0">
    <tr valign="top">
      <td>&nbsp;</td>
      <td width="5%"> <b><font face="sans-serif" size="2">13.5.1</font></b></td>
      <td> <font face="sans-serif" size="2">to benefit the administration of the
        Plan;</font></td>
    </tr>
    <tr valign="top">
      <td width="5%">&nbsp;</td>
      <td> <b><font face="sans-serif" size="2">13.5.2</font></b></td>
      <td> <font face="sans-serif" size="2">to comply with or take account of
        the provisions of any proposed or existing legislation;</font></td>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td> <b><font face="sans-serif" size="2">13.5.3</font></b></td>
      <td> <font face="sans-serif" size="2">to take account of any changes to
        legislation; or</font></td>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td> <b><font face="sans-serif" size="2">13.5.4</font></b></td>
      <td> <font face="sans-serif" size="2">to obtain or maintain favourable tax,
        exchange control or regulatory treatment of any Group Company or any present
        or future Participant.</font></td>
    </tr>
  </table>
<tr valign="top">
  <table width="100%" border="0">
    <tr valign="top">
      <td width="5%"><b><font face="sans-serif" size="2">13.6</font></b></td>
      <td><font face="sans-serif" size="2">No amendment shall take effect to the
        extent that it would cause the Plan to cease to be an &#8220;employees&#8217;
        share scheme&#8221; as defined in section 743 of the Companies Act 1985.</font></td>
    </tr>
    <tr valign="top">
      <td><b><font face="sans-serif" size="2">13.7</font></b></td>
      <td><font face="sans-serif" size="2">The Committee shall have discretion
        to terminate the Plan at any time, without prejudice to subsisting Awards.</font></td>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td><b><font face="sans-serif" size="2">14</font></b></td>
      <td><font face="sans-serif" size="2"><b>Governing Law</b></font></td>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td><font size="2" face="sans-serif">The Plan is governed by English law
        and if there is any conflict of laws, English law shall prevail. All Group
        Companies and Participants shall submit to the jurisdiction of the English
        Courts as regards any matter arising under the Plan.</font></td>
    </tr>
  </table>
<br>
<tr valign="top">
  <td>&nbsp; </td>
</tr>
<tr valign="top">
  <td>&nbsp; </td>
</tr>
<tr valign="top">
  <td> <div align="center"><font face="sans-serif" size="2">9</font> </div></td>
</tr>
<hr noshade align="center" width="100%" size="2">
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>11
<FILENAME>b707091ex4-5.htm
<TEXT>
<html>
<head>
<title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font size="2" face="sans-serif"><b>Exhibit 4.5</b></font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><div align="center"><font size="2" face="sans-serif"><font size="4">INTERCONTINENTAL
        HOTELS GROUP</font></font><font face="sans-serif"><br>
        <br>
        <font size="2"><font size="4">SHORT TERM DEFERRED INCENTIVE PLAN</font></font><br>
        <br>
        <font size="2">Shareholders&#8217; Approval: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9
        April 2003</font><br>
        <br>
        <font size="2">Directors&#8217; Adoption: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13
        April 2003</font></font></div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" width="48%"> <div align="left"><font face="sans-serif"><img src="ex4-5image1.gif"></font></div></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">One Silk Street<br>
      London EC2Y 8HQ</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">Telephone (44-20) 7456 2000</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">Facsimile (44-20) 7456 2222</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" valign="middle"><font size="2" face="sans-serif"><font size="1">Ref
      JOW</font></font></td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="sans-serif"><b>THE INTERCONTINENTAL HOTELS
  GROUP<br>
  SHORT TERM DEFERRED INCENTIVE PLAN</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Meanings of words used</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">1.1</font></b></td>
    <td> <font size="2" face="sans-serif">In these Rules:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Bonus Award</b>&#8221;
      means an award of cash or Bonus Shares made to a Participant in accordance
      with the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Bonus Shares</b>&#8221;
      means the Shares comprised in a Bonus Award;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Committee</b>&#8221;
      means the Board of Directors of the Company or a duly authorised committee;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Company</b>&#8221;
      means InterContinental Hotels Group PLC;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Group Company</b>&#8221;
      means the Company, any company which is a subsidiary of the Company within
      the meaning of Section 736 of the Companies Act 1985 and any other company
      which is associated with the Company and is so designated by the Committee;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Matching Shares</b>&#8221;
      means additional Shares specified in a Participant&#8217;s notification
      under Rule 2.7;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Option Plan</b>&#8221;
      means the InterContinental Hotels Group Executive Share Option Plan, as
      amended from time to time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Participant</b>&#8221;
      means a person who has been selected to participate in the Plan under Rule
      2.2;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Performance Target</b>&#8221;
      means any target specified for a financial year in relation to a Bonus Award;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Plan</b>&#8221;
      means this plan known as &#8220;The InterContinental Hotels Group Short
      Term Deferred Incentive Plan&#8221; in its present form and as from time
      to time altered in accordance with the Rules;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>PRSP</b>&#8221;
      means the InterContinental Hotels Group Performance Restricted Share Plan
      as amended from time to time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Reconstruction
      or Takeover</b>&#8221; means any takeover, merger or internal reconstruction,
      however effected, including a reverse takeover, partial offer, reorganisation
      or scheme of arrangement sanctioned by the court;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Release Date</b>&#8221;
      means the date on which a Participant becomes entitled to receive a proportion
      of the Bonus Shares comprised in his Bonus Award and any Matching Shares
      under Rule 8, as specified in the notification to the Participant under
      Rule 2.7;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Rules</b>&#8221;
      means these rules as amended from time to time;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Salary</b>&#8221;
      in relation to a Bonus Award for a financial year, means the basic annual
      salary in effect on the last day of that financial year excluding all payments
      additional to basic salary (for example mortgage support allowance, expatriate
      allowance etc);</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Shares</b>&#8221;
      means fully paid ordinary shares in the capital of the Company, and includes
      any shares representing them following a Reconstruction or Takeover;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>SIPs</b>&#8221;
      means the InterContinental Hotels Group Share Incentive Plan and the Britvic
      Share Incentive Plan as amended from time to time;</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">1</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">1.2</font></b></td>
    <td> <font size="2" face="sans-serif">Where the context admits or requires
      the singular includes the plural and the masculine includes the feminine
      and vice versa; references to any statutory provision include any modification
      or re-enactment.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">1.3</font></b></td>
    <td> <font size="2" face="sans-serif">Headings will be ignored in construing
      the Rules.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>2</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Operation of the Plan</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.1</font></b></td>
    <td> <font size="2" face="sans-serif">Timing of Operation: The Committee may
      decide at any time and at its discretion when the Plan shall be operated.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.2</font></b></td>
    <td> <font size="2" face="sans-serif">Selection of Participants: In relation
      to any operation of the Plan the Committee may select any employees or executive
      directors of any Group Company to be Participants in the Plan. The Committee
      will grant conditional Bonus Awards to the Participants it selects to participate
      in the Plan. The Committee has the right to withdraw a Participant from
      the Plan at any time if it considers that the Participant&#8217;s failure
      or inability to contribute to the management team effort warrant this, for
      example if:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.2.1</font></b></td>
    <td> <font size="2" face="sans-serif">the participant&#8217;s personal performance
      is formally appraised as unsatisfactory</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.2.2</font></b></td>
    <td> <font size="2" face="sans-serif">the participant is subject to disciplinary
      action</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">2.2.3</font></b></td>
    <td> <font size="2" face="sans-serif">the participant is absent from work
      due to prolonged illness and is unable to contribute to team performance.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.3</font></b></td>
    <td> <font size="2" face="sans-serif">Performance Target: any Performance
      Target must relate to a period which is no longer than one financial year.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.4</font></b></td>
    <td> <font size="2" face="sans-serif">Basis of Calculation of Bonus Awards:
      Bonus Awards to be made on achievement of the Performance Target shall be
      calculated as a specified percentage of Salary. A Bonus Award will not exceed
      100% of Salary.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.5</font></b></td>
    <td> <font size="2" face="sans-serif">Nature of Bonus Awards: Bonus Awards
      may take the form of cash or Bonus Shares, or a combination of cash and
      Bonus Shares, as the Committee may determine. A Bonus Award of Bonus Shares
      shall be deferred until the Release Date determined by the Committee. The
      Committee may also determine that a specified ratio of Matching Shares shall
      be awarded on the Release Date. The Committee may determine that there shall
      be more than one Release Date in respect of a Bonus Award. The ratio of
      Matching Shares to Bonus Shares comprised in a Bonus Award shall not exceed
      one Matching Share to two Bonus Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.6</font></b></td>
    <td> <font size="2" face="sans-serif">Participant&#8217;s preference: The
      Committee may consult with any Participant before determining the type of
      Bonus Award to be made, but shall not be bound by any views expressed by
      the Participant.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.7</font></b></td>
    <td> <font size="2" face="sans-serif">Notification of Participants: Participants
      shall be notified, in writing, that they have been selected for participation
      in the Plan. The notice shall include details of any Performance Target,
      the date of grant of the conditional Bonus Award, the percentage of Salary,
      the nature of the Bonus Award, the Release Date and, if relevant, the ratio
      of Matching Shares.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">2.8</font></b></td>
    <td align="left"><font size="2" face="sans-serif">Variation: Subject to Rule
      10.2, the Committee may, at any time after giving notice of participation,
      vary its terms as regards the operation of the Plan generally or in respect
      of any Participant and specify any other terms applicable to the operation
      of the Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>3</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Starters, leavers and Reconstructions
      and Takeovers</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">3.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Committee may permit an employee
      to join the Plan part way through a financial year, on the basis that the
      Bonus Award is either payable for the full year or pro-rated from the date
      of entry, at its discretion. The Participant shall be notified of the terms
      of participation accordingly.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">3.2</font></b></td>
    <td> <font size="2" face="sans-serif">If a Participant&#8217;s employment
      with any Group Company terminates during the financial year by reason of
      ill-health, injury, disability, retirement, redundancy, death or as a result
      of the sale of the business or company by which he is employed, or in the
      event of a Reconstruction or Takeover during the financial year, his Bonus
      Award may be pro-rated to the date of termination or the date of Reconstruction
      or Takeover, or such later date as the Committee may determine, and may
      at the Committee&#8217;s discretion be made in cash rather than in Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">3.3</font></b></td>
    <td> <font size="2" face="sans-serif">If a Participant&#8217;s employment
      with any Group Company terminates during the financial year for any reason
      other than those listed in Rule 3.2, he shall not receive any Bonus Award
      unless the Committee decides otherwise.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">3.4</font></b></td>
    <td> <font size="2" face="sans-serif">For the purposes of Rule 3 and Rule
      7, a Participant&#8217;s employment with a Group Company will not be treated
      as having terminated until the Participant ceases to be employed by any
      Group Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>4</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Making of Bonus Awards</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.1</font></b></td>
    <td> <font size="2" face="sans-serif">Calculation of Bonus Award: As soon
      as practicable after the end of the financial year, the Performance Target
      (if any) shall be evaluated, and the amount of each Participant&#8217;s
      Bonus Award shall be calculated.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.2</font></b></td>
    <td> <font size="2" face="sans-serif">Bonus Awards in Cash: Bonus Awards payable
      in cash shall be paid as soon as practicable by the Company or, where relevant
      the Group Company employing the Participant.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">4.3</font></b></td>
    <td> <font size="2" face="sans-serif">Bonus Awards in Shares: in respect of
      each Bonus Award in Shares, the Company shall grant to the relevant Participant
      the right to receive the relevant number of Shares (including Matching Shares
      where appropriate) on the Release Date, conditional on that Participant
      remaining in the employment of a Group Company until the Release Date, in
      accordance with Rule 7. The relevant number of Bonus Shares will be calculated
      by reference to the average of the middle market quotation of a Share for
      the three business days following the announcement of the Company&#8217;s
      results for the relevant financial year or such other days as the Company
      may determine. The middle market quotation is taken from the Daily Official
      List of the London Stock Exchange.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>5</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Plan limits</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.1</font></b></td>
    <td> <font size="2" face="sans-serif">10 per cent. 10 year limit</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">The number of Shares which
      may be allocated under the Plan on any day must not exceed 10 per cent.
      of the ordinary share capital of the Company in issue immediately before
      that day, when added to the total number of Shares which have been allocated
      in the previous 10 years under the Plan and any other employee share plan
      operated by the Company.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif">5 per cent. 10 year limit</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">The number of Shares which
      may be allocated under the Plan on any day must not exceed 5 per cent. of
      the ordinary share capital of the Company in issue immediately before that
      day, when added to the total number of Shares which have been allocated
      in the previous 10 years under the Plan and any other discretionary employee
      share plans operated by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.3</font></b></td>
    <td> <font size="2" face="sans-serif">1.5 per cent. 1 year limit</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">The number of Shares which
      may be allocated under the Plan on any day must not exceed 1.5 per cent.
      of the ordinary share capital of the Company in issue immediately before
      that day when added to the total number of Shares which have been allocated
      in the previous 12 months under the Plan, the Option Plan and the PRSP.
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.4</font></b></td>
    <td> <font size="2" face="sans-serif">Exclusions</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Where a right to acquire
      Shares is released or lapses without being exercised, the Shares concerned
      are ignored when calculating the limits in this Rule 5.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">The following are also ignored:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">5.4.1</font></b></td>
    <td> <font size="2" face="sans-serif">when calculating the limits in Rules
      5.1, 5.2 and 5.3 Shares awarded as partnership shares under the SIPs; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">5.4.2</font></b></td>
    <td> <font size="2" face="sans-serif">when calculating the limit in Rule 5.3
      rights to Shares issued in respect of options granted in exchange for options
      granted under the Six Continents Executive Share Option Scheme 1985 and
      the Six Continents Executive Share Option Scheme 1995.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">5.5</font></b></td>
    <td> <font size="2" face="sans-serif">Meaning of allocate</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Allocate</b>&#8221;
      means granting an option or other right to acquire unissued Shares, or if
      there is no such grant, the issue and allotment of Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>6</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Participant&#8217;s Rights before
      the Release Date</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">6.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>No shareholder rights</b>: Before
      the Release Date the Participant has no rights to dividends, voting or otherwise
      in respect of any Bonus Shares comprised in a Bonus Award or in respect
      of any Matching Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">6.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Variation of share capital etc</b>:
      The Committee may vary the number of Shares comprised in a Bonus Award (including
      any Matching Shares) to take account of any variation of the share capital
      of the Company, or any special dividend or other transaction which might
      adversely affect the value of the Shares, to ensure that the Participant
      is not disadvantaged.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">6.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Reconstruction or Takeover</b>: In
      the event of a Reconstruction or Takeover, the Committee may determine that
      the Shares comprised in a Bonus Award (including any Matching Shares), or
      cash of equivalent value, should be transferred to the Participant. In the
      case of a Reconstruction or Takeover involving the exchange of Shares for
      shares in another company, or in more than one other company, the Committee
      may determine that the Participant&#8217;s right to the Shares comprised
      in a Bonus Award (including any Matching Shares) should be replaced by a
      right to the appropriate number of shares in that other company or companies.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">6.4</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Other events</b>: The
      Committee has discretion to take such action as it may think appropriate
      if other events happen which may have an effect on Bonus Awards.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>7</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Termination of employment before
      the Release Date</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">7.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Ill-health, disability, etc.</b>:
      If the Participant&#8217;s employment with a Group Company is terminated
      before the Release Date by reason of ill-health, injury, disability, retirement,
      redundancy, death or as a result of the sale of the business or company
      which he is employed, he (or his personal representatives) may, at the discretion
      of the Committee, receive the Shares comprised in his Bonus Award, including
      any Matching Shares on the date of termination. If the Committee does not
      so determine, he (or his personal representatives) will receive the Shares
      on the Release Date.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">7.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Reconstruction or Takeover</b>: If
      the Participant&#8217;s employment with a Group Company is terminated in
      connection with a Reconstruction or Takeover before the Release Date, he
      is entitled to receive the Shares comprised in his Bonus Award, including
      any Matching Shares, or cash of equivalent value, on the date of termination
      of employment.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">7.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Other terminations</b>: If the Participant
      ceases to be in the employment of any Group Company before the Release Date
      for any other reason, his right to receive Shares on the Release Date is
      lost, unless the Committee decides otherwise. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>8</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Release Date</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.1</font></b></td>
    <td> <font size="2" face="sans-serif">Subject to Rule 7 and Rule 8.2, the
      Participant is entitled to receive the Shares comprised in his Bonus Award
      (including any Matching Shares) on the Release Date.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8.2</font></b></td>
    <td> <font size="2" face="sans-serif">In the event that the acquisition or
      disposal of Shares is not permitted by law or by any restrictions imposed
      pursuant to the provisions of any dealing restrictions imposed by the authorities
      in any relevant jurisdiction, the Release Date will be deferred until after
      the ending of such restrictions unless the Committee decides otherwise.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>9</b></font></td>
    <td> <font size="2" face="sans-serif"><b>General</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Notices</b>: Any notice or other
      document given to any Participant pursuant to the Plan shall be delivered
      to him or sent by post to him at his home address according to the records
      of his employing company or such other address as may appear to the Committee
      to be appropriate. Notices or other documents sent by post shall be deemed
      to have been given 5 days following the date of posting.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Documents sent to Shareholders</b>:
      The Company is not obliged to send to Participants copies of any documents
      or notices sent to the holders of its Shares.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Reimbursement</b>: Each relevant
      Group Company shall reimburse the Company for any costs incurred in connection
      with the Bonus Awards to Participants who are employed by them.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.4</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Withholding</b>: The Company, and
      any relevant Group Company may withhold any amounts or make such arrangements,
      including the sale of any Shares on behalf of a Participant as are necessary
      to meet any liability to taxation or social security contributions in respect
      of any Bonus Award (including any Matching Shares).</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.5</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Committee&#8217;s decisions
      final and binding</b>: The decision of the Committee in connection with
      any interpretation of the Plan Rules or in any dispute relating to any matter
      relating to the Plan shall be final and conclusive.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.6</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Costs</b>: The costs
      of introducing and administering the Plan will be borne by the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.7</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Regulations</b>: The
      Committee will have power from time to time to make or vary regulations
      for the administration and operation of the Plan provided that the same
      are not inconsistent with these Rules.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.8</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Terms of employment</b>:
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.1</font></b></td>
    <td> <font size="2" face="sans-serif">For the purposes of this Rule 9.8, &#8220;Employee&#8221;
      means any Participant, or any other person.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.2</font></b></td>
    <td> <font size="2" face="sans-serif">This Rule 9.8 applies:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">whether the Company has full discretion
      in the operation of the Plan, or whether the Company could be regarded as
      being subject to any obligations in the operation of the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">during an Employee&#8217;s employment
      or employment relationship; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">after the termination of an Employee&#8217;s
      employment or employment relationship, whether the termination is lawful
      or unlawful.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.3</font></b></td>
    <td> <font size="2" face="sans-serif">Nothing in the Rules or the operation
      of the Plan forms part of the contract of employment or employment relationship
      of an Employee. The rights and obligations of an Employee are separate from,
      and are not affected by, the Plan. Participation in the Plan does not create
      any right to, or expectation of, continued employment or a continued employment
      relationship.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.4</font></b></td>
    <td> <font size="2" face="sans-serif">The grant of Bonus Awards and Matching
      Shares on a particular basis in any year does not create any right to or
      expectation of the grant of Bonus Awards and Matching Shares on the same
      basis, or at all, in any future year.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.5</font></b></td>
    <td> <font size="2" face="sans-serif">No Employee is entitled to participate
      in the Plan, or be considered for participation in it, at a particular level
      or at all. Participation in one operation of the Plan does not imply any
      right to participate, or to be considered for participation in any later
      operation of the Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.6</font></b></td>
    <td> <font size="2" face="sans-serif">Without prejudice to an Employee&#8217;s
      right to receive the Bonus Shares comprised in an Award and any Matching
      Shares subject to and in accordance with the express terms of the Rules
      and the Performance Condition, no Employee has any rights in respect of
      the exercise or omission to exercise any discretion, or the making or omission
      to make any decision, relating to the Bonus Award and any Matching Shares.
      Any and all discretions, decisions or omissions relating to the Bonus Award
      or Matching Shares may operate to the disadvantage of the Employee, even
      if this could be regarded as capricious or unreasonable, or could be regarded
      as in breach of any implied term between the Employee and his employer,
      including any implied duty of trust and confidence. Any such implied term
      is excluded and overridden by this Rule 9.8.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.7</font></b></td>
    <td align="left"><font size="2" face="sans-serif">No Employee has any right
      to compensation for any loss in relation to the Plan, including: </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(i)</font></td>
    <td> <font size="2" face="sans-serif">any loss or reduction of any rights
      or expectations under the Plan in any circumstances or for any reason (including
      lawful or unlawful termination of employment or the employment relationship);
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(ii)</font></td>
    <td> <font size="2" face="sans-serif">any exercise of a discretion or a decision
      taken in relation to a Bonus Award or Matching Shares or to the Plan, or
      any failure to exercise a discretion or take a decision; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">(iii)</font></td>
    <td> <font size="2" face="sans-serif">the operation, suspension, termination
      or amendment of the Plan. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.8</font></b></td>
    <td> <font size="2" face="sans-serif">Participation in the Plan is permitted
      only on the basis that the Participant accepts all the provisions of the
      Rules, including in particular this Rule 9.8. By participating in the Plan,
      an Employee waives all rights under the Plan, other than the right to receive
      Shares subject to and in accordance with the express terms of the Rules
      and the Performance Condition, in consideration for, and as a condition
      of, the grant of an Bonus Award or Matching Shares under the Plan. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.9</font></b></td>
    <td> <font size="2" face="sans-serif">Nothing in this Plan confers any benefit,
      right or expectation on a person who is not an Employee. No such third party
      has any rights under the Contracts (Rights of Third Parties) Act 1999 to
      enforce any term of this Plan. This does not affect any other right or remedy
      of a third party which may exist.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.8.10</font></b></td>
    <td> <font size="2" face="sans-serif">Each of the provisions of this Rule
      9.8 is entirely separate and independent from each of the other provisions.
      If any provision is found to be invalid then it will be deemed never to
      have been part of these Rules and to the extent that it is possible to do
      so, this will not affect the validity or enforceability of any of the remaining
      provisions. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">9.9</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Data protection</b>: By participating
      in the Plan the Participant consents to the holding and processing of personal
      data provided by the Participant to the Company for all purposes relating
      to the operation of the Plan. These include, but are not limited to:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.9.1</font></b></td>
    <td> <font size="2" face="sans-serif">administering and maintaining Participant
      records; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.9.2</font></b></td>
    <td> <font size="2" face="sans-serif">providing information to trustees of
      any employee benefit trust, registrars, brokers or third party administrators
      of the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.9.3</font></b></td>
    <td> <font size="2" face="sans-serif">providing information to future purchasers
      of the Company or the business in which the Participant works;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">9.9.4</font></b></td>
    <td> <font size="2" face="sans-serif">transferring information about the Participant
      to a country or territory outside the European Economic Area.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Amendments and Termination</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Committee&#8217;s powers of amendment</b>:
      Subject to the following provisions of this rule, the Committee may in its
      discretion waive, amend or add to the Rules as it thinks fit.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Participants&#8217; Consent</b>:
      No amendment shall be made which would have the effect of abrogating or
      altering adversely in any material respect any of the subsisting rights
      of Participants in relation to Shares comprised in a Bonus Award, except
      with the consent of the majority of the Participants affected by the proposed
      amendment.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">7</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.3</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Participants who move
      overseas</b>: Notwithstanding any other provision of the Plan the Committee
      may amend, vary or add to the provisions of the Plan as it considers necessary
      or desirable to take account of, or to mitigate, or to comply with relevant
      overseas taxation, securities or exchange control laws, provided that the
      benefits granted to such Participants are not overall more favourable than
      the benefits granted to other Participants.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.4</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Notice</b>: As soon as
      reasonably practicable after making any alteration to the Plan, the Committee
      will give written notice to any Participant materially affected by the alteration.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">10.5</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Termination of the Plan</b>:
      The Committee may terminate the Plan at any time.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Governing Law</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Plan is governed by English law
      and if there is any conflict of laws English law will prevail. All Group
      Companies and all Participants shall submit to the jurisdiction of the English
      Courts as regards any matter arising under the Plan.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">8</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>


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<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>13
<FILENAME>b707091ex4-6.htm
<TEXT>
<html>
<head>
<title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">

  <div style="page-break-before:always"></div>
  <page>

<p align="right"><b><font size="2" face="sans-serif">Exhibit 4.6</font></b></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="center"><font size="2" face="sans-serif">Dated 13 April
      2003</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="center"><font size="4" face="sans-serif">INTERCONTINENTAL
      HOTELS GROUP</font><font face="sans-serif"><br>
      <br>
      <font size="4">US EMPLOYEE STOCK PURCHASE PLAN</font></font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" width="48%"> <div align="left"><font face="sans-serif"><img src="ex4-6image1.gif"></font></div></td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">1345 Avenue of the Americas<br>
      19th Floor<br>
      New York, NY 10105</font></td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">Telephone (1) 212 424 9000</font></td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">Facsimile (1) 212 424 9100</font></td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">Ref SXK</font></td>
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
  </tr>
</table>
<p align="center">&nbsp;</p>

  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<p align="center"><font size="2" face="sans-serif"><b>INTERCONTINENTAL HOTELS
  GROUP <br>
  US Employee Stock Purchase Plan<br>
  </b></font></p>
<p align="left"><font size="2" face="sans-serif">The following constitute the
  provisions of the US Employee Stock Purchase Plan of InterContinental Hotels
  Group PLC.</font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Purpose</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">The purpose of the Plan
      is to provide an opportunity for employees of Designated Subsidiaries of
      the Company with an opportunity to purchase ADSs, each representing Ordinary
      Shares of InterContinental Hotels Group PLC, through accumulated payroll
      deductions. It is the intention of the Company to have the Plan qualify
      as an &#8220;Employee Stock Purchase Plan&#8221; under Section 423 of the
      Code. The provisions of the Plan, accordingly, shall be construed so as
      to extend and limit participation in a manner consistent with the requirements
      of that section of the Code.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>2</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Definitions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>ADSs</b>&#8221;
      shall mean American Depositary Shares, each of which represents one Ordinary
      Share deposited with the Depositary or such other number of Ordinary Shares
      or other securities of the Company as may be represented by such ADSs from
      time to time. The ADSs are evidenced by American depositary receipts.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Board</b>&#8221;
      shall mean the Board of Directors of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Code</b>&#8221;
      shall mean the Internal Revenue Code of 1986, as amended. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Committee</b>&#8221;
      shall mean a committee made up of members of the Board, as described in
      Section 15.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Company</b>&#8221;
      shall mean InterContinental Hotels Group PLC, a public limited company organized
      under the laws of England and Wales.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Compensation</b>&#8221;
      shall mean wages, as defined in Code Section 3401(a), determined without
      regard to any rules that limit compensation included in wages based on the
      nature or location of the employment or services performed, and all other
      payments made for such period for services as an Employee for which the
      Designated Subsidiary is required to furnish the Employee a written statement
      under Code Sections 6041(d), 6051(a)(3) and 6052 (commonly referred to as
      W-2 earnings), but excluding reimbursements or other expense allowances,
      fringe benefits, moving expenses, deferred compensation, and welfare benefits.
      In addition to the foregoing, Compensation includes any amount that would
      have been included in the foregoing description, but for the Employee&#8217;s
      election to defer payment of such amount under Code Section 125, 402(e)(3),
      402(h)(1)(B), 403(b) or 457(b) and certain contributions described in Code
      Section 414(h)(2) that are picked up by the employing unit and treated as
      employer contributions. The Board shall have the authority to determine
      and approve all forms of pay to be included in the definition of Compensation
      and may change the definition on a perspective basis.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Depositary</b>&#8221;
      shall mean The Bank of New York as depositary pursuant to the deposit agreement
      among the Depositary, the Company and all owners and beneficial owners from
      time to time of American depositary receipts issued thereunder.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">1</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Designated Subsidiary</b>&#8221;
      shall mean any Subsidiary organized under the laws of any state or territory
      of the United States, which has been designated by the Board from time to
      time as eligible to participate in the Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Employee</b>&#8221;
      shall mean any individual who is an employee of a Designated Subsidiary
      for tax purposes, who has been employed by a Designated Subsidiary for at
      least two years (or such lesser periods and hours determined by the Board)
      and whose customary employment with a Designated Subsidiary is at least
      twenty hours per week and more than five months in any calendar year (or
      such lesser periods and hours determined by the Board), except that for
      purposes of Section 26, &#8220;Employee&#8221; shall have the meaning described
      in Section 26.1. For purposes of the Plan, the employment relationship shall
      be treated as continuing intact while the individual is on sick leave or
      other leave of absence approved by his or her employer. Where the period
      of leave exceeds ninety days and the individual&#8217;s right to reemployment
      is not guaranteed either by statute or by contract, the employment relationship
      shall be deemed to have terminated on the ninety-first day of such leave.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Enrollment Date</b>&#8221;
      shall mean the first day of each Offering Period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Exercise Date</b>&#8221;
      shall mean the last Trading Day of each Offering Period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Fair Market Value</b>&#8221;
      shall mean, with respect to ADSs, the closing sale price of ADSs on the
      New York Stock Exchange on the date that their value is determined, if that
      date is a Trading Day, or if that date is not a Trading Day, or if no sales
      were reported on that date, the closing sale price on the last Trading Day
      prior thereto on which a sale was made, as reported in The Wall Street Journal
      or any other source that the Board deems reliable.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Offering Periods</b>&#8221;
      shall mean the periods of approximately twenty-seven months during which
      an option granted pursuant to the Plan may be exercised, commencing on the
      first Trading Day on or after May 1 and November 1 of each year and terminating
      on the last Trading Day in the periods ending twenty-seven months later;
      <i>provided, however</i>, that the first Offering Period under the Plan
      shall commence with the first Trading Day on or after May 1, 2003, and shall
      end on the last Trading Day on or before August 30, 2005. The duration and
      timing of Offering Periods may be changed pursuant to Section 4 of this
      Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Ordinary Shares</b>&#8221;
      shall mean the ordinary shares, nominal value &pound;1 each, of the Company.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Participant</b>&#8221;
      means an Employee that has elected to participate in the Plan by filing
      a subscription agreement in the form attached hereto as Exhibit A.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Plan</b>&#8221;
      shall mean this InterContinental Hotels Group US Employee Stock Purchase
      Plan, as amended.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Purchase Period</b>&#8221;
      shall mean the approximately six month period commencing after one Exercise
      Date and ending with the next Exercise Date, except that the first Purchase
      Period of any Offering Period shall commence on the Enrollment Date and
      end with the next Exercise Date; <i>provided, however</i>, that the first
      Purchase Period under the Plan shall commence with the first Trading Day
      on or after May 1, 2003, and shall end on the last Trading Day on or before
      August 30, 2005.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Purchase Price</b>&#8221;
      shall mean 85% of the Fair Market Value of an ADS on the Enrollment Date
      or on the Exercise Date, whichever is lower; <i>provided however</i>, that,
      in the event (i) the Company&#8217;s shareholders approve an increase in
      the number of Ordinary Shares available for issuance under the Plan, (ii)
      all or a portion of such additional Ordinary Shares are to be issued with
      respect to one or more Offering Periods that are underway at the time of
      such shareholder approval (&#8220;<b>New Shares</b>&#8221;), and (iii) the
      Fair Market Value of an ADSs on the date of such approval (the &#8220;<b>Authorization
      Date FMV</b>&#8221;) is higher than the Fair Market Value on the Enrollment
      Date for any such Offering Period, the Purchase Price with respect to New
      Shares shall be 85% of the Authorization Date FMV or the Fair Market Value
      of an ADS on the Exercise Date, whichever is lower.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">2</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Reserves</b>&#8221;
      shall mean the number of ADSs representing Ordinary Shares covered by each
      option under the Plan which have not yet been exercised and the number of
      Ordinary Shares which have been authorized for issuance under the Plan but
      not yet placed under option.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Subsidiary</b>&#8221;
      shall mean a corporation, domestic or foreign, of which not less than 50%
      of the voting shares are held by the Company or another company of which
      not less than 50% of the voting shares are held directly or indirectly by
      the Company, whether or not such corporation now exists or is hereafter
      organized or acquired.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">&#8220;<b>Trading Day</b>&#8221;
      shall mean a day on which the New York Stock Exchange is open for trading.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>3</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Eligibility</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">3.1</font></b></td>
    <td> <font size="2" face="sans-serif">Any Employee on a given Enrollment Date
      shall be eligible to participate in the Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">3.2</font></b></td>
    <td> <font size="2" face="sans-serif">An Employee shall not be granted any
      option under the Plan (i) to the extent that, immediately after the grant,
      the Employee (or any other person, the ownership of whose stock would be
      attributed to the Employee pursuant to Section 424(d) of the Code) would
      own capital stock of the Company or hold outstanding options to purchase
      such stock possessing five percent or more of the total combined voting
      power or value of all classes of the capital stock of the Company or of
      any Subsidiary, or (ii) to the extent that his or her rights to purchase
      stock under all Section 423 employee stock purchase plans of the Company
      and its Subsidiaries would accrue at a rate which exceeds twenty-five thousand
      dollars worth of stock (determined at the fair market value of the ADSs
      at the time the option is granted) for each calendar year in which the option
      is outstanding at any time.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>4</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Offering Periods</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">The Plan shall be implemented
      by consecutive, overlapping Offering Periods with a new Offering Period
      commencing on the first Trading Day on or after May 1 and November 1 of
      each year, or on such other date as the Board shall determine, and continuing
      thereafter until terminated in accordance with Section 21 hereof; <i>provided,
      however</i>, that the first Offering Period under the Plan shall commence
      with the first Trading Day on or after May 1, 2003 and shall end on the
      last Trading Day on or before August 30, 2005. The Board shall have the
      power to change the duration of Offering Periods (including the commencement
      dates thereof) with respect to future offerings without shareholder approval
      if such change is announced by the Company and any Designated Subsidiaries
      at least five days prior to the scheduled beginning of the first Offering
      Period to be affected by the change.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>5</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Participation</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">5.1</font></b></td>
    <td> <font size="2" face="sans-serif">An Employee may become a Participant
      in the Plan by completing a subscription agreement authorizing payroll deductions
      in the form of Exhibit A to this Plan (or such other form determined by
      the Board) and filing it with his or her employer&#8217;s payroll office
      at least five days prior to the applicable Enrollment Date.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">5.2</font></b></td>
    <td> <font size="2" face="sans-serif">Payroll deductions for a Participant
      shall commence on the first payroll following the Enrollment Date and shall
      end on the last payroll in the Offering Period to which the authorization
      is applicable, unless sooner terminated by the Participant as provided in
      Section 11 hereof.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">3</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>6</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Payroll Deductions</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.1</font></b></td>
    <td> <font size="2" face="sans-serif">At the time a Participant files his
      or her subscription agreement, he or she shall elect to have payroll deductions
      made on each pay day during the Offering Period in an amount not exceeding
      fifteen percent, or such other percentage determined by the Board, of the
      Compensation which he or she receives on each pay day during the Offering
      Period.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.2</font></b></td>
    <td> <font size="2" face="sans-serif">All payroll deductions made for a Participant
      shall be credited to his or her account under the Plan and shall be withheld
      in whole percentages only. A Participant may not make any additional payments
      into his or her account.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.3</font></b></td>
    <td> <font size="2" face="sans-serif">A Participant may discontinue his or
      her participation in the Plan as provided in Section 11 hereof, or may increase
      or decrease the rate of his or her payroll deductions during the Offering
      Period by completing or filing with his or her employer a new subscription
      agreement authorizing a change in payroll deduction rate. The Board may,
      in its discretion, limit the number of participation rate changes during
      any Offering Period. The change in rate shall be effective with the first
      full payroll period following five business days after the employer&#8217;s
      receipt of the new subscription agreement unless the employer elects to
      process a given change in participation more quickly. A Participant&#8217;s
      subscription agreement shall remain in effect for successive Offering Periods
      unless terminated as provided in Section 11 hereof.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.4</font></b></td>
    <td> <font size="2" face="sans-serif">Notwithstanding the foregoing, to the
      extent necessary to comply with Section 423(b)(8) of the Code and Section
      3.2 hereof, a Participant&#8217;s payroll deductions may be decreased to
      zero percent at any time during a Purchase Period. Payroll deductions shall
      recommence at the rate provided in such Participant&#8217;s subscription
      agreement at the beginning of the first Purchase Period which is scheduled
      to end in the following calendar year, unless terminated by the Participant
      as provided in Section 11 hereof.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">6.5</font></b></td>
    <td> <font size="2" face="sans-serif">At the time the option is exercised,
      in whole or in part, or at the time some or all of the ADSs issued under
      the Plan are disposed of, the Participant must make adequate provision for
      his or her employer&#8217;s federal, state, or other tax withholding obligations,
      if any, which arise upon the exercise of the option or the disposition of
      the ADSs. At any time, the employer may withhold from the Participant&#8217;s
      Compensation the amount necessary for the Company or relevant employer to
      meet applicable withholding obligations, including any withholding required
      to make available to the employer any tax deductions or benefits attributable
      to sale or early disposition of ADSs by the Participant.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">4</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">7</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Grant of Option</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">On the Enrollment Date of
      an Offering Period, each eligible Employee participating in that Offering
      Period shall be granted an option to purchase on the Exercise Date for that
      Offering Period (at the applicable Purchase Price) up to a number of the
      ADSs determined by dividing such Employee&#8217;s payroll deductions accumulated
      prior to the Exercise Date and retained in the Participant&#8217;s account
      as of the Exercise Date by the applicable Purchase Price; <i>provided</i>
      that in no event shall an Employee be permitted to purchase during each
      Purchase Period more than such number of the ADSs (subject to any adjustment
      pursuant to Section 20), as the Board may determine from time to time, and
      <i>provided further </i>that the purchase shall be subject to the limitations
      set forth in Sections 3.2 and 13 hereof. Exercise of the option shall occur
      as provided in Section 8 hereof, unless the Participant has withdrawn pursuant
      to Section 11 hereof. The option shall expire on the last day of the Offering
      Period.</font></td>
  </tr>
</table>
<font face="sans-serif"></font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Exercise of Option</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Unless a Participant withdraws
      from the Plan as provided in Section 11 hereof, his or her option for the
      purchase of ADSs shall be exercised automatically on the Exercise Date,
      and the maximum number of ADSs subject to option shall be purchased for
      such Participant at the applicable Purchase Price with the accumulated payroll
      deductions in his or her account. No fractional ADSs shall be purchased;
      any payroll deductions accumulated in a Participant&#8217;s account which
      are not sufficient to purchase an ADS shall be retained in the Participant&#8217;s
      account for the subsequent Purchase Period or Offering Period, subject to
      earlier withdrawal by the Participant as provided in Section 11 hereof.
      Any other monies left over in a Participant&#8217;s account after the Exercise
      Date shall be returned to the Participant. During a Participant&#8217;s
      lifetime, a Participant&#8217;s option to purchase ADSs hereunder is exercisable
      only by him or her. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>9</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Purchase of ADSs</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">On each Exercise Date, the
      Participants&#8217; options shall be exercised automatically in full pursuant
      to Section 8. On such date or as soon thereafter as is practicable, the
      Company will cause the ADSs so purchased to be issued for or transferred
      to the account of each Participant and delivered to a registered broker
      dealer to be held as described in Section 10. In order to cause the ADSs
      to be so issued or transferred, the Company may, either (i) purchase ADSs
      from time to time; (ii) purchase Ordinary Shares, from time to time, and
      deliver them to the Depositary for deposit against the issuance of ADSs;
      or (iii) issue new Ordinary Shares and deliver them to the Depositary for
      deposit against the issuance of ADSs. Notwithstanding any other provision
      in the Plan, the Company or its designee may take any action that it deems
      necessary or appropriate for the withholding of taxes or social insurance
      which the Company or a Designated Subsidiary is required by law or regulation
      of any governmental authority to withhold. The Company shall pay SDRT. Each
      Participant, however, shall be responsible for payment of all individual
      tax liabilities arising under the Plan. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>10</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Delivery</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">As promptly as practicable
      after each Exercise Date on which a purchase of ADSs occurs, the Company
      or a Designated Subsidiary shall arrange the delivery to each Participant,
      as appropriate, a broker&#8217;s record of the ADSs purchased and held by
      a broker in an account for that Participant. A Participant may direct that
      an American depositary receipt be executed and delivered to him, evidencing
      his or her ADSs purchased upon exercise of his or her option.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">5</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">11</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Withdrawal</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.1</font></b></td>
    <td> <font size="2" face="sans-serif">A Participant may withdraw all but not
      less than all the payroll deductions credited to his or her account and
      not yet used to exercise his or her option under the Plan at any time by
      giving written notice to the employer in the form of Exhibit B to this Plan
      (or such other form determined by the Board). All of the Participant&#8217;s
      payroll deductions credited to his or her account shall be paid to the Participant
      promptly after receipt of notice of withdrawal and the Participant&#8217;s
      option for the Offering Period shall be automatically terminated, and no
      further payroll deductions for the purchase of shares shall be made for
      the Offering Period. If a Participant withdraws from an Offering Period,
      payroll deductions shall not resume at the beginning of the succeeding Offering
      Period unless the Participant delivers to the employer a new subscription
      agreement.</font></td>
  </tr>
</table>
<font face="sans-serif"></font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">11.2</font></b></td>
    <td align="left"><font size="2" face="sans-serif">A Participant&#8217;s withdrawal
      from an Offering Period shall not have any effect upon his or her eligibility
      to participate in any similar plan which may hereafter be adopted by the
      Company or in succeeding Offering Periods which commence after the termination
      of the Offering Period from which the Participant withdraws.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>12</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Termination of Employment</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Upon a Participant&#8217;s
      ceasing to be an Employee for any reason, he or she shall be deemed to have
      elected to withdraw from the Plan and the payroll deductions credited to
      such Participant&#8217;s account during the Offering Period but not yet
      used to exercise the option shall be returned to the Participant or, in
      the case of his or her death, to the person or persons entitled thereto
      under Section 16 hereof, and the Participant&#8217;s option shall be automatically
      terminated. The preceding sentence notwithstanding, a Participant who receives
      payment in lieu of notice of termination of employment shall be treated
      as continuing to be an Employee for the Participant&#8217;s customary number
      of hours per week of employment during the period in which the Participant
      is subject to the payment in lieu of notice. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>13</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Interest</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">No interest shall accrue
      on the payroll deductions of a Participant in the Plan unless the Board
      determines otherwise.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>14</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Stock</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">14.1</font></b></td>
    <td> <font size="2" face="sans-serif">Subject to adjustment upon changes in
      capitalization of the Company as provided in Section 20 hereof, the maximum
      number of ADSs which shall be made available for sale under the Plan shall
      be the number of ADSs representing 70,000,000 Ordinary Shares. If, on a
      given Exercise Date, the number of Ordinary Shares with respect to which
      options are to be exercised exceeds the number of Ordinary Shares then available
      under the Plan, the Company shall make a pro rata allocation of the Ordinary
      Shares remaining available for purchase in as uniform a manner as shall
      be practicable and as it shall determine to be equitable.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">6</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">14.2</font></b></td>
    <td> <font size="2" face="sans-serif">The number of ADSs representing Ordinary
      Shares which may be allocated under the Plan on any day must not exceed
      10% of the Ordinary Share capital of the Company in issue immediately before
      that day, when added to the total number of the Company&#8217;s Ordinary
      Shares which have been allocated in the previous 10 years under the Plan
      and any other employee share plan operated by the Company. &#8220;Allocate&#8221;
      means granting an option or right to acquire unissued Ordinary Shares, or
      if there is no such grant, the issue and allotment of Ordinary Shares. Where
      a right to acquire Ordinary Shares is released or lapsed without being exercised,
      the Ordinary Shares concerned are ignored when calculating the limit in
      this Rule 14.2. Ordinary Shares awarded as partnership shares under the
      InterContinental Hotels Group Share Incentive Plan and the Britvic Share
      Incentive Plan are also ignored when calculating the limits in this Rule
      14.2.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">14.3</font></b></td>
    <td> <font size="2" face="sans-serif">The Participant shall have no interest
      or voting right in shares covered by his option until the option has been
      exercised.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">14.4</font></b></td>
    <td> <font size="2" face="sans-serif">ADSs to be delivered to a Participant
      under the Plan shall be registered in the name of the Participant or in
      the name of the Participant and his or her spouse.</font></td>
  </tr>
</table>
<font face="sans-serif"></font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>15</b></font></td>
    <td align="left"><font size="2" face="sans-serif"><b>Administration</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">The Plan shall be administered
      by the Board or a Committee of members of the Board appointed by the Board.
      The Board or its Committee shall have full and exclusive discretionary authority
      to interpret and apply the terms of the Plan, to determine eligibility and
      to adjudicate all disputed claims filed under the Plan. Any power of the
      Board under this Plan may be delegated to its Committee. Every finding,
      decision and determination made by the Board or its Committee shall, to
      the extent permitted by law, be final and binding upon all parties.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>16</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Designation of Beneficiary</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">16.1</font></b></td>
    <td> <font size="2" face="sans-serif">A Participant may file a written designation
      of a beneficiary who is to receive any ADSs and cash, if any, from the Participant&#8217;s
      account under the Plan in the event of the Participant&#8217;s death subsequent
      to an Exercise Date on which the option is exercised but prior to delivery
      to the Participant of the ADSs and cash. In addition, a Participant may
      file a written designation of a beneficiary who is to receive any cash from
      the Participant&#8217;s account under the Plan in the event of the Participant&#8217;s
      death prior to exercise of the option. If a Participant is married and the
      designated beneficiary is not the spouse, spousal consent shall be required
      for the designation to be effective. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">16.2</font></b></td>
    <td> <font size="2" face="sans-serif">Such designation of beneficiary may
      be changed by the Participant at any time by written notice made in accordance
      with Section 6.1 above. In the absence of a beneficiary validly designated
      under the Plan who is living at the time of a Participant&#8217;s death,
      the Company shall deliver the ADSs or cash to the executor or administrator
      of the estate of the Participant, or if no such executor or administrator
      has been appointed (to the knowledge of the Company), the Company, in its
      discretion, may deliver the ADSs or cash to the spouse or to any one or
      more dependents or relatives of the Participant, or if no spouse, dependent
      or relative is known to the Company, then to any other person that the Company
      may designate.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">7</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">17</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Transferability</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Neither payroll deductions
      credited to a Participant&#8217;s account nor any rights with regard to
      the exercise of an option or to receive ADSs under the Plan may be assigned,
      transferred, pledged or otherwise disposed of in any way (other than by
      will, the laws of descent and distribution or as provided in Section 16
      hereof) by the Participant. Any attempt at assignment, transfer, pledge
      or other disposition shall be without effect, except that the Company or
      employer may treat any such act as an election to withdraw funds from an
      Offering Period in accordance with Section 11 hereof. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">18</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Use of Funds</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">All payroll deductions received
      or held by the Company or a Designated Subsidiary under the Plan may be
      used by the Company or Designated Subsidiary for any corporate purpose,
      and the Company or Designated Subsidiary shall not be obligated to segregate
      these payroll deductions.</font></td>
  </tr>
</table>
<font face="sans-serif"></font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">19</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Reports</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Individual accounts shall
      be maintained for each Participant in the Plan. Statements of account shall
      be given to Participants least annually, which statements shall set forth
      the amounts of payroll deductions, the Purchase Price, the number of ADSs
      purchased and the remaining cash balance, if any.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>20</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Adjustments Upon Changes in Capitalization,
      Dissolution, Liquidation, Merger or Asset Sale</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">20.1</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Changes in Capitalization</b> Subject
      to any required action by the shareholders of the Company, the Reserves,
      the maximum number of ADSs each Participant may purchase each Purchase Period
      (pursuant to Section 7), as well as the price per ADS and the number of
      ADSs covered by each option under the Plan which has not yet been exercised
      shall be proportionately adjusted for any increase or decrease in the number
      of issued Ordinary Shares resulting from a stock split, reverse stock split,
      stock dividend, combination or reclassification of the Ordinary Shares,
      or any other increase or decrease in the number of Ordinary Shares effected
      without receipt of consideration by the Company; <i>provided, however</i>,
      that conversion of any convertible securities of the Company shall not be
      deemed to have been &#8220;effected without receipt of consideration&#8221;.
      This adjustment shall be made by the Board, whose determination in that
      respect shall be conclusive. Except as expressly provided herein, no issuance
      by the Company of shares of stock of any class, or securities convertible
      into shares of stock of any class, shall affect, and no adjustment by reason
      thereof shall be made with respect to, the number or price of ADSs subject
      to an option. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">20.2</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Dissolution or Liquidation</b> In
      the event of the proposed dissolution or liquidation of the Company, the
      Offering Period then in progress shall be shortened by setting a new Exercise
      Date (the &#8220;<b>New Exercise Date</b>&#8221;), and shall terminate immediately
      prior to the consummation of such proposed dissolution or liquidation, unless
      provided otherwise by the Board. The New Exercise Date shall be before the
      date of the Company&#8217;s proposed dissolution or liquidation. The Board
      shall notify each Participant in writing, at least ten business days prior
      to the New Exercise Date, that the Exercise Date for the Participant&#8217;s
      option has been changed to the New Exercise Date and that the Participant&#8217;s
      option shall be exercised automatically on the New Exercise Date, unless
      prior to such date the Participant has withdrawn from the Offering Period
      as provided in Section 11.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">8</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">20.3</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Merger or Asset Sale</b> In the event
      of a proposed sale of all or substantially all of the assets of the Company,
      or the merger of the Company with or into another corporation, each outstanding
      option shall be assumed or an equivalent option substituted by the successor
      corporation or a Parent or Subsidiary of the successor corporation. If the
      successor corporation refuses to assume or substitute for the option, any
      Purchase Periods then in progress shall be shortened by setting a new Exercise
      Date (the &#8220;<b>New Exercise Date</b>&#8221;) and any Offering Periods
      then in progress shall end on the New Exercise Date. The New Exercise Date
      shall be before the date of the Company&#8217;s proposed sale or merger.
      The Board shall notify each Participant in writing, at least ten business
      days prior to the New Exercise Date, that the Exercise Date for the Participant&#8217;s
      option has been changed to the New Exercise Date and that the Participant&#8217;s
      option shall be exercised automatically on the New Exercise Date, unless
      before that date the Participant has withdrawn from the Offering Period
      as provided in Section 11. Notwithstanding the foregoing, in the event of
      the merger of the Company with or into another corporation, as of the consummation
      of such transaction: no additional Offering Periods shall commence (so that
      no additional options shall be granted under this Plan); and any Participant
      in this Plan who enrolls in a plan intended to qualify under Section 423
      of the Code that is sponsored by any successor or acquiring corporation
      (or parent thereof) (the &#8220;<b>Successor Plan</b>&#8221;) effective
      as of a date that is prior to the next scheduled Exercise Date under this
      Plan shall be treated as withdrawing from this Plan under Section 20 hereof;
      <i>provided</i> that any Participant in this Plan who enrolls in a Successor
      Plan effective as of a date that coincides with the next scheduled Exercise
      Date under this Plan shall not be treated as withdrawing before the Participant
      has purchased any Ordinary Shares which he or she is eligible to purchase
      under this Plan on that Exercise Date.</font></td>
  </tr>
</table>
<font face="sans-serif"></font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">21</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Amendment or Termination</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">21.1</font></b></td>
    <td> <font size="2" face="sans-serif">The Board of Directors of the Company
      may at any time and for any reason terminate or amend the Plan. Except as
      provided in Section 20 hereof, no such termination can affect options previously
      granted, <i>provided</i> that an Offering Period may be terminated by the
      Board of Directors on any Exercise Date if the Board determines that the
      termination of the Plan is in the best interests of the Company and its
      shareholders. Except as provided in Section 20 hereof, no amendment may
      make any change in any outstanding option which adversely affects the rights
      of any Participant. To the extent necessary to comply with Section 423 of
      the Code (or any successor rule or provision or any other applicable law,
      regulation or stock exchange rule), the Company shall obtain shareholder
      approval in such a manner and to such a degree as required. </font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">9</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">21.2</font></b></td>
    <td> <font size="2" face="sans-serif">Without shareholder consent and without
      regard to whether any Participant rights may be considered to have been
      &#8220;adversely affected,&#8221; the Board (or its committee) shall be
      entitled to change the Offering Periods, limit the frequency and/or number
      of changes in the amount withheld during an Offering Period, establish a
      limit on the number of ADSs purchasable by all Participants at the end of
      each Purchase Period, establish the exchange ratio applicable to amounts
      withheld in a currency other than U.S. dollars, permit payroll withholding
      in excess of the amount designated by a Participant in order to adjust for
      delays or mistakes in the Company&#8217;s (or Designated Subsidiary&#8217;s)
      processing of properly completed withholding elections, establish reasonable
      waiting and adjustment periods and/or accounting and crediting procedures
      to ensure that amounts applied toward the purchase of ADSs for each Participant
      properly correspond with amounts withheld from the Participant&#8217;s Compensation,
      and establish such other limitations or procedures as the Board (or its
      committee) determines in its sole discretion advisable which are consistent
      with the Plan. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">22</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Notices</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">All notices or other communications
      by a Participant to the Company or Designated Subsidiary under or in connection
      with the Plan shall be deemed to have been duly given when received in the
      form specified by the Company at the location, or by the person, designated
      by the Company for the receipt thereof. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">23</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Conditions Upon Issuance of Shares</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">ADSs shall not be issued
      with respect to an option unless the exercise of the option and the issuance
      and delivery of the ADSs pursuant thereto shall comply with all applicable
      provisions of law, domestic or foreign, including, without limitation, the
      Securities Act of 1933, as amended, the Securities Exchange Act of 1934,
      as amended, the rules and regulations promulgated thereunder, and the requirements
      of any stock exchange upon which the shares may then be listed, and shall
      be further subject to the approval of counsel for the Company with respect
      to such compliance.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">As a condition to the exercise
      of an option, the Company may require the person exercising the option to
      represent and warrant at the time of any such exercise that the ADSs are
      being purchased only for investment and without any present intention to
      sell or distribute the ADSs if, in the opinion of counsel for the Company,
      such a representation is required by any of the aforementioned applicable
      provisions of law.</font></td>
  </tr>
</table>
<font face="sans-serif"></font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">24</font></b></td>
    <td align="left"><font size="2" face="sans-serif"><b>Term of Plan</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">The Plan shall become effective
      upon the earlier to occur of its adoption by the Board of Directors or its
      approval by the shareholders of the Company. It shall continue in effect
      for a term of ten years unless sooner terminated under Section 21.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>25</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Notice of Disqualifying Disposition</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">Each Participant shall notify
      the Company and/or his or her employer in writing if the Participant disposes
      of any of the ADSs purchased in any Offering Period pursuant to this Plan
      if the disposition occurs within two years from the Enrollment Date or within
      one year from the Exercise Date on which such shares were purchased (the
      &#8220;<b>Notice Period</b>&#8221;). The Company or relevant employer may, at any time
      during the Notice Period, place a legend or legends on any certificate representing
      ADSs acquired pursuant to this Plan requesting the Company's transfer agent
      to notify the Company of any transfer of the ADSs or may direct that employment
      taxes be withheld from a Participant, as described in Section 6.5 above.
      The obligation of the Participant to provide this notice shall continue
      notwithstanding the placement of any such legend on the certificates.</font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">10</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>26</b></font></td>
    <td> <font size="2" face="sans-serif"><b>Limitation on Rights</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.1</font></b></td>
    <td> <font size="2" face="sans-serif">For the purposes of this Section 26,
      &#8220;Employee&#8221; means any holder of an option, any Employee (within
      the meaning of Section 2), any Participant, or any other person.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.2</font></b></td>
    <td> <font size="2" face="sans-serif">This Section 26 applies:</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="6%"><b><font size="2" face="sans-serif">26.2.1</font></b></td>
    <td> <font size="2" face="sans-serif">whether the Company or Board has full
      discretion in the operation of the Plan, or whether the Company or Board
      could be regarded as being subject to any obligations in the operation of
      the Plan;</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="6%"><b><font size="2" face="sans-serif">26.2.2</font></b></td>
    <td> <font size="2" face="sans-serif">during an Employee&#8217;s employment
      or employment relationship; and</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="6%"><b><font size="2" face="sans-serif">26.2.3</font></b></td>
    <td> <font size="2" face="sans-serif">after the termination of an Employee&#8217;s
      employment or employment relationship, whether the termination is lawful
      or unlawful.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.3</font></b></td>
    <td> <font size="2" face="sans-serif">Nothing in the Plan forms part of the
      contract of employment or employment relationship of an Employee. The rights
      and obligations of an Employee are separate from, and are not affected by,
      the Plan. Participation in the Plan does not create any right to, or expectation
      of, continued employment or a continued employment relationship.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.4</font></b></td>
    <td> <font size="2" face="sans-serif">The grant of options on a particular
      basis in any year does not create any right to or expectation of the grant
      of options on the same basis, or at all, in any future year.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.5</font></b></td>
    <td> <font size="2" face="sans-serif">Without prejudice to Section 27, no
      Employee is entitled to participate in the Plan, or be considered for participation
      in it, at a particular level or at all. Participation in one operation of
      the Plan does not imply any right to participate, or to be considered for
      participation in any later operation of the Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.6</font></b></td>
    <td> <font size="2" face="sans-serif">Without prejudice to an Employee&#8217;s
      right to exercise an option subject to and in accordance with the express
      terms of the Plan, no Employee has any rights in respect of the exercise
      or omission to exercise any discretion, or the making or omission to make
      any decision, relating to the option. Any and all discretions, decisions
      or omissions relating to the option may operate to the disadvantage of the
      Employee, even if this could be regarded as capricious or unreasonable,
      or could be regarded as in breach of any implied term between the Employee
      and his employer, including any implied duty of trust and confidence. Any
      such implied term is excluded and overridden by this Section.</font></td>
  </tr>
</table>
<font face="sans-serif"></font>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.7</font></b></td>
    <td align="left"><font size="2" face="sans-serif">No Employee has any right
      to compensation for any loss in relation to the Plan, including: </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="6%"><b><font size="2" face="sans-serif">26.7.1</font></b></td>
    <td> <font size="2" face="sans-serif">any loss or reduction of any rights
      or expectations under the Plan in any circumstances or for any reason (including
      lawful or unlawful termination of employment or the employment relationship);
      </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="6%"><b><font size="2" face="sans-serif">26.7.2</font></b></td>
    <td> <font size="2" face="sans-serif">any exercise of a discretion or a decision
      taken in relation to an option or to the Plan, or any failure to exercise
      a discretion or take a decision; </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="6%"><b><font size="2" face="sans-serif">26.7.3</font></b></td>
    <td> <font size="2" face="sans-serif">the operation, suspension, termination
      or amendment of the Plan. </font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">11</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.8</font></b></td>
    <td> <font size="2" face="sans-serif">Participation in the Plan is permitted
      only on the basis that the Participant accepts all the provisions of the
      Plan, including in particular this Section 26. By participating in the Plan,
      an Employee waives all rights under the Plan, other than the right to exercise
      an option subject to and in accordance with the express terms of the Plan,
      in consideration for, and as a condition of, the grant of an option under
      the Plan. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.9</font></b></td>
    <td> <font size="2" face="sans-serif">Nothing in this Plan confers any benefit,
      right or expectation on a person who is not an Employee. No such third party
      has any rights (whether statutory rights or other rights) to enforce any
      term of this Plan. This does not affect any other right or remedy of a third
      party which may exist.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="5%"><b><font size="2" face="sans-serif">26.10</font></b></td>
    <td> <font size="2" face="sans-serif">Each of the provisions of this Section
      26 is entirely separate and independent from each of the other provisions.
      If any provision is found to be invalid then it will be deemed never to
      have been part of the Plan and to the extent that it is possible to do so,
      this will not affect the validity or enforceability of any of the remaining
      provisions. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">27</font></b></td>
    <td> <font size="2" face="sans-serif"><b>Equal Rights and Privileges</b></font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">All eligible employees shall
      have equal rights and privileges with respect to this Plan so that this
      Plan qualifies as an &#8220;employee stock purchase plan&#8221; within the meaning of
      Section 423 or any successor provision of the Code and the related regulations.
      Any provision of this Plan which is inconsistent with Section 423 or any
      successor provision of the Code shall, without further act or amendment
      by the Company, the Committee or the Board, be reformed to comply with the
      requirements of Section 423. </font></td>
  </tr>
</table>
<p align="center"><font size="2" face="sans-serif">12</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<p align="center"><font size="2" face="sans-serif"><b>EXHIBIT A<br>
  <br>
  INTERCONTINENTAL HOTELS GROUP<br>
  US EMPLOYEE STOCK PURCHASE PLAN<br>
  SUBSCRIPTION AGREEMENT</b></font></p>
<table width="100%" border="0" cellspacing="1" cellpadding="1">
  <tr>
    <td><font size="2" face="sans-serif">_____ Original Application</font></td>
    <td width="50%">
<div align="right"><font size="2" face="sans-serif">Enrollment Date: ___________</font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="sans-serif">_____ Change in Payroll Deduction Rate</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="sans-serif">_____ Change of Beneficiary(ies)</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>1</b></font></td>
    <td> <font size="2" face="sans-serif">I [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
      hereby elect to participate in the InterContinental Hotels Group US Employee
      Stock Purchase Plan (the &#8220;<b>Employee Stock Purchase Plan</b>&#8221;)
      and subscribe to purchase ADSs representing the Company&#8217;s Ordinary
      Shares in accordance with this Subscription Agreement and the Employee Stock
      Purchase Plan. </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>2</b></font></td>
    <td> <font size="2" face="sans-serif">I hereby authorize payroll deductions
      from each paycheck in the amount of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% of
      my Compensation on each payday (not to exceed 15%) during the Offering Period
      in accordance with the Employee Stock Purchase Plan. (No fractional percentages
      are permitted.) </font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>3</b></font></td>
    <td> <font size="2" face="sans-serif">I understand that these payroll deductions
      shall be accumulated for the purchase of ADSs at the applicable Purchase
      Price determined in accordance with the Employee Stock Purchase Plan. I
      understand that if I do not withdraw from an Offering Period, any accumulated
      payroll deductions will be used to automatically exercise my option.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>4</b></font></td>
    <td> <font size="2" face="sans-serif">I have received a copy of the complete
      Employee Stock Purchase Plan. I understand that my participation in the
      Employee Stock Purchase Plan is in all respects subject to the terms of
      the Plan. I understand that my ability to exercise the option under this
      Subscription Agreement is subject to shareholder approval of the Employee
      Stock Purchase Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>5</b></font></td>
    <td> <font size="2" face="sans-serif">Shares purchased for me under the Employee
      Stock Purchase Plan should be issued in the name(s) of (Employee or Employee
      and Spouse only): [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="sans-serif"><b>6</b></font></td>
    <td> <font size="2" face="sans-serif">I understand that if I dispose of any
      ADSs received by me pursuant to the Plan within 2 years after the Enrollment
      Date (the first day of the Offering Period during which I purchased such
      shares) or one year after the Exercise Date, I will be treated for US federal
      income tax purposes as having received ordinary income at the time of the
      disposition in an amount equal to the excess of the fair market value of
      the ADSs at the time the ADSs were purchased by me over the price which
      I paid for the ADSs. I hereby agree to notify the Company and/or my employer
      in writing within 30 days after the date of any disposition of my shares
      and I will make adequate provision for federal, state or other tax withholding
      obligations, if any, which arise upon the disposition of the ADSs. My employer
      may, withhold from my compensation the amount necessary to meet any applicable
      withholding obligation including any withholding necessary to make available
      to my employer any tax deductions or benefits attributable to sale or early
      disposition of ADSs by me. If I dispose of the ADSs at any time after the
      expiration of the 2-year and 1-year holding periods, I understand that I
      will be treated for US federal income tax purposes as having received income
      at the time of the disposition, and that such income will be taxed as ordinary
      income to the extent of an amount equal to the lesser of (1) the excess
      of the fair market value of the shares at the time of such disposition over
      the purchase price which I paid for the shares, or (2) 15% of the fair market
      value of the shares on the first day of the Offering Period. The remainder
      of the gain, if any, recognized on the disposition will be taxed as capital
      gain. </font></td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">13</font></p>

  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">7</font></b></td>
    <td align="left"><font size="2" face="sans-serif">I hereby agree to be bound
      by the terms of the Employee Stock Purchase Plan. The effectiveness of this
      Subscription Agreement is dependent upon my eligibility to participate in
      the Employee Stock Purchase Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="5%"><b><font size="2" face="sans-serif">8</font></b></td>
    <td align="left"><font size="2" face="sans-serif">In the event of my death,
      I hereby designate the following as my beneficiary(ies) to receive all payments
      and shares due me under the Employee Stock Purchase Plan:</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="sans-serif">NAME: (Please print)<br>
  </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr noshade align="center" width="100%" size="1"></td>
    <td><hr noshade align="center" width="100%" size="1"></td>
    <td><hr noshade align="center" width="100%" size="1"></td>
  </tr>
  <tr>
    <td width="40%"><font size="2" face="sans-serif">[First]</font></td>
    <td><font size="2" face="sans-serif"> [Middle] </font></td>
    <td width="25%"><font size="2" face="sans-serif">[Last]</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="sans-serif">[First] [Middle] [Last]</font></p>
<p align="left"><font size="2" face="sans-serif">Relationship: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>
<p align="center"><font face="sans-serif" size="2">14</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>

<p align="right"><font size="2" face="sans-serif"> [Address]</font></p>
<p align="left"><font size="2" face="sans-serif">[Employee&#8217;s Social Security
  Number]</font></p>
<p align="left"><font size="2" face="sans-serif">[Employee&#8217;s Address]</font></p>
<p align="left"><font size="2" face="sans-serif">I UNDERSTAND THAT THIS SUBSCRIPTION
  AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS
  TERMINATED BY ME.</font></p>
<p align="left"><font size="2" face="sans-serif">Dated: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font><font size="2" face="sans-serif"><br>
  </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td> <hr noshade align="center" width="100%" size="1"> </td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="sans-serif">Signature of Employee</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr noshade align="center" width="100%" size="1"></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="sans-serif">Spouse&#8217;s Signature (If beneficiary
      other than spouse)</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="left"><font size="2" face="sans-serif"><br>
  </font></p>
<p align="center"><font size="2" face="sans-serif">15</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
  <page>
<p align="center"><font size="2" face="sans-serif"><b>EXHIBIT B<br>
  <br>
  INTERCONTINENTAL HOTELS GROUP <br>
  US EMPLOYEE STOCK PURCHASE PLAN<br>
  NOTICE OF WITHDRAWAL</b></font></p>
<p align="left"><font size="2" face="sans-serif">The undersigned Participant in
  the Offering Period of the InterContinental Hotels Group US Employee Stock Purchase
  Plan which began on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
  20[03] (the &#8220;<b>Enrollment Date</b>&#8221;) hereby notifies the Company
  and/ or his or her employer that he or she hereby withdraws from the Offering
  Period. He or she hereby directs the Company or employer to pay to the undersigned
  as promptly as practicable all the payroll deductions credited to his or her
  account with respect to such Offering Period. The undersigned understands and
  agrees that his or her option for such Offering Period will be automatically
  terminated. The undersigned understands further that no further payroll deductions
  will be made for the purchase of shares in the current Offering Period and the
  undersigned shall be eligible to participate in succeeding Offering Periods
  only by delivering to the Company or his or her employer a new Subscription
  Agreement.</font></p>
<p align="left"><font size="2" face="sans-serif">Name and Address of Participant:</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <hr noshade align="center" width="100%" size="1"> </td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="sans-serif">Signature</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="sans-serif">Date: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center"><font face="sans-serif" size="2">16</font></p>
<hr noshade align="center" width="100%" size="2">
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end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>15
<FILENAME>b707091ex5-1.htm
<TEXT>
<html>
<head>
<title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
  <page>
  <p align="right"><b><font size="2" face="sans-serif">Exhibit 5.1</font></b></p>
  <hr size="2" noshade>
  <br>

<div style="page-break-before:always"></div>
<page>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="67%" align="left"><font size="2" face="sans-serif"><b>LINKLATERS</b></font></td>
    <td align="left"><font size="1" face="sans-serif">One Silk Street<br>
      London EC2Y 8HQ<br>
      Telephone (44-20) 7456 2000<br>
      Facsimile (44-20) 7456 2222<br>
      Group 4 Fax (44-20) 7374 9318<br>
      DX Box Number 10 CDE<br>
      Direct Line 020 7456 3236<br>
      Direct Fax 020 7456 2286 (10 pages max)<br>
      justine.fender@linklaters.com </font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">The Directors</font><font face="sans-serif"><br>
      <font size="2">InterContinental Hotels Group PLC</font><br>
      <font size="2">20 North Audley Street</font><br>
      <font size="2">London</font><br>
      <font size="2">W1K 6WN</font></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="sans-serif">15 April 2003</font></td>
  </tr>
</table>
<font face="sans-serif"><br>
</font>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="19%" align="left"><font size="2" face="sans-serif">Our Ref </font></td>
    <td width="55" colspan="3" align="left"><font size="2" face="sans-serif">MAS/JLF</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="sans-serif">Dear Sirs</font></p>
<p align="left"><font size="2" face="sans-serif"><b>INTERCONTINENTAL HOTELS GROUP
  PLC (THE &#8220;COMPANY&#8221;)</b></font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="sans-serif"><b>1</b></font></td>
    <td> <font size="2" face="sans-serif">This opinion is delivered in connection
      with the Company&#8217;s registration statement on Form S8 (the &#8220;<b>Registration
      Statement</b>&#8221;) dated today&#8217;s date and filed under the United
      States Securities Act of 1933 relating to 41,000,000 ordinary shares of
      &pound;1 each of the Company (&#8220;<b>Ordinary Shares</b>&#8221;) in connection
      with the grant of options under the Company&#8217;s Executive Share Option
      Plan, Performance Restricted Share Plan, Short Term Deferred Incentive Plan
      and Employee Stock Purchase Plan.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="sans-serif"><b>2</b></font></td>
    <td> <font size="2" face="sans-serif">This opinion is limited to English law
      as applied by the English courts and is given on the basis that it will
      be governed by and construed in accordance with English law.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="sans-serif"><b>3</b></font></td>
    <td> <font size="2" face="sans-serif">For the purposes of this opinion, we
      have examined and relied on copies of such corporate records and other documents,
      and reviewed such matters of law as we have deemed necessary or appropriate
      for the purpose of this opinion.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="sans-serif"><b>4</b></font></td>
    <td> <font size="2" face="sans-serif">Upon the basis of and subject to the
      foregoing, but subject to any matters not disclosed to us, it is our opinion
      that the Company is a public limited company incorporated under the laws
      of England and Wales under the Companies Act 1985 and that all the necessary
      corporate action on the part of the Company, except for the grant of options
      and the allotment of the shares on the exercise of the options, has been
      taken to authorise the issue of such ordinary shares and that upon issuance
      and payment, such ordinary shares will have been duly authorised and validly
      issued and will be fully paid and no further contributions in respect thereof
      will be required to be made to the Company by the holders thereof, by reason
      solely of their being such holders.</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="sans-serif"><b>5</b></font></td>
    <td> <font size="2" face="sans-serif">This opinion is given to you solely
      for use in connection with the filing of the Registration Statement. This
      opinion is strictly limited to matters dealt with herein and does not extend
      to and is not to be read as extending by implication to any other matter.</font></td>
  </tr>
</table>
<p><font size="2" face="sans-serif">A list of the names of the partners and their
  professional qualifications is open to inspection at the above office. The partners
  are solicitors, registered foreign lawyers or registered European lawyers. The
  firm is regulated by the Law Society.</font></p>
<p><font size="1" face="sans-serif">Please refer to www.linklaters.com/regulation
  for important information on the regulatory position of the firm.</font></p>
<hr noshade align="center" width="100%" size="2">
<br>
<div style="page-break-before:always"> </div>
<page>
<table width="100%" border="0">
  <tr valign="top">
    <td width="3%"><p><font size="2" face="sans-serif"><b>6</b></font></p>
      </td>
    <td align="left"><font size="2" face="sans-serif">We hereby consent to the
      filing of this opinion as an exhibit to the Registration Statement. In giving
      this consent, we do not admit that we are within the category of persons
      whose consent is required within Section 7 of the Securities Act of 1933,
      or the rules and regulations of the Securities and Exchange Commission thereunder.</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="sans-serif">Yours faithfully</font></p>
<p align="left"><font size="2" face="sans-serif"><u>/s/ Linklaters</u></font></p>
<p align="left"><font size="2" face="sans-serif"> Linklaters</font></p>
<p align="right"><font face="sans-serif" size="2">Page 2 of 2</font></p>
<hr noshade align="center" width="100%" size="2">

</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>16
<FILENAME>b707091ex23-1.htm
<TEXT>
<html>
<head>
<title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font size="2" face="serif"><b>Exhibit 23.1</b></font></p>
<hr size="2" noshade>
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="serif"><b>CONSENT OF INDEPENDENT AUDITORS</b></font></p>
<p align="left"><font size="2" face="serif">We consent to the incorporation by
  reference of the reference to our firm in Item 3 under the caption &#8220;Selected
  Consolidated Financial Information&#8221; in the Registration Statement (Form
  S-8) pertaining to the InterContinental Hotels Group Executive Share Option
  Plan, the InterContinental Hotels Group Performance Restricted Share Plan, the
  InterContinental Hotels Group Short Term Deferred Incentive Plan and the InterContinental
  Hotels Group US Employee Stock Purchase Plan of our report dated December 4,
  2002, except for Note 33 &#150; Post Balance Sheet Events, as to which the date
  is February 17, 2003, with respect to the consolidated financial statements
  and schedule of Six Continents PLC included in its Annual Report (Form 20-F)
  for the year ended September 30, 2002, filed with the Securities and Exchange
  Commission.</font></p>
<table width="100%" border="0">
  <tr valign="top">
    <td width="75%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">E<font size="1">RNST</font> &amp;
      Y<font size="1">OUNG</font> LLP</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">London, England<br>
  April 23, 2003</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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